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The
ammerrial
financial
ei41
PCO. U.S.
VOL. 133.
Igonirk
SATURDAY, NOVEMBER 14 1931.
NO. 3464
vances for the week, even though they may not be
at the highest figures. Copper is not much higher
PUBLISHED WEEKLY
at 7@'Ty4c., yet trading in the metal has been active.
Terms of Subscription—Payable in Advance
Rubber was quoted yesterday for the December
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 option on No. 1 standard contract at 4.57c. against
In Dominion of Canada
11.50
6.75
Other foreign countries. U. B. Possessions and territories— 13.50
7.75 4.72c. the previous Friday, while middling upland
The following publications are also Issued: For the Bank and Quotation Record and the Monthly Earnings Record the subscription price is spot cotton on the Cotton Exchange in this city
was
$6.00 per year; for all the others is $5.00 per year each. Add 50 cents to
each for postage outside the United States and Canada.
Friday
6.75c.
against
of
on
6.55c.
last
week.
NOTICE.—On account of the fluctuations In the rates of exchange.
remittances for European subscriptions and adrertisements must be made
Better accounts also come regarding the steel marIn New York funds.
COMPENDIUMS-MONTHLY PUBLICATIONS-the "Iron Age" this week saying that "for the
ket,
I
PUBLIC U TILITY—(senA-annually)
RANK AND QUOTATION RECORD
RAILWAY & I NDUISTRIAL--(fOUI a year) I MONTHLY R•BNINOS RECORD
third consecutive week steel ingot production has
STATE AND MUNICIPAL--(SOIB1-111111.)
gained slightly, being estimated at 31% of capacity
Terms of Advertising
Transient display matter per agate line
45 cents against 30% last week and 29% the week before
Contract and Card rates
On request
Onicxclo Orricx—in charge of Fred. H. Gray, Western Representative
that. Against an average output of 27.76% in Octo208 South La Salle Street. Telephone State 0613.
LONDON °meg—Edwards & Smith. I Drapers' Gardens. London, E. 40. ber, this is the most consistent increase in
steel
WILLIAM B. DANA COMPANY, Publishers,
spring."
last
since
The
activity
"Age"
adds
that
William Street, Corner Spruce, New York.
"while its importance could easily be exaggerated,
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Mac in view of the sluggishness of some branches of the
Treas.. William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all. Offica 0100.
industry, there is hope of further slight betterment
during the remainder of the year, particularly in
The Financial Situation.
automobile tonnage, to be followed, perhaps, by a
Business sentiment has unquestionably improved sharper upturn in the first quarter
of 1932." At
within recent weeks, and the conviction is steadily the same time, however, it is
also said that "expectagrowing that the turn in the long period of trade tions for the remainder of the year have
been modidepression has been definitely reached, and that fied somewhat by the probability
that the bulk of
henceforth there will be gradual, even if only very rail orders, usually placed at this
time, will go over
slow, improvement. In a word, a change for the until January," and furthermore, that
"the steel
better appears to have been inaugurated, and the mills are not receiving much fresh
support from
change would seem likely to continue unless un- building construction, notwithstanding
that a retoward developments shall arrest its progress, such liable estimate places the amount of pending
work
as the Japanese-Chinese situation, the refusal of the at 650,000 tons."
railroad brotherhoods to agree in a broad-minded
Some concern is also being felt regarding the
way to some concession from present wage schedules, strained situation in the Far East, and likewise as
or some new financial involvement abroad or addi- to the outcome of the negotiations for the modificational credit and currency inflation here, creating tion of German reparations payments.
In both ina new spirit of distrust, shall lead to a resumption stances there is apprehension lest American
comof gold withdrawals. The change in sentiment is mitments may go too far. Of
course no one is
based on a number of favorable developments, more opposed to having the
Administration at Washingparticularly the rise in the price of grain and the ton make the
most determined efforts to prevent war
appreciation in the value of silver.
in that part of the world, either between Japan and
The improvement in commodity prices w'hich unChina or among Japan, China and Russia combined
doubtedly lies at the bottom of the change for the
—indeed, it is considered closely akin to a religious
better has not been quite fully maintained in all
duty to do this—and yet there is the strongest feelinstances. There has been a natural reaction after
ing against having this country dragged in too far
the sharp upturn of the last few weeks. The price
or against letting it become involved in comof silver in London sold up to 21 9/16d. per ounce
mitments that would be tantamount to the
on Tuesday, and after falling back to 2034d. the
United States joining the League of Nations, thereby
next day, sold yesterday at 211/
8d. against 20 5/16d. abandoning the policy to which the country has conon Friday of last week. On the Metal Exchange sistently adhered from the outset.
Nevertheless, in
speculation in futures has been on an enormous
scale. the present instance our Government, it would apPerhaps this is to be regretted, since a purely legitipear, has apparently taken a deliberate stand of
mate basis were much to be preferred as indicative acting in full co-operation with
whatever course the
of a permanent rise, and yet there can be no doubt League of Nations may pursue.
that silver, like so many other things, was unduly
One of the main reasons why the United States
depressed before the recent rise. Prices of many has refused to join the
League is that membership
other articles and commodities also show net ad- in that body involves courses
of action to which the
financial Chronicle
3130
FINANCIAL CHRONICLE
[VOL. 133.
great majority of the people of this country are un- question, will receive the whole-hearted Support of
alterably opposed, and which they believe would the American Government!'
But these noble-hearted men and women are so
involve the country in endless trouble and be objecwedded to an ideal, to which no one in the whole
tionable both on political and on moral grounds.
At present the situation in the Far East, from a wide world can or does take exception, namely, the
military standpoint, is threatening in the extreme. maintenance of peace, that they never take account
may
One of the provisions of the League organization per- of ulterior consequences, no matter how these
Many
.
ill
consequences
possible
with
be
freighted
an
against
mits the use of so-called "sanctions"
in this approving
offending member of the League. "Sanctions" means of the men and women who join
of all reparation
cancellation
letter
the
in
believe
ofthe
bringing
for
the use of very drastic measures
, which
indebtedness
-Allied
inter
and
all
payments
the
take
may
measures
fending member to task. These
to the
menace
of
source
form of a boycott or even go to the extent of employ- latter contains another
the
foregoing
mean
would
ing actual force against the offender in certain con- United States. This last
payments now
tingencies. The United States, in co-operating with by the United States of the yearly
Allied governthe
from
country
by
this
received
the League in order to bring pressure against Japan,
made sacrialready
has
States
The
United
ments.
would appear to be giving endorsement to the prin, and
indebtedness
such
of
fices
account
on
enough
itself
ciple of"sanctions,"even though it does not bind
of
sacrifices
further
is
any
make
in
no
to
condition
indeed
as
to join in the application of the principle,
period
present
the
in
as
the
same
kind
especially
now,
approval
the
it would have no authority to do without
to take care of
• of Congress. Carried to its extreme, this doctrine of trade depression it is called upon
0 and
$1,000,000,00
means that we would be obliged to go to war in order a budget deficit running between
to prevent war—a doctrine that is abhorrent, and $2,000,000,000 a year.
Besides, there is something farcical in the suggeswhich has never appealed to any considerable body of
tion
of relieving at least some of these Allied governour citizens, and is full of danger. The Kelloggments
from the payment of the indebtedness owing
Briand treaty, by which all the subscribing nations
to
the
United States. Take the case of France. All
pledge themselves not to resort to war as an instruthe
of the indebtedness owing by the
settlements
ment of national policy, is of a different character.
were made on the basis of ability
Allied
governments
its
of
It contains no provision for the enforcement
to
of France she pleaded poverty
pay,
and
case
in
the
and
alone,
provisions. It relies on moral suasion
destruction) so strenuously
(as
a
of
German
result
feature
strongest
this, indeed, was- considered its
from the outset. Every nation says in effect that it that she succeeded in getting very low terms—far
has an abiding faith in the rectitude of purpose of below those obtained by Great Britain—in a word,
every other nation, and entertains unqualified con- obtained specially favorable terms of settlement. It
fidence that they will never deviate from the prin- now appears that France is one of the richest counciples embodied in the Peace Pact. In the present tries on earth. It has such large balances outstandinstance we are persuaded that a carefully worded ing in the different countries of the world that it was
reminder of the pledge by both Japan and China able by the withdrawals of these balances first to
would have done more good than the bringing of the undermine the financial stability of Germany, then
ponderous machinery of the League of Nations into that of Great Britain, and more recently its large
action, with all the threats and penalties which may withdrawals of gold from the United States became
be invoked thereunder and be enforced against any a menace even to this country. Think of relieving a
member of the League that refuses to yield implicit country so superbly situated of the payment of its
indebtedness to the United States!
obedience to the League's mandates.
Wedneson
that
fact
the
of
We are not unmindful
Along with the improvement in trade which apday of this week a letter to President Hoover, exto
taken
steps
to be in prospect there is another favorable
pears
the
of
approval"
pressing "hearty
States
United
the
to be noted. Credit and currency inflaof
development
co-operation
the
for
provide
preserve
tion
to
has
which
been such a conspicuous feature of
efforts
its
in
Nations
of
League
the
with
peace in Manchuria, was made public by Raymond affairs during the present autumn is now being modiB. Fosdick, a New York lawyer of great public spirit. fied to some extent. This is a more important deThe letter was signed by 161 men and women of velopment than generally supposed. In the paragreat distinction and whose views always command graph immediately above we have referred to the
the highest respect. In their letter to the President large takings of gold here by and on behalf of France.
these eminent persons give utterances to a "desire to France, however, was not alone in this process.
express their hearty approval of the steps that you Nearly all the other countries of Europe were en(the President) have taken to provide for the co- gaged in the same practice. France was in special
operation of our Government with the League of position to inflict harm by reason of the extraordiNations in its efforts toward maintaining peace in nary amount of short-term balances and short-term
Manchuria." They then go on to say: "We fully investments she held here. But,as just stated, other
endorse the statement of Secretary Stimson that European countries indulged in the same practice.
'The American Government, acting independently And why? Because of impaired confidence in the
through its diplomatic representatives, will endeavor ability of the United States to maintain gold payto reinforce what the League does and will make ments. The fear was that the United States would
clear that it has a keen interest in the matter.' We pass off the gold standard,the same as Great Britain
trust that this policy will be followed without quali- and Germany had been obliged to do. And why had
we
fication, that the representative of the United States confidence become thus impaired? Not because
purthe
had
an
for
of
stock
insufficient
the
metal
it
when
will sit with the Council of the League
in
reconvenes Nov. 16, and that any joint action which pose. As a matter of fact, we had $5,000,000,000
supgold
the
at
the
time,
or
this
half
country
nearly
toward
may be agreed upon at that meeting, looking
the just and peaceful settlement of the Manchurian plies of the world.
Nov. 14 1931.]
FINANCIAL CHRONICLE
3131
Confidence became impaired because of the infla- 12 months before, on Nov. 12 1930, when the total
tion of currency and of credit which was proceeding was no more than $1,006,586,000.
steadily and uninterruptedly in this country. The
At the same time gold holdings are again increasamount of Federal Reserve notes in circulation ing as a result of the cessation' of gold takings on
finally reached a point where the amount of such behalf of foreign banks. The present week these
notes outstanding ran considerably over a billion gold reserves increased from $2,772,746,000 to $2,826,• dollars in excess of that at the corresponding dates 647,000. Most important of all, the ratio of reserves
a year ago, and the volume of Reserve credit out- to deposit and Federal Reserve note liabilities is
standing was some $1,200,000,000 to $1,300,000,000 likewise rising, being up this week from 61.5% to
greater than 12 months before. This attracted very 62.5%, which compares with a low of 59.9% on
little attention in this country, and, in fact, passed Oct. 21, though a year ago, on Nov. 12 1930, the ratio
almost unnoticed here. In Europe, where they have stood as high as 81.2%. A further encouraging
had much sad experience as a result of inflationary feature is that takings of gold for foreign account
policies, and were painfully aware of how unerringly or for earmarking have now almost entirely ceased.
they work to the undoing of the financial struc- For the week ending Nov.11 the engagements of gold
ture of countries thus afflicted, the perturbation for export aggregated only $688,000, while there
and alarm were great. Then came President Hoo- were imports of $210,000 and $8,591,000 of gold held
ver's proposal for the organization of the National for foreign account was released from earmark. On
Credit Corp. with a $500,000,000 levy on the deposits Thursday and Friday the story was the same. On
of the banks of the country and authorized also to Thursday the amount that was withdrawn for exput out debentures to an aggregate of $1,000,000,000. port was only $70,000, with $1,900,700 released from
To the European observers this looked like further earmark, while on Friday there were no withdrawals
inflation to an alarming extent, and having in mind for export at all, though $1,200,000 of the metal was
their own experience they jumped to the conclusion set aside for earmark, offset, however, by imports of
that it foreshadowed inevitable collapse. Feeling $960,000. We have already referred to the fact that
thus, and having in mind what had just happened to the bill holdings of the foreign central banks further
Germany and Great Britain, they determined to increased during the week from $105,447,000 to $108,call back home their short-term investments and their 862,000. It ought to be added that foreign bank
bank balances.
deposits with the Federal Reserve institutions also
Fortunately, at this juncture the Bank of France, increased during the week, rising from $131,431,000
prompted by the rise in money rates at this center to $133,008,000.
(the Federal Reserve Bank of New York having first
Brokers' loans with the reporting member banks
raised its rate of rediscount from 1/
1
2% to 2/
1
2%, in New York City have been slightly further reduced
and then to 3/
1
2%,and rates for acceptances having during the week, dropping from $849,000,000 Nov. 4
moved up in unison) was induced to resume the pur- to $831,000,000 Nov.11. The changes in these loans,
chases of acceptances, and thereupon the danger however, from week to week are no longer of much
point was quickly passed. As showing the import- consequence, inasmuch as the totals have fallen to
ance of this last feature, the bill holdings held here such low levels.
by foreign banks, which had fallen to only $40,571,000
Oct. 14, increased regularly thereafter, rising first
Production of cotton in the United States this
to $68,335,000 Oct. 21, then to $82,879,000 Oct. 28, year gets nearer and nearer to a record crop, and
and to $105,470,000 Nov. 4, and this week's Federal that notwithstanding the 10% cut in acreage about
Reserve returns showing a further rise to $108,- which so much fuss was made at the time of the
862,000 Nov. 11.
planting. The November report of the Department
All this is now a matter of history. The fortunate of Agriculture, issued at Washington on Monday of
fact is that some of the inflation which so scared this week, estimates the yield this year at 16,903,000
foreign observers is now being eliminated. And this bales. This is an increase of 619,000 bales over the
is a decidedly encouraging feature, full of promise Oct. 1 estimate, and is only 1,074,000 bales less than
for the future. This week's returns of the Federal highest cotton production on record, which was from
Reserve banks show numerous changes for the bet- the growth of 1926. The area planted to cotton this
ter in continuation of the improvement for the three year was much less than last year. The Department
weeks preceding. Both the two leading forms of has estimated that it was 90.7% of the area for 1930.
credit have this week been reduced just as they had It is also indicated that the area to be harvested this
been reduced in the two weeks preceding. In other year will be 40,889,000 acres against 45,218,000 acres
'words, the discount holdings of the 12 Reserve insti- 'harvested last year. This year's production is based
tutions, which had been reduced the previous week on an average yield of 197.8 pounds per acre, against
from $716,670,000 to $705,224,000, have been further a 10-year average yield of
154.4 pounds per acre.
reduced the present week to $683,764,000, and the There is no record higher
than that indicated for
holdings of acceptances which last week fell from this year's production per acre
since 1914, when the
$724,680,000 to $642,033,000, have the present week average yield was 202.2 pounds to
the acre. Not
dropped to $596,752,000. Holdings of United States only is production larger this year,
but the average
Government securities have remained virtually un- weight of the bales will be higher than for any previchanged, though holdings of "other securities" are ous year of record. For the 1930 crop, the average
slightly larger at $31,599,000 Nov. 11 against $30,- weight was 506.4 pounds to the bale.
194,000 Nov.4. The result altogether is that the total
Conditions in October were exceptionally favorholdings of bills and securities, which constitute a able to the development and picking of the crop.
measure of the amount of Reserve credit outstanding, The weather was ideal, with temperatures above the
have fallen during the week from $2,105,027,000 to average, and rainfall very light. There was an in$2,039,578,000, at which figure, however, they are crease of production in every State during
October
still about $1,033,000,000 in excess of the holdings excepting only Arizona. A much larger production
3132
FINANCIAL CHRONICLE
FoL. 133.
The stock market this week has pursued an irregular course with early strength succeeded by more or
less of a downward reaction, which eventuated in a
general break on Friday. On Saturday and on Monday the market was decidedly active and the tone
at times close to buoyancy. Sharp advances in prices
occurred on both these days in continuation of the
strength the market had displayed last week on the
days immediately preceding. At the half-day session
on Saturday the transactions aggregated over two
million shares, being in exact figures 2,040,670
shares—a quite unusual total for two hours' business. On Monday there was a continuation of this
activity, with prices still rising and with the transactions for the day reaching 3,047,293 shares. The
feeling at this time was exceedingly confident owing
to a variety of favoring influences, in particular the
sharp advance in grain prices and the further appreciation in the value of silver. Many other commodities also showed improving prices, copper futures
advanced 35 to 45 points in the heaviest trading in
weeks, rubber prices rose from 11 to 23 points on
Other crops, in addition to cotton, were benefited the New York Rubber Exchange, and hide futures
by the fine October weather this year. Corn suf- were up from 55 to 85 points on the New York Hide
fered somewhat as to quantity, but the quality is Exchange. On the New York Cotton Exchange fuexcellent and is well above that of recent preceding tures rose from 13 to 16 points,and the spot price was
years. The November report of the Department of marked up from 6.70c. to 6.85c. in face of the report
Agriculture on the growing grain and other crops of the Agricultural Bureau at Washington estimatfor this year was issued at Washington on Tuesday ing the current crop at 16,903,000 bales, or more than
of this week. It estimates the production of corn this 600,000 bales above the Oct. 1 estimate and comparyear at 2,674,369,000 bushels. This is based on the ing with an actual harvest of only 13,931,597 bales
condition of the crop on Nov. 1 of this year. There last season. Many of the copper stocks enjoyed adwas a decrease of 28,383,000 bushels from the Oct. 1 vances by reason of the appreciation in the price of
estimate of yield of this year. Last year's produc- silver, which constitutes a by-product of many of
tion of corn was only 2,093,552,000 bushels, these companies. The American Smelting & Refinmuch the smallest yield in any year since 1901. ing Co. in particular belongs in this class, and of
The average yield for the past 10 years has been course the International Silver Co. was directly bene2,726,580,000 bushels, but .there were two years in fited as a result of the higher price for silver.
After Monday, however, the market became reacwhich production was in excess of 3,000,000,000
tionary, in part by reason of sales to realize profits,
bushels.
The yield per acre this year is now placed at 25.3 but more especially because commodity prices also
bushels, against only 20.6 bushels last year, and a became reactionary. Grain prices fell sharply after
high record of 29.6 bushels per acre in 1921. The the long-continued advance dating back to Oct. 5,and
latter was one of the 3,000,000,000-bushel years. nearly all the other commodity markets showed an
Furthermore, the quality of the corn raised this year easier tendency. The price of silver also moved
is now placed by the Department at 85.0% against lower, though on Thursday it again showed a sharp
78.6% last year and a 10-year average condition of upturn. Reports regarding the steel trade-were of
80.0. The amount of old corn remaining on the more encouraging character than for a long time
farms this year is placed by the Department at 4.4% past, but the steel stocks continued to move lower
of last year's crop, or 92,837,000 bushels, compared in the general downard reaction.
Among the more important dividend changes for
with 72,383,000 bushels last year and a five-year
the week may be mentioned the Alabama Great
average of 96,951,000 bushels.
crops,
most
Southern RR., which on Nov. 12 omitted the cusfor
The past season has been favorable
at
t
Departmen
tomary extra semi-annual diva. of 3% each on both
the
the yields being estimated by
last
secured
the common and pref. stocks, but declared the reg.
per
acre
yields
average
11.4% above the
divs. of 4% each on both issues. AmerOctober,
semi-annual
during
0.7%
improved
year. Prospects
on Nov. 10 omitted the guar.
Foundries
potatoes.
ican
Steel
white
is
mentioned
crops
and one of the
but declared the usual
stock,
common
the
on
382,325,000
div.
at
placed
now
is
latter
the
The yield of
7%
the
on
4
3
/
1
%
cumul. pref. stock;
of
div.
quar.
375,000,000
of
estimate
an
with
bushels compared
Corp.
omitted
the quar. div. of
Packing
was
California
production
the
year
Last
1.
Oct.
bushels on
343,236,000 bushels, and the five-year average yield 50c. a share on the no par common stock; Bulova
20c. a
has been 381,000,000 bushels. For rice, too, a pro- Watch Co., Inc., also omitted the quar. div. of
the
of
stock.
the
indicommon
some
on
Among
share
duction this year of 43,000,000 bushels is now
past
reduced
the
which
their
dividends
companies
year,
cated against 41,300,000 bushels raised last
declared a
and of buckwheat 10,800,000 bushels this year against week are the Motor Wheel Corp., which
stock
a
2c.
of
common
on
12Y
share
the
div.
guar.
of
production
7,900,000 bushels last year. A large
paid
share
10,
a
as
with
25c.
Dec.
payable
compared
00
1,648,000,0
tobacco is also promised this year,
of
div.
a
on
declared
last.
10
Sept.
United
Co.
Fruit
00
1,357,000,0
pounds against a five-year average of
Underpreviously;
a
as
$1
share
75c.
a
against
share
pounds.
wood-Elliott Fisher Co. made a declaration of 75e.
is promised for Texas and for Arkansas in the latest
figures. For Texas it is now indicated at 5,250,000
bales, whereas last year the final production for that
State was 4,039,136 bales. For Arkansas the yield
this year is now placed at 1,860,000 bales, while last
year it was only 874,400 bales, the latter being very
low even for that State. There is a substantial increase indicated this year for the Gulf States,
especially for Louisiana. Mississippi and Oklahoma promise a much larger yield this year. In 1926,
the only year in which the yield was in excess of that
now indicated for this year, it was not until the
October report that a heavy production was promised. The November report in that year indicated a
production of 17,918,000 bales—the final estimate
was 17,977,000 bales. Ginnings, too, have been very
heavy this year, amounting, up to Nov. 1, to 12,129,546 bales. Last year ginnings to the same date
were 10,863,000 bales, while in 1926, the year of record growth, the ginnings to Nov. 1 were 11,263,000
bales.
Nov. 14 1931.]
FINANCIAL CHRONICLE
3133
a share on the common stock compared with a divi- Orpheum at 43/b against 69/
s; Standard Brands at
dend of $1 a share paid in the previous quarter; 15% against 16; Paramount Publix Corp. at 15
Langton Monotype Machine Co. on Nov.13 decreased against 15%; Kreuger & Toll at 8 against 89';
the quar. div. on its capital stock from $1.75 a share Westinghouse Elec. & Mfg. at 45 against 491%;
to $1.50 a share, and the Western Auto Supply Co. Drug, Inc. at 571% against 59%; Columbian Carbon
reduced the quarterly dividend payments on the class at 473 against 521%; Amer. Tobacco at 89 against
A and class B stocks from 75c. a share to 50c. a share. 91; Liggett & Myers, class B at 593 against 60%;
Yesterday the market was decidedly weak. The con- Reynolds Tobacco, class B at 393/ against 403;
tinued decline in New York Central and the further Lorillard at 145
% against 16%,and Tobacco Products,
downward reaction in grain prices carried the whole class A at 87
% against 81
/.
market down. Call loans on the Stock Exchange
The steel shares have held up better than some of
again ruled at 21/2% without alteration. In this the other groups. United States Steel closed yesterweek's dealings 42 stocks touched new low figures day at 68% against 70 on Friday of last week;
for the year and 10 stocks made new highs.
Bethlehem Steel at 293 against 29; Vanadium at
Trading was of more than ordinary size early in 19% against 2134; Crucible Steel at 30%
1 against
the week, while prices were rising, but diminished in 2834, and Republic Iron & Steel at 81% against 7%.
volume as the market reacted. At the half-day ses- In the auto group Auburn Auto closed yesterday at
sion on Saturday last the sales on the New York 12734 against 1351% on Friday of last week; General
Stock Exchange were 2,040,670 shares; on Monday Motors at 273
% ex-div. against 28; Chrysler at 16%
they were 3,047,293 shares; on Tuesday 1,750,052 against 171%; Nash Motors at 197A against 20;
shares; on Wednesday 1,491,401 shares; on Thursday Packard Motors at 5% ex-div. against 5%; Hudson
1,441,972 shares, and on Friday 1,794,382 shares. Motor Car at 13 against 1234,and Hupp Motors at 53/i
On the New York Curb Exchange the sales last against 59/g. In the rubber group Goodyear Tire &
Saturday were 287,599 shares; on Monday 403,880 Rubber closed yesterday at 261% against 28% on
shares; on Tuesday 254,270 shares; on Wednesday Friday of last week; B. F. Goodrich at 79' against
217,458 shares; on Thursday 240,315 shares, and on 71%; United States Rubber at '79' against 83/2, and
Friday 210,590 shares.
the preferred at 14 against 147A.
As compared with Friday of last week, prices are
The railroad shares have zig-zagged a good deal.
quite generally lower, the advances the early part Pennsylvania RR. closed yesterday at 31 against
of the week having been lost in the subsequent re- 313/i on Friday of last week; Atchison, Topeka &
action and in the break on Friday. General Electric Sante Fe at 110% against 113; Atlantic Coast Line
closed yesterday at 311% against 32% on Friday of at 60 against 57; Chicago,Rock Island & Pacific at
last week; Warner Bros. Pictures at 53/ against 6%; 2
03/ against 24; Erie RR. at 121% against 121%;
United Corp. at 133/2 against 14%; North American New York Central at 45%
3 against 513
%; Baltimore
at 41 against 423/
2; Pacific Gas & Elec. at 383/i against & Ohio at 333/ against 34%; New Haven at
363/i
39; Standard Gas & Elec. at 38% against 423'; against 403/2; Union Pacific at 106 against 106;
Consolidated Gas of N. Y. at 733/
s against 761,; Southern Pacific at 4734 against 5034; Missouri
Columbia Gas & Elec. at 223/ against 233/
2; Brooklyn Pacific at 133/2 against 14; Missouri-Kansas-Texas
Union Gas at 94 against 95; Elec. Power & Light at
834 against 83/2; Southern Railway at 16 against
at 161% against 183/2; Public Service of N. J. at 67 161%; Chesapeake & Ohio at 32 against 31%;Northern
against 663
/s; International Harvester at 319 against Pacific at 22% against 235
/s, and Great Northern at
35%; J. I. Case Threshing Machine at 48 against 25 against 2734
1%
5532; Sears, Roebuck & Co. at 415
% against 48;
The oil shares have moved downward with the rest
Montgomery Ward & Co. at 11% against 13%; Wool- of the list. Standard Oil of N. J. closed yesterday
worth at 52 against 55%;Safeway Stores at 51 against at 35 against 36% on Friday of last week; Standard
5332; Western Union Telegraph at 68 against 76%; Oil of Calif. at 34%
1 against 35%; Atlantic Refining
American Tel. & Tel. at 139% against 142; Int. Tel. at 14 against 143
4; Freeport-Texas at 197A ex-div.
& Tel. at 163/i against 183; American Can at 81% against 223/g; Sinclair Oil at 71% against 81%; Texas
against 83%; United States Industrial Alcohol at Corp. at 19 against 20; Phillips Petroleum at ni
33% against 32 8; Commercial Solvents at 11% against 81%, and Pure Oil at 61
/
2 against 7.
against 125
%; Shattuck & Co. at 133 against 14%,
The copper stocks have lost some of last week's
1 against 54 8.
and Corn Products at 53%
gains. Anaconda Copper closed yesterday at 16%
Allied Chemical & Dye closed yesterday at 883
% against 17%; Kennecott Copper at 155
8;
% against 163/
against 92% on Friday of last week; E. I. du Pont de Calumet Hecla at 4% against 4%;
Phelps Dodge
&
Nemours at 63 against 633; National Cash Register at 9 against 9%
1 ; American Smelting & Refining at
% against 183; International Nickel at
at 175
103 3034 against 3134; and Cerro de Pasco Copper at 19
against 11; Timken Roller Bearing at 243/i against against
%.
205
233/8; Mack Trucks at 20 against 203
%;Yellow Truck
& Coach at 5 against 53; Johns-Manville at 31
Quotations of securities listed on the stock exagainst 33%; Gillette Safety Razor at 143 against changes in London and Paris fluctuated narrowly
15%; National Dairy Products at 283/i against 30; this week. Trading also was of small proportions,
Associated Dry Goods at 135
/á against 139'; Texas as much uncertainty exists regarding the business
Gulf Sulphur at 283 against 30; Amer. & Foreign trend and the outcome of the political conversations
% against 16%; General Amer. Tank now in progress. Disappointment was occasioned
Power at 143
Car at 449' against 47%; Air Reduction at 643
% in all markets by the lack of any intimation by the
against 66%; United Gas Improvement at 233 MacDonald Government of possible action in regard
against 24; National Biscuit at 491% against
49%; to sterling stabilization and tariff legislation. ConCoca Cola at 121 against 121%; Continental Can at cern also was apparent in the various centers regard.40 against 41; Eastman Kodak at 1083/i against 112; ing the course of the Franco-German conversations
Gold Dust Corp. at 219. against 235
%; Radio-Keith- on German reparations and private debts. Apart
3134
FINANCIAL CHRONICLE
[You 133.
from these considerations, however, a more confi- proportions. Prices were firm yesterday on reports
ns.
dent tone appeared to prevail. Announcement was of progress in the Franco-German negotiatio
made in London, Monday,that the regulations limitThe series of direct contracts between leading
ing dealings to a cash basis would be removed Nov.
ago
16, making transactions on the basis of fortnightly statesmen of the world which began two years
Minister
Foreign
when
week,
next
d
will
be
continued
settlements again possible. Although it is recognize
in the United States
that the recent improvement in the British textile Dino Grandi, of Italy, arrives
of interest to the
questions
which
for
a
in
stay
brief
depreciaand other trades is due largely to sterling
with Presidiscussed
be
will
Italy
and
be
United
States
will
gains
tion, there is a general belief that the
nt.
Departme
State
the
of
officials
and
dent
Hoover
France
in
crisis
maintained. Signs of the economic
directly
proceed
will
are becoming more emphatic, Paris reports say, and Signor Grandi and his party
arrival in New York next
there is much concern regarding the mounting de- to Washington, after their
The Italian Minister
Grande.
ficits of the railway systems owned and operated by Monday on the Conte
on the invitation
days,
four
the State. The Berlin 13oerse remains closed and no will stay in the capital
indicated, early
reports
Rome
indication of the reopening date has yet been given. of President Hoover.
Mr.
Hoover and
with
discuss
is
will
he
this
center
week, that
The unofficial curb market in the German
of
problems
those
officials
nt
nces
Departme
circumsta
State
becoming steadily more active in these
regards
Italy
which
s,
armament
steel
and
Europe,
especially
bank
and some important transactions in
as largely to blame for the current world depression.
company shares were reported this week.
treaties and of
Dealings on the London Stock Exchange started in The possibility of revising the peace
s arising
obligation
cheerful fashion, Monday, owing in part to the an- reducing the intergovernmental
it was
discussed,
nouncement that normal trading would be resumed from the World War also will be
e
immediat
no
expect
in a week. British industrial and shipping shares said. Official circles in Rome
added.
was
it
visit,
on
Washingt
were generally better, and a considerable upswing results from the
conversations
appeared in international stocks. British funds de- Washington dispatches stated that the
in which
problems
onal
internati
exall
will
sterling
over
range
clined, however, owing to weakness in
solution.
a
offer
might
on
co-operati
a
as
partly
rican
Italo-Ame
change. Dealings Tuesday were small,
settlewith
result of the pre-occupation of brokers
Methods of procedure for the calling of an interments of the election 'bets, which resulted in a turnand
over estimated at £750,000, and partly because national conference to reconsider reparations
represenby
debated
traders and investors preferred to await the Parlia- war debts payments were again
mentary declaration of Prime Minister MacDonald. tatives of the French and German Governments this
A few issues in the British industrial list received week. The conference is likely to begin next Januthe
support, but most were listless. British funds re- ary, Paris reports indicated, in 'accordance with
initiative
the
that
t
agreemen
in
ent
recent
improvem
Hoover-Laval
mained dull, notwithstanding slight
sterling exchange. The tone Wednesday was soft and regarding further action on intergovernmental debts
y
prices drifted downward in almost all sections with should be taken by the European nations principall
s
agreement
the
of
k
framewor
and
the
textile
within
concerned
British
the exception of shipping stocks.
motor issues were offered liberally, while interna- existing prior to the Hoover year of postponement.
Berlin
tional stocks also lost ground. British Government Conversations were started between Paris and
apparent
ly
immediate
securities were inactive and unchanged. A markedly early last week, and it became
priority
better tendency appeared Thursday, as a result of that divergent views were held regarding the
of
debts
al
commerci
and
rumors from the Continent that France and Ger- of the external political
s
difference
these
week
current
repaon
Germany. In the
many had reached substantial agreement the
approach
of
avenues
many
and
issues
l
moved
studied
were
closely
rations and debts problems. Industria
.
up generally and British funds also improved. The to the projected general conference were discussed
adspecial
a
of
calling
the
to
stocks
sagged
l
objections
German
Industria
flat.
tone yesterday was
onal Setslightly, while British funds showed fractional visory committee of the Bank for Internati
abolition
or
tlements as a preliminary to reduction
gains.
The Paris Bourse was irregular in the initial ses- of conditional annuities only, were again reflected
Proposals of the German Govsion of the week, but the undertone was firm and in Berlin dispatches.
of procedure were submitmethod
most stocks registered small gains. Sensational ernment as to the
or, Andre FrancoisAmbassad
French
rumors were circulated for a time regarding the Sin°. ted to the
said, and promptly
was
it
Sunday,
an
Poncet, last
Japanese difficulties in Manchuria and these had
their nature was
Although
Paris.
to
howed
transmitt
unsettling effect. The weakness was overcome,
was
generally that
it
agreed
officially,
ely
not
impressiv
disclosed
forward
ever, and quotations moved
postulation
German
previous
the
to
d
prices
conforme
they
and
dull
was
session
thereafter. Tuesday's
e could
a
special
of
ion
committe
intervent
marthe
that
the
of
nts
departme
drifted slowly lower in all
included
if
its
only
functions
purpose
few
a
useful
a
even
serve
were
there
and
ket. Losses were modest
ion of the commercial debt
increases here and there. The Bourse was closed a comprehensive investigat
arguWednesday in observance of Armistice Day, which is position as well as reparations. The German
Sunlast
a
in
of
special dispatch
a national holiday in France. When trading was re- ment, as reported
that
York
effect
New
is
"Times," to the
sumed, Thursday, prices again turned soft under the day to the
able
indispens
is
survey
ed
not
an
only
influence of unsatisfactory reports from London and an unrestrict
is
but
debate,
ns
the
to
reopening
prelude
reparatio
New York. Copper stocks were especially weak as
tion
juxtaposi
to
highly
the
essential
ng
also
'
establishi
a consequence of rumors that the copper producers
short term
conference in New York was unlikely to result in of reparations and Germany's private
. Berlin
agreement
ng
under
the
Stillhaltu
credits
were
agreement on curtailment. Other stocks also
to
credits
private
the
it
was
put
to
said,
proposes,
the
in
weak at first, but some recovery appeared
the
later dealings and net losses were held to small the fore in the forthcoming negotiations on
•
Nov. 14 1931.]
FINANCIAL CHRONICLE
3135
ground that they constitute priority claims and that an exposition of the Reich viewpoint on the matter.
their adjustment is of more immediate urgency to The dispute regarding the priority of reparations
the future of German economy and the stability of or private debts may result in a compromise, it was
German currency than the resumption of political suggested, with additional consideration to be given
payments under the Young plan.
the private debts by a special committee. A Paris
French official circles viewed the German sugges- dispatch to the same journal stated that the French
tions as to procedure rather coldly, according to Government contemplates a temporary waiver of the
Paris reports of Monday. It was intimated that unconditional annuities for the duration of the ecoGermany had expressed willingness to ask that an nomic depression. Sums due on this account would
advisory committee be convened under the Young be reloaned to Germany, it was said, and guarantees
plan provisions to determine her capacity to pay. demanded by France in the form of pledges of GerThe Berlin Government, it was added, insists that man tobacco and other revenues.
the powers of the committee be enlarged to cover not
only the political payments but also the private ShortStatements on the policies of the new National
term credit position. The French contention,a Paris Government of Great Britain were made this week
report of Monday to the New York "Herald Tribune" both in the usual speech from the throne with which
said, is that a distinction should be drawn between Parliamentary sessions are opened and in addresses
reparations and private debts. The latter, it was by Prime Minister Ramsay MacDonald before the
suggested, could be considered as a parallel to repa- Commons and at the annual Guildhall banquet. The
rations and could be studied, for instance, by a sub- declarations made at the official opening of Parliacommittee acting in close touch with the bankers ment, Tuesday, were of more importance than the
most vitally concerned. That the matter remained in Guildhall address of the previous evening, but their
dispute early in the week was shown by the lack of substance was foreshadowed in the earlier speech by
any action in the course of the regular monthly meet- the Prime Minister. The two matters of greatest
ing of Bank for International Settlement directors interest in Britain—stabilization of the pound sterat Basle, Monday. Although it was believed Ger- ling and imposition of a tariff—were touched on
many might present a request at the meeting for a only vaguely in the speeches and no definite profurther postponement of conditional annuities and posals were made. It was also considered remarkthe appointment of an advisory committee, no such able that no distinct references were made to the
action was taken. Subsequent reports from Paris Manchurian problem, which is at present engaging
indicated that France intended to adhere firmly to the attention of all the leading Governments. In
the contention that the advisory committee should his Parliamentary address the Prime Minister rebe limited strictly to activities within the Young plan ferred in no uncertain terms, however,to reparations
formula. That document provides in Article 125, and war debts. He scored the "unnatural economic
it was pointed out, that the proposed committee adjustment" forced upon the world and asserted
"shall play no part in connection with the uncondi- that it has resulted in a "crazy economy" which is
tional annuity accepted by Germany and referred to bound to impoverish not only the nation that makes
in the plan as unconditional annuity."
the payments but also the recipients. The first
The negotiations were hampered somewhat by the division of the new Parliament occurred Wednesday
French Cabinet preparations for the resumption of on a minor question, and the National Cabinet was
Parliamentary sessions, Thursday. It appeared sustained by the handsome majority of 369. Since
Wednesday, however, according to a Paris report to the supporters of the Government outnumber its
the New York "Evening Post," that they include a opponents almost ten to one, even larger majorities
French suggestion for German payments in kind in are expected on important questions.
order to make up the suspension during the Hoover
In a brief speech delivered by Bing George but
year. Chancellor Heinrich Bruening was said to written by the' Prime Minister and his colleagues,
have rejected the proposal. The dispatch also dis- the Parliament was informed that British relations
closed that the French Minister of Finance, Pierre with foreign powers remain friendly. A policy of
Etienne Flandin, had suggested further application promoting peace and good-will is to be pursued by
of the present scheme whereby unconditional annui- the new Government, it was said, and particular
ties are paid by Germany in marks to the B. I. S., attention will be paid to preparations for the Feband then loaned back to German enterprises. Ger- ruary disarmament conference. Co-operation with
many also rejected this proposal, it was said, taking other governments also was promised in the attempt
a position against the payment of any reparations, to overcome current financial and economic diffieither conditional or unconditional. The German culties and restore international trade. After exattitude stiffened materially, the dispatch added, preFr,ing hopes for the success of the Indian Round
after the statements of Prime Minister MacDonald Table conference and a projected Empire conference,
at the Guildhall and the opening of the British King George remarked that the nation endorsed at
Parliament.
the general election those measures for securing
Optimism regarding the results of the negotiations economy and balancing the national budget which
was reported from both Paris and Berlin, Thursday. constituted the first essential steps in the solution
Diplomatic circles in the two capitals were said to of British financial and economic problems. An
feel that the German Government will be able to take emphatic mandate also was given the Cabinet, he
the first formal step for re-examination of the added, to pursue a policy for re-establishment of full
Reich's ability to pay early next week. This will financial confidence and the insuring of a favorable
take the form, a Berlin dispatch to the New York balance of trade.
"Herald Tribune" said, of a request for the appointPrime Minister MacDonald followed with a Parment of a B. I. S. committee under the Young plan liamentary declaration in Which he gave first attenformula. The German Government, at the same tion to the reparations and debt problem. Steps
time, is expected to send to the powers concerned have already been taken, he stated, for contacts be-
3136
FINANCIAL CHRONICLE
[voL. 133.
tween the nations concerned, so that "arrangements In Wednesday's sessions some interest was occamay be made to extricate ourselves from this absurd sioned by a declaration in favor of an immediate
economic entanglement which we have got into." protective tariff, made by Winston Churchill, ConHe warned that progress would be slow owing to the servative. Mr. Churchill, who was Chancellor of the
great care necessary to achieve success. The highest Exchequer in the Baldwin Cabinet which went down
importance was placed by the Prime Minister on to defeat in 1929, is regarded as the Parliamentary
the recent visit of Premier Laval of France to Wash- leader of a formidable Conservative group,estimated
ington. He expressed expectations that an under- at 300 members, that desires early tariff legislation.
standing between France and Germany will follow. It was remarked in an Associated Press report of
Turning specifically to the British economic Wednesday from London that the high tariff Conposition, the Prime Minister said that his Govern- servatives were frankly disgruntled by Prime Minment's mandate was to investigate all possible reme- ister MacDonald's declared intention to take no
dies to restore British prosperity, and that it was tariff action until after an investigation has been
not committed to any definite policy before such an made.
investigation. Suspension of gold payments and
The French Parliament reassembled for its usual
the consequent depreciation of sterling undoubtedly
winter
session, Thursday, and immediately plunged
pointed
he
advantages,
gave British exports certain
out. Such advantages, however, may well prove into a debate on the policies of the Laval Cabinet,
temporary, Mr. MacDonald declared, as they may which promises to reach a bitter stage in coming
be met by counter-action on the part of importing weeks. The Laval regime, like most others on the
countries. Profiteering will be sternly dealt with, Continent, consists of a coalition with a slim margin
he asserted, and every effort made to prevent an of support. Right and Center groups furnish almost
undue rise in the sterling price of primary com- all the support for the Premier and his colleagues,
and the powerful Left seized the first available oppormodities.
tunity for a trial of strength after the opening of
the
in
banquet
In his address at the Lord Mayor's
session. The question whether the Government
the
MacDonald
Mr.
evening,
Guildhall on the preceding
could
consent to a fare increase on French railways
that
problems
financial
the
to
referred more fully
have resulted from the current world-wide economic without a full debate in the Chamber was made a
depression and its specifically European manifesta- political one and M. Laval accepted the challenge.
tions. He touched briefly on the Central European In the voting that followed the Laval Government
financial crisis, and pointed out that termination of was upheld by 311 Deputies and opposed by 272, or a
the standstill agreement on German credits next majority of 39 in its favor. This is considered repreFeb. 29 makes advisable an immediate review of the sentative of the divisions likely to occur on most
whole reparations and intergovernmental debt political questions in coming months, with defecposition. "The governments concerned, with France tions possible at any time, so that the life of the
and Germany leading, should come together on the Government will probably be precarious. Unembasis of business common sense to survey the enor- ployment was the principal subject of the opening
mous problem as one of objective reality and to come debate. M. Laval declared he was ready to spend
to some agreement as to what is to be done now and 4,000,000,000 francs on national works in order to
later on when the Hoover moratorium has ended," provide relief. In a session of the Foreign and
he declared. "A series of piecemeal and ephemeral Finance Committees of the Chamber,Premier Laval
compromises of a purely temporary nature will not reported on his recent talks with President Hoover
meet the circumstances. A comprehensive and firm in Washington. He told the Committees that he
settlement is now required." Pointing out the in- made no binding agreements,Paris reports said, and
evitable entanglement of this and pther financial that the real decisions would have to be made by the
questions with the disarmament problem, Mr. Mac- Chamber.
Donald promised that his Government would play
its part in finding a solution. Severely practical' Yugoslavia held last Sunday a general election
steps must be taken by statesmen, he said, as Europe that was a travesty of democratic rule, as the result
needs a "period of political peace to enable it,to read- could hardly have been otherwise than favorable to
just its economic life and put an end to enforced the existing regime. The election was the first held
obligations which cannot be fulfilled withontf injury since the proclamation of a dictatorship by Ring
to every nation concerned." As soon as practicable, Alexander in January 1929, but as all the candidates
the Prime Minister asserted, steps will be taken for for the 310 seats in the lower house of the Yugostabilization of sterling on a definite basis, but he slavian Parliament had to have the Government's
declared that stabilization depends on factor& not • approval, it will occasion little difference in the rule
fully within British control. One additional intima- of the country. A new electoral law, promulgated
tion of policy was given in the speech, when.the by the Dictatorship in September, imposed drastic
Prime Minister remarked that the Government will restrictions on the activities of political parties. In
• accept the invitation of Canada for a Dominions eco- answer to this measure all the opposition groups declared they would have nothing to do with the gennomic conference at Ottawa next summer.
Parliamentary debate on the King's speech was eral election. Some 1,200 candidates secured the
opened, late Wednesday, by George Lansbury, who necessary Government approval and campaigned for
is leading the small Labor party group in the House the 310 seats. Since all were favorable to the regime
of Commons owing to the defeat at the polls of of Premier Zhivkovitch, the only question was the
Arthur Henderson. Mr. Lansbury described the aggregate vote polled. The Premier announced
throne speech as "innocuous and the last word in Monday, a Belgrade dispatch to the New York
emptiness." The Labor party, in due time, would "Times" said, that 230,000 votes were received by
present its own program for dealing with the his candidates, but opposing factions claimed that
national crisis and international affairs, he added. the number actually cast was much fewer.
Nov. 14 1931.]
FINANCIAL CHRONICLE
Under the recent electoral decree the voting was
oral and not by secret ballot, as "secret voting is a
pernicious influence on national character." An
Associated Press dispatch stated that the voter, unless known to the electoral board, was subject under
the regulations to being photographed and finger
printed. "If, in spite of these regulations, he insists
on opposing the Government of Bing Alexander,
there is no legal way to stop him," the report dryly
added. A Belgrade report of Sunday to the "Times"
stated that "the appearance of a parliamentary contest was desired to influence foreign financiers."
In view of this comment it is interesting to note an
undenied report in a New York newspaper, last
Saturday, that the Federal Reserve System has participated to the extent of about $500,000 in a
$3,000,000 Bank for International Settlements credit
to Yugoslavia.
Events in Manchuria were again disquieting this
week, with armed clashes reported daily between
Japanese and Chinese troops and both governments
clearly determined to maintain the intransigent
attitudes adopted from the start of the troubles at
Mukden on Sept. 18. The incidents in Manchuria
itself were much like those previously reported, and
the skirmishes were hardly more extensive than those
of last week. They occurred in the area 'between the
Nonni River and the city of Anganchi, along the
line of the Japanese-controlled Taonan-Anganchi
Railway. Within this district a Japanese force, augmented to about 2,000 men, struggled with portions
of the Chinese army,estimated at 30,000,commanded
by General Ma Chen-shan, who is an adherent of
Marshal Chang Hsueh-liang, and therefore loyal to
the Nanking Nationalist Government of China.
Japanese troops were sent to the Nonni River early
last week to repair the bridges destroyed by the
Chinese. After a sanguinary clash north of the river,
the Chinese withdrew early this week and the weary
Japanese force pursued them only a small distance.
With the aid of reinforcements the Japanese have
slowly moved northward, however, gradually approaching Anganchi, which is the terminus of the
line and the junction point of the railway with the
Russian-controlled Chinese Eastern Railway. It is
stated in some reports that the Japanese may move
on to Tsitsihar, capital of Heilunkiang Province,
situated a few miles northward of the Chinese
Eastern Railway.
A voluminous diplomatic exchange between the
Nanking and Tokio Governments on the one hand
and the League of Nations and the Washington Government on the other, served merely to confuse this
situation. It would hardly appear, from the published exchanges, that any progress has been made
by the League or the United States Government,
which is associated with the League in this matter,
toward pacific settlement of the dispute. The
elements of the conflict remain much the same, but
the
Japanese aims appear in clearer light.
Extensions
by the Japanese of the area of military occupation,
it is pointed out in a Tokio dispatch to the New York
"Times," have been confined rather rigidly to
the
lines of railroads owned by Japanese nationals or
built with Japanese capital that has never been
repaid by China. The only exceptions to this rule
have been sallies down the Peiping-Mukden Railway,
explained on the ground of military necessity. The
Japanese contention is that the extensions are due
3137
to the necessity for protecting Japanese property
and the lives of the 1,000,000 nationals of the country
in Manchuria. It was officially reported Wednesday
from Tokio that a Korean brigade will be withdrawn
from Manchuria and fresh troops dispatched to replace them. This will augment the Japanese forces
to 16,500 men, but this number, it is said, conforms
to the treaty provision for the maintenance of 15
soldiers to every kilometer of the South Manchuria
Railway.
An incident at Tientsin, the port of Peiping,
gained great prominence this week, although it was
only indirectly connected with the Manchurian imbroglio. Although the nature of the Tientsin affair
is by no means clear, it would appear that shots
were exchanged Monday between Chinese soldiers
and 'Chinese bandits or refugees near the Japanese
concession in that city. Some of the bullets falling
in the concession, Japanese soldiers are said to have
fired on the Chinese, killing four and wounding 10.
Tokio reported that one Japanese soldier was killed
by a stray bullet. Some shells, said to be from a
Japanese trench mortar, fell near the American
Methodist Mission in the city, and one hit a school
maintained by the mission. Rioting was reported in
the native city and Chinese policemen were said to
have arrested 400 "rebels," beheading a number.
Further trouble occurred Wednesday, when 200
armed rebels stormed Nankai University at the edge
of the Japanese concession. An international military patrol of the foreign concessions was thereupon
set up, with American, British, French and Italian
troops participating. The bitter feeling throughout
China regarding the Manchurian incidents and the
Tientsin affair caused precautionary declarations of
martial law in Shanghai and Hankow,Wednesday.
Of especial importance in the Manchurian dispute
is, of course, the attitude of Soviet Russia, since
the fighting is definitely within the area served by
the Chinese Eastern Railway. There were rumors of
Soviet military activity in the Manchurian zone,
Tuesday, but these came only from Harbin, which
has not heretofore furnished any reliable reports on
Soviet activities. The same center reported rather
definitely that Soviet money and ammunition was
being supplied the troops of General Ma Chen-shan
at Tsitsihar and Anganchi. These reports assumed a
more serious aspect, Thursday, when Tokio dispatches indicated that the Japanese War Office Intelligence Department was giving out similar information. The Department stated, an Associated
Press dispatch said, that it had "fairly reliable evidence"from various sources that Russian arms were
being shipped to General Ma. "The Russians apparently are planning something," the War Office
bureau is quoted as saying. The Moscow Government took no official notice of the comments, but
rather strong editorials were published in the Soviet
journals. Walter Duranty, Moscow correspondent
of the New York "Times," expressed the opinion that
the Soviet Government does not seriously believe
Japan wants to draw Russia into a conflict, although
there is fear in Moscow that some of the Japanese
generals may be less cautious. "What the Soviet
Government does feel and resents accordingly," he
added,"is that Japan is trying to bluff Geneva and
Washington by waving the Red bogey."
The series of notes exchanged by the two disputants with the League of Nations and the United
States Government attracted as much attention,
3138
FINANCIAL CHRONICLE
[Vou 183.
meanwhile, as the events in China themselves. It Japanese subjects and property in Manchuria and
was reported in Washington last Saturday that the not compatible with Japan's obligations as a memUnited States Government will continue its policy ber of the League and a signatory of the Paris pact,
of applying diplomatic pressure on Japan, in co- nor with the undertakings the Japanese Government
operation with other powers, in the effort to restore has itself made to the Council, nor with the Nine
peace in Manchuria. League officials at Geneva Power Treaty."
Foreign Minister Shidehara, of Japan, sent a note
were said to be considering the possibility of applyof
to
withdrawal
Washington, Monday, in reply to a Washington
concerted
ing pressure by means of a
French
n which had not been published. In
The
communicatio
Tokio.
from
s
diplomatic representative
Foreign Minister, Aristide Briand,dispatched a note observance of diplomatic usage the Japanese reply
to the League Secretariat, last Saturday, in which also was held confidential, but Tokio reports indihe requested, in his capacity as President of the cated that it called,in the main,for Chinese acknowlCouncil, that the Japanese and Chinese Govern- edgment of the Japanese treaty position in Manments be reminded of their engagements to prevent churia. Washington reports of the same day stated
aggravation of the situation. "In order to fulfill the that President Hoover and Secretary Stimson were
engagements," he continued, "it appears to me now considering the Manchurian problem intensively,
necessary that the two governments without delay under circumstances which pointed to some new dipgive instructions to the commanders of their forces lomatic move being made in behalf of peace at the
to avoid the possibility of conflict between Chinese League Council meeting in Paris next Monday. An
and Japanese troops, as new grave incidents might announcement, issued Wednesday, was to the effect
render even more difficult the efforts which the that General Charles G. Dawes, United States AmCouncil is making for the maintenance of peace and bassador to Great Britain, had been instructed to
for a pacific settlement of the difficulties in go to Paris in connection with the League meeting
Monday. "It is not anticipated," Secretary Stimson
question."
the
26,
Oct.
said,
"that General Dawes will find it necessary to
In reply to a League memorandum of
Tokio
Saturday,
part in the meetings of the League Council,
take
Japanese Government replied last
the
of
he
will be in a position to confer with the reprebut
ultimatum"
"moral
the
reports said, that
Council for the withdrawal of troops within treaty sentatives of the other nations present in Paris in
zones by Nov.16 is unacceptable unless China, in the case such conference should seem desirable." The
meantime, complied with the five stipulations origi- Chinese Government again appealed to the League
nally advanced by Tokio for settlement of the dis- of Nations through Dr. Alfred Sze, Thursday, to act
pute. The five points, reiterated in the message, are drastically and immediately to prevent the situation
mutual repudiation of aggressive policies; respect in Manchuria from getting beyond control. Dr. Sze
for China's territorial integrity; suppression of reported that the Japanese were preparing to occupy
organized movements interfering with trade and Tsitsitar, and had issued an ultimatum that General
stirring up hatred; effective protection throughout Ma Chen-shan resign and evacuate the city. Illegal
Manchuria of Japanese nationals, and observance of confiscation by the Japanese of Chinese mines,
treaty rights of the Japanese by China. Tokio sent estates and industries was alleged by the Chinese
instructions last Sunday to Kenkichi Zoshizawa, official. Foreign Minister Briand dispatched a furJapanese delegate at Geneva, to lodge a formal com- ther note to the League Secretariat, Geneva reports
plaint against the alleged League practice of giving said, asking that the Chinese and Japanese Governpublicity to statements of individual opinion by Dr. ments be urged to issue unequivocal orders to their
Alfred Sze, Chinese delegate, and to "other varieties military chiefs to refrain from further military
gestures.
of-Chinese propaganda."
in
A Tokio dispatch of Wednesday to the New York
issued
was
situation
A Chinese statement on the
Geneva, Tuesday, by Dr. Sze, who again requested "Times" outlined the Japanese position rather fully.
the League to terminate the Japanese occupation of The Government adhered firmly, it was said, to its
non-treaty zones. The position is now perfectly demand for recognition of basic Japanese rights in
clear, Dr. Sze declared, and China is waiting for Manchuria. In the meantime,strenuous efforts were
the League members and the United States "to take being made for a better presentation of the Japanese
whatever steps the situation demands to uphold the case. "Our mistake," a Foreign Office official was
sanctity of the Covenant, the Pact of Paris and the quoted as saying, "was in assuming that the facts
Nine Power Treaty." The Chinese note contained were generally known. China's principal policy in
a report by Dr. Frederick A. Cleveland, associate recent years has been an effort to shake off her treaty
chief inspector of the salt revenue in Manchuria, obligations. Many countries have suffered from
which asserted that the Japanese had confiscated this, and we thought the world understood the situasalt revenues amounting to $2,600,000 last Saturday. tion, but it seems people quickly forget troubles
Dr. Sze stated, on the basis of this and other ac- which do not directly affect them." It was remarked
is
of concounts, that"there is now abundant proof, submitted that the Tokio Government preparing lists
to
order
treaty
in
violations,
Chinese
by the Chinese to the members of the Council and crete cases of
that
in
many
impression
countries
the
the United States, that Japanese military authori- counteract
to a compromise. Japanese offities are pursuing a deliberate policy of steadily ex- Japan will agree
concessions will be made, the
any
that
denied
cials
tending the areas of occupation, subverting the
added.
dispatch
authority of the Chinese Government and substituting persons and groups subservient to themselves,
National elections were held, during the past
forcibly diverting the revenues of the Chinese Govin the South American countries of Argenmonth,
for
ernment, including those which 'are guarantees
and Ecuador, and reports in every inPeru
tina,
rewas
It
international loans, to their own use."
the freest
marked by the Chinese delegate that such proceed- stance indicate that they were not only
respective
the
the
in
quietest elections held
ings "are entirely unconnected with the safety of but also
Nov. 14 1931.]
FINANCIAL CHRONICLE
3139
lands for many years. Polling in Argentina took as compar
ed with £160,080,546 aTyear ago. Circuplace last Sunday, but counting of the ballots will lation contrac
ted £1,662,000 and so reserves rose
take several weeks. The Presidential office was £1,589,000.
Public deposits fell off £734,000 and
contested by General Augustin P. Justo, candidate other deposit
s £2,340,554. The latter consists of
of the Conservative coalition, and Lissandro de la bankers' account
s and other accounts, which deTorre, representative of the Liberal coalition. Pro- creased £475,21
7 and £1,865,337 respectively. The
vincial Governors and members of the Argentine reserve ratio rose
to 33.60% from 31.44% a week
national legislature also were elected. The balloting ago. A year ago
the ratio was 58.57%. Loans on
was viewed as the culmination of 14 months of effort Government
securities decreased 0,830,000 and those
by Provisional President Uriburu and his colleagues on other securiti
es £1,808,294. Other securities into right the abuses that provoked the 1930 revolu- clude discounts and
advances, which increased
tion overthrowing former President Irigoyen. Fi- 026,317 and securiti
es which fell off 0,734,611.
nances of the Argentine Government, meanwhile, The discount rate
is unchanged at 6%. Below we
show steady improvement. The Ministry of Finance furnish a comparison
of the different items for five
announced early this week that a surplus of $500,000 years.
resulted in October, as against a deficit of $5,000,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931
1930
1929
in the same month last year. Expenditures for the
1928
1927
Nov. 11,
Nov. 12.
Nov. 13.
Nov. 14.
Nov. 16.
10 months ended Oct. 31 were $169,500,000, the MinCirculation a
357,195,000 355.380,919 358.108,000 133,344.390 136,575.945
istry states, while revenues were $167,334,000. In Public
deposits
19,143,000 18,978,509 15,784,000 15,543,417 .21,346,328
98,804,300 93,471,429 96,460,426 99,417,489 100,653,53
Other
deposits
the same period of last year expenditures were $268,0
Bankers accounts- 80,481,123 60,321,291 54,705,309
500,000 and revenues $276,038,000.
Other accounts... 38,343,177 33,150,138 41,755,117
Governm't securities 54,995,906 36,726,247 66,834,855 44,358,449 44,610,178
In the elections held in Peru and Ecuador last Other
securities__ 41,033,085 26,787,008 28,485,253 39,460,478 60,673,065
month the results have only necently become known, Disc..1: advances_ 11,877,207 4,287,804 9,210,078
29,355,878 22,449,204 19,275,175
Securities
owing to the slow counting of ballots. The event Reserve notes a:coin 39,641,000 64,699,627 34,661,000
48,822,683 34,425,142
bullion...1
21,836,587 160,080,546 132,771,032 162,467,073 151.251,087
Coin and
in Peru took place Oct. 11, with Lieutenant-Colonel Proportion
of reserve
33.60%
Luis M. Sanchez Cerro, leader of the Union Revolu- to liabilities
58.57%
30.88%
4214%
2834%
6%
3%
6%
414%
434%
tionary party, the chief candidate. It has now been Bank rate
Nov.
fiduciary
a On
29 1928 the
currency was amalgamated with Bank of England
established that Senor Sanchez Cerro was elected note issues, adding at that time £234,199,000 to the amount of Bank of England
by a majority of about 32,000 over his nearest oppo- notes outstanding.
nent, Victor Haya de la Torre,leader of an extremist
The Bank of France in its weekly statement dated
group with Fascist leanings. Voting for a new
Nov. 6, records an increase in gold holdings of
President started in Ecuador on Oct. 20, and it ap2,932,367,147 francs, raising the total of the item
pears that Neptali Bonifaz,leader of an independent
up
to 67,580,593,737 francs. Gold at the correspondConservative faction, was chosen to head the Govweek last year aggregated 51,096,528,540 francs
ing
ernment. He was opposed mainly by Commander
and
the year before 40,298,109,810 francs. DeJ. Ildefonso Mendoza, Liberal party candidate,
and creases appear in credit balances abroad and bills
Modesto Larrea Jijon, who appealed to the
more bought abroad of 1,482,000,000 francs and 1,692,000,radical section of the electorate for support.
Al- 000 francs. Notes in circulation show a decrease
though conditions are quiet in most South Americ
an of 843,000,000 francs, reducing the total of notes
countries, disaffection was reported in Paragu
ay
late in October, and as a result President Jose Gug- outstanding to 82,795,790,230 francs. Last year
giari was forced to resign. His place was taken by circulation amounted to 74,709,038,180 francs and
Vice-President Gonzales Navero, who,as Provisional two years ago to 67,099,716,550 francs. The proPresident, will continue the Liberal party's adminis- portion of gold on hand to sight liabilities rose this
tration of the country. Opposition to the Guggiari week to 59.82% from 56.30% last week. A year
regime developed in part as a consequence of the ago the item stood at 53.17%. French commercial
protracted dispute with Bolivia regarding the Gran bills discounted and creditor current accounts con1,949,000,000 francs and 1,003,000,000
Chaco area, it is said. Military support was ac- tracted
francs,
while
advances against securities gained
corded the movement Oct. 26, and the change in Gov154,000
francs.
,000
Below we furnish a comparison
ernment promptly followed.
of the various items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
The Austrian National Bank on Nov. 11 reduced
Changes
Status as of
for Week.
Nov. 6 1931. Nov. 7 1930. Nov. 8 1929.
its discount rate from 10% to 8%. On Nov. 12 the
Francs.
Francs.
Francs.
Francs.
Gold holdings. ___Inc, 2932387,147 67,580,593,737 51,098,528,
South African rate was raised from 5% to 6%. Credit
540 40,298,109,810
bals.abed—Dec.1482000,000 13,374,320,276 6,505,489,0
77 7.311.575,928
aFrench
commerc.
Rates are 8% in Germany, Austria and Hungary; bills discounted_Dec. 1949000,000 6,860,132,2
32 6,870,897,382 9,833.141.259
bulls bght. abed_Deo.1692000,000 11,051.855,178 19.131,828.
043 18,706.878.657
7% in Portugal and Italy; 61/
2% in Spain and Ire- Adv.
sat. securs..Inc. 154,000,000 2,865,017,048 2,994.7139,1
Note circulation...Dec. 843,000,000 82,795,790,230 74,709,038. 84 2.658,070.936
180 67,099.716,550
land;
in Norway, Sweden and Denmark and in Cred.
curr. acctsDeo.1003000,000 30,177,898,057 21,394.440,357
21,023,256,696
Proportion
gold
England; 3 %in Holland; 21/
2% in Belgium, and on hand toofsight
liabilities
Inc.
3.52%
59.82%
53.17%
45.73%
21/
2% in France and Switzerland. In the London
a Includes bills purchased in France. is Includes bills discounted abroad.
open market discounts for short bills yesterday were
51/
4@51/
2% against 51/
8@5M% on Friday of last
The Bank of Germany in its statement for the first
week, and for three months' bills 5%@57
/8%, the week of November shows a loss in gold and
bullion
same as on the previous Friday. Money on call in of 43,241,000 marks. Owing
to this decline, the
London on Friday was 45
/
8%. At Paris the open item now stands at 1,101,298,000 marks,
as commarket rate continues at 17
/8%,and in Switzerland pared with 2,180,009,000 marks last
year and 2,8%.
/
also at 17
229,010,000 marks two years ago. An increas
e is
shown in reserve in foreign currency of
29,919,
000
The Bank of England statement for the week marks, in silver and other coin of
31,902,000 marks,
ended Nov. 11 shows a slight decline in gold holdings in notes on other German banks
of 4,508,000 marks
of £72,217, which leaves the total at £121,836,587, and in other liabilities of 11,954,
000 marks. Notes
3140
in circulation reveal a reduction of 204,271,000
marks, bringing the total of the item down to 4,541,599,000 marks. Circulation last year stood at
4,372,863,000 marks and the year before at 4,550,369,000 marks. Bills of exchange and checks,
advances, other assets and other daily maturing
obligations record decreases of 179,404,000 marks,
127,248,000 marks, 27,986,000 marks and 119,233,000 marks. The proportion of gold and foreign
currency to note circulation now is 27.8%, compared with 26.9% last week and 54.9% last year.
The items of deposits abroad and investments remain
unchanged. A comparison of the various items for
three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Nov.71931. Nov .7 1930. Nov. 7 1927
for Week.
Reteltsmarks. Reichsmarks. Reichsmarks.
Reichsmarks.
Assets—
Dec. 43.241.000 1,101,298,000 2,180,009,000 2.229,010.000
Gold and bullion
100,454,000 221,376,000 149.788,000
Unchanged
Of which dopes. abr'd_
Ree've in for'n curr__ _ Inc. 29,919,000 160,650,000 219,18.5,000 366,665,000
Bills of exch. Ss checks.Dec. 179,404,000 3,830.121,000 2,178.856.000 2,351,159.000
93.841,000 157,7213,000 100,000,000
Silver and other coin Inc. 31,902,000
15.539,000
15,766,000
9,080.000
4,508,000
Notes on oth.Ger.bks_ Inc.
50,653.000
Dec. 127,298,000 112,288,000 101.208,000
Advances
92,562,000
102.884,000 102,475,000
Unchanged
Investments
Dec. 27,986,000 870,077,000 485,257,000 617,677,000
Other assets
Notes In circulation_ _Dec. 269,271,000 4.541,599,000 4,372.863,000 4,550,369,000
Oth.dally matur.oblig.Dec. 119,233,000 398,903,000 313,658,000 497.496,000
Inc. 11,954,000 850,386,000 260,034,000 333,049,000
Other liabilities
Prop.of gold & foreign
57%
54.9%
27.8%
.9%
curr.to note ctrcurn.Ine.
Money rates in the New York market were steady
this week, with the exception of a somewhat easier
tendency in bankers' acceptances. Reductions in
the yield rates on these instruments were effected
by dealers Monday and again yesterday. The Federal Reserve Bank buying rate remains undisclosed,
as it is understood no bills have been offered the
institution this week. Call loans on the Stock Ex2% for all transactions, whether re1
change were 2/
newals or new loans. Banking house funds were
reported available every day, however, in the unof2%
1
ficial "Street" market at 2%, or a concession of/
from the official level. Time loans were unchanged.
Gold movements reported by the Federal Reserve
Bank of New York for the week to Wednesday night
were again of small proportions. The largest
change was favorable, as it consisted of a release of
$8,591,000 from the stock of the metal held earmarked for foreign account. Imports amounted to
$210,000, while exports totaled $688,000. The brokers' loan statement for the same period reflected a
decline of $18,000,000.
Dealing in detail with call loan rates on the Stock
2% was again the
Exchange from day to day, 21/
ruling quotation all through the week, both for renewals and for new loans. There has been no improvement in the market for time money this week.
2% bid and 4% asked.
1
Rates on all maturities are 3/
These quotations are nominal, however. The market
for prime commercial paper has again been greatly
restricted, due to the scarcity of offerings, and the
small amount available was quickly distributed.
Rates remain unchanged from last week. Quotations
for choice names of four to six months' maturity are
2%.
1
4%. Names less well known are 4/
4@41/
/
33
Prime bankers' acceptances were in good demand
throughout the week, but the supply was extremely
limited and transactions were greatly restricted on
that account. On Nov. 7 quotations of five and six
4% bid and 378%
months' maturities dropped to 41/
[VoL. 133.
FINANCIAL CHRONICLE
8%
asked. On Nov. 9 rates were again reduced to 31/
accommoda90-day
and
bid and 3% asked for 30-, 608% asked for four months,and
tion,3%% bid and 31/
4% bid and 33
4% asked for five and six months. On
/
2of 1% on all maturi1
Nov.13 a further reduction of/
ties was put in effect. The quotations of the American Acceptance Council for bills up to 90 days are
/8% asked; for four months' bills,
now 3% bid, 27
/8%
4% bid, 3% asked; for five and six months, 37
31/
/8% asked. The bill buying rate of the
bid and 35
New York Reserve Bank remains undisclosed. The
Federal Reserve banks show a further decrease this
week in their holdings of acceptances, the total falling from $642,033,000 to $596,752,000. Their holdings of acceptances for foreign correspondents further increased from $105,470,000 to $108,862,000.
Open market rates for acceptances are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —160 Days—
Bid. Asked.
BO. Asked.
334
314
334
314
Prime eligible bills
—90DaInt.--- —60Daps— —30Daps-Bid. Asked.
Bid. Asked.
Bid. Asked.
214
8
214
3
214
3
FOR DELIVERY WITHIN THIRTY DAYS.
•
Eligible member banks
Eligible non-member banks
—120 Days—
Bid. Asked.
8
334
374 bIll
314 bid
Yesterday (Nov. 13) the Federal Reserve Bank
of Atlanta increased the rediscount rate from 3%
to 332%, effective Nov. 14. There have been no
other changes this week in the rediscount rates of
the Federal Reserve banks. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve banks:
CLASSES
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
Ban Francisco
Role In Wed
on Nov. 14.
814
334 •
354
354
4
834
334
314
114
334
4
314
Dais
Established.
Previous
Rats.
Oct. 17 1931
Oct. 16 1931
Oct. 22 1931
Oct. 24 1931
Oct. 20 11131
Nov. 14 1931
Oct. 17 1931
Oct. 22 1931
Sept 12 1930
Oct. 23 1931
Oct. 21 1931
Oct. 21 1931
214
234
8
3
8
3
214
234
4
8
3
234
Sterling exchange continues virtually unchanged
from last week, when an easier tone developed, which
bankers think is likely to continue until after the
turn of the year, as under normal conditions this is
the season of greatest pressure on sterling. The
range this week has been from 3.7514 to 3.833 for
bankers' sight bills, compared with 3.71 to 3.84 last
week. The range for cable transfers has been from
3.753/i to 3.833/2, compared with 3.713/ to 3.843/i a
week ago. There is nothing strikingly new in the
exchange situation. Aside from normal seasonal
pressure resulting from the importation of foodstuffs and other raw materials, the pound suffers at
this season because of the almost complete cessation
of tourist expenditures abroad. In addition, the rate
is inclined to show weakness at this time because of
the apparent inrush of foreign goods in anticipation
of higher British tariffs. While such goods are not
immediately payable, the pound is depressed in
anticipation of the payments. Whereas a few weeks
ago there was a "flight from the dollar," partly as a
result of patriotic motives on the part of British
naionals, but also because of general uneasiness in
Europe with respect to the exchange outlook, sterling
became firmer than the commercial position of the
pound would justify, and dollars were easier in the
European markets. At the same time many British
investment and insurance companies, as well as
Nov. 14 1931.1
FINANCIAL CHRONICLE
3141
other large holders of capital, were appealed to not to other European countries.
There was a decrease
to send money abroad lest a flight from the pound of $8,591,000 in gold earmarked
for foreign account.
might embarrass the government pending the out- In tabular form the gold
movement at the Port of
come of the elections.
New York for the week ended Nov. 11, as reported
The withholding of these funds from foreign by the Federal Reserve Bank of
New York, was as
investment, whether in New York or in other markets, follows:
had the effect of giving firmness to sterling. Now GOLD MOVEMENT AT NEW YORK,
NOV. 5—NOV. 11, INCL.
these large investors have begun to take renewed
Imports.
Exports.
from Latin
$426,000 to Peru
interest in the New York and other markets and $210,000 chiefly
America
175,000 to Switzerland
British funds are again flowing in this direction. This
87,000 to other European countries
trend tends to make the dollar stronger with respect $210,000 total
$688,000 total
to the pound. It is generally felt in London that
Net Change in Gold Earmarked for Foreign Account.
Decrease: $8,591,000.
sterling may remain comparatively stable for a
fairly long period around present levels, but it is
On Thursday $50,000 gold was shipped to Belgium
thought that the longer outlook is none too good as and $20,000 to Switzerland. There was a further
heavy imports are likely to continue for some time decrease of $1,900,700 in earmarked gold. Yesterunless checked by emergency measures. It seems day the Reserve Bank reported the receipt of $960,more than likely that such emergency measures will 000 of gold from India and there was a further debe put into effect almost any day. Nevertheless the crease of $1,200,000 in gold earmarked for foreign
restoration of complete confidence in America will account. On Saturday of last week approximately
undoubtedly encourage withdrawals from the London $7,500,000 of gold was received at San Francisco
market. It is now recognized in London, from the from Japan.
firmness displayed by London discount rates, that
Canadian exchange continues at a considerable
hopes for a lower Bank rate in the near future must discount. On Saturday, Montreal funds were at
be abandoned. According to well informed opinion, a discount of 93
4%;on Monday, at 93
4%;on Tuesthe Bank of England is not likely to lower its rate day at 97
4%;on Wednesday at 93
4%; on Thursday
until after the period of seasonal pressure against the at 9%,and on Friday at 10%.
pound, which lasts until about Jan. 15. It has in
Referring to day-to-day rates, sterling exchange
fact been officially intimated to the London market on Saturday last was dull. Bankers' sight was
that no reduction is likely. The purpose of the 3.7914@3.813'1; cable transfers 3.80@3.813/
2. On
authorities seems to- be to maintain London money Monday the market was quiet with an easier tone.
rates at a high level until the special risks to which The range was 3.763'@3.823. for bankers' sight and
sterling is open shall have disappeared and until
same 3.773/2@3.823/ for cable transfers. On Tuesday the
definite move is made to clarify the German situa- market was quiet and slightly irregular. Bankers'
tion. Prime Minister Ramsay MacDonald in
4 cable transfers 3.79@
his sight was 3.793i@3.831
recent speech at the Mansion House dinner in 3.833/2. On Wednesday exchange was quiet and
London, details of which will be found on
another steady. The range was 3.78@3.80 for bankers'
page, said:
sight and 3.78@3.80% for cable transfers. On
Thursday sterling was steady. The range was
"We intend, as soon as practicable to take
steps
which will most surely tend to stabilize the pound
4@t3.804
3.771
1 for bankers' sight and 3.773/2@,
a definite basis which will make it independent on
3.801A for cable transfers. On Friday rates were
of
speculative movements or day-to-day transac
tions. lower; the range was 3.753.4@3.781
4 for bankers'
But stabilization must depend on factors outside our
sight and 3.753/2@3.784
1 for cable transfers. Closing
separate control.
"In the meantime the main objective of our policy quotations on Friday were 3.763 for demand and
will be substantial maintenance of the internal pur- 3.77 for cable transfers. Commercial sight bills
chasing value of sterling. The stabilizing of sterling finished at 3.743;60-day bills at 3.7032;90 day bills
is one of the essentials of healthy world trade, and at 3.683 documents for payment(60 days) at 3.703/
2,
his Majesty's Government will be at the greatest and 7-day grain bills at 3.753'. Cotton and
grain
pains to help create conditions which will promot for paymen
t closed at 3.7432.
e
this step being taken."
Gold continues to rule at a high level in London
Exchange on the Continental countries presents
and the South African consignments are still withhel
d no new features. French francs have receded from
from the market,although occasionally small
amounts the high points which prevailed a few weeks ago when
are sold to the trade and sometimes for shipme
nts dollars were being sold in all the European markets.
to the Continent at prices around 109s. an ounce.
Last week, and to a greater extent this week, the
This week the Bank of England shows a loss in
gold franc has receded from the levels at which gold can be
holdings of £72,217, the total standing on Nov.
11 taken from New York, and for the first time in
at £121,836,587, which compares with £160,0
80,546 months, the weekly statement of the gold movement
a year ago. The Bank's ratio of reserves to liabilit
ies, at New York shows no shipment to France. The
however, shows an improvement of 2.26% over
the Bank of France statement shows an increase of 2,week of Nov. 5 and stands at 33.60% owing
to re- 932,367,147 francs in gold holdings, the total standing
ductions in circulation and in deposit
liabilities. at record high of 67,580,593,737 francs, which comPresent ratio of reserves to liabilities compar
es with pares with 51,096,528,540 francs on Nov. 7 1930
58.57% a year ago.
and with 28,935,000,000 francs in June 1928 when •
At the Port of New York, the gold movement
for the franc was stabilized. In all probability the
the week ended Nov. 11, as reported by the Federa present gold
l
holdings will represent the maximum
Reserve Bank of New York, consisted of import
s of obtainable by the Bank of France for some time
to
$210,000, chiefly from Latin America.
Exports come. If it is ever exceeded, the excess will be
small
totaled $688,000, of which $426,000 was shipped to and will occur
within the next week or so.
The
Peru, $175,000 to Switzerland, and $87,000 chiefly Bank's ratio
is also at a record high of
59.82%,
3142
FINANCIAL CHRONICLE
[Von. 133.
against 11.22, and on Finland
which compares with 56.30% on Oct. 30, with 53.17% on Poland at 11.22,
Greek exchange closed at
on Nov. 7 1930, and with legal requirements of 35%. at 2.00, against 2.05.
bills and at 1.28% for
According to Paris authorities, the Paris money mar- 1.27% for bankers' sight
4.
and 1.287
1.27%
ket is easier and the hoarding of gold has completely cable transfers, against
ceased. Gold hoarding, French bankers say, was
Exchange on the countries neutral during the war
practised only by a small section of the public.
s. Under normal conditions
Hoarding of Bank notes has also practically ended, presents no new feature
e for the neutrals as for
pressur
of
is
season
the
this
not
although Bank notes previously hoarded have
when dollars come into
yet returned to circulation. Delivery of American all European currencies
ent of foodstuffs and other
gold to the Bank of France, it is thought in Paris, demand for the settlem
side and tourists' requirewill probably continue for a short time, but the raw materials from this
at an end. The Scandinavian
deliveries now concern transactions effected before ments are completely
y inclined to ease, but the
the recovery of dollar exchange. The delivery to units are dull and strongl
exchanges at present is
these
the Bank of France of the major portion of the gold extraordinary ease in
nment of gold by
abando
the
to
y
much
due almost entirel
imported from America has not as yet had
in September.
London
of
lead
the
public
ng
them
followi
influence on the Paris money market. When
at all times,
ally
practic
and
past,
when
For
years
several
and
confidence returns completely, however,
strongest
the
regarded as
bank notes issued as counterpart of this gold which Swedish*exchange has been
financial
the
being
are now practically withdrawn from circulation of the Scandinavians, Stockholm
ge is
exchan
h
Swedis
again seek employment, real currency inflation will leader of the Baltic group.
trading
day's
Wednes
occur in France, according to the Paris viewpoint. now especially weak and in
rs, which compares
The present figure of 82,794,000,000 francs at which dropped to 21.30 for cable transfe
ly moves more
natural
Sweden
circulation now stands, to which should be added with par of 26.80.
olm preStockh
g.
sterlin
of
exwake
far
sharply in the
20,902,000,000 francs in private deposits,
Oslo
both
on
rate
the
above
well
Paris
to
been
has
ing
viously
ceeds currency requirements. Accord
parity
a
to
d
decline
has
now
but
is
and
agen,
France
of
Copenh
Bank
advices, it is known that the
Copenhagen. Holland
desirous of raising the Bank rate, but cannot do so, with Oslo and is below
continue relatively firm
they say, until the Federal Reserve Bank also puts guilders and Swiss francs
from the exup its rate. Even if these two events happen, it will but both units have slipped away
while Europe
ed
prevail
be difficult to make a new French rate effective in ceedingly high levels which
from this
gold
awing
withdr
the money market unless gold exports from France was selling dollars and
a position
in
now
are
es
countri
decrease the excess of bank notes. Such exports side. Neither of these
there a
were
even
States
United
,
Paris
the
from
to take gold
would be welcomed by the Bank of France
to
seems
there
y
contrar
the
On
so.
to
do
United
tion
the
disposi
bankers say, but no country except_
some
and
es
countri
both
in
dollars
for
Paris.
be
a
demand
from
States is in a position to draw gold
funds are again
German marks are exceptionally steady though evidence that both Swiss and Dutch
s. This seems to be
transactions are at a minimum, as German money seeking the New York market
d. The Bank of the
rates of all kinds are largely pegged by virtue of more especially true of Hollan
an increase since
show
s
governmental decrees, and the mark cannot be ex- Netherlands' gold reserve
or $61,600,000.
florins,
,000
153,605
of
28
Sept.
pected to reflect world market conditions until the
Bank of Switzerland's gold reserves show an indifficulties arising from the June crisis are completely The
since Sept. 3 of 824,087,000 francs, or $159,resolved. Even changes in the Reichsbank state- crease
. Spanish pesetas continue to display weakment from week to week, whether favorable or other- 000,000
ness and have been dropping steadily ever since the
wise, under normal conditions, can have no effect
overthrow of King Alphonso.
on exchange quotations. Important interests in
Bankers' sight on Amsterdam finished on Friday
Germany continue to urge a reduction in the Reichs40.14, against 40.34; cable transfers at 40.15,
at
bank's rate of rediscount, but the authorities are
40.35, and commercial sight bills at 40.05,
against
reluctant to make any change until the inquiries
40.25. Swiss francs closed at 19.51 for
into Germany's financial condition and prospects against
and at 19.53 for cable transfers, against
which are now in progress are fully completed. The checks
and 19.55. Copenhagen checks finished at
Reichsbank's discount rate remains at 8%, to which 19.53
and cable transfers at 21.38, against 21.70
it was reduced on Aug. 31 from 10%, at which 21.35
Checks on Sweden closed at 21.33 and
figure it had remained since the reduction from 15% and 21.75.
cable transfers at 21.38, against 21.65 and 21.75,
on Sept. 2.
checks on Norway finished at 21.00 and cable
The London check rate on Paris closed at 96.06 while
rs at 21.13, against 21.46 and 21.48. Spanish
on Friday of this week, against 96.75 on Friday of transfe
pesetas closed at 8.643' for bankers' sight bills and
last week. In New York sight bills on the French
at
8.653/ for cable transfers, against 8.78 and 8.79.
centre finished on Friday at 3.92 3-16, against 3.93
3.923,
on Friday of last week; cable transfers at
Exchange on the South American countries shows
3.92%,
at
bills
sight
cial
commer
and
against 3.933g,
improvement over recent weeks. This
marked
for
against 3.93. Antwerp belgas finished at 13.93
lly to Argentina. • The government, as
especia
applies
rs,
bankers' sight bills and at 13.94 for cable transfe
a result of the improved position of the peso, has
against 13.96 and 13.97. Final quotations for Berlin
found it expedient to reverse its exchange policy.
marks were 23.64 for bankers' sight bills and 23.71
the influence of rising grain prices and imfor cable transfers, in comparison with 23.70 and Under
proved political outlook, the peso has gained ground
23.73. Italian lire closed at 5.15 for bankers' sight
y and during the week was quoted close to
bills and at 5.16 for cable transfers, against 5.163/ steadil
at the end of last month.
2. Austrian schillings closed at 14.15, 27.00, compared with 23.40
and 5.173/
Exchange Control
ment
y the Govern
against 14.06; exchange on Czechoslovakia at 2.963', On Tuesda
of exchange and
g
peggin
the
ded
against 2.963'; on Bucharest at 0.60, against 0.60; committee suspen
Nov. 14 1931.]
FINANCIAL CHRONICLE
• until further notice will instead fix maximum and
minimum limits for cable transfers. Limits for gold
pesos in Buenos Aires were fixed at 1.71 and 1.65 to
the dollar. The commission said it believed it would
aid the exchange market to find its own level by
terminating the pegging practice. Formerly the
Government committee fixed the rate at which dealings could take place and limited the amount which
could be sold from day to day. The amount of
exchange which may be bought in a day has been
extended to 50,000 pesos. Fear is entertained in
Buenos Aires that the rate may appreciate too
rapidly. It is confidently believed that the rate for
the paper peso will shortly touch 32.00. Until now
the peso had been declining more or less steadily for
the past 18 months. Dollar parity is 42.45 but this
price is a most remote possibility. Shipments of
Argentine leading products for the year to the end of
October compare as follows with those of a year ago.
All grains, 13,966,074 tons, against 7,358,971 tons;
wheat 119,908,174 bushels, against 74,844,423
bushels; corn 319,957,667 bushels, against 148,112,332 bushels; flaxseed 70,805,330 bushels, against
41,066,098 bushels. The Argentine Ministry of
Finance issued a statement of the governments
expenditures for the 10 months ended Oct. 31 showing a total of $169,500,000 compared with $268,500,000 for the same period a year ago. Revenue for
the first 10 months amounted to $167,334,000 as
compared with $276,038,000 a year ago. Brazilian
business conditions are showing improvement despite
the unsatisfactory coffee situation. The position of
importers is slightly improved as a result of increasing amounts of exchange available through the Bank
of Brazil. The meat exporting season is opening with
very good prospects despite stiff competition from
Argentina for foreign markets.
Argentine paper pesos closed on Friday at 26 7-16
for bankers' sight bills, against 243
% on Friday of
last week and at 263/i for cable transfers, against
243/2. Brazilian milreis are nominally quoted 5.95
for bankers' sight bills and 6.00 for cable transfers,
against 5.95 and 6.00. Chilean exchange is nominally
quoted 123/
8, against 123/. Peru, not quoted.
3143
was quoted as high as 373 cents, but dropped on
3 cents an ounce. This compares
Wednesday to 35%
with the low of 259 cents established last February.
However, under normal conditions silver is considered
as extremely low at any price under 60 cents. In
the findings of the independent experts' committee
recnetly made to the International Chamber of
Commerce, it was pointed out that while a rise in
the price of silver might benefit exporters to China
it is doubtful whether it would increase China's
imports of silver.
Japanese yen are relatively steady despite the
considerable injury imposed upon Japanese business
by the Chinese boycott. Reports constantly arise
to the effect that Japan may go off the gold basis.
On Saturday last the heads of the leading Japanese
banks met with the Prime Minister and the Finance
Minister in Tokio and adopted a resolution "recognizing the imperative necessity of maintaining Japan's
gold standard especially in view of the grave international situation arising from Manchurian developments." The resolution said that after Great
Britains' abandonment of the gold standard Japan's
outflow of gold "assumed alarming proportions,
causing much discussion of the resumption of the
gold embargo." "We are confident, however," the
resolutions add,''that the situation in no wise justifies
such a measure, which, moreover, would drastically
affect the foundations of our national economy
through the fall and fluctuation of exchange rates
abroad."
Closing quotations for yen checks yesterday were
49 7-16@49%, against 48 15-16@493/
2. Hong Kong
closed at 28 1-16@28%, against 26%@26 11-16;
Shanghai at 369/8, against 35 9-16@363; Manila at
5 Singapore at 47%, against 47%;
49%, against 49%;
Bombay at 28 8, against 28%, and Calcutta at
28 8, against 28 8.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 7 1931 TO NOV. 13 1931, INCLUSIVE.
Country and Mo
Unit.
Noon Buillno Rate for Cable Transfers in New York,
Value in United StWes Money,
Nov. 9. Nov. 10. Nov. 11. Nov. 12. Nov. 13.
EUROPE$
138825
Austria,schilling
.139577
Belgium, belga
Bulgaria, ley
007137
Czechoslovakia, kron
029625
.215480
Denmark, krone
England, pound
3.802750
sterling
020812
Finland, markka
039298
France, franc
Germany, reichsmark 236633
Greece, drachma
.012877
Holland, guilder
.403236
.174507
Hungary. Peng°
.051710
ly'ar. krone
.213353
INta
orw
Poland. zloty
.111850
Portugal. escudo
.037000
Rumania,leu
.005970
Spain, peseta
.087897
Sweden, krona
216773
Switzerland, franc-. 195468
Yugoslavia. dinar-- .017847
ASIAChina-Cbeioo tael
.357916
Hankow tadl
.349687
Shanghai tadl
.346071
Tientsin tael
.361250
Hong Kong dollar-- .262500
Mexican dollar-- .252812
Tientsin or Pelyang
.259166
dollar
.252500
Yu
dollar
.284041
India, rupee
.490312
Japan, yen
Singapore (£3.8.) dollar .435625
NORTH AMER..901911
Canada, dollar
999937
Cuba, peso
Mexico, peso (silver) _ .392816
Newfoundland, dollar .899000
SOUTH AMER.Argentina. peso (gold) .569009
.061750
Brazil. milreis
120750
Chile. peso
.455000
Uruguay. Peso
.965700
Colombia, peso
$
.139106
.139527
.007137
.029625
.215140
$
.139112
.139510
.007137
.029630
.215635
$
.139762
.139513
.007137
.029620
.214175
$
.139750
.139431
.007137
.029624
.214250
$
.139778
.139172
.007137
.029624
.213176
Exchange on the Far Eastern countries presents
many anomalies, emphasized this week by the sharp
3.775833 3.820952 3.795833 3.789047 3.770714
advance in the price of silver. This sent up the
.020518 .020537 .020550 .020450 .020375
.039305 .039306 .039307 .039296 .039241
quotations on the Chinese units. To buy or sell
.236420 .236982 .236080 .235627 .236310
.012878 .012895 .012887 .012882 .012882
exchange on China is equivalent to buying or selling
.403205 .403205 .402842 .402410 .402047
.174582 .174533 .174616 .174816 .174707
silver. However, despite the rise in the Chinese
.051615 .051655 .051695 .051680 .051579
.212820 .213688 .212762 .211584 .209687
exchange quotations there is nowhere any evidence
.111884 .111815 .111839 .111896 .111853
.036540 .036500 .036540 .036625 .036625
to show that the higher prices for exchange on Hong
.005941 .005972 .005993 .005981 .005968
.087780 .087717 .087407 .087030 .086327
Kong or Shanghai were anything more than nominal,
.215693 .215505 .213466 .213362 .212843
.195315
.195465 .195325 .195277 .195155
thus indicating that the advance in silver does not
.017875 .017891 .017915 .017893 .017867
from
arise
any increased demand either for silver
.370416 .375416 .369166 .381250 .374166
from China or from commercial requirements for
.360000 .370000 .359062 .371562 .365312
.357678 .367142 .355535 .368392 .360178
exchange. In some quarters the rise in silver is
.373333 .379166 .372916 .384166 .377083
.271607 .283214 .276428 .284464 .275357
attributed to speculative anticipation of an
.260312 .268437 .258750 .268750 .260000
immense
.266666 .273333 .246166 .274166 .264166
demand from the Far East in case the Sino-Japanese
.262500 .269166 .260000 .270000 .260000
.284075 .286041 .285208 .283916 .282500
Manchurian dispute should take on the
.490428 .490671 .491250 .492631 .494031
major
.433750 .436250 .435625 .436250 .435625
aspects of real war. It seems more reasonable
to
.901213 .902022 .902205 .902127 .900477
suppose that the advance in the silver prices, which
.999906 .999843 .999781 .999968 .999843
.395433
.399466 .407166 .409400 .408000
gives enhancement to the Chinese exchange quota.898000 .899500 .899500 .899650 .898000
tions, arises from wider causes associated with the
.582664 .603883 .614890 .619978 .619440
.061531 .061375 .061833 .061750 .061812
advance in many other commodity prices marking
.120750 .120750 .120750 .120750 .120750
.454166 .451666 .448750 .450000 .451666
.965700 .965700 .965700 .965700 .965700
the Jeturn of more normal business conditions both
here and in other countries, or in other words indicating the turn in the tide of world-wide business
The following table indicates the amount of bullion
depression. One time during the week spot silver
in the principal European banks:
FINANCIAL CHRONICLE
3144
[Von. 133.
unusual emphasis to the significance of the recent
. "The nation," it declared, "at a general
election
Gold.
Total.
Gold.
,
indorsed those measures for securing econelection
x
60,080,548
21,836.587 160,080,546
England., 121,836.587
408.772,228 omy and balancing the budget which constituted
d
408,772,228
540,644.749
a__
France
540,644.749
994.600102.505.650
Germany. 50,052,200 c994,600 51,036,800 101,511,0
l
127,154,000
Spain
89,867.000 21,267.000 111,134,000 99,068.00 28 086,010 57,222,000 the first essential steps in solution of the financia
57,222.
58,918.000
58,918.000
Italy
37,493,000
has
2,034,000
s with which the country
Nati'lands 71,340,000 2,396,000 73,736,000 35.459.
37,006,000 and economic problem
73,355.000 37,006.
Nat. 13e1g_ 73,355.000
25.624.000
was invited by the Govern51,303,000 25,624,0
and
ted,"
Switeland 51,303.000
been
confron
433.000
13
11,860,000 13,433,
Sweden
11,860.000
9,561,000
9,561,0
a policy designed
9,121,000
Denmark _ 9,121.000
8,134,000 ment "to empower them to pursue
6,560,000 8,134,
Norway
6,560,000
our
in
financial stance
confide
986,985,424 fully to re-establish
Total week1084847,536 24,657,600 1109505,136955,870,82 31,114,6
86.104,272
to
frame
plans for
ty
Prey. week 1060364,316 24,737,600 1085101,916954,974,67 31,129,6009
authori
them
bility and to give
in the new form
a These are the gold holdings of the Bank of France as reported
They
further
trade.
of
balance
gold
held
of
le
exclusive
g
favorab
a
are
insurin
of statement. b Gold holdings of the Bank of Germany
As of Oct. 7 1924.
abroad, the amount of which the present year is £5,022,700. c
on
to coned
discreti
unfetter
nation
the
sought
from
sum.
d Silver Is now reported at only a trifling
sider every proposal likely to be of assistance in
these matters." As a result of the election "a clear,
The British National Government Begins
emphatic mandate to that effect" has been given,
Its Work—The Tariff Outlook.
The opening of the new British Parliament has and "decisions will be taken and applied with the
afforded encouraging evidence not only of the least possible delay."
Somewhat more definite intimations of what the
strength of the new National Government, but also
ment
Govern
Government had in mind are to be found in two
of the conservative care with which the
makeThe
tasks.
speeches by Mr. MacDonald, one delivered on Monintends to proceed with its great
was
which
day
of
hip
night at the Lord Mayor's banquet in.the Guild
up of the new Cabinet, the members
as
zed
recogni
y
Hall,
London, and the other in the House of Comgenerall
announced on Nov. 5, was
coaliment
Govern
on Tuesday in the debate on the speech from
mons
the
of
giving the various elements
Hall banquet,
tion a fair representation, at the same time that it the throne. Speaking at the Guild
s to
avoided an overwhelming Conservative predomi- Mr. MacDonald said that the two great problem
the
and
budget
the
of
ng
nance. The selection of Neville Chamberlain, an be solved were the balanci
he
n,
situatio
y
currenc
for
The
on,
balancing of trade.
outstanding representative of high protecti
since
only,
problem
er
internal
an
Exchequ
pointed out, was not
the important post of Chancellor of the
the world
was balanced by the designation of Walter Runci- it had been created "by the condition of
must be
Europe
of
cs
Presieconomi
as
r,
"
"the
and
outside,
financie
man, a Liberal industrialist and
nation
any
before
ized
rational
nt
office
and
importa
out
ened
straight
the
dent of the Board of Trade. For
ecostable
for
ions
foundat
John
the
Sir
in
find
can
chose
Europe
ald
MacDon
of Foreign Secretary Mr.
and
Simon, a National Liberal. Of the twenty members nomic and industrial conditions." A "speedy
was
n
situatio
of the Cabinet, eleven are Conservatives, five Na- complete overhauling" of the German
MacMr.
which
things
tional Liberals and four National Laborites, while placed in the forefront of the
agreeon the question of the tariff fourteen are to be re- Donald emphasized as imperative, and an
to be
steps
ng
the
regardi
numthe
reached
of
ment must be
garded as protectionists, although three
German
on
nt
and
agreeme
ill"
traders,
"standst
when
the
taken
ber hold moderate views, four are free
end
two, Mr. MacDonald and the Lord High Chancellor, credits expires at the end of February. To that
of
calling
the
ly
quesforecast
the
distinct
ald
on
g
Mr.
MacDon
standin
l
Lord Sankey, are of doubtfu
furment
Govern
The
ce.
Cabinet
the
an
conferen
ional
goes,
internat
quality
ual
individ
tion. As far as
ble
is one of the strongest that the country has had for ther proposed to take steps as soon as practica
pound
the
e
many years, and while its protectionist tinge is "which will most surely tend to stabiliz
dent
it
marked, its composition negatives the fear that a on a definite basis which will make indepen
transacday
day-toor
nts
moveme
ken.
of speculative
radical program of any kind will be underta
"stabilization must deThe most significant political change, aside from tions," although here, again,
own separate control.
our
outside
is
,
on
factors
Cabinet
pend
the
those involved in the remaking of
e of our policy
objectiv
main
ip
the
me
In
leadersh
meanti
the
the
from
the retirement of Lloyd George
the
of
internal purance
mainten
ial
when
be
substant
will
forecast
was
of the Liberal party. The change
."
sterling
of
and
on,
value
chasing
protecti
of
n
questio
the Liberals split on the
As "a sign of our reviving trade," Mr. MacDonald
as a result of the split there are now two Liberal
to the fact that "there have been 114,000
to
pointed
adhere
who
thirty,
about
ng
numberi
groups, one,
within the last five weeks, largely
free trade and have elected Sir Herbert Samuel, fewer unemployed
in the cotton, coal and
ment
Home Secretary in the new Government, as their through improve
es.
the same period last
During
industri
leader, and some 33 protectionist Liberals led by suchlike
ed
by 110,000, so we are
increas
oyment
unempl
Sir John Simon. On the tariff issue the latter are year
It
was
good."
the
further announced
to
their
215,000
but
-to all intents and purposes Conservatives,
d the invitation of
had
ment
accepte
Govern
the
conthat
be
e
importance as a restraining influenc may
a
in
ns economic conpart
take
dominio
to
The
Canada
tariff
views.
siderable because of their moderate
year,
y in July, and
next
probabl
Ottawa
at
a
suby,
ference
naturall
political future of Lloyd George is,
Secretary of
J.
H.
time
,
that
before
Thomas
freely
that
is
on
predicti
ject of active speculation and the
ns,
the various
would
Dominio
the
visit
for
State
Labor
the
in
found
made that he will eventually be
a
ge of the
get
nd
ns
"to
knowled
,
first-ha
dominio
restored
yet
not
ranks, but his health, which is
energetic possibilities."
seems likely to keep him from any very
In his speech in the House on Tuesday Mr. Macholilong
the
after
participation in politics until
Donald, while still confining himself to general
takes.
day recess which Parliament customarily
terms, used language which was interpreted as
One does not expect precise declarations of policy
meaning that an international conference to deal
in the King's speech with which Parliament is
with reparations, war debts and tariffs would be
opened, and the speech on Tuesday was hardly an
the Government at an early date. "So
exception to the rule. It did, however, refer with urged by
Noe. 12 1931.
Banks of
Nos. 13 1930.
Silver.
Total.
Nov. 14 1931.]
FINANCIAL CHRONICLE
3145
long as the will of man has forced upon the world now than they were in the last Imperial Conference.
an unnatural economic adjustment," he declared, In any case, the addition of Great Britain to the
"the world will never succeed, never prosper. You already long list of high-tariff countries would not
cannot decree by your will that certain blocks of conduce to the general lowering of tariffs which Mr.
gold—for it comes ultimately down to that when MacDonald desires.
you have high tariff walls, preventing imports—
It is possible that Mr. MacDonald, in intimating
should be transferred from one nation to another. that the Government will not act bastily and that all
That economy is crazy, and it is bound to result not necessary time will be taken to study the financial
only in the impoverishment of the nation that hands situation in all its bearings, may have cherished the
out the gold, but ultimately, if not immediately, in hope of some improvement in industrial and busithe impoverishment of the nation receiving it. What ness conditions shortly which would make tariff
has to be done is to get immediately—it is already action unnecessary. Himself no confirmed partisan
in hand—into contact, first of all with the nations of either protection or free trade, he doubtless reprimarily concerned, so that arrangements may be gards the whole matter as one of policy rather than
made to extricate ourselves from this absurd eco- principle. There will be much sympathy for him
nomic entanglement which we have got into." The and his Government in their dilemma, and much
"highest importance was attributed by Mr. Mac- hope that their hands may not be forced. With a
Donald to the American visit of Premier Laval, and majority so large that nothing short of widespread
the hope was expressed that it "will lead, firstly, to revolt can seriously weaken it, the Government is in
an understanding between France and Germany,but a position to resist considerable pressure. The danin the full understanding, in the final understanding, ger is that with so many things to be studied and
every nation of the world must be a party to the so many bearings of the case to consider, the highagreement. That is the policy of this Government." protection advocates may become impatient and deIt seems a fair inference from Mr. MacDonald's mand a specific measure upon which they can act.
remarks that while reparations, debts and tariffs On the whole, however, the situation is no more
are linked together in his mind in any plan for gen- perilous than others which Mr. MacDonald has had
eral world recovery, he does not mean that the Gov- to meet,and it is not yet time to fear that his courage
ernment shall be forced to take precipitate action or political skill have deserted him.
regarding either of those matters, but will take time
to frame its program through study and conference.
The Tin Box Brigade.
Obviously, the several parts of the program at which
Because a man on an annual salary of five thouMr. MacDonald has hinted do not stand on the same sand dollars deposits a hundred thousand
dollars
footing. He is himself in accord with those who in a bank in five years is not proof
presumptive
feel that any change in the reparations situation that he got that sum dishonestly. It may
arouse
must come through the initiative of Germany and suspicion as to the integrity of his
official conduct
France, but although it was reported from Paris on or as to the legality of his business
methods, but
Thursday that those two Governments had reached we do not convict men in our
courts on suspicion.
an agreement regarding procedure, the apparent If proof can be obtained that money bas been
secured
necessity of considering both reparations and other by practices contrary to law, then
conviction natuGerman debts in a common scheme of settlement, rally follows, and there is no need
for prying into
the former through the agency of the Bank for Inter- private bank accounts. The "long arm
of the law"
national Settlements, in accordance with the Young must not reach out in the dark and seize
a man on
plan, and the latter probably through an indepen- suspicion, if liberty is to be protected by
governdent conference, means that the negotiations may ment. And far from being in contempt
of court to
be prolonged.
make this assertion it is with highest respect for
Regarding the tariff, on the other hand, Mr. Mac- both the law and the court that citizenry
demand
Donald can hardly contemplate a delay until an in- protection in their private affairs
and the utmost
ternational conference has paved the way for some circumspection in all court procedure
as the true
general lowering of tariffs, for an overwhelming guardian of the rights and
privileges of citizenship.
majority of his support in the Commons is bent upon Courts may
err with the best intent.
having tariff action of some kind before long. WinsAside from this, as we see it, drag-net "investigaton Churchill's demand for immediate action, in his tions" are in the
nature of supererogation to our recharacteristic speech in the House of Commons on spected
laws and courts. They tend to stamp the
Wednesday, did not, indeed, rally the high-tariff
law and courts as inefficient. By seeking to do that
wing of the Conservatives which he aspires to lead,
which the law and official justice has, seemingly,
but Mr. MacDonald evidently felt the pressure
failed to do, they themselves are guilty of contempt._
enough to promise on Thursday that the GovernFor there is a way to indict, try and convict, men,
ment's policy in regard to the dumping of foreign
in office and out, of misdemeanors and felonies. To
goods in Great Britain would be made known before
assume that a probing committee has the powers of
the debate on the speech from the throne ended, and
a court in the procurement of valid testimony of
Mr. Runcieman's statement, in reply to a question, wrong-doin is, least,
temporarily to set aside the
at
g
that merchandise imports into the United Kingdom
courts. One of the prime objects of the law is to
for the nine months ended Sept. 30 exceeded exports protect the privacy of individuals in
their homes and
by £281,000,000 gave weight to the protectionist de- legitimate business affairs, not to open by
legal force
mand. The old problem of how to raise the tariff
their doors and bank accounts and safety deposit
without raising the cost of living or restricting
the boxes. In an atmosphere of general suspicion courts
volume of exports still remains. Moreover, with the should be especially wary of
themselves yielding to
dominions economic conference at Ottawa definitely suspicion.
planned for, the wishes of the dominions in tariff
To us there seems much menace to private rights
matters are an obstacle no less difficult to surmount involved in so-called
investigations "outside
the.
3146
FINANCIAL CHRONICLE
[VOL. 133.
courts themselves,as the basis of future prosecutions fearful war on each other for trespassing on prein the courts under the laws. These investigations empted territory, but the law has been much of a
seem to come closer to the people than the courts. failure in bringing them to book by direct indictThey, ostensibly, are in behalf of the people. In the ment and prosecution. In this debacle, a new way
arousal of public attention they presume to dig has been found. These bootleggers have large indeeper and delve farther than the courts. In the comes. Naturally they do not give themselves away
present legislative investigation of city affairs there by returning their ill-gotten gains. So the Governseems to be arrayed on one side the whole people ment prosecutes them under the income tax law for
against a political organization charged with corrup- failure to make returns. The illegal profits are used
tion. Thus there is aroused at the outset a sort of to convict for the illegal sales. This may not be
cry of the /hounds, of the pack, that centers upon compounding a felony, but it is a queer proceeding.
as in the last noted
officeholders allegedly representative of an already Here, too, various expedients,
the
show
to
to,
income—namely
resorted
are
case,
organcondemned
(in a sense and degree) popularly
outgo.
the
of
amount
and
character
our
of
judgment
ization. This is not the meticulous
It would appear that the Government, as well as
courts and our laws.
the
individual, must come into court with "clean
by
served
best
is
justice
We do not believe that
prying into the private affairs of men who suffer hands" if it is to establish a case. Is it "clean" to
from the mere membership of an organization invade private rights to provide testimony to conalways in the thick of political charge and counter- vict of public wrongdoing? If a man's bank account
by no
charge. We do not believe our banks should be is not private and personal, what is? It is
questions.
these
ask
crime
to
of
means
condonation
cusforced to disclose the private accounts of their
tomers. Go to a bank yourself and try to find out There is too much smoke in this city investigation
how much a man has on deposit. You will be per- for there to be no fire. But there is a right way and
emptorily refused. It is not considered just to a a wrong (or questionable) way to show it. Must
patron. That the law may compel it depends upon a man show where, how, and when, and from whom,
the object in view, depends upon more than a mere he got every dollar in his bank account or in his
suspicion that his private dealings have been dis- safety deposit box, or it may be used against him
honest. He is entitled to the privacy that respects in time of excited probing and colorful prosecution
his innocence until he is proven guilty. Then a dis- under dragnet proceedings of artificially created
closure may be made to further the processes of re- general suspicion. We can imagine a man, caught
covery by and under the law. Banks should protest in the net of these circumstances, being entirely
against these procedures as tending to penalize them innocent. Shall he be haled before this new form,
for the accepted and lawful conduct of their own this modern form, of inquisition, and made to prove
business. Concealment of a criminal is against the his innocence, or is the fact and site of the money
law. But concealment of his deposit before he is a in the tin box prima facie evidence of his guilt? Does
the Government establish guilt or the man establish
criminal is not, and ought not to be.
This "tin box brigade," after all, is only a handful innocence?
New York City is not a den of thieves; nor should
of citizens. At least the boxes are innocent, whether
it
be made to appear so in order to convict a few
bank.
lodged in the cellar at home or in the vaults of a
who break the law. There is of course no
miscreants
there.
be
to
And the money, when found, has a right
do
intent
to
this. But a questionable method may
safefor—to
boxes
deposit
are
That is what safety
impression. The "tin box"
a
questionable
produce
particular
this
At
securities.
and
guard money
headlines for the outjoke
glaring
many
too
makes
too
altogether
is
there
affairs
economic
in
juncture
if it has one at all,
place,
much money in these strong boxes—and most of it sider to give it its proper
Too much care
justice.
of
in
our
administration
is honest, if misguided, money. If the great City of
mighty
city of wealth
this
be
present
to
cannot
given
New York, or the State of New York for the city,
its
in
true light.
people
the
and
before
hard
work
cannot establish malfeasance in office without pokpolitical
a
organization
defend
to
It
is
not
necessary
ing its nose into these tin boxes, variously distributed, it must admit a large degree of incompe- to prevent it becoming (good or bad) the basis of
tency. These tin boxes are becoming the stage prop- the prosecution of an individual. It is very doubtful
erties of a huge farce. To make the bank disclose indeed that a fair presentation of the prevalence of
professional secrets regarding deposits is bad crime can be shown by an "investigation" which
through a political organism to
enough, but this tin box investigation is worse. It necessarily proceeds
or
public
private
life of one person.
the
reach
lowers the dignity of the law—though it be lawfully
the
in
all
fair name of the City
interested
are
We
done. It makes a mountebank of the city—juggling
the
great
is
So
city, so wonderful in
York.
New
of
with disappearing balls, before the gaping crowd, to
so
,
in its achieveaccomplishments
marvelous
its
establish guilt before the court is able to do so, or
charitable,
material,
ment,
that
spiritual,
those who
at least before it has done so. The usual habitues
afar
must
hesitate
from
it
to
view
believe
it is the
of the court room may find amusement; sober citiregret
political
a
of
and
plaything
organization,
zens are likely to find disgust.
polito
itself
an
not
"investigation,"
that
immune
law.
Strange things are done in the name of the
of
taint
and
fair
open,
however
a
tics,
should
cast
AmendThey are not always consistent. We have an
the
its
official
on
crime
Consequently
conduct.
prostatute
ment in the Constitution and a Federal
inquiry must be made upon the high plane of the
hibiting the manufacture and sale of intoxicating
dignity of the law. No subterfuge to procure eviliquors for beverage purposes. Yet illicit sale.
dence, if such there may be, no zeal to convict by
known as "bootlegging," has become a fine art.
unusual and intolerant probings, if such there may
Petty offenders are convicted by the thousands. But
afford excuse for putting the whole citizenry
the chiefs, the organizers of systems of procurement he, can
way this inquiry
and distribution, have for many years, in the main in a false light. The very weary
takes, the comic
it
routes
the
discursive
successfully defied the law. The "gangs" have made drags along,
Nov. 14 1931.j
FINANCIAL CHRONICLE
means it employs to reach inconclusive ends, afford
legitimate ground for serious criticism.
Before it began, and during its procedure, there
have been instances of orderly conviction, in courts
under law, of bribery and graft. The "investigation"
has shown that not all of the offenders have been
reached. It is not without its merits and accomplishments. It is the general opinion that it is fair
and impartial. But it is our contention that in its
methods, in the time consumed, in the haphazard
breadth of its windings, it should beware lest it hold,
unwittingly, the whole city up to ridicule as a den
of thieves.
3147
spirit of the men who fought lives with us yet to
see that that war was the last of earth.
Armistice marks the light that breaks through the
cloud of storm and stress to lead the world to perpetual peace. It is the dawn that follows the darkness and dread and death that belong only to insensate war. We commemorate to little purpose if we
do not think more on peace than on war. Millions
of men who cast their fortunes and fate into that
terrible maelstrom remind us that we too are consecrate to that peace they fought to bring to earth
and humanity. We know that we repeat the reverence of our last dedicatory exercise. We know that
the thought is worth repeating. We know that on
Armistice Day, Nov. 11 1931.
both sides, despite all the passions and animosities,
On Nov. 11 last, by proclamation of the President, there was a shining ideal.
the people, with appropriate ceremonies, commemoIf, therefore, we but echo some of the sublime
rated Armistice Day. It is well that we carry the sentiments uttered on this late commemoration our
thoughts of that occasion with us for more than a task is not in vain. Repetition is the means of reday—not that we remember what we would fain for- membrance. Armistice celebrates peace, not war.
get, the pomp and panoply of war, but that we dwell It soothes the soul that it may guide the man away
deeply on the "attainment of the ideals of justice, from malice and carnage. It assures those who wait
freedom and peace" for which that war was waged. outside the fields of slaughter, who suffer in sorrow
And, "lest we forget," while we carry with us the and silence, that thought is to take the place of
sacred memories of the dead, let us with one heart force, and sense overcome the sword. Not one day
do obeisance to those returned to us, now silently alone but every day is fit for Armistice.
and faithfully doing their duty in the quiet walks of
While men are fighting they do not think, they
our civil and social life. To these men it is given to cannot love. In that World War which ended
uphold the glory of the service and sacrifice of that Armistice Day 1918 hostilities were not resumed.
colossal conflict, now 13 years buried in the past, The years that have since passed by have brought
not so much by organization and parade, as by citi- much trouble to the nations and peoples of two conzenship and industrial endeavor.
tinents, indeed of the whole world. The dead are
The years sweep by, and while the States and not forgotten; the living are still revered. But the
peoples of the world find times of friendship and physical destruction of property, the immense debts
times of enmity creep upon them out of the vexed that were contracted, the severance of States and
relations of national effort, there always remains peoples, the treaties that were tortured by a still
the beacon light of universal peace beckoning them existent hate, all brought in their wake a turmoil
onward and upward. We hear now and then the that statesmen have not yet been able satisfactorily
smouldering threats of war, but we still have faith to modify or mollify. What, then, of a new Armisthat our institutions, conferences and commemora- tice—a new appraisal of "justice, freedom and
tions will gird us ever to the resistance to. war. As peace"?
the marching columns pass us on this day memorial
Far from the grave of the Unknown Soldier, typiof the Armistice we silently resolve that the awful fying all the dead who died for liberty, save for this
bloodshed of unholy war shall not come again. Not one ordered Armistice Day of the year, we
sit in
one day alone is fit for this resolve, but every day of office and counting room, we gather in parties and
the revolving year. Lest we forget!
assemblies, to plot and plan, not for that compeThe still waters that flow deeply in our conscious- tition which is cumulation and friendly rivalry—the
ness bear us to the vast ocean of compromise and true co-operation of an uplifting individualism—but
conciliation. We are convinced, in these after-reflec- for that warring of selfish interests which attempt
tions, that there is no need for future wars. We through laws and governments to gain undue
riches
may differ as to the best means to prevent them, but and gratify inordinate desires. If we
could cry an
in the calm of untroubled peace we perceive all good, Armistice on much of this turbulence
we Would set
all happiness, all culture. Once we can possess that an example to coming generations,
we would greatly
peace, the fate of humanity lies in the hands of those prevent anticipated
real wars, we would honor the
who live, love and labor. It is this thought that con- heritage of
civilization preserved to us by the
secrates Armistice Day in its universal observance.
martyred dead.
In every country that took part in that conflict, the
Thirteen years fly swiftly in the shuttle of time.
people assembled to deliver their souls into the
keep- If we are still pursuing the ways thatlead to military
ing forever of the cessation of 'hostilities.
wars we have not truly interpreted the Armistice
If there ever is to be another World War, why
did that ended an unequaled war. The lesson lies in
men cease fighting on that sublime Nov. 11 1918
observance of the natural peace that comes with a
before the last battalion was destroyed and the
last cessation of hostilities, be they militaristic, economic,
cross planted above a soldier's grave? Armistice
national or political.
means the ascension of reason and the reign of amity.
We banish war when we live peace. Pageantry
In our inevitable relations as peoples and govern- that decks itself out in the colors of
marching colments we are false to the sacrifices of millions of umns and parading fleets, tends to
exalt war. Perbrave men when we do not settle all our differences haps the men who lived through
the carnage and
by concessions and arbitrations. Some of the shib- came back to pursue the arts of peace,
but do themboleths that rang out above the battles may now selves a natural justice when they
wear the uniform
seem to be misleading and false to results, but the on Armistice Day. No right thought
would deprive
3148
FINANCIAL CHRONICLE
them of the distinction. But we who never saw a
war should not mistake the deed for the spirit. Ours
it is to do honor to the valiance that went "over the
top" to gain a victory that forever lives in the annals
of heroism. Ours to crystallize our praise and reverence by renouncing the spectacle in favor of the
service. Ours to resolve, in their presence, that "it
shall never come again."
Armistice Day is Peace Day! As we look back
upon this current commemoration we are impressed
by the tenor and temper of those who represent the
mind and heart of all the survivors and all the
peoples. We do not find them panting for new battlefields in which to conquer. We do not find them
impatiently waiting orders to go again into the
shambles of death. We see in their solemn demeanor
and grave faces that sense of "justice and peace"
which comes only out of the deep reserves of experience. The soldiers who march on Armistice Day
want no more war. We who watch the lines go by
should dedicate our efforts to peace alone.
Privately Owned Utilities Spur Invention.
Due to Governor Pinchot's antagonistic attitude
towards utility companies in general and the Public
Service Commission of Pennsylvania in particular,
which resulted in a prolonged investigation by the
Pennsylvania legislature early this year, the American Academy of Political and Social Science devoted
all sessions of its annual conference last week to discussions of utilities, giving supporters of either side
opportunity to be heard. One of the speakers at the
final session was Donald R. Richberg, of Chicago,
general counsel for the National Council on Valuation of Railroads, who at 5 o'clock on Friday afternoon was arguing a case in Southwestern Arkansas,
but by utilizing an airplane was able to meet his
engagement in Philadelphia the following evening.
Richberg, Governor Pinehot and Joseph B.
Eastman, a member of the Interstate Commerce
Commission, were the chief advocates of public
ownership of utilities, while private ownership and
operation were supported during the sessions by
such well-known figures in the public utility field as
Matthew S. Sloan,President of the New York Edison
Company; Edwin Gruhl, General Manager of the
North American Company, and Colonel William J.
Donovan, former Assistant Attorney 'General of the
United States.
Discussion of rate making was prolonged and tedious and so involved that the lay mind was left all at
sea. What was really the meat of the two-day meeting was raised by a question propounded from the
[voL. 133.
audience. A listener asked: "When an important
improvement is discovered and perfected of advantage to the development and distribution of electric
current, which will be most apt to make practical
use of the new discovery, privately owned or publicly
owned utility companies?"
Although Mr. Eastman was inclined to uphold
publicly owned corporations in this as in all other
circumstances, the other side has some strong points
in its favor. The very human element of a desire for
gain is a forceful influence in progress. There must
be an incentive to induce men to give the best that
is in them and one of the strongest motives to induce
effort is the prospect of profits. This motive exists
in large degree in privately owned utilities as it is
certain that the reward of success will be shared by
the management through increased salaries for their
services and by the stockholders in increased dividend.
This motive is lacking in publicly owned utilities.
Moreover it is a well-known fact that politics plays
sueh a forceful part in publicly owned utilities that
indifference is created among officials. Public officials fully realize that with a change of administration they are likely to be unseated and that their
successors may undo whatever of good the existing
incumbents may have accomplished.
It is the desire for gain that has built up such remarkable organizations in the steel and automobile
industries and other lines of business. The estate
of the late Thomas A. Edison is estimated at many
millions. If the great inventor had been dependent
upon publicly owned utilities for a market for his
wonderful discoveries it would not have been possible for him to have obtained such a substantial reward for 'his labors in behalf of mankind,and without
the assurance of an adequate compensation for his
labors both his senses and energy might have been
dulled, notwithstanding this recognized persistent
perseverance. Encouragement of substantial reward
was essential to provide means for continuous and
more elaborate work.
Every great privately •owned industrial corporation has its laboratories, well equipped and manned
by skillful research workers. The practical work of
such laboratories has done much to further the interests of the people at large. But it is private not
public initiative which brings about marvelous
results.
That public regulation of privately owned utilities
is essential is not disputed, but regulation should be
so tempered that the main-spring, which is'an inspiring motive, must not be destroyed.
Gross and Net Earnings of United States Railroads for the
Month of September
The character of the earnings exhibits of United
States railroads for the month of September is the
same as in all the months preceding for nearly two
years past, or since the panic in the autumn of
1929, namely,is extremely unfavorable; the explanation of the result is likewise the same as in previous
months; that is, it follows entirely as a result of
business depression of the intensest type. A year
ago in September the losses were extremely heavy,
notwithstanding the roads had the advantage of an
extra working day, since the month contained only
four Sundays as against five Sundays in September
1929, and now for September 1931 our compilations
show a further heavy shrinkage in gross and net
earnings alike, with the same advantage of an extra
working day as in September 1930. As a matter of
fact, these further losses in gross and net earnings
for the month the present year run even heavier than
those of last year.
In brief, gross earnings now record a loss of no less
than $117,073,774, or 25.07%, following a loss in
September 1930 (as compared with September 1929)
of $99,634,540, or 18.64%, and the net earnings a
further contraction of $55,161,214, or 37.41%, after
FINANCIAL CHRONICLE
Nov. 14 1931.]
a contraction in September 1930 of $36,255,079, or
19.75%. In both amount and ratio the decrease in
gross for September the present year, as also the
decrease in net, runs in excess of that of any other
month of the present calendar year. The result altogether is that gross earnings for September 1931 are
down to $349,821,538, as against $566,461,331 in
September 1929, and net earnings (before the deduction of taxes) for September 1931 amount to no more
than $92,217,886, against $183,486,079 in September
1929, the shrinkage in the net for the two years thus
being almost 50%. It would be necessary to go back
all the way to 1916 to find a total of the gross so
low as that of the present year, and to go back to
1922 to find a total of the net as low as that for
September 1931.
1930.
Inc. (-I-) or Dec. (—).
1931,
month of September—
+222
242,593
242,815
Mlles of road (170 roads)__
$349,821,538 $466,895,312 —$117,073,774 —25.07%
Gross earnings
257,603,652 319,516,212 —61,912,560 —19.38%
Operating expensee
68.58%
73.67%
52.90%
Ratio ot expenses to earnings
Net earnings
$92,217,886 $147,379,100 —455,161,214 —37.41%
As to the evidences of business depression, these
all testify to its presence in the same emphatic
fashion as in previous months. One turns first of
all to the statistics regarding automobile production
since the automobile industry suffered beyond all
others from the setback and collapse of trade. For
September 1931 the number of motor vehicles turned
out was only 140,566, as against 220,649 in September 1930 and 415,912 in September 1929. For the
nine months ending Sept. 30 the automobile production was only 2,119,188 as against 2,909,130 in the
first nine months of 1930, and no less than 4,640,823
in the corresponding period of 1929. In other words,
2,521,635 less automobiles were produced in the first
nine months of 1931 than in the same nine months
two years ago. This tells the story of business depression perhaps more plainly than 'anything else
does, or could.
As a matter of fact, however, the collapse in the
iron and steel trades has been no less pronounced,
and, of course, the setback encountered in the automobile industry has been a strong contributing influence to the setback. In September 1931 steel
ingot production in the United States was only
1,547,602 tons as against 2,840,379 tons in September
1930, and no less than 4,527,887 tons in September
1929. In brief, steel production for the month in
1931 was only one-third of that two years ago. The
September 1931 output was the lowest indeed since
the of September 1921, when the steel product for
the month fell to 1,342,092 tons. In September 1931
the daily product was only 59,523 tons against
109,245 tons per day in September 1930 and 181,115
tons per day in September 1929. The make of iron
in the United States in September 1931 aggregated
only 1,168,915 tons against 2,276,770 tons in September 1930 and 3,497,564 tons in September 1929,
the falling off in the two years having been fully
two-thirds. The shrinkage in the quantity of coal
mined has also been extremely heavy, though less
proportionately than in the case of iron and steel.
Only 31,919,000 tons of bituminous coal were mined
in this country in September 1931 as against
38,632,000 tons in September 1930 and 45,334,000
tons in September 1929. The production of Pennsylvania anthracite was 4,358,000 tons in September
1931 in comparison with 5,293,000 tons in September
1930 and 6,543,000 tons in September 1929.
It follows as a matter of course that building
operations were on a greatly reduced scale, having
3149
suffered severe restriction last year and still more
severe the present year. Building permits in 562
cities and towns of the United States during September 1931 represented a contemplated outlay of
$96,258,098, according to compilations prepared by
S. W. Straus & Co., against $168,680,637 in September 1930 and $218,009,891 in September 1929.
Turning to still another compilation, the F. W.
Dodge Corp. finds that the construction contracts
awarded during September the present year in the
37 States east of the Rocky Mountains, had a money
value of only $252,109,700 against $331,863,500 in
September 1930 and $445,402,300 in September 1929.
To all this was added a great diminution in the
Western grain movement, owing both to the small
export demand and the low prices prevailing in the
market (the rise, now such a prominent feature, did
not come until October), resulting in farmers 'holding back their wheat. We give the details of the
Western grain movement in a separate paragraph
further along in this article, and will only say here
that for the four weeks ending Sept. 26 the receipts
at the Western primary markets aggregated no more
than 56,002,000 bushels, as compared with 105,632,000 bushels in the corresponding four weeks of
1930, only 86,869,000 bushels in the corresponding
four weeks of 1929, but no less than 141,086,000
bushels in the same four weeks of 1928. The loading
of railroad revenue freight furnishes a composite of
these various items of freight, as well as of all other
items of freight, and from statistics compiled by
the Car Service Division of the American Railway
Association, it appears that for the four weeks ending Sept.26 the loading of revenue freight on all the
railroads of the United States comprised only
2,907,953 cars as against 3,725,686 cars in the same
four weeks of 1930, and 4,542,289 cars in the corresponding weeks of 1929.
In the case of the separate roads or systems the
exhibits are in consonance with the showing for the
railroads as a whole, which means that earnings have
everywhere been further heavily reduced after having sustained such heavy shrinkage last year. The
remark applies to gross and net earnings alike; and,
with all roads in the country in all sections and
subdivisions sharing in the common experience, the
list of decreases is necessarily a long one. The decreases, too, are large-sized in the great majority of
cases. We have room only to mention a few of the
more conspicuous instances, and these may be
accepted as typical of the entire list, the same as a
year ago. As was to be expected, the Pennsylvania
RR. and the New York Central lead all others for
amount of loss. The Pennsylvania RR. reports $11,532,845 decrease in gross and $4,071,327 decrease
in net for the month, following $13,395,843 decrease
in gross and $5,300,699 decrease in net in September
of last year as compared with September 1929. The
New York Central, including not only the leased
lines like the Big Four, the Michigan Central, the
Cincinnati & Northern, and the Evansville Indianapolis & Terre Haute,but also the Pittsburgh & Lake
Erie and the Indiana Harbor Belt, suffered a loss of
$10,667,464 in gross and $4,076,327 in net the current
year on top of $11,468,783 loss in gross and $4,761,499
loss in net in September 1930. The Baltimore & Ohio
has fallen behind $4,054,483 in gross the present year,
and $1,112,353 in net, after $4,345,098 in gross and
$1,157,090 in net in 1930. In the New England
group, the New York New Haven & Hartford, after
3150
having fallen behind $2,633,487 in gross and
$1,252,679 in net in September last year, has sustained a further decrease the present year of
$1,524,927 in gross and $726,970 in net.
In the West the Chicago Mil. St. Paul & Pacific
has added $4,043,781 to its decrease of $2,590,930
in gross last year and $1,715,545 to its decrease of
$728,994 in net. The Great Northern last year lost
$1,202,866 in gross, but managed to convert this into
a gain of $467,031 in net through a reduction in expenses. The present year the Great Northern has
sustained a further shrinkage of $4,623,073 in gross
and of $3;193,022 in net. The Northern Pacific reports a falling off of $2,746,950 in gross and of
$1,644,402 in net, following $1,396,868 loss in gross
•and $859,652 loss in net last year. Similarly, the
Chicago & North Western has added $3,592,710 to its
loss of $1,930,593 in gross in 1930 and $2,173,675 to
its loss of $435,773 in net. The Union Pacific, which
in September last year suffered a decrease off $1,666,737 in gross and of $126,086 in net, the present year
suffered a further decrease of $4,667,764 in gross
and of $2,223,780 in net. The Southern Pacific, after
a decrease last year of $3,854,232 in gross and of
$780,372 in net, has sustained a further decrease the
present year of $6,764,722 in gross and of $3,922,719
in net.
The Rock Island for the month in 1931 reports
a loss of $2,597,026 in gross and a loss of $1,237,191
in net in addition to the loss of $2,246,515 in gross
and $424,990 in net in September 1930. The St.
Louis-San Francisco, after losing $1,862,496 in gross
and $770,462 in net in 1930, has had to contend with
an added loss of $1,640,795 in gross and of $644,495
in net the current year. The Missouri Pacific and
the Atchison are no exception to the rule. The former reports $3,029,423 shrinkage in gross and
$1,117,555 in net the present year,on top of $2,367,825
decrease in gross and $865,812 decrease in net in
1930. The Atchison, which in September last year
made quite an exceptional exhibit in being able to
show $46,282 increase in net in face of $2,750,093
diminution in gross, the present year shows
$5,271,613 shrinkage in gross and $3,583,192 in net.
In the South, the Southern Railway, which in 1930
showed $2,324,034 decrease in gross and $793,680 decrease in net, the present year reports a further decrease of $1,964,705 in gross and of $1,310,030 in net,
while the Louisville & Nashville, which last year fell
behind $1,955,757 in gross and $589,147 in net, the
present year suffered a further contraction of
$2,618,580 in gross and of $1,336,970 in net. Below
we show all changes for the separate roads and systems for amounts in excess of $100,000, whether
increases and decreases, and in both gross and net.
As a matter of fact, however, no increase for that
amount appears in the gross and only one in the net,
the latter the St. Louis Southwestern, and this due
entirely to a lowering of expenses.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF SEPTEMBER 1931.
Decrease.
Decrease.
$1,768,130
$11,532,845 Norfolk & Western
Pennsylvania
a9,670,234 St Louis San Fr (3 roads) 1,640,795
New York Central
1,605,070
6,764.722 Reading Co
Southern Pacific(2 rds.)
1,524.927
Atch Top & S Fe (3 rds.) 5,271,613 N Y N H & Hartford
1,302,248
Union Pacific (4 roads).- 4.667,764 Atlantic Coast Line
1,186,806
Great Northern
4,623,073 Wabash
Baltimore & Ohio
4,054,483 Central RR of New Jer-- 1,158,037
1,127,903
Valley
Lehigh
Chic Milw St P 8r Pao
4,043,781
1,108,930
Chicago Burl & Quincy__ 3,648,254 Boston & Maine
1,092,939
Chicago & North West_ 3,592,710 Chesapeake & Ohio
1,085.846
Missouri Pacific
3,029,423 Pere Marquette
Northern Pacific
2,746,950 N Y Chicago & St Louis_ 1,028,214
Louisville & Nashville
2,618,580 Missouri-Kansas-Texas- 1,001,833
Chic R I & Pac(2 roads)_ 2,597.026 Duluth Missabe & Nor-946,589
Illinois Central
931,132
2,224,717 Del Lack & Western........
Erie (3 roads)
893,798
2,138.941 Seaboard Air Line
Minn 8$ Paul & S S M__ 2,067.356 Texas & Pacific
865.958
Southern Ry
884,637
1.964,705 Pittsburgh & Lake Erie_
[vor.. 133.
FINANCIAL CHRONICLE
Delaware & Hudson_ _ _ _
Elgin Joliet & Eastern__
Bessemer & Lake Erie_ Chic St P Minn & Om_
Western Pacific
Yazoo & Miss Valley...-Grand Trunk Western
Nashv Chart & St Louis.
Denver & Rio G WestN O Tex & Mex (3 rds.)
N
Union RR
Alton RR
Chicago Great Western....
Long Island
Central of Georgia
Maine Central
Chicago & Eastern Ill...Minneapolis & St Louis....
Mobile& Ohio
Chic Ind & Louisville
St Louis Southwestern..
Cinc New On & Tex Pac
Western Maryland
Internet & Great Nor__ Detroit Toledo & Ironton
Decrease.
Decrease.
$860,398 Los Angeles & Salt Lake.. $300,604
297.120,
734.900 Kansas City Southern...-.
668,897 Colo & Southern(2 roads)
270,650
644,721 Wheeling & Lake Erie.._ _
230,806
566,072 Term Ry Assn of St Louis
226,250 ,
562,168 Buffalo Roch & Plash_
218,722
213,194
538,788 Bangor & Aroostook__
196,369
493,282 Spokane Port & Seattle..
479,228 Florida East Coast
189,793
160,725
469,279 Gulf Mobile & Northern_
147,858
468,782 Monongahela
147,329
436,353 Belt Ry of Chicago
141,083
434,978 Ann Arbor
137,720
421,902 Alabama Great South__ _
132,593
417,836 Indiana Harbor Belt....
131,719
413,104 Rich Fred & Potomac
126,006
408,386 Northwestern Pacific.._ _
120,190
392,198 Midland Valley
118,980
357,785 Illinois Terminal
114,123
348,850 Central Vermont
101,304
348.468 Gulf Ship Ialand
100,144
345.269 NY sq & Western....
342,178
328,257
Total (97 roads)
$114,016,234
319,904
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute, Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of 810.667,464.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
SEPTEMBER 1931.
Decrease.
Increase.
St Louis Southwestern... 8119,970 Yazoo & Miss Valley ___ $4479,112
468,088
Missouri-Kansas-Texas.._
Total (1 road)
463.617
$119,970 Western Pacific
436,656
Bessemer & Lake Erie......
428,213
Decrease. Del Lack & Western....
427,159
Pennsylvania
$4,071,327 Delaware & Hudson.....
407,399
Southern Pacific (2 rds.) 3,922,719 Lehigh Valley
New YorkCentral
380,929
a3,652,247 Boston & Maine
Arch T & S Fe (3 roads). 3,583,192 Pittsburgh & Lake Erie_
365,524
Great Northern
347,598 •
3.193,022 Chicago St P Minn & Om
Union Pacific (4 roads)... 2,223.780 Texas & Pacific
342,384
Chicago & North West'n .
312,809 •
Central of Georgia
Chic Milw St P & Pac
301,323
1,715,545 Chesapeake & Ohio
Illinois Central
289,490
1,647,839 Long Island
Northern Pacific
280,101
1,644,402 Minneapolis & St Louis_
Chicago Burl & Quincy
263,206
1,428.912 Grand Trunk Western...
Louisville & Nashville
260,062
1,336,970 Chicago Great Western....
Southern Ry
233,559 ,
1,310,030 Cinc New Orl & Tex Pac
Minn St Paul & 5 5 M
227,527
1,279,596 New Orl Tex&Mex(3 rds.)
Chic RI & Pac(2 roads)_ 1,237.191 Union RR (Pa)
227,362
Missouri Pacific
214.934
1,117,555 Nashville Chatt & St L._
Baltimore & Ohio
190,625 1,112.353 Elgin Joliet & Eastern
Erie (3 roads)
185,230
970,661 Chicago & Eastern Ill
184,826
Wabash
962.830 Internat'l & Great Nor..
Norfolk & Western
173,421
934,084 Bangor & Aroostook_
161,340
NYNH& Hartford_
726,970 Reading Co
156,420
Atlantic Coast Line
716,399 Western Maryland
St Louis-San Fr (3 roads)
147,037
644,495 Chicago Ind & Loulsv_
NY Chicago & St Louis_
142,941
635,092 Mobile & Ohio
Duluth Missabe & Nor
125,605 •
603,771 Detroit Toledo & Ironton
Pere Marquette
100,062
572,805 Spokane Portl & Seattle_
Central RR of New Jer
550,015
Seaboard Air Line
$53,207,492
Total (72 roads)
515,476
a The figures cover the operations of the New York Central and leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the
result is a decrease of $4,076,327.
It follows as a matter of course from what has
been said above that when the roads are arranged
in groups or geographical divisions according to
their location, we have a repetition of the record of •
the previous year, namely, that all the different districts, Eastern, Southern and Western, as well as
all the different regions in each of these districts,
show a contraction in gross and net alike. Our summary by groups appears below. As previously explained, we group the roads to conform to the classification of the Inter-State Commerce Commission.
The boundaries of the different groups and regions
are indicated in the footnote to the table.
SUMMARY BY GROUPS.
District and Region.
Gross:Earning
Month of September.
1931.
1930.
inc.(+1 or Dec.(-).
Eastern District$
8
%
New England region (10 roads)____ 16,040,525 19,589,427 -3,548,902 -18.08
Great Lakes region (31 roads)
66,929,766 87,588,135 -20,638,369 -23.58 Central Eastern region(26 roads)._ 72,163,871 95,112,851 -22,948,780 -24.13
Total(67 roads)
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
155,134,162 202,270,213 -47,136,051 -23.30'
38,273,602 50,836,638 -12,583,036 -24.73
19,914,578 22,950,713 -3,036,135 -13.25
Total (34 roads)
Western DistrictNorthwestern region (17 roads).- Central Western region (24 roads).
Southwestern region (30 roads).....Total(71 roads)
58,188,180 73,787,351 -15,599,171 -21.01
43,780,150 64,462,087 -20,681,937 -32.09
62,860,391 84,102,884 -21,442,493 -25.50 •
30,058,655 42,272,777 -12,214,122 -28.89 •
136,499,196 190,837,748 -54,338,552 -28.52
Total all districts (172 roads)
349,821,538 468,895,312 -117,073,774 -25.07
District and Region.
Net Earning
Month of Sept.-Mileage
1931.
1930. Inc. (-I-) or Dec.(-).
Eastern District- 1931. 1930.
$
3
%
$
New England reg'n 7,277 7,329 4,334,252 5,838,886 -1,504,614
-25.77
Great Lakes region 27,908 27,941 12,244,270 21,311,190 -9,086,920 -42.57
Central East. reg'n 25,004 25,031 19,872,849 27,832,722 -7,959,873 -28.61
Total
60,189 60,301 36,451,371 54,982,778 -18,531,407 -31.89
Southern DistrictSouthern region
40,026 40,070 5,203,268 12,620,294 -7,417,026 -58.80
_'
Pocahontas region 6,119 6,030 8,400,770 9,718,749 -1,317,979 -13.51
Total
46,145 46,100 13,604,038 22,339,043 -8,735,005 -39.10
Nov. 14 1931.]
FINANCIAL CHRONICLE
District and Region (Cond.)
Net Earnings
Month of Sept.-Mileage-1931.
1930.
Inc.(+)or Dec.(-).
Western District- 1931. 1930.
8
I. 8
$
%
'Northwest'n region 48,877 48,973 13,019,418 24,912,583 -11,893,165 -47.78
•Central West.reg'n 52,213 52,034 20.666,054 31,364,317 -10,698,263 -34.10
Southwest. region_ 35,391 35,185 8,477,005 13,780,379 -5,303,374 -38.54
Total
136,481 136,192 42,162,477 70,057,279
27,894,802 -39.82
Total all districts_242,815 242,593 92,217,886 147,379,100 -55,161,214 -37.41
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes )legion.-This region comprises the section on the Canadian
boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
nOrth of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Laken Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Marylan
and by the Potomac River to its mouth.
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.-Thls region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio 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.
WESTERN DISTRICT:
Northwestern Region.-Thts region comprises the section adjoining Canada
lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific. Ki
'1 4,11_1111
MI
Southwestern &Mon.-This region comprises the section lying between the Mis-elsalppl River south of St. Louis and a line from St. Louis to Kansas City and thence
toEl Paso and by the Rio Grande to the Gulf of Mexico.
Jan. 1 to Flour.
Wheat.
Sept. 26. (bbls.)
(bush.)
Chicago1931 _-- 7,580,000 50,023,000
1930
8.654.000 23,795,000
Minneapolis1931 -60,991,000
1930 -7.1,365,000
Duluth1931
36,231,000
1930
53,921,000
Milwaukee1931
602,000 17,651,000
1930
813,000 3,401,000
Toledo1931
9,148,000
10,935,000
1930
Detroit1,035,000
1931
1,369,000
1930
Indianapolis et Omaha1931
34,308,000
1930
39,834,000
St. Louis1931 ___ 4,930,000 31,456,000
1930- 5,496.000 39,814,000
Peoria2,115,000 2,680,000
1931
1930
1,803.000 1,899,000
Kansas City1931 ___
27,010 95,397,000
73,479,000
1930
St. Joseph10,733,000
1931
10,793,000
1930
Wichita23,899,000
1931
19,988,000
1930
Sioux City2,366,000
1931
1,870,000
1930
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
40,451,000 13,094,000 2,981,000
946,000
59,831,000 25,328,000 5.118,000 2,715,000
6,277,000 7,994,000 9,431,000 3,214,000
8,716,000 13.829,000 14,975,000 7.607.000
1,406,000
1,136,00)
1,790,000 1,544,000
413,000
4,988,000 4,818.000 3,6)2,000
5,464,000
9,670.000
2,883,000 6.626.000
7.680,000 9,321.000
118,000
520.000
700,001
947,000
5,096,000
4,152,000
38,000
21.000
8.000
33,000
184,000
341,000
554,000
585,000
356,000
43,000
160.000
175,000
28,504,000 10,578,000
39,667,000 15,538,000
30,000
10,000
12;000
129,000
15,918,000 12,351,000 1,439.000
21,647.000 14,605,000 1,023.000
70,000
256,000
7,395,000
17,862,003
3.091,000 2,655,000 2,392,000
5,386,000 3.157,000
454,000
20,135,000
24,008,000
2,563,000
4,887,00)
11.000
2,000
7,970,001
8,670,000
1,933,000
1,814,000
5,000
2,000
1,425,000
3,272.000
141,000
191,000
112,000
17,000
1,704,000
4,931,000
1,288.000
2,468,000
67.000
205,000
6,000
34,000
Total1931 -15,254,000 375,918,000 137,443,000 63.356,000 25,275,000 7.343,000
1930 -16,766.000 351,463.000 200,698,000 101,451,000 38,698,000 15,525.000
274.000
1,285,000
The Western live stock movement also appears to
have been much smaller than in September last year.
At Chicago the receipts comprised only 15,493 carloads, as compared with 18,400 carloads in September last year; at Kansas City they were only 6,736
carloads against 9,263 carloads, and at Omaha but
6,916 cars against 9,118.
The Southern cotton movement, too, was on a
reduced scale both as regards shipments of the staple
overland and receipts at the Southern outports. In
view of the tremendous size of the new crop this
seems strange, but is explained by thefact that owing
to the low price of the staple farmers have been holding back their cotton. Gross shipments overland
for the month under review reached only 29,405 bales,
as against 49,837 bales in September 1930; 51,520
bales in September 1929, and 34,363 bales in September 1927. Receipts of cotton at the Southern out.
ports in the month the present year were only
1,053,908 bales as compared with 1,649,271 bales in
September 1930; 1,327,471 bales in September 1929;
1,306,890 bales in 1928, and 1,395,840 bales in 1927.
In the subjoined table we give the details of the
cotton movement for the past three years:
617.000
1,993,000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JAN. 1 TO SEPT. 30 1931, 1930 AND 1929.
The Western grain traffic, as already indicated
above, suffered a heavy shrinkage as compared with
the movement in the corresponding period of 1930.
This applies not only to wheat, but to all the other
cereals as well. For the four weeks ending Sept. 26
1931 the receipts of wheat at the Western primary
markets were only 36,376,000 bushels as against 59,571,000 bushels In the same four weeks of 1930.; the
receipts of corn only 7,107,000 bushels as against
15,229,000 bushels; of oats but 6,779,000 bushels
against 14,594,000 bushels; of barley 4,740,000 bushels against 10,867,000, and of rye 1,000,000 bushels
as against 5,371,000. For the five cereals, wheat,
corn, oats, barley and rye combined, aggregate re• ceipts for the four weeks of September 1931 were
only 56,002,000 bushels as compared with 105,632,000
bushels in the corresponding period of 1930. The
details of the Western grain movement,in our usual
form, are set out in the table which now follows:
WESTERN FLOUR AND GRAIN RECEIPTS;
4WIrs.Ended Flour.
Wheat.
Corn.
Oats.
Barley.
Sept. 26.
(bbts.)
(bush.)
(bush.)
(bush.)
(bush.)
1931 -- 855,000 1,748,000 2,480,000 2,246,000
409,000
1930 --- 1.035,000
1,642,000 5.631,000 2,974,000 1,894,000
Minneapolis1931
9.600,000
372,000
800,000 1,742,000
1930
18,069,000
638,000 2,948,000 3.850,000
Duluth1931
4,357.000
27,000
305,000
406,000
1930
20,741,000
230,000 2,902,000 2,952,000
Milwaukee1931 --- 123,000 1,980,000
285,000
181,000 1,580,000
193081,000
211,000
1,040,000 1,905,000 1,462,000
Toledo1931 _ _
719,000
49,000
514.000
5,000
1930.
1,103,000
83,000
224,000
2,000
Detroit1931
137,000
72,000
46,000
1930
167,000
35,000
116,000
20,000
Indianapolis dt Omaha1931
3,012,000 1,488,000
1,226,000
30,000
1930
4,526,000 2,267.000
1,123,000
m Louis1931 --- 598,000 2,452,000
621.000
420,000
229,000
1930 --- 543,000 3.100,000
1,554,000
904,000
235,000
Peoria1931- 195,000
347,000
631,000
277.000
268.000
1930 ___ 231.000
348,000
1,316,000
416,000
412,000
Eatwas City1931 ___
7.995,000
633,000
350.000
1930 ...6,408,000 1,559,000
364,000
M Joseph1931 _
751,000
258,000
260,000
1930 .-1,890,000
589,000
390.000
wOhila-2,821,000
1931
9,000
1,216,000'
1930 --35,000
22:088
17
7:02
Moto My457,000
1931
254,000
122,000
8,000
150,000
1930
252,000
304,000
23,000
Total1,771,000 36,376,000 7,107,000 6,779.000 4,740,000
1931
1930 -- 1,890,000 59,571,000 15,229,000 14,594,000 10,867,000
3151
Rye.
(bush.)
41,000
1,555,000
8.000
138,000
2,000
9,000
44,000
17.000
8.000
2,000
5,000
123,000
239,000
September.
Since Jan. 1,
Ports.
1931.
Galveston
Houston. Ac
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Brunswick
Newport News
Beaumont
Jacksonville
Port Arthur
Total
1930.
1929.
1931.
1930.
1929.
227.827 197,003 249,551 500.913 532,031 872,590
446,179 655,847 467.942 885,732 1,275,167 1,136.518
54.047 158,303 223,635 540.018 664.619 822,367
30.941
80.273
54,907 253,278 183.021 168,977
35.815
41,779
45,256
7,559
23,469
90,830 209,936 161,587 271,580 397.829 309,311
80.684
71,484
36.226
82.409 161,973
26,927
32,851,
18,513
9,161
23,620
3,293
4,696
67,856
46,297
51,817
2.310
8,352
20,160
149,380 194,327 119,911 274,458 512,139 361.754
5,409
1,715
18,781
1,825
37,866
81,866
37
5,398
4,914
3,239
8,592
72
7,170
72
612
546
9,217
1.053.908 1.649,271 1,327,471 2,956.332 3.896,924 3.890,339
RESULTS FOR EARLIER YEARS.
1,000
10,000
1.000.000
5,371.000
It is important to bear in mind that the heavy losses in
1931 and 1930-$117,073,774 in gross and $55,161,214 in net
in 1931 and $99,634,540 in gross and $36,255,079 in net in
1930-do not, as might be supposed, follow large gains in
the years immediately preceding. On the contrary, they
come after indifferent results in September 1929 and equally
Indifferent results in September 1928 and decidedly un-
3152
favorable results in September 1927. In 1929 our September compilation registered an increase of no more than
$9,812,986 in gross, and of only $2,612,246 in net. In September 1928 our tables recorded $9,980,689 loss in gross
with $1,711,331 gain In net. In September 1927 there was
$26,058,156 loss in gross, and $13,799,429 loss in net. On
the other hand, however,. our tabulations for September
1926 showed gains then which did not differ greatly from
the losses which followed in 1927. In other words, our
statement for September 1926 recorded $24,192,709 increase
In gross and $14,996,918 increase in net. These 1926 increases, too, followed moderate increases in the year preceding, our tabulations for September 1925 having shown
$24,381,000 gain in gross, and $18,026,891 increase in net,
notwithstanding that at that time the anthracite carriers
had to contend with the strike at the anthracite mines,
which served to cut off completely all traffic in hard coal.
Even in 1924, which was a period of trade reaction, there
was in September of that year only a relatively slight falling
off in gross earnings (no more than $5,116,223), while in
the net there was no loss at all then, but rather improvement in the large sum of $29,947,793 (expenses having been
reduced in amount of $35,064,016 at that time). Moreover,
this followed $44,549,658 improvement in gross in September
1923, and $37,441,385 improvement in net. It is true that
this notable improvement in 1923.was due in part to the
poor exhibit made by the carriers in September 1922, when
they had to contend at once with the shopmen's strike and
the strike in the unionized coal mines. And yet there was
no actual loss in gross even in September 1922, but an
Increase, though this increase amounted to only $1,723,772,
and was accompanied by $29,046,000 decrease in the net,
due to the augmentation in operating costs occasioned by the
labor troubles referred to. Furthermore, this loss in the
net in 1922 came after $11,372,524 gain in the net in 1921,
as compared with September 1920.
The noteworthy feature about this 1921 gain in the net
was that it occurred, notwithstanding a tremendous shrinkage in the gross revenues in that year arising out of the
great slump in trade and industry which marked the course
of the whole of the year 1921. The improvement in net
came as a result of prodigious curtailment of the expenditures which was forced upon the carriers in order to offset
the great loss. in traffic. In previous months of that year
the extent of the shrinkage in traffic consequent upon the
collapse in trade had been in considerable measure concealed owing to the fact that the roads were then getting
very much higher transportation rates both for passengers
and for freight. In other words, in these earlier months of
1921 the loss in gross revenues because'of diminished traffic
was in large part offset by the additional revenue derived
from higher rates on the traffic whichl the carriers actually
did handle and transport. In September this was no
longer the case, for in that month comparison was with
a time in 1920 when the higher rates authorized by the
Inter-State Commerce Commission in the summer of that
year were already In effect. It was estimated at the time
when these great advances were made that on the volume
of traffic then being handled they would add $1,500,000,000
to the annual gross revenues of the roads, or, roughly,
$125,000,000 a month.
Deprived of the advantage—in the comparisons—of these
higher rates, the naked fact of a tremendous shrinkage in
the volume of business then being moved (1921) stood out
in all. its grimness. The loss, accordingly, aggregated no
less than $120,753,579, or not far from 20%. But by dint
exof great effort, the roads managed to cut down their
penses in the prodigious sum of $132,126,103, leaving a gain
In net of $11,372,524. The 12% reduction in the wages of
railroad employees which had been in effect since July 1,
under the authorization of the Railroad Labor Board, was
one fact in the big contraction in expenses; the shrinkage
in traffic was yet another factor, and of much larger magnitude, in addition to which railroad managers skimped and
pared In every direction, in particular cutting the maintenance outlays to the bone, little repair work of any kind
being done that could be deferred.
As against the gain in net in 1921, however, brought about
in the way indicated, it is important to note that in preceding years very large additions to gross revenues arising
either from an Increased volume of traffic or from higher
rates failed to yield any substantial additions to the net.
This remark applies to the results for many successive years
of this earlier period, operating costs having steadily risen
at the expense of the net. In that respect, the exhibit for
September 1920 was particularly disappointing. Great expectations had been built on the benefits to be derived from
the noteworthy increase in passenger and freight rates
that had then just been put into effect. Gross earnings
did reflect the higher rates in an increase of no less than
$113,783,775, or 23.68%, but $104,878,082 of this was consumed by augmented expenses, leaving hence a gain in net
of only $8,905,693, or less than 10%. In the years preceding,
the showing as to the net was equally unsatisfactory. Thus
for September 1919 our tabulations registered $9,252,922
gain in gross, but $18,828,861 loss in the net. In September
1918 the gain in the gross revenue reached enormous proportions, the war being still in progress and the volume of
traffic extremely large, besides which decided advances
in both passenger and freight rates had been made only a
few months before. The addition to the gross was no less
than $129,367,931, or 36.16%. But this was accompanied
by an augmentation in expenses of $126,177,381, or 51.82%,
leaving net larger by only $3,190,550, or 2.79%. The year
before, rising expenses played a similar part in contracting
the net results. In that year (in September 1917) there was
$33,901,638 increase in gross, but $7,699,654 loss in net,
owing to an expansion of 41% million dollars in expenses.
In the following we furnish the September comparisons
back to 1906:
EPITOME.
THE STATE OF TRADE—COMMERCIAL
Friday Night, Nov. 13 1931.
and
There has been some improvement in trade here
of
there, and there is no doubt that the business morale
activity
real
any
is
there
that
Not
better.
is
country
the
anywhere. The weather has been too warm. Seasonable
conditions are, of course, required for seasonable trade.
Business is being conducted along conservative lines. The
temperatures here in New York have been as high as 72
Nd Earnings.
Gross Earnings.
Year.
Year
Given.
Inc.(+) or
Year
Preceding. Dec.(—)•
Year
irle•(+1 Or
Preceding. Dec.(—)•
Year
Given.
$
$
$
$
Sept.
$
$
1906 _ _ 136,839,986 126,782,987 + 10,056,999 48,341,7981 45,653,884 +2.687,914
1907.. 141,229.009128,047,7871+13,172,222 41,818,8851 45,413,358 —3,694,503
1908 __ 218,929,381 234,228,778 —15,299,397 81.615,3131
38 13,585.396
,247
.ggil.
1.
7
.858.560+
1909 _- 246,065,956 219,013,703 +27,052,253 95,443,956 ;
1910..256,647.702246,335,5861+10,312,116 91,580,4341 96,449,517 —3,869,033
+1,321,816
89,398,7
90,720.5481
1911 ..249,054,036249,014,2341+39,801
1912 __ 272,209.629252,318.5971+19,891,032 96.878,5581 90,842,946 +6,035,612
+5,153,067
08,000,2
231
92,847,19
4,8111+9,805,
285,050,042275,24
1913..
+748,914
1914 ._ 272,992,9011295,850,745 —12,857,844 92,022,047 91,274,039
1915 _ 294,241,340 278,458,199 +17,783,141 111.728.2781 93.181.9151+18,546,361
543
+
7
6
9:6
5
9
72
2
:
5
57
7:5954
7
12
8
-6
3
111
2
1
,839
+38,555.581124.447
1916 -.332,888,990 294,333,449
116,086,10
1917 _ 364,880,086 330,978,448 + . .
+129,367,931 117,470,6211114.280,0711 +3,190,550
1918 _ 487,140,781 357,772,
117,131,459 18,828,861
1919 -- 495.123,397485,870,4751 +9.252.922 98,302,598
+8,905,693
1920 __594,192,321 480,408,546 +113,783,775102,329,08 93,423,391 +11,372,524
462
:
120„604
120,753,579
ISI8,..2a938
1921 __ 496,784,097617,537,67
+31,404461:385059
1922 __ 498,702,275496.978,5031+1,723,772
, 8,945224
1923 _ _ 644,270,233499,720,57 +44.549,658 129,300,30
1924 _- 539,853,860544.970,083 —5,116.223 159.176,504 129,228,711 +29,947,793
+18,028,891
004 159,216,
1925 __ 564,443,591 540,062,58 +24,381,004 177,242,89
1926 ..588,948,933564,756,924 +24,192,009 101,933,148 176,936,230 + 14,996,918
043,987590,102.1431-26,058,156 170,454,2771193,233,706 _31,799,429
1928 _ 55444O,541564,421,6301-9,980,689 180,359.1111178,847,780 —1,711,331
+9,812,986 181,413,18 178,800,939 +2,612,246
1929 565,816,654556,003,66
183.486,079-36,255,079
1930 __ 466,828.791 566,461,331 —99,634,540 147,231,
1931 ._340,821.538 466,805,312-117,073.774 92,217,886 147,379,100—s6,161,214
Note.—In 1906 the number of roads included for the month'of September-was 98:
In 1907.84; In 1908 the returns were based on 231,367 miles: in 1909on 236,545 mike:
In 1910 on 240,678 miles; In 1911 on 230,918 miles; In 1912, 237,951 miles: Ini.1913,
242,097 miles; In 1914, 242,386 miles; in 1915, 245,132 miles: in 1916. 248,156 miles:
n 1917, 245.148 miles; In 1918, 232,186 miles; In 1919, 232,772 miles;In 1920, 226,955
miles; In 1921, 235,155 miles; In 1922, 235,280 miles: In 1923. 235,611 miles: In 1924,
235,178 miles; In 1925, 236,752 miles; In 1926, 236,779 miles; in 1927 238,814'milel
In 1928, 240.693 miles; In 1929, 241,704 miles; In 1930, 242,341 miles; in 1931;
242,815 miles.
__
Indications of Business Activity
For,. 133.
FINANCIAL CHRONICLE
I
degrees, or within 4 degrees of summer heat. The petroleum
industry has been helped by the unseasonably warm weather
in some parts of the country as there is more auto travel
than usual. And there is no doubt that hope is in the
air. The recent big advance in wheat and other grain,fthe
rise in cotton and other commodities, the advance in silver
and the tendency towards easier rates for money all tend
to encourage a more cheerful feeling, even if, as a rule, there
has been little or no actual increase in business. Chicago
Nov. 14 1931.]
FINANCIAL CHRONICLE
3153
has had a temperature of 70 degrees, and in many other slightly
in sympathy with grain. Coffee dropped 20 to 25
parts of the Central West it has been 60 to 66 degrees.
points as there seems no likelihood that the Brazilian governSt. Louis has had 72 degrees. That is not the kind of weather ment's
surplus stocks will be destroyed. Bankers object.
that is wanted. The grain markets have dropped some
Sugar futures are unchanged to a single point higher,
5 to 8c. this week and cotton is lower. In fact, all the
after light trading. Large Cuban interests seem to give the
leading commodities have declined. But belief is very genprice support from time to time. Spot raws have within a
eral that these declines were simply natural setbacks after
day or two become more active; possibly 20,000 tons have
recent pronounced advances. Cotton is less than %c.
been sold. Rubber declined 13 to 16 points, but this was
lower for the week in spite of a crop estimate by the
Gov- simply a natural reaction and not very much of a reaction
ernment of 16,903,000 bales, as against 13,931,597 bales
at that after the recent big rise. Hides had a similar exlast year. The estimate was 600,000 bales larger
than the perience, with a drop of 40 to 50 points, after a recent swift
previous one in October. Yet the answer of the
cotton upturn on big trading. Cocoa declined 33 points in a natural
market was to advance substantially on the 9th inst.
when reaction. Silk dropped 1 to 2 points. Silver, after wild
this report was issued. Wheat declined, it is true,
some 8c., fluctuations, a rise at one time of 250 to 300 points, and
with only a moderate export demand and some
increase in the largest trading on record, winds up at a net decline of
the Russian shipments to western Europe. But new
Russian 30 to 70 points. The coal trade has been hampered by
offerings were comparatively small. There was an
uncon- warm weather. Cotton goods have been rather slow and
firmed rumor that Russia has confessed itself
insolvent. some constructions of print cloths seem to have declined
Also the Sino-Japanese war continues, and there are
hints 3ie. On the 7th inst., stocks advanced 1 to 4 points, with
that Russia is helping China. If that is so, it may
mean wheat rallying after an early decline. Cotton, rubber,
that Russia will eventually be drawn into the war.
The coffee, sugar, cocoa and hides advanced. Wall Street
whole Sino-Japanese muddle, however, may be cleared
up watches commodity markets, especially wheat, respectfully.
soon. It is not believered that Japan will definitely
sever For years past in homely parlance Wall Street houses have
its relations with the family of nations and make
itself a not been carrying all their eggs in one basket—the stock
kind of Ismaelite among the peoples of the globe.
Corn market. They have joined the commodity exchanges like
declined about Sc. with the weather good and
the cash cotton, the Chicago Board of Trade, the Coffee & Sugar
demand anything but brisk, while the Government
made Exchange here and other exchanges. Grain, cotton and
some reduction in its estimate of the crop on Nov.
1; that is, other trading has been an important source of income reto 2,674,000,000 bushels, against 2,703,000,000 on
Oct. 1 cently. Copper was more stable. Oil earnings are larger.
and 2,094,000,000 harvested last year. The five-yea
r aver- Steel output increased. Prices of seats on the various
age is 2,761,000,000 bushels. It was still too
dry in the Exchanges have advanced. On the 7th inst., Cotton
winter wheat sections of the Central West and
Southwest, Exchange memberships rose $4,000. Domestic bonds adespecially the Southwest, where the drouth is
described as vanced 1 to 5 points more; foreign were irregular.
serious. There is also drouth in the Canadian
Northwest.
On the 9th inst. stocks made a moderate advance in a
A feature of the week was the persistent reports
of a
demand from Germany for North American rye, good larger and broader market. Silver futures in some cases
mostly ran up 260 to 300 points, the latter the limit prescribed for a
Canadian. At times there have been reports of
a little maximum change whether upward or downward in a single
export business in domestic barley and oats, as well
as some day and the sales bounded to 7,500,000 ounces, the largest
rye. The world's crop of rye is short; domestic and
foreign on record up to then. It has been surpassed then. All this
speculators have been buying it. Germany is said
to have was on Sino-Japanese war talk. Cotton advanced $1 a bale
bought 1,000,000 bushels of rye from Russia.
Canada had despite a Government crop estimate of 16,903,000 bales,
or
an active business in cash rye, supposedly for
export.
609,000 larger than that of Oct. 1 and nearly 3,000,000 bales
The stock market has not moved very
decisively as a larger than the last crop. Wheat rallied at one time 2% to
rule either way. It seemed to be for the most
part mark- 3c. Copper stocks were generally strong. Anaconda ading time awaiting some decisive cue. Nobody
sudden revival of trade. The general belief is expects a vanced 1% and there were advances in U. S. Steel, American
that it will Smelting, Waldorf System, Central RR. of New Jersey,
be gradual. The new note in this country,
however, is Inland Steel, National Steel, International Business Mathat there is greater hope that the worst has
been seen chines, du Pont, Southern Pacific and National Biscuit.
and that the turn of the tide for the better is
near at hand London and Paris were quiet but firm. As commodities
if it has not already started. Not a few
believe that it rose in popularity, higher prices were paid for memberships
has already started. Still the fact must be faced
that col- in the Cotton, Rubber and Cocoa Exchanges, i. e. $20,000 at
lections throughout the United States are still slow
because the Cotton Exchange, or $6,500 above the recent low level;
trade is slow. Mild weather has interfered with the
sale of $1,800 at the Cocoa Exchange and $1,500 at the Rubber
heavy clothing in parts of the country. In this
city, it is Exchange. Bonds were active and generally higher with
true, men's clothiers report business as good as
it was last sales of $15,186,500, overtopping even those of two years
year and collections too are up to last year's
mark. This ago, let alone the smaller totals of 1930 and 1931. Japanese
is an exception that proves the rule. Of late
Chicago's issues dropped sharply; government 53/2s were down 5
trade has been hurt by mild weather. In
Baltimore the points and 614s, 4. Among domestic bonds, railroad issues
clothing business is slow. Boston department
stores are set the upward pace.
selling rather less than they were a year ago.
In St. Paul
On the 10th inst., in a day of profit taking in stocks and
a fair business has been done in women's wear,
furniture and commodities, stocks were irregular but significantly enough
house furnishing goods. Very low retail prices
by compari- railroad issues advanced slightly. The average was only
son with former years have had some effect.
They would about a quarter of a point, but the contrast with the action
have a great deal more if the weather were 15
or 20 degrees of other stocks was what arrested attention. Lower prices
colder, throughout the length and breadth
of the United occurred for United States Steel common 13/2, America
n
States. Philadelphia's sales of sweaters,
hosiery,
and suits are smaller than those of a year ago. overcoats Telephone 1%, American Steel Foundry 2/,Ingersoll Rand
Dry goods 33/2, International Business Machines 3%, du Pont 1%,
at the leading wholesale centers of the
country lag behind and Eastman Kodak 2. The sales were 1,750,052 shares,
the business of this time last year. But
retail failures are against 3,047,293 shares on Monday, 3,335,000 a year ago
much less numerous than those of last
week. Building is and 6,450,000 two years ago. Bonds dropped though
very small in most sections. This, of course,
tends to keep Japanese issues advanced 2 to 23/2 points after an early
the steel business within comparatively
narrow
bounds, decline. But foreign bonds were generally lower. Domestic
though some lines of the steel industr
y are said to be doing issues were irregular, leaning to the lower side on railroad,
a little better. It is only a little. Railroads are
not buying convertibles, &c. Yet the average decline was less than
rails on any important scale. Some
look for a larger pro- one-eighth. Advances took place in Northern Pacific 3s,
duction of automobiles in November.
October's output is Union Pacific 1st 4s, New York Central consolidated 4s,
estimated at 86,328 or a total for
10 months of 2,838,018 Louisville & Nashville 53/28, Consolidated Coal of Maryland
as against 3,206.680 for a like period
last year. Boston and 5s, Utilities and Power and Light 53/2s, all of which were
Philadelphia found the wool market
quiet, although there in brisk demand. Stocks on the 11th inst. fell 1 to 3 points
was rather more inquiry. Boston had a rather
better leather on the more popular issues, with total transactions only
trade. Shoe manufactories are said to be
doing
1,491,401 shares, owing partly no doubt to the closing of
ness after a rise in prices of the lower priced less busigrain exchanges at the West and some of the cotton
sorts.
the
At
Rochester manufacturers of men's clothing are
quiet,
markets at the South for Armistice Day. Bonds declined,
ing spring orders, not yet due. Provisions have awaitdeclined though the loss was less than on Tuesday. A "seat" at the
3154
FINANCIAL CHRONICLE
Exchange sold at $180,000, an advance of $5,000. The low
this year was $156,000. Stocks had the appearance of a
small traders' market exhibiting a timely and natural
reaction. A few stocks advanced, but the trend was mostly
moderately downward.
On the 12th inst. stocks and bonds were irregular with
sales 1,441,972 shares. Railroad stocks were the most
depressed. Wheat corn and sonic) other commodities were
lower. Wheat was 7c. under the highest level of the 9th
inst. and corn 53.4c. under. There was some evidence that
the upward pace in commodities had recently been too fast
to last. New York Central was off 4 points, Santa Fe and
Baltimore & Ohio 13A, New Haven 23, Union Pacific 13'
and Southern Pacific 2%. Fractional declines also took
place in American Can, American Tel. and Johns-Manville.
But one thing noticeable in the speculative markets in stocks
and commodities is the cautiousness of operators in going
short if they go short at all. They say in effect that the recovery of business may be slow, but it is sure to come and
that there is likely in the long run to be more money on the
bull side than on the bear side all along the line. Where
stocks and production are still large the cheapness of prices
it is argued discounts all this. To-day stocks declined 1 to
5 points. The greatest pressure was on railroad shares.
Lower wheat prices told. New York Central led the way
downward with a fall of 33
4 points or 7% in two days on
persistent selling. It pulled Santa Fe down 53j, Union
Pacific 5 and Southern Pacific 33g. Western Union declined
and recovered only half a point of it. U. S. Steel and
American Can dropped 1 V8. Metal stocks were something
of an exception to the general depression. Copper stocks
acted well.
In Boston department store sales were stimulated by more
seasonal weather. Although this period is usually quiet,
shoe manufacturing operations are higher than a fortnight
ago. The textile industry continues to do fairly well but
prices of cotton goods are generally low. A considerable
number of small woolen and worsted plants continue very
active. Philadelphia reported improvement. The commodity movement increased. Building gained and mills
were active. The sentiment was generally more cheerful.
Richmond, Va. retail trade is better and the advance in the
price of wheat has had a heartening effect among farmers.
Atlanta, Ga. reported trade improving; department store
sales are much larger. Dallas, Tex. reports that cooler
weather, advances in oil and wheat prices and a loosening
of credits had brought a much better feeling. The petroleum
situation was better. Martial law continued in the East
Texas fields and Governor Sterling has just directed that
the allowable production be reduced to 125 barrels a day for
each well. Cleveland, Ohio, reported improvement due
chiefly to buying of material for new model automobile
output.
Lawrence, Mass. wired Nov. 12 that Lawrence textile
mills were getting back to normal today after the five weeks'
strike which affected 23,000 operatives. All the mills are
hiring additional workers as the production moves along,
but there were still many hundreds idle. The Arlington
Mills resumed after the Armistice Day holiday, prepared
to start its night force tonight. There were no pickets in
the vicinity of the American Woolen Co. plants. The
Pacific Mills were still closed, with 5,400 employes affected.
North Andover, Mass. wired Nov. 12 that a 10% in reduction in wages will become effective at Sutton's Mill next
Monday. Lowell, Mass. wired that announcement of a
10% cut in wages for 1,200 employes was made on the 12th
inst. by the Lawrence Manufacturing Co. The reduction
will be effective Nov. 20. This is the first reduction of
any of the larger textile corporations in that city. New
Bedford, Mass. wired that a horizontal wage cut of 10%
including officers, executives, salaried employes and wage
earners, effective the week of Dec. 7, has been announced
by the New Bedford Cotton Manufacturers' Association.
Charlotte, N. C., reported that while the textile situation
does not show the marked buying activity of 10 days ago,
sales have kept up on a moderately large basis and most
of the large gray goods plants have been selling more than
they produced. Greenville, S. C., wired Nov. 10 that
most mills in that section are operating both day and night,
although, in many instances, officials say their plants are
only operating a portion of the machinery at night. The
general increase in two months is marked, especially within
the last two or three weeks. Most mills are running full
day shifts. All mills appear to be complying with the
[Vol,. 138.
recommendations of the Cotton Textile Institute that only
men or boys over 18 years of age should be employed.
Kansas City stated that there was decided improvement
owing to the rise in oil and wheat and retail sales increased
owing to the stimulus of a co-operative downtown sales plan
with expanded newspaper advertising and free street car
rides. Schools were closed at 11 a. m. to permit the children
to accompany their families downtown for the sales. Wholesale trade, however, continued generally slow. St. Louis
reported a gain in wholesale trade owing to depleted stocks
of retailers and because of the rise in the prices of grain and
some other commodities. Minneapolis's retail trade was
good and the rise in wheat cheers business men. The flour
trade was better at higher prices. Chicago had a larger
business among mail-order concerns and department stores
owing to cooler weather. San Francisco finds that the
opinion is strengthening that conditions are turning for the
better.
Washington wired the Associated Press Nov. 12:"Whirling
spindles in England and China give promise of reducing
America's big cotton surplus. Mill activities in the two
countries have entered upon a decided upward trend. induced by Great Britain's abandonment of the gold standard
and the Manchurian crisis. Reports to the Agriculture
Department show the operations of English mills are now
at 70% of capacity, largely as a result of the pound sterling's
lower value which enabled manufacturers to meet production
from other milling centers on a more competitive basis."
The actual output of carded cotton cloths, it is stated, rose
steadily throughout the greater part of October, in line with
normal seasonal tendencies, and in the last week of the
month, the gain exceeded the usual seasonal increase so that
the adjusted index for the week ended Oct. 31 stands at
90.7, as against 88.6 for the preceding week and 68.3 for
the same week last year.
Sears' Roebuck & Co's sales fell 21.5% in the four weeks
ended Nov. 5, it was said. Reports for the four weeks
ended Nov.5 showed sales of $27,145,925, against $34,588,125 in 1930, it is stated.
Manchester, England, reports a better business in cotton
goods with India, notably in dhooties, white shirtings and
prints with quite a good business with China in white and
gray shirtings. Africa bought a good deal of heavy cloth
and the trading with the Continent was larger while there
was also an active home business.
On the 10th inst. the temperature here went as high as
70 degrees and open cars were again seen on Boradway. At
sea it was another story. Stormy weather raged there for
days and delayed shipping. Even well to the north it was
unseasonably warm. Montreal, Canada, wired that people
shed their overcoats in the sunshine of a genuine Indian
summer. Although the normal temperature on Nov. 1 at
Montreal is 36 degrees, the thermometer on the 10th inst.
was up to 67. Boston even had 50 to 78, Chicago had 52
to 56, Cincinnati 42 to 70, Cleveland 56 to 66, Detroit 52
to 60, Kansas City 42 to 48, Milwaukee 40 to 52, St. Paul
38 to 48, New York 47 to 70, Omaha 38 to 52, Philadelphia
44 to 66, Portland, Me., 38 to 74, Portland, Ore., 40 to 50,
San Francisco 52 to 60, Seattle 42 to 48, Spokane 34 to 40,
St. Louis 62 to 66, Winnipeg 30 to 48. On the 11th inst.
New York temperatures were 55 to 61 degrees, which was
still warm for this time of year. Boston had 54 to 58 degrees,
Chicago 48 to 60, Cincinnati 54 to 70, Cleveland 46 to 50,
Detroit 42 to 50, Kansas City 44 to 66, Milwaukee 46 to
50, St. Paul 33 to 46, Montreal 38 to 46, New Orleans 60 to
78, Omaha 40 to 52, Philadelphia 54 to 64, Portland, Me.,
46 to 54, Portland, Ore., 36 to 44, San Francisco 50 to
62, Seattle 40 to 50, Spokane 30 to 36, St. Louis 54 to 76,
Winnipeg 34 to 42.
On the 12th inst. the temperatures here were 59 to 63.
To-day they were 59 to 72. Boston had 56 to 62, Philadelphia 60 to 68, Portland, Me., 50 to 58, Chicago 42 to 70,
Cincinnati 58 to 66, Cleveland 48 to 66, Detroit 44 to 64,
Milwaukee 38 to 60, New Orleans 64 to 82, Kansas City
94 to 60, St. Paul 34 to 48, St. Louis 50 to 72, Portland,
Ore., 46 to 70, San Francisco 48 to 66, Seattle 48 to 50,
Hamilton, Bermuda,64 to 70, Montreal 46 to 56, Winnipeg
26 to 42.
Annalist Weekly Index of Wholesale Commodity Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices continued its rise to 102.6 on Tuesday, Nov. 10, an
advance of 0.7 from last week's revised 101.9, but 16..0 under
last year's 118.6. The "Annalist" continues:
Nov. 14 1931.]
FINANCIAL CHRONICLE
Its risefrom the post-war low of Oct.6 amounts to 2.7%
and, with the exception of July 7, when it touched its present mark, it now
stands at the
highest level since May 12. The important commodi
ty advances, which
last week were largely confined to the grains, steers and
oil, were much
more generally distributed during the week,although last
week's leaders were
again outstanding.
The period of decline that started on July 23 1929, when the
index stood
at 150.4 continued without serious break until June
2, 1931, and was
marked by a total drop of 33.5%, or an average decline
for the period of
0.5 point weekly. The weeks from June 2 have been marked
by relative
stability, the movements of the index during this perod
having been confined
to 2.7 points between 99.9 and 102.6. The next few weeks
should indicate
whether this stability is to be continued or a new trend develope
d.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMO
DITY
PRICES.
(1913=100)
All awnmnrlitlea
89.9
111.0
85.0
131.3
100.2
111.5
96.8
88.1
102.6
too -0
-too -cool
00;C.1:06;-•;:0;4.2b3
Nov.10 1931. Nov. 2 1931. Nov. 11 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
109.6
129.8
107.4
141.6
105.6
131.1
105.7
95.2
IIR R
*Revised.
3155
cottonseed, lambs, lead, oak flooring, glycerine, sulfate of ammoni and
a
rubber. The index numbers and comparative weights
of each of the
fourteen groups are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMO
DITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
In11 11
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
_Fertilizer materials
Mixed fertilizer
Agriculturalimplements
All ornarta enmhelarl
Latest
Week
Nov. 7
1931.
Preceding
Week.
Month
Apo.
Year
Ago.
74.2
60.3
55.0
51.2
66.3
89.3
75.0
75.3
86.0
58.3
86.7
70.5
79.7
95.2
71.2
59.3
52.1
51-3
66.0
89.3
75.2
75.4
86.0
60.0
86.8
71.2
79.7
95.2
71.3
58.8
49.8
49.5
66.1
88.6
76.0
75.6
88.8
63.1
86.8
71.2
80.1
95.2
87.3
76.7
80.0
67.8
78.0
91.0
86.9
81.6
96.8
76.4
95.0
86.1
96.3
95.6
RR 4
RI II
II7
R
!IR
A
October Building Report-Structures Costing
$5,388,500 Were Planned in Manhattan.
The following is from the New York "Times" of Nov. 7:
Production of Electricity in the United States Durin
g
The estimated value of building plans filed in Manhatt
Week Ended Nov. 7 1931 Shows a Falling Off of
an last month
WWI greater than in October 1930 although plans were
submitted for fewer
5.8% as Compared with the Same Period Last structur
es last month, when 20 new structures were projected
at a cost of
Year-September Output 3.5% Below Corre- $5,388,500, as against plans for thirty structures costing $4,528,6
50 during
the corresponding period last year.
sponding Month in 1930.
The estimated cost of new buildings during the ten months
of this year
The production of electricity by the electric light
was $105,021,996, compared with $142,940,800 during
the same period
and last
year.
power industry of the United States for the week
ended
There was a decided increase in the number of buildings and the
Nov. 7 was 1,628,147,000 kwh., according to the
amount
National involved In alterations during October as compared with a year ago. DurElectric Light Association. Largely because of the
ing last Month plans were filed for alterations on 267 building
s
at
a cost of
Election $1,840,865 and in October
1930, plans were put in for alterations on 219
Day holiday, this represents a decline from the
previous buildings at a cost of $615,340.
week. The Atlantic seaboard shows a decrease of
The total expenditure for alterations for the first ten months
3.2%
of this year
from the corresponding week last year and New
was $22,009,303, as against $26,395,343 in the same
period a year ago.
England,
Among
the plans filed were those for two Class A multiple dwelling
taken alone, shows a decrease of 1.3%. The central
indus- to house 141 families and to cost $410,000. Plans were also put in fors
trial region, outlined by Buffalo, Pittsburgh, Cincinn
a building in the stores and showroom classification
ati, for
to cost $300,000 and
St. Louis and Milwaukee, registers as a whole a
two garages
decrease among the plans.to cost $160,000. A $3,500,000 school is also included
of 10%, while the Chicago district alone shows a
decrease
of 6.2%. The Pacific Coast shows a decline of
4.5% Production of Boots and Shoes, Other Than Rubber
below last year.
for September and Nine Months Ending With
Arranged in tabular form, the output in kilowa
September-Both Show an Increase Over Last
tt hours
of the light and power companies for recent weeks
Year.
and
by
calendar months since the beginning of the year,
according
The Department of Commerce announces the followi
to the National Electric Light Association, is as follows
ng
:
statistics on the production of boots and shoes, by classes
,
for September 1931, representing 1,165 factories.
The
1931
Weeks End1931.
1930.
1929.
revised figures for August 1931, represent 1,199 factories.
1928.
Under
1930.
These statistics represent establishments that reported more
Sept. 5--..- 1,635,623,000 1,630.081,000 1,674,588,000
Sept. 12_ _ __ 1,582,267,000 1,726,800,000 1,806,259.000 1.484.000.000}14.1% than 98% of the footwear, other than rubber
, in the United
1,604,000
.000
Sept. 19-- -.. 1,662,660,000 1,722,059,000 1,792,131,000
1,614,000,000 3.4% States, at the 1929 biennial census of manufactures
Sept.26---- 1,660,204,000 1,714,201,000 1,777,854,000
.
1,623,000
.000
8.2%
Oct. 3---- 1,645,587,000 1,711,123,000 1,819,276,000
The total production of footwear in factories reporting
1,637,000,000 3.8%
Oct. 10--_ 1,653,369,000 1.723,876,000 1,806,403
1,651,000,000 4.1% for Septem
Oct. 17_ ___ 1,656,051,000 1,729,377,000 1,798,633,000
ber 1931, indicates an increase of 7.6% over
.000 1,665,000,000 4.2%
Oct. 24_.__ 1,646,531,000 1,747,353,000 1,824,160,000
1,678,000.000 5.8% September 1930. Production
Oct. 31-- -- 1,651,792,000 1,741,295,000 1,815,749,000
during the period January1,688,000
.000
5.1%
Nov. 7-_ 1,628,147,000 1,728,210,000 1,798,164,000
1.697,000,000 5.8% September 1931, shows an inercese of 5.3% as
Months.
compared
January- -__ 7,439,888,000 8,021,749,000 7,585,334,000
February _._ 6,705,564,000 7,066.788,000 6,850,855,000 6,837.064,000 7.3% with the corresponding period of 1930.
March
7,381,004,000 7,580,335,000 7,380,263,000 6,289,337,000 5.1%
6,632,542,000 2.6%
April
7,193,691,000 7,416,191.000 7,285,359,000 6,256,581
,000 3.0%
May
7,183,341,000 7,494,807,000 7,486,635,000
,000 4.2%
June
7,057,029,000 7,239,697,000 7,220,279,000 6,552,575
6,454,379
,000
July
2.5%
7,222,869,000 7,363,730,000 7.484,727,000 6,570,110
August
7,144,840,000 7,391,190,000 7,773,878,000 6,944,976.000 1.9%
,000 3.3%
September _ 7,080.300.000 7.337.106.000
7,523,395,000 6,724,148.000
3n04
x Because of irregularity of Labor Day holiday,
change is calculated for the
first two weeks of September.
Note.-The monthly figures shown above are based on
reports covering 92% of
the Electric Light and Power industry and the weekly figures
are based on 70%.
Wholesale Price Index of The National
Association Shows Largest Gain in Many Fertilizer
Months.
The weekly wholesale price index of The
Nation
al Fertilizer Association, based on 476 price quotat
ions computed
weekly,showed the largest gain in many
months. The index
number for the latest week is 67.8, compar
ed with 66.6 for
the preceding week, a gain of 1.2 points. A
month ago the
index number stood at 66.4 and a year ago
it stood at 81.9.
index
(The
number 100 represents the average
for the three
years 1926-1928.) The Association
continues under date
of Nov. 9:
The rise in the index number was
due chiefly to sharp advances
in the
prices for grains, foodstuffs, cattle and
petroleum. While spot cotton
at
New Orleans showed a slight gain in price,
spot
cotton
at
Galvesto
n showed
a slight drop.
fourteen
Of the
groups comprising the index,
four advanced, six declined
and the remaining four showed no change.
foods, grains, feeds and livestock, fuel and The advancing groups were
miscella
neous commodities.
The declining groups were textiles, fats and
oils, fertilizer materials, metals,
building materials and chemicals and drugs.
Thirty-two commodities showed price
advances,
ties showed price declines. Among the commodi while only 17 commodities which advanced were
spot Cotton at New Orleans, burlap, linseed oil,
tallow,
potatoes, apples, all grains,
cattle, hogs, silver, rosin, eggs, beef, flour,
petroleum, gasoline
and coffee. Listed among the commodities that
the latest week were wool, spot cotton at Galvestodeclined in price during
n, lard, butter, peanuts,
TABLE 1.-PRODUCTION OF BOOTS AND SHOES,OTHER
THAN RUBBER
BY CLASSES: SEPTEMBER AND AUGUST 1931, SEPTEM
BER 1930
AND JANUARY-SEPTEMBER 1931 AND 1930.
Number of Pairs.
Kind.
September
1931.
September
1930.
Jan.-Sept.
1931.
Jan:Sept.
1930.
Beers and shoes, total_
31,554,532
29,334,302
253,046,551
240,359,773
High & low cut (leather),
total
25,587,165
24,167,697
214,237,682
207,993,205
7,423,084
1,990,812
11,851,461
2,784,573
1,537,255
137,719
88,188
465,455
6,567,975
1,608,558
11,855,527
2,741,532
1,394,105
123,415
b
222,066
60,830,179
15,337,279
95,155,641
27,769,205
15,145,378
1,306,128
2,841,679
3,849,514
60,937,221
14,439,386
91,809,308
25,871,753
14,935,537
1,333,716
b
2,096.925
Men's
Boys' and youths'
Women's
Misses' and children's_
Infants'
Athletic and sporting_a- _
Part-leather & part-fabric
All-fab.(satin,canvas, &c)
Shippers & moccasins for
house wear, total-
4,459,055
4,291,583
24,329,109
24,312.868
All leather
1,297,821
865,601
5,693,048
4,334,043
Part leather, felt. &a
3,161,234
3,425,982
18,636,061
19,978,325
Barefoot sandals, play
shoes, dc all other footWear
816.950
529,541
6,482,439
4.623,559
a Excludes footwear with fabric uppers and rubber soles. b No data available.
Valuation of Construction Contracts Awarded as Compiled by The F. W. Dodge Corporation Shows 28%
Decline for October.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month
of
October 1931 was $94,612,200 less than in Octobe
r 1930,
the figure for October of this year being $242,0
94,200,
against $336,706,400 in the same month last
year, a decline
28%.
The
of
decrease in the valuation for the
ten months
ended Oct. 31 1931, in comparison with
the same period
[Vor.,. 133.
FINANCIAL CHRONICLE
3156
last year was $1,215,303,400, the totals being $2,804,802,000,
against 4,020,105,400.
Dun's Index of Commodity Prices.
Monthly comparisons of Dun's Index Number of wholesale commodity prices, proportioned to consumption, follow:
C.
of last year.
advances in
Comparison of the month with September records show
territories.
the New England, Metropolitan New York and Middle Atlantic Septemof
In the first named the month's total of $25.362,800 was ahead
00
$89,518,6
area
ber's $22,989,000. In the Metropolitan New York
district's
compared with $67.483.500 in September. The Middle Atlantic
for September.
$42.460,300 in October compared with $27,635,500
THE
CONSTRUCTION CONTRACTS AWARDED-37 STATES
ROCKY MOUNTAINS.
EAST OF
Valuation.
New Floor
No. of
Projects. Space (Sq. Ft.)
Month of October1931-Residential building
Non-residential building
Public works and utilities
5,268
2,145
1,288
15,217,000
15,312,600
170,600
$60,540,100
99,092,400
82,461,700
8.701
30,700,200
$242,094,200
6,822
3,319
2,017
22,336.500
16,808,200
339,000
$104,670,300
119,070,500
112,965,600
12,158
39,483.700
$336,706,400
56,070
24,496
16,672
170,562.300
151,604,700
5,944,100
5729,934,800
1,009,740,100
1,065,127,100
97,238
328,111,100
32,801,802.000
85,005
34,828
18,918
196,490.200
238,594,700
13,143.700
$949,619,500
1,574 296.700
1,496.239,200
Total Construction
1930-Residential building
Non-residential building
Public works and utilities
Total construction
Ten Months Ended Oct. 311931-Residential building
Non-residential building
Public works and utilities
Total construction
1930-Residential building
Non-residential building
Public works and utilities
liabilities. Insolvencies during the month just closed, according to the records of R. G. Dun & Co., numbered 2,362,
with $70,660,436 of indebtedness. There is no previous
report for October showing a larger number than the 2,124
business defaults that occurred in that month last year.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
The two larger divisions into which the October figures
are separated, manufacturing and trading show an increase
in the number of defaults over October 1930. The increase
is relatively greater among manufacturing concerns than
among traders. This is a reversal of conditions shown by
the figures for a number of months preceding October this
year for in most of these earlier reports there were fewer
defaults in manufacturing lines than in the corresponding
months of the preceding year.
448.228.600 34,020,105.400
OF THE ROCKY
CONTEMPLATED WORK REPORTED-37 STATES EAST
MOUNTAINS.
118.751
Total construction
1930.
1931.
No. of
Projects
Month of October-
5,901
2,482
1,588
Residential building
Non-residential building
Public works and utilities
9,971
Total construction
Ten Months Ended Oct. 31-
Residential building
Non-residential building
Public works and utilities
Total construction
Valuation.
No. of
Protects
Valuation.
7,800
4,082
2,278
$140,704,800
202,283,100
205,859,000
$314,329,400 13,940
$548,628,900
$86,407,900
79,223,300
148,698,200
500
61,809 $1,005,997,900 72,175 $1,441,182,
2.542,066.400
29,524 1,316,176,700 42,331
00
3,400,898,4
24,869
00
1,661,060,8
21,630
300
112,963 53,983.235,400 139,375 $7,384,127.
rce DepartShipbuilding Lowest Since War-Comme
ction
ment Reports 1,000,000 Tons Less Constru
Place.
Second
in
ca
-Ameri
Ago
Than Year
the
As the result of a further decline in shipbuilding,
in
the
tion
construc
under
vessels
tonnage of merchant
principal maritime countries of the world is at a new posttion
war low level and is less than half the volume of construc
ent
Departm
the
War,
World
under way just before the
nt's
of Commerce reported on Oct. 25. The departme
Washsurvey does not include Russia, said a dispatch from
d:
ington to the New York "Times," which continue
tons has occurred since June 30 1931,
A decline of nearly 300,000 gross
175,000 tons in the quarter ended Mar. 31.
department said, "over 1,000,000 gross
"At this time last year," the
being built than to-day.
tons more of shipping were
reported during the past quarter was
"Once again the greatest decline
where the shrinkage during the three months
Ireland,
and
Britain
Great
for
For the first time in more than 40 years,
amounted to 138,000 grins tons.
merchant vessels are being built in the
less than 500,000 gross tons of
shipyards of those countries.
shown
of about 40,000 gross tons was
"For the United States a decrease
lass in Great Britain and Ireland
during the past quarter; but the greater place, only about 150,000 tons
second
leaves the United States holding
compared with a gap of about 900.000
behind Great Britain and Ireland, as
year."
last
time
this
gross tons at
construction on Sept. 30 1931. comThe gross tonnage of vessels under
shipbuilding countries of the world
pared with June 30, in the principal
follows:
as
June 30.
was given by the department
Sept. 30.
555.603
Country417.385
301.489
Great Britain and Ireland
261,364
211.940
United States
169.720
170.658
France
159.147
110.355
Italy
121.080
130,051
Sweden
113.468
Germany
Netherlands
Denmark
and this followed a drop of about
COO
..•
tAW.C.4
A more wholesome tone in October business sentiment, although not
Nov. 1
Nov. 1
yet felt in the construction industry, is likely to bear favorably on the
Nov. 1
Oct. 1
Nov. 1
1928.
1929.
1930.
1931.
Groups.
1931.
future revival of this industry according to statements in the October statLsCorp.
W.
Dodge
F.
by
issued
Seal reports
$31.394
534.678
527.349
519.474
37
Breadstuffs
In connection with figures on construction contracts awarded in the
25.570
23.110
18.634
14.596
"revival Meat
22.847
22.657
20.223
States east of the Rockies, this organization points to an October
15.898
Dairy and garden
toward
19.533
panic
on
18.690
verging
17.890
a
State
from
16.851
of business and financial confidence
Other food
35.425
34.568
28.109
financial
24.178
underlying
of
solutions
ve
Clothing
on
of
constructi
anticipati
a more healthy
21.272
21.148
19.659
18.550
toward Metals
36.364
problems. While this turn of sentiment is the essential first step
36.328
33.324
30.824
Miscellaneous
recovery, it has not yet gathered sufficient momentum to affect favorably
5192.945
3191.179
5165.188
5136.416
5140.369
Total
business volume or construction volume."
classes during
Non-residential building led the three major construction
and utilities
October with $99,092,400. This was followed by public works
with $82,461,700 and residential building with $60,540,100:
in dollar
Dun's Report of Business Failures in October.
. Two of the thirteen Dodge districts produced October gains
building
ntial
Non-reside
year.
last
of
month
contract totals over that
The disturbances occasioned by the financial troubles
$22,000,000
contracts in the Metropolitan New York area, with a gain of
in this country and abroad during the past six weeks,
ahead.
both
12%
district
over October 1930, put the month's total for that
units of the increased business failures in the United States in October
This gain was accounted for by letting of contracts for three
$23,000.000
Radio City project. The Middle Atlantic territory showed a
for that month; also the amount of
over October to an unusual number
gain in public works and utilities projects or a 31% total gain
Tg
a
848
83
Liabilities,
Number.
1931.
1930.
1929.
1931.
1930.
1929.
October
2,362
2,124
1,832
$70,880,436 558,296,577 531,313,581
September
August
July
1,936
1,944
1,983
1,963
1,913
2,028
1,563
1,762
1,752
$47,255,650 $48,947,021 $34,124,731
53,025,132 40,180,653 33.746,452
60,997,853 39,826,417 32,425,519
5,863
5,904
5,082 8161,278,835 $135,954,091 $100,296,702
1,993
2,248
2,383
2,026
2,179
2,198
1,787
1,897
2,021
2nd quarter_.,.. 6,624
6,403
5,685 8155.894,995 8167,731,532 8107,860,328
2,604
2,563
3,318
2,347
2,262
2,759
1,987
1,065
2,535
8,483
7,368
6,487 5214,602,374 3169,357,551 3124,288,808
3d quarter- _
June
May
April
March
February
January
1st quarter
$51,655,648 863,130,762 $31,374,761
53,371,212 55,541,462 41,215,865
50,868,135 49,059,308 35,269.702
380,386,550 $56,846,015 $38,355,691
59,607,612 51,326,365 34,035,772
94.808.212 61.185,171 53,877,145
1931.
FAILURES BY BRANCHES OF BUSINESS-OCTOBER
Liabilities.
Number.
1931. 1930. 1929.
ManufacturersIron, foundries and nails_
Machinery and tools
Woolens,carpets & knit gds.
Cottons, lace and hosiery_
Lumber, building lines, &c..
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes and harness_
Tobacco, &c
Glass, earthenware & brick_
All other
Total manufacturing
TradersGeneral stores
Groceries, meat and fish._
Hotels and restaurants__ _ _
Tobacco, &c
Clothing and furnishings
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery-.
Hardware, Stores and Tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, Mrs and gloves
All other
Total trading
Other commercial
Total United States
1931.
1930.
1929.
11 $4,345,550
24 1,837,160
1,891,370
1
$199,330
526,667
28.203
$84,500
430,830
5,100
3,659.024
2.490.022
237,853
356,285
239.902
750,448
936.309
216,456
163,305
2.305,424
7,904,615
1,177,111
3,882,155
1,407,505
65,300
93.034
729,339
245,631
250,828
322,030
1,414,046
7.848,110
4,351.789
595,444
308,927
20,550
15,000
139,632
483.661
166.825
70,600
284.320
5,114,251
13
42
7
9
25
2
54
59
15
7
4
32
50
18
14
9
292
54
82
33
4
3
20
35
15
14
12
211
94
44
21
2
1
10
36
17
4
8
210
614
499
483 326,333,523 $17,989,289 512,071,429
105
312
110
25
217
96
60
70
61
106
8
33
18
7
379
108
269
102
27
193
99
46
78
48
88
6
78 $1,734,222 $1,468,720
295 4,630,978 3,139,522
96 3,517,424 1.024,041
218,888
123.903
17
138 5,141,522 2,488.405
1,101,980
56 1.561,221
339,420
917,519
47
39 2.131,172 2.122,840
43
859,839
825,769
747,445
75 1,056,766
105,505
200,934
11
454,749
29
970.675
135,122
10
667.797
313,030
71.496
6
271 5,844,581 7,576,057
28
18
11
353
5838,905
2,469,449
689,979
195,157
1,650,902
1,128,200
473.703
879,648
625,300
641,251
95,445
616,300
142,300
75,200
4,141.918
1.605 1,474 1.211 $29,485,979 522.095,565 $14,463,857
143 151 128 14,840,934 16,211.723 4,778,495
2,362 2,124 1.822 570,660,436 356.296.577 331,313,581
Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on Oct. 31
n
totaled 740,363 cars, the Car Service Division of the America
was a
Railway Association announced on Nov. 10. This
reduction of 29,310 cars below the preceding week, 194,352
331,871
cars below the corresponding week last year and
follow:
Details
ago.
years
two
week
same
the
under
cars
Nov. 14 1931.]
FINANCIAL CHRONICLE
Miscellaneous freight loading for the week of Oct. 31 totaled
273.090
cars, a decrease of 11,476 cars below the preceding week this year,
85.935
cars under the corresponding week in 1930 and 148,815 cars under
the same
week in 1929.
Loading of merchandise less than carload lot freight totaled
214,339 cars,
a decrease of 376 cars under the preceding week this year, as
well as 26,243
cars under the corresponding week last year and 56,966 cars under
the same
week two years ago.
Grain and grain products loading for the week totaled
41,275 cars. 1,112
cars above the preceding week this year but 3,072 cars
under the corresponding week last year, although it was 2,932 cars
above the same week
in 1929. In the Western districts alone, grain and
grain products loading
for the week ended on Oct. 31 totaled 26,485 cars,
a decrease of 4,336 cars
below the same week last year.
Forest products loading totaled 23.650 cars, 313 cars
below the preceding
week this year and 14,481 cars under the same
week in 1930. It also was
a decrease of 36.151 cars below the corresponding week
two years ago.
Ore loading amounted to 12,656 cars, a decrease
of 4,268 cars below the
week before. 22,407 cars under the correspondin
g week last year and 33,161
cars under the same week in 1929.
Coal loading amounted to 141,068 cars.
11,793 cars below the preceding
week, 35,189 cars below the corresponding week last
year and 47,948 cars
under the same week in 1929.
Coke loading amounted to 5,286 cars, 447
cars below the preceding
week this year,3,502 cars below the same week
last year and 6,864 cars below
the same week two years ago.
Live stock loading amounted to 28.999 cars, a
decrease of 1,749 cars below the preceding week this year, 3,460
cars below the same week last year
and 4,898 cars below the same week two years
ago. In the Western districts alone, live stock loading for the week ended on
Oct. 31 totaled 23,911
cars, a decrease of 2,383 cars compared with
the same week last year.
All districts reported reductions in the total loading
of all commodities,
compared not only with the same week in 1930 but also with
the same week
in 1929.
Loading of revenue freight in 1931 compared with the two
previous years
follows:
1931.
1930.
1929.
3,490,542
2,835,680
2,939,817
2,985,719
3,736.477
2,991,749
2,930,767
3,747,284
2,907,953
3,813,456
4,246,552
3,506,899
3,515.733
3,618,960
4,593,449
3,718,983
3,555,610
4,671,829
3,725,686
4,751,349
4,518,609
3,797,183
3,837,736
3,989,142
5.182.402
4,291,881
4,160,078
5,600,706
4,542,289
5,751,645
32,379,444
39.905.050
45 671 871
Five weeks in January
Four weeks In February
Four weeks in March
Four weeks in April
Five weeks in May •
Four weeks in June
Four weeks in July
Five weeks in August
Four weeks In September
Five weeks In October
Total
The foregoing, as noted, cover total loadings
by the
railroads of the United States for the week ended
Oct. 31.
In the table below we undertake to show also
the loadings
for the separate roads and systems. It should
be understood, however, that in this case the figures
are a week behind those of the general totals-that is, are
for the week
ended Oct. 24. During the latter period
only 11 roads
showed increases over the corresponding week
last year,
the most important of which were the Boston &
Albany RR.,
New York Ontario & Western Ry., Fort Worth
& Denver
City Ry., and Louisiana & Arkansas Ry.
REVENUE FREIGHT LOADED AND RECEIVED
FROM CONNECTIONS
(NUMBER OF CARS)-WEER ENDED
OCT. 24.
Railroads.
1931.
Total
Group BBuffalo. Rochester 8,Pittsburgh
Delaware & Hudson
Delaware Lackawanna & West_
one
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
idontour
New York Central
New York Ontario & Western._
Pittsburgh & Rhawmut
Pitts. Shawm ut & Northern
Ulster & Delaware
Total
1930.
1931.
AUegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek & Gauley
Central RR.of New Jersey-Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
Pennsylvania System
Reading Co.
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AA Winne Coast Line
Clinehtield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond, Fred. & Potomac...
Seaboard Air Line
Southern System
Winston-Salem Southbound....
Total
Group BA labama. Tenn.& Northern...
A tlanta.Birmingham & Coast
A tl & . p -West RR.of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon, Dublin & Savannah...
IssIssippi Central
Mobile & Ohio
Nashville, Chattanooga & St. L
New Orleans-Great Northern
Tennessee Central
2,296
3,702
11,539
902
3,949
14,799
769
2,239
4,302
14,175
967
4,740
18,725
821
33,622
37,956
45.969
403
0.411
13,679
3,296
3.675
16,909
1,390
--39,956
44,763
3,910
7,776
12,966
16,052
208
2.155
11,115
2,363
25,990
2,134
597
467
45
5.109
9,963
14,377
16,971
234
2,898
12,379
3,189
32,969
1,553
618
521
49
1,553
7.983
6,713
15,371
2,534
1.261
7,631
63
31,452
2,443
75
321
158
1,632
9.074
7,003
18,950
2,382
1,619
8.837
62
37,558
2,582
25
329
122
85,778
100,830
112,930
77,558
90,175
740
2,744
12.966
74
587
276
3.397
5,556
11,236
7,941
7,369
9,129
9.050
1,699
8,301
5,742
254
5.869
12,158
2,766
2,929
14,697
1.283
1,135
1,615
2.019
2.808
11,932
15,015
91
117
167
159
2,313
2.896
855
1,365
6,229
8.425
9,041
10,243
220
422
8.853
12.003
4.930
5,379
5,289
7.693
735
880
8,147
10.941
2,683
3.290
-86,807
64,639
83,251
--245.706 182.153
218.189
1931.
1930.
1929.
1931.
1930.
28,671
2,104
561
109
9,368
564
435
188
1,733
75,325
17,819
5,470
46
3,645
36,741
4,506
651
205
11,727
388
472
191
2,004
90,723
20.651
9,908
70
3,884
46,698
6.469
642
290
14,460
660
625
295
1,588
113,155
23.284
13,888
83
4,724
16,799
1,175
181
21,237
2,872
252
10
15,209
103
37
34
4,772
53,343
22,832
5,381
1
5,053
5
13,060
62
16
35
4,670
45.359
19,038
1,830
4.509
146,039
182,121
226,861
106.739
131,138
24,733
21.609
950
3,845
29,221
22,539
1,066
4,195
32,326
27,845
931
4,746
8.405
4,149
1,758
444
9,886
5,725
2,193
559
51.137
57.021
65,848
14,756
18.363
8.720
1,328
420
189
70
2,106
565
437
7.982
24.046
204
12,572
1,389
720
229
130
2,500
581
440
11,414
28,657
234
12,717
1.579
829
269
108
2,587
629
564
10,946
32,904
248
4.945
1,246
894
483
165
1,390
905
2.808
3.629
13,214
1.057
6,493
1,335
987
470
173
1,853
1,110
3,334
4,637
15,625
1,197
46,067
58,866
63,380
30,736
37,214
285
690
791
3,797
350
541
1.127
431
988
26,636
19,964
152
228
2,412
3.386
982
609
258
1,031
915
4,917
544
749
1,408
597
1,467
31,320
26.976
191
299
3,317
4,066
863
754
367
969
1.134
5,893
846
752
1,504
056
1,877
37.455
30,932
236
429
4.114
4,930
1,020
708
175
600
1.134
2,582
280
435
1,400
275
857
9,820
4,249
287
340
1,325
2,171
348
705
282
775
1.392
3.176
333
619
1,518
458
1.254
12,742
5.811
388
654
2,093
2.714
481
706
63,639
79,672
93,822
26.983
35,394
Grand total Southern Dist
109,436
138,538
157.202
57,719
72.608
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. NIIlw St.Paul & Pacific_ _
Chic. St. Paul, Minn.& Omaha
Duluth, Missabe & Northern.._
Duluth.South Shore & Atlantic
Elgin. Joliet & Eastern
Ft. Dodge, Des. M.& Southern
Great Northern
Green Ray & Western
Minneapolis & St. LoUls
Minn. St. Paul & S. S. Marie__
Northern Pacific
Spokane,Portland & Seattle
1,399
19,779
3,382
22.421
3.832
5.591
1.177
3,804
324
13,274
782
2,208
6.173
12,280
908
1,599
26,187
3,553
27,692
5.455
12,853
1.190
6,352
432
19,454
902
2.882
9,101
16.206
1,664
1,936
32,685
3.905
32.493
5,592
13,358
1,875
8.797
502
24,018
995
3,403
10,242
17,897
1,996
1,976
11.045
3,132
7.944
3,920
108
442
4.663
174
2,248
485
1,729
2,160
2,511
987
1,745
14,215
3.753
10,042
4,215
176
614
7,484
249
2,593
546
2.395
2,302
3,219
1,735
97,334
135,522
159.094
43,524
55,355
27,116
182
3,977
21.336
16.224
3,189
2,363
4,572
649
2,041
836
136
18,738
328
276
19,851
584
1.850
33,135
281
4,720
28.456
18,116
4,078
2.805
6,265
952
1,917
1,256
241
27,239
329
302
24.265
1.038
2,186
38.600
409
4.818
30.565
22.909
4.656
3,109
7,667
759
2.996
1,763
316
30,472
385
368
27,311
917
1,945
5,659
31
2,483
8.230
8.269
2,453
1,350
2.702
15
1,435
300
58
3,569
283
892
9,495
21
1,917
8,746
54
3,628
10.266
10,468
2,983
1,436
4,036
10
1,703
341
124.248
157,582
179,965
49,162
67.194
169
219
273
1,508
227
2,117
268
1,985
1.795
345
984
180
6,515
20,351
45
168
11.097
3,1500
385
7.809
5,117
1.510
41
244
464
471
2.013
291
2,434
444
2,659
1,726
576
1,478
145
7,185
23,326
41
178
13,147
3,528
345
9,730
6,650
2.160
36
295
521
500
2.827
292
2,342
512
3.147
2,362
549
1,495
227
8.427
28.506
66
320
17.522
4,342
350
12.659
8.353
3,417
53
2,671
553
130
1,543
62
2,061
986
2.017
1,154
668
297
339
2,445
8,515
36
102
3.677
1,200
252
3,481
3,844
2,700
39
3,715
432
209
1,924
2,256
1,476
2,492
1,140
804
452
452
3,604
11.328
40
98
.5,004
1.894
332
4,562
3.432
4.311
60
66.608
_
79.271
99.084
38.772
50.067
Total
1930.
2,066
3.746
9,721
785
3,083
13.467
754
Total Loads
Received from
Connections?
Total Revenue
Freight Loaded.
Railroads.
Total
Group C
Ann Arbor
651
767
phicago,Ind. & Louisville
1,929
2,550
D. C. C.& St. Louis
9,213
12,120
Cesare)Indiana
62
72
Detroit & Mackinac
481
519
Detroit & Toledo Shore Line
267
315
Detroit. Toledo & Ironton
1.338
22,77
Grand Trunk Western
2.767
3,992
ha ichlgan Central
6,593
8,727
Monongahela
4,356
5.257
Chicago
York,
& St. Lou%
New
6,199
6,804
pore Marquette
5,812
7,772
Pittsburgh & Lake Erie
4,364
6,532
plttsburgh & West Virginia._
1.440
1,734
Wabash
6,786
7,156
9/heeling & Lake Erie
3,223
-- 4.107
Total
55,471
70,651
Grand total Eastern District. 174,871 209.437
1929.
w
wwwww coma
ow-wOMitw 14-0Ww.
ww.lowww.-0-4-4w0
!eastern DistrictGroup Alangur & Aroostook
lesion & Albany
3oston & Maine
"Jentral Vermont
Waine Central
N. Y. N. H. & Hartford
kutland
Total Loads
Received from
Conneatons.
Total Revenue
Freight Loaded.
3157
Central Western DistrictAtch. Top.& Banta Fe System.
Bingham & Garfield
Chicago & Alton (Alton)
Chicago, Burlington & Quincy.
Chicago, Rock Island & Pacific
Chicago & Eastern
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver CIO.
Northwestern Pacific
Peoria & Pekin Union
S. P.(Pacific)
St. Joseph & Grand Island
Toledo, Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwest DistrictAlton dr Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Bras.' Valley
International-Great Northern._
Kansas, Oklahoma & Gun
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Nftwuri-Kansas-Texas Lines
Iseourl PacIfle
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio. Uvalde & Gulf.....
South ern Pao. In 'recces & La_
Texas & Pacific
Terminal RU. Ass°.of St. Louis
Weatherford Min. Wells & Nor.
Total
el
4,958
281
1,059
14,097
23
3,044
eo
3158
FINANCIAL CHRONICLE
[voL. 133.
shift has been added. A motor manufacturer in Muskegon is expected'
to increase his payrolls 50% during the next fortnight. Improvements
In employment and manufacturing activity is also anticipated in Grand
*
Rapids, Holland and Ionia.
Farming conditions seem to vary materially in different parts of this
100 New Vessels.
section of the State. At Hastings and Ionia, for example, they are distinctly below normal, while at Hillsdale and Battle Creek they are reThe withdrawal of many American shipyards from com- ported good to very good. The following is quoted from our Holland
American
the
by
predicted
is
year
the
report: "Fruit has moved seasonably well, with a fair price. The farming.
petition within
is good, a spirit of confidence seems to be building up in this comBureau of Shipping in an analysis of its bi-monthly report outlook
munity, with prospects Insuring the resumption of normal spending."
The
1.
Nov.
on
conditions
covering
on,
constructi
ship
on
Northern Michigan business, which is especially dependent on agritransfer of Navy Department tonnage from government culture, has been affected by low crop prices. This year's potato crop,
one of the principal sources of revenue, has been very satisfactory in terms
to privately owned yards and the construction of 100 modern of
yield. With prices at 18 to 20c. per bushel, and in some cases as low
ng
maintaini
of
means
a
as
t
governmen
the
by
cargo vessels
as 10c., purchasing power is however substantially below normal.
suggested
remedies
Ironwood is at present the brightest spot in the Upper Peninsula so far
the private yards are included in the
as
is concerned. Employment is greater than it was a year ago
by the Bureau as an aid to the industry in an editorial andbusiness
should continue to improve with the anticipated increase in manu9,
Nov.
of
"Times"
York
New
in its current bulletin. The
facturing activity. Furthermore, Ironwood is one of the very few cities
in the State where building projects under way represent a greater total
reporting this, quoted as follows from the bulletin:
United States value than they did in October 1930. In the vicinity of Bessemer, mines
From the present outlook the shipbuilding industry in the
There are no new have reduced operations from 10 days to eight days per month.
within one year from now will be almost prostrate.
and there are
ships building in the once great yards of the Pacific Coast,
Great Lakes.
none building in the extensive shipbuilding plants on the
condition to- Substantial Excess of Lumber Orders Over Low Proprosperous
On the Atlantic Coast the yards are in a fairly
now in hand will
duction Continues Through Second Week.
day, yet by Nov. 1 of next year all merchant contracts
have been completed.
as it takes from
Although lumber orders have as a rule equalled or exShipbuilding must be dealt with in terms of the future,
types built in this
one to three years to complete vessels of the various
the limited out for several months past, the most
may be five or ceeded
country. At the present time the outlook is that there
there are no favorable ratios have been noted during the past two weeks.
Mt
year,
next
time
this
at
construction
under
ships
six new
new construc- For the week ended Nov. 7 new business received exceeded
prospects or even rumors of anything further in the line of
Expects)Shipyards to Be Idle in Year—American
Bureau of Shipping Urges More Government Construction to Keep Private Plants Going—Asks
tion at that time.
The "Times" added:
no strictly cargo
The Bureau points out that the United States has built
war-time fleet, and
vessel for overseas traffic since the completion of the
flag "are
American
that the ships of that type now operating under the
and speed."
far below competing vessels of other nations in efficiency
great volume of such
The near future, it says, will develop a demand for a
built more cheaply
ships for commercial and naval purposes which could be
now than in times of greater prosperity.
shipyards could
"Before the great war," says the bulletin, "American
to act as a backlog
depend on a sufficient amount of naval construction
construction of merIn tiding the industry over the depression in the
but few contracts
chant vessels. This has largely ceased, as there are this time. It is
for naval vessels being constructed in private yards at
being built in Navy
probable that there is more tonnage for the Navy now
yards than in private establishments.
has been called to
time,
"The attention of the country, from time to
ships in its
this uneconomical procedure of the government, building
built in private
dock yards at much greater expense than they could be
yard emNavy
yards, but political pressure on the part of organized expensive proployees has thus far succeeded in keeping up this most
many of them
cedure. If the private shipyards go out of business, as
national catastrophe,
are now threatened within a year or so, it will be a
of constructing
for as a nation we cannot afford to sacrifice the ability
our own ships in our own yards."
by Union
Business Conditions in Michigan As Viewed
Noted
Guardian Trust Co. of Detroit—Increase
in Wheat Prices.
25% since
An increase in wheat prices of more than
Oct. 5 is decidedly an encouraging development, according
, and
to Dr. Ralph E. Badger, Executive Vice-President
Trust
Guardian
Union
of
,
the
Economist
Carl F. Behrens,
Co., Detroit, a unit of the Guardian Detroit Union Group,
bushel
Inc. December wheat reached a low of 44%c. per
per bushel,
on Oct. 5. By Oct. 30 it had advanced to 593(o.
0 bushel
an increase of 14%c. Applied to the 18,000,00
than
more
adds
increase
this
wheat,
crop of Michigan
The
$2,500,000 to the aggregate value of the 1931 crop.
Nov. 2,
issued
Co.,
Trust
Guardian
Union
the
review from
also says in part:
in
an upturn in automobile output
Such evidence as we have points to
largest producers of light cars is reported
the near future. One of the
at present. Detroit's leading manuto be in production on a limited scale
its 1932 models about Nov. 15.
facturer is expected to begin to produce
in recent weeks, employment has
As a result of the reduced operations
Board of Commerce index
been at relatively low levels. In Detroit, the
Oct. 15, which compares with
declined to 46.1% (1923-1925=100) on
1930.
51.0 on Sept. 30 and with 78.0 on Oct. 15
consumption data, deIndustrial activity in Detroit, based on power
below the level of September
47%
was
and
September
clined 9% during
southeastern part of the State,
1930. In other automobile centers of the
September electric power figures.
similar situations were indicated by the
the smallest in Jackson. Howand
Flint,
The greatest decline occurred in
questionnaire indicate that as of Oct. 15
ever, returns from this bank's
in prospect in nearly all imimprovement had already occurred or was
State. Employment has increased
portant cities of this section of the
Lansing improvement is also
considerably in Saginaw. In Flint and
recalled by Detroit manufacturers
evident. Some employees have been
next week.
and more are expected to be recalled
and in manufacturing
The anticipated improvement in employment
outlook. In eight of 12 southis also reflected in an improved retail trade
trade is expected during
eastern Michigan cities, an increase in retail
is still restricted. In
the month ending Nov. 15. Building activity
of money is reported
most cities of southeastern Michigan the supply
but low prices
sufficient for local needs. Farming conditions are good, farmers in the
tend to restrict the farmers' ability to buy goods. Many
and bean
wheat
their
held
Saginaw Valley and the Thumb areas have
in each case,
crops for higher prices. This has proven to be a wise policy
case of beans,
for both commodities have increased in value. In the
advent of
some further strengthening of price IS expected, for with the
cool weather the demand usually increases.
Grand Rapids.
Employment in certain southwestern cities, such as
At Muskegon
Muskegon and Ionia, has shown marked improvement.
a night
die and tool makers are operating on full shifts, and in one factory
production by 20% it is indicated in telegraphic reports
from 824 leading hardwood and softwood mills to the
National Lumber Manufacturers Association. Production
of these mills amounted to 146,915,000 feet and shipments
were 9% above this figure. A week earlier 816 mills reported
orders 16% above and shipments 21% above a cut of 157,072,000 feet. Comparison by identical mill figures for the
latest week with the equivalent period a year ago shows—
for softwoods, 446 mills, production 37% less, shipments
30% less and orders 26% less than for the week in 1930;
for hardwoods, 233 mills, production 39% less, shipment
21% less and orders 8% under the volume for the week a
year ago.
Lumber orders reported for the week ended Nov. 7 1931,
by 562 softwood mills totaled 154,158,000 feet, or 17% above
the production of the same mills. Shipments as reported
for the same week were 139,111,000 feet, or 5% above production. Production was 132,159,000 feet.
Reports from 281 hardwood mills give new business as
21,610,000 feet, or 46% above production. Shipments as
reported for the same week were 21,427,000 feet, or 45%
above production. Production was 14,756,000 feet. The
Association, in its report, further states:
Unfilled Orders.
Reports from 484 softwood mills give unfilled orders of 477,414,000 feet,
on Nov. 7 1931, or the equivalent of 10 days' average production. This is
based upon production of latest calendar year-300-day year—and may
be compared with unfilled orders of 512 softwood mills on Nov. 8 1930, of
744,668,000 feet, the equivalent of 14 days' production.
The 419 identical softwood mills report unfilled orders as 464,821,000
feet or the equivalent of 10 days' average production on Nov. 7 1931, as
compared with 719,295,000 feet, or the equivalent of 16 days' average
production on similar date a year ago. Last week's production of 446 identical softwood mills was 122,771,000 feet, and a year ago it was 195,894,000
feet: shipments were respectively 128,645,000 feet and 184,838,000; and
orders received 141,541,000 feet and 190,839,000. in the case of hardwoods, 233 identical mills reported production last week and a year ago
12,884,000 feet and 21,288,000: shipments 19,292.000 feet and 24,490,000;
and orders 18,990,000 feet and 20,728,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following now business, shipments and unfilled orders for 224 mills reporting for
the week ended Nov. 7:
UNSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
delivery _ _ _ _ 32,531,000 delivery- - —110,758,000 intereoastal - 23,007.000
67,894,000 Export
9,332,000
18,634,000 Foreign
Export
25,186,000
54,678,000 Rail
23,841,000 Rail
Rail
Local
7,124,000
7,124,000
Local
233,330,000 Total
66,648,000
82,131,000 Total
Total
Production for the week was 72,635,000 feet.
For the year to Oct. 31, 170 identical mills reported orders 0.4% below
production, and shipments were 4.8% above production. The same number
of mills showed a decrease in inventories of 10% on Oct.31, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
130 mills reporting, shipments were 7% below production, and orders 6%
below production and 1% above shipments. New business taken during
115
the week amounted to 25,473,000 feet, (previous week 30,471,000 at
mills); shipments 25,200.000 feet, (previous week 35,154,000); and proat
hand
(previous
on
week
Orders
feet,
24,552,000).
duction 27,070,000
identical
the end of the week at 113 mills were 63,126,000 fet. The 117
a
mills reported a decrease in production of 38%, and in new business
decrease of 33%,as compared with the same week a year ago.
production
The Western Pine Association, of Portland, Ore., reported
from 106 mills in the Inland Empire and California as 27,180.000 feet,
mills
shipments 37.314.000 and new business 39,365,000. The 77 identical
reported a decrease of 42% in production and a decrease of 18% in orders,
compared with the same week last year.
1
Nov. 14 1931.]
FINANCIAL CHRONTCLE
3159
The Northern Pine Manufacturers of Minneapolis, Minn.,
reported no
production from seven mills, shipments 2,158,000 feet and new
business
1,873,000 feet. The same number of mills reported a decrease of 11%
in
new business, compared with the corresponding week of
1930.
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh, Wis., reported production from 19 mills as 524,000
feet, shipments 80-,000 and orders 827.000. The 17 identical mills
reported production 42% less and new business 18% less than for the same
week of 1930.
The North Carolina Pine Association, of Norfolk, Va.,
reported production from 76 mills as 4.750,000 feet, shipments 6,990,000 and
new business 4,489,000. The 35 Identical mills reported a decrease
of 14% in production and an increase of 24% in orders, compared with the
same week
last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis,
Tenn., reported
production from 262 mills as 14,506,000 feet, shipments 19,942,000
and
new business 19.712,000. The 216 identical mills reported
a 38% decrease
in production and a 13% decrease in new business,
compared with the
corresponding week a year ago.
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh, Wis., reported production from 19 mills as 250,000 feet, shipments 1,485.000 and orders 1,898,000. The 17 identical mills
reported
production 70% less and new business 78% more than for the same
week
last year.
Consumption of Crude Rubber by Manufacturers in
the United States Declines-Imports in October
2.2% Over Previous Month-Inventories Increase.
Consumption of crude rubber by manufacturers in the
United States for the month of October decreased 5.8%
as compared with September. The usual seasonal decline is
3%. October consumption is estimated to be 22,277
long tons as compared with 23,638 long tons for September
and 27,516 long tons for October 1930, according to statistics
released by the Rubber Manufacturers Association. Imports of crude rubber for October amounted to 41,395 long
tons, an increase of 2.2% over the September figure of 40,505
long tons, but a decrease of 5.3% under October, 1930.
The Association estimates total domestic stocks of crude
rubber on hand Oct. 31, at 273,456 long tons, an increase of
7.5% over September and 47.4% over Oct. 31, 1930. Crude
rubber afloat for the United States ports on Oct. 31 is
estimated at 68,427 long tons as against 62,420 long tons on
Production of Lumber for Four Weeks Ended Oct. 31 September 30 and 51,123 long tons on Oct. 31 1930.
1931 by an Average of 660 Mills Amounted to
Approximately 32% Below Same Period Last Year
Automobile Output 86,328 Units in November-Ten
-Shipments and Orders Also Decreased.
Months Production Estimated at 2,283,018 Cars
We give herewith data on identical mills for the four
and Trucks.
weeks ended Oct. 31 1931, as reported by the National LumProduction of the American automobile industry amounted
ber Manufacturers' Association:
to 86,328 cars and trucks, according to the estimate anAn average of 660 sawmills reported as follows to the National
Lumber
Trade "Barometer" for the four weeks ended Oct. 31 1931:
nounced Nov. 9 by the National Automobile Chamber of
Commerce. The Chamber states that on this basis the
1931,
1930.
M.Board Feet,
month's output was 40% under September and 46% under
SoftHardSoftHardthe
production for October 1930. The industry's producwoods.
woods.
Total.
woods.
woods.
Total.
tion for the first ten months of 1931 was estimated at 2,283,Production
570,530
54,888 625,418 831,005
87.537
918,542
Shipments
616,421
75.074 691.495 845,324
92,548
937,872 018 vehicles or 29% under last year. The Chamber estiOrders received.... 577,724
72,219 649,943 825.740
85,516
911,256 mate is based upon reports of factory shipments of
new ears.
Production of total hardwoods and
softwoods in 1931 was 32% below
that of 1930 and 57% below production of comparable mills in
1929.
Orders received in 1931 were 29% below those of 1930 and 60% below
production of comparable mills in 1929. Shipments in 1931 were 26%
below those of 1930.
These mills in 1931 showed production as about 32% of their
rated
capacity and 48% of their three-year average production (same weeks
in 1928-29-30).
On Oct. 31 1931 gross stocks, as reported by 354 softwood mills,
were
4,000,975,000 feet compared with 4,533,450,000 feet a year ago.
They
were the equivalent of 94 days' average production of the reporting
mills
on Oct. 81 1931, and the equivalent of 106 days' average production on
Nov. 1 1930.
On Oct. 31 1931 unfilled orders, as reported by 610 mills-both softwoods
and hardwoods-were 552,495,000 feet, the equivalent of 11 days' average
production, as compared with 866,328,000 feet on Nov. 1 1930, the
equivalent of 17 days' average production. Comparable reports for corresponding date in 1929 show unfilled orders the equivalent of 24 days' average
production.
New Automobile Models.
The Pierce Arrow Motor Car Co. is offering two new lines
of 12-cylinder cars and a new line of eight-cylinder cars, viz.:
MODELS AND PRICES-F.O.B. BUFFALO.
xMode1154. yModel 53. sModel 52.
Body Types.
=lub Brougham, 5-passenger
$2,385
23,185
laden. 5-passenger
2,485
3,285
$3,785
:tub Sedan,5-passenger
2,650
3,450
3,885
=lub Berlina, 5-passenger
2.850
3,650
4.085
=onvertible Sedan, 5-passenger
2.950
3,750
ledan, 7-passenger
2,750
3.550
4,iiii
mclosed Drive Limousine, 7-passenger
2,950
3,750
4,250
:loupe, 4-passenger
2,485
3,285
-__...
=onvertible Coupe Roadster, 4-passenger.
2,650
3,450
['purer, 5-paasenger
2.750
3,550
fourer, 7-passenger
2,850
3.650
____
Innrt Phaeton 5-nalmanni,
5 050
3.850
Eight cylinders, wheelbase 137 inches to 142 inches. y Twelve cylinders,
with
a 137-inch to 142-inch wheelbase. z Twelve cylinders, with a 142-inch to 147-inch
wheelbase.
Nebr.-Prices on the 1931 Pleree-Arrow lines ranged from 22,685 to 26,400.
The new special speedster model recently added to the
eight-cylinder line of the Auburn Automobile Co. is listed
at $1,145 and $1,345 f.o.b. factory. The new cars are built
on the standard Auburil wheelbase and are offered as standard
and custom models.
The Buick Motor Co., a division of the General Motors
Corp., will shortly offer a new line of straight eight models
for 1932. Prices will range from $935 to $2,055 f.o.b.
Flint, Mich., compared with the previous price of $1,025
to $2,035. There are four series in the new line, which will
comprise 26 models. Formal offering will be made Nov. 14.
The new Buick feature, "wizard control," combines three
new engineering advancements, including automatic clutch,
free wheeling and new silent-second synchro-mesh transmission. The automatic clutch permits shifting without
using the clutch pedal.
The Federal Motor Truck Co. has added a new four-ton
six-wheel truck to its line. This new model is powered by
a six-cylinder engine and is produced in 164-inch and 182inch wheelbases, listing at $2,360 and $2,385, respectively.
Drop in Tire Shipments.
Shipments of pneumatic casings for the month of September amounted to 3,931,860 casings, a decrease of 20.7%
from August total of 4,954,984, compared with the average
seasonal decrease of 15.2% and 10.7% below September
1930 shipments of 4,405,176 according to an announcement
Nov. 11 by the Rubber Manufacturers Association, Inc.
Production of pneumatic casings for September was 3,171,969 units, a decrease of 18.8% from 3,905,933 as compared
in August, and 5.7% below September production of 3,365,444 a year ago. Pneumatic casings on hand Sept. 30
amounted to 8,158,453 units, a decrease of 8.3% from 8,896,296 at end of August and 16.9% below inventory of 9,811,764
on Sept. 30 1930.
Production of Pneumatic Casings and Tubes in
September 1931 the Lowest Since Last DecemberShipments Continue to Exceed Output-Inventories Show Further Decline.
According to the Rubber Manufacturers Association, Inc.,
figures estimated to represent 80% of the industry show that
shipments of pneumatic casings and tubes are still at a
higher rate than output. During the month of September
1931 production, according to these estimates, amounted
to 2,537,575 pneumatic casings-balloons and cords-and
10,371 solid and cushion tires, as against 2,692,355 pneumatic casings and 14,361 solid and cushion tires in the same
period last year and 3,124,746 pneumatic casings and 11,643
solid and cushion tires in August 1931. Shipments during
September of the current year totaled 3,145,488 pneumatic
casings and 12,786 solid and cushion tires, as compared with
3,967,087 pneumatic casings and 15,758 solid and cushion
tires in the preceding month and 3,524,141 pneumatic
casings and 23,318 solid and cushion tires in the corresponding period in 1930. Pneumatic casings on hand as of
Sept. 30 1931 amounted to 6,526,762 as against 7,117,037
at Aug. 31 1931 and 7,849,411 at Sept. 30 1930.
Production of balloon and high-pressure inner tubes
during the month of September 1931 totaled 2,759,431 as
compared with 3,053,424 in the same month last year and
3,548,335 in the preceding month. Shipments amounted
to 3,320,103 inner tubes, as against 4,240,403 in August
1931 and 3,632.458 in September 1930. Inventories at
Sept. 30 1031 showed a further decline, amounting to
6,476,191, as against 7,019,217 a month previous and 8,052,121 at Sept. 30 1930.
The Association, in its bulletin dated Nov. 10 1931, gave
the following data:
3160
FINANCIAL CHRONICLE
[VOL. 133.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the indust174
was reported at 85.0%. as compared with 78.6% of the 1930 crop and
80.0%, the 10-year (1920-29) average. This is the highest per cent
merchantable reported since 1922. Favorable weather during October
resulted in a larger than usual percentage_of the crop being husked by
Tubes.
Inner
Casings.
Pneumatic
Nov. 1 in the Corn Belt States.
Stocks of old corn on farms Nov. 1 1931 were estimated at 92,837.000
ShipOutListenShipinsetsOutbushels, or 4.4% of the previous year's crop. On the same date last
merits.
put.
tory,
mtgs,
put.
tory.
year, stocks of old corn on farms amounted to 72,383,000 bushels, or 2.8%
1931of the previous year's crop. The five-year (1925-29) average of farm stocks
7,165,846 2.939.702 2,995.479 7.551,503 2,898,405 3,249,734
January
corn on Nov. 1 was 96,951,000 bushels.
of
7,628,520 3,188.274 2,721,347 7,936.773 3,132,770 2,720,135
February
8,011,592 3,730,061 3,297,225 8,379,974 3,559,644 3.031,279
MarchBuckwheat.
3,708,949
3,693,222
8.025,135 3,955,491 3,945.525 8.330,155
April
Production of buckwheat is estimated to be 10,847,000 bushels, an
8,249,856 4,543,003 4,332,137 8,438,799 4,329,731 4,224,594
May
4,317,543
4,286,467
8,357,768 4,537,970 4,457,509 8,403,401
June
increase of 253,000 bushels above the Oct. 1 estimate. Improved pros7,935.565 3,941,187 4,369,526 7,671,801 3,964,174 4,664,964
July
pects in New York and Pennsylvania, the two principal buckwheat7,117,037 3.124.746 3,967.987 7,019,217 3,548,335 4.240,403
August
3,320,103
2,759,431
producing States, offset decreases in many of the North Central States
6,526,762 2,537,575 3,145,488 6,476,191
September
where the crop is of minor importance. The preliminary yield estimate of
19303,885,717 18.4 bushels compares with 13.5 bushels harvested in 1930, and with 18.5
9,539,353 3,588,862 3,505,404 10.163,267 3,685,410
January
yield. The acreage grown this year Is 21.2%
9.928.838 3,644,606 3,356,104 10.428,968 3,707,066 3,469,919 bushels, the 10-year average
February
smaller than the five-year average acreage.
10.010,173 3,890,981 3,773,865 10,543,026 3,952,921 3,781,789
March
3,078,697
10,461,208 4.518.034 4.071,822 11,027,711 4,408,030
April
4,058,847
Flaxseed.
10.745.389 4,573.693 4,173.177 11,081,523 4,428,377
May
4,212,082
10,621.634 4.097,808 4.234,994 10,889,444 3,959,972
June
A flaxseed production of 11,314,000 bushels is shown by the Nov. 1
4,684,182
3,151,107
9.325.602
4,357,836
3.193,057
9.449,318
July
reports indicating a yield of 3.6 bushels per acre. The present estimate of
8,678,184 8,332,489 4,139,900 8,589,304 3,836,880 4,609,856
August
3,632,458
estimate of last month. 47% below the 21,September._ 7,849,411 2,692,355 3,524,141 8,052,121 3.053,424
2.777.985 production is 1% below the
3,161,048
8,413,578
2,799,440
2.865.933
7,842,150
the five-year average
October
2.230.654 369,000 bushels harvested in 1930, and 46% below
November.... 7,675,786 2,123,089 2,267,465 8,250,432 4,143,609
grown this year is much below the record
7,202.750 2.251.269 2,688,960 7,999,477 2,448,195 2,729.973 production. The 3,132,000 acres
December
acreage of 3,692,000 harvested in 1930. The yield as reported is the lowest
RUBBER IN THE on record. The quality of the crop is reported as 81.3%, or 8% below the
CONSUMPTION OF COTTON FABRICS AND CRUDE
TIRES
10-year average, due chiefly to severe heat damage in the Dakotas and
PRODUCTION OF CASINGS. TUBES, SOLIDS AND CUSHION
Montana.
AND OUTPUT OF PASSENGER CABS AND TRUCKS.
Rice.
Production.
Consumption.
With harvesting approaching completion it is now evident that tho rice
crop in the three Southern States (Arkansas, Louisiana and Texas) will
Passenger
Crude
Cotton
Trucks
Cars.
Gasoline
be approximately 35,000,000 bushels, compared with 34,000,000 bushels
Rubber
Fabrics
(100%)
(100%)
(100%)
(80%)
(unrevised estimate) harvested last year and an average of nearly 33,300,000
(80%)
bushels for the previous five years.
(Gallons)
(Pounds)
(Pounds)
Calendar years:
This year's crop in Louisiana is expected to be nearly 1,400,000 bushels
3,929.535 535,006
165,963.182 518,043,062 10,708,068,000 3,093.428
1928
486,952 less than either last year's crop or the average of the previous five years.
177,979,818 515,994,728 12,512.976,_00
1927
576,540
4,024,590
13,633,452,000
222,243,398 600.413,401
The Arkansas crop is estimated to be 1,000.000 larger than last year and
1928
208,824,653 598,994,708 14,748,552,000 4,811,107 810,549
1929
700,000 bushels larger than the average of the previous five years. The
569,271
2.939.791
16,200,894.000
476,755,707
158,812,462
1930
Texas crop is also large, being more than 9,750,000 bushels compared with
Month of:
144,878 33,521 less than 8,500,000 bushels last year and 7,300,000 bushels for the previous
12,738,467 36,318,980 1,127,832,000
Jan. 1931
39.975
189,264
1,097.208,000
36,651,119
12.002.161
Feb. 1931
241,728 47,696 five-year average.
14.040,803 41,850,638 1,303,302,000
Mar.1931
The yield per acre is expected to be at least 50 bushels per acre in both
299,736 53,131
15,243,625 45,016,344 1,402,800,000
April 1931
47,812 Texas and Arkansas, but in Louisiana only about 35 bushels per acre,
280,041
1,499,904.000
18,009,764 53,417,709
May 1931
42,556
213.741
17,084,749 51,279,827 1.611,540,000
very far from the average for the State.
June 1931
186,258 36,923 which is not
15.139,769 46,696,925 1,657,446.000
July 1931
In California late rice yields are comparatively high and the 1931 crop
158,851 82,890
11,745,425 36,231,633 1,657,446,000
Aug. 1931
111,336 31,878 is now estimated at 7,875,000 bushels, which is 500,000 bushels more than
9,584,599 29,854,183 1,543,500,000
Sept. 1931
either last year's
abroad the parts the Oct. 1 forecast and about 600,000 bushels more than
assembled
cars
and
production
Canadian
include
figures
x These
crop or the average of the previous five years.
Of which were manu actured in the United States.
truck production,
Note.-With the exception of gasoline consumption and car andrepresent
Grain Sorghums.
approxito
the figures shown above since January 1929 are estimatedyears.
prior
for
75%
with
The preliminary estimate of grain sorghum production, including that
compared
as
industry
the
of
80%
mately
which will be fed in the bundle without threshing, is 127,039,000 bushels,
about 2,000,000 bushels less than the Oct. 1 forecast. Continued dry
weather in Texas was responsible for the decline. In 1930, a short crop
Agricultural Department's Official Report on
of 86.514,000 bushels was produced and the average production during the
Cereals, &c.
previous five years was 124,933,000 bushels. The yield per acre this year
estimated at 18.8 bushels, or one bushel per acre less than the 10-year
The Crop Reporting Board of the United States Depart- is
average.
afternoon,
Tuesday
late
public
Potatoes.
ment of Agriculture, made
November reports on the yields secured indicate a potato crop of 382.Nov. 10, its forecasts and estimates of the grain crops of the
bushels, compared with the 1930 crop of 343,236,000 bushels.
United States as of Nov. 1, based on reports and data fur- 325,000
The fall has been unusually favorable for the further development and
nished by crop correspondents, field statisticians and co- harvesting of the potato crop. Frosts had not visited some of the more
operating State Boards (or Departments) of Agriculture. important late potato-growing States up to the end of October and, with
moisture conditions, the crop took on tonnage rapidly. With
This report shows that the production of wheat remains favorable
losses from blight and freezing also low, yields are running above the earlier
unchanged from th estimate of the previous month, the expectations in practically all of the Northern States from Maine to Illinois
spring wheat yield being 109,000,000 bushels and the and Wisconsin, and also in Idaho.
ng the small loss from blight and field frost the quality
winter wheat yield 775,000,000, or together 884,000,000 ofNotwithstandi
the potato crop is reported at 78.8 as compared with 82.8 for the 1930
bushels, which compares with the harvest last year of crop and 86.4, the average for the 10 years preceding. The reports on
be strictly comparable, average lower than in any
612,000,000 bushels for winter wheat and 251,000,000 quality, which may not
863,000,000 bushels. The year since the very dry season of 1901.
for spring wheat, or together
00
probable production of corn is now placed at 2,674,000,0
bushelsbushels, which compares with 2,703,000,000
2,094,the Department's estimate a month ago-and
averfive-year
a
and
year
last
000,000 bushels harvested
age production of 2,761,000,000. Crop prospects during
October improved 0.7%, the unusually warm weather increasing the yields of cotton, potatoes, beans, buckwheat,
sugar beets, peanuts, and rice. Below is the report:
being shown
Crop prospects improved 0.7% during October,improvement
sugar beets, peanuts and
chiefly by cotton, potatoes, beans, buckwheat,
warm October weather with
rice, which were all favored by the unusually
Michigan escaping frost till
large areas even as far north as Southern
the other hand, in some of the
late in October or early November. On
season reported yields of corn
States affected by drouth earlier in the
and some Southern crops, particularly
and flax are below earlier indications
pecans have been hurt by the
sweet potatoes, sorghum, sugar cane and
principal crops, exclusive of
continued dry weather. Combining the 23
11.4% above yields last
vegetables, yields per acre are now expected to be
during the previous 10 years.
Year and 0.6% above average yields
Corn.
bushels as compared
The corn crop is now estimated at 2,674,369,000
and 2,760,753,000 the
with 2,093,552,000 bushels produced last year
estimate is 28,383,000
five-year (1925-29) average production. The present
bushels, or about 1% below the Oct. 1 forecast.
from lack of rainfall
In areas of the Western Corn Belt, which suffered
below those
during the summer, husking reveals yields running slightly
yields are reported
expected on Oct. 1. In other sections of the country,
Western States.
about the same as those forecast last month, except in the
expectations. The
where they are turning out a little better than earlier
in 1930
average yield per acre is estimated to be 25.3 bushels against 20.6
and 10-year average of 28.0.
mature and
Warm dry weather during October permitted the crop to
good,
dry out with practically no frost damage and quality is exceptionally
adjacent
and
although earworms were unusually prevalent in Iowa, Illinois
quality.
merchantable
of
territory. The percentage of the crop, which was
Sweet Potatoes.
From southern Virginia northward the late fall has improved prospects
for sweet potatoes and good yields are being secured, but in most of the
Cotton Belt, where the bulk of the crop is grown, the very dry weather of
September and October seriously reduced both yield and quality. November reports indicate an average yield of 84.4 bushels per acre for the country
as a whole, the lowest yield since that of 1925. As a larger acreage was
planted and the yield is expected to be only slightly lower than that of
last year, the crop is expected to total 73.475,000 bushels, which is 18%
more than the 62,230,000 bushels harvested last year.
Tobacco.
Little change in tobacco prospects occurred during October. The
preliminary estimate of production for the United States is placed at
1,647,975,000 pounds, compared with 1,660,992,000 pounds forecast a
month ago. The present estimate, although, indicating a record crop.
Is only about 0.4% larger than the production in 1930, but approximately
21.4% above the average for the five years, 1925-1929.
Yields reported on Nov. 1 average 786.2 pounds per acre for the country
as a whole, compared with 775.3 pounds last year and 763.8 pounds.
the average for the previous 10 years (1920-1929). The warm, dry weather
prevailing throughout October was unusually favorable for the proper
curing of the crop and in general good colors have been obtained. Quality,
however, is somewhat below average, being reported at 75.8%, compared
with 73.3% last year and 79.0% the 10-year average.
The production offlue-cured tobacco, the type ranking first in importance.
the crop
is estimated to be 687,137,000 pounds, which is about 20% below
of 1930, when the production amounted to 859,831,000 pounds, although
The
1925-1929.
for
the five years,
2.6% above the average production
smaller production of this type, compared with last year, is accounted
for by decreased acreage and substantially lower yields. The average
acre,
yield for the entire flue-cured belt is reported at 664.0 pounds per below
compared with 753.4 pounds last year. Quality of this type is also
last year, being reported at 64%, compared with 70% in 1930.
The production of burley, the second type in importance, is estimated
than the
at 468,502,000 pounds, which would be a record crop, 34% larger
production
1930 crop of 349,263,000 pounds and 72% above the average
acreage and
during the five years, 1925-1929, substantial increase in
Nov. 14 1931.]
FINANCIAL CHRONICLE
above average yields in the burley belt account for the large increase
in production compared with last year. The average yield for
the entire
belt is reported at 877.5 pounds per acre, compared with 739.0
pounds
for the 1930 crop. The quality of burley is unusually high, being
reported
at 84%, compared with 73% reported last year.
The production of fire-cured tobacco, all types combined,
is estimated
to be 201,003,000 pounds, compared with 166,191,000 pounds
harvested
last year. Both yield and quality of these types are reported
above average.
The production of fire-cured, by types, as a percentage of
last year, is as
follows: Virginia, dark-fired, 143: Clarksville-Hopkinsville,
109; Paducah,
138,and Henderson stemming, 122.
Production of the dark-air-cured types, including One
Sucker, Green
River and Virginia Sun-cured, is setimated to be 73,442,000
pounds, compared with 60,990,000 pounds harvested last year. Both yield
and quality
of these types are reported as being good-yield averaging
871.2 pounds
per acre, compared with 781.9 pounds last year, and quality
83% against
78% last year.
Among cigar tobaccos, the production of the filler class
shows an increase from 80.341,000 pounds last year to 88,967,000 pounds
this year,
while the binder class records a decrease in production from
93,363,000
pounds last year to 85,983,000 pounds this year. The
wrapper class also
shows a decrease from last year, the production being
estimated at 8,519,000
pounds, compared with 11,696,000 produced in 1930.
3161
CROP REPORT AS OF NOV. 1 1931 FOR THE UNITED STATES.
Acreage.a
Quality, Per Cent.
1,000 Acres.
Crop.
1931 10-yr.
5-yr.
Per Cl. Average
Average
1931.
of
1920- 1930. 1931
1925- 1930. Prelim. 1930. 1929. Per Cl. Per Ct.
1929.
Per Cl.
Corn
99,568 101,413 105,557 104.1
79.6
78.6
85.0
Winter wheat
36,466 39,514 b40.692 103.0
89.7
93.4
92.1
Durum wheat, 4 States5,380 4,763 3,543 74.4
90.5
87.7
83.8
Other spring wheat, U.S: 15,604 16,243 13,434 82.7 c87.2
86.5
82.7
AR wheat
57,449 60,520 57,669 95.3
89.0
91.5
91.0
Oats
42,553 40,125 41,248 102.8
86.1
91.2
79.8
Barley
10,222 12,901 12,771 99.0
87.2
86.5
77.9
Rye
3,601 3,525 b3,294 93.4
89.6
86.7
83.0
Buckwheat
746
589
588 99.8
88.9
84.4
88.8
Flaxseed
2,909 3,692 3,132 84.8
89.1
84.6
81.3
Rice d
949
959
958 100.0
--__
83.5
89.2
Grain sorghums d
0,494 6,174 6,760 109.5
Hay, all tame
59,172 54,080 54,591 100.9
88:7
85:6
8-4:8
Hay, wild
13,872 13,810 13,283 96.2
88.7
81.6
75.7
Hay, alfalfa
11,171 11,653 12,304 105.0
Timothy seed
535
395
423 107.0
--__
91:9
iiiii
Clover seed, red & alsike_
962 1.037
861 83.0 e87.4
89.5
87.0
Alfalfa, seed
409
324 79.2 e88.8
269
90.4
87.3
Sweet clover seed
251
172
185 107.5
Sugar Crops.
Beans,
dry edible d
1,691 2,067 1,996 96.6
An unusually favorable growing condition for sugar
beets throughout Peanuts (for nuts)
1,096 1,087 1,341 123.4
October has improved sugar beets, both as to yield per acre
-7-7,5
-7-5,7
-iii
7
and sugar Apples, total crop
Peaches, total crop
content. The average yield per acre for the United States is now
82.0
82.5
81.5
forecast Pears.total crop
86.0
85.5
79.5
at 10.9 short tons per acre. The total production is expected
to be about Grapes89.3 83.5
77.3
7,600,000 short tons,compared with less than 7,200,000 forecast as
3,369 3,167 3,506 110.7
86.4
82.8
of Oct. 1; Potatoes
78.8
9,200,000 short tons harvested in 1930 and the average of
832
722
871 120.6
85.4
77.7
78.0
7,355,000 short Sweet potatoes
1,787 2,117 2,096 99.0
Tobacco
tons for the previous five years. Part of the increase over the
79.0
73.3
75.8
Oct. I fore- Sugar beets
675
776
701 90.3
cast of production is due to a larger acreage being harvested than
201
Sorgo
273
for sirup
364
had
135.8
been anticipated. Apparently more than 700,000 acres will be
120
113
118 104.4
harvested, Sug,ar cane for sirup
compared with 776,000 in 1930 and an average of675,000 acres for
394
312 79.2
272
d
the previ- 13roomcom
Hops d
23
21 109.7
20
ous five years. Although the sugar content of the beets is
reported to be
quite satisfactory in the Great Plains area, it apparently will not
a Data for 1930 mostly revised on basis of 1929 census, but or earlier years,
be much
not so revised. b Acres remaining for harvest. c Al! spring wheat. d Principal
above the average for the country as a Whole. If the average
quantity of producing States. a Short time average.
sugar is made per ton of beets, the production of sugar will be
somewhat
more than 1,000.000 short tons, which would be about
The amount of corn remaining on farms in the United States Nov. 1 1931
200,000 tons less
than the quantity madefrom the 1930crop but about thesame as
the amount is estimated at 4.4% of the crop of 1930, or about 92,837,000 bushels,
made from each of the three previous crops.
compared with 72,383,000 bushels on Nov. 1 1930 and an average of 96,Sugar cane in Louisiana has failed to overcome the adverse
conditions 951,000 bushels for the five years 1925-1929.
of the early part of the season so that the yield per acre in the
Sugar Belt
CORN.:
is expected to be only about 15.2 short tons per acre, compared
with 17.1
short tons in 1930, 18.8 short tons in 1929 and 16.2 short tons
in 1928.
Yield per Acre.
Production.y
Production of sugar cane for all purposes is estimated at slightly
(Bushels)
less than
(1,000 Bushels)
2,800,000 short tons. Last year the cane crop was 3,100,000 short
tons
and the average for the previous five years was just under
10-gr.
Harvested, Subject to
2,500,000 short
Average
Slate.
Revision in December. Nov. 1931
tons. If the usual amount of sugar is made from the cane
expected to be
1920- 1930. 1931.
Prelim.
used for sugar. Louisiana will make 160.000 short tons, compared
1929.
with
Average
Estimate.
184,000 made from the 1930 crop and 200,000 from the 1929
1925-1929.
1930.
crop, which
was the largest outturn of sugar in Louisiana since the
introduction of Maine
41.4
42.0
41.0
511
574
540
the new varieties of cane.
New Hampshire
44.6
45.0
47.0
611
658
585
The production of sugar cane sirup in Louisiana is estimated
44.5
43.0
48.0
at nearly Vermont
3.447
2,752
3,168
5,300,000 gallons compared with 6,208,000 last year and an
43.2
46.0
48.0
1,794
1,893
1,728
average of Massachusetts
40.9
42.0
40.0
Rhode Island
5,659,000 during the previous five years. In the eight Southern
384
378
368
States Connecticut
43.6
42.0
42.0
2,329
2,142
2,226
growing this crop, including Louisiana, the present estimate of
production New York
30.0
35.8
41.0
22,761
16,920
22,673
this year is 17,800,000 gallons, compared with 18,400,000 gallons
42.0
36.0
40.5
7,914
6,804
made in New Jersey
6,048
1930 and an average of 21,200,000 during the previous five years.
42.0
22.0
51.0
Pennsylvania
55,127
26,840
64,107
Ohio
38.6
25.5
46.0
Sorghum sirup production is now estimated at only
140,330
88,358
152,664
22,600.000 gallons, Indiana
35.8
26.2
41.5
160.599
116.066
185,671
which is 1,800,000 gallons less than the Oct. 1 forecast,
9,700,000 gallons Illinois
25.5
37.0
35.5
329,948
228,506
338,180
more than the short crop of 1930 and 6.000,000 gallons less than
20.5
32.0
33.6
48,142
25,276
43,008
the average Michigan
crop of the previous five years. Changes from Oct. 1 forecast are
39.2
39.0
31.0
Wisconsin
82,368
79.365
66,247
mostly Minnesota
34.4
31.0
23.5
142,337
139,190
downward in the South due to drouth and mostly upward in
110,779
States north Iowa
32.5
33.5
40.1
442,005
368,388
389,203
of the Cotton Belt.
12.3
28.0
28.3
170,204
Missouri
73,935
171,668
17.5
24.1
21.0
North Dakota
21,553
19,058
25,158
CROP REPORT AS OF NOV. 1 1931.
15.5
5.2
100,527
South Dakota
25.5
79,840
28,392
25.7
16.5
26.6
223,580
Nebraska
247,106
166,584
The crop Reporting Board of the United States Department
of Agri- Kansas
12.0
17.5
21.4
126,793
82,908
116,078
culture makes the following forecasts and estimates for the United
20.4
34.0
33.2
4,570
2,815
4,896
States, Delaware
from reports and data furnished by crop correspondents, field
44.0
39.0
14.7
Maryland
21,593
7,276
22,440
statisticians Virginia
26.8
11.5
33.0
44,077
17,227
50,919
and co-operating State Boards (or Departments) of Agriculture and
Agri- West Virginia
33.7
13.3
36.0
16,432
5.772
15,624
cultural Colleges:
23.0
North Carolina
20.5
48,754
20.7
51,865
60,513
10.2
South Carolina
16.5
21,484
15.1
25,806
20,600
11.0
12.2
47,997
Georgia
12.9
40,953
43,261
Total Production In
11.0
Florida
13.0
12.0
8,038
7,084
7,500
Effihoma
Yield per Acre,
32.5
10.8
81,751
27.2
30.402
91,488
Kentucky
14.1
27.0
69,912
23.9
39.832
80,082
Tennessee
Crop.
5-yr.
10-yr.
10.5
15.5
39,253
Alabama
14.2
29,505
47,910
Average
1931. Average
21.5
33,312
1931.
11.5
Mississippi
16.7
22,540
48,481
1925- 1930. Prelim. 1920 1930. Prelim. Arkansas
18.1
23.0
4.7
33,315
8,404
44,413
1929.
1929.
11.0
18.6
20,936
Louisiana
17.1
12,309
22,487
Oklahoma
20.0
11.6
17.0
56,605
36,436
53,397
Corn, bushels
2,761 2,094 2,674
28.0
20.6
26.3
Texas
18.5
21.0
87,327
20.5
86,710
112,203
Winter wheat, bushels
612
775
547
14.9
15.5
19.0
5,304
Montana
18.2
12.0
10.0
2,160
2,070
Durum wheat,4 States, bushels
57
20
67
12.4
12.0
6.5
38.7
39.0
35.0
Idaho
2,680
1,365
Other spring wheat, U.S. bushels
1,470
207
194
89
12.9
11.9
6.7
20.2
21.0
3,261
M'yornIng
13.0
2,951
3,696
All wheat, bushels
822
863
884
14.2
14.3
15.3
15.4
Colorado
24.5
10.0
18,551
41,234
18,850
Oats
1,317 1,358 1,174
31.1
33.8
28.5
New Mexico
18.2
14.0
20.0
3,544
3,612
Barley, bushels
5,680
265
335
216
25.2
26.0
16.9
Arizona
27.3
33.0
29.0
1,141
1,044
1,122
Rye, bushels
46.1
48.1
36.2
13.5
13.7
11.0
Utah
25.1
31.0
22.0
498
Buckwheat, bushels
496
330
13.4
10.8
7.9
18.5
13.5
18.4
Nevada
25.2
22.0
20.0
50
Flaxseed, bushels
44
40
20.9
21.4
11.3
7.6
5.8
3.0
36.8
38.0
1,791
Washington
39.0
1,521
1,482
Rice, bushels b
40.9
41.3
43.0
41.2
43.1
44.9
Oregon
32.8
33.0
35.0
Grain sorghums. bushels b
2,682
1,980
2,135
124.9
86.5 127.0
19.8
14.0
18.8
California
33.4
30.0
33.0
Hay,ill tame. tons
2,535
2.970
2,700
94.4
77.8
79.3
1.56
1.44
1.45
Hay, wild, tons
13.1
11.8
9.1
.99
.86
.68
United States
25.3 2,700,753 2.093,552 2.674,369
Hay,alfalfa, tons
28.0
20.6
29.3
28.6
25.5
2.62
2.46
2.08
Timothy seed, bushels
2.03
1.74
1.70 c3.75
x Grain equivalent on acreage for all purposes. y Data for 1930 revised on
4.41
4.02
Clover seed (red and aisike) bush. 1.40
1.61
1.39
1.47
basis of 1929 census. Not revised for earlier years.
1.55
1.61
Alfalfa seed, bushels
.85
1.16
.83
3.24
2.83
2.57
Sweet clover seed, bushels
1.04
.69
.05 c4.11
4.04
3.54
Beans, dry edible, bushels b_
18.4
22.1
20.4
11.1
10.7
10.2
Soy beans
____
Chevrolet Motor Co. Reopens Ohio Plant.
___ c12.0
11.8
13.6
Peanuts (for nuts), lbs
796
727 1,001
702
669
746
Cowpeas, bushels
___
Chevrolet Motor Ohio Co., after a temporary shutThe
__
c5.8
5.1
6.5
Velvet beans,lbs
----------------794
732
down for needed repairs, has reopened its plant, recalling
Apples, total crop, bushels
174
164
220 d51.9 d52.3 d72.1
Apples, com'l crop, bbls
32.0
33.7
36.2 d61.0 d58.2 d69.4
1,500 workers, including both night and day cl'ews, acPeaches, total crop, bushels
e55.2 e53.6
77.9 d62.7 d52.8 d79.8
Pears. total crop, bushels
22.1 e27.6
cording
to Toledo Associated Press advices, Nov. 6.
24.2
d70.2
d73.8
d66.1
Grapes, tons f
e2.40 e2.46
1.61 d78.0 d81.4 d54.4
Pecans,lbs
52.0
44.5
75.5
d42.5
d39.0
d59.7
Potatoes,bushels
381
343
382 110.6 108.4 109.0
Ford Motor Co. to Give Employment to All UnemSweet potatoes, bushels
80.3
62.2
73.5
95.2
86.2
84.4
Tobacco, lbs
1,357 1,641 1,648
ployed in Dearborn.
764
775
786
Sugar beets, tons
7.36
9.20
7.62
10.4
11.9
10.9
Sago for sirup, gals
28.6
12.9
advices from Detroit, Nov. 6,
Press
22.7
Associated
80.7
64.2
83.0
sugar cane for sirup, gals
21.2
18.4
17.8 181.9 163.2 150.6
Mayor Clyde M. Ford of Dearborn announced to-day that the suburb's
Broomcorn, tons b
845.0 650.2 11.47.1 6318.4 h264.0 h302.2
imps, lbs. b
unemployment
problem was at an end as a result of the decision of the
31.4
23.4
25.3 1,268 1,202 1.181
Ford Motor Co. to begin hiring the 2,500 unemployed men in the suburb
a Data for 1930 mostly revisedon basis of 1929 census Not revised
for earlier
years. b Principal producing States. c Short time average.
Monday.
d Production in next
Percentage of a full crop. e Includes some quantities not
Mayor Ford's announcement followed a conference with Charles E.
harvested. f Production
Is the total for fresh fruit, juice, and raisins. a Thousands
of tons. h Pounds.
Sorenson, general manager of the company, and other Ford officials.
stated:
FINANCIAL CHRONICLE
3162
[VOL. 133.
Ftench Grain Increases-More Wheat, Rye and Oats
Expected Than in 1930.
Despite the fact France had one of the rainiest summers
in many years, the Ministry of Agriculture predicted on
The Paper and Pulp Industry for September-Increase Nov. 11 there would be substantial increases in this year's
in Total Paper Production Over August.
grain harvest over that of last year. A cablegram from
According to identical mill reports to the Statistical De- Paris to the New York "Times," noting this, added:year's
Figures published in to-days "Journal Official" estimate that the
partment of the American Paper and Pulp Association from
wheat harvest will be 269,313,958 bushels, against a little more than
average
daily
the
tions,
organiza
ting
members and co-opera
230,000,000 bushels in 1930.
The rye harvest for 1931, it is predicted, will attain 28,911,309 bushels,
of total paper production in September increased 5% over
daily
against slightly more than 27,000,000 bushels last year.
August but was 6% under September 1930. The
It is estimated that 183.369.356 bushels of oats will be produced this
average wood pulp production in September was 6% above year, as compared with slightly more than 161.000,000 bushels in 1930.
AssociaThe
August 1931, but 7% below September 1930.
tion's survey dated Nov. 10 continues:
State-Wide Corn Purchasing Campaign in Iowaaverage production
Compared with September a year ago, the daily
Business Men and Salaried Workers Appealed to.
, uncoated book,
registered a decrease in the following grades: Newsprint
Compared with August
A
State-wide corn-purchasing campaign, resembling
wrapping, writing, hanging and building papers.
in the daily average
1931.the following percentage decreases were registered
Loan campaigns, intended to
8.0%,and hang- roughly the wartime Liberty
production: Uncoated book,2.9%; wrapping,7.7%;tissue,
000 in the hands of Iowa
$10,000,
to
put
00
from
$8,000,0
ing. 7.6%.
paper was 9.5% farmers, was started on Oct. 30, according to Associated
The nine months' cumulative total of production of
were 8.8% smaller
below the corresponding period in 1930 while shipments
es from Des Moines, which likewise said:
d, bag and building papers have Press dispatch
"There will be no unemployment in Dearborn," the Mayor said. "Every
bona fide resident of Dearborn will have a job."
Mayor Ford is a cousin of Henry Ford.
than a year ago. Newsprint, paperboar
a
tissue and hanging
The plan calls for the sale of millions of bushels of Iowa corn at 60 cents
shown improvement while uncoated book, writing,
end of the nine- bushel, starting early in November. Every Iowa business man and every
papers showed practically no change in production at the
to purchase
salaried person receiving $2,400 or more annually will be asked
month period as compared with the end of the eight-month Period.
for this year at least one unit of 100 bushels.
The nine-months'cumulative total of wood pulp production
. Buyers
purchasing
1930.
Farmers who desire to do so may participate in the
was reported as 16% below the level of the same period in 30.2% below
corn
will receive warehouse receipts as evidence of their purchases and the
Total shipments of wood pulp to the outside market were
sulphite, mitscher- will be protected, not in cash, but with coupons, which must be exchanged
the level of the nine months' total of 1930. Bleachedmarket
were greater with their local merchants for merchandise.
Bch sulphite and kraft pulp shipments to the open
along
After the coupons have served their purpose in stimulating trade all
than in the first nine months of 1930.
the end of Septem- line they may be cashed at the banks.
Total wood pulp inventories showed a decrease and at
All grades, excepting
ber were 20.5% below the level of September 1930.
s below the level
easy bleaching and mitscherlich pulp, showed inventorie
Total of 7,985,350 Bags of Santos Co?fee Harvested
of September 1930.
and Put in Warehouse in Three Months Ended
MILLS FOR THE
REPORT OF PAPER OPERATIONS IN IDENTICAL
September.
1931.
ER
MONTH OF SEPTEMB
Grade.
Production,
Tons,
Shiptrunas.
Tons.
Stoats on Hand
End of Month,
Tons.
91,241
65,558
163,622
39,638
12,363
21,154
6,025
3,040
5,915
14,388
90,303
66,771
164,460
39,406
12,342
22,089
6,390
2,972
5,730
14,368
33,517
47,056
57,657
44,147
4,960
45,991
3,799
3,121
3,148
14,208
422,922
3,941,597
4,355.299
424,831
3,944,288
4,324,169
257,604
257,604
268.062
Newsprint
Book, uncoated
Paperboard
Wrapping
Bag
Writing, dal
Tissue
Hanging
Building
Other grades
Total all gradesSeptember 1931
9 mos., 1931
9
, mos., 1930
AL MILLS FOR THE
REPORT OF WOOD PULP OPERATIONS IN IDENTIC
MONTH OF SEPTEMBER 1931.
Grade.
Production,
Tons.
Groundwood
Sulphite news grade...
Sulphite bleached
Sulphite easy bleaching
Sulphite ranscherlich
Kraft pulp
Soda pulp
Pulp-Other grades...
62,998
26,783
18,116
2,717
3208,
25,437
13,976
471
Total all gradee153,686
September 1931....
1,524,289
9 mos., 1931
1,817,408
1930
I/ mos.,
Shipped Dar- Mocks on Hand
of Month.
Used During Ow Month, EndToss.
Tons.
Month, Tons.
53.400
1,862
67,299
6.641
837
25,955
3,083
2,912
14,980
1,367
231
2,322
1,830
859
1,844
3,652
5,012
21,046
2,283
2,638
11,987
209
50
443
145,876
1,389,924
1,803,181
14,001
131,103
187,812
72,534
72,534
91,283
-
Germany Restricts Wheat Import Duty.
the
The following from Washington, Nov. 11, is from
New York "Journal of Commerce":
nt of a decree, effective Nov. 16,
F Issuance by the German Governme
hard wheat of 11.25 reichsmarks
restricting the reduced import duty on
mills in operation in
per 100 kilos to hard wheat imported by semolina
to the Department of ComGermany prior to Oct. 1 1931, was reported
Commercial Attache Douglas Miller
merce to-day, in a cable from Acting
at Berlin.
of hard wheat for making semolina is to
The reduced duty on imports
said. The regular duty on wheat imported
expire July 31 next, it was
reichsmarks for 100 kilos.
into Germany Is 25
The current Santos coffee crop is coming into the interior
warehouses at an unusually rapid pace, according to cable
advices to the New York Coffee & Sugar Exchange. During
July, August and September, the first three months of the
1931-32 crop year, a total of 7,985,350 bags were harvested
and put in warehouse. In the same three months period
last year a total of 4,146,250 bags was harvested and put
into the warehouses.
Decrease in World's Visible Supply of Coffee Nov. 1
as Compared with Oct. 1.
The world's visible supply of coffee on Nov. 1 1931,
without the interior stocks of Brazil, shows a decrease of
over 200,000 bags when compared with Oct. 1 1931, according to statistics compiled by the N. Y. Coffee & Sugar
Exchange. The supply on Nov. 1 was 6,374,431, compared
with Oct. 1, when the total was 6,577,586 bags. This
compares with 5,050,996 bags on Nov. 1 1930, says the
Exchange, which further states:
shows an
Consumption of coffee in Europe, as estimated by deliveries,
over the
increase during the four months of July to October, inclusive,
during the four
similar period in 1930. Consumption was 3,687,445 bags
during the similar
months' period this year compared with 3,537,557 bags
consumption decreased
period last year. During the same period, world
year.
this
from 7,517,361 bags last year to 7 358 8'32 bags
No Further Cuban Sugar Restrictions Proposed.
From Havana the "Wall Street Journal" of Nov. 11
reported the following:
n, conferred
Rodriguez Blanca, President of Sugar Planters' Associatio
nal Sugar Council, who
with Francis J. Powell, chairman of Internatio
Inasmuch
told him that Cuba has no reason to further restrict its next crop
markets had
as the quota assigned to the Island for sale in European
g of
a
to
diminishin
suggest
been well absorbed and there was nothing
that demand.
Cuban Sugar Crop.
President Machado, in a message to Congress regarding
the past sugar crop, said (according to Havana advices to
the "Wall Street Journal" of Nov. 7): "In the crop of 1931,
140 sugar mills produced 3,120,796 tons of sugar, yielding
le Growers and
'National Federation of Vegetab
of cane ground, the greatest yield obtained ill
12.38%
Cuba.
Exporters Organized in
Cuba."
d in special corresInformation as follows was containe
d in the New
publishe
25,
Oct.
F. E. Powell of International Sugar Council Reassures
pondence from Havana,
8:
Nov.
Cuba on Sugar Plan-Surprise at Opposition to
of
"
"Times
has
York
Vegetable Growers and Exporters
of
Federation
National
;
vegetables
Chadbourne Pact.
The
transportation facilities for
been organized to obtain better
tariff agreements
favorable
seek
markets;
E. Powell, President of the International Sugar
Francis
to develop home and foreign
with the
products; work in co-operation
has been in Cuba for four days conferring with
who
with countries consuming Cuban
Council,
-growing
crop
latest
of
benefit
the
Department of Agriculture; give members
of Cuba. members of the National Sugar Exporting Corporation and
production
vegetable
methods and in general to increase the
supervision of General Eugenio the Sugar Institute in regard to the Chadbourne plan for
The Federation was formed under
receive
Commerce and Labor, and will
Mollnet, Secretary of Agriculture,
stabilizing the world sugar market, left Havana on Nov. 12
tion.
Administra
the
of
support
s,
the hearty
past
the
during
steadily
with a final statement of reassurance to Cuban producer
Cuba's vegetable production has increased
their efforts in this direction but (according to advices to the New York "Times"), his
ifsa years and more farmers are devoting
due to the low price of cane.
Nov. 14 1931.]
FINANCIAL CHRONICLE
visit has not allayed the fears of Cuban planters as to
restriction of the next crop. The following is also from
the "Times" advices:
"Every country in the international agreement can be relied upon to
fulfill its obligations under it," said Mr. Powell. "That obligation is
primarily to restrict production and prevent the accumulation of stocks.
I feel that underlying conditions are moving toward health and renewed
prosperity for the sugar industry and that, through the Chadbourne plan,
a way will be fund for assuring to the industry a strength and stability
such as it has never before enjoyed. • • •
"American production is apparently standing still and every presure
should be brought to bear, particularly upon Porto Rico and the Philippines, to follow Cuba's example in restraining production . . . and
allow Cuba her fair share of the American market."
As did Thomas L. Chadbourne on his recent visit. Mr. Powell appealed
to Cuban planters to have patience and give the plan a chance to solve
the situation.
Nevertheless, the planter, with reports before him of a bumper crop in
Java and increased production in Porto Rico and the Philippines, rumors
of dumping by Russia, is in no mood to await the passage of time to benefit
from what he feels to be a highly problematical plan when he is struggling
for his very existence. Letters have poured in from all parts of the island
to Mr. Powell, expressing the opinion of cane planters that the Chadbourne plan should be abandoned, arguing that Cuba has made greater
sacrifices than any other country signatory to the Brussels agreement and
they are opposed to further restriction.
Mr. Powell expressed surprise at the tremendous amount of opposition
to the plan, but said: "The people of Cuba may rely upon the International
Sugar Council to do everything in its power to promote the welfare of Cuba
along with that of all other countries which produce and export sugar."
The restriction decree, which was to have been issued no later than Nov.
10, will be promulgated between now and Dec. 31. The Sugar Institute
has not yet compiled all the data necessary for calculation of quotas.
3163
Protest by National Coffee Roasters Association
Against More Coffee-Wheat Deals.
In its Oct. 29 issue the "Wall Street Journal" reported
the following from Chicago:
National Coffee Roasters` Association has adopted a resolution protesting against repetition of the Federal Farm Board's recent wheat-coffee
trade with the Brazilian Government. In the same resolution, however,
the association expressed appreciation of Grain Stabilization Corporation's
"evident desire to protect the interests of the entire coffee industry" to
disposing of the coffee it has acquired, and also commended the co-operation
which was received from the Government agency.
Strike at Lawrence (Mass.) Textile Mills Ends—Pacific
Mills Remain Closed.
The strike of 23,000 Lawrence textile workers (Lawrence,
Mass.) against a 10% reduction in pay collapsed on Nov. 9,
said a Lawrence dispatch on that date to the Boston "Herald"
from which the following is also taken:
More than 15,0011 flocked back to the mills, in defiance of their labor
leaders, but there were jobs for only 9,000 of them. In addition SAO
others, all employed by the Pacific mills, were deprived of a chance rif
returning because those plants have been closed indefinitely.
At the closing of the mills to-night, there were less than 4.000 handle
who still were holding out against the reduced wage scale.
The return to work of the men was far more general than even the most
optimistic mill executive had predicted. The millmen said that in
few weeks they expect to be able to employ everybody who desire to work.
Associated Press dispatches from Lawrence on Nov. 9
said in part:
The return of the workers to-day followed an announcement last week
by the citizens committee that the textile companies were determined to.
to be uncompromising in their stand for the wage adjustment.
Labor leaders, including Robert J. Watt, Secretary of the Massachusetts.
Federation of Labor, and Horace Riviere, organizer for the United Textile
Workers of America, affiliated with the American Federation of Labor,
Increasing agitation by the coffee growers of Sao Paulo and Minas Geraes Yesterday counseled the workers to be their own judges of whether they
is forcing the Federal Government to consider their proposals seriously, should return to work or not. Both Mr. Watt and Mr. Riviere warned,
and Provisional President Vargas held an emergency Cabinet meeting against violence in the event that the strike was to be prolonged.
yesterday.
The strike which began six weeks ago, had affected theAll the growers' organizations are demanding that the Government immediately destroy the 18.000,000 sacks held in Sao Paulo warehouser, but American Woolen Co., Arlington and Monomac Mills andi
the Government is unable to comply to the £20,000,000 loan made against the George E. Kunhardt Co., which had made a 10% cut
surplus coffee under the political regime.
wages. The following Lawrence a.dvices Nov. 9 are.
The Government yesterday proposed a compromise, suggesting the in
immediate destruction of 12,000,000 sacks and the retention of 6,000,000 from the New York "Journal of Commerce":
of the finer grades for sale. The entire project is dependent upon the
The Arlington gave work to 3,500 out of the 6,000 operatives who rewillingness of the foreign bankers to refinance the loan.
ported at the mill gates this morning. About 650 of the 750 normally
The Government proposes to substitute a four-year ten Imbibing coffee employed by the Monomac were inside the mill when the whistles sounded.
export tax as a guarantee of the loan in order to destroy the surplus coffee The Kunhardt reported that all of its force of 450 operatives had returned.
now used as a guarantee.
The Stevens mills reported that all of its 250 workers were rehired this
morning.
The American Woolen Mills reported a similar situation. Of the 1,200
Plan to Eliminate Coffee Carryover—Brazil to Destroy who applied at the Shawsheen, 500 were given jobs. The Washington
hired
500 out of the 4,500 who sought work. The Wood Mill accepted
All Interior Stocks If Planters and Creditors
2,000 of the 6,000 workers who entered the gates, while the Ayer gave
Agree.
work to 400 out of the 1,200 who applied.
Brazilian Growers Urge Coffee Destruction—Want
18,000,000 Sacks Burned, Cabinet 12,000,000.
From Sao Paulo Nov. 12 the New York "Times" reported
the following:
The following is from the "Wall Street Journal" of Nov.6:
See Last Strike for Lawrence.
The plan proposed by the Sao Paulo Farmers' Commission for the
early
The general opinion hero is that Lawrence has seen its last strike. Sentidestruction of the entire interior stocks of coffee in Brazil is being given ment
here is opposed to the efforts of the American Federation of Labor
Increasing attention, according to Rio do Janeiro orifices received
by the and similar organizations which sought to prolong the disturbance, hoping
New York Coffee & Sugar Exchange. It is believed that Minister of to
make Lawrence the test of the wage cuts imposed in all sections of the
Finance Whitaker agrees with the proposal in principle, provided that coffee country.
It is also believed that the ending of the strike marks the conplanters show a sufficiently united front and creditors accept the guarantee clusion of the sporadic distrubances that have marred the industrial hisof a 10 shilling export tax for four years instead of the proceeds from the tory
of New England for the last five years.
sale of the 16,500,000 bags of coffee pledged in the $97,300,000 "realization"
The strike has undoubtedly caused a heavy loss in business to mills
loan of April 1930.
located in this area. The loss in pay rolls is between $2,500,000 and
Under the present system, this pledged coffee is being liquidated on the $3,000,000. It is certain that scores will possibly never find employment
world markets at the rate of 1,650,000 bags yearly. All interest pay- in
the mills again. The city has gained such a reputation as a hotbedments to date have been met promptly.
of radical labor activity that few industries can be prevailed upon to take
As of Nov. 1 there were 1.545.000 bags of coffee in Rio interior warehouses
over the vacant mills here. The Uswoco Mill, which was erected in 1911
243,000 in Victoria and 23,502,000 in Santos storehouses, or a total of at
a cost of $900,000 was sold at auction for $4,500 last week and will be
25,200,000 bags.
used as a furniture warehouse. Owners of other vacant plants have
The present Brazilian crop is about 25,000.000 bags, or 9,000,000 over
been unable to obtain bids for their property.
the most, optimistic figure that can be given for that country's possible
A surplus of textile operatives has resulted from the shutdown of the
export sales. An export tax of $2.43 a bag is now being collected on each
Pacific Mills and the loss of business suffered through cancellations by
bag exported, with the proceeds devoted to the destruction of surplus stocks.
other mills on account of the strike. It Is prboable that none of the mills
If 16,000,000 bags are exported this season, it will be possible for the Govwill resume full time operation for months. Indications are that 10,000
ernment to destroy 9,720,000 bags, or 720.000 more than the surplus
from workers will be unemployed during the winter months. Men in close
the present crop. The new crop to be mowed next July is placed
at from touch with mill managers state that the worsted div'sion of the Pacific
13,000.000 to 17,000.000 bags, or more in line with export needs.
may not reopen until January.
While the removal of the vast oversupply that has been
overhanging
In the meantime, It is likely that efforts will be made to weed out the
the market would undoubtedly enhance coffee prices
materially, and undesirable and lawless element that started the strike and who prevented
thus improve the financial condition of Brazil, it is unlikely that
either the those desiring to do so, from returning to work.
entire group of planters will agree to the destruction, particularly if
the
forthcoming crop looks poor, or that the foreign banking syndicate
Tax Rise Feared.
will
concur in this suggestion.
Police officials said that some of those out of work and whom mills
refuse to re-employ may endeavor to prolong the strike, but sentiment is
so strong against tactics of this sort that little trouble is anticipated.
Brazil's Coffee Exports Increase.
Mills, however, are fearful of a rise in the tax rate. The city has been
A wireless message Nov. 5 from Sao Paulo to the New spending money extravagantly and many here predict a rate of $40 per
thousand. This rise would offset the reductions won by mills last year.
York "Times" stated:
An effort is on foot to cut down city expenditures, but is meeting with
The Rio de Janeiro Government announces coffee statistics
for the first the opposition of politicians and the hundreds employed by the City.
nine months of this year, showing 13,200,000 sacks as
paid by the city to unskilled labor are almost double the wages
Wages
compared with
11.294,000 for the same period of last year. Despite the increase
In the paid by mills. Merchants and property owners have repeatedly warned
number of sacks exported this year, the income
decreased by about city ofPcials to cut down expenditures but their warnings have not been
$55.000,000.
heeded.
At the closing of the orals tonight, there was an absence of violence of
any sort. Police repeated their precaution of the morning in placing
Brazil Abandons Coffee Deal with Russian Soviet.
ample guards around each of the mills, but it was evident that the strike
is quickly becoming a closed chapter in the city's industrial history.
Sao Paulo (Brazil)
stated:
Associated Press accounts 03t. 30
Negotiations between Soviet Russia and Brazil for the
sale of half a
million sacks of coffee failed to-day because of the Brazilian Coffee
Institute's fear that the Soviets would dump their purchase on European markets.
Negotiations were instituted in July with the Institute proposing
to
sell coffee cheaply to Russia for advertising purposes.
10% Wage Cut at Cotton Mills in New Bedford, Mass.
to Take Effect Dec. 7—Union Agreement Likely.
Twenty thousand officers, executives, salaried employees
and wage earners of the sixteen mills in the cotton goods
3164
FINANCIAL CHRONICLE
FoL. 133.
manufacturing centre at New Bedford, Mass., will be affected by a 10% wage cut, effective the week of Dec. 7, it
was announced on Nov. 10 by the New Bedford Cotton
Manufacturers' Association, according to a New Bedford
dispatch to the New York "Times", which also said:
chants of New York. The figures cover a period of four
weeks.
Stocks on hand at the end of October amounted to 255,833,000 yards as against 244,924,000 yards at the beginning
of the month, according to the Association, which continues:
The possibility of a general strike, similar to that which has crippled
the Lawrence woolen textile trade, seemed unlikely tonight, because of
the announcement by the executive council of the New Bedford Textile
Council that an investigation by the union leaders had disclosed the manufacturers' claims of general reductions in competing centres were founded
on fact.
The council, without recommendation, referred the announcement from
the manufacturers to the local union for voting.
Shipments during October were 216,207,000 yards against production
of 227,116,000 yards. Sales amounted to 333,679,000 yards, which were
146.9% of production and 131% of the total goods on hand at the end
of the month. Unfilled orders of 344,639,000 yards on Oct. 31 show an
increase of 117,500,000 yards, or 51.7% over the business on hand at the
close of September.
In actual yardage, as well as in percentage, this is the greatest improvement in orders on hand recorded in any single month since these statistics
have been gathered. This rather clearly indicates that buyers generally
are coming to the conclusion that the record low price on cotton and correspondingly low prices on cloth warrant forward commitments and that
hand-to-mouth buying is being abandoned in favor of more liberal purchasing policies.
It also carries a reasonable assurance that the employees of the cotton
textile industry will, in the main, be kept fairly busy during the coming
winter.
These statistics are compiled from data supplied by 23 groups of manufacturers and selling agents reporting to the Association of Cotton-Textile
Merchants of New York and the Cotton-Textile Institute. These groups
report on more than 300 classifications or constructions of carded cotton
cloths and represent the major portion of the production of these fabrics
In the United States.
Production Statistics October 1931.
The following statistics cover upwards of 300 classifications or constructions of carded cotton cloths., and represent a very large part of the total
production of these fabrics in the United States. This report represents
yardage reported to our Association and the Cotton-Textile Institute, Inc.
It is a consolidation of the same 23 groups covered by our reports since
October 1927. The figures for the month of October cover a period of
four weeks.
October 1931 (Four Weeks).
227,116,000 yards
Production was
333,679,000 yard3
Sales were
146.9%
Ratio of sales to production
218,207,000 yardS
Shipments were
95.2%
of
production
to
Ratio shipments
244,924,000 yards
Stocks on hand Oct, 1 were
255,833,000 yards
Stocks on hand Oct. 31 were
Increase 4.5%
Change in stocks
227,167,000 yards
Unfilled orders Oct. 1 were
344,639,000 yards
Unfilled orders Oct. 31 were
Increase 51.7%
Change in unfilled orders
Globe Woolen Mills at Utica, N. Y. to Reopen in Dec.
Associated Press dispatches from Utica, N. Y., Nov. 1,
stated:
The Globe Woolen Mills, closed since March 1930, will be opened by
the American Woolen Co. in December, employing about 800 men.
Egyptian Cotton Crop Estimated by Alexandria General
Produce Association.
I The Alexandria General Produce Association estimates
She cotton crop of Egypt at 6,500,000 cantars of 99.049
pounds each, which is equivalent to approximately 871,000
Egyptian bales of 739 pounds net weight, or to 1,350,000
American bales of 478 pounds each, according to a cable
received by the New York Cotton Exchange Service. The
latter's advices Nov.6 add:
This is slightly larger than the latest estimate of the Egyptian Government issued about a month ago, which put the crop at 6,416.000 canters, or
the equivalent of 860.000 Egyptian bales or 1,333,000 American bales.
It has been estimated in trade circles in Alexandria that the crop is about
300,000 canters larger than the Egyptian Government's estimate, or about
crop
900,000 Egyptian bales or 1,395.000 American bales. The Egyptian
last year totaled 1,114,000 Egyptian bales or 1693.000 equivalent American
bales.
Census Report on Cottonseed Oil Production During
October.
rning Crude Registers
On Nov. 12 the Bureau of the Census issued the following Petroleum and Its Products-Co
I. States Favorable
P.
-A.
Advance
Five-Cent
hand
on
and
crushed
received
cottonseed
showing
statement
Conference.
Curtailment
Oil
World
on
Stand
on
out,
and cottonseed products manufactured, shipped
With few further price changes occuring in the crude oil
hand and exports during the month of October 1931 and 1930.
market, interest in the industry was concentrated on the
COTTON SEED RECEIVED. CRUSHED AND ON HAND (TONS).
American
Petroleum Institute meeting in Chicago, where,
On Hand at Mills
Crushed
Received at Mills.*
among other developments, the Institute indicated its
Oct. 31.
Aug. 1 to Oct. 31. Aug. 1 to Oct. 31.
State.
willingness to officially discuss world oil conservation, and
1930.
1931.
1930.
1931.
1930.
1931.
a comprehensive oil program as suggested by Secretary
heard
95,905
59.926
167,089 238.310 107,832 142.671
Alabama
4,908 of Commerce Lamont.
5,454
17,825
8,690
14.095 22,487
Arizona
56,602
111,992
89,938
202,238 143,490 91.021
Arkansas
Amos L. Beaty, newly elected President of the A. P. I.,
21,356
20,399
17,634
26,356
39,572
36,833
California
47,756 132,719 approved of the world conservation movement as one of his
170,200 370,444 123,823 238.454
Georgia
56,208
59,958
73,883 89,572
133,189 145,110
Louisiana
306,785 341,961 144,152 191,187 163,714 160,749 first official acts. He cabled the Association of Rumanian
Mississippi
43,606
37,621
88,002
53,601
90,215 131,244
North Carolina
97,749 65,928 Petroleum Industrialists that the A. P. I. believes benefit
65.728
83,532
177,986 129,374
Oklahoma
40,313
16,506
85,619
59,326
74,927 125,538
South Carolina
76,287 might result from a world conference of oil producers. He
76,863 118,053
182,405 150,555 64,580
Tennessee
948,223 837,177 528,999 536,681 432,717 317,217 revealed that the A. P. I. is willing to call such a conference
Texas
15,591
20,747
21,056
15,431
36,645
36,127
All other States
"if desired." The recent plan for world oil conservation spon2.540.312 2.711.907 1.372.504 1.889.952 1,192,592 1.087,389
United States
sored by Royal-Dutch-Shell officials was rejected by the
.• Includes seed destroyed at mills but not 24,784 tons and 45,434 tons on hand
Institute as a basis of discussion, however, as "neither this
Aug. 1, nor 6,705 tons and 18,171 tons reshipped for 1931 and 1930, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON plan nor any other involving a definitive agreement between
HAND.
producers to restrict production could be accepted owing to
Shipped out
Produced
laws of the United States."
the
On Hand
Aug. 1 to
Aug. 1 to
Season. On Hand
Item.
The address of Secretary Lamont emphasized that Federal
Oct. 31.
Oct. 31.
Oct. 31.
Aug. 1.
is essential for the protection of the consuming
*8,086,071 422,925.729 360,099,944 *115,978,927 participation
Ciaude e11, Ms- 1931-32
7,893,957 504.669,081 445,460,490 111,631,523 public in any program to stabilize the oil industry, and
1930-31
a231,078,953
Refined MI, lbs_ 1931-32 a277.836,530 8282,599,351
254,762,491 offered a program containing three integral points which, if
1930-31 301,609,092 361,993,221
137,683
627,521
614,913
150,291
Cake and meal, 1931-32
202,357 carried out, would in his opinion, assure a fair price to con750,901
603,896
55,352
tons
1930-31
159,660
384,403
272,561
47,818
1931-32
Hulls, tons
return on capital investment to the industry.
163,106 sumer and a fair
462,664
328.053
28,495
1930-31
247,099 Mr. Lamont's outstanding points included co-ordination of
212,997
140,896
174.998
Linters. running 1931-32
256,214
168,702
135,220
289,696
1930-31
bales
8,385 State production by an inter-State pact; uniform State oil
7,872
3,051
3,564
Hull fiber (500- 1931-32
9,499
7,460
4,698
2,659
.- 1930-31
lb.
conservation laws; and an equation of foreign and domestic
es
bales)Grabbots.mot,
5,902
4,116
14,660
12,874
1931-32
lb..
eze., (500
production by a joint Federal-State board created by the
273
16
6.001
9.498
12.776
1030-21
hst16*6
compact. The Secretary of Commerce, discussing the action
* Includes 3,267,812 and 16,139,823 pounds held by refining and manufacturing
establishments and 3,011,840 and 35,206,900 pounds In transit to refiners and taken in Texas, Oklahoma and Kansas to curtail production
consumers Aug. 1 1931 and Oct. 311931, respectively.
a Includes 4,207,734 and 1,496,190 pounds held by refiners, brokers, agents, and through enforcement by State militias, praised the steps,
establishments and
warehousemen at places other than refineries and manufacturing of
lard substitute, saying that "after five years of evolution we have the be3,585,902 and 9,111,547 pounds In transit to manufacturers
respectively.
311931,
Oct.
and
1931
1
Aug.
oleomargerine, soap, Sze.
ginning of a solution."
S Produced from 303,020,627 pounds of crude oil.
On Saturday, Nov.7, the Joseph Steep Purchasing Agency
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDED
announced an advance of 5c. per barrel in Corning, Pa.,
SEPTEMBER 30.
1930.
Item392,257 crude. Monday, Nov. 9, the Stoll Refining Co. posted a
7
131,600
19
011-Crude, pounds
8
17
56
4:2
2,382
1,026,576
Refined, pounds
15c. advance in crude in its Kentucky lines, the new price
13,850
Cake and meal, tons of 2,000 pounds
11,495 being 750. a barrel at wells.
9,575
Linters, running bales The crude oil situation was in the main unchanged this
Production, Sales and Shipments of Cotton Cloths week. The new prices announced last week were strongly
maintained, with indications pointing to further advances
During October.
Reports of production, shipments and sales of carded in Oklahoma and Texas.
cotton cloths during the month of October 1931 were made , E. B. Reeser, retiring President of the A. P. I. and Presipublic Nov. 9 by the Association of Cotton Textile Mer- dent of the Bamsdall Corp., announces that he is "consider-
Nov. 14 1931.]
FINANCIAL CHRONICLE
ing further" the proffer of the presidency of the Oil Producers Sales Agency of California, made public last week.
This post would amount virtually to a rulership of the sales
policy of California crude .producers.
The industry as a whole is not disposed to take seriously
the filing of ouster charges against 18 of the leading companies
and associations by the Attorney-General of Texas, who
charges evasion of that State's anti-trust and corporation
laws. Those made defendants include the Standard Oil
Companies of New Jersey and California, American Petroleum Institute, Texas Petroleum Marketers' Association,
Gulf Refining Co., Continental Oil Co., Sinclair Oil & Gas
Co., Simms Oil Co., Cities Service Oil Co., Texas Co.,
Texas Pacific Coal & Oil Co., and others. It is pointed out
in the industry that the code of marketing practices under
which the alleged violations were committed were approved
by the Federal Trade Commission, and that upon this body
rests the responsibility. The Attorney-General charges that
the American Petroleum Institute was the agency through
which the alleged conspiracy was operated, and that the Institute was controlled and subsidized by the defendant
companies.
Price changes of the week follow:
Nov. 7.-Joseph Steep Purchasing Agency posts 5c. advance in Corning,
Pa., crude.
Nov. 9.-Stoll Refining Co. posts 15c, advance in crude in its Kentucky
lines, new price being 75c. per barrel at wells.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bmdford, Pa
$2.00 Eldorado, Ark., 40
$0.63
Corning, Pa
.80 Rusk, Texas, 40 and over
.68
Illinois
.80 Salt Creek, Wyo., 40 and over
.85
Western Kentuoky
.75 Darst Creek
.60
Midoontinent, Okla.. 40 and above_ .85 Sunburst, Mont
1.05
Hutchinson, Texas. 40 and over__
.66 Santa Fe Springs, Calif..40 and over .75
Spindletop, Texas, 40 and over
.79 Huntington, Calif., 26
.72
Winkler, Texas
.71 Patrons. Canada
1.75
Smackover, Ark., 24 and over
.55
REFINED PRODUCTS-TANK CAR GASOLINE NOW 60.-FUEL
OIL DEMAND INCREASES-KEROSENE ACTIVE.
All leading refiners are now posting 6c. per gallon for
U. S. Motor, tank car lots, at local refineries. The Texas
Co. was the last of the major companies to meet the Me.
advance posted last week, taking this action on Tuesday,
Nov. 10. Others who had met the advance the day previous
r eluded Standard of New York, Standard of New Jersey,
Colonial Beacon Oil Co., Continental Oil Co. and Republic
Oil Co.
Continued strengthening of Western refined markets indicates that further advances may be made in tank car
prices, while the trade here looks for an upward revision of
tank wagon and service station prices shortly. The export
market has shown considerable improvement, as gasoline
prices are on an upward swing in that division of the refined
products market.
The Standard Oil Co. of Ohio increased its Statewide
gasoline structure lc. a gallon on Tuesday, Nov. 10, the
new price being 21e. for ethyl and 18c. for regular or X-70.
On the same day the Atlantic Refining Co. advanced service station prices lo. per gallon in the Philadelphia area,
making the new gasoline price 110. Its tank car price on
kerosene was advanced Mc. to 53'c. per gallon at Philadelphia.
Bunker fuel oil is showing an improved tone, although
prices remain at the 60e. per barrel level, at refinery, for
grade C. Gulf markets showed stronger price tone, however, with prices ranging from 40c. to 45c. a barrel, as
against 38e. to 43e. The position of fuel oil has been
strengthened by colder weather and the advances in crude
oil prices. Diesel oil is quiet and unchanged at $1.30 per
barrel, at refinery.
Kerosene demand shows a healthy increase, with the price
firm at 53/2e. per gallon, refinery, for 41-43 water white.
Local consumption is well maintained.
Price changes follow:
Nov. 9.-Half-cent per gallon advance in U. S. Motor gasoline, tank
car lots at refineries, announced by Standard of New York, Standard of
New Jersey, Colonial Beacon Oil Co., Continemal Oil Co., Republic
011 Co. New price Sc. per gallon.
Nov. 10.-Texas Co. meets Mc. advance in U. S. Motor, tank car,
new price cc., and 7c. for "Texaco."
Nov. 10.-Standard of Ohio increases Statewide structure lc. per gallon
On gasoline, new service station prices being 21c. for ethyl and 18c. for
regular, or X-70.
Nov. 10.-Atlantic Refining Co. advances service station gasoline prices
in Philadelphia area lc., new price being 11c. per gallon. Bulk kerosene
advanced Mc. to 5Sic. tank car at Philadelphia.
Gasoline, U. S Motor, Tank Car Lots, F 0.B, Refinery.
New Orleans, ex.S.05-.05li
New YorkN. Y.(Bayonne)Arkansas
.04-.04g
Colonial-Beacon $.06
Stand. Oil, N.J..$0.06
California
.05-.07
Crew Levick---- .06
Stand.011, N.Y. .06
Los Angeles, ex_ .045i-.07
Texas
.06
TideWater011Co .06
Gulf Ports
.05-.058i
Gulf
.06
Richfield011(Cal) .06 3(
Tulsa
043,1-.05
Continental
.06
Warner-Quin.Co .06Si
Pennsylvania
Republic Oil-- .06
.05M
Pan-Am.Pet.Co. .06
03Si-.04
Chicago
Shell Eastern Pet .08
•
z "Texaco" is .07.
3165
Gasoline, Service Station, Tax Included,
3.18 Kansas City
New York
$ 163 Cincinnati
3.149
18 Minneapolis
18 Cleveland
Atlanta
.162
.144 Denver
19 New Orleans
Baltimore
118
16 Detroit
131 Philadelphia
Boston
10
13 Ban Francisco
158 Houston
Buffalo
17
15 Jacksonville
19 St. Louis
Chicago
129
Kerosene, 41 43 Water White, Tank Car Lots, F.O.B. Refinery.
$.02M-.0334
New
Orleans, ex-40.033
N.Y.(Bayonne)$.05-.05M Chicago
Tulsa
Los Ang.,ex_ .043j-.06
03
043-.033
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast
ast "C"--$.55-.135
California 27 plus D
N. Y.(Bayonne)3.75-1.001Chicago 18-22 D...4234-.50
3.60
Buner "C"
28-30 D---.. 1.30 New Orleans "C"--- .55
Gas 0 I, F.O.B. Refinery or Terminal.
I TulsaiChicagoN.Y.(Bayonne)28 D plu.s----8.03U-.041 32-36 D Ind-S.015,1-.021 32-38 D Ind-S.01M-.03
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended Nov. 7, from companies aggregating
3,365,600 barrels, or 95.2% of the 3,852,000 barrel estimated
daily potential refining capacity of the United States,
indicate that 2,294,000 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week, 32,071,000 barrels of
gasoline, and 137,050,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking
process indicate that companies owning 95.6% of the
potential charging capacity of all cracking units, manufactured 3,445,000 barrels of cracked gasoline during the
week. The complete report for the week ended Nov. 7 1931,
follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED NOV. 7 1931.
(Figures in barrels of 42 gallons each.)
District.
Per Cent
Potential
Capacity
Reporting.
Crude
Runs to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
aCasoline
Stocks.
4,116,000
1,319,000
3,183,000
2,633,000
5,810,000
830,000
1,236,000
*12,944,000
Gas and
Fuel 00
Stocks.
100.0
East Coast
91.8
Appalachian
Ind., Illinois, Kentucky 98.9
Okla., Rails., Missouri- 89.6
91.3
Texas
Louislana-Arkansas_. 98.9
89.4
Rocky Mountain
97.1
C California
3,271,000
598,000
2,115,000
1,640,000
3,843,000
1,122,000
227,000
3,242,000
73.7
62.2
70.0
53.8
71.7
69.5
22.5
52.2
Total week Nov.7
Daily average
Total week Oct. 31- Daily average
95.2
16,058,000
2,294,000
16,348,000
2,335,400
62.6
32,071,000
137,050,000
95.2
63.7
31,445,000
135,707,000
Total Nov.8 1930.._
Daily average
95.6
15,922,000
2,274,600
63.8
b35,309,000
139,020,000
99.8
d Texas Gulf Coast- w r ..,...1... anlf (Innstt 100.0
3,017,000
787.000
81.1
76.2
4,369,000
719.000
8,738,000
3.059.000
10,378,000
1,668,000
5,647,000
4,896,000
12,026,000
3,904,000
814,000
97,717,000
a In all the refining districts indicated except California, figures in this column
represent gasoline stocks at ref neries. In *California, they represent the total
inventory of finished gasoline and engine distillate held by reporting companies
wherever located within Continental United States-(stocics at refineries, water
terminals and all sales distributing stations, including products in transit thereto).
b Revised in Indiana-Illinois district, due to transfer to "bulk terminals" of stocks
previously reported as "at refineries." c California stocks include approximately
580,000 barrels of gasoline and 680,000 barrels of gas and fuel oil held at tank farm
storage which has not been previously reported. d Included above in table for
week ended Nov. 7 1931.
Note.-All MIMS follow exactly the present Bureau of Mines' definitions. Crude
oil runs to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are jincluded under the heading "gas and fuel
oil stocks."
Production of Crude Oil in the United States in September 1931 the Lowest in Over Five YearsInventories Again Fall Off.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during September 1931 amounted to
63,636,000 barrels, a daily average of 2,121,000 barrels.
This, the lowest production in more than five years, represents a decline of 86,000 barrels from the daily average of
the previous month, and is 253,000 barrels, or 11%, below
the output of a year ago. Practically all of the decline in
output in September resulted from the shut-down of the
East Texas field. The field was closed Aug. 17 and was not
reopened until Sept. 5, when the wells were allowed to produce 225 barrels daily. Its daily average production in
September amounted to 343,000 barrels as compared with
460,000 barrels daily for the previous month. The production in the California fields remained- virtually stationary
in September. The shut-down of all but the "stripper" wells
in Oklahoma was continued throughout the month, and the
output of the State amounted to only 280,000 barrels daily,
or slightly less than in August The Bureau, in its statement, adds:
Stccks of crude petroleum continued to reflect the curtailment in production and declined nearly 12,000,000 barrels in September. This was
somewhat less than the withdrawal in August, due mainly to a falling off
in crude runs to stills. Stocks of refined oils, principally gasoline, fell off
approximately 2,000,000 barrels, making a total withdrawal from all stocks
of about 14,000,000 barrels. This total, while large, did not quite
come
up to the record withdrawal of the previous month.
3166
FINANCIAL CHRONICLE
The decline in the price of refined products, chiefly gasoline, to a very
low level in September caused a number of refineries to shut down and
others to curtail their operations. This resulted in a material decline in
crude runs to stills in all districts, except the Appalachian district.
The daily average output of motor fuel in September amounted to
1,249,000 barrels as compared with 1,267,000 barrels in August. Daily
average imports of gasoline were practically the same as in the previous
month, but exports declined from 136,000 barrels daily in August to
112,000 barrels daily in September. Stocks of motor fuel continued to
fall off, though the withdrawal was considerably below that of August.
Total stocks of motor fuel on hand Sept. SO amounted to 35,033,000 barrels
as compared with 36,405,000 barrels on hand on Aug. 31. The daily average
Indicated domestic demand for motor fuel in September amounted to
1,225,000 barrels, which represents a decline of 4% from August and is
below the demand of September 1930. At the current rate of domestic
demand, the motor fuel stocks of Sept. 30 represent 26 days' supply as
compared with 27 days' supply on hand a month ago and with 27 days'
supply on hand a year ago.
The refinery data of this report were compiled from schedules of 363
refineries with an aggregate daily recorded crude-oil capacity of 3,764,960
barrels, covering, as far as the Bureau is able to determine, all operations
during September 1931. These refineries operated during September at
66% of their recorded capacity, given above, as compared with 363 refineries operating at 69% of their capacity in August.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
Sept.
1931.
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all kits
Daily average
Increase in stocks, all olls_b_
DemandTotal demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domestic demand
Stocks (End of Month)::rude petroleum:
East of California
California_b
aAug.
1931.
Sept.
1930.
63,636
2,121
3,062
138
66,836
2,228
68,418
2,207
3,179
145
71,742
2,314
71,216
2,374
4,152
202
75,570
2,519
631,171
2,312
32,790
1,519
665,430
2,437
690,189
2,528
39,638
2,115
731,992
2,681
3,426
3,468
73,730
2.458
2,702
3,224
77,668
2,505
5,808
3,614
84,992
2,833
35,225
29,411
730,066
2,674
47,874
33,672
813,388
2,979
13,909
14,471
8,439
45,245
11,105
87,639
2,921
92,139
2,972
93,431
3,114
775,311
2,840
824,493
3,020
2,296
7,816
77,527
2,584
2,867
8,713
80,559
2,599
1,961
8,753
82,717
2,757
19,637
76,742
678,932
2,487
18,434
103,491
702,568
2,574
c356
c285
c238
c50
107
329 098 340,102 376,763
137,373 136,033 144,137
e138,304
466,471 476,135 520,900
e478,406
3,088
2,299
2,534
e3.214
153,667 156,300 154,958
i el55,515 1
Total crude
gatural gasoline
Refined products.f
. 623,220 634,734 1678,392
e637,135 J
218
213
214
3rand total stocks, all oils
1
Days' supply
3unker oil (Included above in domestic demand)
Jan.-Sep Jan.-Sep.
1931.
1930.
3.094
3,442
4.333
329,098
137,373
376,763
144,137
466,471
520,900
3,088
2,534
158,667
154,958
623,226
678,392
219
225
33,590
38,648
a Revised. is Decrease. c Del ciency. d Includes residual fuel oils. e California placed on new basis. Revised figures: Light crude, 40,495,000 barrels:
natural gasoline at refineries, 2,062 000, gasoline, 13,031,000 barrels: gas oil, 4,656,000 barrels: unfinished oils, 8,486,000 barrels. f Natural gasoline held by refiners
formerly included under refined products, now combined with natural gasoline
at plants.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of Garrets of 42 U. S. gallons.)
September 1931.
Total. DatlyAv.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana:
Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana:
Gulf coast
Rest of State
Total Louisiana. _ _ _
glchlgan
klontana
ow Mexico
lew York
)hio:
Central and Eastern._
Northwestern
Total Ohio
)klahoma:
Oklahoma City
Seminole
Rest of State
Total Oklahoma..
,
ennsylvanla
Tennessee
Texas:
Gulf coast
East Texas
West Texas
Rest of State
Total Texas
Vest Virginia
Vyomlng:
Salt Creek
Rest of State
Total Wyoming._ _
TT 0 tm.1
August 1931.
Total. DallyAo.
Jan.Sept.
1930.a
1,105
37
1,116
36
11,738
15,087
1,854
2,379
1,871
9,077
15,181
112
436
62
79
62
303
506
4
15
1,965
2,354
1,931
9,419
15,669
124
437
63
76
62
304
505
4
14
12,037
23,176
18,534
88,872
142,619
1,166
3,708
3,978
27,725
35,836
105,804
173,343
1,254
4.524
67
3
70
2,926
574
2
-- - 2
97
19
64
2
3..
..
67
2
2,759
89
465
15
603
29
632
27,517
4,692
736
42
778
31,755
5,716
692
882
1,574
357
247
1,286
299
23
29
52
12
8
43
10
678
899
1,577
289
221
1,330
257
22
29
.51
9
7
43
9
6,722
9,689
16,411
2,484
2,214
11,257
2,478
6,125
10,829
16,951
3,135
2,568
6,547
2,852
345
93
438
11
3
14
290
82
372
9
3
12
3,191
842
4,033
3,058
1,022
4,980
647
1,830
5,916
8,393
1,077
--
22
61
197
280
36
----
734
2,331
b6,098
69,163
933
----
24
75
187
286
30
----
33,071
36,004
64,873
133,948
8,413
5
26.661
53,901
88,941
169,503
9,937
15
3,706
117
343 14,268
202 b6,353
7,712
274
936 b32,039
347
13
120
460
215
249
1,044
11
37,461
72,056
60.820
72,790
243,127
3,323
84,321
92,465
223,876
3.922
6,794
4,612
11,406
7,958
5,478
13,436
3,520
10,290
6,050
8,204
28,064
381
699
417
1,116
23
14
37
724
529
1,253
23
17
40
Al 020
9 191
00 415
2 207
a Includes Alaska and Utah. b Revised.
Jan.Sept.
1931.
47,090
631.171 1 690,189
[VOL. 133.
NUMBER OF WELLS COMPLETED IN TI1E UNITED STATES.a
011
Gas
Dry
September
1931.
August
1931.
445
147
233
441
135
218
September
1930.
781
289
542
Jan.-Sept.
1931.
Jan.-Sept.
1930.
4,425
1,495
2,978
9,577
2,078
5,207
Total
825
794
1,612
8,898
16,862
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute,
Crude Oil Production in United States Continues to
Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Nov. 7 1931 was 2,456,800 barrels, as
compared with 2,431,250 barrels for the preceding week, an
increase of 25,550 barrels. Compared with the output for
the week ended Nov. 8 1930 of 2,297,250 barrels daily, the
current figure represents an increase of 159,550 barrels per
day. The daily average production east of California was
1,960,700 barrels for the week ended Nov. 7 1931, as compared with 1,934,350 barrels for the preceding week, an
increase of 26,350 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS)
Week Ended-•
Nov. 7 '31. Oct. 31 '31. Oct. 24 '31. Nov. 8 '30.
Oklahoma
489,650
519,050
482,500
534,850
Kansas
106,450
101,900
117,550
102,950
Panhandle Texas
84,150
65,050
67,450
64,700
North Texas
57,450
62,600
57,450
57,400
West Central Texas
46,100
26,600
27,150
26,950
West Texas
194,750
191,800
192,700
272,700
East Central Texas
55,900
56,450
56,250
41,050
East Texas
419,450
417,700
400,300
Southwest Texas
56,400
54,050
56,000
80,950
North Louisiana
29,050
28,900
29,500
43,900
Arkansas
37,750
37,750
37,950
52,050
Coastal Texas
126,350
124,400
125,100
161,650
Coastal Louisiana
32,450
31,850
27,250
27,250
Eastern (not incl. Michigan)
109,750
111,400
107,100
112,000
Michigan
11,850
13,400
11,950
7,300
Wyom Ing
39,250
38,450
38,850
47,850
Montana
7,500
8,050
7,750
5,350
4,450
4,300
Colorado
4,300
4,250
43,950
New Mexico
43,950
44,200
43,800
California
496,100
496,900
508,100
596,900
Total
2,456,800
2,431,250
2,381,250
2,297,250
The estimated daily average gross production for the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, North, .)/Vt Central, West,
East Central, East and Southwest Texas, North Louisiana and Arkansas,
for the week ending Nov. 7 was 1,586,100 barrels, as compared with
1,557,950 barrels for the preceding week, an increase of 28,150 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,560,150 barrels, as compared with 1,531,500 barrels, an increase
of 28,650 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:
-IFeels Ended-1Week EndedOklahomaNor. 7. Oct. 31.
Southwest TexasNov. 7. Oct. 31.
Bowlegs
8,100 11,350 Chapmann-Abbot
2,100
2,0 0
Bristow-Slick
12,200 12,250 Darst Creek
16,750 17,600
Burbank
12,300 12,300 Luling
7,100
7,050
Carr City
12,500 11,100 Salt Flat
12,350 10,400
Earlsboro
North Louisiana20,850 13,700
East EarLsboro
850
10,150 14,100 Sarepta-Carterville
850
South Earlsboro
4,100
5,750
5,700
2,700 Zwolle
Konawa
6,450
7,950
ArkansasLittle River
3,100
3,200
14,200 18,300 Smackover, light
East Little River
25,950 26,450
3,000
3,800 Smackover, heavy
Maud
Coastal Texas1,700
2,000
Mission
22,600 21,000
5,100
6,600 Barbers Hill
6,100
Oklahoma City
6,150
189,150 184,750 Raccoon Bend
St. Louis
20,800 21,700
21,150 17,450 Refugio County
Searigb t
11,100 11,150
3,500 Sugarland
2,250
Seminole
Coastal Louisiana12,900 10,450
East Seminole
10,850
8,550
1,150 East Hackberry
1,750
Kansas600
600
Old Hackberry
Ritz
Wyoming17,150 14,500
Sedgwick County
22,000 22,850
14,350 14,450 Salt Creek
Vosbell
Montana11,700 12,150
Panhandle TexasKevin-Sunburst
4,650
4,650
Gray County
New Mexico-45,100 43,600
Hutchinson County__ _ 13,900 13,300 Hobbs High
37,100 37,100
North TexasBalance Lea County...-. 4,500
4,700
Archer County
California12,750 12,700
North Young County
7,150 Elwood-Goleta
7,100
24,000 24,400
wilbarger County
13,550 13,450 Huntington Beach
20,700 23,000
(Vest Central TexasInglewood
14,000 13,100
South Young County..
5,310 Kettleman Hills
5,300
57,800 57,800
Long Beach
West Texas74,300 73,600
Crane & Upton Cos
18,300 18,200 Midway-Sunset
49,500 48,100
6,300 Playa Del Rey
Ector County
6,300
22,000 22,500
Howard County
26,100 26,100 Santa Fe Springs
60,600 60,000
Reagan County
28,000 25,400 Seal Beach
13,100 13,700
winkler County
36,500 36,250 Ventura Avenue
40,500 39,400
65,100 65,000
Yates
2,700
Bal. Pecos County
2,500
Pennsylranta GradeAllegany
East Central Texas7,600
8,200
Van Zandt County
49,200 49,800 Bradford
28,800 31,150
East TexasKane to Butler
7,950
7,650
Rusk Co.-Jolner
145,100 143,700 Southeastern Ohio
6,500
6,900
148,950 151,800 Southwestern Penna.__ 3,500
Kilgore
3,350
Gregg Co.-Longview_125,400 122,200 West Virginia
13,500 14,550
Imports of Petroleum at Principal United States Ports
Increased During October.
According to figures collected by the American Petroleum
Institute, imports of petroleum, (crude and refined oils) at
the principal ports for the month of October, totaled 7,851,000 barrels, a dialy average of 253,258 barrels, compared
with 5,876,000 barrels, a daily average of 195,866 barrels
for the month of September.
Imports at the principal United States Ports for the week
ended Nov. 7, totaled 1,602,000 barrels, a daily average
of 228,857 barrels, compared with 2,086,000 barrels, a
Nov. 14 1931.]
FINANCIAL CHRONICLE
3167
daily average of 298,000 barrels for the week ended Oct. 31.
The Institute's statement shows:
For the purpose of these statistics, which will be issued each week,
a
bulk terminal is any installation, the primary function of which is to supply
other smaller installations by tank cars, barges, pipe lines or the longer haul
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES
PORTS. tank trucks. The smaller installations referred to, the
stocks of which are
(Barrels of 42 gallons.)
not included, are those whose primary function is to supply the local retail
trade.
Month of
Week Endia
Up to Aug. 22 1931 statistics covering stocks of gasoline east of California
reflected stocks held at refineries only, while for the past several years
October. September. Noy. 7.
Oct. 31.
California gasoline stocks figures have included,and will continue to include,
At Atlantic Ooast Portsthe total Inventory of finished gasoline and engine distillate held by reBaltimore
1,665,000
812,000
165,000
423,000 porting companies wherever located within continental
Beaton
United States.
449,000
218,000
200,000
New ;York
3,124,000 a3,159,000
928,000
857,000 that is, at refineries, water terminals and all sales distributing stations,
Philadelphia
829,000
803,000
186,000
148,000 including amounts in transit thereto.
Others
1,260,000
689,000
258,000
343,000
Total
7,327,000 a5,481,000 1,537,000 1,971,000
Gasoline at "Bulk Terminals."
Gasoline "in Transit."
Daily average
236,355
182,700
219,571
281,571
Al Gulf Coast PortsFigures End of Week.
Figures End of Week.
Galveston district
189,000
145,000
District,
64,000
New Orleans and Baton Rouge
213,000
250,000
Nov.
Oct.
7
31
65,000
Nov.
Nov.
8
7 Oa. 31
Nov.8
51,000
Port Arthur and Sabine district- 65,000
1931.
1931.
1931.
1930.
1931.
1930.
Tampa
57,000
East Coast
7,568,000 7,577,000 7,519,000 1,311,000 1,893,000 2,079,000
Total
524,000
395,000
283,003
270,000
85,000
306,000
10,000
15,000
19,000
115,000 A ppalachlan
Daily average
18,903
13,166
2,713,000 2,689,000 2,190,000
9,288
51,000 87,000
16,429 Ind.. III.. Ky.33,000
Okls., Kan., Mo426,000
410,000
Al ail United States Portsbass
203,000
188,000
170.000
43,000
Total
7,851,000 5,876,000 1,602,000 2,086,000 Louislans-Arkans.
348,000
349,000
358,000
49,000
Daily average
253,258
190,866
228,857
298,000 Rooky Mountain_
DISTRIBUTION OF TOTAL IMPORTS.
Total east of Calif. 11,551,000 11,483,000 10,531,000 1,415,000 2,044,000 2,131,000
(Barrels of 42 gallons.)
TeXIY3 Gulf
162,000
178.000
144,000
43,000
Louisiana Gulf_ _
278,000
272,000
344,000
Month of
22,000
Week Ended
October.
Crude
Gasoline
Gas oil
Fuel oil
Total
a Rev ked.
September.
Nov. 7.
Oct. 31.
4,215,000 2.795,000
1,045,000 a1,012,000
63,000
24,000
2,528,000 2,045,000
1,096,000
91,000
415,000
1,007,000
7.851,000 a5,878,000
1,602,000
2,086,000
808,000
271,000
of California Oil at Atlantic and Gulf Coast
Ports Higher in October.
Receipts of California oil (crude and refined) at Atlantic
and Gulf Coast Ports for the month of October,
totaled
1,616,000 barrels, a daily average of 52,129 barrels,compared
with 1,195,000 barrels, a daily average of 39,833 barrels
for
the month of September, reports the American
Petroleum
Institute.
Receipts at Atlantic and Gulf Coast Ports for the
week
ended Nov. 7, totaled 357,000 barrels, a daily
average of
51,000 barrels, compared with 97,000 barrels, a daily
average
of 13,857 barrels for the week ended Oct.31. The Institutes'
statement shows:
CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST
Receipts
PORTS.
(Barrels of 42 gallons.)
Month of
October.
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
Total
Daily average
Al Gulf Coast PonsTotal
Dally average
AS Atlantic & Gulf Coast PortsTotal
Daily average
a Revised.
September.
Week Ended
Nov. 7.
Oct. 31.
73,000
35,000
598,000
518,000
289,000
128,000
110,000
388,000
141,000
221,000
285,000
97,000
1,513,000
48,806
988,000
32,933
285,000
40,714
97,000
13,867
103,000
3,323
a207,000
8,900
72,000
10,286
1,616,000 a1,195,000
52,129
39,833
357,000
51,000
97,000
13.857
DISTRIBUTION OF TOTAL CALIFORNIA OIL
RECEIPTS.
(Barrels of 42 gallons.)
Month of
Week Ended
Oil Stabilization Through Compact of States UrgedThree-Point Program Suggested by Secretary of
Commerce Lamont in Address Before American
Petroleum Institute-Federal-State Board Also
Recommended.
A three-point program for stabilization of the oil industry was proposed in Chicago on Nov. 11 by the Secretary
of Commerce, Robert P. Lamont, in an address before the
American Petroleum Institute, Mr. Lamont suggested coordination of State production by an inter-State compact,
uniformly of conservation principles by a compact or otherwise, and equation of foreign and domestic production by a
joint Federal-State board created by the compact. All these,
he said, "can be accomplished just as quickly as necessity
demands."
The seven major oil-producing States, said Mr. Lamont
(we are quoting from the "United States Daily") bear a
peculiar relationship to the Nation and they must prevent
waste through their police power, which is not possessed
by the Federal Government. There is a growing consciousness, he continued, that the oil States hold this power in
trust for the Nation, because any one of four States can
directly damage a nation-wide industry. The program suggested by Secretary Lamont, he said, is not so much an
invention as a restatement of ideas that'have been "soaking
In" for five years. The address as given in the "United
States Daily" follows:
During the past five years a new movement has taken form in the oil
industry. It is not an exaggeration to say that its success or failure may
determine whether the producing branch of the oil industry continues as
an individual business, if the new movement succeeds, or comes ultimately
under closer Federal regulation, if the present effort fails. That movement is the plan for co-operation between the producing States. It may
be of service to show the background of that effort, to indicate how far it
has gone, and to point out what we hope can be accomplished by it.
Before going back over the last five years, it is well to point out certain
present-day conceptions of the relationship of the State and the National
governments to the oil industry.
Nations/ In tercets.
First, the national interest deserves emphasis. For instance, in the
matter of national defense: Of 291 seagoing vessels in active service in the
1,513,0001
704,000
285,000
97,000 Navy, 281 are oil-burners.
284,000
The Army and Navy between them have about 2,800 planes in commisTotal
1,513,000
988,000
285,000
At Cut!Coast Ports97,000 sion, all using petroleum products. About 80% of the horsepower of all
prime movers of the country, fixed and automotive is generated by oil
Gasoline
103,000
al77,000
72,000
Kerosene
and its products. There are about 26,000,000 automobiles registered or
30,000
in present use, representing an investment by our citizens of about
Total
103,000
a207.000
72,000
$18,000,000,000.
a Revised.
The 48 consuming States in 1930 collected more than $494,000,000 in
gasoline-sales taxes, quite aside from the crude oil production-taxes realized
by the producing States. The consuming States collected almost exactly
Bulk Terminal Stocks of Gasoline Continue
to Rise- the same amount for each gallon of gasoline-a weighted average of about
Gasoline in Transit Falls Off.
3.77 cents-as the oil industry did for all its work from the well through
the refinery, since the average refinery price of gasoline was about 3.5 cents.
The American Petroleum Institute
below presents the
The 800,000 oil wells which are responsible for the steam of our warships,
amount of gasoline held by refining companies
in bulk termi- the flight of our airplanes, the financing of our highways, and the turnnals and in transit thereto, by Bureau of Mines
ing of 80% of all our wheels, are most vital if the compact itself does not
refining dis- outline them. But the co-ordination of various State production programs
tricts, East of California. The Institute's
statement
follows: is a more pressing matter than uniformity of State laws; the first objective
should
be borne definitely in mind
It
that comparable quantities of gaso- of a compact should be to get the States to co-operating on a permanent
line have always existed at similar locations as
an
integral
part of the system basis. Nniform laws, when adopted, might reasonably go beyond the proof distribution necessary to deliver gasoline from
the
correction of the demoralized marketing methods
to the ultimate consumer. While it might appearpoints of manufacture duction stage and aim at
to some that these of the industry, but that is beyond the scope of the present discussion.
quantities represent newly found stocks of
this product, the industry itself
and those closely connected with it have always
Joint Body Suggested.
generally known of their
existence. The report for the week ended
Third, as recommended by Secretary Wilbur, a joint Federal and State
Aug. 22
that definite statistics had ever been presented 1931 was the first time fact-finding body for arriving at an
Covering the
equation of domestic and foreign prosuch stocks. The publication of this information is
in line with the Insti- duction and imports should be created by the compact of the States
and
tute's policy to collect and publish In the aggregate
approval
Congress.
of
the
with
statistical
This
joint body might be authorized to
information
Of interest and value to the petroleum industry.
negotiate with foreign producers and assist in negotiations with
foreign
October.
At Atlantic Coast PortsGasoline
Gas oil
September.
Nov. 7.
Oct. 31,
3168
[VOL. 133.
FINANCIAL CHRONICLE
governments. Its State members might be also members of the interstate
advisory board so that the agreements made could bring the States' police
power directly into play for their enforcement.
Federal participation, in the long run, is essential for the protection of
the consuming public.
This three-point program-co-ordination of State production by an interstate compact, uniformly of conservation principles by a compact or otherwise, and equation of foreign and domestic production by a joint FederalState board created by the compact-can be accomplished just as quickly
as necessity demands.
It is to be hoped that the beginning made by Oklahoma, Kansas and
Texas, which is a temporary compact enforced partly by martial law, will
grow into something permanently effective, or else a: continuation of such
sprees as we have seen in East Texas very quickly will convert the indigestion of the oil industry into something like appendicitis.
Work Need Not Wait.
waiting for
Meanwhile, there are certain things that can be done without
their joint
legislation. I hope that Kansas, Oklahoma and Texas continue
the Oil
and
curtailment program, and their public service commissions
States Advisory Committee continue to co-operate.
The Federal Oil Conservation Board will continue to supply such forefrom
casts of supply and demand as may be helpful. The question of relief
be
excessive imports while we are correcting our domestic situation can
importing
taken up by the official State commissions directly with each
indibetween
company. While a Federal statute prohibits agreements
viduals looking toward import restrictions, I know of nothing to prohibit
a State from such discussions, conducted formally by its regulatory body
for the purpose of acquiring information on which to base its own proration
program.
Imports for the first nine months of 1931 were about 26% below the comOil
parable 1930 figures; you are familiar with the efforts of the Federal
may
Conservation Board to that end. While further adjustment of imports
be desirable, it will not cure all of our difficulties, the greatest of which
lie within our own borders and it should be kept in mind from the standof this
point of national interest that we are exhausting our own reserves
our own
vital resource at a rate out of all proportion to the ratio between
United
the
know,
reserves and those of the rest of the world. As you all
consumStates, with less than 20% of the world's reserves is producing and
ing over 60% of current world production.
Its
The oil industry has a great responsibility and a great opportunity.
deals
market reaches to every family and every industry in the country. It
If
with a national resource in which every citizen has a vital interest.
conducted on the basis of a trusteeship of a basic commodity, avoiding
unnecessary wastes in production and distribution, the industry should be
able to furnish an adequate supply of oil and its derivatives of good and
uniform quality at fair prices to the consumer, and to make a fair return
on its invested capital.
These purposes can be accomplished within the framework of existing
laws and with a minimum of Federal regulation, if the industry will wholeheartedly co-operate in making effective the measures already initiated
and the proposals which have been outlined. I have every confidence that
the industry has or will develop the capacity and leadership to recognize
its great opportunity and to discharge its equally great responsibilities.
Malayan Government Orders Further Curtailment of
Tin Production and Purchases Excess Supply of
Metal.
With the concurrence of the Malayan Government, the
following communique was issued in London this week by
the Chairman of the International Tin Committee and
the Committee of Control of the International TinofPool:
tin in
IRON FOUNDRIES.
No.
of
Firms
Reporttno.
September
1931,
Per Cent
Change
from
August
1931.
Per Ceni 1
Change
from I
September
1930.
I
0.0
0.0
12,237
Capacity, short tons
-41.2
+0.8
2,511
Production, short tons
-2.6
-45.6
2,082
Gray iron, short tons
-36.9
-7.6
1,493
Jobbing, short tons
-59.6
589
+13.0
For further manufacture, abort tons_
429
-3.6
+21.7
Malleable iron, short tons
4
-39.3
-0.7
2,500
30 Shipments, short tons
-40.7
-5.4
8300,134
Value
-34.5
+12.8
1,081
18 Unfilled orders, short tons
-38.5
+20.4
8143,786
Value
V.aw stock-37.1
-1.6
2,775
Pig iron, short tons
27
-0.8
-2.5
1,937
Scrap, short tons
26
--22.5
612 --21.6
Coke, short tons
26
Gray Iron Foundries.
The tonnage of gray iron castings produced in 31 foundries in September
was 2.6% less than in the previous month and 45.6% less than in the
same month of last year. The decrease in activity from August was caused
by a lessened output of castings for jobbing work of 7.6%. The volume
of castings used in further manufacture within the plants increased 13.0%
during the same period. The ratio of production to capacity was again
approximately 20%.
Seasonal factors seem to account largely for the decrease in September;
although during the corresponding period of 1930 production was practically
1928
the same as in August, there were decreases in September 1926, 1927,
and 1929 ranging from 1.8% to 7.3%. This comparison may minimize
be
should
it
offset
the importance of the decline in September; as an
has
noted that this is the third consecutive month in which production
month
decreased, and that since last October the production in every
month.
except two (March and June) has been less than in the previous
of the
The chart [this we omit.-Ed.] indicates that the total output
of the
Philadelphia foundries increased slightly in September while that
production
of
foundries in the balance of the district (including an estimate
In one foundry) decreased. Seven of the 13 foundries reporting increased
activity are located outside of Philadelphia.
tonnage
Shipments of iron castings during September were 0.7% less in
month of
and 6.4% less in value than in August. Compared with the same
pound
per
price
1930, the decreases were approximately 40%. The average
ago and
of shipments made in September was slightly less than a month
a year ago.
12.8% In
Unfilled orders on hand at the end of September increased
month. This
tonnage and 20.4% in value over the amount reported last
of raw
Stocks
is the first increase in unfilled orders since last March.
materials on hand were less than a month ago and a year ago.
Malleable Iron Foundries.
in four foundries
The output in September of malleable iron castings
activity
was 21.7% more than during August. The chart comparing the
the Department
to
of the local firms with that of the foundries reporting
in September
of Commerce shows that the production of the local firms
month In
was the greatest since a year ago. This is the third consecutive
which the output has exceeded that of the previous month.
STEEL FOUNDRIES.
31
31
30
No.
of
Firms
Reportleg.
September
1931.
Per Cent
Change
from
August
1931.
Per Cent
Change
from
September
1930.
0.0
0.0
9,690
Capacity, short tons
-40.0
-6.3
1,931
Production, short tons
-41.5
-7.5
1,522
Jobbing, short tons
-33.3
-1.6
409
For further manufacture,short tons.
-30.4
-1.7
1,881
9 Shipments, short tons
-35.1
9253,653 -13.8
Value
-10.0
+66.5
2,638
Owing to the fact that there are over 1,200 separate producers
8 Unfilled orders, short tons
-21.9
+59.6
$298,093
Value
Malaya and that no organization for detailed control of production and exstock
Raw
control,
of
l
system
internationa
of
n
the
-29.0
+1.5
312
port existed prior to the introductio
short
tons
Pig
Iron,
7
by
+33.5
-2.6
4,973
exports of tin concentrate from Malaya exceeded the authorized quota
Scrap, short tons
7
+75.0
+3.3
361
Coke, short tons
7
approximately 4,700 tons, equivalent of metallic tin at the end of August
has
ret
September
during
foundries
nine
in
1931. In order to rectify the country's position the Governmen Sept. 1
castings
The production of steel
from
stricted production and export of tin concentrates, effective
and 40.0% less than in the same month of
Production and export on was 6.3% less than last month
jobbing
to 40% of the assessed potential production
The decrease was chiefly in the tonnage of castings for
1930.
authroexisting
the
below
quarter
per
tin
metallic
of
tons
2,451
August. Four foundries, however,
this scale are
in
than
less
was
7.5%
which
work,
approxiand
to
ized quota. The excess will, therefore, be rapidly absorbed
reported increased production in September. The ratio of production
mately 1,200 tons were so absorbed during September.
less than 20%.
slightly
was
capacity
excess
the
being
tin,
of
tons
3,500
Further,the Government has purchased
The chart comparing the output of the steel foundries in the Philadelphia
in such
at the end of September and will release this tin month by month
amount of Federal Reserve District with that of the firms reporting to the Departmanner that total releases for any quarter will not exceed the
at a
to above. ment of Commerce shows that the local foundries are operating
excess absorbed during the quarter by special reduction referred
than the average of the country. The
activity
of
level
holdings
higher
of
t
slightly
independen
entirely
and
to
This holding of tin is additional
in this district during September offset the increase
of the International Tin Pool and will be maintained at a tonnage equal, at decrease in production
so that a new low was made.
the end of each quarter, to the then adjusted balance of excess over quota. reported last month
Shipments of steel castings decreased 1.7% during September, and their
The International Tin Committee and Committee of Control of Interaverage price per pound was less than a
national Tin Pool have been informed of the decision, which they welcome. value decreased 13.8%. The
month ago and a year ago.
in
Unfilled orders on hand at the end of September were 66.5% more
month.
Production of Malleable Iron Castings in Philadelphia tonnage and 59.6% more in value than at the beginning of the
last
Stocks of raw materials on hand were practically the same as
Federal Reserve District in September at Highest
Compared with the end of September 1930, however, the tonnage
month.
Pennsylof
ty
Universi
hand
Point in Year-Report by
of pig iron in stock decreased while the amount of scrap and coke on
increased considerably.
vania.
9
9
Research
According to a report issued by the Industrial
n October Production and Shipments of Slab Zinc
productio
nia,
Pennsylva
of
y
Department of the Universit
the Philain
castings
Slightly Higher than in Preceding Month, but
iron
malleable
of
r
Septembe
during
highest
the
to
Still Continues Below Corresponding Period
increased
delphia Federal Reserve District
on founreporting
Last Year.
Further
ago.
year
a
since
point reported
DeAccording to the American Zinc Institute, Inc., a total
dry operations in the Philadelphia District the Research
the
of 21,674 short tons of slab zinc were produced during
partment says:
in
tons
40,922
with
however,
as
1931,
compared
October
decreased,
of
month
The tonnage of gray iron and steel castings produced
1931.
for
castings
r
Septembe
in
chiefly
in
tons
were
the same period last year and 21,356
to new lows. In both cases the decreases
were also less than
October this year
jobbing work. Shipments of iron and steel castings
year in Shipments amounted to 21,163 tons in
last
of
month
same
the
during
during the previous month and
and 32,430
month
in
tons
previous
the
end
20,902
as against
hand at the
volume, value, and price per pound. Unfilled orders on
1931
October
beginning
the
tons in October 1930. Stocks at the end of
of September in both groups of foundries were larger than at
hand in the iron
143,327 tons a
with
as
compared
tons,
short
130,666
of the month. In general, the stocks of raw materials on
were
while among the
foundries were less than a month ago and a year ago,
year ago and 130,155 tons at Sept. 30 1931.
increased stocks.
steel foundries the tendency was towards
Nov. 14 1931.]
FINANCIAL CHRONICLE
3169-;
Production of slab zinc during the ten months ended
Oct. 31 1931 amounted to 258,582 short tons, as against
439,633 tons in the same period last year, while shipments
totaled 271,534 tons as compared with 371,736 tons during
the first ten months of 1930. The Bureau's statement
follows:
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND.CEMENT, BY MONTHS, IN 1930 AND 1931. (IN THOUSANDS OF
BARRELS.)
SLAB ZINC STATISTICS(ALL GRADES 1929. 1930 & 1931.(Tons of 2,000
Januar!
,
February
March
April
May
June
July
August
September
October
November
December
Shipped
During
Month.
50.862
48,057
55,107
55,203
57,475
52,532
54,447
55.708
51,994
64,513
48,411
47.202
50.234
52,395
58,463
58,334
58,226
49,182
47,943
51.980
47,202
48.777
43,148
36,717
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
631,601
602.601
52,010
44,628
48,119
44,435
44,558
43.458
40,023
41,012
40,470
40,922
32,097
32,733
40,704
41,296
41,820
40,597
38.681
36,448
35,389
31,901
32,470
32.430
30,285
34,254
Total
1931.
January
February
March
April
May
June
July
August
September
October
504,463
436,275
32,522
29,562
30.328
29.137
25,688
23,483
21,365
21,467
21,356
21,674
31,054
30.249
35,224
27,418
25,851
27,604
28,460
23,599
20,902
21,163
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Unfilled
Orders Daily
End of Aver.
Month, Prod.
47,058
42,720
39,364
36,233
35,482
38.832
45,336
49.064
53,856
59,592
64,855
75,430
63,698
68,127
68,015
70.455
70,533
69,703
09,911
59,408
69,468
67,636
58,723
57,999
58,726
59.610
79,995
65.571
42.883
36.127
32,031
24,283
20,270
14,844
11,872
18,585
59,457
57,929
51,300
50,038
52,072
52,428
48,030
50,404
44,974
41,004
37,492
33,640
39,017
32.962
29,330
29,203
30,515
28,979
34,135
28,972
27,108
29,510
24,481
26,651
vq.ato bac wcoom..4
too000w.,,,I.
wipoo
Produced
During
Month.
Month.
lbs.)
Retorts
Stock at x Ship- Operarg
End of ped for End of
Month. Export. Month.
35,635
35,518
34,221
29,072
23,024
21,422
21,666
y21,705
22.817
23,774
30,251
33,453
31,216
36,150
31,146
33,088
24,816
20,503
15,388
18.365
1,049
1,050
1,043
971
829
783
686
692
712
699
1,55
1,01
1,02
1,22
69
23
18
18
12
6
3
1
1,641
1.716
1,778
1.840
1,854
1,751
1,756
1,797
1,733
1,758
1,614
1,526
6,35
86,736
90,068
96,367
100.205
106.080
113,090
117,724
120,835
134.835
143,327
145,139
143,618
2
1
2
3
3
3
1
1
19
145,076
144,389
141,493
143,212
143,049
138,928
131,833
129,701
130,155
130,666
2
2
Pnt.11
9C12 COO
971 COI
41
x Export shipments are included in total sh pmenta. 7 One company's
retorts
estimated.
Average Retorts Operating During the Last Nine Months.
Oct.
Sept.
Aug.
July.
June. May. April. March. Feb.
1931 -22,209 22,512 20,540 20,320 22,298 23,032 29,105 33,047 36,823
1930 - _43,745 47,415 48,575 44,646 52,440 52,004 50,261 54,809
58,403
Note.-The foregoing figures have been adjusted to include a number of
made by slab zinc producers In their reports as originally submitted to thecorrections
Institute.
The corrections were made to insure uniformity in the method of
reporting and
particularly to include In "Stock on Hand" all slab zinc at the reporting
plants,
regardless of whether sold or unsold.
Shipments of Portland Cement Continue to Exceed
Production-Inventories Again Decline.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in
October 1931 produced 10,762,000 barrels, shipped 12,360,000 barrels from the mills and had in stock at the end of
the
month 21,138,000 barrels. Production of Portland cement
in October. 1931 showed a decrease of 25.3% and
shipments
a decrease of 20.8% as compared with October 1930. Portland cement stocks at the mills were 2.1% higher than
a
year ago.
The statistics here presented are compiled from reports
for October, received by the Bureau of Mines, from
all
manufacturing plants except three, for which estimates
have been included in lieu of actual returns.
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 October, 1931, and of October, 1930. The estimates
include increased capacity due to extensions and
improvements during the period.
RELATION OF PRODUCTION TO CAPACITY.
l
Oct. 1930. Oct. 1931. Sept. 1931. Aug. 1931,
July 1931
65.4%
47.4%
55.3%
60.2%
62.0%
64.2%
48.6%
50.2%
52.0%
53.8%
PRODUCTION, SHIPMENTS, AND STOOKS
OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN
OCTOBER 1930 AND 1931. (IN
THOUSANDS OF BARRELS.)
The month
The 12 months ended
District.
Production.
1930.
Eastern Pa.. N. J., & Md
New York and Maine
Ohio, Western Pa. and W. Vs__
Michigan
WU., Ill., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La_
Eastern Mo.,Ia., Minn.dr S. Dak
NV. Mo., Neb..Kan.,Okla.& Ark.
Texas
Colo.,Mont•.Utah.Wyo.& Idaho.
California
Oregon and Washington
Total
1931.
Shipments.
1930.
1931.
Stocks at En4
of Month.
1930.
1931.
4,668
1,159
3,109
1,893
2,324
1,684
2,341
1,219
558
474
1,085
624
14,410 10,762 15.599 12.160 on no, 0, ...
2.793
1,220
1,655
1,130
1,938
1,132
1,591
957
484
134
953
423
2,369
1,110
904
602
1,337
1,009
975
795
601
117
698
245
3,535
1,201
1,704
1,093
2,115
1,248
1,618
957
469
227
1,006
436
3,123
1,231
1,139
616
1,662
1,050
995
881
583
185
662
233
4,255
1.088
3,030
2,317
2,546
1,697
1,542
1,652
721
414
963
472
Production.
Shipments.
Month.
TWAT
Mocks at End of
Month.
1930.
1931.
1930.
1931.
8.498
8,162
11,225
13.521
17,240
17,239
17,078
17,821
16,124
14,410
11,098
8,480
0,595
5,920
8,245
11,245
14,010
14,118
13,899
13,549
12,092
4,955
7,012
8,826
13,340
17,224
18,781
20,153
20,299
18.083
15,599
8,784
5,688
4,692
27,081
5,074
28,249
7,192
30,648
11,184
30,867
14,200
30,891
16,077
29,364
15.545
26,289
15,172
23,824
13,671 ' 21,880
12,360
20,697
23,056
25,838
160.905
1930.
1981..
27,759
28,512
29,676
20,715
29,554
27,602
25,934
24,313
a22,738
21,138
,
158.744
a Revised.
Advance in the Price of Lead.
The "Wall Street Journal" of Nov. 10 reported that the
American Smelting & Refining Co. has advanced the price:
of lead 10 points to 4.05 cents a pound, New York.
Plan for "Rationing" of Steel Placed Before President
Hoover.
A plan for "rationing" the business of the structural
steel industry, to offset some disadvantages of unrestrained
competition was placed before President Hoover on Nov.-12
by W. M. Wood, a director of the American Institute of
Steel Construction. The Associated Press accounts from
Washington on that date said:
His organization proposes a statistical organization to measure the,
capacities of firms engaged in the structural steel business.
"Each month a report on tonnage contracted will be issued," he said on
leaving the White House. "Every plant taking its normal share of business for the month will pay normal dues to the American Institute of Steel
Construction of perhaps $0.25 per ton sold.
"If any plant takes more than its rated share of the existing business;
it
will pay increased dues amounting to something like Si for every 5% increase in business taken over its normal ratio."
Wood contended that no plant would be restrained in its prices nor be restrained from selling outside its normal territory and that absolute freedom in bidding for business would be allowed.
Proceedings from the proposal will go to technical research and promotional work.
Wood, who is President of the Mississippi Valley Structural Steel Co.,
at Decatur, Ill., said he planned to lay the proposal also before the Department of Justice.
Inland Steel Co. Recalls 400 Workers.
Associated Press accounts from Milwaukee report that
because of increased orders 400 workers were recalled on
Nov. 10 by the Inland Steel Co. plant, E. G. Jones, superintendent, announced.
Unfilled Steel Orders Off 25,401 Tons,
The United States Steel Corp., in its latest monthly
report of the unfilled orders on the books of its subsidiaries,
shows a backlog of only 3,119,432 tons at Oct. 31 1931, the
lowest since June 30 1927 when the amount was 3,053,246.
At Sept. 30 1931 the unfilled tonnage was 3,144,833 tons and
at Oct. 31 1930, 3,481,763 tons. We list below the monthly
figures back to January 1926. For earlier figures refer to
"Chronicle" of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
1930.1928.
End of Month. 1931.
1927.
1926.
January
4,132,351 4,468,710 4,109,i87 4,275,947 3,800,177 4,882,739
February
3 966 194 4 479 748 4,144,341 4,398,189 3,597,119 4,616,822
March
3,995,330 4,570,6534,410.718 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 3,887,976
May
3, 20,452 4,059.227 4,304,157 3,416,822 3,050,941 3,649,250
June
3,479,323 3,968,064 4,256,910 3,637,009 3,053,246 3,478,642
July
3 404,816 4.022.055 4,088,177 3,570,927 3,142,104 3,602,522
August
3 169,457 3,580,204 3,658,211 3,124,043 3,19 ,037 3,542,335
September__ _3,144.833 3,424,338 3,902,581 3,698,368 3,148,113 3,593,509
October
3,119,432 3,481,763 4,086,552 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
3,043,596 4.417.193 3,976,712 3,972,874 3,960.969
•
Steel Ingot Production-Average Daily Output Lower
than in September.
The American Iron & Steel Institute in its monthly statement of steel ingot production calculates the output of all
companies during October at 1,592,376 tons, which is anincrease of 44,774 tons over September when 1,547,602 tons
were produced. October however contained 27 working
days or one more working day than September and so the average daily output was only 58,977 tons in October in •
comparison with 59,523 tons in September. The output
per day in October is the lowest since September 1921 when
the daily turnout was only 51,619 tons. In October 1930,
which also contained 27 working days there were produced'
2,692,539 tons or approximately 99,724 tons daily. Below' '
we show the monthly statement issued by the Institute,
covering the period since January 1930.
FINANCIAL CHRONICLE
3170
[vol..
133.
but steel scrap is slightly higher at $8.75 compared with $8.71 last week.
Finished steel is unchanged at 2.116c. a lb. A comparative table follows:
Finished Steel,
Based on steel bars, beams, tank plates,
Nov. 10 1931, 2.1160. a Lb.
2 1160. wire, rails, black pipe and sheets.
One week ago
These products make 87% of the
2.1160.
One month ago
Per
2 1350. United States output.
One year ago
Cent.
OperaLow.
High,
tion.a
2.102o, June 2
2 1420. Jan. 13
Dec.Deo 5
2.121c.
7
Jan.
362o.
2
1193301
9
2.3620. Oct. 25
2.4120. Apr. 2
2.314c, Jan. 8
23910. Dec. 11
9228
192
2.2930. Oct. 25
2.453o. Jan. 4
18
22..34906300..
2 453o. Jan. 5
26
119927
Aug. 18
2 5600. Jan. 6
1925
4930.
January__
February _
March -.April
May
June
July
Angina_ _ _
Sept
Oct
Calculated No.of Approx.
Monthly
Monthly Work- Daily
Output
Bessemer. Companies Output AU tag Output
Reporting. Companies. Days. AU Cos.
3.157.781
3.335,428
3,513.269
3.405,671
3,265,353
2,849,079
2,430,128
2,541,367
2,275.910
2,165,341
441,572
508,618
539,616
509,234
528,968
407,586
353,723
374,467
429,976
399.704
3,599,333
3,844,046
4,052,885
3,914,905
3,794,321
3,256,665
2,783,851
2,915,834
2,705,885
2,565,045
3.778,235
4,035,111
4,254,331
4.109,892
3,982,916
3,418,536
2,922,220
3,060,763
2,840,379
2,692,539
27
24
26
26
27
25
26
26
26
27
139,935
168,130
163,628
158,057
147,515
136,741
112,393
117,722
109,245
99,724
P...N0a0C400.00C
Months.
OpenHearth,
1WW=
1,
ob.040.05,
orl.CONCOWCO.WO
OCTOMONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1930 TO
BER 1931-GROSS TONS.
Bessemer
llama by companies which made 95.21% of the Open-hearth and
Steel Ingot Production in 1930.
.1
t...VOODOCCC=t,
NNCICINNNNNN
134,979 67.42
10 moo. 28,939,307 4,493.463 33.432,770 35.094,520 260
88,489 44.20
25
300,337 2,107,470 2,212,220
1,807,133
Nov
76,136 38.03
226,788 1.885,814 1,979,547 26
1.659,026
Dec
63.09
126,322
32,405,466 5,020,588 37,426,054 39,286,287
, Total
1931.
42.86
91,063
2,458,689
296,620 2,340,918
2,044,298
lifan
104,265 49.08
296,974 2,382,503 2,502,366
2,085,529
Feb
54.20
115,138
2,993,590
346,137 2,850,197
March__ _ 2,504.060
104,711 49.29
316,668 2,592,072 2,722,479
2,275,404
April
96,365 45.36
2,505,485
2,385.472
301,639
2,083,833
111ay
79,843 37.58
246,365 1,976,474 2,075,910
1,730,109
lune
72,544 34.15
225,030 1,795,806 1,886,153
1,570,776
July
66,133 31.13
1,719,462
1,637,100
174,380
August _ _ _ 1,462,720
59,523 28.02
199,151 1,473,472 1,547,602
1,274.321
Sept
58,977 27.76
195,943 1,516,101 1,592,376
1.320,158
Oct
84,631 39.84
10 mos. 18,351,208 2,598,907 20,950,115 22,004,11g 260
capacity
annual
the
on
based
are
1930
in
operation"
of
"per
cent
a The figures of
and open-hearth steel
la of Dec. 31 1929, of 62,265,670 gross tons or Bessemer
as of Dec. 31 1930, of 66,Osets, and in 1931 are based on the annual capacity
069,570 gross tons for Bessemer and open-hearth steel ingots.
Pin Iron,
Based on average of basic iron at Valley
Nov. 10 1931, $14.96 a Gross Ton.
$15.00 furnace and foundry Irons at Chicago
One week ago
Philadelphia, Buffalo. Valley and Mr15.34
One month ago
16.29 mIngham.
One year ago
Low.
High.
$14.96 Nov.10
$15.90 Jan. 6
1931
Dec. 10
15.90
7
Jan.
18.21
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
19.46 July 13
21.54 Jan. 5
11922267
18.96 July 7
13
Jan.
22.50
1925
Steel Scrap.
Based on heavy melting steel quoNov. 10 1931, $8.75 a Gross Ton.
at Pittsburgh, Philadelphia
a
1 teams
78
1:5
1E8
One week ago
ii0,.
iC111cago.
ancl
8.83
One month ago
One year ago
Lots.
$8.71 Oct. 27
$11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov. 22
15.25 Jan. 11
1927
1
410 Jmuanye 5
6
1
5
Jan.
17.25
1926
20.83 Jan. 13
1925
Pig
Steel Output Again Increases Slightly-Price of
Scrap
-Steel
Level
Low
Iron Declines to New
Higher.
For the third consecutive week, steel ingot production
has gained slightly, being estimated at 31% against 30%
last week and 29% the week before that, reports the "Iron
Age" of Nov. 12. Against an average output of 27.76% in
October, this is the most consistent increase in steel activity
since last spring. While its importance could easily be
exaggerated in view of the sluggishness of some branches
of the industry, there is hope of further slight betterment
during the remainder of the year, particularly in automobile
tonnage, to be followed, perhaps, by a sharper upturn in
the first quarter of 1932, adds the "Age" which further
.states:
and
Steel-making rates have not changed materially except at Wheeling
4n the Valleys, but orders for some lines of finished steel, sheets especially,
y
noteworth
.are more numerous and inquiries have shown an oven more
rers
.expansion, undoubtedly indicating greater requirements, as manufactu
approaching
-would be slow to increase stocks with the inventory season
and with no price advances in immediate prospect.
manuSome improvement in business has come from farm implement
agricultural
facturers, warehouse. . distributers, the oil country and
communities. The rise in prices of staple commodities has had a wholethe rapidity of the
some psychological effect, but industry is Inclined to view
caution.
advance as somewhat speculative and has not lost its sense of
of the steel
,
much
improving
are
Although automobile orders for steel
still to be specified.
that will be needed for production of new models is
releasing tonnage, which
The Ford Motor Co. has been particularly slow In
ring program.
points to the possibility of a delay in its new manufactu
somewhat
Expectations for the remainder of the year have been modified
placed at this time
usually
orders,
rail
by the probability that the bulk of
have this tonnage in hand
will go over until January. Ordinarily the mills
is being done.
for rolling in the early winter months. Some car repair work
and the Western
The Norfolk & Western is to rebuild 500 steel coal cars,
The Delaware
cars.
for
es
Fruit Express Is inquiring for 300 steel underfrarn
Lackawanna & Western will buy 12 freight locomotives.
building conThe steel mills are not receiving much fresh support from
amount of
struction, notwithstanding that a reliable estimate places the
activity
current
of
pending work at 650.000 tons. A conspicuous feature
of private undertakings, public
in this field is the very small number
tons, but
projects predominating. Lettings in the week were only 17,000 buildings
for Federal
new inquiries total 32.000 tons, including 20,000 tons
7,000
taken
has
San Francisco pipe line
In Cleveland and Pittsburgh. A
"Steel," of Cleveland, Nov. 9, in its summary of the iron
and steel markets, says:
Steel continues to broaden the base of its market structure. Bookings
are appreciably heavier; sentiment has been further lifted by improvement
in agriculture and oil, Industries which greatly influence the consumption
of steel; production rose over 2 points last week to 30-31%, highest rate
since Sept. 24, and will hold that gain this week.
are
Chary of attempting to call the turn, steel producers nevertheless
of the
increasingly confident that October represented the low point
and
depression. November appears to be registering a modest advance,
while December doubtless will develop a seasonal letdown, the industry
looks to January to close the gap and carry on.
No small degree of confidence flows from the fact that actual improvewithment in bookings and output this month-while small-has developed
easing
out tangible support ft-cm the automobile industry, despite a slight
and
in structural steel awards, with improved demand from expanding farm
bulk
all country purchasing power assured but not yet realized. And the
rolling.
of recent track material placements has been for first quarter
bank
all country purchasing power assured but not yet realized. And the
It is assumed, therefore, that the stimulus has been provided by scattered,
small demand resulting in some measure from recent starved buying policies.
for
Late this month producers apparently can count on substantial releases
promises
1932 automobile models. Structural inquiry, brisker the past week,
that
at least sustained requirements. Producers, accordingly, are confident
late November will at least consolidate the betterment thus far.
purchasSteel producers at Chicago, first to benefit from expanded form
ing power, estimate that the rise in grain prices thus far has put up
freer
purchasing power 10%, $1 wheat will increase it 40%. While a
indusspending attitude may be engendered by the rising market, the steel
mills,
try does not look for an actual reflex, to be noted first by wire
tons of plates.
for somo business
Although•the steel industry looks to the farm sections
grain prices is maintained, the situation
gains, provided the improvement in
collections and the difficulty of obtaining bank
Is complicated by poor
district have stepped up operations,
credits. Wire mills in the Chicago
from rural districts. Inquiry for tanks
largely because of increased orders
fields is directly attributed to the rise in crude
fur Texas and Oklahoma
oil prices.
reported by the American Iron and
Steel ingots made in October, as
tons, or 58,977 tons a day for 27 days.
1,592,376
totaled
Institute,
Steel
decline of about 1% from September,
Based on the daily rate, this was a
extra workkng day, gained about 3%.
but the month's total, owing to the
the
2 tons, or a loss of 37.3% from
The 10 months' output was 22,004,11
period of 1930.
ing
correspond
the
in
produced
tons
35.094,520
Corp., as of Oct. 31, declined
Unfilled tonnage of the United States Steel October in the decade from
in
25,401 tons, whereas the average change
Unshipped orders of the lead.
1921 to 1930 was an increase of 59,000 tons.
tons
3,119,432
were
month
last
of
end
fag producer at the
trunk line
rates on steel in central and
A reduction in short-haul freight
territories went into effect Nov. 10.
to
at Chicago, where 15,000
Pig iron business continues to expand
no noteworthy
is
there
elsewhere
but
pending,
20,000 tons of inquiry is
Steel scrap, however, has
change. Prices are weak in some districts.
Pittsburgh. The "Iron Age"
shown an indication Of renewed strength at
from $15 last week.
composite price for pig iron has declined to $14.96
before early January.
Fresh structural inquiry is more impressive than actual awards-23.971
tons, compared with 23,022 tons in the preceding week. Prospective business includes 14,000 tons for the Tri-boro bridge, New York; 15,000 tons
for Pittsburgh postoffice ; 8,000 tons for Illinois bridges; 5,000 tons each
of shapes and bars for 'Mississippi River locks and dams. Northern Pacific
is to build 150 hoppers; Lackawanna to buy 12 locomotives; Norfolk &
Western to repair 500 freight cars, and build 10 tenders.
Last week steel production at Pittsburgh rose 2 points to 30% ; at
Youngstown and Chicago 1 point to 31% and 26%, respectively; at
Cleveland 6 points to 35%, with Buffalo, Birmingham and Eastern Penn.
sylvania stationary at 37, 30 and 29%, respectively. This week Youngstown is scheduled for a half point rise and Cleveland 3 points, probably
neutralizing an easier situation at Chicago and Buffalo, with other districts
unchanged.
Indicating that the downward momentum in pig iron production has
to
practically spent itself, the reduction in the daily rate from September
October was only 3%, half the decline from August to September. Actual
lowest
daily output was 37,831 gross tons, down 1,116 tons from September,
October,
since September 1921. Steel ingot production declined likewise in
slip
to 58,977 tons daily, but like pig iron this was the smallest monthly
during the depression. October was a 27.76% steel month; September,
28.02%.
Pig iron, for which demand is increasing moderately, is characterized
by further price reduction in Eastern Pennsylvania, thus reducing "Steel's"
iron and steel composite lc. to $30.63. Steelworks scrap composite remains
$8.25. Stripmakers are endeavoring to stiffen their prices. Finished
steel composite hclds at $48.22.
Steel ingot production for the week ended last Monday
to
(Nov. 9) was at a good fraction over 31%, according
adds:
of
"
which
10,
Nov.
Jouranl
the "Wall Street
around
This compares with a shade above 30% In the previous weolc and little
a
28% two weeks ago. U. S. Steel is estimated at 34 S5%. against
Independents
under 321.% a week earlier and below 31% two weeks ago.
and 27%
were at fractionally over 29%, contrasted with 29% last week
two weeks ago.
for the
4%
of
drop
a
43%,
At this time last year the average was above
and inweek, with U. S. Steel at better than 47%, a decrease of 43%.
of 1929 the
dependents around 41%, off 3%. In the corresponding week
showed a drop of
average was down 4% to a little over 73%. U. S. Steel
the like week of
5% to 75%, and Independents were off 3% to 72%. For showing a loss
, U. S. Steel
1928 the average dropped about 4% to 82
to 84%.
of 5% to 80%, while independents were off 3 Si%
Nov. 14 1931.]
FINANCIAL CHRONICLE
Active Week in Metals Trading-Copp
er Sales HighGood Demand for Lead, Tin and Zinc
.
Growing belief that industry has turne
d the corner toward
better times and current excessively low
prices were factors
which brought about an active coppe
r market in the week
just closing, "Metal and Mineral Mark
ets" reports. Optimism as to the outcome of the
curtailment conferences
among the producers contributed to the
general activity,
which was noted both in the Unite
d States and abroad.
It is added:
Close to 9,000 tons of copper were report
ed sold for the week, largely
by the custom smelters in the open
market at 7c. delivered in the
East,
and 7Sic. delivered in the Middl
e West. The large producing
groups
continue out of the market at 7%
c. for Eastern deliveries. The
export
price continues at 7
c.i.f. Demand has been pretty well
distributed
among all classes of consumers
and they have had no difficulty
in getting
what they wanted.
Lead, along with most other commodities,
the week and the price was raised on two sold in good volume through
occasions. Sales for the week
exceeded 6,500 tons, a total well above
the average. In zinc, consuming
demand was active and in only one
week during the past year have
sales
exceeded the total for the week just
ending. Demand for tin was fairly
active, with buying well distributed as
to volume over the next five month
s.
The spectacular advance in silver was
partly responsible for this buying
interest.
October Bituminous Coal and Anth
racite Production
Shows Seasonal Gain, but Continue
s Below Output
for Corresponding Period Last Year
.
According to the United States Bure
au of Mines, Department of Commerce, preliminary estim
ates show that a total
of 35,740,000 net tons of bitum
inous coal and 6,520,000 tons
of anthracite were produced
during the month of October
1931 as against 31,919,000 and
4,358,000 tons, respectively,
during the previous month and 44,15
0,000 and 7,443,000 tons,
respectively, during the correspond
ing month last year.
The average daily rate of produ
ction of bituminous coal
during October 1931 amounted to
1,324,000 net tons as compared with 1,262,000 tons in Septe
mber 1931 and 1,635,000
tons in October last year. The Burea
u's statement follows:
Taal for
Month
(Net Tons).
October 1931 (preliminary)a
Bituminous coal
Anthracite
Beehive coke
September 1931 (revised)Bituminous coal
Anthracite
Beehive coke
October 1930Bituminous coal
Anthracite
Beehive coke_b
No. of Average per
Year to
Working Working Day Cal.
End of Oa.
Days. (Net Tons). (Na
Tons).
35.740.000
6.520.000
104,900
27
26
27
1,324,000
250,800
8,885
31,919,000
4,358,000
77,800
25.3
25
26
1.262,000
174,300
2,992
317,780,000
50,888,000
1.093,100
44,150,000
27
1,635,009
383,792,000
7,443,000
26
286,300
57,473,000
176,600
27
6,541
2,440,100
a Slight revisions of these estimates will be issued
in
the
weekly coal report about
the middle of the month. b Final figures.
Bituminous Coal and Pennsylvania
Anthracite Again
Falls Off.
According to the United States Bureau of
Mines, Department of Commerce, production during the
week ended
Oct. 31 1931 totaled 8,022,000 net tons of
bituminous coal,
1,272,000 tons of Pennsylvania anthracite,
and 25,200 tons
of beehive coke. This compares with
10,145,000 tons of
bituminous coal, 1,404,000 tons of Penns
ylvania anthracite,
and 41,700 tons of beehive coke produced
during the corresponding period last year and 8,144,000
tons of bituminous
coal, 1,706,000 tons of Pennsylvania
anthracite, and 23,500
tons of beehive coke during the week
ended Oct. 24 1931.
During the calendar year to Oct. 31
1931 bituminous coal
output amounted to 317,746,000
net tons as against 382,992,000 tons in the calendar year
to Nov. 1 1930. The
Bureau's statement follows:
3171
BITUMINOUS COAL.
The total production of soft coal during the
week ended Oct. 81 1981„
including lignite and coal coked at the mines,
is estimated at 8,022,000
net
tons. Compared with the output in the preced
ing week, this shows a
decrease of 122,000 tons, or 1.5%. Production
during the week in 10/10,
corresponding with that of October 81 amount
ed to 10,145,000 tons.
Estimated United States Production of Bituminous
Coal (Net Tons).
1931
1930
Col. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date..
Oct. 17
8,148,000 301,580,000
9,230.000 382,394,000'
Daily average
1,358,000
1,227,000
1,538,000
1.474.000*
Oct. 24.1s
8,144,000 309,724,000
10,453
.000 372.847.00W
Daily average
1,357,000
1,231,000
1.742.000
1.481
Oct. 31_c
000'
8,022,000 317,748,000
10.145,000 382,992,000'
Daily average
1,337,000
1,233,000
1,891,000
1.480.000'
a Minus one day's production first week in Januar
y to equalise number of dank
in the two years. b Revised_since last report. c Subjec
t to revision.
The total production of soft coal during the
present calendar year ,to
Oct. 31 (approximately 258 working days) amount
s to 817,748,000 net
tons. Figures for corresponding periods in other
recent calendar year.
are given below:
1930
382,992.000 net tons 1928
409,408,000 negtoner
1929
440,717,000 net tons 1927
434,378,000 net tens
As already indicated by the revised figures above,
the total production
of soft coal for the country as a whole during the
week ended Oct. 26
amounted to 8,144,000 net tons-approximately the same
figure as for the
preceding week. The following table apportions
the tonnage by States
and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
OntoOct. 24 '31. Oct. 17 '31. Oct. 25 '30. Oct. 26 '29. Oct. 1923
Average.*
Alabama
215,000
198,000
297,000
371,000
398,0100
Arkansas
56,000
68.000.
44.000
28.000
Colorado
136,000
144.000
224,000
216,000
217,00
Illinois
916,000
960,000 1,464,000 1,297,000 1,558, 0
000
Indiana
273,000
257,000
367,00
0
354,000
520,000
Iowa
64,000
67.000
96,000
92,000
116,000
Kansas
52,000
53.000
74,000
71,000
91,000
Kentucky-Eastern
899.000
707,000
915,000
996.000
764,000
Western
190,000
168,000
224,000
311,000
238,000
Maryland
45,000
31,000
57,000
59,000
35,000
Michigan
11,000
10,000
19,000
15,000
28,000
Missouri
89,000
74.000
77.000
88,000
70.000
Montana
45,000
53.000
90,000
75,000
82,000
New Mexico
33,000
30,000
40,000
62,000
58,000
North Dakota
34,000
43,000
73.000
44,000
38,000
Ohio
490.000
476,000
574,000
582,000
817,00
0
Oklahoma
48,000
58,000
94,000
88,000
60,000
Pennsylvania (bItum.)..„ 1,914,000 1,901,000 2,578,
000 3,021.000 3,149,000
Tennessee
86,000
82,000
111,000
114,000
118,000
Texas
17.000
18,000
17,000
24,000
26,000
Utah
67.000
82,000
118,000
109,00
0
121,00
0
Virginia
217,000
207,000
230,000
269,000
231,000
Washington
35,000
40,000
60,000
44,000
6S,000
West virginia-South'n_ls 1.774.000 1.773,000 1,888,0
00 2.280,000 1,488,000.
Northern_c
542,000
538.000
559,000
848.000
805.000'
Wyoming
115.000
121,000
146,000
169,000
184,000.
Other States
1,000
1,000
2,000
6,000
4,000,
Total bituminous coal 8,144,000 8,148,000 10,453,000
11,625%
000
11,310
.000Pennsylvania anthracite.. 1.708.000 1,584,000 1.856,000
1.822,000 1,968,000
Total all coal
9,850,000 9,732,000 12,309,000 13,447,000
13,278,000.
a Average weekly rate for the entire month.
Includes operations on theN.& W.;C.dr O.; K.& M. and Virginian. c Rest ofisState,
including Panhandle.
•
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of
Pennsylvania den&
the week ended Oct. 31 is estimated at 1,272,000 net
tons. The decrease434,000 tons-was due in part to the holiday observance
of "Mitchell Day,'
Oct. 29. The average daily rate of output for the five
active days, however, was lower by 10.5% than in the preceding week.
Production during/
the week in 1980 corresponding with that of Oct. 81 amount
ed to 1,404,000.
tons.
Estimated Production of Pennsylvania Anthracite (Na
Tens).
1931
1930
Week.
Daily Aver.
Week.
Daily Avert.
1,584.000
264,000
1,296,000
216,000
1 706.000
284.300
1,858,000
309,300
1,272,000
254,400
1,404,000
280,800.
BEEHIVE COKE.
The total production of beehive coke for the country during
the week.
ended Oct. 81 is estimated at 25,200 net tons. This is in compar
ison with
28,500 in the preceding week and 1,092,800 tons produced
during the
week in 1930 corresponding with that of Oct. 81. Cumulative
productise
since Jan. 1 1981 amounts to 1,092,800 net tons. Compared
with 2,448,500
tons produced during the corresponding period of 1930, there
is a decrease,
In the current year, of 1,855,700 tons, or 55.4%.
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended1931
1930
&t.81 Oct. 24 Nov. 1
to
to
Region1931.b
1931.
1930.
Date.
Date..
Pennsylvania
20,800 20,700 80,900
881.000 1,778.000'
West Virginia
2,100
1,300
5,200
98,100
381,400
Tennessee and Virginia
1,500
1,300
3,700
92.700
208.100
Colorado,Utah and Washington_ 1,000
200
1,900
43.000
91.000
United States total
25,200 23,500 41,700 1,092.800 2,448,500
Daily average
4,200
3,917
6,950
4,203
9,417
a Minus one day's production first week in January to
equalise number of days in
the two years. b Subject to revision.
Week EndedOct. 17
Oct. 24
Oct. 31_a
a Subject to revision.
Current Events and Discussions
The Week with the Federal Reserve
Banks.
The daily average volume of Federal Reser
ve bank credit
outstanding during the week ended
Nov. 11, as reported
by
the Federal Reserve Banks, was $2,09
5,000,000, a decrease
of $79,000,000 compared with the prece
ding week and an
increase of $1,082,000,000 compared with
the corresponding
week in 1930. After noting these facts, the
Federal Reserve
Board proceeds as follows:
On Nov. 11 total Reserve bank credit
decrease of $45,000,000 for the week. amounted to $2,064,000,000, a
This
decreases of $26,000,000 in money in circulation decrease corresponds with
and $23,000,000 in
bank reserve balances and an increase of
member
$35,000,000 in monetary
gold
stock, offset in part by an increase of $18,000,000 in unexp
ended capital
funds, non-member deposits, &c., and a decrease of $21,00
0,000 in Treasury_
currency, adjusted.
Holdings of discounted bills increased $5,000,000 at the Federa
l Reserve
Bank of Philadelphia and declined $10,000,000 at San Franci
sco,$8,000.000.
at New York, $7,000,000 at Chicago and $21,000,000 at all
Federa
l Reserve:
Banks. The System's holdings of bills bought in open
market declined,
$45,000,000, while holdings of United States securit
ies were practically.
unchanged.
Beginning with the statement of May 28
1930 the text
accompanying the weekly condition state
ment of the Federab
Reserve Banks was changed to show the amou
nt of Reserve.
bank credit outstanding and certain other
items not include./
: 3172
FINANCIAL CHRONICLE
[VOL. 133.
Nov. 111931. Nov. 4 1931. Noz. 12 1930.
$
$
$
000,000
monetary gold stock
1,105,000,000 1,110,000,000 1,340,
in the condition statement, such as
00,000
d deposits
629,0
deman
Net
0,000
d's
455,00
Boar
0,000
449,00
rve
Rese
ral
Fede
000
ts
1,000,
The
deposi
Time
4,000,000
3,000,000
ahd money in circulation.
of
nment deposits
ition
Gover
defin
the
with
ther
toge
ges,
0,000
chan
the
174,00
of
0,000
tion
114,00
,explana
124,000,000
May 31 1930 issue Due from banks
259,000,000 261,000,000 361,000,000
the different items, was published in the
Due to banks
1,000,000
.
3.000,000
3,000,000
Reserve Bank_
of the "Chronicle," on page 3797
Nov. 11, in com- Borrowings from Federal
d
ende
week
the
for
full
in
t
emen
The stat
Federal
with the corresponding
parison with the preceding week and
rns of the Member Banks of the
nt pages, namely, Complete Retu
Week.
g
edin
Prec
the
for
em
Syst
date last year, will be found on subseque
Reserve
New York and
,pages 3215 and 3216.
tandained above, the statements for the
outs
As
expl
it
cred
bank
rve
Rese
on Thursday,
out
n
give
now
Changes in the amount of
are
s
and the year ended Chicago member bank
week
the
ng
banks themduri
s
rve
item
Rese
ted
the
rela
in
for
•ing and
simultaneously with the figures
of being held
Nov. 11 1931 were as follows:
Increase (+) or Decrease (—) selves, and covering the same week, instead
Since
re which time the statistics
Nov. 12 1930.
until the following Monday, befo
Nov. 11 1931. Nov. 4 1931.
g member banks in 101
rtin
repo
of
00
body
e
000,0
entir
+492,
the
0
684 000,000 —21,000,000 +390,000,000 covering
00,00
Bills discounted
—45,0
0
y.
00,00
597,0
cities cannot be got read
Bills bought
—1,000,000 +126,000,000
727,000,000
comments of the Federal
+22,000,000
United States securities
56,000,000 +22,000,000
In the following will be found the
Other Reserve bank credit
of the entire body of
rns
retu
,000
the
0,000
ng
+1,03
ecti
0
resp
d
00,00
Reserve Boar
2,064.000,000 —45,0
Reserve System for
ral
TOTAL RES'VE BANK CREDIT 4,346,000,000 +35,000,000 —203,000,000
Fede
the
of
—52,000,000 reporting member banks
Monetary gold stock
000 000 —21,000,000
1,746
on Nov. 4:
ness
ed
busi
adjust
cy
!Treasury curren
the close of
0 +1,040.000.000 the week ended with
statement of weekly reporting
5.517,000.000 —26,000,00
—391,000,000
condition
The Federal Reserve Board's
for the week of
Nov. 4 shows decreases
member banks in leading cities on
demand deposits,
s, $106,000,000 in net
$74.000,000 in loans and investment
nt deposits, $25,$32,000,000 in Governme
000,000 in
$61,000,000 in time deposits,
ve Banks and $109,
Reser
al
Feder
from
ago
wings
000,000 in borro
York and Chic
.
banks
ve
Reser
al
Feder
-Returns of Member Banks for New
with
reserves
banks in the New
00,000 at reporting
s—Brokers' Loans.
Loans on securities declined $21,0
Federal Reserve District
, and increased $7,banks
ting
repor
all
at
0
$30,000,00
0
June 29 1927, the Federal York district and
" loans increased $12,000,00
Chicago district. "All other
.Beginning with the returns for
.
the figures of 000,000 in the
out
0 at all reporting banks
00,00
give
to
$19,0
d
and
ct
ence
distri
0
comm
York
00,00
New
In the
$21,0
'Reserve Board also
rnment securities declined
ngs
Federal Reserve District
Holdings of United States Gove
ting banks, while holdi
repor
all
at
0
00,00
the member banks in the New York
$25,0
district and
rve District, on Thurs- in the Chicagoties
New York district, $6,000,000
declined $13,000,000 in the
,as well as those in the Chicago Rese
.
rve Banks of other securin distri
Rese
0 at all reporting banks
the
00,00
for
res
$38,0
and
figu
ct
the
with
in the Bosto
from Federal Reserve
day, simultaneously
ing
until
y reporting member banks
wait
weekl
of
of
ead
wings
inst
Borro
,
es
chang for the week
00 on Nov. 4, principal
themselves, and for the same week
New York
the statistics banks aggregated $428,000,0
time
h
Federal Reserve Bank of
whic
the
re
at
befo
0
,
00,00
day
$23,0
Mon
g
of
ases
at Cleveland.
•the followin
s in the being decre
bank
and an increase of$5,000,000
ber
isco,
mem
Franc
g
San
rtin
at
repo
0,000
of
and $7,00
weekly reporting
covering the entire body
assets and liabilities of
A summary'of the principal
y.
read
got
week and the year ending
be
ot
the
g
cann
uded
durin
es
incl
s
chang
citie
erent
with
:diff
banks, together
York member banks member
(—)
• Below is the statement for the New
Increase (+1 or Decrease
ent Nov. 4 1931, follows:
curr
the
for
s
bank
Since
ber
mem
and that for the Chicago
Nov. 5 1930.
1931.
the
of
28
t
Oa.
emen
stat
1931.
4
Nov.
full
$
week as thus issued in advance of the available until the
—74,000,000 —2,364,000,000
be
00
investments—total-___ 21.147,000,0
and
Loans
member banks, which latter will not
statement, of course, also
—11,000,000 —3,296,000,000
13,510,000,000
coming Monday. The New York
member banks. Loans—total
g
,000
rtin
repo
of
s
loan
ers'
—30,000,000 —2,218,000,000
brok
5,867,000,000
includes the
On securities
+19,000.000 —1,078,000
s the present week
7,643,000,000
All other
The grand aggregate of brokers' loan amount of these
00
the
—63,000,000 +933,000,0
7,637,000,000
records a decrease of $18,000,000,
. The pres- Investments—total
,000
,000
+1,066,000,000
$831
00
at
000,0
ding
--25,
stan
1931
0
000,00
loans on Nov. 11
U.S. Government securities_ — 4,108,
—38,000,000 —133,000.000
follows a decrease of
3,529,000,000
Other securities
ent week's decrease of $18,000,000
the
in
,000
,000
000,000 —486,000,000
$494
—109,
0
of
+41,000,000
ve with Federal lisieve banks 1,605,000.00
$20,000,000 last week and a decrease
264,000,000
fell dur- Reser
unt"
acco
in
vault
Cash
own
"for
s
Loan
6,000,000
—1,48
eight preceding weeks.
00
000,0
12,343,000,000 —106.
to $553,000,000, while Net demand deposits
—61,000,000 —1,250,000.000
6,297,000,000
ing the week from $583,000,000
00,000
+58,0
ts
deposi
Time
00
from
d
000,0
ease
--32,
incr
banks"
129,000,000
deposits
loans "for account of out-of-town
of Government
unt
acco
0 —584,000,000
"for
00,00
s
+62,0
loan
0
and
000,00
1,043,
00 .-952,000.000
Due from banks
$97,000,000 to $116,000,000,
2,654,000,000 +126,000,0
to $162,000,000. The Due to banks
others" decreased from $169,000,000
0 +350.000.000
00,00
—25,0
e
st
sinc
0
lowe
00,00
,000,000 is the
Borrowings from Fed. Res. banks_ 428,0
0
Money in circulation
2 099.000.000 —23,000,00
Member bank reserve balances
Unexpended capital funds, non-mem- 540,000,000 +18,000,000
ber deposits, drc
+125.000,000
present week's total of $831
$821,887,000.
Nov.9 1921, when the amount was
BANKS IN CENTRAL
RTING MEMBER
CONDITION OF WEEKLY REPO
RESERVE CITIES.
New York.
Nov. 12 1930,
Nov. 11 1931. Nov.4 1931.
$
8,363,000,000
0
000.00
7,310,
0
000,00
7,240,
al
LIMB and investments—tot
0
4,474,000,000 4,547,000,000 6,022,000,00
Loans—total
0
000,00
0
2,270,000,000 2,287,000,00 3,377,
0
On securities
2 204,000,000 2,260,000,000 2,644,000,00
All other
0 2,763,000,000 2,341,000,000
000,00
2,766,
Investments—total
0
1,732,000,000 1,724,000,0000 1,151,000,00
0
U.S. Government securities
1,034,000,000 1,039,000,00 1,191,000,00
Other securities
0,000 867,000,000
ve Bank_.,..723,000,000 724,00
50,000,000
61,000,000
Reserve with Federal Reser
53,000,000
vault
in
.Cash
0
5,353,000,000 5,413,000,000 5,024,000,00
0
Net demand deposits
902,000,000 905,000,000 1,487,000,00
,000
,000
12,000
ts
40,000
Time deposi
27,000,000
. Government deposits
97,000,000
74,000,000
68,000,000
0
Due from banks
967,000,000 983,000,000 1,183,000,00
banks
to
Due
,000
17,000
Reserve Bank_ 16,000,000
Borrowings from Federal
rs
deale
&
rs
000.000
broke
553,000.000 583,000,000 1,335,
Loans on scour. to
97,000,000 451,000,000
116,000,000
For own account
_
banks
0,000
-town
449,00
out-of
0,000
For account of
162,000,000 169,00
For account of others
0
000,00
0
2,235,
00,00
849,0
831,000,000
Total
000,000
1,643,
0
00,00
594,0
0
594,000,00
0 592,000,000
'On demand
237,000,000 255,000,00
On time
Chicago.
0 2,043,000,000
1,661,000,000 1,670,000,00
Loans and investments—total
0 1,528,000,000
000,00
1 160,000,000 1,157,
Loans—total
0 896,000,000
00,00
672,0
676,000,000
632,000,000
On securities
484,000,000 485,000,000
• All other
516,000,000
0
00,00
501,000,000 513,0
Investments—total
224,000,000
0
00,00
294,0
283,000,000
292,000,000
U. S. Government securities
218,000,000 219,000,000
Other securities
196,000,000
148,000,000 162,000,000
14,000,000
Reserve with Federal Reserve Bank
15.000,000
16,000,000
Galata vault..
e to Reopen—Leading
Mexican Silver Mines in No Hast ulation, Not Calling
Spec
to
Rise
ibes
Ascr
Owner
for Renewed Work.
silver mine owner, said on
Walter Palmer, leading Mexico
the reopening of Mexican
Nov.6 it would be unwise to plan
use of the rise of silver
beca
re
futu
near
silver mines in the
the rise was largely
said
He
to more than 34c. a troy ounce.
advices, Nov. 7,
co
City
to
Mexi
g
rdin
acco
due to speculation,
say:
to
on
to the New York "Times," which went
been
around 25c. an ounce a year ago has
The advance of silver from
loyed that closed mines
of
unemp
ands
thous
of
hopes
the
e
sufficient to arous
richest
reopened. During the slump only the
and other plants would be
ted profitably.
opera
been
have
veins
silver
peso
that as the value of the Mexican silver
Industrialists emphasize
becomes
increase, and as Mexican currency
improves, producing prices must
conThere is not great optimism over the
firmer the dollar must drop.
length of
nt price, but if it remains for any
tinuation of silver at the prese
st industry.
greate
o's
Mexic
help
y
greatl
time it will
of
ced more than $100,000,000 worth
During normal years Mexico produ
about
the United States production of
with
red
compa
lly
annua
silver
$65,000,000.
Price — Market
Speculation Raises London Silver
ement Between
Agre
of
on
esti
Spurred by Sugg
India and American Producers.
ican account,
Speculation in silver, chiefly on the Amer
1/16 pence an
21
to
9,
Nov.
on
on,
Lond
in
e
brought the pric
e on Feb. 9.
penc
12
ounce as compared to the record low of
from which
es,"
"Tim
York
New
the
m
to
A London cablegra
we quote, further mid:
the International
Committee of
recommendation made by the Silver
made to obtain a
that attempts should be
cers
Chamber of Commerce in Paris
nment and American produ
Gover
n
India
the
en
It was Rigsilver agreement betwe
a penny an ounce.
of
rise
's
to-day
for
said,
accounted, it is
A
Nov. 14 1931.]
FINANCIAL CHRONICLE
gested that the Committee would not have made the recommendation
unless satisfied that the American producers would not be hostile to such
an agreement, while the Indian Government, as a holder of surplus silver,
Is expected to look favorably on an agreement enabling it to obtain a
higher price than recently.
As the price of silver already has risen, such an agreement, it is thought
here, would aim chiefly at stability. Concerning the Committee's finding
that bi-metalism has no chance of early application, a London "Times"
financial writer says:
"There is reason to believe that the leading central banks would be more
Inclined now to consider a managed currency system than the extension
of the employment of silver. This may or may not be a sound view but
there is little doubt of its being held by the leading central bankers. Proposals of other students of the silver question are not inconsistent with
those of the international committee for what the latter suggests might
be the first steps toward realizing the larger objective of those who believe
that, failing the removal of the fundamental causes which led to the cornering of gold—namely, excessive debts and prohibitive tariffs—the scarcity
of international monetary means of payment might with advantage be
relieved by using silver."
Rise in Silver Strengthens Mexican Peso.
The peso has strengthened considerably in the week of
Nov. 2 on the rise in bar silver prices and on Nov. 6 the
dollar was quoted at from 2.50 to 2.52 pesos. Associated
Press accounts from Mexico City added:
This quotation is 10 to 15 points stronger than a year ago, when Mexico
was on the gold basis.
The rise in bar silver prices is viewed optimistically here by silver producers, and it is believed that if the tendency continues several mines that
have been shut down will be enabled to resume operations.
The rise thus far, however, has not helped producers much, as it has
driven the value of the peso up and has kept production costs and the
marketing price at about the same relative levels.
3173
sufficient gold to back the currency is one of the chief causes of the general
breakdown in England, Germany and throughout the world.
"Bimetalism would make India and China more prosperous and put
them in a position to buy American products. I doubt if the United States
can go back to bimetalism by itself. It should be effected by an international agreement between the leading powers. There is a growing sentiment that something must be done. The subject is being discussed in every
capital in Europe. The international chamber of commerce has taken
action in the matter.
"I think there will be a great deal of sentiment in this Congress in
favor of calling on the United States Government to bring about an international agreement regarding silver. There undoubtedly will be resolutions
along that line in this Congress."
United States Smelting Big Producer of Silver—Out.
put Continues at 25,000,000 Ounces a Year—
Production Sold As Available,
The Boston News Bureau of Nov.9said:
U. S. Smelting, Refining tz Mining Co., the world's largest primary producer of silver and a producer of over 300,000 ounces of gold per annum—
the output was 322,968 ounces in 1930—continues producing something
over 25,000,000 ounces of silver per annum from its own mines, about
20,000,000 ounces of which come from its Mexican properties.
For the first 10 months of this year United States Smelting has averaged
something over 28c. an ounce for silver sold while currently the market
is 33c. To the United States Smelting Co., a rise of lc. an ounce applied
to a year's output is a matter of $250,000 additional profits, or almost 50c.
a share on the common stock.
For the eight months of this year to Sept. 30, in the face of distressingly
low prices for lead, zinc and silver, and after charging against gross earnings $1,425,552 for reserves, the company earned 19c. a share on the common stock. It is now in the best earnings months of the year so that
there is no reason to believe that the full $1 dividend now being paid on
the common will not be fully earned.
The management has further fortified the company's capital position by
taking advantage of the very low quotations at which the common stock
has sold this year by buying in the open market for company account
something over 13,000 shares of the common stock. This, together with
the 56,700 shares sjmilarly purchased in 1930 at an average cost of $21.06
per share, has reduced the common stock outstanding to-day to approximately 550,000 shares.
Tonopah, Nev., Mines Reopen With Rise in Price
of Silver.
The rising price of silver has brought about the reopening
of one silver mine in this [Tonopah] area and prospects for
resumption of work at several others and the employmeht
of 500 men here should the price reach 50c. an ounce. We
Reports of Possible International
quote from an Associated Press account from Tonopah, on Silver Prices Rise on
Agreements—Informal Conferences Held.
Selling
Nov. 10, which likewise said:
A statement to the effect that informal conferences have
The Tonopah extension mine has announced resumption of operations
after the discovery of a new ore body. This mine was shut down last year already begun looking toward an international silver agreewhen silver went below 30c. an ounce. The reopening, it was said, was
ment among silver producers of the world was contained in
accomplished without great expense.
Fort Worth interests have started to lift water from a silver mining the New York "Times" of Nov. 11. The movement, it is
property in the Hannapah district. A British-backed enterprise has done said, follows the issuance of the report of the Committee of
the same thing.
Experts of the International Chamber of Commerce, in
Should silver rise higher, the advantages of cheap electric power in the
Tonopah Divide district would start great activity there. Rich ore samples which recommendations to this end were made. Accordhave been taken from properties in this section, one shoot producing values ing to the "Times," representatives of the most important
said to be above $1 a pound.
silver interests in the United States and in Europe will be
Activity of the Tonopah Mining Co. and Tonopah Development Co.,
meet in New York or London to study
which have been working throughout the low-price period in ore bodies of invited shortly to
high value, would be stimulated with the further rise of silver prices. the committee's suggested stabilization program. In part
Operators have been making a bare living through this selective mining.
the "Times" also said:
Other mines expected to open if the rise should carry to 50c. were the
Walker Mine at Royston and the Treadwell Yukon plant at Tybo.
Aim to Prevent "Unloading."
Influential financial interests in Wall Street are advocating the adoption of at least part of the International Chamber's program. The conSilver's Price Rise Heartens Ontario—Resumption of versations now taking place aim at bringing about an understanding that
the "unloading" of silver on a market which, for the first
Operations in Rich Deposits Expected to Result will prevent
time in months, is showing signs of stability.
Soon.
Reports that a selling agreement was being arranged were partly readvance yesterday (Nov. 10) in silver bullion which
According to Toronto (Ont.) accounts, Nov. 7, to the New sponsible for a fresh
carried the price here to a new high of 373(1, cents an ounce. a gain of 1M
York "Times," it is expected that the increased value of cents. There was at the same time a rush of selling on the National Metal
silver will result in early operation of the holdings of the Exchange which depressed prices in the futures market 175 to 225 points,
canceling a large part of Monday's sensational gain. Trading on the Metal
Castle-Trethewey Mines, Ltd., near Haileybury, now laying Exchange yesterday was the heaviest since the futures market was opened
on June 15. The day's turnover was 8,175,000 ounces, compared with
dormant. The dispatch added:
The company has a working capital of $902,200. Mining men interested 7,500.000 ounces on the previous day, which had also established a record
In silver properties of Northern Ontario look anxiously to the resumption for volume.
Yesterday's decline in silver futures was largely the result of profit-taking
of operations of the rich deposits. It is believed also that Keeley will
conduct an improvement program, and other properties along the T. dt N. O. which the recent sharp advances had invited. The selling camefrom domestic speculators, brokers said.
will, it is said, receive an impetus to resume operations.
The mystery surrounding the source of the heavy foreign buying which
Production by the Mining Corp. of Canada in the quarter ended on
prices spectacularly within the last five weeks was partly
Sept. 30 1931 amounted to 196,941 ounces of silver and 436,154 pounds has advanced
cleared up when it became known that Sir Henri Deterding, managing
of cobalt. This compares with a production in the previous quarter of
director of the Royal Dutch Shell Co. and one of the world's leading indus94,086 ounces of silver and 303,651 pounds of cobalt. In the September
trialists, had accumulated a large amount of the metal. Sir Henri's
quarter nearly all the ore came from a shoot on the Cobalt Lake fault,
purchases have been heaviest in London and other foreign markets, but
from which nearly all the ore has now been extracted. Other small pockets
he has also bought in the New York market, it is understood. For some
have been found, however, which assure profitable operations to the end months Sir Henri has been advocating a form of bimetalism as a solution
of the current year.
of one of the underlying economic problems of the world. According to
reports in Wall Street, he is to-day one of the world's largest Individual
holders ofsilver, and he feels, it is said, that the metal has been undervalued
Action on Bimetallism in Congress Foreseen by
to a greater extent than any of the other key commodities.
Senator Wheeler.
issue the "Times" stated:
Bimetalism is being discussed in every capital of Europe,
and there may be a resolution adopted at the coming session
of Congress asking the President to call an international
conference to consider the silver situation and bimetalism,
Senator Wheeler (Dem.), of Montana, stated orally Nov. 9,
said the "United States Daily" of Nov. 10, which quotes him
as follows:
"At the present time the United States and France have practically the
control of all the gold used as a medium of exchange between the various
countries. That means that when the other countries of the world have
no gold to back up their currency, it is impossible for them to buy the
things which the United States produces. The fact that there is not
In its Nov. 12
With some of the principal silver interests opposed to an early conference for the purpose of reaching an international selling agreement, silver
futures turned reactionary yesterday (Nov. 11) and lost 65 to 110 points.
Business on the National Metal Exchange was sharply curtailed, the
turnover amounting to 4,775,000 ounces, compared with 8,175,000 ounces
on the day before. Bar silver also reacted, falling to 3534 cents an ounce,
at which it showed a loss of 1% cents on the day.
Speculation in silver was discouraged by the fact that some of the commission houses had advanced margin requirements. Where $500 and
$600 have been demanded as the minimum margin on a contract of 25,000
ounces, houses have begun to insist upon 6700 to $1.000. The elearing house
requirements, applicable to member firms of the Metal Exchange, also
have been tightened. It was announced that arrangements had been
made for the sale of a membership in the Metal Exchange for $1,000. an
increase of $400 over the last transaction.
3174
[VOL. 133.
FINANCIAL CHRONICLE
So great has the spread become between the New York and the London price of silver that it was reported yesterday a shipment of $500,000
ounces to New York had been arranged in London. There was no confirmation of the report here, but brokers considered such a shipment likely
in view of the price conditions.
On Nov. 13 the same paper stated:
Silver futures advanced sharply again yesterday (Nov.12) as the volume
of trading on the National Metal Exchange established a new high record
of9,175,000 ounces. The previous record, made on Tuesday, was8.175,000
ounces.
Yesterday's futures market reflected the revival of speculative interest
after the recent technical reaction. It was stimulated also by fresh activity
in bar silver, the price of which rose here to 36M cents an ounce, a net gain
of
cent. The London bullion market was strong again, apparently in
response to heavy buying orders from India.
The advance in silver futures on the National Metal Exchange ranged
from 1 cent an ounce for the September and October options to 1.40 cents
for February. May showed a net advance of 1.20 cents.
.74
The "Sun" of last night (Nov. 13) said:
I
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Sept. 30 1931 with the figures for Aug. 31 1931
and Sept. 30 1930:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Sept. 301931. Aug.31 1931. Sept. 301930.
$
47,039,553
24,456,662
$
46.687.080
16.880.229
$
47,664,904
24.184,006
71,496.219
64,567,313
71,848.912
110,374,180
12,959
98,976,353
17,966
115,577.930
25,361
110,387,141
98,994.321
115,603,292
Silver futures were somewhat lower and less active to-day after the rise
at
and the record volume of trading yesterday. In London bar silver
2131d. per ounce was 5-16d. lower and the tone was easy.
at
volume
good
in
was
Initial trading on the National Metal Exchange
lower prices. In the later trading the volume diminished somewhat and
prices improved slightly but held below the previous close.
17,112,421
12,055,990 15,829,798
Notes of other banks
22,090.683
14,929,699 18,466.944
United States & other foreign currencies_
97,211,138 92,304,384 146,875,265
Cheques on other banks
Loans to other banks In Canada.secured
including bills rediscounted
Deposits made with and balance due
4.747,402
9,361,715
3,930,938
from other banks in Canada
Duo from banks and banking correspond4,477,349
3,971,137
3,597,587
ents in the United Kingdom
Due from banks and banking correspondInternational Exchange Conference at Prague Fails to
ents elsewhere than in Canada and the
108,780,215 89,188,075 108,425,138
United Kingdom
Agree on Problems—Shelves World Clearing Plan.
Dominion Government and Provincial
452,406.898 325,560.670
455,928,988
securities
Government
An international conference of Central European nations Canadian municipal securities and British, foreign and colonial public securimet at Prague, Czechoslovakia, Nov.2 to deal with problems ties
99,780,304
160,100,228 169.810,939
other than Canadian
54,460,125
81,548,049 78,967,511
& stocks
of exchange. The conference was concluded on Nov. 7, Railway and other bonds. debs.30
days)
exceeding
(not
short
Call
and
leaving the Central European States as badly off as ever, loans In Canada on stocks, debentures,
bonds and other securities of a sufsaid a copyright cablegram on that date to the New York
168,575,719 158,830.062 226,020,490
ficient marketable value to cover
90.095,595 109.665.579 186,811,278
Elsewhere than In Canada
"Evening Post" which also stated:
in Canada_ 1,136,510,527 1,127,280,857 1,255,805,777
diserts
Other
&
current
loans
192,623,032 198,795,904 225,301,724
No definite steps have been taken to relieve the foreign exchange famine,
Elsewhere
which is strangling trade of this part of the world. The only recommenda- Loans to the Government of Canada16,008.878
32,988,243 24,784,089
to Provincial Governments
tion made by the conference was that agreements for exchange on a barter Loans
Loans to cities, towns, municipalities
basis be concluded between the separate countries.
114,793,151 111,978,196 101,077,788
and school districts
This was the plan of Austria and Hungary. which are interested chiefly Non-current loans, estimated Ices pro9.456.587
7,900,102
10,309,759
vided for
in keeping such reserves of gold and foreign exchange as they still have. It
6,323,969
5,571,880
6,337,205
countries with Real estate other than bank premises—.
is a plan that is likely to reduce trade to a minimum, since
8,231,485
6,775,476
6,248,477
bank__.
by
sold
on
estate
real
Mortgages
unfavorable trade balances will establish only agreements which reduce Bank premises at not more than cost,
78,657,128
79,466,204 79,538.048
less amounts (if any) written off
their imports to equal their exports.
The conference advised national banks to function only as clearing houses Liabilities of customers under letters of
83,847,159
62,056,921 61,343,152
credit
per
as
contra
Interfor
Bank
the
and that ultimately all clearings should be made through
Deposits with the Minister of Finance for
6,790.447
6.807,497
6,814,154
national Settlements at Basle. This Bank also was asked to take the initiathe security of note circulation
39.430.868
24.230.866 27.530,866
tive in further negotiations to relieve the gold famine or in setting up such Deposit In the central gold reserves_ ___
14,496,888
11,265,600
14,733,840
cos._._
of
controlled
to
Mares
and
loam
arrangements as will allow trade to be resumed.
Dther assets not Included under the fore2,012,449
1,726,602
1,700.040
going heads
sessions were concluded
when the
executive
On Nov. 5
(they were followed by a plenary session), a Prague cablegram
to the New York "Times" stated:
Total assets
3.045,448,019 3.033,950.748 3,228,366,584
Liabilities.
139,908,403 141,813,032 163,513,493
,Totes In circulation
The results achieved were meager, as had been expected. Certain ad- '
Balance duets Dominion Govt. after de31,234,077
ministrative modifications of currency regulations calculated to ease inter10.540.890
17.925,201
ducting adv. for credits. pay-lists. &e.
20.700,000
6,500.000
19,500,000
national transactions were agreed upon, but the real business of the confer- tdvances under the Finance Act
26,793,190
26,141,550
22,117,872
Governments.
President
Balance due to Provinclai
ence, namely, the resolution, sponsored by Dr. Richard Reisch,
Deposits by the public. payable on deof the Austrian National Bank, was virtually shelved.
594,275,249 568.462,418 667,886,160
mand in Canada
clearing,
international
of
the
which
demanded
institution
resolution,
The
Deposits by the public payable after no1 455,518.906 1,461.091,577 1,419,641,859
tice or on a fixed day in Canada
met with sharp opposition from those States with an active balance of trade
313,097,017 331.596.171 372,364,253
elsewhere than In Canada
and the support of those with an unfavorable balance, and the intervention Deposits
Loans from other banks In Canada, seof representatives of the Bank for International Settlements was required
cured, Including Nis rediscounted_
Deposits made by and balances due to
to obtain a measure of agreement.
18,242,577
12,694,945 12,739.019
other banks in Canada
The final communique, which will be given out to-morrow, will say that
Due to banks and banking correspondadvisability
the conference has been unable to discuss the question of the
10,580,090
9,306,062
4,939,359
ents in the United Kingdom
of adopting Dr. Reisch's proposals as they are beyond the competence of
Elsewhere than In Canada and the
61.551,766
side
64,976.742
technical
the
considered
has
65,501.779
it
that
but
represented,
issue
United
Kingdom
of
banks
the
12,874.322
5,932,531
5.375,678
Mils payable
of these suggestions.
83,847,159
62,056,921 61.343.152
Atters of credit outstanding
3,064.037
2.850.841
The conference decided to recommend that the governments of the re- -labillties not intl. under foregoing heads
2,802.513
consider Dr. Avidends declared and unpaid
806,256
3,523,914
800.422
spective countries summon an international conference to
162.000.000 160.992,767
the
can
162,000.000
declared,
is
it
done,
been
has
test
fund
or
this
reserve
when
Only
Reisch's scheme.
144,853.071
144.500,000
144,500,000
liapital paid up
technical
delegates of the banks of issue re-assemble to consider further
3.023,014,331 3.013.318.844 3.199.851.125
problems.
Total liabilities
The same paper in its Nov. 8 issue also had the following
Note.—Owing to the OMISSion of the cents In the official reports, the tooting
In the above do not exactly agree with the totals given*
to say:
the
According to papers received here from Sofia, Belgrade and Athens,
crucial point in the recent Balkan conference, the question of whether
be Result of Hoover-Laval Conversations Reviewed—
economic problems or political problems involving minorities should
Greek
Foreign Policy Chairman Declares France Has
taken up first, should be settled by the Bulgarian, Yugoslav and
Governments independent of future conferences.
Accepted Great Responsibilities—Expresses Conaccused
The political point was raised when the Albanian delegates
fidence in French Premier's Policy.
territory,
Yugoslavia of illegally Serbizing their compatriots in Yugoslav
and the Yugoslav delegates retorted that Albania was the tool of Italy.
Declaring that as a result of the Hoover-Laval conversaNo settlement was reached.
head tions, France has been given a great opportunity to take
Ionitch,
M.
support
Athens
and
Belgrade
of
newspapers
The official
to the conference:
the lead in restoring Europe to a healthy political, economic
of the Yugoslav delegation, in his statement
economic problems and then take up the and financial condition, James G. McDonald, Chairman
"We must proceed to regulateIt
is important that our first task should
question of political problems.
of the Foreign Policy Association, on Nov. 12 expressed
confidence and friendship."
be to create an atmosphere of
by the outlawed confidence that Premier Laval would do his utmost to be
supported
Bulgarie,"
"La
organ,
official
The Bulgarian
sequence of the problems de- worthy of the responsibilities given him. Mr. McDonald's
Macedonian press, does not believe in the
address, the 130th in "The World To-day" series, was
termined by M. lonitch, and comments:
is that economic and
"What we must not lose sight of on this subject
for delivered over WEAF and stations associated with the
conditions
favorable
demand
both
allied;
political problems are closely
of giving precedence to the National Broadcasting Co.
their solution. The advocates of the method
the others could then be
that
declare
problems
economic
of
regulation
Rejecting the conclusion that France won a great diplowould have strengthened the
regulated in the same way—for the first
victory in the Hoover-Laval conversations at the
political
of
matic
solution
the
which
upon
good relations among the Balkan States,
advocate first the expense of other nations, Mr. McDonald said, "The victory
problems must depend. Those of the opposite method
relations.
inter-Balkanic
settlement of those problems most essential to
seems to me to promise to be one in which all may share—
These are political and the first of them is that of minorities...
In its advices from Prague Nov. 2 the "Times" said:
s victory for mutual understanding, for lawful procedure
for common sense." He continued:
be under the and
The conference will be held at the National Bank and will
France has been given a great opportunity. We have promised not to
Karl Blesschairmanship of Dr. Pospischil, Governor of that institution.
interfere with that country's initiative in the political field and to coexand
Basle
at
Settlements
International
Coning will represent the Bank for
YUgOslavia, operate in the economic and financial sphere. But time presses.
perts from the national banks of Germany, Austria, Hungary,
ditions in Germany permit of scant delay. France can justify its unique
Bulgaria,Poland and Rumania will be present.
Nov. U 1931.1
FINANCIAL CHRONICLE
3175
position in Europe only by prompt and energetic co-operation with
Germany.
France has gained great diplomatic victories, but the events of the
next few months may prove that President Hoover. by recognizing frankly
France's predominant position on the Continent and by putting squarely
upon the French Government the responsibility for initiating and carrying
through constructive policies, has made a notable contribution toward
the pacification of Europe.
On four important issues President Hoover and M. Laval appear to
have reached a considerable measure of agreement or at least of understanding. These are the gold standard, interallied debts and reparation,
security and disarmament.
sider the reparations problem. The Associated Press also
said:
In the discussion of the gold standard France was able to show its power,
but seems to have agreed to use it for the common good. The French
point of view that interallied debts and reparation are related and that
the Young plan must be used as the next step in the reconsideration of
Germany's obligations were accepted, but policies based on these points
of view may expedite, rather than delay, relief for Germany. The French
view that security must precede disarmament was not challenged, but
that does not necessarily diminish the chances of progressive disarmament
Regarding the proposed study of the gold question a
Basle dispatch Nov.9 to the New York "Times" stated:
Financial authorities are watching closely for such a move and when it
comes it is expected to be in the form of a request for the establishment of
such a board.
Assuming that the request is made,the Bank would create a committee
representing the central banks of the United States. Germany, France,
Great Britain, Italy, Belgium and Japan. This group would nominate
four other financiers, representing interests especially concerned in reparations, and these 11 men would form the inquiring committee.
To-day the directors set up a committee to study the problem of payments between the World Bank and its constituent national banks. It will
Two points of great importance appear to have been set- consider a proposal that such payments shall be in gold or in gold values.
tled with regard to interallied debts and reparation, ac- This rule is designed to eliminate profits and losses due to fluctuations in
national currencies.
cording to Mr. McDonald. He added:
The directors took note of the agreement by the Federal Reserve Bank
One of these points is that the United States Government now recog- of New York, the Bank of England and the Bank of France to participate
nizes the close interrelation between the two. The other Important result in renewal of a $100,000,000 credit to Germany. At the October meeting
is President Hoover's acceptance of the French thesis that the next step the board authorized participation by the World Bank in this renewal.
In considering Germany's obligations must be taken within the frameThe Hoover moratorium on reparations payments was one of the reasons
work of the Young plan. I think it is a good thing that Germany be assigned by the board of directors of the World Bank for International
reminded that the Young plan is a binding obligation not to be lightly Settlements for the decline in the World Bank's holdings over the last three
ignored. Moreover, if further and more radical steps are necessary, or four months.
I think they will be accepted more readily by France if the initial move
The decline was considered by the board at its meeting to-day. Withis what they consider a legal one—that is, within the Young plan. The drawal of money for domestic needs by various small central banks and
wisest French leaders are insisting not so much upon the maintenance of conversion by others of deposits into gold, which does not show on the
the Young plan unchanged, as they are that any new plan must be a "legiti- balance sheet, were also given as reasons for the falling off. Although the
mate child" of the Young plan.
Bank has suffered some losses through depreciation of national currencies,
officials said, these have been offset by profits on others.
.In conclusion, Mr. McDonald said:
The board named a committee of five to study the question of maintaining the Bank's deposits on gold parity and in World Bank circles tonight there was expressed considerable hope that some arrangement would
be reached. The members of this committee are Montagu Norman of the
Bank of England. Alberto Beneduce of the Bank of Italy, M. Franck of
the Bank of Belgium, Charles Fernier of the Bank of France and Dr.
Wilhelm Vocke of the Reichsbank.
Plan for Payment Studied.
President Hoover to Oppose French Debt Plan—
They met in Bank headquarters this afternoon and a plan was outScaling Down of Amounts Owed Here Contrary to
lined whereby it is thought possible the Bank may adopt some arrangeAttitude Expressed to Laval.
ment under which a deposit placed in the Bank would be guaranteed for
in which the deposit is
The French position, as reported in unofficial advices repayment at the gold point value of the money
made, regardless of the exchange quotation for that money at the time
from Paris, that in any scaling down of intergovernmental of
carefully between
studied
be
will
which
problem,
repayment. If this
debts there should be equivalent reductions of German now and the next meeting, is solved,World Bank officials will have made
reparations and war-time debts owed to the United States, great progress in putting it into a position to render a valuable service to
is not received with favor in Washington, it was stated central banks.
In its Basle cablegram Nov.8it was noted by the "Times"
Nov. 5 in a dispatch to the New York "Times," from
the absence of Dr. Hans Luther, President of the
that
which we also quote as follows:
Such an arrangement, it is contended, not only would transfer German Reichsbank, made it virtually certain no German demand
obligations to the American taxpayers but would be contrary to President for a moratorium would be submitted to the board of the
Hoover's attitude that a revision of debts owed to this country should
Bank for International Settlements at its meeting Nov. 9,
be on the basis of capacity to pay.
Any prospect that Mr. Hoover might consent to equivalent reduc- The Nov. 8 cablegram went on to say:
tions, should the nations agree to make substantial reductions in armaments, is lessened because of the reported failure of any arrangement
to this end in the recent conversations between the President and Premier
Laval. It is understood that in those conversations American opposition
to equivalent reduction in debts owed to the United States and reparations
was made known.
When the question of revising the war debts owed to the United States
arises after conferences on reparations in Europe, it is expected that the
Administration will ask Congress to reconstitute the debt funding commission and that body will deal with the subject, presumably upon application of the various countries concerned, for reconsideration of their
present debt arrangements.
American interests will probably not be directly involved in the reparations discussions of Europe until the problem of renewing the short-term
loans to Germany arises. This issue is due to be injected into the reparations discussions because it will be desirable before renewing the credits
to determine their status, particularly as to priority of Young and Dawes
Plan loans in relation to them.
French Roads Ask Aid—Deficit $200,000,000—Stockholders Urge Railways Receive First Attention in
Public Works Plans.
Under date of Nov. 10 a cablegram from Paris to the
New York "Times" said:
The deficit of those French railway systems which are owned and operated
by the State has reached the staggering figure of $200,000,000, according
to a letter addressed to-day to Parliament by the Association of Stockholders and Creditors. The Chamber of Deputies is urgently petitioned
to vote much needed credits as soon as possible after it reconvenes Thursday.
A huge appropriation for public works budget will be recommended
by the Chamber's finance commission. It will be argued that this budget
will go far toward relieving the rapidly increasing unemployment in France.
Stockholders and creditors of the French railroads believe they should
be the first to receive attention under the program for public improvements already drawn up, because the lack of funds during the past year
has necessitated the curtailment of train services, with the consequent
laying off of a large number of employees.
It is understodd, however, that Dr. Wilhelm Vocke, German board
member, who represented Dr. Luther, discussed the question of a moratorium with members to-day, especially regarding the Bank's duties and procedure in the event a moratorium was asked. The bankers reached no
decision, but it is said several are of the opinion that the Bank's role would
be strickly limited by its statutes and the article of the Young Plan referring
to the summoning of a consultative committee whose functions would
depend largely on the nature of the proposal.
Until this proposal is officially at hand it will be impossible to define
the committee's powers, some maintained, and unless a definite proposition
is set before the Bank's board meeting it is not likely there will be further
discussion of the matter.
Some curiousity was aroused among the bank directors at this meeting
by the fact that Montagu Norman for the first time was accompanied
by a legal expert of the Bank of England. This expert did not take part
in the conservations to-day. It is thought possible the expert might have
French
come because of an expected German moratorium demand and the
short-term
claim for priority of reparations payments over payments on
credits to Germany.
simultaneously
Bank circles believe the Germans may now ask that,
Wiggin
with the consultative committee to deal with reparations, the
committee be resummoned to deal with short-term credits, because the
concommittee
consultative
opinion at Basle seems to be opposed to the
sidering credits.
Leon Fraser, Vice-President of the World Bank, presided at to-day's informal meeting in the absence of Gates W. McGarrah, who has not returned from the United States. At to-morrow's board meeting Sir Charles
Addis will preside.
The main subject discussed by the bankers this afternoon was a renewal
of the credit of $8,500,000 to Austria, which was recommended in a report
submitted by financial experts of the World Bank. This question is complicated by the sharp reduction in World Bank deposits shown by the
November report. Some contend the Bank cannot afford to maintain this
loan when its liquid assets are seriously diminishing.
These objections were raised principally by the Bank of France which
implied it would be obliged to increase its deposits to the World Bank
is almost the
to make possible the Austrian credit. The Bank of France
only institution of importance which has not reduced its deposits in the
World Bank. Some smaller depositors have even sold their holdings of
foreign exchange and changed them into gold which they left deposited
with the World Bank without interest.
situation had
The World Bank experts' report showed the Austrian
been improved by a balanced budget and did not insist on the urgency
action
future
when it
for
over
left
be
of renewal of this credit which may
comes before the board to-morrow.
Meeting at Basle of Directors of Bank for International
Settlements—Question of German Reparations
Discussed, But No Request Made by Germany—
Gold Basis to Be Studied by Committee.
International Bank for InterThe directors of the Bank for International Settlements Directors of Bank for
Accepts Resignation of
Settlements
national
Basle,
Switzerland on Nov. 9 and adjourned until
met at
British Member.
Dec. 14 apparently (says the Associated Press) without
Regarding the meeting at Basle, Nov. 9, the New York
having received any request from Germany to set up a
board of inquiry as authorized in the Young Plan to con- "Times" said:
3176
FINANCIAL CHRONICLE
The board accepted the resignation of the British member, Francis Ronnell Rodd,and appointed in his place R. H.Porters of the Bank of England.
Henry J. Bruce of London was named financial adviser of the Bank of
Hungary.
Jacques Bainville, French Writer, Sees the Bank for
International Settlements in "Cruel" Difficulties
—Lays Troubles to Hoover Moratorium and Slump
of Pound.
A Paris cablegram Nov. j.0 is quoted from the New York
"Times":
Under the title of"A Bank in Difficulties," Jacques Bainville, one of the
best known French political writers, to-day comments in -La Liberte" on
the situation of the Bank for International Settlements as revealed at the
meeting of its board in Basle, Switzerland, yesterday.
"The Bank for International Settlements at this meeting," he says.
"examined its position. This position is a melancholy one. The resources
of the institution have melted like snow in the sunshine or like butter
on a stove. The total of its assets has become a modest sum and in one
month its deposits diminished by one-fourth. Its resources for assisting the financial world in its difficulties are so small that it was obliged
to refuse Austria 60,000,000 schillings (about $8,500,000)•
"What has happened to the Basle bank? All sorts of misfortunes. In
the space of three months,from June 20 to Sept. 21, it experienced extraordinary reverses. The first Hoover moratorium deprived it of German
reparations payments which were to have passed through its hands.
"Then the collapse of the pound sterling dealt it another serious blow
by reducing the value of its holdings in British and Scandinavian foreign
exchange by 25 to 30% of their value. Now the central banks are systematically withdrawing their deposits. The entire system based on the Young
Plan has been disorganized, and without the support it is obtaining from
the Bank of France the institution at Basle would have to close.
"To think that the Bank for International Settlements was to have
been the guardian angel of the world's financial system and that even
after the fall of the pound sterling it was seriously suggested the World
Bank could be entrusted with the task of issuing international money to
be used by all countries."
Prime Minister MacDonald of Great Britain Accepts
Empire Parley Call to Stabilize Pound Sterling—
Pledges Best Efforts at Ottawa in July to Redeem
1930 Conference Failure—Hints World Money Talks.
Prime Minister MacDonald of Great Britain, in his address in London Nov. 9 at the Lord Mayor's banquet, laid
stress on the preparations for the Imperial Conference in
Ottawa next July and on the determination that this conference should be more fruitful than that held last year.
The London correspondent of the New York "Times"
further said in part:
FoL. 133.
"During the next few weeks we shall be engaged in the House of Commons in passing this necessary legislation. This country, this empire,
has been the first that has promised to succeed in solving the problem
of how to preserve individual freedom within imperial unity. We appear
to be going to be the first to substitute common loyalty for coercion,
affection for legal force."
The Prime Minister also announced that, in anticipation of the July conference at Ottawa, his secretary for the Dominions, J. H. Thomas, would
visit all parts of the empire to survey the situation. It was Mr. Thomas,
in the same Dominions' post in Mr. MacDonald's late Labor Government, who said at the close of last year's imperial conference that the
economic proposals made by Premier R. B. Bennett of Canada were
"all humbug."
Prime Minister Ramsay MacDonald of Great Britain
Asks Deal on War Debt Issue—Fears World Chaos
Should France and Germany Fail to Reach Accord.
Warning Germany and France that they must work
out an understanding based on common sense with respect
to reparations and predicting world collapse followed by
revolution should their efforts fail, Prime Minister MacDonald of Great Britain on Nov. 9 declared that no time
should be lost in working out such an agreement. A London
cablegram to the New York "Journal of Commerce" and
from which we quote, continued:
This dramatic appeal was made at the Lord Mayor's banquet in the
London Guild Hall. A distinguished gathering listened with rapt attention.
An international radio hook-up carried the message to the four corners of the
globe.
The Prime Minister did not mince words in setting forth his views.
Emphasizing that some sort of an accord should be arrived at by France
and Germany in anticipation of the expiration of the Hoover moratorium,
he asserted that a series of piecemeal measures of a temporary nature
would not meet the crisis. The two States he held, must make concessions.
Sees Big Task Ahead.
Contending that the American Government regards the reparations
question as closely allied to armaments, with the French on the question
r any
of armaments demanding security, he exclaimed, "What a task
government or combination of governments to facer
The Premier's speech follows:
"The economics of Europe," he said, "must be rationalized before any
nation In Europe can find the foundations of stable economic andlledustrial
conditions.
"The present position of Germany in relation to the rest of the world must
be subject to a complete overhauling in which Germany herso,f should be a
willing co-operator.
"A financial agreement should be reached which is tolerable and practicable; one which will not lead to more and more trade difficulties; one
which will not prevent international exchange of goods from settling down
to normal channels. We have had our lesson of trying to put the will of
vain man against cosmic forces.
Stresses Economic Breakdown.
The Prime Minister declared he completely associated himself with
"We have been witnessing the breakdown of the doctrine of national ecoPresident Hoover in the theory that disarmament could not be separated nomic self-sufficiency. When I spoke here last year minds were disturbed
from the questions arising out of the world's general economic condition. by the world-wide industrial depression.
He also asked what would have happened had it not been for the Hoover
"To-day we are living in its sequel—a world-wide financial crisis. The
moratorium, but he left the answer to the imagination of his hearers, Hoover moratorium got us over the difficulty temporarily. Heavy responsiincluding diplomats of all great powers who were guests at the great dinner bility rests upon the governments of the new and old world to avoid calamIn London's Guildhall.
ity. Next month we may be in the fringe of the storm area.
Sees Need for Collaboration.
Setys Time is Short
the
when
only
He wanted to know also what was going to happen, not
"France and Germany should come together on a basis of common sense
Hoover moratorium ended next Summer, but in February when extension
to agreement as to what is to
of Germany's short-term credits expired. If all nations concerned could to survey the enormous problem and come
moratorium ends. No time may be lost
not solve these questions, said MacDonald, "the world will go from bad be done when the Hoover
"A series of piecemeal measures of a temporary nature will not meet the
to worse until collapse and revolution may be the only way out."
States must make concessions. If not, the world will go
France and Germany must take the lead, get together on the basis of crisis. The two
bad to worse until collapse and revolution are the only way out.
business and common sense, he said, and "come to an agreement as to from
Government views the question of reparations as having
American
"The
what is to be done now and later on when the Hoover moratorium ends."
a direct bearing on disarmament, while the French, on the question of dis"There is no time to be lost," he added. "A series of piecemeal, ephearmament, demand security. What a task for any government or combinameral promises of a temporary nature will not meet the circumstances."
tion of governments to face. But His Majesty's Government is prepared to
In an allusion to his government's task of correcting the adverse balance
play its part in disentangling it."
of Great Britain's foreign trade with its implied reference to a tariff as a
referring
Possible cure, Mr. MacDonald observed judicial impartiality by
to his protectionist Chancellor of the Exchequer, Neville Chamberlain,
J. P. Morgan Returning to United States.
and his free trade president of the Board of Trade, Walter Rtmcitnan, as
the two men in his Cabinet who, between them, were going to solve the
Morgan sailed for New York on the Mauretania
P.
J.
stupendous task of restoring prosperity to British commerce and industry.
in Europe according to SouthLater he associated the world's tariffs with war debts and reparations as after more than three months
the chief obstacles to straightening out international economic relations.
ampton (England) advices in the "Wall Street Journal"
Aims to Stabilize the Pound.
of Nov. 11.
Concerning the future course of British currency and the ultimate stabilization of the pound, Mr. MacDonald implied that this, too, involved Fortnightly Stock Deals To Be Resumed in London
international co-operation. That part of his speech was interpreted as
Nov. 16.
meaning that, sooner or later, the British Government hoped there would
be a world monetary conference.
Exchange
Committee relaxed on
Stock
The
London
"We intend, as soon as practicable," he said, "to take steps which will
Nov. 9, the regulations imposed when the country went off
most surely tend to stabilize the pound on a definite basis which will make
It independent of speculative movements or day-to-day transactions. But the gold standard, by allowing resumption of dealings for
stabilization must depend on factors outside our own separate control.
fortnightly account, beginnig Nov. 16. The Associated
"In the meantime the main objective of our policy will be substantial
9) in London cablegrams said:
maintenance of the internal purchasing value of sterling. The stabilizing Press (Nov.
No carry-over rates will be allowed, however, and no cotton or future
of sterling is one of the essentials of healthy world trade, and his Majesty's
Government will be at the greatest pains to help create conditions which dealings beyond each fortnight, so that transactions must be settled at the
end of each fortnight.
will promote this step being taken."
That the new government hoped to redeem the failure of last year's
The action of the Stock Exchange in banning fortnightly
Imperial Conference was indicated by the Prime Minister's assurance that
was referred to in these columns Sept. 26, page
an invitation to attend another parley of all the British dominions next settlements
July in Ottawa had been accepted.
Oct. 3, page 2177 and Oct. 10, page 2348.
'2005,
In the meantime the British Parliament will enact legislation for the
constitutional reforms in interdominion relationships proposed by the
Imperial Conference in 1926 and confirmed last year. These have noth- Montagu Norman Renominated as Governor of Bank
ing to do with the economic negotiations which broke down in 1930, but
of England.
rather they are designed to eliminate certain anomalies inconsistent with
The following London cablegram, Nov. 12, is from the
the absolute political independence of the British Parliament which the
dominions already enjoy.
New York "Times":
The Court of Directors of the Bank of England-to-night agreed toreStresses Empire Relations.
commend to the proprietors in April that Montagu Collet Norman _be
On this matter of empire relations Mr. MacDonald said tonight:
Nov. 14 1931.]
FINANCIAL CHRONICLE
3177
re-elected as Governor and Sir Ernest Musgrave Harvey as Deputy
Gov- private debts owed to foreign bankers. chiefly British and United
States,
ernor for the ensuing year.
in the negotiations. France insisted that the reparations issue
should
The predictions of Mr. Norman's opponents, following his recent
Cana- supersede private debts.
dian trip, that his health would prevent his nomination for his
13th conBoth were agreed upon the necessity for an international conference
secutive year in office, therefore are discounted.
later. Premier Laval proposed to call such a meeting as soon as possible.
Every November the Court of Directors submits a nomination
for the
governorship to the stockholders, holding the election the following
April.
It is understood Mr. Norman's health has been completely restored.
Berlin Denies Plan to Reduce Interest—New York
Irish Income Tax Up—And Gasoline Levy is Boosted
to 16 Cents a Gallon.
From the New York "Sun" we take the following (Associated Press) from Dublin, Nov. 6:
The Dail adopted a supplementary budget to-day boosting
the income
tax to three shillings sixpence to the pound and doubling the
present
gasoline tax of fourpence a gallon.
Ernest Blyth, Minister of Finance, introduced the budget
to meet a
£900,000 deficit for the current year.
Dominion Supplies Gold to Meet Provinces' Debts—
Government Advances Dollar in Metal for Each
Bill Presented.
The New York "Herald Tribune" reported the following
from Winnipeg Oct. 31:
The Canadian government has decided to supply the gold
necessary to
redeem the debts of the provinces of Canada now maturing in New
York.
In doing so the Dominion is incurring the loss represented by the
adverse
exchange, although some adjustment will be made with the
provinces in
this regard. What is being done is to permit the provinces to
exchange
Dominion notes for gold. One dollar in gold is given for
each dollar bill.
The gold is then permitted to be exported, and debts are
redeemed without the provinces having to pay the dollar discount.
In order to find the gold, the government is not only using
its currency
gold reserves, which is 4iulte proper in the circumstances, but
is buying in all
gold produced by Canadian mines. On this gold the Treasury
has agreed to
pay the premium represented by the difference in exchange
between the
United States and the Canadian dollar. A few days ago the
government of
the Province of Alberta retired a debt of $7,000,000 in the United
States,
using the new machinery. This cost the Dominion Treasury
$700,000.
Similar facilities for debt settlement will be extended to
Manitoba, Saskatchewan and British Columbian provinces.
Holland Votes Loan Conversion.
According to a cablegram, Nov. 12, from The
Hague,
the Second Chamber voted that day a bill for conversion
,
after March 1, of both the 6% loans of 1922 into
one or
more loans of a maximum of 300,000,000 guilders
bearing a
lower interest rate. The cablegram, as given in the
New
York "Times" continued:
A bill establishing a reserve fund of the surpluses of
1929 and 1930.
totaling 81,000.000 guilders, to be available to reduce deficits
in the budgets
from 1931 to 1934, also was adopted.
Princess Juliana of Holland Institutes Crisis
Board—
Forms Committee of 52.
From The Hague, Nov. 12, a wireless message
to the
New York "Times" said:
A National crisis committee was instituted to-day by
Princess Juliana,
presided over by Scheito van Citters, member of the Upper
Chamber.
Among the 52 members are several other members of the
Upper
the President of the Netherlands Trading Co.,the Presidents of Chamber.
the principal
employers', workmen's and middle-class unions; the President
of the Circle
of Journalists, the President of the social Democratic
Women's Club and
the commander of the Amsterdam Salvation Army.
Bankers Reassured in Telephone Conversation
With Finance Ministry—Securities Sales Curbed—
New Decree Tightens Restrictions on Purchases
from Abroad and in Foreign Currencies.
According to a Berlin cablegram, Nov. 11, to the New
York "Times," the Bruening Government will not consider
the reduction of interest of either foreign or domestic loans
and bonds, it was learned on good authority. The cablegram likewise stated:
While a reduction of the rate on foreign loans, which would amount to a
partial foreign moratorium, never has been considered, it is understood
that proposals to lower by decree the interest on domestic loans and bonds
have figured prominently in discussions of the Government's economic
advisory board.
As a result the Government has been flooded with protests from leading
banking, commercial and industrial organizations. It has been pointed
out that a conversion of the interest rates would be equivalent to raising
the tax on capital revenue, which is in direct contradiction to the Government's intentions and moreover would destroy the confidence of the public
in legal security.
When the Ministry of Finance was called by telephone from New York
by bankers who were anxious to know whether the rumors of an impending
conversion were well founded, the Government hastily issued a formal
denial. While this denial left open the question of whether the conversion
of domestic interest rates would •be considered later by the Government,
It was learned that Chancellor Bruening was greatly irritated about the
rumors and expressed a determination to drop the matter definitely.
Agreement With Creditor, Urged.
There is general agreement in business circles that an eventual lowering
of interest rates will be necessary, but the consensus is that it cannot be
done through a decree that could hardly be enforced but that it must come
about through an agreement between debtor and creditors. It is asserted
that the creditors will not object to a reduction if the excessive rate
threatens ruin to their debtor.
The Government is being urged to obtain a prolongation of the agreement for freezing foreign short-term debts and thereby enable the Reich'.
bank to lower its discount rate, which would initiate a general decline in
interest levels in Germany. It is understood the deliberations of the
Government's special committee on interest reduction run along such lines.
The Government's brief denial read:
"With respect to rumors about alleged plans for a compulsory conversion
of German securities it is stated that to convert foreign loans never in any
way has been so much as considered. The suggestion offered from a private
source to the Government to convert internal loans has not been discussed
by the Government."
New Curb on Buying Securities.
Another leak in the Basle freezing agreement was stopped to-day by a
decree prohibiting the purchase of foreign securities which are admitted
to trading on the German Boerse from a person abroad and the purchase
of German securities made out in foreign currency. They can be purchased
only with the permission of the bureau for foreign exchange control, and
such permission shall be necessary for the withdrawal of mark claims
which any foreigner has obtained through the gale of any securities.
As certain foreign mark deposits are released periodically under the
Basle agreement foreign creditors apparently have been busy converting
their claims into cash deposits in order to withdraw them.
The Government's original intention to exclude securities from the frozen
credits in order to attract foreigners to invest money in German bonds now
has been entirely given up. The purchase of German bonds in foreign
currencies by Germans is permitted only for the regular loan service.
Report That Germany Will Declare Inability to Pay
of Portugal Resumes Transactions in
Debts.
Non-Sterling Exchange.
The following, from London, Nov. 10, is from the New York
The Bank of Portugal resumed exchange
transactions in
currencies other than sterling on Nov. 3, according
"Evening Post":
eablegram received in the Commerce Departmen to a
Paris reports to the London "Daily Mail" were received to-day that Ger.
t from many
will shortly declare her inabildity to meet her debts, even the unconCommercial Attache Richard C. Long at Lisbon.
On Nov.5 ditional annuities. This report reached here simultaneously with the
the Department added:
declaration of Premier MacDonald in London that Germany's
Bank
The buying was 134 below and the selling rate 1%
above the London and
Paris quotations, the cable states. Other Portuguese
banks are said to be
following this procedure. The escudo sterling basis
of 110 escudos to the
pound sterling is said to be unchanged but an early
statement of future
policy as promised in the annual report of the
Minister of Finance is expected by Portguese financial circles.
finances must
be completely overhauled.
The newspaper points out that the latest figures place Germany's private
holdings and business profits abroad at £400,000,000, which is the exact
amount it professes to be unable to return to ite short-term creditors. Of
Germany's short-term commercial credits, about half, or $1,850,000,000
at par, should be repaid before March 1.
France and Germany Agree to Review German
Germany Suggests Two Inquiry Boards—One on Repa—Will Investigate Economic Structure Finances
for Future
rations and Other on Her Debts Proposed.
Reparations Policy.
A cablegram, as follows, from Paris, Nov. 10, is taken as
From the "Wall Street Journal" of last
night
follows from the New York "Times":
we take the following (United Press) from Berlin:(Nov. 13)
Ambassador von Hoesch of Germany called on Foreign Minister Briand
France and Germany have agreed in principle
to investigate the entire
German financial and economic structure as
a
ment of reparations payments, it was disclosed onpreliminary to readjusthigh authority.
The negotiations are being continued,
however, to arrange certain formalities.
Premier Pierre Laval of France, upon his
return from the United States,
proposed reopening of the reparations issue
through a German appeal to
the Bank for International Settlements. It was to
send an advisory committee to investigate the German ability to pay.
This is the arrangement
provided by the Young I'lan,
which France is
anxious to uphold in principle.
Germany, however, contended that the Wiggin
bankers'
committee had
reported ad adjustment was necessary and that any
further examination
would be unnecessary and useless. The Germans
wanted to include the
this morning but his visit was once more for the purpose of seeking infonna.
tion regarding the French attitude. It is understood that within the next
48 hours a formal note from Chancellor Bruening setting forth the German
situation will be forthcoming.
Meanwhile the German Government was anxious to know whether the
French Government would oppose the setting up of two committees, one
charged with an examination of the situation as it affects Germany's
capacity to pay reparations and the other with the whole question of
Germany's indebtedness.
In the absence of Premier Laval, who has gone incognito on a two-day
vacation before he faces the hard task of the Chamber of Deputies session,
M. Briend received the Ambassador, and it is understood he replied that
France's only interest was in the setting up of the legal machinery
provided
for under the Young plan.
3178
FINANCIAL CHRONICLE
[VoL. 133.
of the existing situation that the gold-exchange standard
German Proposals Submitted to Paris—Francois-Poncet will have to be modified or abandoned. A Berlin message
Expected to Communicate Reparations Offer to Nov. 6 to the New York "Times" went on to say:
Premier Laval—Berlin for Wide Inquiry—Holds
This practice in the maintenance of Central Bank reserves against curYoung Plan Must Not Limit World Bank Investi rency issues, which since the war has been used to supplement the gold
bringing
standard pure and simple, has in his judgment played a vital role in
gation—Private Debts Put First.
on this year's world crisis.
It was stated in a Berlin cablegram, Nov. 8, to the New
Ills conclusion is that. if it is desired to prevent recurrence of such crises
the future, international co-operation and general reform in the system
York "Times" that the conversations which have been going In
of gold reserves and of international credit methods will be imperative.
of
Laval
r
Premie
and
ment
n
Govern
on between the Germa
the
France since his return from Washington have reached
Gold Reserve Rising in Continental Banks—Switzerthe
ing
reopen
for
ny
Germa
by
step
stage where the initial
land Has Gained $159,000,000, Holland $61,600,000,
proballied
international discussions over reparations and
Belgium $9,800,000.
conlems may be anticipated this week. The cablegram
A London cablegram as follows Nov. 6 is taken from
tinued:
submitted the New York "Times":
formal proposals of the German Government have been
The
Berlin, who will
to Andre Francois-Poncet, the French Ambassador to
personally communicate them to 31. Laval to-morrow.
quarters, it is taken
While their nature has not been revealed in official
fundamentally to the
for granted in political circles that they conform
ion of a special advisory
well known German postulation that the intervent
have a useful purpose
board of the Bank for International Settlements could
subjecting the German
only if its jurisdiction embraced the function of
tion regardless of the
financial situation to a comprehensive investiga
plan.
limitations imposed by the provisions of the Young
Short-Term Credits Stressed.
only an indispensible
Such an unrestricted survey, it is argued here, is not
also highly essential to
prelude to reopening the reparations debate but is
Germany's private shortestablishing the juxtaposition of reparations and
term credits under the stabilization agreement.
credits to the fore in the
The Government proposes to put these private
that they constitute priority claims
forthcoming negotiations on the ground
immediate urgency to the future of
and that their adjustment is of more
the German currency than the resumpof
stability
the
and
economy
German
by the Young plan.
tion of the political payments imposed
in the face of the announced
Whether the German thesis will prevail
in the course of the next few days.
French opposition should be known
stabilization agreement receive
In his determination to have the credit
has the undivided support of
preferential treatment Chancellor Bruening
l interests.
the political press and banking and industria
inspired by the growing
While such approval may in large measure be
plan after the expirapopular opposition to the resuscitation of the Young
clarification of the private
tion of the Hoover moratorium year, an early
nt importance to the
debt situation is viewed as an issue of such paramou
over reparations.
ce
preceden
it
takes
that
economy
German
of
future
Paper Says "nyang Plan Is Dead."
debts, it is argued,
The very contradiction between private and political
definitely disposis oi the Young plan.
will be able to revive
"The Young plan is dead and no power on earth
which speaks for the Ruhr
It," asserts the "Mining Gazette" of Essen,
ns will have to be
Industrialists, It predicts that any future reparatio
exacted by the aid of some other instrument.
Years—Frames
Germany Would Repay Credits in 10
of Short-Term
Plan for Redemption of $170,000,000
r Laval.
Premie
with
ns
rsatio
Debts Yearly—Conve
the New
to
Berlin
from
ram
cableg
a
2,
Under date of Nov.
York "Times" said:
erman
have continued
Continental central banks, in countries outside of France,
nds reports
to gain gold during the week. The Bank of The Netherla
gold reserve
Its
00.
Increase for the week of 20,215 000 florins, or 88,100.0
There was
000
861,600,
or
has risen since Sept. 28 by 153,605,000 florins,
but the
no increase in the Bank of Belgium's gold during the past week,
00.
bank's gain since Sept. 24 has been 70,459,000 belgas, or $9,800,0
and.
of
Switzerl
Bank
The largest gain outside of Paris has been that of the
during the
Its latest statement shows gain of 5,634,000 Swiss francs in gold
reserve 824.week, or $1,087,000. Since Sept. 3 it has added to its gold
087,000 francs, or $159,000,000.
"
Gold Must Be Distributed—"Neue Freie Presse
Appeals to France and America.
York
From Vienna a wireless message Nov. 6 to the New
"Times" stated:
Nene Freie Presse
Regarding the American economic situation, the
but also an
writes that "the gold standard is not only a currency terns
absurd and dangerboth
be
economic idea." ft goes on to say that it would
their fantastic
ous if both America and France were not finally to utilize
the purchasing power of
accumulations of gold for the purpose of renewing
all the
between
millions, and for the purpose of improving credit relations
countries of the earth.
on
Bank for International Settlements Defers Action
Credit to Austria.
by
In reporting the issuance on Nov. 9 of a communique
ments, a
the directors of the Bank for International Settle
Basle cablegram to the New York "Times" stated:
g the 60,000,000
The communique reveals that the question of renewin
information as
schilling credit to Austria has been deferred until further
t of this problem
to Austria's financial rehabilitation. The bank's treatmen
the World Bank
Is one of the first instances of clam co-operation between
financial
and the League of Nations at Geneva. While the League's
Austrian Government's
committee has conducted a full inquiry into the
situation of the
budget, World Bank experts have reported fully on the
its findings to
National Bank of Austria and Geneva by communicating
ive of the AusBasle, allowing board members to obtain a clear perspect
expert, reported
trian situation today. Professor Bruins, the World Bank
bank while
real improvement in the Austrian situation and in the national
the League's experts found the budget balanced.
Creditanstall L nknown Quantity.
one unknown factor.
There remains, however, at the present moment
postponing action on the
which probably was responsible for the bank's
of the Creditanstalt,
credit renewal. This relates to the rehabilitation
opened the active phase of
the collapse of which is regarded as having
stalt, in which the
Creditan
Europe's extreme economic crisis. Until the
zed firmly, financiers
National Bank of Austria is involved, is reorgani
State will be imperiled.
believe the budgetary equilibrium of the Austrian
of the credit was not
And, as Professor Bruins's report indicated, renewal
for further developments in
urgent, and the World Bank preferred to wait
the Austrian situation.
its own condition as to
The World Bank's action, too, Is motivated by
by recent withdrawals On
deposits, which have been sharply reduced
y the Franco-G
In the forthcoming international, and especiall
commercial debts, the German
negotiations about Germany's political and
short-term credits, which,
Government will lay stress on the commercial
of many years.
it is emphasized, must be prolonged over a period Ambassador von Hoesch,
It is believed in political circles, therefore, that
orrow, will declare that the
when lie calls on Premier Laval in Paris to-m
be able to pay at the end of
may
Germany
which
ns
of
reparatio
amount
primarily on the size of the annuities
the Hoover moratorium year depends
paid
rm debts, as both much be
for the gradual redemption of the short-te
.
the German balance of payments
out of the more or less fixed surplus of
their
for
g
providin
credits
rm
short-te
for
scheme
As a prolongation
alone
upon by France and Germany
gradual amortization cannot be agreed
involved, notably the United central banks.
nations
other
the
of
tion
participa
the
without
German Government will move
States and Britain, it is believed that the
Internarm credits, to precede the reparafor an international conference on short-te
Austria Worried Over Failure of Bank for
s.
on
Act
Credit
to
ments
tions negotiations.
Settle
tion
collabora
tional
the Government, in
It is learned in political circles that
to the
e and the Economic Advisory Board,
Under date of Nov. 9 a cablegram from Vienna
with the credit stabilization committe
short-term credit redemption to the
for
g
providin
scheme
a
said:
evolved
s"
has
"Time
$170,000,000 over a period of 10 New York
extent of $1,700,000,000 in annuities of
nts to grant Austria
The failure of the Bank for International Settleme
years.
which
of
which the Bank of France is understood to have placed
total
credit
00
the
debts,
$9,000,0
m
a
short-ter
German
the
The remaining part of
agreement at its disposal not only has caused great disappointment here but is ex00,000, cannot be included in freezing
ng pected to have as a sequel the tightening of the already severe exchange
is put at about $2,700,0
ements and other necessarily fluctuati
reimburs
of
mostly
on to surrender
as it consists
restrictions. Ills not likely that Austrians will be called
will all the gold in their possession, but it is understood they will be required
credits.
Hoesch
von
Dr.
that
quarters
well informed
all foreign exchange, foreign stocks and
While it is stated in
definite proposal, it to turn over to the National Bank
tion scheme to M. Laval as a
In foreign currency which have
not submit the amortiza
charges, repre- shares and other effects readily liquid
interest
plus
,000,
$170,000
annuity of
date. This date may be either May 1 or Sept. 9.
is understood that an
of her present balance been acquired since a fixed
basis
the
on
pay
$9,000,000
can
Germany
Although It Is said tonight that the failure to obtain the
sents the maximum
prolonged, it is asserted,
ons holiday is not to be
make any appreciable difference in Austria's financial
not
will
n
credit
reparatio
the
of trade. If the reparati
with
e has matebe reduced in accordance
situation, since the National Bank's holding of foreign exchang
this annuity must therefore
t, it is admitted that there is grave
a 50% rially Increased in the last fortnigh
of
payments.
basis
the
on
the liabiliof
figured
Government
the government's liability under its guarantee
which are now anxiety about
In setting this annuity the
obligation
Kreditanstalt. It Is now openly stated that the
on the short-term credits,
the
charges
of
ties
interest
the
of
reduction
Bank has
this head may total $200,000,000. Already the National
under
learned.
was
the
It
of
15%,
at
amount
which has
having decided upon the
discounted bills of the Kreditanstalt for almost $90.000,000,
economic
It is believed that now, after
of
m.
calculated in any scheme
reduckl its currency cover dangerously near the legal minimu
annual payments which must be
will proceed
ECODOIMiC Advisory Board
One Source of Credit.
reorganization, the Government's
and price reductions.
Industries, which,
to tackle the problems of wage
The Kreditanstalt controlled two-thirds of Austria's
other source of
as that institution lost most of its deposits, now have no
words, the
Holds
other
u
in
or
Burea
Bank,
National
Austrian
the
ical
than
credit
Statist
cash or
Director of German Federal
t
Recen
State.
Austrian
for
sible
Kreditanstalt debt to the
Gold-Exchange Standard Respon
It was planned some time ago to convert the
contemplate leaving
National Bank into a State loan, but officials now hitherto and asking
Crisis.
Bureau, the purely commercial bills with the National Bank as
ical
Statist
l
Federa
n
The director of the Germa
e the interest on the remainder.
a written review the State to guarante
Professor Wagemann, takes the stand in
Nov. 14 1931.1
FINANCIAL CHRONICLE
3179
Emergency Powers to Issue
Foreign Minister Schober Questioned on Austrian Finnish Cabinet Seeks
Decrees.
Financial
Credit Refusal—Paper Lays Action of Bank for
aggravated by the
stringency,
financial
serious
France.
to
to
Owing
Settlements
al
Internation
suspension
The following Vienna account Nov. 10 is from the New scarcity of foreign currencies following Finland's
Cabinet is planning the intro-.
the
standard,
gold
the
of
York "Times":
in the Diet asking for special authority to
The refusal of the Bank for International Settlements to grant a $9,000.- duction of a bill
000 credit to Austria which France, according to an Austrian official issue emergency decrees concerning State financial measures.
announcement, had placed with the Bank for that purpose was the subject Advices from Helsingfors, Nov. 11, to the New York
of an interpellation in Parliament to-day, the occasion also renewing the
added:
demand for the resignation of Foreign Minister Schober and precipitating "Times" indicating this
a violent newspaper controversy.
The Reichspost, the organ of the clerical section of the Christian Socialist
party—the main constituent of the coalition government—suggested this
morning that France had used her influence to prevent the grant of the
credit because she was dissatisfied with the refusal of Dr. Schober, one
of the authors of the Austro-German customs union scheme, to follow
the example of his German colleague, Dr. Curtius, and resign.
The Aligerneine Zeitung published a violent attack on the League of
Nations, which it described as a mere instrument of Austria's creditors,
and accused it of having failed to live up to a virtual contract made with
Austria.
In Parliament, Dr. Otto Bauer, the Socialist leader, asked Dr. Schober
why the government had announced the grant of a $9,000,000 credit
which was now refused. Dr. Schober annswered that the government had
been informed by former Finance Minister Juch from Paris that the French
Government had placed that amount at the disposal of the world bank
for transmittal to the Austrian National Bank.
In a telegram from the Austrian Legation in Paris, Dr. Schober said,
the wish had been expressed that this obligingness of the French Government should be duly appreciated by the Austrian newspapers. Last
Saturday, he added, on again inquiring in Paris, he had been told that
the French Government was still favorably disposed toward the granting
of the credit.
The parliamentary parties have already been informed of the project,
which is very wide in scope, including power for the Cabinet to declare
a moratorium on State payments.
It is reported that the Cabinet wants to rush the bill through the Diet
meet possible emerto obtain the desired powers without delay in order to
to the
gencies arising from difficulties in balancing the budget, owing
depreciation of the currency.
to-day to
The parliamentary budget committee asked the Cabinet
because of
suggest means of covering the deficit, which has increased
necessary for the
the larger amounts which it is now estimated will be
Imports Into Austria Regulated by National Banks.
From the New York "Times" we quote the following
from Vienna Nov. 6:
foreign debt service.
Rumania Gets $12,000,000—National Bank Obtains
French Credit to Improve Note Coverage.
Bucharest (Rumania) cablegram Nov. 10
following
The
is from the New York "Times":
with the Bank
The Rumanian National Bank has made an agreement
be used to
of France for a credit of 300,000,000 francs ($12,000,000) to
strengthen the gold coverage for notes in circulation.
an increase in note
It was emphasized this was not a loan to permit
necessary.
circulation, but a prevision for eventualities to be used when
during the winter.
expected
is
surplus
A big decrease in the foreign currency
Austrian foreign trade has lately appeared to be influenced decidedly
by the policy of the National Bank, which has the power of granting or
refusing foreign currencies for imports of merchandise. Import of luxuries
of all kinds has been discontinued for the present. For instance, automobiles and even spare parts are considered luxuries by the National Bank.
Many people would probably prefer temporary invalidation of commercial treaties to this present kind of indirect financial throttling of imports.
Czechoslovak Budget Shows Deficit for 1930.
The final auditing of the 1930 Czechoslovak budget shows
a deficit of 666,108,000 crowns ($19,743,500), as compared
with surpluses of 232,460,000 crowns in 1926, 642,483,000
n 1927, 328,722,000 in 1928, and 338,271,000 in 1929,
according to a report received in the Department of Commerce from Commercial Attache K. L. Rankin, Prague.
The Department on Nov. 6 also said:
Portion of City of Dresden 7% Bonds of 1925 Purchased
for Cancellation Through Sinking Fund.
Speyer & Co., as fiscal agents, announce that there have
been purchased and cancelled for the 1931 sinking fund,
$343,500 bonds of the City of Dresden 7% sinking fund
gold loan of 1925. Out of an original issue of $5,000,000
bonds, there remain outstanding $3,889,500 bonds.
Agrarian Deputies in Budapest Chamber Oppose
Currency Restrictions.
A cablegram from Budapest, Nov. 5, is given in the
New York "Times," which had the following to say:
In the Chamber of Deputies to-day there was further stormy debate
in which agrarian deputies announced that the Hungarian Association
of Cattle Exporters had decided last night to suspend all export of cattle
until the government had revised its currency restrictions, which were
described as unfair and operated in the interests of the banks to the detriment of the farmers.
The government party agrarian Deputy, Ferencz Marshall, made a
statement to this effect which was accompanied by shouts from the agrarians: "The farmers are starving; hundreds of thousands are breadless."
The opposition vociferously demanded that the report of the economy
committee of 33 be submitted to the Chamber, declaring the government
was seeking to cover up misdeeds of the Bethlen regime.
to 9.4194
The estimated budgetfor 1930 provided for revenues amounting
crowns, leaving
667,000 crowns and for expenditures of 9.366.905,000
past year,
an ancitipated surplus of 52,962,000 crowns. During the
and actual exhowever, actual revenues reached 9,645,444,000 crowns
extraordinary
of
crowns
penditures 10.311,552,000 crowns (1,025,491,000
leaving a deficit
expenditures above the amount provided in the budget),
of 668,108,000 crowns.
which accounted
Receipts from taxation (including State enterprises),
crowns, a decline of a
for 90% of total revenue, totaled 8,638,630,000
estimates, there
little over 3% from the estimates. As compared with
consumption taxes.
were substantial increases in receipts from income and
taxes, import and export
but returns from profits and turnover and luxury
The reduced volume of
duties, and from State enterprises declined.
customs receipts.
foreign trade was responsible for the drop of 18% in
during 1930 were much
Net profits of Government-owned enterprises
placed these profits at
less than anticipated in the budget. Estimates
results showed only
1,562,271,000 crowns, whereas actual operating
crowns, or 20.7%•
1,239,388,000 crowns, a reduction of 322,883,000
plants, the GovThe tobacco monopoly, the State mines and smelting
factory increased their
ernment printing office, and the military airplane
closed with
however,
profits over budget figures. The State railways,
anticipated profits of
a deficit of 196,077,000 crowns, as compared with
of State forests and estates
148,496,000 crowns. The administration
crowns, as against
also had a bad year, ending with a deficit of 8,402.000
and telegraphs closed
an expected profit of 84,881,000 crowns. Posts
a decrease
represent
however,
which,
with a surplus of 49,457,000 crowns
of 40,019,000 crowns from the budget estimate.
Gold Purchases by the Bank of Danzig Increases—
Movement Toward Gold Basis for Currency Seen
As Likely.
Hungarian Government Purchases Interest in
g the item in our issue of Oct. 31 (page
Supplementin
Credit
Bank.
Hungarian General
we quote the following from the Department of
2851)
A cablegram as follows from Vienna, Nov. 8, appeared
Commerce at Washington under date of Oct. 29:
In the New York "Times":
holdings
The statement of the Bank of Danzig as of Aug. 31,reports gold
The Hungarian Government has acquired for $5,600,000 a majority of
the shares of the Hungarian General Credit Bank and thus has taken an
even larger interest in Hungary's principal bank than the Austrian Government has to the Creditanstalt, according to the newspaper "Stunde."
Ps The Creditanstalt collapse in Austria resulted in the throwing on the
Hungarian markets of large blocks of shares in the General Credit Bank,
which the government had to take up.
Shortage of Raw Materials in Hungary Predicted As
Result of Exchange Restrictions and Regulation
of Imports.
Under date of Nov. 11 a Budapest message to the New
York "Times" said:
The shortage of raw materials predicted in Opposition circles in consequence of the Hungarian exchange restrictions and regulations of imports, described by the League of Nation's financial committee as necessary
to enable Hungary to pay her foreign obligations, was the subject or an
interpellation in Parliament to-night by Alexander Propper, Socialist
Deputy. He asserted that Hungary had raw materials for only six weeks.
Minister of Commerce Reties replied that the fipvernment was now
negotiating with the United States, Germany, France, Egypt and South
American countries for raw materials for which importers were willing
to deposit payments in pengoes.
as Comof the bank mounting to 10,569,674 gulden (about $2,057,558).
according to a
pared with 129,859 gulden (about $25,279) on Aug. 15,
report from Consul C. W. Perkins, Free City of Danzig.
(inAt the same time, demand deposits with the Bank of England
9,434,000 gulden.
cluding bank notes) declined from 26,162,850 gulden to
gold
of
purchase
The portion of this decrease not accounted for by the
of the foreign credits
may very possibly represent the repayment of a part
crisis in
financial
German
the
obtained by the Bank of Danzig during
such credits had been granted
July: the bank announced on July 18 that International Settlements, but
by the Bank of England and the Bank for
Some indication of the size
did not make public the amounts involved.
the fact that the obligations
of these loans may perhaps be gained from
currencies increased by approximately
of the Bank of Danzig in foreign
and July 31.
9,000,000 golden ($1,800,000) between July 15
Danzig on Aug. 31 was 40.998,970
As the note circulation of the Bank of
currency on that date was
gulden (about $7,981,112), the Free City's
25.78%. The security provided
covered by actual gold to the extent of
Bank of England and Danzig coins was
by demand deposits with the
coverage, or approxi29.73%, and discounted bills afforded additional
mately 51.50%, making 107% in all.
the first step toward
It is probable that this purchase of gold represents
At present the
placing the Danzig currency on an actual gold basis.
a
of 33 1-3% in
coverage
maintain
to
Bank of Danzig is required only
Bank of England notes, demand deposits with the Bank of England, and
its notes are
gold coin, in any proportion which it may desire; moreover,
not legally redeemable in gold, under paragraph 11 of the Note Concession.
3180
FINANCIAL CHRONICLE
Reported Participation by Federal Reserve System in
Credit to Jugoslavia.
From the New York "Times" of Nov. 7 we take the
following:
The advance of $505,000 in the item "due from foreign banks" in the
weekly statement (Nov. 4) of the Federal Reserve Banks was interpreted
generally yesterday as reflecting participation by the Federal Reserve in the
recent $3,000,000 credit to Jugoslavia announced by the Bank for International Settlements. The Federal Reserve's participation in the International Bank's earlier credits to Austria and Hungary are presumed to be
reflected in the same item, which amounted on Wednesday (Nov. 4) to
$9,297.000. No formal announcement of these credits has been made by
the Reserve Bank, but, following foreign dispatches, officials of the hank
here confirmed the participation. No confirmation was given yesterday.
however, as to participation In the Jugoslav credit. The practice of the
Federal Reserve in respect to announcing its foreign credits is governed
by the wishes of the foreign borrower. As a rule foreign central banks consider It advantageous to have announcement made that they have obtained
credits, but occasionally an institution takes the stand that it would be
better off if public attention was not called to its need for assistance.
[VOL. 133.
above the legal minimum. This stability of the zloty protected the Polish
market and the entire business life of tne country against violent shocks
and prevented panics which swept over other countries, even economically
stronger than Poland.
No doubt the favorable balance of foreign trade has been a powerful
factor in maintaining the stability of the zloty. A no less powerful element
however, is the fact that thanks to the efficient measures of economy
adopted by the Government, the monthly deficit of the State budget has
been reduced In September to 8% million zlotys only as against
4635
million in June.
Although of course a financial crisis of such magnitude as the recent
crisis in England cannot pass without reacting on Poland, its effects, as
far as the money and security markets are concerned, were not strong
enough to necessitate the undertaking of drastic measures of protection.
The business life of Poland has thus escaped regulations of the foreign
exchange market and of the security markets, which have been introduced
in other countries.
The unwillingness of practically all countries to engage capital abroad
compelled the Polish banks to reduee their credit activities at a time when
seasonal requirements for credit accommodations were Increasing. This reacted unfavorably on tne anticipated improvement on the credit market
which usually takes place during the fall season. Agriculture was particularly affected, inasmuch as the harvest was not very satisfactory and, as a
consequence, the earning capacity of the farmers was reduced. Moreover,
worse conditiors on international markets have decreased the sale of products such as meat, eggs and butter.
French Treasury Extends Loan to Jugoslavia.
The following from Paris (United Press) is from the
"Wall Street Journal" of Nov. 12:
V The French Treasury has loaned Jugoslavia 300,000,000 francs to enable Formation of State Industrial Bank in Italy Agreed
the latter country to meet its budget deficit. The deficit was caused by a
Upon at Cabinet Meeting—To Release Frozen
loss c fr. 500,000,000 in reparations under the war debt moratorium
The loan was negotiated by Finance Minister Djuritch of Jugoslavia.
Assets of Banks and Assist Industry—Decision
Follows Relinquishing of Holdings of Industrial
Stocks by Banca Commerciale Italiana.
Report of French Credit to Rumania.
The Council of Ministers, at Rome, Italy, with Premier
Associated Press advices from Paris, Nov. 12, stated that
the financial newspaper "L'information" said that night that Mussolini presiding, decided on Nov. 9 to organize a credit
the Bank of France had granted Rumania a $12,000,000 institution on practically the same lines as that recently
supplementary credit to aid in the maintenance of her established in the United States by President Hoover, according to Associated Press accounts from Rome, which
gold coverage.
also stated:
It will have a capital of $26,000,000 and its purpose is to release the
Expansion of Polish Postal Savings Banks.
assets of banks and to assist Italian industry.
The American Chamber of Commerce and Industry in frozen
Half the capital is to be contributed by Government savings and loan
the United States,issued the following announcement Nov.7: institutions and the other half by banks which will receive 5% interest.
The Polish press reports that negotiations conducted between the Polish
Postal Savings Bank and the Government of Argentine have been satisfactorily concluded. The Government of Argentine has published a decree
approving the charter and by-laws of a branch of the Postal Savings Banks
in that country, which was scheduled to be opened about Nov. 1.
Polish emigrants living in Argentine will now have an excellent opportunity
to avail themselves of the services of that great financial institution for the
purpose of transmitting their remittances and transacting all other business
with Poland.
John B. Stetson Jr. Elected President of AmericanPolish Chamber of Commerce—Was Formerly
United States Minister to Warsaw.
John B. Stetson Jr., former United States Minister to
Poland was elected President of the American-Polish Chamber of Commerce at the annual meeting of the Chamber
held at the Waldorf-Astoria in New York on Nov. 9. Mr.
Stetson succeeds Colonel Robert E Lee, Vice-President of
the American Scantie Line and Vice-President of Moore &
McCormack Co., Inc., operators of the American Scantic
Line.
Mr. Stetson formerly United States Minister to Poland,
was stationed at Warsaw from 1925 to Jan. 1930, during
which period the foundation was laid for the commercial
rehabilitation of the new Polish nation. His election to
head the American-Polish Chamber of Commerce is in
recognition of his wide understanding and sympathetic interest in Polish development. Mr. Stetson, is a son of the
founder of the hat manufacturing company of that name.
During the war he served in France as a pilot in the United
States Army Aviation Corps with the rank of captain. He
Is a member of the investment banking firm of Stetson &
Blackman. The American-Polish Chamber of Commerce
was formed in 1920 to promote commercial relations and to
co-operate with the governments of both countrie z in trade
arrangements.
The organization will be under the supervision of the Finance Ministry
and its President will be selected by the Premier.
The following regarding the new institution is from
Rome advices, Nov. 9, to the New York "Times":
It will be called the "Instituto Mobiliare Italiano," and its chief duty
will be the thawing out of frozen credits by financing industrial and agricultural concerns with long-term credits until public cenfidence is restored
sufficiently to induce Investors to put their capital into industries and
agricultural undertakings.
The big banking concerns which have in recent years undertaken this
work will now be relieved of the burden and the Banco, Commerciale
Itallana will be able to keep its business strictly within the customary
banking limits and the issuance of short-term credits.
The new institution will he State-controlled and have a capital of not
less than 500,000,000 lira, equal to $25,000,000, subscribed by institutions belonging to a consortium for industrial credits and State savings
and loan institutions which will contribute half the capital. The institution will finance private Italian enterprises and take up their shares for
not more than 10 years. It is authorized to issue bearer bonds for concerns approved by the State and obligations at fixed interest, but may
not accept deposits or have current account debts.
Income from the new institution's obligations and shares will be free
of income tax and State guarantees will be given by the head of the Government through decrees. Its obligations will be quoted on the Italian
Bourses,
Senator Teodoro Mayer, President of the Senate Finance Committee,
has been president of the new institution and appointed a Minister of
State by the King on Mussolini's proposal. 'Under him will be a Board
of 15 directors, some of thorn named by the State.
In a copyright cablegram to the New York "Herald
Tribune" (Nov. 9) it was stated that the institution may
ssue securities backed by industrial or agricultural properties aggregating 10 times the capitalization, none with a
longer maturity than 10 years. Certain issues may be
guaranteed by the State with the approval of the Counci
iof Ministers.
The same copyright account also said:
The evidence of State control is seen most clearly in the constitution of
the governing body, 15 of whom, including the President and Vice-President, are to be named by royal decree on the suggestion of the head of
the Government and the Minister of Finance after consultation with the
Minister of Corporations.
Reference to the action of the Banat Commerciale Italians
National Economic Bank on Economic Situation in in relinquishing its holdings of commercial
stocks was noted
Poland.
in our issue of Nov. 7, page 3038.
Under date of Nov. 7, the "Survey of Poland," issued by
the American Polish Chamber of Commerce and Industry Italy Holding
Gold Standard—Country on Point of
in the United States, said:
Establishing
Soundest Financial System Since
The suspension of gold payments in England, with which country Poland
the War—Stock of Metal Gains.
maintains close commercial and financial relations, is being watched by
Poland with keen interest In order to ascertain what effects that important
From its Paris bureau the "Wall Street Journal" of Nov.10
British event will have on the economic life of Poland.
A very interesting analysis of the situation during September is being reported the following:
While Italy has been recipient of practically none of the huge gold shipPresented by the National Economic Bank. As the Bank points out, the
crisis of the pound sterling revealed again, just as in July during the German ments which have been leaving New York for European destinations In
crisis, to what extent the Polish money market is independent and how recent weeks, her gold position has actually improved since the announcement on Sept. 20 that the pound sterling was off the gold standard. From
strongly it can withstand such Important international changes.
The Polish zloty was one of the few European currencies which have not Sept. 10 to Oct. 10,&alien central bank reserves of the yellow metal rose
fluctuated even fractionally, throughout that whole period maintaining its from lire 5,374.000,000 to lire 5,447,000,000. However, at the same time
gold parity. The cover of the Polish currency with gold and other cur- foreign exchange holdings fell from lire 3,439,000,000 to lire 2,752,000,000—
rencies based on the gold standard was also continuously considerably indicative, first, that the British breakdown caused a material loss to the
Nov. 14 1931.]
FINANCIAL CHRONICLE
3181
Italian treasury, but, secondly, and of perhaps greater importance, that years longer, according to conditions thought desirable by the Executive
Italy is changing from a "gold exchange" nation to a "gold" nation.
authority after consultation with the Council on Mining and Petroleum."
Losses taken in her holdings of sterling, once considered the safest of investments, have quite evidently brought the Italian financial regime to
realize to the fullest the benefits of holding liquid assets in the form of gold Deficit of $9,805,832 Reported Shown by Banco of Peru
during times of economic stress. Nor evidently is there any possibility now
y Londres.
of Italy following British and ScandinaVan example in allowing currency
The following.Lima,Peru, cablegram Nov. 8 is from the
depreciation as a measure for reducing salaries and debt charges. Thus,
despite the fact that many economists attacked the lira stabilization law of New York "Times":
Dec. 1927, as having placed its value too high, the present occasion which
The Peruvian Superintendent of Banks has issued a preliminary report
seemingly offers a tempting chance for readjustment is being "passed by." on the situation of the Banco of Peru y Londres, at one time Lima's chief
institution, which suspended payments in October last year.
banking
Solid System Imminent.
status of liquidation in August of this year.
Italy seems to be on the point of estabilshing the most solid, gold-backed, The statement covers the
Liabilities, worked out in United States money, were $19,030,556 and
financial system that she has known since the war. The gold block centered
leaving a deficit of $9,805,832.
about France and including Belgium, Holland and Switzerland, should assets $9,224,724,
certainly welcome this rather unexpected ally in the South.
The liquidation of the institution was referred to in our
At first glance the balance sheets of the Bank of Italy since the close of
issue of April 11 1931, page 2691, and May 30, page 3978.
1927 appear to show a definite and dangerous retrogression. Thus gold and
exchange holdings during the nearly four years in question have declined
from lire 12,106,000,000 to only lire 8,199,000,000—Lbut the gold portion of
New York Federal Reserve Bank to Be Represented at
the total rose from lire 5,547,000,000 to lire 5,445,000,000 or from 37.5% to
Conference in Peru of South American Central
66.4%.
The losses in liquid funds are attributed to the continuous excess of imBanks.
ports over exports during the period and to the reduction of sight debts
The New York Federal Reserve Bank has been invited to
from lire 2,830.000,000 to lire 1.890,000,000. Another favorable point is
the progresive reduction in circulation from roughly lire 19,000,000,000 send representatives to attend a meeting of financial repreIn Dec. 1927, to lire 14.500,000,000 currently.
Chile, Bolivia, Peru, Colombia and Ecuador
As a result of these offsetting movements, the cover against sight engage- sentatives of
ments has been maintained well above the legal minimum of 40% and at on Dec. 2 at Lima, Peru. At these conferences the general
this writing the gold reserves alone actually amount to 37% of the monetary financial condition will be considered. Representatives of
circulation.
the New York Federal Reserve Bank will include Professor
Tariff Wall Nearly Prohibitive.
The recent heavy ad-valorem surtaxes on imports are expected to increase E. W. Kemmerer of Princeton, and Allan Sproul, Assistant
Government revenues by lire 800.000,000 a year, which income is to partly Deputy Governor in the foreign department and Erie F.
defray special construction works for aiding the unemployed and partly to
foreign department of the Federal Reserve
further increase the gold backing of the lira. The nearly prohibitive tariff Lamb of the
wall which has been built around this country already has made itself felt Bank. An item regarding the conference appeared in our
in curbing the usual import trade balance. Whereas the trade deficit issue of Nov. 7, page 3019.
amounted to lire 5,100,000.000 in 1930 and was even heavier in the preceding two years, it totaled only lire 1,700,000,000 for the first nine
months of the current year.
Uruguayan Peso Improves—Rises from 43 to 45.60 Cents
In September,the nation hailed the first month of an import trade balance
in Week—Moratorium Praised.
recorded in many years. From the results so far visible, it seems certain
that the strict monetary and commercial trade policies of the Fascist regime
The following Montevideo cablegram, Nov. 8, is from the
have to date brought favorable results outweighing the unfavorable results
New York "Times":
of necessarily reduced exports and resultant increased unemployment.
Uruguayan exchange improved during the week, the gold peso closing
If this latter problem of the unemployed can be largely solved through the
American cents, as compared with 43 cents the previous Saturday
ambitious work program getting under way this winter, the world will at 45.60
Sterling fluctuated widely from 2614d to the peso to 293d
perforce have to recognize the skill, amounting near to genius, of the Fascist (Oct. 31).
closed
at 28 15-16d.
and
guidance of Italy through the present world crisis.
Government officials attribute the improvement to the moratorium on
commercial obligations in foreign currency and point out that its moracommercial obligations from 22,000,000 to 14.Alexander Kerensky, Former Premier of Russia, Says torium has reduced foreign
000,000 pesos, but the wool exporters complain that the restrictions are
Soviet Has Wrecked Country.
hindering their operations, making it impossible to negotiate exchange and
A wireless message as follows from London Nov. 10 is thereby reducing exports, on which the country is dependent for the improvement of its economic situation.
taken from the New York "Times":
Fourteen years after the Bolshevik( hurled him from power, Alexander
Kerensky is still implacably hostile to the Soviet regime. The Russian
former Premier, who now edits a small newspaper in Paris for exiles. revealed to a luncheon audience in London today that he had lost none of
his bitterness against his old enemies. He has grown grayer and stouter
than in the days when he tried to establish a moderate government in
Petrograd.
"Never has a regime of enforced famine and destitution been so ruthless
as now in Soviet Russia," said Mr. Kerensky. "The present dictatorship
of Stalin possesses no precedent even in the Middle Ages.
"The five-year plan not only is not needed, but it is extremely damaging.
It has destroyed the very foundations of national economy. The Bolsheviki have shown themselves bankrupt as organizers of production and
have thrust Russia into a bottomless abyss of destitution."
M. Kerensky Insisted he did not oppose economic co-operation with
Russia, for, he said, Europe's economic destinies and Russia's are irrevocably united. The granting of foreign credits, however, merely exploits
the "poverty famine of the Russian population," in his opinion, and foreigners who back the Soviet regime with credits "resemble the lunatics
who gave willing help to Nero in the burning of Rome."
Uruguay to Check Debts—Will Ascertain Amounts
Owned Abroad to Find Balance of Payments.
A cablegram as follows from Montevideo, Nov. 11, is
taken from the New York "Times":
The Minister of Finance has instructed the Bank of the Republic to
ascertain the exact amount of the debts owed abroad by Uruguayan industries and commercial organizations in an effort to determine the country's
balance of international payments.
Former calculations have not included direct debts between importers
and foreign houses or agents, and the Finance Minister believes that this
Is an important factor on which the present exchange control law authorizes
the bank to question all business men.
The National Administrative Council has decreed new restrictions
against the exportation of Uruguayan bond coupons for collection abroad
In foreign currencies, resident bondholders having made large profits by
the difference in exchange.
Uruguayan Foreign Minister Sails for Rio de Janeiro—
Australian Revenue.
Reported Seeking Tripartite Treaty.
Canadian press accounts from Canberra (Australia) Nov.
Foreign Minister Juan Carlos Blanco and Senora Blanco
10 stated:
sailed for Rio de Janeiro on Nov. 11, ostensibly for a short
The revenue of the Australian Commonwealth for October amounted
three days in the Brazilian capital, but,
to $27,780,000, compared with expenditures of $23,940,008, the govern- rest of only two or
ment announced today. The National Debt Commission has redeemed said a Montevideo cablegram to the New York "Times",
$15,715,000 of Commonwealth debts and $16,205,000 in Australian State it is generally believed he will complete arrangements for a
debts in the last year.
tripartite economic conference between Argentina, Brazil
Inheritance Tax Imposed by Peruvian Government to and Uruguay here on Dec. 1. The cablegram added:
Before sailing Senor Blanco admitted he undoubtedly would confer
Aid University.
with Brazilian authorities. He explained that there really would be three
and Uruguay
Under date of Nov. 8 a Lima (Peru) cablegram to the conferences meeting simultaneously, the delegates of Brazil
framing a new trade treaty, the delegates of Uruguay and Argentina doing
York
New
"Times" stated:
the same, and the delegates of all three negotiating a united economic front
In order to provide an annual revenue of 800,000 soles (about
$225.000) for the protection of their export trade.
for the maintenance of the University of San Marcos, the Provisional
The newspapers of all three countries are devoting much space daily to
Government has issued a decree imposing an inheritance tax on all prop- details of the plan and expect important results, believing a closer undererties whose value exceeds 50,000 soles (about $14.000)•
standing among the three to be of the utmost importance, even if the
The tax will be on a sliding scale, being 1% between 50,000 and 100,000 conference does not develop into a continental agreement.
soles and advancing progressively to 12% on properties whose value is in
excess of 1,000,000 soles. There will be a 50% rebate to the testator
leaving more than five children and an increase of 50% where the heirs
Argentina Takes Step to Stabilize the Peso.
are not in the direct line of descent.
To stabilize the Argentine peso the Argentine Government
has issued a decree fiscalizing all the exchange operations
Peru Extends Oil Concession Period.
Buenos Aires banks and controlling the local sales of
A cablegram as follows from Lima (Peru) Nov. 8 is taken of
export bills for merchandise sent out of the country, acYork
New
the
"Times":
from
"United States Daily" of Nov. 10 from which
The Provisional Government has issued a decree prolonging the period cording to the
allowed for the exploration of petroleum concessions. Article XVIII, the following is also taken:
paragraph C of LAW 4452,as amended,now reads:"The term of exploration
of petroleum eon cessions shall be two to four years, extendable two to four
The decree, which has been received by the Department of State, contains
the following information-
3182
FINANCIAL CHRONICLE
[voL. 133.
The Exchange Control Commission is in general charge of exchange published Nov. 12, shows applications denied for transfer
transactions, with the clearing house banks permitted to operate in foreign of funds abroad totaled $894,000 from Sept. 25 to Oct. 31.
exchange transactions. Drafts are granted only up to a daily maximum of
York "Times,"
the equivalent of 1.000 pesos (paper) to each purchaser,"for the purpose of A cablegram from Bogota Nov. 12 to the New
avoiding the monopolizing of exchange and its negotiation in the market reporting this, added:
by speculators."
The Board also withheld permits to transfer funds for foreign debt
The limit of postal or telegraphic transfers, the emission of letters of service for the week ended Nov.6 totaling more than 8750,000. which had
credit, and the opening of simple or documentary crellits is limited to an been deposited in pesos In the Bank of the Republic to the order of the
equivalent of 5,000 pesos, unless previously authorized by the Exchange nation's creditors for service on bonds sold In the United States.
Control Commission.
These banks shall have the right, according to the decree, "to apply
exchange without limit for the value of the collections constituted by
Department of Agriculture and
accepted documents falling due day by day and sight drafts, as well as Colombia Has New
Commerce.
liquidations of credits opened abroad, upon receiving notices of payments."
Argentina Suspends Pegging of Exchange—Limits for
Gold Peso Fixed.
Associated Press dispatches from Buenos Aires, Nov. 10
stated:
The Government Exchange Control Commission suspended the pegging
of exchange to-day, and until further notice will instead fix maximum and
minimum limits for cable quotations.
Limits for gold pesos were fixed between 1.71 and 1.65 to the dollar,
effective beginning to-day.
The Commission said it believed it would aid the exchange market to
find its own level by terminating the pegging practice.
Later in the day the gold peso. Jumping nearly 10 points in the two
days since the election, was quoted at 165.5 for $100. The paper peso rose
from 25 cents on Saturday to 26.5 to-day.
The establishment of a new Ministry in the Colombian
Cabinet to be known as Agriculture and Commerce which
will begin to function as soon as the funds available for its
proper administration are secured, is provided for by a
new Colombian law, the Department of Commerce is
informed in a report from James J. O'Neil, Assistant Trade
Commissioner in Bogota. The Department on Nov. 11
also stated:
Agriculture and cattle raising in all parts of the country will receive the
necessary aid and attention in the program of work outlined for this new
branch. The Government is also authorized to appoint two Colombia
technical employees of this ministry to receive instruction In foreign universities with salaries paid while conducting their studies provided that
upon completion it is agreed that those so sent shall give their services
to the Government for a period of at least three years in salaried positions.
Gain in Argentine Exports.
Ecuador Seizes American Lard.
According to Buenos Aires advices, Nov. 11, to the
The
Guayaquil (Ecuador) cablegram Nov. 12 is
following
DepartStatistical
New York "Evening Post" the National
ment report on Argentine exports for the first 10 months of from the New York "Times":
Customs authorities here have confiscated shipments of American lard
the current year gives a total of $309,323,860, against
containing more than 12% of stearin, acting under a new law. The former
the
marks
$306,568,280 for the same period last year. This
law permitted up to 25% stearin, and the Chamber of Commerce has profirst time this year that these reports have indicated a higher tested the seizure on the grounds the shipment had been made before the
value of exports for this year as compared with the totals new law became effective.
of 1930.says the cablegram which added:
October exports revealed an extraordinary increase both in weight and Colombia Moves to Ease Finances—President Olaya
value, the latter amounting to $33,681,572, against $26,624,500 during
Completes Plan of Executive Action to Conserve
September, $25,701,515 in August, and only $26,696,686 in October of last
Gold—Budget and Taxes Held Up—Congress May
year.
Prolong Session to Provide for Big Deficiency in
Argentina Reports Budgetary Surplus.
Customs Revenue.
From the New York "Journal of Commerce" of Nov. 7,
The decree which President Olaya issued to establish
we take the following from Buenos Aires, Nov. 6:
official control over exports of Colombian products may be
Argentina is steadily Improving her financial position. Whereas at the
end of 1930 Argentina had a deficit of 6115.000,000. the latest statement on said to complete the initial program of executive action to
finances gives every indication that she will finish the current year with at conserve gold as contemplated by the Emergency Powers
least a balanced budget, if not a surplus.
signed during
The Argentina Ministry of Finance in a statement published to-day Act which was rushed through Congress and
showed a surplus of 8500.000 for the month ended Oct. 31, compared with a the week the Bank of England suspended payments in gold.
deficit of $5,000,000 in October last year. Total expenditures for the 10 In special
correspondence from Bogota, Nov. 2, the New
months ended Oct. 31 were only 3169,500,000, compared with 8268,500,000
for the same period a year ago. Total receipts for October amounted to York "Times" of Nov. 8, from which we quote, also said:
$19,438,000, of which $18,444.000 was cash revenue and the balance authorized bond issues, Treasury notes and various internal credit resources.
The total receipts were $3,781,500 under last year's, but whereas in
October 1930, the internal bond issues amounted to more than $4,800,000,
these internal issues for October 1931. totaled less than 81,000,000. The
cash revenue of October 1931, exceeded that of October 1930, by $1,498,000,
the diminution of receipts being therefore solely accounted for by Argentina's comparative abstinence from borrowing. Expenditures in October
amounted to $18.952,000, compared with $26,778,000 for October last year.
The total revenue for the first 10 months of 1931 amounted to $167,334,000, as against $276,038,000 for the corresponding period of last year. This
falling off is explained, however, by the fact that this year's revenue included only $21,149,000 from internal bond issues and various internal
credits, against 8128,030,000 received from these sources last year. Total
expenditures for the past 10 months were 899,040,000 less than last year
notwithstanding the fact that the sum required for interest and amortization service on internal and external debts required $3,570,000 more than
in the same period last year.
Bolivia Lifts Moratorium—Finds Customs Revenues
Badly Cut by Suspending Foreign Payments.
A cablegram from La Paz, Nov. 12 to the New York
"Times," stated:
The Bolivian Government has issued a decree suspending the moratorium of Oct. 9 on obligations payable in foreign currency. The lifting
of the ban is effective Nov. 16.
The suspension of payments of foreign obligations resulted in complications in commerce, especially for shippers to Bolivia, and had considerably
curtailed imports, customs revenues having fallen alarmingly.
The Central Bank has officially announced that Professor E. W. Kemmerer, Princeton fiscal expert, will head the Reserve Board delegation to
the conferences In Lima scheduled for Dec. 2. It Is generally believed
Dr. Kemmerer, after the conference, will again visit Bolivia to discuss
problems arising from the economic crisis.
The "Wall Street Journal" of last night (Nov. 13) said:
Bankers here state the lifting of the moratorium on payment of foreign
obligations by Bolivia has no bearing on external bond service. It relates
to private commercial obligations. Cessation of payments WM ordered
about a month ago to protect exchange but was rescinded because it had
worked great hardship on importers, and lowered customs revenues.
Bogota Curbs Payments—Colombian Board Denies
Requests for Transfer Abroad of $894,000.
The first report of the Colombian Exchange Control Board
appointed under special authorization of the President, as
The Government's other fences erected around the gold supply are also
embodied in Presidential decrees of a legislative character issued during
the past 30 days. Free commerce in gold is forbidden to all except the
Bank of the Republic. Foreign exchange operations are limited to banks,
and must be approved by an official board before each sale of foreign
drafts. Banks are required to deposit their gold in the Bank of the
Republic, sell that bank their daily balances of foreign exchange purchased
In excess of foreign drafts sold, and invest all their capital, reserves and
deposits in Colombia.
Imports of articles of luxury, such as alcoholic beverages, jewelry,
toiletries, manufactures of silk and tobacco products, have been forbidden.
Customs duties on practically all imported foodstuffs have been doubled,
and increases of 25% to 100% have been decreed on many imported diepensable manufcctured commodities. The purpose of the new exports
control is to ensure the return to Colombia of gold payments covering the
net money value o/ exports, thus balking possible attempts to export
capital from the country in the form of coffee or other Colombian products
readily marketable abroad.
The Government has also just directed the mint to coin a new 2,000,000
peso issue of silver half pesos, as a further means of increasing circulation
by utilizing the Treasury's stock of bar silver which has accumulated
during the last seven years by the gradual retirement of old silver currency. The Government has been purchasing this old currency with part
of its dividends from the Bank of the Republic.
Covers Broad Field.
By these measures the Administration hopes to correct the unfavorable
balance of international payments, maintain the gold standard, avoid a
moratorium of interest and amortization payments on the foreign debts
of the nation, States, municipalities and mortgage banks, increase credit
and circulation, and develop the home market for domestic agriculture and
Industries. However, critics of the Administration, among them former
Minister of Finance Marulanda, demand, as what they call the only effective
alternative to the eventual collapse of the banking structure and the permanent stagnation of the national economy, an immediate general moratorium
of foreign debt payments. Others also view as inevitable and even desirable
the abandonment of the gold standard. Moreover, a definite shift of capital
from commerce, in imported goods to investment in domestic agriculture
and industry Is represented as improbable unless native producers are assured
of a permanent protective policy on the part of the Government.
The recent slight increase in the gold reserve of the Bank of the Republic
reverses the alarmingly rapid downward trend of the first weeks of September, but it is too soon to estimate the full economic effects of the Government's drastic steps. However, serious fiscal and some political repercussions have already been produced, and the fiscal situation may force the
President to extend the present regular session of Congress beyond Nov. 16
in order to pass the 1932 budget and vote new taxes to supply the large
deficiency in customs revenues which is expected to result from the limitation of imports.
Nov. 141931.]
FINANCIAL
The 1932 budget has not yet come before the House on second reading.
The House Budget Committee returned it to the Finance Ministry early this
month with a request for a revised schedule of retrenues in the light of the
new situation created by the emergency decrees. The Ministry has not
yet complied, and only 19 legislative days remain of the present regular
session.
May Attack Measures.
The Constitution provides that the power of national taxation resides
exclusively in the Legislature, and some legislators hold the view that this
power is not delegatable to the President. The Government majority bloc
in the Senate has gone on record to the effect that the Emergency Powers
Act authorizes the President up to the end of this year to decree new taxes
or increase existing rates. This position has not been ratified by the
House. If executive decrees imposing new or higher taxes be issued, they
would undoubtedly be challenged in the courts, and tax collections enjoined,
with consequent embarrassment to the Treasury.
The Administration has moved to increase credit facilities for farmers,
by obtaining from the Bank of the Republic an additional credit of 5,000,000
pesos with which to finance the government's share of the capitalization
of a new national savings bank and an additional agrarian credit institution to make loans on crops and live stock. Some of the money may be
diverted to resume construction of public works on a modest scale, as a
means of relieving unemployment and providing highway outlets to the
Magdalena River for native farm products destined to supply the Atlantic
coastal region, which has heretofore been largely dependent on imported
wheat, rice and lard.
The Ministers of Finance and Industries have been summoned to appear
before the House to answer interpellations on the feasibility of additional
means of ameliorating the difficult fiscal and economic situation. The
citation specifically refers to a possible reduction of the legal gold reserve
of the Bank of the Republic, which is now fixed at 50% of its deposits
and bills in circulation; aids to agriculture; relief for mortgage debtors;
new taxes to balance the budget; the period which the decreed emergency
measures should remain in force; lower freight rates for domestic products;
better customs organization; lower interest rates, and the establishment
of maximum legal rates of interest.
CHRONICLE
3183
forth above, this Government is not disposed at this time to take any
action other than to continue to follow with attention and care the developments in the Dominican Republic. It is the belief of the Department that
this policy will be the best for all concerned, including the bondholdeis
upon whose bonds the Dominican Government proposes to continue to
pay interest regularly.
Banco de Mexico Destroying 12,000,000 Pesos Gold
Notes in Accordance With Monetary Law—Silver
Monetary Standard.
From the "Wall Street Journal" of Nov. 11 we quote the
following from Mexico City:
Banco de Mexico has started destruction by fire of the 12,000.000 pesos
(about $5,000,000. American) of gold bank notes it issued prior to enactment
on July 27,last, of new monetary law that established silver money standard
and prohibited circulation of gold currency in any form.
Bank officials state that practically all of the 12,000,000 peso gold billet
Issue has been redeemed. Action is in preparation for an issue of silver bank
notes which is likely for the near future.
Bank of Zorilla Hermanos in Ciudad Victoria (Mexico)
Closed.
From Mexico City Nov. 10, a wireless message to the New
York "Times" stated:
The Bank of Zorilla Hermanos in Ciudad Victoria, capital of the State of
Tamaulipas, closed it doors yesterday. The bank had several million pesos
and held the money of many small depositors.
The State funds of Tamaulipas are said to have been largely deposited in
the institution.
Dollar Lower in Mexico—Silver Peso Rises After Long
Slump, With Imports Curbed.
Under date of Nov. 5, advices from Mexico City to the
Funds Received for Payment of Interest on Cuban
New York "Times" stated:
Bonds.
The dollar dropped to-day to the lowest point since the beginning, many
The following from Havana is from the "Wall Street months ago,of the Mexican industrial and economic crisis. American notes
2.55 pesos in the local market and were sold at 2.52 in exchange
brought
Journal" of Nov. 11:
months ago the dollar was quoted as
Cuban Government has remitted to Speyer & Co. $85,000 for interest
and amortization on Cuban 5% bonds, 1944, and also remitted $52.998
to J. P. Morgan & Co. for interest and amortizatlion on Cuban 5% bonds,
1949.
houses. Six
high as 3.60 and for
a few days was near four-to-one against the Mexican silver peso.
explanations
for
various
the
rise
of
the peso, the principal
There are
among them being the fact that the latest price for bar silver was 31 4 cents
per troy oince after dropping to 24 cents. The drop in the dollar is also
said to be due to large offers of dollars on the local market coupled with
Mexico's curtailment of all classes of imports.
Chase National Bank Reported to Have Extended
Maturity of Loan to Cuba.
Havana advices in the "Wall Street Journal" of Nov. 13 Honduras to Change from Silver to Gold Standard.
said:
Associated Press accounts, Nov. 11, from Tegucigalpa,
Secretary of the Treasury states that the Chase National Bank
has Honduras, said:
extended its $20,000,000 loan to Dec. 15.
Immediate monetary conversions from the silver to the gold standard.
with a new gold backed "Lempira" as the unit was decided upon at a conference of bankers, merchants and industrialists held under Government
auspices yesterday.
New coins to the number of 1,100,000 already have been minted in the
United States and will be brought here immediately to redeem the present
silver currency. For redeeming the balance now in circulation, the conference agreed to issue $1,000,000 in 7% Government bonds which will be
bought by local merchants and bankers.
Payments Suspended on Dominican Bonds—State
Department Permits Republic to Use Funds for
Domestic Functions.
Because of the seriousness of the financial situation existing
In the Dominican Republic, the Department of State will
permit the Dominican Government to allocate .the revenue
from certain customs revenues to the payment of its own Surtax on Practically All Import Duties Imposed in
expenses rather than the payment of American bondholders.
China.
Announcement of this was made by the Department of
Government
has announced a flood
Nationalist
The
State Nov. 10, it is learned from the "United States Daily"
relief surtax equivalent to one-tenth of the present import
of Nov. 11, which gives the text of the announcement as
and export duties to be effective from Dec. 1 1931 to July
follows:
31
1932 after which time the surtax will equal one-twentieth
Economic Conditions.
of the duties continuing until the time of the completion
The economic conditions of the Dominican Republic have suffered
in
common with the rest of the world and were made much worse by
of the liquidation of the American wheat loan, it is reported
the disastrous hurricane of September 1930. The conditions have become
so in a radiogram received in the Department of Commerce
serious and the revenues, including both customs and internal
revenues, from Commercial Attache Julean Arnold, Shanghai. The
have declined so abruptly that the Dominican Republic has
informed the
Department of State that it has found it necessary to adopt
emergency Department on Nov.4 also said:
legislation giving priority to the interest charges on the foreign loans
but
temporarily diverting certain customs revenues from the payment of
amortization on these loans, applying the amounts so diverted to the
maintenance
of vital governmental functions and the preservation of law
and order
upon which the ultimate payment of the external debts must
depend.
"Drastic" Retrenchment.
The Dominican Government communicated to the Department
of State
In advance of its intention and the facts upon which its action
is based
together with a statement of the drastic economy measures
already taken
in an endeavor to meet the situation. The Dominican
Government frankly
recognized that the step proposed by it is not only a violation
of the obligations as to the holders of its securities, but also a
violation of the convention between the United States and the Dominican
Republic.
After an Independent investigation by the Department
confirming the
existence of the serious situation in the Dominican Republic,
the Department informed the Dominican Government that it has
noted the steps
which that Government felt required to take and the
reasons therefor:
and that the additional funds thus made available to the
Dominican Government as a measure of last resort would be spent
with the greatest care
In maintaining vital governmental functions by an official specially
designated to administer the same as a special emergency
fund.
The Department has noted the firm intent of the Dominican
Government
to make as soon as possible the payments now to be deferred, and
called
attention to the fact that the measure proposed would
necessarily extend
the life of the receivership of customs for so long a period as the amortization payments are held in abeyance. The Department added that
with
an understanding of these special circumstances thus pointed out the
policy of the United States Government would be guided.
Having in mind the provisions of the convention between the
United
States and the Dominican Republic, and in view of the circumstances set
The surtax applies to all of the export duties and most of the import
duties. The principal exceptions in the case of the latter are reported to
be cigarettes and cigars and those articles covered by the conventional
tariff treaty with Japan, namely: wheat flour, most cotton piece goods,
cotton yarns and threads and other manufactures of cotton (excluding
clothing), and certain fish and fishery products.
Banking Heads in Tokio Urge Maintenance of Gold
Standard—Act to Stop Outflow of Gold.
Asserting that the outflow of gold from Japan had reached
alarming proportions, financial and banking authorities of
the empire at Tokio on Nov. 6 called upon the people to
do their utmost to help maintain the gold standard in the
face of the threatening situation in Manchuria. Associated
Press accounts from Tokio indicating this added:
A meeting of the heads of all Japan's leading banks was held at the
residence of Premier Wakatsuki, with Finance Minister Inoyue attending.
It adopted a resolution "recognizing the imperative necessity of maintaining Japan's gold standard, especially in view of the grave international
situation arising from Manchurian developments."
The resolution said that after Great Britain's abandonment of the gold
standard Japan's outflow of the yellow metal "assumed alarming proportions, causing much discussion of the resumption of the gold embargo."
"We are confident, however," it added, "that the situation in no wise
justifies such a measure, which, moreover, would drastically affect the
foundations of our national economy through the fall and fluctuations of
exchange rates abroad."
3184
FINANCIAL CHRONICLE
(VoL. 133.
has not altered its policy of maintaining-the gold standard,
but it is probable the policy of restricting loans may be
modified, says a cablegram from Commercial Attache H. A.
Butts, Tokio. Under date of Nov. 10 the Department adds:
Demand Japanese Gold Embargo.
We noted in our issue of Nov. 7, page 2973, that the Bank
United Press advices from Tokio are taken from the "Wall of Japan raised its discount rate from 4.84% to 6.57%.
Street Journal" of Nov. 10:
Regarding the $60,000,000 gold shipment we quote the
The executives of the Seiyukal Opposition Party passed a resolution de- following
from the Washington bureau of the New York
manding re-application of the Japanese embargo on gold exports without
"Journal of Commerce" Nov. 10:
delay.
(In the last 30 days $75.000,000 worth of gold has been shipped from
Japan to the United States, according to San Francisco compilations. Of
this amount, $23,500.000 arrived in the California city yesterday.)
Later the Ministry of Finance advised the Government's financial representatives abroad that the Government did not contemplate such a move.
The embargo was established during the war and lifted only about a year
ago.
The Yokohama Specie Bank is expected to ship 60,000,000 yen (approximately $30,000,000) in gold during the first half of November, according to
Japanese financial circles. Further decline in yen exchange is anticipated
byt egeneral
5.
public. The Bank of Japan increased its discount rate on
Nov.
The Japanese Department of Commerce. Industry and Agriculture and
Japan Establishes Informal Foreign Exchange Control Forestry has agreed on an import license system governing imports of sul—Internal Industrial Groups Agree to Buy Dollars phate of ammonia. Similar regulations regarding soda ash imports are posOnly from Yokohama—New York Bankers Working sible.
The shipment, expected to be made by the Yokohama Specie Bank, will
With Tokio.
be in two lots as part of the $60,000.000 movement in gold which the
Tokio Government last month said it expected to ship to the United
From the New York "Journal of Commerce" of Nov. 12 States.
we take the following:
The message to-day stated that the Japanese Government was trying to
Through informal agreements made by Japanese banks, insurance and in- remain on the gold standard, and this was cited by some officials of the
dustrial companies, and through the virtual monopoly of foreign balances department as being partly responsible for Japan's gold shipments here.
held by the Yokohama Specie Bank, an indirect control of foreign exchange Another reason given was the unfavorable balance of Japan's foreign trade
during a period when she normally exports more than she imports.
has been established in Japan. it was learned yesterday.
Because of the firm control over foreign exchange which is being carried
"The financial situation in Japan is receiving the close attention of
out in Tokio the New York banks are co-operating with Japan in the effort Government and financial leaders," Mr. Butts cabled. "The Government
restrictions
has not altered its policy of maintaining the gold standard, but it is probable
to support the exchange. At the present time there are strong
in the futures market, it was said, although trades arising out of business that the policy of restricting loans may be modified. A further decline in
yen exchange is anticipated by the general public and the Bank of Japan
transactions are being made.
has increased its discount rate."
Short Position.
Yen exchange was unusually strong yesterday and there were predictions
that it would reach a level above gold point and thus make further large gold France to Sue Egypt for Payment in Gold—Premier
shipments from Tokio to San Francisco unlikely for the present. Because
Sidky Notified of Proposed Action in Regard to
of the partial control of foreign exchange, it was said, those who carry
1904 Bonds.
obligations to deliver yen exchange are finding difficulty in making deliveries
From
the New York "Times" we take the following from
rumors
repeated
were
Since England went off the gold standard there
that Japan also would be forced to stop shipping gold and to permit her Cairo Nov. 5:
exchange to find lower levels in the international markets. Those rumors
The latest move in the dispute regarding the payment of interest on
were denied again and again in official quarters. Fear that the exchange the Egyptian unified preference debt bonds occurred this morning when
foreign
of
purchases
could not be kept on the gold standard led to heavy
Victor Delacrolx, French representative of the Public Debt Commission.
exchange by Japanese nationals, which, in turn, was taken as a cue for visited Premier Skiky Pasha to inform him that he intended to file a suit
foreign short selling.
in the Mixed Courts in his capacity as French Debt Commissioner against
interanlSupport.
Premier Sidky as Minister of Finance, demanding the payment of inOn November 6 the large financial and business institutions in Japan terest in gold.
Although the action had been foreseen in some quarters, it will probably
passed a resolution agreeing to support the yen. While the terms of the
resolution were general an informal agreement was reached that they react favorably upon the bonds. M. Delacroix is leaving for France toYokothe
morrow,
presumably to consult With his government.
than
would not purchase foreign exchange from sources other
The French representative's action was independent of the other two
hama Specie Bank. The Yokohama Specie Bank agreed spot exchange
not needed to meet the payment of foreign bills would be sold if the funds commissioners, whose attitude is not fully known. Apparently Sir Robert
were to be used to support Japanese bonds in the foreign markets. Be-- Craig, British member of the commission, does not agree, but the Italian
cause of the low quotations on the bonds such purchases became an im- member, who is now in Italy, probably will follow the French lead.
The dispute is a result of the decision of the Egyptian Government.
portant factor in the bond market.
During the past month importers from Japan commenced to take up the following the British departure from the gold standard, to pay interest on
practice of making their contracts for payment in yen instead of in dollars. its public debt in paper instead of gold, as laid down in the convention
The banks for the most part agree that this amounts to short speculation shoed in 1904 governing the Issue of the loan.
Individual holders recently brought similar action, which was postponed
in a Japanese exchange and are trying to discourage the practice.
With the restrictions on futures exchange actual trades for deliveries of by the court until May. The present action is also expected to be postyen beyond December are extremely unusual, it was said. The banking poned.
authorities in Japan, it was declared, themselves are offering to sell dollar
exchange only to dates up to the close of the year, but it is believed that
South Africa Rejects United States Loan Terms—
they now carry contracts for later deliveries.
Seeks $50,000,000 Credit to Aid in Keeping Gold
Standard—Turns to Paris.
Egypt Will Keep Link with Sterling—Decides to Hold
From Johannesburg, South Africa, Nov. 8 a wireless
British Bonds Forming Part of Basis of Country's
message as follows was reported in the New York "Times":
Currency—New Agreement with National Bank
The South African Government is seeking a $50,000,000 loan to mainto Last Until June 30 1932.
tain the country on the gold standard, but so far has been unsuccessful.
A cablegram as follows from Cairo (Egypt) Nov. 8 is It is understood the terms required by American bankers who were ap-
taken from the New York "Times":
By an agreement about to be concluded between the Egyptian Government and the National Bank of Egypt it will definitely be established that
there will be no flignt of the Egyptian pound from staling until June 30
1932, at the earliest.
Even since Great Britain's departure from the gold standard there
has been much speculation as to whether the Egyptian pound would continue to be linked with sterling. The Egyptian Government and the
National Bank have an agreement under which the bank has the right
to issue banknotes until 1948. The agreement stipulates that every
Egyptian pound must be covered by 50% gold.
There are about £20,000.000 of paper currency in circulation in Egypt,
and until 1914 the National Bank had E10,000,000 in gold. At the outbreak of the war, however, the Government agreed to let the bank replace
£6,500,000 of the gold reserve by British war loan bonds, the income
of which was divided, about three-fourths going to the Egyptian Government and the remainder to the bank, thus making the Egyptian pound
entirely dependent on sterling.
In 1926 a new agreement was signed for a five-year renewal of the bank's
right to retain the British war bonds, but fixed the Egyptian Government's
share of the income at 89.5%,leaving 10.5% to the Bank. The agreement
Was due to expire Dec. 31, and if not renewed the National Bank would
be forced to replace the bonds by gold, which would involve a loss of 25%
through the sale of the bonds due to the depreciation in their value.
The Government, therefore, has decided to extend the five-year agreement another six months, during which period a special committee with
the aid of a Belgian expert due to arrive here soon, will study thoroughly
Egypt's monetary system with a view to deciding whether Egypt should
continue the present arrangement or change it.
proached were 3% promotion fee, 6% Interest and a guarantee from the
British Government. The Government is said to have rejected them as
entirely unacceptable.
An attempt is now being made to float the loan in Paris, but owing to
the collapse of negotiations for a trade treaty between South Africa and
France these negotiations also are likely to end in failure.
There seems to be passibility that commercial banks will take a considerable interest in the proposed loan. Meanwhile the Chamber of Mines,
which represents the owners of the Rand Gold Mines, is considering important government proposals which have not been disclosed.
South Africa to Get Loan.
From London Nov. 11 a cablegram to the New York
"Evening Post," said:
French, Dutch and Swiss banks have agreed to participate in a loan of
E10.000,000 to South Africa, to assist in the maintenance of the gold
standard by that country, it was reported here.
New Zealand's Income Drops.
Wellington, N. Z., Prime Minister Forbes said on Nov. 12
that the national income of New Zealand had shrunk $150,000,000 in the past two years, it was reported in Associated
Press accounts.
Farm Loans of Federal Land Banks Aggregate $31907,711,000—Amount Outstanding Sept. 30 $2,055,959,000—Proposed Legislation Affecting System
Japan to Ship $30,000,000 in Gold—Bank Discount Rate
Indicating the aid to agricultural interests rendered by
Higher.
The financial situation in Japan is receiving the close atten- Federal Land banks, which are under supervision of the
tion of Government and financial leaders. The Government Federal Farm Loan Board, a report issued at Washington
Nov. 141931.]
FINANCIAL CHRONICLE
3185
Nov. 9 showed that from the time of organization until
Sept. 30 these institutions have made total loans of $3,907,711,000. The volume of loans outstanding Sept. 30
amounted to $2,055,959,000, with assets and liabilities
amounting to $2,073,831,000 for all banks. The Washington
advices to the New York "Journal of Commerce,"in referring
to the report further said:
In support of this contention, quotations are listed from authorities. over
a number of years, backing the assertion that because the bonds of the Joint
Stocks are termed instrumentalities of the Government. and because there
Is an avowed public purpose carried out in the operation of these banks,
according to Mr. Sanders "the 'good faith and credit of the sovereign' requires that it come to the aid of the Joint Stock and Federal Land Banks,
which from their Inception have been nothing but Federal instrumentalities,
the main purpose of which has been to perform a Government function"
Several Proposals Made.
Several proposals for strengthening the Federal Land Bank system have
been brought forward and legislation may result at the next session of Congress. President Hoover is favorable to increasing the capitalization of the
land banks by $60,000.000 which would boost their loaning power
by
$1.200,000,000. Federal land banks, now having a capitalization of $65,954,000, may issue bonds in an amount not exceeding 20 times the capital
and surplus for the purpose of making loans. Total capital, reserves and
undivided profits Sept. 30 were given as $101,349,000.
Another proposal was for legislation to authorize Federal Land Banks to
make loans on urban real estate. This met with objection at the Treasury,
where it was held that the scope of activities of these Banks should be
limited, as provided in the present law, to loans for use in the purchase or
farm land, farm equipment and live stock, to building improvements and
for the liquidation of indebtedness incurred for agricultural purposes.
Gross Loans Given.
Gross loans of the Federal Land Banks Sept. 30 mounted to $1,318,321,000, with net loans of $1,177,521,000. Assets also included notes receivable of $23,196,000. delinquent installments of principal and interest
of $12,042,000, sheriffs' certificates and judgments of 811.446,000 and real
estate owned of $28,274,000.
Bonds outstanding from these Banks at the end of Sept. totaled $1,175.819.000. Of the original total capitalization of the 12 Banks amountlug to $9,000,000 the greater part was subscribed by the Federal Government.
This has been reduced, as required by law, until the Government now
owns stock in but two Banks, $96.895 in Springfield and $107,803
in the
Berkeley bank. Approximately 98% of the stock is held by national farm
loan associations.
Joint Stock Land Banks may make loans for the purpose of agricultural
development, the outstanding amount Sept. 30 having amounted to $609,236,000. These institutions had notes receivable of $13,693,000, delinquent installments of $6,514,700 real estate owned valued at $23,196,000
and sheriffs' certificates and judgments of $7,255,000.
Liabilities included $550.456,000 and $43,503,000 in paid in capital stock.
Forty-nine of the 88 Banks originally organized are in operation, one
in involuntary liquidation and three in receivership. There were 35 which
liquidated voluntarily, the Kansas City Joint Stock Land Bank, one of
those in receivership, was reorganized July 1. Liabilities of the banks
In receivership amounted to $45,868,200 Sept. 30. with book assets
of $17,058,000 including gross mortgage loans of$7,904,000.
$128,402,700 Credit Advances.
Intermediate Credit Bank loans and discounts totaled $128,402,700
Sept.30,of which $47,281,700 was loans to co-operatives and 581,120,900
to
financial institutions. Unmatured debentures of these banks
totaled $104,100,000. Liabilities also included $30.000,000 paid in capital
stock and
$30,000,000 capital callable from the Treasury.
Intermediate Credit Banks may make loans for the purpose of providing
agricultural credit for periods that are intermediate between the usual
maturities of short time commercial bank loans and long term farm
mortgage
loans. Loans may be made to co-operative marketing associations
on warehouse receipts or shipping documents covering stable agricultural
products.
They also may discount notes of farmers and stockmen endorsed
by State
and national banks, agricultural credit corporation and live stock loan
companies.
Public Offering of $6,000,000 43.% Debentures of
Federal Intermediate Credit Banks.
Public offering of a new issue of $6,000,000 of 43% debentures of Federal Intermediate Credit Banks was announced on Nov. 9 by Charles R. Dunn, Fiscal Agent for
the Banks in New York. The debentures, priced upon
application, are dated Nov. 16 1931 and mature in three,
six nine and twelve months. They are secured by loans
and discounts representing advances made for production
and marketing of crops and livestock under Act of Congress
approved March 4 1923, and are exempt from all income
taxes. •The entire capital of the 12 Banks was subscribed
for by the United States Treasury and all 12 Banks are
liable, under conditions stated in the Act, for the principal
of and interest on the debentures of each Bank. The issue
of debenture put out by the Federal Intermediate Credit
Banks early in October (and referred to in these columns
Oct. 10, page 2357) bore 3%%.
Cotton Policy of Federal Farm Board Said to Have
Raised Value of New Crop—Promise to Keep
Holdings if Banks Offer Credit Being Received
Favorably, Says Chairman Stone—Participation
in $1,000,000 Corn Credit.
The value of the current cotton crop has been increased
approximately $125,000,000 by the Federal Farm Board's
offer to hold 3,500,000 bales off the market provided that
Southern bankers extend credit on an equal amount until
July 31 1932, James C. Stone, Chairman of the Federal
Farm Board, declared orally Oct. 29. The "United States
Daily" of Oct. 30 is authority for the foregoing, its further
account follows:
Although the bankers have not yet been able to report the extent of
their lendings on cotton, Mr. Stone said he believed they would be able
to make their share of the quota and thus automatically bind the Farm
Board to withheld its share.
The project has awakened a favorable reaction In the South and has
helped raise cotton prices 1% cents from their low sag at the first of the
month, Mr. Stone explained. Additional oral information made available
by Mr. Stone follows:
The extent to which the Farm Board will participate in the $1,000.000
credit corporation being formed in Chicago to aid corn growers will be
determined within the next two or three days. Half of the corporation's
capital may be supplied by the Board, but final arrangements are still
being debated in Chicago by lawyers for the Farm Board, representatives
the co-operative marketing associations, and officers of the Farmers'
Plan for Reorganization of Bankers Joint Stock Land of
National Grain Corporation. •
Bank of Milwaukee Declared Operative—Holders
The Farm Board has made no definite proposals for selling cotton to
Offered 40 Cents on Dollar or Stock in Bankers France. If such sales should be made from the stocks held by the Stabilization Corporation, the Board would be obliged by its agreement with the
Farm Mortgage Co.
southern bankers to purchase futures in the .current market to replace
The following is from the Chicago "Journal of Commerce" the amounts sold.
The Grain Stabilization Corporation is selling wheat in the export market,
of Nov. 7:
•
but if its monthly sales exceed the 5,000.000 bushel maximum agreed upon,
The plan for disposition of bonds and reorganization of affairs of
the the Corporation repurchases in the domestic market sufficient wheat to
Bankers Joint Stock Land Bank of Milwaukee, Wis., has boon
declared make up the difference, thereby keeping its net sales within the limit to
operative.
which it agreed.
Under the plan, holders of bonds were given the option of
Because some estimates of the Stabilization Corporation's wheat holdings
accepting 40
cents on the dollar for the principal amount of their bonds, of which
one- are below the actual holdings and others are above, no definite announcefourth would be paid Dec. 5 1931, and the remaining 30 cents on or
ment
of the amount actually held will be made while the wheat market
before
March 5 1932 or of exchanging their bonds for stock in the Bankers
Farm continues to strengthen. Wheat prices are now 13 cents higher than their
Mortgage Co. In the ratio of one share of stock for each $100
principal lower point on Oct. 1. Livestock prices are steady, and dairy product*.
amount of bonds.
poultry and egg prices continue to advance.
The Bankers Farm Mortgage Co. was organized by a group of
bondholders, owning a substantial amount of these joint stock land bank
bonds,
for the purpose of acquiring and liquidating assets of the bank.
Credit Extension by Farm Loan Bank Increasing—
Approximately 95.7% of the bondholders have agreed to the plan,
of
Head of Federal Intermediate Credit Bank at Louiswhich between 65 and 80% elected to take cash. Inasmuch as the
mortgage
company has agreed to pay the expenses of the committee, those
ville Finds More Credit Groups Discounting Farm
electing
to take cash will receive 40 cents net and more than that gross.
Notes.
These holders heretofore have received a 15-cent liquidating
dividend.
which. in addition to the 40 cents presently available, makes a total
A.
G. Brown, President of the Federal Intermediate
return
to such holders of 55% of the original value of their bonds.
Credit Bank of this city, has reported to the Federal Farm
The offer was previously referred to in our issue of May 16, Loan Board at Washington that the number of agricultural
page 3640.
credit corporations using the facilities of the Bank to discount farmers' notes has increased from 7 to 47 during the
Everett Sanders, Former Secretary to President Cool- last year. Louisville advices Nov. 6 to the
"United States
idge, Proposes Joint Stock Land Banks Be Given Daily" from which we quote, continued:
Ranking and Aid Equal to That Accorded Federal
The discounts of farmer paper in the Fourth Intermediate Credit Bank
District—covering Ohio, Indiana, Kentucky and Tennessee—a year ago
Land Banks.
wen,3464.205 and they have since increased until there is now outstanding
The Federal Government should come to the aid of the $1,937,032.
Mr. Brown stressed to the Board the need for more farmer credit
Joint Stock Land banks as well as of the Federal Land
because
of the low prices received by farmers for commodities this year
banks, it is contended in a brief for the Joint Stock Land indicated
and he
that the credit corporations and banks discounting or
selling
Bankers' Association, according to Washington advices to farmers' notes to the Intermediate Credit Bank are aiding
their communities
by so doing, bringing in so-called "new" money into the areas they
the "Wall Street Journal" of Nov.6, which continued:
serve.
Everett Sanders, former Secretary to ex-President Coolidge, is the author
of the brief, which contends that any remedial Legislation should apply
equally to both Joint Stock and Federal Land Banks and their borrowers.
Statements From Manager.
Mr. Brown recently gave to the Board statements from a
number of
managers of credit corporations, giving their interpretation
of the value of
3186
FINANCIAL CHRONICLE
discounting farmer paper with the Intermediate Credit Bank of Louisville.
Some of the statements were as follows:
George G. Richman, Vice-President and Treasurer of the Tipton County
Agricultural Credit Corporation of Kempton (Ind.) says: "Our board is
'sold' on the Federal Intermediate Credit Bank and it has faith in the
possibilities of the institution. We have advanced $97,000 to the farmers
in this community and in very many instances it represents new and additional loans to the borrowers, but in some instances borrowers took up
their existing agricultural loans at the banks and secured longer advances
through the agricultural credit corporation and at lower rates of interest
We have been malring a uniform interest rate of 6% on all loans. It has
been a great help to the farmers and the community in general."
*
*
*
Benefits Stressed.
Paul H. Graham, Secretary of the Farmers Credit Corp. at Decatur.
Ind., says: "The establishment of an agricultural credit corporation in any
rural community is, in my opinion, just as important as a bank and in no
way is it a competitor of a bank since, as a great many bankers believe,
it is rather an aid as it extends to the farmer a long-time credit that is
necessary in the operation of his business.
"We have had applications for loans from farmers living 80 miles from our
town but this is too great a distance for us to cover. The benefits by farmers
from such loans as can be safely made by agricultural credit corporations are
such that farmers readily take to this loan when it is explained to them and
it is a benefit that can not be realized by them through local banks."
The Federal Intermediate Credit Bank of Louisville makes no loans
directly to the farmers but it does discount or loan upon notes which the
farmers give to local institutions such as agricultural credit corporations,
livestock loan companies or banks. These notes must be given for agricultural purposes, including the feeding or breeding of livestock or the
production or marketing of crops. During the eight years in which the 12
banks operated, they have discounted such notes for more than 790 financing institutions and had outstanding discounts, on Sept. 1 1931,
amounting to $81,000.000, compared to $67,000,000 a year earlier.
They secure their funds to loan, aside from their capital, which was
supplied by the Federal Government,by the sale of debentures. Theinterest
paid on these debentures governs the rate of interest charges by the banks
to the local institutions. At present, the interest charged on paper discounted is 41.1,% per annum. The local institutions, in turn can charge
the farmer not more than 3% above the rate charged by the Intermediate
Credit Bank, if this does not exceed the legal limit for the State.
Grain Futures Trading Volume Dropped 32% Last Year.
—Annual Report of Grain Futures Administration Shows Sharp Cut in Wheat Trading—Increase
in Corn.
Trading in grain futures in the United States, although
it reached a total volume of 17,034,201,000 bushels in the
fiscal year ended June 30 1931, and exceeded the low record
of 1923-24 by about 38%, was 32% less than the previous
year and the smallest since 1924, says the annual report to
Secretary Hyde of J. W.T.Duvel,Chief of the Grain Futures
Administration of the U.S. Department of Agriculture. The
Department on Nov.6 also had the following to say regarding the report:
[voii. 133.
importance than these gains. An authorized summary of his address
follows in full text:
In attaining the objectives of the Agricultural Marketing Act, the Farm
Board must work with and through co-operatives, according to Charles S.
Wilson, member of the Board.
Production Programs Urged.
"In the final analysis agriculture must adjust its production to demand,"
declared Mr. Wilson. "When the producers are well organized into
co-operative associations—locals,regionals and Nationals—by commodities.
they will be in a position to work out sound production programs and to
carry these programs into effect.
"Co-operative marketing has made substantial progress in the past two
years. Of the 1930 cotton crop the American Cotton Co-operative Association with 156,000 members handled 2,000,000 bales, while other cooperative organizations in that year handled 196,000,000 bushels of grain,
130,000,000 pounds of wool and mohair and over 8,000,000 head of livestock.
"A survey of 192 large-scale associations shows that since the creation of
the Farm Board there has been an increase in membership of 33.4% and
in volume of productions handled of 28.8%. There has been an increase
of nearly 70% in the membership of some of the cotton co-operatives.
"Of greater importance," in Mr. Wilson's opinion, "than the increases in
membership and volume of products handled is the fact that through the
Agricultural Marketing Act the Federal Government has committed itself
to the marketing of farm products co-operatively.
And in addition to these gains Mr. Wilson pointed out "the great advance
that has been made in the support of educational institutions, National
farm membership organizations and by broad-gauge business men and by
the public generally.
"Bankers and business men who never before appreciated the importance
of fair returns to farmers now realize that unless the farmer makes a profit
on the operation of his farm he cannot pay his loans at the bank or his
taxes for the support of schools and highways so essential to our modern
life."
Loans to Co-operatives.
An important feature of the Agricultural Marketing Act is the revolving
fund out of which loans are made to co-operatives for expenses of marketing
operations, for the construction, purchase or lease of facilities, and for
advances to members when their products are delivered at market. Already
a total of $300,000,000 has been loaned for these purposes to a total of 106
associations and $170,000,000 has been repaid.
"The farmers' unimpaired buying power is of great concern to the members of the fertilizer industry," said Mr. Wilson. "It is vital to your welfare that you become interested in the Nationa' program for farm betterments.
"Your co-operation, intelligent leadership. synriathetic attitude and
aggressive stand on these questions will be of tremendous importance to
the ultimate success of the long-time program of farm improvement."
Payments Increase on Drouth Seed Loans.
Repaying in one week more than $1,100,000, or almost
half as much as they had paid in the whole year up to
Oct. 16, farmers who received drouth loans from the Farm
Seed Loan Office increased their total payments to $3,897,858
on Oct. 23, according to information made available Oct.
29 at the Seed Loan Office. The "United States Daily"
of Oct. 30 further reports:
Although grain futures trading as a whole showed a decrease, the trading
Loans aggregating $17,879,663 fall due on Oct. 30. These loans were
in corn was about 50% greater than in the previous year. Trading in wheat
was about 50% less. A short corn crop and a close adjustment between made in Alabama, Arkansas, Louisiana, Mississippi and Tennessee, and
supply and demand account for the increase in the futures trading in corn. part of the exceptionally heavy payments during the week between Oct.
The drop in wheat futures trading is attributed to the largo supply of wheat, 16 and Oct. 23 may be advance payments on these maturing loans, it was
the operations of the Grain Stabilization Corp.,the limited foreign demand, explained orally at the Seed Loan Office. Additional oral information
made available at the office follows:
the unsettled stock market and the world-wide business uncertainty.
Because crops are now being liquidated in large volume and because the
Despite the large drop in futures trading, the report says it was less than
200
field agents of the Seed Loan Office are now active, the office expects
the decline of trading on the New York Stock Exchange. Grain futures
that
payments will increase again during the week ending Oct. 30. Pretrading dropped 32%, while stock exchange trading dropped 38%•
Most of the futures trading was on the Chicago Board of Trade. The dictions are that the payments may go as high as $1,750,000 during those
total volume there was 14,504,286,000 bushels. The largest volume of seven days.
The loans which come due at the end of this month are the second series
trading for any one day was Aug. 6 1930, when it reached 180.127,000
to mature; $4,500,000 loaned in the Northwestern States came due at the
bushels.
In the course of the year the administration established field offices at end of September. All these loans are from the $45,000,000 voted by
New York City and at Omaha. It also continued daily announcements of Congress last spring for drouth relief.
the volume of trading and the amount of contracis open in each grain future
on the books of all clearing members of the principal contract markets.
The repart summarizes results of several investigations by the adminis- President Hoover's Plan to Stagger Jobs Is Barred
tration. In one of these the majority of futures operators were found to
by McCarl Ruling.
be on the "long" side of the market and to he small operators while the
organization on unemployment relief
President
Hoover's
relatively few professional speculators were chiefly on the "short" side.
Another investigation was that of the Russian short selling of 7,765,000 will have to abandon its plan to use the rotary or staggered
bushels of wheat in Chicago in September 1930. Another was into the system of employment in the Federal building program
sending of a spurious telegram about the Canadian wheat pool from
Winnipeg to Chicago and Liverpool. Mixing of grain in Chicago public under a ruling handed down by Comptroller-General J. C.
warehouses was investigated and action taken. Falsifying of records by McCarl, on Nov. 5, according to a dispatch on that date
an employee of a commission house was discovered when there was a
to the New York "Journal of Commerce," which continued:
discrepancy in the reports to the administration.
The plan designed to provide more employment during the winter
Litigation and legislation regarding the work of- the administration is
reported. The report includes a list of publications by the administration months was Introduced yesterday to contractors of Washington, which
Issued in the course of the year. Several tables give detailed information was to have been the starting point of a nationwide campaign. Under
the plan proposed by William A. Starrett, Chairman of the construction
relative to wheat and corn futures trading in the principal markets.
section of the President's organization, a worker employed six days a
week would be reduced to four, providing two days a week for a man
proposal amounts in effect to a wage cut.
Marketing Loans to Co-operative Farm Groups Total out of a Job. Although the
Starrett said the question of actual wage reductions was not and should
300 Million—More Than Half of Federal Advances not be involved.
In a decision to Secretary of the Treasury Mellon, McCarl held that
Have Been Repaid, According to C. S. Wilson of
however worthy such a proposal might be it could not be adopted under
Federal Farm Board.
the present acts of Congress. The Comptroller cited the law forbidding
Farmers' co-operative associations have been loaned the Government to use the rotary or staggered system.
Secretary Mellon, in asking a decision, said it had been suggested that
$300,000,000 so far from the revolving fund provided by the
specifications include the requirement that contractors must employ the
member
Wilson,
a
S.
Charles
Agricultural Marketing Act,
rotary or staggered system of labor. This would provide for the use of
of the Federal Farm Board, told the National Fertilizer two different groups of men, mechanics and laborers, instead of only one,
thus increase employment. These two groups would be emAssociation in an address at Atlanta on Nov. 9, according and would
ployed in such fashion that one would be engaged for the first three days
to the "United States Daily," from which we also quote the of the week and the other the last three, or they could be alternated an
entire week at a time.
following:
As the McCarl ruling was being transmitted to the Treasury Secretary.
Of this amount, which was loaned to 106 associations, $170,000,000 has
been repaid, he said. Mr. Wilson pointed to recent organizational gains building contractors here were considering the proposal made to them by
made by farmers and asserted that the committance of the Federal Gov- the President's organizations to rotate their working hours so that ememinent to the co-operative marketing of farm products is of even greater ployment could be obtained by the skilled and unskilled members of the
Nov. 14 1931.]
FINANCIAL CHRONICLE
jobless force in the national capital. At yesterday's meeting
with the
contractors Chairman Starrett disclosed his plans to tour
the country
preaching employment rotation to the building trades.
Federal Buildings to Employ 100,000, According to
President Hoover-Progress of Public Construction Program in Last Two Months Reviewed.
President Hoover made public on Nov. 4 an estimate of
the Department of the Treasury predicting that 100,000
men will be directly and indirectly employed on Jan. 1 next
in that portion of the Federal building program specifically
expedited as an aid to employment. The number of men
now employed was estimated at 50,000. The "United States
Daily" of Nov. 5, from which we quote, further reported:
Two hundred and seven buildings, with an aggregate cost
of $229,772,700, are now under construction and 131 buildings at a
cost of more than
$41,000,000 have already been completed. Total authorization
s amounted
to $496,584,192.
The President's statement was designed to bring the
public up to date
on the building program since his last report on Sept.
1.
The statement showing the status of the Federal
Government's $700,000.000 public building program follows in full text:
That portion of the Federal program of aid to unemploymen
t comprised
in the great expansion of public buildings under the Treasury
Department
shows the following progress since the report of Sept. 1. There
are a total
of 817 projects which have so far been specifically authorized
and 222 firms
of architects are engaged in plans and supervision. The
attached tables
show the progress of individual projects which may be summarized:
1.-A total of 131 buildings have been completed at a
total cost of
$41.934,569. Sixteen buildings have been completed
during the months
of September and October.
2.-There are 270 buildings in construction at the first of
November
by contract, at an estimated cost of $229,772,700. There
have been 41
contracts let during the months of September and
October with a total
value in excess of $48,000,000.
3.-There are 64 projects in which sites have been arranged,
drawings
are completed, for which construction contracts have
been invited, of a
total cost of $19,970,500.
4.-There are 240 projects in which sites have been
selected and on
which plans are now under way of a total estimated cost of
$141,947,923.
5.-At the first of this month there were 100 projects in which
the sites
have been determined and are in process of being acquired.
The estimated cost of buildings thereon is $31,133,500.
6.-There are 12 projects held for amended legislation
or for other
reasons with a total estimated cost of $3,145,000.
It is estimated that the number of men now directly
and indirectly
employed on this program is 50,000. It is estimated by
the Treasury
Department that the number that will be directly and
indirectly employed on Jan. 1 is 100,000.
Governing Committee of New York Stock Exchange
Votes to Extend Time for Disposal of Rights to
Additional Memberships.
On Nov. 4 the Governing Committee of the NOW York
Stock Exchange adopted resolutions, which are to be passed
upon by members, under which the time for the exercise
of rights to additional members is extended from Feb. 7
1932 to Dec. 311932. The Governing Committee's action
postpones the date of expiration in order to give members
a further period of time in which to dispose of their rights.
From the New York "Journal of Commerce" of Nov. 6 we
take the following:
Under the original plan of increasing the number of seats on the Exchange
by giving all members a proportionate right or interest in the 275 new
seats
created the rights would have become void after Feb. 7 1932.
Up to the present there have been sold 1,020 rights of the original
1,100.
leaving 80 rights for 20 memberships.
Minimum Price Set.
The Government Committee's plan for the sale of the remaining
rights
creates a special committee to have the power until Dec. 31
1932,
any or all of the seats still untransferred on Feb.7 at a price not less to sell
than the
last contract for the sale of a membership prior to that date. This
effectively pegs the price of memberships made up from the assembly of
rights and
prevents further losses to holders of rights than may have
occurred by that
time. Rights have sold from $125,000 down to $40,000.
After Feb. 7 owners of unsold rights are to become known
as "former
right holders." Any four ofsuch persons may request the
special
to sell their rights to any applicant for membership approved. committee
The committee may draw lots to decide which four right holders are to
dispose of their
rights and may divide the proceeds of the sale among the
four persons.
Other Provisions.
The resolution approved yesterday requires the
minimum price established
last
for the
sale prior to Feb. 7 to be by bona fide sale and
not a nominal
consideration. It also provides that holders of rights
unsold by Feb. 7 shall
pay to the Stock Exchange Treasurer $250.
Persons classified as former right holders after
Feb. 7 may sell their
own memberships without transferring any right or
privilege which they may
have had before the approval of the resolution.
According to the exchange's figures, there are at
present 1,355 members of
the 1,375 planned when the original
plan of right sales was announced.
Only six memberships have been created this
year to date by the assembly
of rights.
Market Value of Bond Issues Listed on New
York
Stock Exchange.
On Nov. 1 the following announcement was issued by
the Committee on Publicity of the. New York Stock Exchange:
Because of the great number of requests which the
Stock Exchange has
received, it has decided to make a pre-release each month
of the total
market value and the average market price of all listed bonds,
together
3187
with various sub-divisions. This information has heretofore
been first
available in the monthly statistical bulletin. Hereafter this information
will be released each month in the following form for your prior information.
Detailed tabulations will be continued in the "Bulletin."
The Nov. 1 figures follow:
As of Nov. 1 1931, there were 1,603 bond issues aggregating $52,599,179,992 par value listed on the New York Stock Exchange. with a total
market value of $41,702,539,146.
In the following tables listed bonds are classified by Governmental and
Industrial groups, with the aggregate market value and average price
for
each.
Average
Market Value.
Price.
United States Government
$18,105,401,165
599.40
Foreign Government
11.382,168,707
69.11
Railroad industry (United States)
7,877,817,868
72.75
Utilities (United States)
3,303,683.983
87.77
Industrial (United States)
2,565,574,469
69.14
Foreign companies
1.467.892,954
55.83
All bonds
$41,702,539,148
$79.28
From the October "Bulletin" of the Exchange we take
the following:
DATA ON LISTED BONDS-ALL LISTED BONDS.
Data.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
No. of No. of Average
Issuers. Issues. Price.
Par Value of
Listed Bonds.
Total Market
Value.
$94.79
95.98
98.06
99.98
97.51
95.59
535,457,811,674
36.995,089,533
37,900,053,650
36,881,320,122
48,588,549,854
49,058,099.434
333,611,817.346
35,509,211,458
37,167,607,468
36,874,717,458
47,379,028,502
46,392,458,780
1 1925
1 1926
1 1927
1 1928
1 1929
1 1930
824
824
1,332
1,367
1,420
1,491
1,534
1,543
Oct. 1 1930
Nov. 1 1930
Dec. 1 1930
840
840
837
1,607
1,615
1,609
97.38
96.47
95.74
50,027,129,653
50,191,572.803
56,094.547.694
48,715.222,900
48,417.892,161
47.959,730,628
Jana 1 1931
Feb. 1 1931
Mar 1 1931
Apr. 1 1931
May 1 1931
June 1 1931
July 1 1931
Aug. 1 1931
Scot. 1 1931
838
936
837
835
835
836
839
8421r
842ff
1.607
1,602
1,605
1.610
1,605
1,608
1,608
1,608
1,607
I Am
94.63
95 32
95.53
95.42
94.34
93.67
94.77
93.14
91.09
50,072,879,897
49,881,922,059
56,108,876,488
50,788,506,210
50,911,768,944
50,848,575,244
51,846,247,978
51,938,698.878
51,949.752,078
RI 70
57 571 RRCI A7r.
47,384,805,889
47,546.190,092
47,869,817,155
48,463,021,490
48,282,336,086
47,629,698,234
49.132,895.753
48,375,745,828
47,318,973,356
ZIA
52 All AA, ol,,
Banks Notify Corporations and Others to Arrange for
Distribution of Funds, Following New York Clearing House Restrictions Against Placing of Brokers'
Loans-"Others" Reported Transferring Funds to
Jersey.
Corporations and individuals for whose account Clearing
House banks are at present making loans to brokers have
been notified that under the action recently taken by the
New York Clearing House Association to ban loans for the
account of "others," they must decide by next Monday
what disposition they intend to make of the funds that they
now are employing in the call market. The New York
"Times" of Nov. 19, noting this, added:
Loans for the account of "others" now amount to $169,000,000, against
a total of nearly $4,000,000,000 in September 1929. Bankers expect no
disturbance of any kind incident to the calling of these loans next Monday,
since the amount involved is so small that it can easily be taken over by
the banks themselves.
Some of the money, it is expected, will be placed with non-clearing bank
and private banking institutions for employment in the call market, but
it is the general opinion that in the future these so-called "bootleg" brokers
loans will be of much smaller volume than formerly.
According to the New York "World-Telegram" of Nov. 10
the ban of the New York Clearing House Association
against making loans for "others" is rapidly coming to a
head, with the result that a number of independent figures
in the call loan market are advising their banks to transfer
the proceeds of loans to banking institutions in New Jersey.
The action of the Clearing House was referred to in our
issue of Nov. 7, page 3028.
Trusts May Evade Ban on Call Loans-Investment
Concerns Expect to Place Funds Without Clearing
House Aid-To Use Lure of Deposits.
The decision of the New York Clearing House Association
late last week to prohibit member banks from continuing
the practice of placing brokers' loans for the account of
non-banking interests was of vital interest to the general
management of investment trusts, said the New York
"Times" of Nov. 8, which went on to say:
Almost since the beginning of the investment trust movement in this
country, trusts have placed substantial amounts, if not all of their free cash
in the call-loan market for the obvious reason that at almost all times a
greater return has been possible on loans than on interest on deposits.
The Clearing House action may cut materially into the income that
trusts have received from call loans, but the general feeling among trust
executives Is to the contrary.
One executive said quite definitely that he knew many small banks, not
members of the Clearing House Association, would be glad to place call
loans for his trust in return for getting his deposits.
Talk of Forming Loan Groups.
Another executive predicted that if the business of placing such loans
became too overwhelming for the small banks,loan groups for money would
actually be formed when the next prolonged rally in security prices
came.
This man said no such measure as that just adopted by the Clearing House
could ever restrain people and Institutions from placing their free
cash
in
the call market.
[VoL. 133.
FINANCIAL CHRONICLE
3188
Such a money-lending market, he said, would not only be able to fill the
need of those desiring to enter the call-money market, but should prove
to be very lucrative if placed on a commercial basis. It would be expected,
he said, that such an agent would demand a small fee for placing money,
but even that would provide a handome return in a loan market such as
existed in 1928 and 1929.
The advantages of the call-money market to investment trusts are evident
when it is noted that in 1929 call-money rates were as high as 20% for a
while, and that they remained around 15% for many months. Some trust
leaders admit that such great yield was in some cases a temptation for trust
executives not to put their money into securities, where, under the generally
accepted meaning of the term investment trust, they really belong.
At times in 1929 the percentage of investment trust assets in the callmoney market ran as high as 10% and at most times it exceeded 5%•
Even during the depression, when money rates have gone away down
those trusts that have any cash, keep at least part of it in call loans-as
much as can be placed.
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored In or shipped
betwcen tam., eroIntrlea
Oct. 31 1930.
Oct. 31 1931.
Sept. 30 1931.
3172,954,392
260,911,065
23,675,207
213,869,725
37.891,319
$173,681,770
257,395,744
27,689.635
162,478.377
36,714,277
8244.106,885
407.090,647
31,340,578
234,989,437
57,812,207
330.483.271
338.405.275
532_903.972
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
OCTOBER 13 TO NOVEMBER 12.
Days-30
60
90
Dealers'
Dealers'
Buying Rate Selling Rule.
3.3125
3.3125
3.3173
3.1009
3.1009
3.1057
Days120
150
180
Dealers'
Dealers'
Buying Rase. Selling Rate.
3.6057
4.2596
4.2596
3.3557
4.0192
4.0192
Trusts Expected More Call Loans.
of in- Montreal Stock Exchange Removes Minimum Bond
These trusts have looked forward to being able to use this source
in the new
come, at least when waiting to make security commitments
Prices.
of the
prosperity they are anticipating, as indicated in their disapproval
The Montreal Stock Exchange has removed price miniClearing House action.
many
There have been some signs of bitterness toward this action, which
Montreal advices to the
that the mums on all bonds, according to
never had expected until two weeks ago, when it was announced
the paper from which
12;
accused
Nov.
of
"Wall
Journal"
Street
secretly
have
measure was under consideration. Some executives
their own we quote added:
the large banks of manipulating the whole call-loan market into
Investmentcontrol-of shutting outsiders off from this lucrative form of
This action follows removal of price restrictions on stocks by both the
further their
not for the purpose of protecting the public, but merely to
Montreal and Toronto Exchanges which had put restriction measures
own interests.
Into effect when England suspended the gold standard.
Increase in Outstanding Bankers' Acceptances-Gain
of $43,419,901 During October-Total Now $1,039,784,979.
After a steady decline in volume each month since Nov.
1930, the bankers'acceptance total as of Oct.31 was reported
on Nov. 12 by the American Acceptance Council to be $43,419,901 greater than at the end of the preceding month.
This increase places the total at $1,039,784,979 compared
with $1,508,243,726 on October 311930,a decrease of $468,458,747. In making known these figures Robert H. Bean
Executive Secretary of the American Acceptance Council,
said:
The removal of these restrictions affecting stocks was
noted in our issue of Nov. 7, page 3007.
Reorganization Plan for Montreal Brokerage Firm of
McDougall & Cowans Approved by Creditors.
Further referring to the affairs of the Montreal brokerage
house of McDougall & Cowans, which failed Oct. 5 last, it
is learned from the Montreal "Gazette" of Nov. 11 that the
company's creditors at a meeting the previous day ratified
"by an overwhelming majority, both as to value of claim
and number," the reorganization plan proposed by the
partners and approved by the trustee, Hon. Gordon Scott,
and by the inspectors appointed as creditors' representatives.
The Montreal paper continuing said in part:
total
The feature of the current report is the unusually hoary gain In the
bills
of acceptances based on goods in Domestic Warehouses. This class of
Very pertinent to the same end was the announcement by Hon. Gordon
the
for
increased $51,391,348 during the month, thus wholly accounting
Scott, that J. W. McConnell had assumed the responsibility of arranging
the
of
beginning
the
better showing in the total volume. It clearly marks
grain, for the necessary capital for the partners of the firm to recommence operaseasonal movement of agricultural commodities such as cotton,
friends of
ware- tions, which capital, in fact, has been provided by a few good
tobacco, beet sugar and canned goods, from the production point to
the old firm. Much applause greeted this statement. It now remains
house distributing locations. The next evidence of this movement should solely for the Court to approve this scheme of arrangement. Involving the
be seen in an Increase in exports.
formation of a realization company, to make the composition complete,
The gain in warehouse credits in the current report is almost exactly and enable the partners to recommence business.
the gain reported for this type of bills on the corresponding months in 1930
At the outset of the meeting, Bon. Mr. Scott announced that he had
in
when they increased from $174,000,000 in September to $234,000,000
received voting letters from creditors of whom, in point of value. 91.4%
October.
the proposed plan; one-fifth of one per cent opposed it, while the
favored
varied
Aside from the warehouse credit acceptances, other types of bills
balance of 8.4%. not having voted. were assumed to oppose It. Numerionly moderately in volume. Export bills increased $3.515.000 and Dollar cally. 76.8% were In favor 1-3 of 1% in opposition, and 22.9%. not having
Exchange bills increased $1.177,000.
then raised
countries voted, were assumed to oppose. • * * Objections were
Acceptances based on goods shipped between or stored in foreign
by Messrs. Ralston. O'Donnell and Cotter. representing !dents in Ottawa.
1929.
August
since
figure
declined $7,922.000 to 2330.483,271 the lowest
took the
acceptances Montreal, Plattsburg and Ausahle Chasm. Their oblation
Domestic shipment credits went off $4,014,000 and Import
form of a resolution providing that the 60% of the net profits of the reof
dropped $727,000.
for
payment
the
company
the
to
realization
credits, organized firm, accruing
Just as the increase in volume was found in one type of acceptance
creditors, should be first applied to the settlement, pro rata, of such claims
Increased
banks
York
New
the gain is also reported in one banking center.
in bankruptcy. This led to cona
Fed- as are not dischargeable by discharge
their acceptance liability during October by $47,000.000 while other
being taken, the amendment was supnearly siderable discussion, but on a vote
eral Reserve districts showed only moderate gains or losses which
while Hon. Gordon Scott
326,371,
only
ported by claims representing
offset each other and were without particular significance.
voted proxies representing an amount in excess of $4.355,400 against the
best
the
had
District
Outside of New York the Dallas Federal Reserve
defeating it.
crop accept- amendment,
increase as the banks are now reporting their seasonal cotton
At the conclusion of the meeting. Purvis McDougall. senior partner of
ances. While the present total of Texas Acceptances amounting to $4.- the firm, addressed the gathering briefly. He thanked the creditors for
due allowance
confidence in him and his partners, and added
100,000 is considerably under the 1930 total of $6.300.000,
reduction their having placed their
must be made for the lower 1931 cotton prices, as well as for the
that every effort would be made to the full discharge of their obligations,
foreign.
In cotton shipments both domestic and
exporters with the utmost expedition.
Through the agency of the Farm Board and the large cotton
The next step in the situation will be circularizing creditors to the effect
large quantities of the current cotton crop will be financed this year by that since they have approved the plan of re-organization. t now remains
domestic
of
acceptance credits giving the bill market an excellent volume
for the court's approval to permit the firm re-entering business.
acceptances, either of the warehouse or shipment type.
In reply to a questioner, Hon. Gordon Scott stated that no announceRecent changes have brought bill market rates to a level that is considered ment could be made at this early date as to whether the firm would re-open
more nearly in keeping with money market conditions. On November Its branch offices in Toronto. Ottawa and other cities. That would depend
9 the 26th change in rates since Jan. 1 was made effective. The immediate solely on business exigencies.
effect of this lower rate has been to bring out a fair volume of the new bills
The failure of McDougall & Cowans, was noted in our
from the accepting banks, thus giving the dealers a slightly better assortOct. 10 number, page 2358.
ment and volume with which to fill their increasing demand.
as
The prevailing rates and those for the end of the previous month are
follows:
Noe. 11.
354-3
3%-3
33i-3
30
60
90
Oct. 30.
3%-33(z 1120
334-334 1150
3H-3Ws 1180
Nov.11.
3li-31/.
4 -33
4 -3'A
Oct. 30.
3
45,5-451
434-4
Details, as supplied by Mr. Bean, follow:
OUTSTANDING FOR
TOTAL OF BANKERS' DOLLAR ACCEPTANCES
DISTRICTS.
ENTIRE COUNTRY BY FEDERAL RESERVE
Federal Reserve Dittrid.
1
23
4_
5
6
7
89
10
U
12
Grand total
Inereive
Uecrease
Failed Brokerage House of Greenshields & Co., Montreal, Submits Offer to Creditors.
The Montreal brokerage firm of Greenshields & Co., the
failure of which on Oct. 5 last was noted in the "Chronicle"
of Oct. 10, page 2358, has presented a plan to its creditors
for a realization company along the lines of that offered
by McDougall & Cowans of Montreal. The plan is presented by the partners of the concern and endorsed by the
trustee. Montreal advices to the Toronto "Financial Post"
of Nov. 7, from which the above information is obtained,
continuing said:
Oa. 31 1931.
Sept. 30 1931.
Oct. 311930.
371.185,960
827,541,914
17,201,582
17.760,507
3,360,039
9.507,975
51,827.390
1,935,727
3,116,137
399.970
4,115,621
31.812,157
381,273.197
780,785.075
17.667,152
19.262.532
3,655,470
7,110,001
50,708,274
1,831,182
2.678,216
600,000
1,555.594
29.238,385
3137.395,045
1,108,445,904
25,836.334
24.098.970
8,302.026
21.661,842
100,167.902
4,324,452
6,691,896
500.000
6,361,609
64,457.746
The new realization company, if the plan is approved, will receive 60%
of the net profits of the reorganized brokerage firm and will be controlled
by the creditors. Directors will number nine, being made up of the
trustee, five inspectors and three members of the firm of Greenshields dc
Co., namely, R. 0. Johnson, R. D. Bell and Joseph Copeman.
$996,365,078 31,508,243,726
43,419,901
468.458.747
Will Receive Debentures.
Unsecured creditors are to receive debentures up to the amount of
their proven claim in the realization company which will bear interest
$1.039,784,979
Nov. 141931.]
FINANCIAL CHRONICLE
at the rate of 3% per annum, with this rate to be cumulative from the
date on which the assignment was made, namely. Oct. 5.
When the realization company has discharged all of the obligations
of Greenshields and Co. control will then be handed over to the partners
of the firm. The plan calls for complete payment of' all debts by Jan.
311939, with interest at 3%.
Under the proposed plan, the firm would be released from bankruptcy
as soon as the creditors approved the proposal. The plan also gives consideration to a passible merger of the firm with other houses,stipulating that
the realization company shall still receive the same percentage of profits
accruing to the partners.
The formal proposal is signed by the partners of the firm as follows:
R. 0. Johnson, R. D. Bell, Raymond Allan, Joseph H. Copeman, H. L. P.
Stephenson, P. Barry German, and by C. G. Greenshields, as executor
of the estate of the late John Gordon Greenshields.
3189
Moderate Recovery in Insurance Stocks During
October.
Insurance stocks were inclined to share in the general
recovery during October, but several issues were sluggish
and a desultory rise resulted, Hoit, Rose & Troster report.
Opening Oct. 1 at 35, the firm's weighted averages touched
a new 1931 low of 32 on Oct. 5, but rose Oct. 24 to 39 and
closed Oct. 31 at 38 for a net gain for the month of 3 points
It is further stated:
The stocks that featured were Globe & Rutgers, Westchester Fire.
Providence Washington, Hartford Fire and Home Insurance.
Calculated on closing bid prices, the range for the month was as follows:
Pay at Any Time.
Payments by the realization company to creilitors will be made at any
time, as funds become available for the purpose.
A meeting of creditors has been called for Nov. 26, at which gathering
the plan will be considered and passed on.
Aetna Casualty
Aetna Fire
Aetna Life
American (Newark)
Continental Casualty
Globe de Rutgers
Great American
Halifax
Hanover
Harmonia
Hartford Fire
Home insurance
National Casualty
National Liberty
Providence Washington
Phoenix
Travelers
United States Casualty
UnitedStates Fire
Westchester
Opening
Oct. 1,
1931 bow
Oct. 5.
High
Oct. 24,
Clime,
Oct. 31.
Net
Change
48
30
30
12
16
270
1634
10
1634
1434
40
1734
11
434
29
44
550
30
28
20
45
29
27
1134
14
250
1554
914
16
1434
36
1654
1034
434
26
39
480
25
27
20
50
35
30
1331
17
300
20
1331
20
17
45
2334
1134
634
37
46
550
20
30
27
45
33
28
1334
18
300
1931
1231
2034
17
45
22
12
534
3534
44
550
18
3
3
2
134
2
30
234
234
334
234
5
434
1
134
614
---
322,286 Individuals Own Shares of 16 Leading New
York City Banks—Numbe • Compares With 21,869
Stockholders in 1920—Public Utilities Only Other
Group Showing Similar Gain.
The stockholders of 16 leading New York City banks
and trust companies now number 322,286, against 21,869
in 1920, an increase of 1,374%, according to a survey just
12
completed by bit, Rose & Troster, specialists in bank
so
2
and insurance company shares. No other group of stocks
27
7
in the United States, it is stated, with the exception of the Walerh tPrl average
32
39
35
38
a
public utility group has experienced such an increase in
stock ownership. It is further stated:
Senator Glass Calls Subcommittee Meeting for Nov. 25.
The market value of the outstanding shares of the 16 banks, the firm
Senator Glass (Dem., Va.) has called his subcommittee
points out, is at present approximately $2,114,720,000, which total compares with $638.978.500 in 1920, and with an average valuation of $9.063,- which is making a study of the National and Federal Reserve
045,000 in 1929.
banking systems for a meeting on Nov. 25, according to the
The yield of the 16 stocks on the average makes a very Interesting show
big. The present yield is approximately 6.25%, virtually the highest "Wall Street Journal" of Nov. 13, which stated that the
for any period in the past 11 years. In 1921 the yield was 6.10%, and Senator said he had a program to present to the Committee
In 1929 went as low as 2.11%. The present yield is considered more sigbut would not reveal its nature.
nificant because of the abnormally
low money rates prevailing during
1931, compared with the high rates of 1921.
Commenting upon the above figures the firm says:
One of the most significant developments of the past decade has been
the emergence of New York City bank stocks as popular investments.
Twelve years ago bank stocks were owned only by the wealthiest people,
but reduction in par values, creating moderate-priced issues accessible
to the general public has resulted in a wide distribution of stock ownership.
The result of this large public ownership has made bank stocks more
readily marketable. Twelve years ago bank stocks were quoted with
wide spreads between bid and asked prices and quotations on some leading
Issues were even nominal. To-day, they command a well-organized
and extremely active market, where thousands of shares are bought and
sold daily.
Rediscount Rate of Atlanta Federal Reserve Bank
Reduced from 3% to 33.%.
The Federal Reserve Bank of Atlanta yesterday (Nov. 13)
, %, effective
advanced its rediscount rate from 3% to 3 6
Nov. 14. This is the first change since Jan. 10 when the
rate was reduced from 3M %.
Reports to New York Federal Reserve Bank Regarding
Commercial Paper Outstanding.
On Nov. 13 the Federal Reserve Bank of New York issued
the following announcement:
Reports received by this Bank from commercial paper dealers show a
H. Hentz & Co. to Observe 75th Anniversary of Founding of Firm Next Week.
of $210,000.000 of open market commercial paper outstanding on
H. Rentz & Co., members of the New York Stock and total
Oct. 31 1931.
other leading exchanges, will observe the 75th anniversary of
the founding of the firm next week. In the three-quarters of a An Empty Bill'Market—Robert H. Bean of American
century of its existence, the firm, which was founded by the
Acceptance Council Says Nationally Developed
late Henry Hentz, has witnessed many notable changes in
Supply of Bills by Strong Key Banks Could Be
the financial and industrial life of the country. Incident to
Easily Handled in Times of Abnormal Volume.
the anniversary it is stated:
The standstill condition of the bill market is discussed
At the age of twenty-two, Henry Hentz came to New York from Phil- editorially by Robert H. Bean, Executive Secretary of the
adelphia to enter the cotton brokerage business. This was in 1856, and
on Nov. 15 of that year he rented a small office at 5 Hanover Street and American Acceptance Council, in the Council's Bulletin of
hung out a sign,"II. Hentz & Co." Ile had only $700 capital, but a wealth Oct. 31. We give herewith Mr. Bean's comments:
of ambition and energy. In a few years his firm became an outstanding
factor in the cotton business.
Mr. Hentz was one of the organizers, a charter member and later President of the New York Cotton Exchange. the first organized for trading
in cotton futures. He was also a founder of the New York Coffee Exchange
(now the New York Coffee & Sugar Exchange).
Originally specializing in cotton trading, II Hentz & Co. during the
present century has branched out extensively In the securities field,
and is
now one of the leading members of the New York Stock Exchange.
Besides membership in the New York Stock Exchange and
New York Curb Exchange, H. Hentz & Co. are members
of the New York Cotton Exchange Wool Associates of the
New York Cotton Exchange, New Orleans Cotton Exchange,
New York Coffee & Sugar Exchange, New York Produce
Exchange, Chicago Board of Trade, Winnipeg Grain Exchange, New York Hide Exchange, Rubber Exchange of
New York, New York Cocoa Exchange, National Raw Silk
Exchange, National Metal Exchange, Liverpool Cotton Association Chicago Curb Association, Detroit Stock Exchange,
Liverpool Sugar Exchange, Ltd., and United Terminld Sugar
Market Association. Branch offices are maintained in a
number of important cities in this country, as well as in
Berlin, Nice and Paris.
The partners of the firm are Dr. Herman B. Baruch,
Jerome Lewine, Hartwig N. Baruch, Edmund W. Fitzgerald, Rudolph Zenker, Sherman N. Bijur, Arthur J.
Neumark, Sylvan E. Weil and Lewis D. Rabin.
Very seldom does the bill market come to the standstill condition of the
past two weeks.
Since the middle of October the daily experience of the dealers has been
one of good buying orders with but very scant offerings by the accepting
banks.
The situation is not surprising in view of the virtual sell-out to the
Federal Reserve Banks of all available prime eligible bills.
How completely the market was cleared of bills can be appreciated when it
is shown that of an estimated total of bills of all classes and maturities on
Oct. 21 amounting to $960.000,000, the Federal Reserve Banks held
$837.000,000, of which $769,000,000 were for their own account and $68,000.000 were for the accoount of foreign correspondents.
Of the remaining $123,000.000 outside the System banks, the bill dealers
held about $35.000,000. about $20.000,000 were of bills of interior banks
not at present in demand and about $15.000,000 were of bills of an ineligible nature, for one reason or another.
This left approximately $53,000,000 as the sum total of all bills outstanding or in the bank's hands, an amount sufficient for about a half.
day business in a normal market.
Within a few days the dealers portfolios were down to a little over $15,000,000 in the aggregate, the banks had no bills to sell and the market
was able to start on the new rate basis with such a supply of new or green
bills as the banks created from day to day.
It is not unlikely that there will be an inadequate supply of bills for some
weeks to come even if the dealers are able to buy all bills from the
banks
Immediately upon acceptance.
Heretofore there has been an ebb and flow of bills that has kept
the
wheels moving but on this occasion nearly all the bills are in the
Federal
Banks and as the Federal buys from but never sells to the market
the total
bill volume is therefore locked up to be held until maturity.
With such large holdings, there will of course be a good
volume of acceptances running off each day but such bills as are
subject to renewal
will find their way into the open market rather than
directly back to the
Federal Reserve Bank.
FINANCIAL CHRONICLE
The local problem of supply and demand could more easily be solved if
the bills of all strong outstanding banks in the dozen or more centers
throughout the United States were given a rating in the New York market
that would insure their prompt sale at prime rates.
Interior banks are gradually and very steadily retiring from the acceptance business because of their inability to dispose of their bills even
at a penalty rate.
In 1930 banks outside the New York and Boston and Chicago Federal
Reserve Districts were creating 14% of the total volume while at present
they are doing only 8% and their activity is growing less each month.
This question of the concentration of business as it has developed in
past years, and which is now partly responsible for the present dried up
market supply Is worthy of consideration, as the acceptance business
enters that will probably be its greatest opportunity in world trade financing.
A nationally developed supply of bills made by 50 to 75 strong key
banks, at present almost entirely out of the acceptance business, could be
easily handled by the market in times of abnormal volume and be extremely
helpful in a situation such as we now have.
All these good banks need is the assurance of a market for the bills, which
would match, in the quallties of safety and liquidity, the best bills of the
present leading accepting centers.
[VoL. 133.
In comparison with a year ago the value of sales for
October, according to the preliminary figures, was 15%
smaller. The aggregate for the first 10 months of the year
was 10% smaller.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
'
October.*
Jan. 1
to
Oct. 31.°
—9
—10
—22
—20
—12
—21
—16
—15
—12
—20
—23
—13
—7
—8
—11
—12
—5
—11
—13
—13
—8
—11
—15
—10
Number of
Reporting
Stores.
.
M.WMb*MWO141X0
WV..10000..4WWOW
3190
Number
of
Cities.
31
29
18
18
24
19
31
10
11
14
7
29
Total
239
—10
565
—15
*October figures preliminary; In most districts the month had the same number
of business days this year and last year.
Short-Term Municipal Paper and Policy of Federal
Reserve Bank.
John T. Moore Elected Managing Director of Louisville
From the New York "Times" of Oct. 28 we take the
Branch of St. Louis Federal Reserve Bank.
following:
At a meeting of the board of directors of the Federal
Reports that the Federal Reserve Bank had inaugurated an aggressive
policy of purchasing municipal short-term paper are wide of the mark, as Reserve Bank of St. Louis on Nov. 4, John T. Moore was
any municipal dealers who took their holdings to the Federal Reserve elected Managing Director of the Louisville Branch for
Bank yesterday discovered. At the present time the Reserve Bank's
first obligation is to stay as liquid as possible while at the same time giving the unexpired term of W. P. Kincheloe, resigned, ending
free accommodation to the banks. However,gilt-edgeshort-term municipal Dec. 31 1931. Mr. Moore has been Cashier of the branch
obligations may be, the Federal Reserve is not likely to welcome a sub- since its opening in
1917.
stantial offering of such paper. In view of the large export movement
The directors also, at the same time, elected Chas. A.
of gold it is likely, naturally, to look with most favor upon that class of
paper which is eligible as collateral behind Federal Reserve note circulation, Schacht, one of the Controllers of the parent bank, as
in which category municipal paper does not fall.
Cashier of the Louisville Branch, to succeed Mr. Moore.
Mr. Schacht entered the employ of the Federal Reserve
Notice to New York State Bank Depositories Regarding Bank of St. Louis in 1917, and was elected a Controller
Use of Unmatured State Bonds as Security.
in 1927.
Supplementing the item in our issue of Nov. 7, page 3030,
we have received from the New York State Department of New Offering of 91-Day Treasury Bills to Amount of
$75,000,000 or Thereabouts.
Taxation and Finance, at Albany, the following information
under date of Nov. 7:
A further issue of 91-day Treasury bills was announced by
Our letter dated Oct. 15 addressed to the banks of this State which are
Secretary Mellon on Nov. 8, offered to the amount of $75,depositories for general fund money read as follows:
"It is thought advisable to bring to the attention of banks which are 000,000 or thereabouts. Tenders for the issue were received
depositories for General Fund money that under the State Finance Law it up to 2 p. m. Eastern Standard time yesterday (Nov. 13)
Is permissible for banks to deposit as security to guarantee such money,
at the Federal Reserve Banks and their branches. It is
unmatured bonds of the State of New York, any issue, and also Port of
stated that the purpose of this issue is to retire $60,280,000
New York Authority bonds series 0.
"Correspondence would indicate many banks are unaware of this pri- of maturity Treasury bills, and to provide for current opervilege, and hence this office beings it to your attention at what seems an
ating expenses of the Government. The new bills (sold on
opportune time."
a discount basis to the highest bidder) will be dated Nov.
E. A. Goldenweiser of Feder-al Reserve Board, Testifying 16 1931 and will mature on Feb. 15 1932. They will be
Before Senate Committee on Proposal to Establish issued in denominations of $1,000, $10,000, $100,000, $500,National Economic Council, Estimates Hoarding 000 and $1,000,000 (maturity value); the bills will be payable
without interest on the maturity date. A similar amount
of Public at $1,000,000,000.
of bills ($75,000,000 or thereabouts) was offered a week ago,
Pictures of the situation arising out of the present economic and
the results of that offering were indicated in these
depression were given in Washington on Oct.22 by Dr.E.A. columns
Nov. 7, page 3033. As stated therein the amount
Goldenweiser, Director of Research and Statistics of the
of bids accepted was $75,173,000, at an average price of
the
of
Reserve
Federal
Board, before the sub-committee
99.492, the average rate on a bank discount basis being
Senate Committee on Manufactures, which is considering about
2%. From its Washington bureau Nov. 8 the New
a program to establish a national economic council. As York "Journal of
Commerce" reported the following:
to his presentments to the sub-committee we quote the
The
average
cost
of
the
Government's 90-day paper, which jumped from
following from the Washington accounts to the New York less than a of1% three months
ago to a maximum high for bills of 2,69%.
3.
"Times":
has fallen off considerably in the last week. The bills to go on the market
Dr. Goldenweiser submitted many charts and figures to show the effect
of the stock market decline which began In October 1929. He said that
there had been a steady decrease in freight loadings and that the net operating income of railroads dropped from $1,250,000,000 in 1929 to $875,000,000 in 1930.
Employment on the railroads decreased from 1,760,000 workers in July
1929. to 1,300,000 to-day, he said. Bank failures numbered 491 in 1928.
he stated; in 1929 they increased to 642 and in 1930 to 1,345. The deposits
in the suspended banks reached $138,000,000 In 1928,$234,000,000 in 1929
and $865.000,000 in 1930.
Dr. Goldenweiser expressed a view that the principal factor in bank
suspensions was a decline in real estate values and the value of securities.
He estimated the total amount of hoarded money in the United States at
about $1,000,000,000.
Dr. Goldenweiser said that there are now only a few industries showing
any substantial amount of production, the most prominent being the glass
industry, principally because of an increased demand for household preserving jars and other containers.
The witness said that department store sales had declined about 20%
from June 1929 to August 1930.
Dr. Goldenweiser blamed the continued depression in part on a state of
fear which is causing the public to keep down buying.
to-morrow (Nov. 9) were sold at an average cost of about 2%.
This encouraged Treasury officials who had been considerably worried
at the prospects of meeting the retirements of nearly 31.000,000.000 in
certificates and notes Dec. 15. With 90-day paper at over 23 %,it would
have been necessary to pay substantially higher rates for the refunding
Issues than the 3A % on the maturing notes and the 1%% on certificates.
Doubts on Bond Issue.
It is now believed that unless there is another tightening of the market,
the new issues in December can be floated at fairly reasonable rates, although probably not as low as the rate on the maturing certificates. Originally, before money hoarding and gold exports had tightened the money
market, it had been planned to float a bond issue of probably $500,000,000
in December. Whether this will be possible now, with rates higher, is a
question.
Within the next two or three weeks the Treasury will conduct a careful
study of the market in order to reach a decision as to the December issues.
It was suggested that a new series of five-year notes might be authorized
to refund maturing notes. Certificate issues are anticipated in December,
whether there is a bond or note issue.
Officials expressed doubt whether the Treasury would be able to call the
$1,933,528,300 of the First Liberty Loan next June,unless conditions change
materially. There is a 3%% rate on $1,392.239.350 of the First Liberty
$536,285,000 bears 4%% interest and the remainder 4%. There was a
possibility that the Treasury might call the 4 and 4g% bonds, provided
they could be refunded at lower rates.
Federal Reserve Board's Preliminary Report on Department Store Sales in October.
Secretary Mellon's announcement (Nov. 8) of the new
Preliminary figures on the value of department store sales
of bills follows:
show an increase from September to October of somewhat offering
The Secretary of the Treasury gives notice that tenders are invited for
more than the estimated seasonal amount. The Federal Treasury bills to the amount
of $75.000.000, or thereabouts. They will
Reserve Board's index, which makes allowance both for be 91-day bills; and will be sold on a discount basis to the highest bidders.
Tenders
will
be
received
at
the
seasonal
Federal Reserve Banks, or the branches
changes, was
number of business days and for usual
thereof, up to two o'clock p. m., Eastern Standard time, on Friday. Nov.
the
1923-1925
average
as
100,
of
basis
the
on
October
86 in
13 1931. Tenders will not be received at the Treasury Department. Washington.
compared with 84 in September and 88 in August.
Nov. 14 1931.]
FINANCIAL CHRONICLE
The Treasury bills will be dated Nov. 16 1931, and will mature on Feb.
15 1932, and on the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000,.$500,000 and $1,000,000 (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 Nov. 13
1931, all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcements of the
acceptable prices will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders., and to allot lees
than the amount applied for, and his action in any such respect shall be
final. Those submitting tenders will be advised of the acceptance or reJection thereof. 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 Nov. 16 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, and this notice
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.
The Treasury Department announced Friday night that
the tenders for the above bills had amounted to $255,289,000.
The highest bid was 99.550, equivalent to an interest rate of
about 1.78% on an annual basis. The lowest bid accepted
was 99.469, equivalent to an interest rate of about 2.10% on
an annual basis. The total amount of bids accepted was
$75,410,000. The average price of Treasury bills to be issued
is 99.489. The average rate on a bank discount basis is
about 2.02%.
C. F. Childs & Co. Awarded $25,000,000 of $75,173,000
91-Day Treasury Bills Dated Nov. 9.
C. F. Childs & Co., specialists in United States Government securities, was awarded an allotment of $25,000,000
or approximately one-third of the entire recent issue of
$75,173,000 of 91-day Treasury bills dated Nov. 9. The
highest bid for the issue was 99.55 and the lowest bid accepted was 99 458. The offering was referred to in these
columns Nov. 7, page 3033.
President Hoover Reports Decrease of $17,000,000 in
Navy Budget—No Decrease in Personnel of Navy.
A statement issued by President Hoover on Nov. 12 indicates a cut of $17,000,000 in the appropriations for the
Navy for the fiscal year beginning July 1 1932. The President's statement follows:
The Navy budget which will be presented to Congress for the fiscal
year beginning the first of next July has been fixed at $343.000,000- This
is a decrease of about $17,000,000 under the appropriations for the present
fiscal year. It is a decrease of about $59,000,000 from the $401,000,000
originally proposed by the Navy some months ago and prior to the development of the evidence of a largo deficiency in the National budget.
This budget for the next fiscal year does not decrease the personnel
of the Navy below its present status by a single man. It does not decommission any fighting ships, although the rotation plan will be continued.
It does not propose to abandon any of the navy yards at the present time,
although the Navy officials are convinced that the products of some of
these yards could be made more cheaply elsewhere. To close these yards
would produce undue hardship to labor at the present time. The budget
provides for the maintenance of the frigate Constitution and for the maintenance of the Navy bands. It is proposed to take care of the problem of the
Philadelphia hospital in conjunction with the Veterans' Bureau.
In the matter of appropriations for "increases in the Navy," that is,
for the expansion of combatant ships, the program is set up in such fashion
that $57,000,000 will be expended either through appropriations or from
carryovers in the fiscal year beginning the first of next July. This is an
increase from the $53.000,000 estimated expenditure this present fiscal
year, and it is interesting to note the amount of actual expenditures on this
item since 1926:
$25,249,796 1930
1926
49,872,209
27,430,330 1931
37,944,048
1927
36,934,985 1932, est. Nov. 1 1931
1928
53,375,000
46,758,720 1933, proposed
57,000,000
1929
The budget provides for the continued construction of every one of
the treaty ships authorized by Congress except six destroyers. The deferment of these six destroyers out of eleven authorized has not only been
a measure of economy but a policy of maintaining even construction in destroyer programs and maintenance of evenness of employment in the yards.
The program proposed under this budget will not decrease, but will
slightly increase, the total direct and indirect employment in the Navy in
naval construction in the next fiscal year over and above that of the present
year. The tonnage of combatant ships actually in construction by the
United States to-day is nearly double that of Great Britain, and in addition
we are engaged in the modernization of three battleships.
3191
These are times when the American people have a right to rigid economy
on the part of their Government. Navy officials have co-operated and
have taken pride in the development of a proper program that would contribute to this economy.
In keeping with established practice, the details of the budget will not
be made public until transmitted to Congress.
President Hoover Reports Reduction of $350,000,000 in
Budgets of Federal Departments for Fiscal Year
Beginning July 1933.
Congress will be asked at its forthcoming session to appropriate at least $350,000,000 less than original budget estimates of the Federal Departments for the fiscal year begining July 1 1932, President Hoover stated Nov. 6. The
"United States Daily" noting this in its Nov.7 issue, stated:
In announcing the figures. the President said that every item of proposed
expenditures had been cut and that every possible item had been deferred
where injury to the fundamental purposes of the Departments and the efficiency of the services would not result.
President Hoover called attention to numerous sectional interests that are
seeking increased expenditures for projects, but said that many of them although meritorious, would have to be postponed until the country can afford
to pay for them.
Asked how the $350,000,000 compared with last year's budget estimates,
President Hoover stated orally that it was difficult to compare the two because last years' appropriations were spread out over a long period and included emergency bills which provided funds for use both in the last and
the present fiscal year.
The President said, however, that it could be stated roughly that the
present budget figures are about $280,000,000 below the appropriations
last year.
The President's formal statement follows in full text:
The departmental budgets for the fiscal year beginning next July have
proceeded far enough to enable me to state that appropriations which will
be proposed to the Congress will show a reduction of at least $350,000,000
below that of original departmental requests. Every Department in the
Government is co-operating; every item has been cut;every item postponed
that can be done without injury to the fundamental purpose of the departments and the efficiency of the services.
As nearly halfthe expenditures of the Government are for interest,sinking
fund, veteran's services and other items which are irreducible, this cut
represents most earnest co-operation by all the Departments of the Government in their endeavor to meet the necessities of the taxpayer and the
present economic situation.
Again, I wish to refer to the many sectional interests throughout the
country who are asking us to increase expenditures. Such action can only
embarrass the earnest efforts of the Administration and the Congress to
maintain our Governmental finance on a sound basis. Many new plans
different sections, meritorious in themselves, must be deferred until the
Cenintry can afford to pay for them. Nothing will contribute more to the
return of prosperity than to maintain the sound fiscal position ofthe Federal
Government.
In Armistice Day Address President Hoover Says Peace
is Product of Preparedness for Defense—Building
of Good-will and Constructive Effort Among Nations Best Method of Honoring Memories of Those
Who Fought for Peace.
In an Armistice Day speech, at the dedication in Washington of a memorial to soldiers and sailors of the world war
in the District of Columbia, President Hoover declared that
"peace is the product of preparedness for defense." Stating
that "we have been passing through an emergency second
only to the great war," the President observed that "the
emergency has brought a realization that the outstanding
problem of statesmanship to-day in every country and in
every part of the world is to re-establish confidence, not
alone each nation in its own institutions, but among nations."
"Such action," he said, "requires no treaties, no documents,
and no commitments. It requires only that each nation
realizes the situation that exists; that it contribute in its
own policies and within its own best interest to the building of good will and the rebuilding of confidence." The
President's address follows:
Great shrines in our national Capital mark reverent remembrance of
those who have given sacrifice and glory to the nation. Marble and
bronze, in their eloquence of silence and beauty, tell the deathless story
of heroic deeds done for our country.
We gather here to-day to dedicate a new shrine to those residents of
the District of Columbia who served in the World War. This temple
will recall for all time their services and sacrifices.
It is particularly fitting that these services should be held on Armistice
Day, when, throughout the nation, our citizens pause to honor all those
who gave their lives in the greatest conflict which has ever engulfed the
world.
Thirteen years to the day and hour have passed since the guns ceased
their destruction of life, and nations began their march back to peace
and reconstruction. That day was a day of rejoicing in victory, a day
of pride in the valor of our Army and Navy, a day of hope for peace in a
better world. With each succeeding year, Armistice Day has come to
be a day to pay tribute to the millions who valiantly bore arms in a worthy
cause and to renew resolves that the peace for which these men sacrificed
themselves shall be maintained.
Peace Not Yet Assured.
However great our desire for peace, we must not assume that the peace
for which these men died has become assured to the world or that the
obligations which they left to us, the living, have been discharged. The
minds of many races still are stirred by memories of centuries of injustice;
in others there is ever present the fear of invasion and domination; many
peoples are filled with hopes of liberty and independence. The boundaries
of many nations are but zones of age-old contention. The growth of
population and economic striving press against the borders of others.
World-wide expansion of commerce and industry, with its vast interchange of citizens, brings the daily obligation of self-respecting nations
to see that their nationals abroad in pacific pursuits shall not be unjustly
Imperiled as to life and property.
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FINANCIAL CHRONICLE
For,. 133.
facturers. Associated Press accounts from Chicago on
World More Heavily Armed Than Before War.
In every country men can secure public attention and even a living by Oct. 29, in an account of the meeting, said:
stirring malignant forces of fear and hate of their neighbors. As a result
Earl C. Smith, President of the Illinois Agricultural Association and
of these forces the world is more heavily armed than even before the sponsor
of the conference, disclosed only the preliminary plans, but the
great war.
financial set-up of the credit pool was learned from other sources.
All of these dangers present to statesmen a world where peace cannot
Incorporation under the laws of Illinois, with a capitalization of
be had by resolution and injunction alone. Peace is the product of pre$1,000,000, was expected to follow another conference Tuesday. One-half
paredness for defense, the patient settlement of controversy and the dythe
capital stock would be subscribed by bankers and Industries; the other
namic development of the forces of good will. It is the result of the delicate balance of that realism born of human experience and of idealism half was to come from the Farm Board,
The Farmers' National Grain Corp., under the proposed plan, will repreborn of the highest of human aspirations for international justice.
The backwash of forces loosened by the great war has grown until during sent the Farm Board's holdings in the pool. Other farm groups also will
the past two years the stability of many nations has been greatly shaken. pledge funds.
The Credit Corp. will operate in all corn growing areas, loaning money
This, with their fears and discouragement for the future, weakened confidence throughout the whole financial and economic world. That loss to producers on warehouse receipts. These receipts, in Illinois and Iowa,
of confidence added enormously to unemployment, to the distress of can be issued by State Departments of Agriculture after sealing and
agriculture and business everywhere. From it all we have been passing cribbing of the maize on farms. Other States, particularly Indiana and
Nebraska, plan similar means of issuing these receipts.
through an emergency second only to the great war.
In actual operation the Credit Corp.'s loaning capacity will not exceed
But the emergency has brought a realization that the outstanding problem of statesmanship today in every country and in every part of the $8,000,000 to $9,000,000.
world is to re-establish confidence not alone each nation in its own instiThe Farm Board was represented by Stanley Reed, head of the Grain
tutions, but among nations. And no greater contribution can be made Corp. George Ranney, a Vice-President of the International Harvester Co.,
that
progress
to economic relief than day-to-day conclusive demonstration
represented banking and manufacturing interests. The Harvester Co. and
is being made in relieving stress and strain which now so oppress the similar corporations have been asked to participate in the pool.
atmosphere of the family of nations.
Present plans call for the use of banks in the various communities as
Such action requires no treaties, no documents and no commitments. agents of the credit pool. At current prices the conferees believed that the
It requires only that each nation realize the situation that exists; that it pool would finance the holding of between 30,000,000 and 40,000,000
contribute in its own policies and within its own best interest to the build- bushels of corn. Loans will be made for nine months or less, inasmuch as
ing of good-will and the rebuilding of confidence.
the farm leaders do not want crops held over for a full season.
That progress is being made. It has been made by frank, sincere,
It would be necessary to keep a surplus in the Federal Intermediate Credit
and direct personal conferences on mutual problems between heads of
would discount receipts, to meet
States throughout the world. It has been made by similar action among Bank in St. Louis, through which the pool
the financial, industrial and social institutions of the world. These dis- marginal fluctuations.
cussions have developed common action and have increased good-will
According to dispatches by the Associated Press from
and confidence. These consistent efforts are providing new avenues of
Chicago,
Nov. 6, George S. Milnor, General Manager of
world.
suffering
relief and are assuredly turning the tide for a greatly
It is by building good-will and constructive effort among nations that the Farmers' National Grain Corp., has been made President
we can best honor the memory of the men who died that the world should of the National Corn Credit Corporation. The dispatch
have peace. This monument stands for men who fought not alone for
their country but to establish the principles of justice and peace. We added:
pay tribute here to their valor. We honor them for their sacrifices. We
"The first issue of stock is only $1,000,000, but this may
respect their memory by renewing our obligations to the purposes and be boosted to $2,500,000. The Federal Farm Board,
ideals for which they fought.
through the Farmers' National Grange, has subscribed to
half the stock, with the provision that its funds must be
President Hoover's Proclamation Designating Nov. 26 lent to corn growers that are members of co-operatives.
As Thanksgiving Day.
"The remainder of the stock has been subscribed by
In a proclamation issued on Nov. 3, President Hoover Mid-West banks and manufacturers."
designated Nov. 26 as "a day of National Thanksgiving"
The Chicago "Journal of Commerce" of Nov. 5 stated:
and recommends that "our people rest from their daily labors
Articles of incorporation which were sent to Springfield for filing listed
and in their homes and accustomed places of worship give the following directors of the corporation: C. E. Huff, President, and
George S. Milnor, General Manager of the Farmers' National Grain
devout thanks for the blessings which a merciful Father has Corp.;
George A. Ranney, Vice-President and Treasurer, International
bestowed upon us." In pointing out that "our country has Harvester Co.; Earl C. Smith, President, Illinois Agricultural Association;
cause for gratitude to the Almighty," the President states John H. Hogan, Vice-President, Continental Illinois Bank & Trust Co.;
C. E. Hurst, President, Iowa Farm Bureau Federation; Mark Woods.
among other things that "we have been widely blessed with Nebraska
farmer and banker.
abundant harvests." "The measure of passing adversity
Officials of Farmers' National Grain Corp. announced that they were
prepared
to
subscribe for $500,000 worth of the stock immediately upon
the
"deepen
which has come upon us, should," he says,
completion of the organization of the corporation with funds obtained
spiritual life of the people, quicken their sympathies and from the Federal Farm Board.
spirit of sacrifice for others, and strengthen their courage."
Subscribe for Stock.
An equal amount of the capital stock is being subscribed by the folThe proclamation follows:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A Proclamation.
We approach the season when, according to custom dating from the
garnering of the first harvest by our forefathers in the New World, a day
is set apart to give thanks, even amid hardships, to Almighty God for our
temporal and spiritual blessings. It has become a hallowed tradition for
the Chief Magistrate to proclaim annually a National Day of Thanksgiving
Our country has cause for gratitude to the Almighty. We have been
widely blessed with abundant harvests. We have been spared from
pestilence and calamities. Our institutions have served the people.
Knowledge has multiplied and our lives are enriched with its application.
Education has advanced, the health of our people has increased. We
have dwelt in peace with all men.
The measure of passing adversity which has come upon us should deepen
the spiritual life of the people, quicken their sympathies and spirit of
sacrifice for others, and strengthen their courage.
Many of our neighbors are in need from causes beyond their control
and the compassion of the people throughout the nation should so assure
their security over this winter that they too may have full cause to participate in this day of gratitude to the Almighty.
Now. therefore, I Herbert Hoover, President of the United States of
America, do hereby designate Thursday, Nov. 26 1931. as a National
Day of Thanksgiving, and do recommend that our people rest from their
daily labors and in their homes and accustomed places of worship give
devout thanks for the blessings which a merciful Father has bestowed
upon us.
In witness thereof, I have hereunto set my hand and caused the Seal
of the United States to be affixed.
Done, at the City of Washington. this third day of November, in the
Year of our Lord Nineteen Hundred and Thirty-One, and of the Independence of the United States of America, the One Hundred and Fifty-Sixth.
HERBERT HOOVER.
By the President of the United States.
HENRY L. STIMSON, Secretary of State.
George S. Milner Named President of Newly Formed
National Corn Credit Corporation.
What was described at the time it was projected a few
weeks ago as a $10,000,000 pool having for its object the
holding of corn awaiting higher prices, has taken shape
in the form of the National Corn Credit Corporation.
Its formation was planned at a conference in Chicago on
Oct. 28 and 29 of farm leaders, meeting with representatives
of the Federal Farm Board, Mid-West bankers, and manu-
lowing:
Continental Illinois Bank & Trust Co., First National Bank, Central
Republic Bank & Trust Co., Harris Trust & Savings Bank, Northern Trust
Co., International Harvester Co., John Deere & Co., J. I. Case Co.,
Sears, Roebuck & Co., Montgomery Ward & Co., Armour & Co., Swift
& Co., Cudahy Packing Co., Wilson & Co., Quaker Oats Co., Standard
Oil Co. of Indiana, and other interests.
Arrangements have been made with the Federal Intermediate Credit
Banks of St. Louis and Omaha by which the Corn Credit Corporation
will have available through rediscount from $8,000,000 to $10,000,000
for loans to producers of corn.
G. V. McLaughlin, Head of National Credit Corporation
No.7 Reports Gratifying Co-operation by Brooklyn
and Long Island Banks.
George V. McLaughlin, Chairman of National Credit
Association No.7 of the Second New York Federal Reserve
District, announced on Nov. 6 that over 50% of the total
possible amount of subscriptions to notes of the National
Credit Corporation had been received from banks and trust
companies in the Association area, which comprises all of
Long Island. Subscriptions received included one of approximately $2,000,000 by the Brooklyn Trust Co., of which
Mr. McLaughlin is President. Other subscriptions came
from banking institutions throughout the counties of Kings,
Queens, Nassau and Suffolk. Mr. McLaughlin said:
The co-operation of the banks of this territory in the plans of the National
Credit Corporation has been most gratifying. In less than a week after
details of the plans were laid before the bankers of this area, more than
half the possible amount of subscriptions has been received. The remainder is expected as soon as the approval of the boards of directors of the
various banks can be obtained.
Under the plan of organization of the National Credit
Corporation and its regional associations, each participating
bank subscribes an amount equal to 2% of its net deposits
as of the latest bank call date, provided such amount does
not exceed 10% of capital and surplus. On this basis, it is
estimated that maximum possible subscriptions from banks
located in the territory of Association No. 7 will be about
$6,900,000, of which approximately $3,500,000 has been
Nov. 14 1931.)
FINANCIAL CHRONICLE
subscribed to date. The organization of Group No. 7 was
noted in our issue of Nov.7, page 3034.
Pittsburgh Clearing House Votes to Recommend to
State That Gold Notes of National Credit Corporation Be Approved As Security for Public Funds.
Unanimous approval of steps being taken to make the gold
notes of the National Credit Corporation legal security for
State, county and city deposits was voted on Oct. 29 by the
Pittsburgh Clearing House Association, according to the
Pittsburgh "Post Gazette" of Oct. 30, from which we also
take the following:
The action followed Federal approval of the notes as security for United
States Government deposits.
The Association voted to recommend "to the State of Pennsylvania
and all its subdivisions that the gold notes issued by the National Credit
Corporation be approved as security for all public funds under the control of the State or any subdivision thereof, together with all school districts in said State."
This move followed a meeting of the Clearing House Committee on
Tuesday (Oct. 271, at which it was resolved that the gold notes be approved
"as security for public funds of the City of Pittsburgh at 90% of their
face value." The Association also voted approval of the committee action.
Frederick McDonald of Albany Heads National Credit
Group No. 5 in New York Federal Reserve District.
Formation of National Credit Association Group No. 5,
Second (New York) Federal Reserve District, comprising 16
counties around Albany, has been completed under the Chairmanship of Frederick McDonald, President of the New York
State National Bank, Albany. More than 92% of the
group's quota of $5,000,000, it is announced, has actually
been or is in process of being subscribed. In addition to Mr.
McDonald, the following have been elected members of the
loan committee:
Willis T. Hanson Jr., Vice-President, Union National Bank, Schenectady,
N. Y.;
William C. Feathers, President, Manufacturers' National Bank,Troy,N.Y.
William L. Gillespie, President, National Commercial Bank & Trust Co.,
Albany, N. Y.
I. H. Chahoon, President, Plattsburg National Bank & Trust Co., Platte.
burg, N. Y.
Edward Crippen, President, Wilber National Bank, Oneonta, N. Y.
Schuyler Merritt 2nd, Vice-President, New York State National Bank,
Albany, N. Y.
Virginia Banks Subscribe Over $5,000,000 to National
Credit Corporation.
It is stated that more than $5,500,000 has been subscribed
n Virginia to the National Credit Corporation. Julian H.
Hill, President of the State-Planters Bank & Trust Co. of
Richmond is Chairman of the permanent Loan Committee
for Association No. 1 of the Fifth (Richmond) Federal
•Reserve District.
Philadelphia Banks Subscribe $19,000,000 to Credit
Pool.
Banks of Philadelphia have to date (Nov. 11) subscribed
$19,000,000 to the credit pool being formed in that city as a
part of the nation-wide plan to relieve the credit situation.
Announcement of this fact was made by Howard A. Loeb,
Chairman of the Tradesmens National Bank & Trust
Co., and Chairman of the Loan Committee of National
Credit Association No. 1 of the Third (Philadelphia) Federal
Reserve District. Some banks have not had opportunity to
act on membership in the Association and consequently have
not as yet subscribed to the pool, according to Mr. Loeb,
whose statement announcing subscriptions received to date
said:
At the conclusion of the meeting of the Loan Committee of National
Credit Association No. 1 of the Third Federal Reserve District, it was
announced that subscriptions to debentures of the National Credit Corp.
received up to the time of the meeting from banking institutions that have
taken membership in this Association, totaled approximately $19,000.000.
There are a number of banks in this district that have not yet had an
opportunity to present the application for membership to their respective
boards.
The committee is gratified with the response of the banking institutions
in this district, which assures the success of the plan.
Items regarding the Philadelphia unit of the National
Credit Corp. appeared in our issues of Oct. 24, page 2706
and Nov.7, page 3034.
Chicago Unit of Federal Credit Corporation Extends
Loans of $2,000,000—Aids Six Banks.
Financial aid for Illinois banks through the medium of the
National Credit Corp., the $500,000,000 banking pool, took
tangible form late on Nov. 9, according to the Chicago
"Tribune" of Nov. 10, which likewise said:
The Chicago-Illinois group of the National corporation approved loans
totaling about $2,000,000 to six banks, some of them in Chicago and
3193
others down-State. This action, which is the first actual functioning of the
pool, was approved at a meeting of the State committee in the Federal
Reserve Bank building.
It was explained that these initial loans are only the zortrunner of a
broad policy for helping all solvent banks that have good, but frozen"
assets. The Illinois group has received applications for a number of other
loans, and these will be examined as fast as they come in. When approved,
the applications will be sent to the directors of the National corporation in
New York for final action, and, if passed, the money will be made immediately available for the banks.
To Call Subscriptions.
In preparation for making the loans, the banks subscribing to the big pool
will be called on to pay in 10% of their subscriptions within the next day
or two. These initial payments will total between $3,000,000 and $3,500,000
for the Chicago banks, and between $4,500,000 and $5,000.000 for all
Illinois banks.
Total subscriptions thus far received from the Chicago banks total
around $30,000,000, according to James R. Leaven, Vice-Chairman of the
Chicago-Illinois group and also President of the Continental Illinois Bank
& Trust Co. Still additional subscriptions are assured from both city and
down-State banks as soon as they hold directors' meetings. It is expected
that total subscriptions from the Chicago Federal Reserve District,which
embraces Illinois, Iowa and portions of Indiana, Wisconsin and Michigan,
will run close to $70,000,000.
Simultaneously with the call for initial payments in Illinois,it is expected
that the Reserve District and State groups in other parts of the country
will call for 10% subscriptions. This should give the National Credit
Corp. an initial fund of more than $50,000,000 to start making loans,
according to George M. Reynolds,Chairman of the corporation and director
for the Chicago Federal Reserve District.
Representative McFadden Says Question of Allied
Debts to United States Should Be Considered
Apart from German Reparations—Opposes Cancollation or Reduction of War Debts to United
States.
In an address in Boston, on Nov. 5, Louis T. McFadden,
Chairman of the House Committee on Banking and Currency, declared that "the Allied debts to the United States
should neither be cancelled nor reduced, whether Germany
continues to pay reparations, or whether she ceases to do
so." Representative McFadden prefaced this declaration
with the statement, "We see that there is an official movement on foot to reduce, or possibly cancel, the Allied debts,
because of a threatened reduction, or a threatened ceasing,
of the payment of German reparations to the Allied governments." Mr. McFadden, who spoke before the Institute of
Current International Problems of the United States, told
his hearers that "the assertion of the Allied governments
that they can, and will, pay to the United States, only such
sums as they receive from Germany in reparations, is in
the nature of a subterfuge." "What is needed now," said
Representative McFadden, "Is a complete change of policy
In our State Department and Federal Reserve System as
regards our foreign relations. The entire thesis to which
our present regime is committed is European in its origin,
specious in its argument, and dangerous to the safety and
welfare of the American people." Mr. McFadden added:
"A policy ought now to be adopted or declining revision or cancellation
of Allied debts, of salvaging what can be salvaged of the vast investments
which American capital has made in Europe since the war, of withholding
further loans to Europe, of rejecting the principle of commercialization of
the German reparations in the United States, and of dissociating the United
States Government from Allied policies in connection with reparations.
"The proposed agreement with the French Government exempting the
unconditional annuities of the Young plan from the operation of the
Hoover moratorium ought to be flatly rejected; all support ought to be
withdrawn from these European schemes for exploiting the German war
indemnity and swindling the American investor."
In full, Mr. McFadden's address follows:
There is probably no subject of controversy which suffers more from a
lack of precision and definiteness of fact and statement than the question
whether the Allied war debts to the United States should be cancelled.
There is argument about the character of the debts and the degree of
obligation inherent in them, about the capacity of the Allied States to pay
them, about the extent to which the burden they place on the Allied
States impedes economic recovery in Europe, and particularly about the
relationship of German reparations to them. Their present worth variil
with the interest rate which may be thought appropriate, and there is
question whether, by reducing interest rates and extending time in the
funding agreements, the United States has not already cancelled a large
part of them.
The discussion of these and other "ifs" and conditions gives their
opportunity to the special pleaders for this or that national or other
cause, to the financial geniuses who see profit In the rapid shifting of
large sums, and especially to those who would reaffirm a war
settlement
to-day identical with that of the Treaty of Versailles. Inasmuch as it
is
the debtors who desire a cancellation of the debts, it is a
reasonable
inference that most of this discussion and these arguments have
their
birth in Europe and are brought here to grow and strengthen
under the
fostering care of the international bankers and our international
enthuslasta.
In order that we may have a definite point of departure,
let us consider
first the proposal of the present moment. The Hoover
moratorium called
for a year's suspension of payment of all debts and
reparations; it was
made because of the imminent bankruptcy of Germany,
which, if precipitated, would have serious repercussions elsewhere.
But the objections of the French to the inclusion of
the unconditi
reparation payments of the Young plan caused a
delay of several weeks,
and resulted in the adoption of an agreement with
France that the unconditional annuities should be excepted from the
moratorium.
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FINANCIAL CHRONICLE
During this period of delay, the collapse in Germany, which the moratorium was intended to prevent, took place, followed a little later by the
lapse of Great Britain from the gold standard and by similar developments
in several other countries in Europe.
The Bank of France and the Federal Reserve System had joined in
loans to Britain and to Germany to support their currencies, and steps
had been taken in New York to refrain from calling short-term loans to
Germany which would have a disastrous effect in London as well as Berlin,
but agreement was not reached in time to prevent the fall of the English
pound.
Finally, however, an agreement was obtained to leave a large part of
these loans untouched until next February. What will then be done
awaits negotiations which are pending.
We are informed that the Hoover-Laval agreement just made preserves
the Young plan intact and that the unconditional annuities of $175,000,000
are to continue to be paid by Germany. But it now appears that the
amount of the short-term credits which the Germans cannot pay is $1,700,000,000, and that they desire a refunding agreement for their repayment
in annuities of $170,000,000 during a period of 10 years. As the Young
Committee placed the maximum of the unconditional annuities which Germany could pay at $175,000,000, this new annual charge of $170,000,000
per year would seem to require a considerable revision of the Young plan.
The Germans are demanding this while the French insist that the Young
plan be kept intact and that action be taken only within the framework
and according to the existing provisions of that plan.
Only a day or two ago Dr. Luther, the President of the Reichsbank,
announced that the total of Germany's foreign commercial debts is between
seven and eight billion dollars, and that Germany's chief aim now is to
turn its short-term into long-term credits and to pay no reparations whatever, on the theory that it will be all that Germany can do to pay its foreign
commercial debts.
France insists that reparations shall take precedence over commercial
debts, and that Germany shall be helped only on condition that she shall
forego her demands for revision of the Treaty of Versailles, which, according to the French, destroy public confidence and make the sale or discounting of German reparation obligations like the Young plan bonds
impossible.
It appears that under the Hoover-Laval understanding the French are to
have the support of Washington in their demands and that, within the
framework of the Young plan, some provision is to be made for reducing
the conditional annuities which Germany pays the Allied governments. In
consideration for this concession by the Allies to Germany, the United
States will reconsider its debt agreements with the Allies with a view
to revision downwards, and the Congressional Debt-Funding Commission
may be revived for this purpose. In view of Dr. Luther's forecast that
Germany may cease to pay any reparations whatever the question suggests
itself whether, in that case, the Government at Washington would be
inclined to cancel the Allied debts in toto.
The question of the Allied debts to the United States ought to be considered wholly apart from the question of German reparations. From the
beginning, it has been the position of our Government that "there is no
connection between German reparations and Allied debts to the United
States," and the debt-funding agreements which were based upon the
capacity of the respective governments to pay made it clear that this
capacity was estimated without reference to reparation receipts which
might be received from Germany. The United States Government did not
become a party to the Treaty of Versailles, within the scope of which
treaty alone the German repqarations have validity. The United States,
in the peace conference, demanded and took no reparations from Germany;
It came out of the war wholly and completely dissociated from them.
Yet when we consider the present situation, as we have just done, we
see that there is an official movement on foot to reduce, or possibly cancel,
the Allied debts, because of a threatened reduction, or a threatened ceasing, of the payment of German reparations to the Allied governments.
The Allied debts to the United States should neither be cancelled nor
reduced, whether Germany continues to pay reparations or whether she
ceases to do so. To reduce or cancel the French debt at the present time
would be an absurdity. The French hold an immense stock of gold, and
with this as a basis of the French currency they are preparing to make
loans to all of Europe for the granting of which they will require political
subservience to French policy which is aggressive and ambitious. She
even makes it clear to the United States that if it wants financial peace
with France it can have it at a price. In view of the low interest rate at
which the French debt was funded, to ask for its reduction or cancellation
would be an act of international effrontery.
The British, however, are for the moment in difficulties, largely as a
result of French financial aggression against them, and the making of large
foreign payments is a problem. But they have great capital resources in
foreign colonies and foreign investments with which they refuse to part.
By parting with some of these to the United States they could greatly
reduce the capital sum of their debt. The funding agreements with
Belgium, Italy and the smaller debtors were all made upon most reasonable
terms, and they are entirely within the capacity of the debtors to pay.
In the cases of France and Britain, ambitious policies, expensive civil
services, and great military and naval establishments, which are unnecessary, divert funds in far greater amounts than would be needed to meet
their debt payments to the United States.
TLe question of the American debts is a minor one in considering the
general situation in Europe; it has been magnified and exaggerated in the
European statements of their case. If the preliminary agreement which
they signed with Germany in order that the fighting might be ended had
been put into effect in the definitive treaty, it would have provided for
This
reparations in a sum probably not exceeding eight billion dollars.
was approximately the amount of their debts to the United States at the
time of the armistice. This war settlement was just and fair all around
and there is no reason why it should not have been carried out.
But instead of that the Allied governments repudiated this settlement
with the enemy, effected a conquest after armistice, and Imposed upon
him an obligation to pay an indemnity of 33 billion dollars which they
euphoniously called "reparations." This was a sum that had no relation
whatever to Germany's capacity to pay a war indemnity, but it was a
sum which, if it could be realized in some way, or if a considerable part
of it could be realized in a lump sum, would go far toward paying the
cost of the war to the Allied governments.
That the Allied statesmen in the Peace Conference had devised a method
by which tins sum might actually be drawn into the Allied treasuries may
be seen by a study of the reparation clauses of the Treaty of Versailles.
These clauses provide that Germany shall sign negotiable bonds for the
full amount of the indemnity, that the bonds shall be divided among the
Allied States, and that any Allied State may dispose of all or any part
[VOL
of the bonds which it holds to private purchasers on the markets, and
that Germany's liability to the Allied State for reparations shall thereupon
cease to the extent of the bonds so sold, her liability being confined solely
thereafter to the private holder of the bonds.
During and after the war Europe was drained of its gold, and the currencies in use were managed paper currencies. These bonds were gold bonds
and they could not have been purchased to any extent in Europe. They
were not intended to be sold in Europe, but were intended to be sold outside
of Europe. They were created in the amount of 33 billion dollars. and
the United States afforded the only market in which bonds to the extent
of billions could be sold.
If they could be sold here promptly in their entirety, the Allied governments would at once have been reimbursed for the coat of the war to them,
and they would have shifted the onus of collecting German reparation
annuities to the shoulders of the American Government and the American
people.
In the light of the passing years, and in view of the economic condition
to-day, not only of Germany but of the Allied States themselves, this conception reveals itself as nothing less than fantastic. It would seem that it
would have been discarded in the light of rapidly developing realities.
But the conception was not discarded by the Allied statesmen. On the
contrary, they have clung to it for 12 years with extraordinary tenacity.
On other occasions I have reviewed the efforts which they have made
through the succeeding years to put it into effect. The entire future of
Europe has been oriented upon the expectation of disposing of billions
of dollars worth of German reparation bonds in the United States, and of
regaining in this way a working capital sufficiently large to put industrial
Europe upon its feet again. It presupposes the industrial slavery of Germany and the re-establishment of the capitalistic power of the Allied States.
Essentially faulty, both in its political and its economic conception, it
explains the impossible international relations which exist in Europe to-day
and the slow decay which is observable there since the war.
The first determined attempt to float the reparation bonds in the United
States was made in the London Ultimatum of 1921. Fifteen billion dollars
worth of these negotiable bonds were then created and they were prepared
for delivery upon the markets by Nov. 1 of that year; it was provided
that 18 billions more of them should be prepared at a later date when
opportunity for their sale was presented.
The next attempt was made in the Dawes plan of 1924. Yielding somewhat to the pressure of realities, the Allied statesmen limited the issue of
the Dawes plan bonds to the sum of four billion dollars. Four billion
American dollars coming into Allied treasuries at this time would have
been a satisfactory beginning to them.
I have frequently discussed the Dawes plan and explained that none of
these bonds were ever sold here and why they could not be launched upon
the American market.
I have also explained that it was because of the failure to succeed in
setting the Dawes plan into operation in the United States that the Allied
governments called in the international bankers and with their aid floated
billions of dollars worth of various kinds of European securities upon the
rising market in the United States between the years 1925 and 1929.
A large part of these securities were German industrial and municipal
bonds. This put hundreds of millions of dollars a year into Germany and
enabled her to pay the annuities under the Dawes plan, creating the illusion
that Germany was able to pay the reparations out of her own resources.
Upon the strength of this illusion the Allied governments determined in
1928 to make another attempt to put the Dawes plan into operation in the
United States. This flint they had secured the co-operation of the German
Government by a promise to turn over to it a substantial portion of the
receipts from the sale of the bonds.
Under the Geneva Decision in that year, a committee of experts was
created to revise the Dawes plan, and in June 1929 this committee produced the report known as the Young plan. The change of Administration
in Washington in that year marked the change in American policy toward
the questions involved in Allied debts and German reparations, which has
led to the present situation.
Our Government made it known that it had no objection to the sale of
German reparation bonds in the United States, and after some delay, which
occurred in Europe, a small slice of the Young plan bonds was placed on
sale in the United States, where they may be purchased to-day.
Thus, after 12 years of fruitless effort, the Allied governments have
obtained recognition from the United States Government of the principle
of commercialization of the German reparations. The only difficulty which
now faces them is the question to what extent the commercialization may
be carried.
Through all these years, of course, certain of the Allied governments
have taken measures to prevent Germany from recovering political and
financial strength because they knew that as soon as she grew strong
enough to do so she would repudiate the obligation to pay reparations which
she felt were illegally forced upon her, and if she succeeded in doing this
it would be impossible to commercialize the reparation bonds outside of
Europe.
Through all the years, also, the Germans have worked at cross-purposes
with the Allies because they wished to free themselves from the obligation
to pay reparations, and, above all, to free themselves from the danger of
having the German war indemnity commercialized in America because the
ownership in the United States of a large part of the reparation bonds
would tend to enlist the United States in support of the Allies' program.
While the United States avoided this plan largely, the same result has
apparently been attained through the recent Hoover-Laval agreement
wherein the President has assured France of her support in dealing with
Germany on reparations, trade, political and territorial matters.
The assertion of the Allied governments that they can, and will, pay to
the United States only such sums as they receive from Germany in
reparations is in the nature of a subterfuge. This position is taken with
reference to the conditional annuities which, under the Young plan, may
be suspended upon notice from Germany that she needs a moratorium. It
has nothing to do with the unconditional annuities which are to pay the
coupons on the commercialized Young plan bonds, and which are the
real objects of solicitude on the part of the Allied governments.
This subterfuge enables the Allied governments to say, "If Germany stops
paying, or reduces, her conditional annuities to us, we will have to step
paying, or reduce, our annual installments on our debts to the United
States." For the United States to accept this as final would be equivalent
to saying to the Allies, "We will accept an assignment to us of the
conditional annuities which Germany pays you, in lieu of your annual
installments on your debts to us."
The Allied debts to the United States are not conditional ; they are
absolute, in the same way that private debts are absolute. If a man owes
a thousand dollars he cannot say, "I will pay this debt if John Smith
Nov. 14 19311
FINANCIAL CHRONICLE
pays me a thousand dollars which he owes one." Ile is obligated to pay
it out of his own resources, whatever they may be.
I have said that the question of Allied debts to the United States is a
minor one in considering the general situation in Europe. This is so
because they have been largely reduced in amount and funded at a small
Interest rate. It ought to be the fundamental purpose of the Allied
governments to honor these obligations and to meet the annual payments
squarely out of their own resources. No purpose of cancellation or reduction ought to be entertained at Washington.
The grave situation of the present time consists in the fact that our
international bankers have induced American investors to pour niany
billions of dollars into European securities, and that our bankers, including our Federal Reserve banks, have made vast loans to European governments and banks and discounted vast quantities of European paper. It is
obvious enough that the control of our banking system and of the credit
resources of the American people have been in the hands of men who have
deliberately sought to bring about the situation that exists to-day, and that
for the most part our State and Treasury Departments have been administered by men who have co-operated in this purpose. In the political
field the State Department has continually promoted the major policies
of the European statesmen, and in the financial field the Treasury Department has abandoned governmental control over the Federal Reserve System
and become subservient thereto and has actively sought to place the Dawes
plan and the Young plan in operation in the United States.
The total amount of the loans which Europe now owes to private American
investors and bankers, and which have been made since the war, is no
doubt equal to or greater than the total of the war debts which the Allied
States owe to the United States. They are already greatly depreciated in
value and vast losses have been suffered here. Never in the modern industrial age has a government been so derelict in protecting the vital interests
of its people from concerted political aggressions against them and from
foreign financial raids on their treasure and on their monetary resources.
Never has a course of action by government been so great a menace to
the welfare of its own people as that of the State and Treasury Departments in supporting the Allied governments in their European reparation
policies, in accepting the principle of "commercialization" of the German
war indemnity, and in surreptitiously furthering the purposes of the London
Ultimatum, the Dawes plan, and the Young plan. How ceaselessly,
cautiously, and at last successfully, they have labored for 12 years in the
foreign cause is demonstrated by the fact that in July of last year the
Young plan reparation bonds were posted for sale in the United States.
No patience should be shown the impudent claims now being made in
Europe that Germany's reparation obligations take precedence over her
foreign commercial debts. The validity of the German reparations obligation is as great as, and no greater than, the validity of the Treaty of
Versailles. There is no principle of law more firmly established than that
the provisions of a definitive treaty of peace to be legitimate must remain
within the framework of the preliminary peace agreement. I have repeatedly called the attention of Congress to the terms of the preliminary
agreement with Germany which brought the fighting in the Great War to
an end, and to the great discrepancy between these terms and the terms
finally imposed upon Germany in the Treaty of Versailles. The evidences
of illegal duress after the armistice are too strong to be ignored. Yet
it is upon the legally and morally faulty basis of the Treaty of Versailles
that the entire structure of peace in Europe has been sought to be built.
The phases of the settlement involving the principle of "commercialization" of the German reparations contain so direct a menace to the interests
of the American people that we have a direct and legitimate interest in
scrutinizing the moral and legal sufficiency of the Treaty of Versailles and
in questioning its validity.
It is undoubtedly an invalid treaty. The French will not admit it, and
the Germans dare not proclaim it, but because of it there is bitterness, a
sense of guilt, and a sense of wrong underlying the relations of the two
nations and permeating all Europe, and which is aggravated by the lapse
of time. The greater the demand for revision, the more uncompromising
the French become; "the injured may forgive, but those who have done
the wrong seldom pardon."
While the war in Europe ended, leaving the United States in an excellent financial and economic position, a position which might easily have
been preserved and maintained by an intelligent and patriotic government,
the 12 years which have passed since then have witnessed such ineptness,
laxity, not to say venality, in the conduct of foreign policy that our position
has been temporarily compromised, and, if existing policies are continued,
is threatened with permanent impairment.
What is needed now is a complete change of policy in our State Department and Federal Reserve System as regards our foreign relations.
The entire thesis to which our present regime is committed is European
In its origin, specious in its argument, and dangerous to the safety and
welfare of the American people. The Allied governments are demanding
revision or cancellation of their debts to the United States and informing
us that they will not pay them unless they first receive the money in
German reparations; the German reparation demands are dubious in law
and morals and are maintained at a figure beyond any possibility of payment, and upon the basis of these dubious demands the Allied governments,
with the consent of our own Government, are inviting our people to
invest
three billion dollars in Young plan reparation bonds which they have
for sale and which represent nothing but the right to collect the
German
reparations if our Government can then force collection.
It is hard to believe that our Government does not know to-day that
the
ownership of the Young plan bonds by the American people would
automatically require the Government of the United States to guarantee
the
status quo of the Treaty of Versailles.
The involvement of the Federal Reserve System with enormous foreign
borrowings has been allowed to go along, hand in hand, with these
political
schemes of the Allied government to pay all of their American
debts with
German reparation bonds. It is in no exaggerated or
figurative sense
that it may be said that the Treaty of Versailles contemplates a settlement
under which the people of the United States should be made to pay for
Europe's war, and that in undertaking to put this settlement into
effect
they succeed in raising their own agents to high authority in American
governmental councils.
A policy ought now to be adopted of deciling revision or cancellation of
Allied debts, of salvaging what can be salvaged of the vast investments
which American capital has made in Europe since the war, of withholding
further loans to Europe, of rejecting the principle of commercialization of
the German reparations in the United States, and of dissociating the United
States Government from Allied policies in connection with reparations.
The proposed agreement with the French Government exempting the unconditional annuities of the Young plan from the operation of the Hoover
moratorium ought to be flatly rejected ; all support ought to be withdrawn
3195
from these European schemes for exploiting the German war indemnity
and swindling the American investor.
In the field of trade and commerce, the great free trade domestic market
ought to be preserved and protected. It is for the service of this great
producing and consuming market that the Federal Reserve Banking System
exists. In our national economy foreign trade is a minor item. Its
volume is automatically adjusted to mutual needs if ambitious international
financiers are restrained from making excessive loans to the foreigner,
which give a temporary purchasing power here that is abnormal and
temporary, which turn out in the end to be bad investments, and which
are followed by trade stagnation here when the foreigner's temporary purchasing power comes to an end.
Finally, in the field of foreign policy we can do no better than adhere
to our ancient tradition. We need, and ought to have, no alliances with
one nation or group against another nation or group, whether it be for
political purposes or for the maintenance of a financial system. We have
the means of maintaining our own financial structure from all assaults from
abroad, and we ought to make use of them when necessary. Our care now
ought to be the maintenance and protection of the institutions and traditions
of our Republic. Deviations from our ancient policy in the interest of
foreign States ought not to receive our support.
Proposal by Real Estate Interests and Bankers for
Central Mortgage Rediscount Corporation Further
Considered by President Hoover—Seeks Means to
Handle Rediscounting of Realty Paper—Home
Credits Plan.
The proposal by real estate interests and bankers for the
formation of a central mortgage rediscount corporation to
rediscount real estate mortgages was again before President
Hoover this week,according to press accounts from Washington. A previous reference to the proposal appeared in our
issue of Oct. 10, page 2369. From a Washington dispatch
Nov. 3 to the New York "Journal of Commerce" we quote
the following:
Crystallization of that phase of President Hoover's program for economic
recovery dealing with establishment of a banking system to handle rediscounting of urban real estate mortgages along the line of the Federal Land
banks came to-day with a series of conferences between the President,
members of his Cabinet, a Senate leader of banking legislation and the
finance committee of the Presidential Conference on Home Building and
Home Ownership.
The first of these conferences took place at the White House this morning
when the President conferred with Secretary of Commerce Lamont and
members of his Home Building Finance Committee, headed by Frederick
H. Ecker, President of the Metropolitan Life Insurance Co.
Glass Calls at White House.
With the President calling off his semi-weekly press conference in order
to give close study to the new rediscounting plan, important significance
was attached to a call made to the Executive Mansion this afternoon by
Senator Carter Glass (Dem., Va.), who is Chairman of the Senate banking
Probe committee and regarded as playing the principal role in framing
of the Federal Reserve Act.
Chairman Glass stated to-day his sub-committee plans to begin Consideration of the Federal Land Bank proposal and other banking matters
at a meeting which he is endeavoring to arrange for Nov. 20.
Meanwhile various proposals for broadcasting the rediscount base of
the Federal Reserve system so as to relieve banking institutions overloaded
with slow assets or mortgage paper were reported abandoned by the Administration in favor of the plan of extending the Federal Land Bank systems
With Senator Glass and the President maintaining strict silence on the
nature of their White House conference, the return track of the Virginia
Senator to the Capital was followed closely by Governor Eugene Meyer Jr.,
of the Federal Reserve Board, accompanied by Floyd Harrison, special
assistant to the governor; E. A. Goidenwelser, technical adviser to the
board, and E. L. Smead, chief of the board's division of bank operations.
Before the White House conference George L. Harrison, governor of the
New York Reserve Ballk,was closeted with Senator Glass for nrarly an hour.
According to a Washington dispatch to the New York
'Times," a group of building and loan association directors
called at the White House on Nov. 3, headed by William E.
Best of Pittsburgh, President of the United States Building
and Loan League. The group submitted a plan to the
President, which, it was understood, proposed the use of
the building and loan societies throughout the country,
aided by the Federal Land Banks, as the system through
which to ease home credits. This they cited as prefereable
to some new system such as a gigantic central pool or bank
to rediscount real estate mortgages, says the "Times" dispatch, which went on to say:
President Hoover has been working for some time on proposals designed
to thaw out frozen real estate assets and to make mortgage; more attractive securities for banks.
Some months ago he started the White House Home Building Conference, with a major purpose to search for ways and means to make it easier
for prospective home builders to attain their goal. Methods to bring
about a revival in this field took a place in the President's consideration
second only to his project of stimulating bank credits which resulted in
the formation of the $500,000,000 national credit corporation.
Counter-Plan to Central Pool.
The proposal for a central rediscount mortgage pool was made to Mr.
Hoover about three weeks ago by the president of the National Association
of Rcal Estate Boards. That proposal called for a Federal rediscount
bank of $2,000,000.000 capital, where real estate mortgages and bonds,
which are now not acceptable to the Federal Reserve Banks, could be
rediscounted. Opposition to the proposal was registered immediately by
the building and loan associations.
With Mr. Best in laying the counter-proposal before the President were
I. Friedlander of Houston, Texas; L. P. McCullough of Columbus, Ohio;
C. A. Sterling of Topeka, Kan.; Charles O'Connor Ilennessy of New York;
H. F. Cellarius of Cincinnati and H. Martin Bodfish of Chicago.
These said that the real estate security situation could be amply handled
if the building and loan associations could be supplied with a rediscount
3196
FINANCIAL CHRONICLE
agency to handle some of the $9,000,000 which they now have invested
in homes. Mr. Best said the group favored allowing debotrs ample time
when in difficulty.
Because of encouraging reports relative to the operation of the National
Credit Corporation, Senator Vandenberg, Republican, of Michigan, proposed during the day that this mechanism be taken into the permanent
banking system of the country.
Kentucky Sales Tax Suit Dismissed—Kroger Co. Denied
Writ to Prevent Collection by State—Jurisdiction
Lack Cited.
In a joint decision handed down Nov. 6 by three Federal
Judges at Louisville, KY., the suit of the Kroger Grocery
& Baking Co., chain store corporation, seeking an interlocutory injunction to restrain the State of Kentucky from
collecting taxes under the retail merchants' gross sales
Tax Act, was dismissed. The Louisville "Courrier-Journal,"
in reporting the matter further stated:
The Judges joining in the decision were Judge Charles H. Moorman of
the Circuit Court at Cincinnati; Judge Charles I. Dawson of the Western
District of Kentucky, and Judge A. M. J. Cochran of the Eastern District.
The tax act, at which the suit was directed, was enacted by the 1930 General
Assembly.
The decision, released by Judge Dawson, sustained a motion of State
attorneys to dismiss the case for want of equitable jurisdiction. The
hearing was held several months ago at Frankfort. The decision affects
several other similar suits filed by other corporations.
The act provides the plaintiffs adequate remedy and recourse in the
event of illegal tax collections and repudiated jurisdiction for granting
the injunction, the decision held.
The Kroger Company filed suit in the Eastern District Court in January. Other suits affected by the ruling are those filed by the Stewart
Dry Goods Co. and Levy Bros., Louisville, and the J. C. Penney Co.,
operating a chain of department stores. The several suits were merged
in the interlocutory injunction action heard at Frankfort.
The joint decision referred to Section 10 of the Act, which allows companies paying the tax under protest two years in which to sue for recovery
and provides that in the event of decision that the tax was collected unlawfully, the State Auditor of Public Accounts must issue warrants against
the State covering the amount of the tax paid phis interest. The section
further allows blanket suits covering any number of tax payments.
Attorneys for the State contended the section provides the plaintiffs
"adequate remedy at law for any injury sustained" and denied the right
of the Federal Court to "grant the relief sought."
Plaintiff attorneys countered with the argument that in the event the
Auditor fails to issue such warrants the company's only recourse is through
mandamus action in the State courts, which might result in unreasonable
delay in recovery. The Judges held, however, that special provision of
the act provides preference for such warrants and insures against unreasonable delay.
Revenue Pool Idea Accepted by Railroads—Executives
Approve General Principle Laid Down by InterState Commerce Commission.
The general principles of the railroad plan for pooling
revenue resulting from moderate freight rate increases
suggested by the I.-S. C. Commission were approved yesterday (Nov. 13) at a conference of the Association of Railway Executives held at the Hotel Biltmore, N. Y. City.
The plan was formulated by the Association's advisory committee at a closed session. In reporting the matter the New
York "Sun" stated:
It was announced after the meeting that the plan was to be turned
back to the advisory committee to be redrafted for filing with the I.-S. C.
Commission in Washington within a few days.
According to the recommendations of the advisory committee, the funds
accruing from the proposed increases would be administered nationally in
the form of loans and not gifts to roads needing funds.
Adminstration of the fund would be in the hands of a corporation to be
organized for the purpose in which one director would be elected by the
roads in each of the three regions of the country, one by the short lines,
and one director at large who would head the corporation.
In the meeting of the Association it was the consensus that the Wan
to be submitted to the Commission should vary as little as possible from
the Commission's own suggestions.
One change was made with regard to the increase on coal rates, which
the Commission based on the carload unit, while the carriers feel that it
should be based on 100 pounds, because some cars are of 41-ton capacity
and others of 70 tons.
The resolution to refer back the recommendations to the advisory committee was adopted unanimously by the Association, which represents
carriers of the entire country. One road reserved the right to pass judgment on individual details in approving or disapproving the plan as later
submitted to the Commission.
Hearings to Reopen on Proposal to Unify Railroads
of Nation—Resumption of Hearing Set for Jan. 6
by Inter-State Commerce Commission on Plea of
Four Large Eastern Lines,
The Inter-State Commerce Commission on Nov. 9,
reopened for further hearing proceedings involving the unification of the nation's railroads into 21 independent systems
and assigned Jan. 6 1932 as the date for the initial hearing
on the reopened case. The action of the Commission follows
receipt of a petition from the Pennsylvania, Baltimore &
& Ohio, New York Central and Chesapeake & Ohio railroads
to amend the Commission's consolidation plan of Dec. 9
1929 (see plan in "Chronicle" Dec. 28 1929, pages 40254037), to provide for four systems in Eastern Trunk Line
territory in lieu of the five systems contemplated by the Com-
133.
mission. (For proposed four-party plan see "Chronicle"
Oct. 17 1931, pages 2497-2500.)
While the reopening of the case is permitted by the Commission largely to consider the so-called "four-party"
plan advocated by the Eastern railroads after a series
of conferences, it was announced that any other proposed modification of its plan for rail unification also
would be considered during the progress of hearings on
Commissioner Claude L.
the reopened proceedings.
Porter, who championed the four-system arrangement for
the East when the matter was before the Commission in
1929, has been assigned to preside over the hearings, with
the assistance of Examiner Koch of his office. It was in
opposition to the arguments of Commissioner Porter that
the Commission's majority-in its decision in December, 1929,
recommended a fifth Eastern system, the Wabash-Seaboard.
Elimination of this system and its division among the four
other systems has been proposed by the Eastern executives.
The Commission's order reopening the consolidation case
follows:
No. 12964 Consolidation of Railroads.
In the Matter of Consolidation of the Railway Properties of the United
States Into a Limited Number of Systems.
Upon consideration of application of the Baltimore & Ohio Railroad Co.,
the Chesapeake & Ohio Railway Co., the New York Central Railroad Co.,
and the Pennsylania Railroad Co. to reopen the subject and to change
and modify, in certain respects, the plan adopted and published in this
proceeding under date of Dec. 9 1929, for consolidation of the railway
properties of the continental United States into a limited number of systems:
Ills ordered, That this proceeding be, and it Is hereby reopened for further hearing for the purpose of affording applicants and any others interested
an opportunity to be heard for or against said application, or upon matters
properly connected therewith, with the view of determining if and to what
extent the aforesaid plan of this Commission for the consolidation of the
railway properties of the continental United States into a limited number
of systems should be modified, and of making such order or orders or supplemental orderer orders,in the premises as may be deemed by the Commission to be necessary.
It is further ordered, That notice of the reopening of this proceeding
as aforesaid be sent, by registered mail, to the Governor of each State,
and that notice thereof be given to the public by depositing a copy of this
order in the office of the secretary of the Commission at Washington, D. C.
Ills further ordered, That this proceeding be, and it is hereby, assigned
for further hearing as aforesaid before Commissioner Porter and Examiner
Koch at the offices of the Commission in Washington, D. C., on Jan. 6
1932, at 10 o'clock a. m.,standard time.
Railroad Presidents to Confer with Labor Leaders
Regarding Reductions in Wages.
Responding to an invitation by the leaders of organized
railway labor, the presidents of the country's leading railroads appointed yesterday a committee, representing all
regions, which plans soon to confer with the labor executives
"on subjects of mutual interest."
One of these subjects is understood to be a reduction in
labor costs of possibly 10%, not necessarily by horizontal
reductions of wages by this amount, but in great part by
modification of working rules.
The committee formed will confer with the heads of the
"Big Four" brotherhoods. It is headed by Daniel Willard,
President of the Baltimore & Ohio Railroad. Mr. Willard
will also head the section of the committee representative of
the Eastern roads. The full committee membership is as
follows:
East.
Daniel Willard, Baltimore & Ohio Railroad.
Charles Denney, Erie Railroad.
J. J. Pelley, New York, New Haven & Hartford.
South.
C. A. Wickersham, Atlanta & West Point Railroad, an
affiliated company of the Atlantic Coast Line Railroad.
H. D. Pollard, Central of Georgia.
A. C. Needles, Norfolk & Western.
West.
L. W. Baldwin, Missouri Pacific.
L. A. Downs, Illinois Central.
James Gorman, Chicago, Rock Island & Pacific.
Mr. Willard issued a statement announcing formally the
appointment of the committee. It said:
"Following the adjournment of the meeting of the railway
executives, there was an informal meeting of railway Presidents, at which a small committee was appointed for the
Eastern, Western and Southern districts to confer with Mr.
Robertson and his associates at a meeting to be arranged in
the future."
Mr. Robertson is head of the Brotherhood of Locomotive
Firemen and Enginemen. His associates in the conference
will be A. Johnston of the Brotherhood of Locomotive
Engineers, A. F. Whitney of the Brotherhood of Railway
Nov. 14 1931.]
FINANCIAL CHRONICLE
Trainmen and S. N. Berry of the Order of Railway Conductors.
These labor leaders, says the New York "Times," dined
informally Thursday night with Mr. Willard, P. E. Crowley,
President of the New York Central; W. W. Atterbury, President of the Pennsylvania, and J. J. Bernet, President of the
Chesapeake & Ohio. None of the labor executives was
present at the meetings here yesterday. Thursday's meeting with the labor leaders was independent of the Association
of Railway Executives and of the regional organizations
through which labor matters are usually cleared.
Southern Ry. Employs 773 Additional Workers
in South.
Under date of Nov. 10 Associated Press dispatches from
Atlanta stated:
The Southern Ry. has announced industrial developments in its territory with expenditures of $282,000 furnishing employment to 773 additional men. States listed were North Carolina $32,000, and KentuckY
$10,000.
Shop Crafts on Chesapeake & Ohio Ry. on Five-Day
Week to Aid Employment.
Associated Press dispatches from Richmond, Va., Nov.
10, stated:
Six shop crafts of the Chesapeake & Ohio Ry. will go on a five-day
week on Dec. 1 to aid employment. The arrangement is temporary and
was taken on a vote of the shop crafts themselves. The shop crafts affected are the machinists, boilermakers, sheet metal workers, blacksmiths,
carmen and electricians.
One Thousand Workers on Missouri Pacific Ry. in
Little Rock, Ark., Reported Laid Off.
3197
Annual Mid-Winter Trust Conference of the American
Bankers' Association.
In addition to the program of speakers, the conference
will hold two special luncheon meetings and will end with
a banquet.
Walter W. Head Elected President, Morris Plan
Corporation of America.
nationally known Chicago and Omaha
Head,
Walter W.
banker and former President of the American Bankers'
Association, has been elected President of the Morris Plan
Corp. of America, it was announced on Nov. 9 by Arthur J.
Morris, Chairman of the Board and founder of the Morris
Plan of Industrial Banking. The Morris Plan Corp. of
America is the sole owner of the franchise rights for the
development of the Morris Plan of Industrial Banking. The
Morris Plan began 21 years ago and is now in operation in
142 cities of the United States. It is announced that these
Morris Plan Banks, all local institutions, have loaned to
date more than $1,750,000,000 to approximately seven million
people and are now doing an annual volume of business
approximating $200,000,000, with resources of approximately
$200,000,000. Austin L. Babcock continues as Executive
Vice-President of the Morris Plan Corp. of America, it was
announced. Mr. Head Is Chairman of the Board of the
Nebraska Power Co.; a director and member of the Finance
Committee of the Chicago and Northwestern Railway Co.;
director of the C. St. P., M. & 0. Railway Co.; Chairman of
the Board of the American Union Life Insurance Co.; a
director of United States Fidelity & Guarantee Co. of Baltimore; former President of the Omaha National Bank and
the Foreman State National Bank of Chicago.
In advices from Little Rock, Ark., the "Wall Street
Journal" of Nov. 4 stated that 1,000 employees of Missouri
Pacific Ry. in its North Little Rock shops were laid off
for an indefinite period, effective Nov. 1. Only a few men
1932 Convention of American Bankers Association
still are at work in the roundhouse, it was added.
Slated for Oct. 3-6 at Los Angeles.
The dates for the 1932 convention of the American Bankers
Reduced Emergency Feed and Livestock Rate on Association, which will be held in Los Angeles, have been
Union Pacific and Rio Grande Western Railroads.
set at Oct. 3-6,it is announced by F. N.Shepherd, Executive
Manager of the organization. The opening day, Monday,
Oct. 3, will be taken up by Committee, Commission and
Divisional meetings- The first general session will be
held the morning of Tuesday, Oct. 4, with Divisional meetings in the afternoon. General sessions will also be held
the mornings of Wednesday, Oct. 5, and Thursday, Oct. 6,
while the afternoons of these days will be taken up with
divisional or other subordinate units.
The 1932 meeting of the association in Los Angeles will
be
the fourth to be held in that city, it having previously
Third New Jersey Trust Conference to Be Held at
met there in 1910, 1921 and 1926.
Advices to the "Wall Street Journal" of Nov. 4 stated:
Both Union Pacific and Denver & Rio Grande Western railroads have
reduced freight rates one-third on feeds and one-half on hay, to areas
affected by the drouth. Officials say that rates on livestock shipped from
drouth areas to points where feed is available are to remain as before, but
will be only one-fourth the regular rate on return shipments. On emergency
livestock shipments, freight charges may be deferred until the stock Is
marketed, provided the shipper posts a bond to this effect.
Similar action, it is reported, is shortly to be taken by the Missouri
Pacific in Kansas and Colorado to Utah points on the D. & R. G. W.
These emergency rates are to expire March 31 1932.
Camden, Nov. 19-20.
The Third New Jersey Trust Conference will meet at CamBusiness Week" Has a New Editor—Marc A. Rose
den on Nov. 19 and 20. Robert W. Harden, President of the "The
the Choice.
New Jersey Bankers' Association, in making known the
recommendation of J. E. Mason, Publishing
the
On
program on Nov. 9, indicated that the speakers will include
with the approval of H. C. Parmelee, ViceDr. Charles E. Clark, Dean of the Yale Law School; Dr. Director, and
Editorial Director, Mare A. Rose has been
and
President
Charles W. Gerstenberg, tax authority; Harry F. Pelham,
Editor of "The Business Week," published by the
appointed
Trust Officer, National Bank of New Jersey, New BrunsMcGraw-Hill Publishing Co., Inc., effective Nov. 2 1931.
wick; Charles F. Ellery, Assistant Trust Officer and AssistMr. Rose has been Managing Editor of "The Business
ant Secretary-Treasurer, Fidelity-Union Trust Co., Newark;
Week" from its inception. In that capacity, he has been
Earl S. Johnson, Vice-President, Savings Investment and
largely responsible for organizing the editorial staff and
Trust Co., East Orange; F. Herbert Fulton, President, Cam- directing their activities through the difficult formative
den County Bankers' Association, and Robert W. Harden, period of the paper. At all times, his skill and ability
President, New Jersey Bankers' Association.
as a journalist have been important factors in building for
In addition, the Conference will hear M. Albert Linton, "The Business Week" the prestige which it now enjoys,
President of the Provident Mutual Life Insurance Co. of and in which every member of the organization may take
Philadelphia, Edward J. Reilly, of Moody's Investors' Serv- pride.
ice, New York; Francis A. Zara, Assistant Vice-President
City Bank-Farmers' Trust Co., New York; E. Elwood Mc- Annual Convention of Investment Bankers' Association of America—Money and Credit Committee
Cleish of New York,former editor and publisher, and Harry
Broadening of Discounting Provisions of
Pears
Collins Spillman, globe-trotting lecturer.
Reserve Act—Federal Taxation Committee
Federal
The 13 speakers will range the entire field of modern
Moderate Increase in Taxes Necessary in
Believes
methods for acquiring and handling trust business. ParPresent Emergency—John M. Miller, Jr., on Naticular emphasis will be laid on taxation, problems in the
tional Credit Pool—Other Speeches—Resolution
real estate and mortgage fields, life insurance, investments,
Adopted Approving Creation of Credit Pool—A. M.
the technical duties of trust administrations and the relation
Pope Elected President.
of the press to trust business.
At the concluding session on Nov. 11 of the annual conAccording to Leslie G. McDouall, Associate Trust Officer,
vention of the Investment Bankers' Association of America,
Fidelity-Union Trust Co., who heads the Committee on Trust
held at White Sulphur Springs, W. Va., a resolution comMatters of the New Jersey Bankers' Association, the pro- mending the establishment of the National Credit Corporagram will bring those attending the conference a class of tion as a credit relief agency was offered by Trowbridge
speakers ranking with those Invited annually to address the Callaway of Calloway, Fish & Co. of New York, a former
3198
FINANCIAL CHRONICLE
1.38.
President of the Association, was approved by the:convention. As adopted, the resolution reads:
bers of the House and Senate,it was indicated here. to-day in official circics.
The Money and Credit Conunittee, in a report to the Association,said the
rediscount base might be broadened as an emergency measure to include
Whereas, our people, in the recent past, have been deeply and increas- collateral loans, but stressed the necessity for safeguards.
ingly disturbed by the commercial cris.s through which American business
Fear was expressed that Congress would throw open the doors of the Fedand banking have been passing; and
cral Reserve System to real estate and railroad collateral bonds.
Whereas, the President of the United States, ably aided and advised
There is no doubt in official circles here that members of Congress elected
by the banking leadership of the Nation, has brought forward a measure from districts
which have experienced bank failures and the inevitable busiof constructive and remedial assistance in the creation of the National ness dislocation
which follows will be sufficiently urged before their return
Credit Corporation, to aid in the solution of this crisis; and
to Congress to support legislation which will assist in thawing out the frozen
Whereas, the able and prompt organization of this credit agency has assets, the direct cause of most of the receiverships.
brought not only hope but the organizing of tangible and practical aid to
Also, it was pointed out, the Administration favors modification of the
our domestic economy, which bids fair to measurably and promptly correct Federal Reserve
Act, and it is predicted that the President will dwell at
a difficult credit situation; therefore
some length on this subject in his message to Congress.
Be it resomed, That the Investment Bankers Association of America,
The report of the Committee on Federal Taxation, under
n convention assembled, respectfully offer their commendation to the
President and his able banking advisers for their courage, energy and the Chairmanship of William H. Eddy, of the Chase Harris
relief
this
resourcefulness in organizing and making promptly effective
agency, and furthermore express their confidence in the scope and prompt Forbes Corp., stated that "the committee feels that in addibenefit of the National Credit Corporation and the far-reaching power of tion to a curtailment of government expenses a moderate
its design.
increase in taxes will be necessary until the present emer-
On the previous day (Nov. 10), John M. Miller, Jr., a gency is passed." In its account from White Sulphur
director of the National Credit Corporation in the Richmond Springs, the "Times" said:
Federal Reserve District, stated that the corporation has
The committee recommended that a prompt start be made in collecting
received pledges of support from bankers throughout the any excise taxes which might be levied, thus avoiding retroactive taxation
of incomes as well as continued borrowings to cover budget requirements.
country to the amount of 00,000,000, and it is likely that It was suggested
that a limit for the duration of these emergency levies be
the figure may eventually reach more than $600,000,000. fixed at the time of their enactment, subject to further temporary conA dispatch from White Sulphur Springs to the New York tinuance if necessary.
On the basis of a probable deficit in the Federal Treasury of about
"Times" said:
$2,000,000,000 for the current fiscal year, it was pointed out that the
Departing from his prepared address to the convention on the plans
of operation of the Corporation, he explained that the Corporation would
not become a catch-all for real estate securities, but that such securities,
like all others, would have to be sound and collectible to be accepted as
collateral for loans. Although the various local groups of the Corporation
may charge a minimum of 6% on loans granted, he said that in all likelihood the rate would be 7 or 8% or even 9% in some areas, depending on
local conditions.
Revolving Fund Is Forecast.
"For the purpose of making emergency loans immediately available
when finally approved by the loan committees," he said. "a revolving
fund will probably be placed in control of the director of each district.
No provision is made for advances to closed banks nor to depositors of
such banks upon assignments of proved claims. This relief must come
from some other source. . . .
"It is believed thee the necessity for the operation of this Corporation
will cease When conditions become normal," said Mr. Miller. "Therefore, the National Credit Cororation, through a majority of the whole of
its board of directors, is empowered to discontinue making new loans at
the expiration of any year by due notice to the associations and member
banks."
Bond Work Will Continue.
He went on:
"The liquidation of bonds, however, will continue in an orderly way for
some little time after the discontinuance of making new loans. The local
committees will determine as nearly as practicable when final payment
of a loan can be reasonably expected.
"If, however, one or more banks in Virginia, for example, should become insolvent and unable to meet their obligations, any losses occasioned
by the insolvency and inability of such banks to meet their obligations
would fail upon the National Credit Corporation, and such losses would
first come out of the income of the Corporation before the principal of the
notes would be affected.
"The income to the National Credit Corporation, assuming that $500,000,000 of loans are made, would be at the rate of not less than $30,000,000
per annum. From this, small expenses must be deducted. The net
income to the National Credit Corporation should be sufficient to cover
expenses and probable losses, with a goodly amount left for the payment
of interest on its notes."
On the same day (Nov. 10) the report of the Association's
special committee on Money and Credit, headed by Henry
R. Hayes of Stone & Webster and Blodget, Inc., had this
to say of its study on the Federal Reserve Act and the question of widening the scope of rediscounting by the Federal
Reserve System:
"In reviewing this section of the study, your committee feels that no
clear-cut case exists either in favor of admitting security collateral loans
for rediscount or of barring them, as at present. In part, the difficulty in
the analysis arises from changes which have taken place in American
banking: in part it arises from the fact that there exists no thorough understanding of the relationship between commercial banking and investment
banking, at least under American conditions.
"Therefore, your committee believes that a clear-cut case must first be
developed in favor of admitting security collateral loans for rediscount
before serious consideration should be given to this subject of a change in
the kind of paper eligible for rediscount.
Question of Safety Is Raised.
"Rediscounting of security collateral loans in emergency rather than
under ordinary conditions may be urged, but faces the question of safety
from the point of view of the Federal Reserve banks. Again, there is a
possibility that regular access to the Reserve banks by means of security
collateral loans might cause member banks to relax their efforts to maintain assets in liquid form.
"Emergency rediscounting, if provided at all, therefore, should perhaps necessitate additional safeguards such as a higher rediscount rate
and special permission of the Federal Reserve Board, as well as supervision over the use to which proceeds are put. Whether conditions surrounding so many bank failures last year and this year may make it desirable to consider the eligibility of security collateral loans for rediscount under
certain emergency conditions is a subject on which your committee is not
prepared to-day to express an opinion."
The report characterized the present compilations of brokers' loans by
the Federal Reserve Bank and the New York Stock Exchange as incomplete.
As bearing on the committee's report, we quote the following from Washington Nov. 11 to New York "Evening Post":
Opposition of the Investment Bankers Association, meeting at White
Sulphur Springs, to liberalization of the Federal Reserve Act will have little
effect upon the Treasury's recommendations to Congress or upon the mem-
situation which confronts the Treasury is much too serious to justify a
continuation of borrowings to pay current expenses. Thus, it was said,
it is generally appreciated that conditions necessitate an early readjustment of the tax program, regardless of political considerations.
Retroactive Taxes Are Opposed.
"Owing to the proximity of a Presidential election," the report stated.
"it is probable that both political parties will do their best to avoid sponsorship of any increases in the income tax. This is perhaps fortunate in
that it may prevent the imposition of retroactive taxation to apply to 1931
incomes, for as a matter ofsimple justice retroactive taxation should always
be avoided whenever possible. It is to be expected, therefore, that the
greatest emphasis will be put on luxury,stamp, gift and special sales taxes."
The Investment Bankers Association, which had gone on record as
favoring the elimination of the tax on capital gains and losses, modified
its stand to-day by recommending that such elimination become effective
only after the end of the present fiscal year. Thus, it was explained.
the taxpayers would not be deprived of the benefits from tax losses taken
this year in an effort to offset in part the heavy taxes paid on capital gains
in other years.
That the stronger nations of the world will have to go
the limit in aiding the weaker ones through the maintenance
of international credits if the development of world trade is
to be fostered as the primary move in overcoming world
depression, was the conclusion reached by the Committee
on Foreign Securities of the Investment Bankers Association, in its report at the convention on Nov. 8. The reference in the "Times" to the report added:
Defaulting Nations must necessarily have outside aid, the report asserted.
but these Nations must of themselves make every effort to put their houses
in order as far as possible by cutting expenditures, stimulating exports and
by mobilizing currency and securities belonging to their nationals.
In no case. it was said, has there been any expression of intention to
repudiate foreign obligations in any country recently in default.
American investors were not warranted in sacrificing foreign securities
because of the fall in market values, the report said. In the recent demoralized condition of the foreign bond market, it stated, prices were not indicative of basic values.
Immediate action by the properly constituted authorities
designed to maintain the credit structure of the Nation's
railroads during the present crisis was recommended by the
Railroad Securities Committee of the Association, says the
New York "Journal of Commerce," which also said:
Favor Wages Cut.
As emergency measures designed to carry the roads through the present
economic crisis, the committee and the convention went on record as favoring an increase in freight rates, a reduction in wages commensurate with
the decline in the cost of living, and the establishment of a national fund
to assist the railroads in financing maturing obligations and certain other
requirements, pending restoration of earning power sufficient to permit
public financing.
The report, coupled with an address by John J. Cornwell, General Counsel of the Baltimore & Ohio RR., and the report of the Real Estate Securities Commission,furnished the features of the first day of the convention.
George C. Clark, of Clark Dodge & Co., headed the Railroad Securities Committee.
In the perennial strength of the bond issues of Federal
and local governments, Henry T. Ferris, President of the
Investment Bankers' Association,found the "fullest measure
of the basic strength of this country and its business structure." Associated Press accounts of his annual address said:
Mr. Ferris, addressing the Association's convention, said "the vision
of the New Era has sunk into complete eclipse." But, making all allowances for the strained economic condition, he asserted, "we must conclude
that ignorance and blind fear, leading almost to panic, have caused the
wholesale sacrifice of many securities at prices which to-day seem wholly
unjustified by actual events."
Mr. Ferris attacked the lenient credit policy followed in the years of
exceptional prosperity, adding that investment and other bankers by
watching closely the real merits of securities, may prevent further periods
of deflation. But of favorable aspects to-day, he said:
"Those securities which represent in fullest measure the strength of this
country and les business structure continue to hold the confidence of investors.
Nov. 14 1931.]
FINANCIAL CHRONICLE
3199
"Should we not frequently remind ourselves that the bonds of the United
States of America are so highly regarded that during the recent summer
investors bought them on a 3% basis and only the recent tightening of
money rates has raised that yield to a 3.65 basis at the present time?
"Nor should we forget that the bonds of our several States, with but
a few exceptions, have sold during these months at their highest prices
of the last 25 years, and that our large cities, which have conducted their
financial,affairs on a sound basis, enjoy to-day the highest credit and their
obligations have been eagerly bought at satisfactory prices."
to the 20th floor. It is to be ready for occupancy May 1
next.
The site has boundary dimensions of 87 feet 1 3 inches on
Broad Street, 149 feet 8% inches in Exchange Place, 88
feet 4% inches on New Street, and 143 feet 9 11-16 inches
along the southern lot line. The height of the building from
the Broad Street sidewalk will be 564 feet making it one of
Allan M. Pope, of New York, was elected President of the outstanding skyscrapers south of Wall Street. The
the Association at the conclusion of the convention on Nov. architect's statement says:
11. A. H. Little of Chicago was elected Executive ViceOf the 48 stories 43 will be available for rental, namely from the 5th to
President. Vice-presidents elected were: J. H. Daggett, of the 47th floors. The facades will be built of limestone and brick and the
style of architecture will be contemporary with Colonial details In the quarMilwaukee; C. D. Dickey of Philadelphia; W. H. Eddy, of ters to be occupied by the bank. The facades will have the limestone
New York; 1/ Schmitz of Seattle, and C. T. Williams of mitfaces texturally treated with simple ornamentation.
There will be two entrances to the 15-passenger elevators on the ground
Baltimore. W. T. Bacon was elected Treasurer and C. L.
floor irom the street sides, and a freight elevator will also be installed for
Felske, Secretary. Both are from Chicago.
the service of the tenants. Along the street frontages and Exchange Place
A complete report of the convention will appear in our provision will be made for RiX to nine stores depending upon the area desired.
There will be no inner court, only the fire court as required by law. As
Issue of Saturday next.
the bank owns the adjoining property to the south the tenants will be asITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements have been made for the sale of a New
York Stock Exchange membership at $180,000. Last preceding sale, $175,000.
Four New York Cotton Exchange memberships were sold
this week as follows: that held by the estate of James R.
Williston to Simon J. Shlenker, for another, for $19,000,
up $4,000 from the last preceding sale; the second membership of William P. Stewart to Timothy J. Brosnahan, for
another, for $20,000; that of Benjamin G. Lathrop at auction to Kenneth Judson for $18,700, and that of James M.
Hicks to Robert M. Harris for $19,500.
sured of light and air on all four sides.
The Continental Bank & Trust Co., now located at 25 Broad St., will
occupy 43,500 square feet in the building divided a follows: 9,800 square
feet on the second floor, 5,500 square feet on the second floor mezzanine,
9,100 square feet on the fourth floor, 10.400 square feet in basement A,
and 8.700 square feet in basement B. A third basement will be occupied
by mechanical equipment.
The building will not have its own heating and electric plants but will
secure those services from the public utility companies.
An innovation will be provided for the brokers, occupying space In the
building, in that pneumatic tubes will be connected from the fifth to the
22nd floors with cages for ther respective runners in the first basement.
Special elevators are being installed for brokers' security box deliveries in
the morning and evenings.
An underfloor duct system will run approximately six feet Inside the
perimeter of the building and this system has been increased by putting
In loops of ducts to tie in the main line, originally provided, so that there
shall be an increase of coverage to 50% of the floor area of any given floor.
Another unusual feature will be found in the hardware for the doors
throughout the structure: the locking device and knob will be in one unit.
the keyhole being in the center of the knob.
Arrangements were reported made this week for the sale
of two New York Coffee and Sugar Exchange memberships,
On Nov. 2 Superintendent of Banks Joseph A. Broderick
the first to Arthur E. Orvis for $5,500, the same price as
that he had taken possession of the property and
announced
the last preceding sale and the second by the trustee for
business of the Federation Safe Deposit Co., pursuant to
Theodore F. Roman to Albert J. Dannemille for $6,000.
the provisions of Section 57 of the Banking Law. This safe
A New York Cocoa Exchange membership was reported deposit company has been operated in conjunction with
sold this week, being the membership of E. Fossat to Eugene the business of the Federation Bank & Trust Co. and will be
liquidated concurrently with the liquidation of that trust
A. Callas° for $1,800. Last preceding sale, $1,450.
company. The closing of the latter was indicated in our
The New York Rubber Exchange membership of Timothy issue of Oct. 31, page 2865, and Nov. 7, page 3037.
P. Brosnan was reported sold this week to Thomson &
McKinnon for $1,500, up $100 from the last preceding sale.
Tentative plans for the new building of the First National
Bank of this city, which is to replace the one heretofore
Arrangements were reported made this week for the sale occupied by the bank at the northeast corner of Broadway
of two National Metal Exchange memberships, one at $800 and Wall Street, were announced on Nov. 10. The new
an increase of $150 over the last preceding sale, and the building will be twenty stories high. Walker & Gillette,
other for $1,000.
architects, have been commissioned to prepare the plans,
and the general construction work will be done by Marc
Arrangements were completed today for the sale of a Eidlitz & Son, Inc., builders, said the New York "Times,"
membership on The Chicago Stock Exchange at $10,000, which also stated:
up $900 from the previous price. Range of prices for 1931
Although the announcement of the plans contained no estimate as to
to date was $7,000 low, made on Oct. 2, and $24,000 high, the cost of the new building or details of construction, it was learned the
bank would probably occupy the first floor.
made on March 10. The high and low prices during 1930
Demolition of the present home of the First National, an old ten-story
was $45,000 and $12,000, and the high price since the seat brownstone building known as 2 Wall Street. is in progress, and it is exThe bank
dividend was declared, in 1929, was $50,000, made late pected that work on the new building will start about Jan. 1.construction
plans to take over its new quarters in the Spring of 1933. If
that year.
work does not meet with any abnormal interruption, yesterday's announceIt is reported that a sale was made to-day for $9,900.
ment said.
As indicated in our issue of Oct. 17, page 2555, the bank
Floyd Gilbert Blair was elected a Vice-President of the moved to the building of the National City Bank at 52
National City Bank of New York at the regular meeting Wall Street, after the old building of the First National
of the directors in New York on Nov. 10. In his new work, had been declared unsafe.
Mr. Blair will function in connection with the office of the
Chairman, Charles E. Mitchell, where he will act as a special
Because of a plan for the reorganization of the Federation
assistant and liaison officer. A lawyer by profession, Mr. Bank & Trust Co. of this city is being worked out, Supreme
Bl:ir practiced in Boston and New York and after devoting Court Justice Edward J. Glennon on Nov. 10 delayed apsome time to the sugar industry in Cuba, went to Washing- proval of the contract under which the bank would be
ton to serve as legal advisor to the World War Foreign liquidated by the Manufacturers Trust Co. The New York
Debt Commission and to the Secretary of the Treasury "Journal of Commerce," in reporting this Nov. 11, added:
on foreign financial matters. He became identified with the
Under this plan. depositors in the Federation would receive inunedlate
National City Bank of New York in 1927 and two years credits on the books of Manufacturers up to some percentage of their
Federation deposits. Manufacturers in turn receiving credits on the
later went with the National City Co. Because of his ac- books
of a series of banks and banking firms which subscribed to a pool
tivities in connection with foreign debt problems, Mr. Blair formed for this purpose.
The delay in approving the contract was requested by Daniel F. Cohawas decorated by three foreign governments. He is a Knight
Ian, counsel for the closed bank. The depositors and creditors had up
Order
of the White Lion, class IV, Czechoslovakia to yesterday morning to show cause why the deal should not be approved,
of the
Cavaliere of Sts. Mauritius and Lazarus of Italy and
Nov. 27 was secured.
Knight but a postponement until
Commander of the Order of Leopold II of Belgium.
The closing of the bank was referred to in these columns
Oct. 31, page 2865, and Nov. 7, page 3038.
Details of the architectural and mechanical features of the
new 48 story Continental Bank Building at 30 Broad Street
Herbert Ten Broeck Jacquelin, a partner in the stock
were announced, on Nov. 12, by Morris & O'Connor, brokerage firm of Jacquelin & De Coppet, 43 Broad Street,
designers of the edifice, the steel for which has been erected died at his home in Barnstable, Mass., of a heart attack
3200
FINANCIAL CHRONICLE
on Nov. 11. Mr. Jacquelin, who was a former member of
the New York Stock Exchange, was 60 years old. Mr.
Jacquelin began his career in the firm of Jacquelin & De
Coppet, which had been founded by his father, John Henry
Jacquelin, many years before. He remained with the firm
throughout his active career in Wall Street, and was a
partner at his death, although having retired from active
service several years ago. In 1924 he relinquished his seat
on the Stock Exchange after being a member for about forty
years. He had been a member of the Board of Governors
of the Exchange for several terms.
A merger of the First National Bank of Great Neck, at
Great Neck, N. Y., into the Great Neck Trust Co., under
the name of the latter, was approved at meetings of the
stockholders of the respective institutions on Oct. 31. The
merger has already become effective. The State Banking
Department at Albany announces approval of plans to increase the number of shares of stock of the Great Neck
Trust Co. from 10,000 to 15,000, thereby enlarging the
capital stock from $200,000 to $225,000, and of reduction
of par value of shares from $20 to $15 each. Officers of the
Great Neck Trust Co. are Frederick C. Gilsey, President
David C. Will, Robert J. Keisling, James K. Ryan and
John G. Williams, Vice-Presidents; Frederick J. Rowe,
Treasurer, and Charles Mangan, Secretary.
A proposal to increase the capital of the State Bank of Sea
Cliff, Sea Cliff, N. Y., from $50,000 to $100,000 was approved by the New York State Banking Department on
Oct. 26. The plan to increase the capital was approved by
the stockholders at a special meeting held on Oct. 15. The
par value of the stock is $100 a share and the new shares
are to be placed at $150 a share. Payment for the new
stock will be made 50% on Dec. 1 1931 and 50% Jan.8 1932.
The Boston "Transcript" of Nov. 10 stated that new
interests had become associated with the Boston-Continental
National Bank of Boston through the reorganization of its
directorate. The number of directors has been reduced
from 16 to 11. Six new members have been elected and
five former directors re-elected. The new directors were
named as follows:
Olives. Ames,a Vice-President of the bank; Forrester A. Clark, of El. C.
Wainwright & Co.; Hon. Jesse W. Morton, attorney-at-law; Thomas C.
O'Brien, attorney-at-law; William A. Russell of Obrion, Russell & Co.,
and David Stoneman, attorney-at-law.
Former members of the Board re-elected were given as:
W. F. Bartholomew of Clark, Childs & Co.; Thomas E. Greaney of
the Standard Neckwear Co.; Charles I. Hamer, contractor; Terrell M.
Ragan. President of the bank, and Fred W. Strobel, Cashier of the bank.
The South Norwalk Trust Co., South Norwalk, Conn., has
acquired by purchase the People's Trust Co. of South Norwalk, the consolidated bank opening for business on Nov. 2.
As of that date, the enlarged South Norwalk Trust Co.
showed capital of $400,000, surplus and undivided profits
of $671,248, deposits of $7,739,476, and total resources of
$8,911,295. The officers of the institutions are as follows:
Richard H. Golden, President; Joseph R. Taylor, Vice-President; Charles E. Hoyt, Secretary and Treasurer, and Spencer S. Adams, Assistant Treasurer. A statement issued by
the trust company said in part:
The South Norwalk Trust Co. was established in 1901 and is one of the
largest and strongest Trust Companies in the State of Connecticut. . . .
The People's Trust Co. was organized in 1914. Its officers were Charles
F. Mills, President; Luther M. Wright and John Keogh, Vice-Presidents,
and Samuel S. Velsor, Secretary and Treasurer.
Banking circles have expressed the opinion that this consolidation of
bank assets is a splendid move and believe that it will prove advantageous
to the business of Norwalk. The South Norwalk Trust Co. has shown a
record of steady progress since its organization, it management is experienced and conservative. Its banking house and equipment combines every
known modern facility. Its capital and surplus, a great part of which has
been built up by the successful direction of its affairs, is more than
adequate. Norwalk should be well served by this fine, large banking
institution in all its departments.
(VOL. 133.
tion, which was capitalized at $250,000, was succeeded by
the Linden National Bank.
The State Banking Department announced on Nov.6 that
Mr. Charles R. Murray, of No. 45 Shelby Street, Dumont,
N. J., a State bank examiner, has been appointee special
Deputy Superintendent of Banks to assist in the liquidation
of the business and affairs and distribution of the assets of
M. Berardini State Bank, No. 34 Mulberry Street, New
York, N. Y. The closing of the bank was noted in our issue
of Nov. 7, page 3040. The Department's announcement
of Nov. 6 also said:
Because of the non-liquid condition and depreciation in the value of its
assets, It is deemed unsafe and inexpedient to permit this institution to
continue in business.
The deposit liabilities, as shown by the books, as at the close of business
Oct. 29 1931 were approximately $1,100,000.
That the organization of a new State bank is being planned
in Belvidere, N. J., where the Warren County Trust Co.
and the Belvidere National Bank closed the early part of
October, was reported in the following dispatch from that
place to the Newark "News" of Nov. 12:
Stockholders and officers of the two closed banks in Belvidere who are
planning to open a new bank have decided to apply for a State instead of a
National bank charter. The new bank will be known as the Belvidere
Trust Co.
The closed banks are the Belvidere National and the Warren County
Trust Co. The first decision was to apply for a charter for a bank to be
known as the Citizens' National Bank & Trust Co.
The capital of the new bank will be $100,000 with a paid-in surplus of
$50,000, divided into 10,000 shares of $10 par value and $5 paid surplus.
Three Passaic, N. J. banks, the People's Bank & Trust
Co., the Lincoln National Bank and the City Trust Co. were
merged on Wednesday of this week, Nov. 11, forming an
institution with deposits In excess of $20,000,000. The new
bank will continue the title of the People's Bank & Trust
Co., the second oldest bank in Passaic founded by the late
General Bird W. Spencer in 1890. The three uniting banks
will continue in their respective homes until all details of
the merger plan are completed. Thereafter, they will be
housed in the new People's Bank Building. The respective
directors of the consolidated banks will function, for the
time being, as one Board of Directors, and former Representative Dow H. Drukker, Sr., who succeeded General
Spencer as Chairman of the Board of the People's Bank
& Trust Co., will continue to serve in that capacity. The
enlarged bank will be headed by Nicholas H. Disker,formerly
of Louisville, Ky., while William H. Stevens, former President of the People's Bank & Trust Co., will become VicePresident and Treasurer. James A. Crowley, former VicePresident and Treasurer of the City Trust Co. will become
First Vice-President of the merged bank. Representative
George N. Seger and Harry Meyers, who have been Presidents, respectively, of the City Trust and the Lincoln
National Bank, will become Vice-Presidents, and so will
Commissioner John H. McGuire, who is now Vice-President
and counsel of the City Trust. Henry C. Whitehead of the
People's Bank & Trust Co. will continue as Vice-President
and counsel. Mr. Whitehead is City Commissioner of Revenue and Finance.
Passaic advices on Nov. 11 to the New York "Times,"
from which the foregoing is taken, went on to say:
The merger already has been approved by the State Department of
Banking & Insurance and by the boards of the three banks, acting separately. Final approval of the stockholders will be voted at the stockholders' meetings two weeks' notice of which under the law must be given.
The People's Bank & Trust Co. under the merger, will continue a member of the Federal Reserve System and will have the added strength of
being a member of President Hoover's new $500,000,000 National Credit
Corp., Chairman Drukker being a member of the Board of Directors of
District 13 which includes the member banks of Passaic and Bergen
Counties.
Nicholas H. Disker, the new President, served as President of the Kentucky Bankers' Association for two years and was Chairman of its executice committee for ten years. He also served as Chairman of the jurisprudence committee of the American Bankers' Association, and since 1919
has been a member of the Reserve City Bankers' Association. His banking executive positions include that of assistant to the President of the
American Southern National Bank of Louisville and Executive Vice-Pres!.
dent of the Louisville National Bank & Trust Co.
According to Franklin, N. J., advices, appearing in the
Newark "News" of Nov. 4, the Sussex County Trust Co. of
Franklin has announced the appointment of E. E. Puryear
Beginning Monday of this week, Nov. 9, depositors of
of St. Petersburg, Fla., as Executive Vice-President of the
bank. Mr. Puryear, a native of Iowa, was graduated from the Bankers Trust Co. of Philadelphia, which closed its
Chicago University. He has been In the banking business doors on Dec. 22 1930, are receiving an initial dividend of
20%, which will amount to $5,868,000, according to the
a Nebraska and Florida, the dispatch said.
Philadelphia "Ledger" of Nov. 10. The same paper stated
The Linden National Bank & Trust Co., Linden, N. J., was that a "double-barreled" ruling in favor of the stockholders
placed in voluntary liquidation on Oct. 15 last. The institu- of closed trust companies, holding them entitled to dividends
Nov. 14 1931.]
FINANCIAL CHRONICLE
3201
as depositors, and not liable to assessment on their stock President; Henry T. Harris, Vice
-President and Secretary;
holdings, was announced on Nov. 9 by Presiding Judge William J. Lewis, Treasurer, and
Wendell P. Evans, Asst.
Finletter of Common Pleas Court No. 4. The paper men- Treasurer.
tioned went on to say in part:
The opinion was delivered orally from the bench after a
40-minute
hearing on the petition presented last week by depositors of
the closed
Bankers Trust Co. to restrain the Secretary of Banking from
including
stockholders, directors and executive officers in the 20% distribution
to
depositors, which began yesterday.
Judge Finletter said there were no existing claims asserted in
the suit
sufficient to bar stockholders in the Bankers Trust Co. from
receiving a
share of their deposits.
Among the asserted claims was the possibility the stockholders
might be
held doubly liable on their stock, but Judge Finletter rejected
that expectation as an impossibility under the law.
"With regard to the double statutory liability," he said,
"the only one
asserted is one already negatived by the Supreme Court. It was
supposed
to exist under the act of May 111874. but this has been so
expressly done
away with by the decision alluded to, in the De Haven
case, that in our
opinion there is no statutory liability against the stockholder
in a modern
trust company.
"We have asked if there was any act passed since the
decision in the
De Haven case, and we are informed there is none. So,
therefore, there
Is no double statutory liability by the stockholder."
The ruling, in which Judge Finletter's colleagues, Judges
Brown and
Hellgman, concurred, was received by a throng that taxed
the capacity
of the courtroom and included scores of lawyers, among them
former
Senator Pepper.
Mr. Pepper has been retained by a group of lawyers representing
more
than 1,200 stockholders in closed trust companies here and
elsewhere in the
State to represent them in any proceedings intended to assess
their stock
to benefit depositors.
A legal pronouncement in that connection was not
expected from Judge
Finletter. His unqualified rejection of further stockholder
liability in
closed trust companies was a complete surprise. It
answered a major
problem with which Dr. William D. Gordon, Secretary
of Banking, has
been concerned.
Before the decision was rendered Deputy Attorney
-General Saylor,
representing the Secretary of Banking, stated to the Court
that no law
had been found which would justify withholding deposit
-dividends from
stockholders.
Regarding allegations in the petition of "malfeasance,
mismanagement
or incompetence" by officers of the Bankers Trust Co., Mr.
Saylor said:
"There is no evidence of any such fraud. I do not want to
go on
as saying there won't be any disclosed, but up to this time there record
has been
no evidence of it and I believe it is fair to assume, almost a year
since the
bank closed, that if malfeasance was present our
representatives would
have found it."
The First National Bank of Ripley, W. Va., was closed
on Nov. 5, according to Associated Press advices from Ripley, which went on to say:
A notice said recent heavy withdrawals prompted the closing. Sept. 29
the bank reported resources of $722,835, deposits of $591,718, and capital
stock of $70,000. The Bank of Ripley, a State institution, closed yesterday.
The Bank of Morgantown, Morgantown, W. Va., the closing of which on Sept. 29 last was reported in our Oct. 3
issue, page 2209, reopened for business on Nov. 5 with nearly
all of the $1,400,000 on deposit when it closed pledged to a
"mutually protective" agreement which guarantees the bank
against withdrawals for 12 months and for an additional
12 months at its option. Associated Press advices from
Morgantown, containing the above information, furthermore
said:
Less than $40,000 of the deposits was not pledged to the agreement.
D. R. Richards, Vi -President and Cashier of the bank, said new deposits
before noon to-day (Nov. 5) totaled $100,000. New deposits will be kept
wholly liquid, he said, and may be withdrawn without restrictions.
From Columbus, Ohio, advices by the Associated Press,
Nov. 4, it is learned that the Farmers' Savings & Trust Co.
of Mansfield, Ohio, was taken over by the State Banking
Department on that day for liquidation. As of Sept. 29, the
institution had capital of $225,000, surplus of $282,500, and
resources of $2,973,770, it was stated. Associated Press
advices from Columbus on the following day, Nov. 5, stated
that another Mansfield bank, the Richland Trust Co., had
been taken over by the Banking Department for liquidation. As of Sept. 29, the dispatch said, the institution had
capital of $300,000, surplus of $205,000, and resources of
$3,134,743.
Stockholders of the Adelphia Bank & Trust Co. of PhilaThe Citizens' National Bank of New Lexington, Ohio, with
delphia on Nov. 10 approved a resolution of the directors
capital
of $75,000 and resources of approximately $1,500,000,
to liquidate the institution and dissolve the corporation,
was reported closed in Associated Press advices from that
according to the Philadelphia "Ledger" of Nov. 10,
which, place on Nov. 10. Heavy withdrawals and "frozen" assets
continuing, said:
Notice is being sent to all depositors that no further
deposits can be
accepted and that the bank stands ready to pay out
immediately all
deposit balances held for the account of various customers,
subject to existing equities in connection with the accounts of borrowing
clients of
the bank.
No advance notice is being required from savings depositors
who are
asked to present their passbooks immediately. Check-account
customers
are asked to check their balances and withdraw the amount due by
check.
Christmas Club checks will be mailed on or before Nov. 16.
For the convenience of customers, the bank will continue its night
service
until Nov. 14.
were given as the reason for the closing of the institution.
Phillip R. Mather has been made a director of the Union
Trust Co. of Cleveland, Ohio, to succeed his father the late
Samuel Mather, according to Cleveland advices on Nov. 11
to the "Wall Street Journal."
That the First State Bank of Plain City, Ohio, with resources of $309,379, was taken over by the Ohio State
The proposed liquidation of this institution was noted in Banking Department on Nov. 12, was reported in a disissue of Oct. 31, page 2867.
patch by the Associated Press from Columbus, Ohio, on
OUT
that date.
A dispatch by the Associated Press from Erie, Pa., on
Nov. 11 stated that consolidation of the Lincoln Bank of
that city and the Bank of Erie Trust Co. had been announced
on that day and that beginning Nov. 12 all business would
be handled from the quarters of the Bank of Erie Trust
Co. under the title of which the merged institutions would
operate.
Merger of the First National Bank of Turtle Creek, Pa.,
and the Turtle Creek Savings & Trust Co., effective the
following day, was announced on Nov. 11 by F. M.
Morrow,
President of the enlarged institution, according to
Pittsburgh advices by the Associated Press on Nov. 11.
The
consolidated bank will have resources of more than
$3,000,000, the dispatch said.
A consolidation of three Scranton, Pa., banks was
consummated on Monday of this week, Nov. 9, under
the title
of the Pennsylvania Trust Co. The institutions included
in the merger are the Electric City Bank & Trust Co., Hyde
Park National Bank, and Keystone Bank. The new
organization, which occupies the former quarters of the
Electric
City Bank & Trust Co. at North Main Ave. and Lafayette
St., has a capital of $250,000 with surplus and reserves of
$211,245; deposits of $3,540,652 and total resources of
$4,001,897. The entire staff of officers and employees
of
the three banks continue with the new institution, whose
roster is as follows: Morgan Thomas, President; W.B. Layton, Executive Vice-President; George L. Peck, Vice..
Relative to the affairs of the three Youngstown, Ohio,
banks which suspended on Oct. 15 1931, namely the First
National Bank,Dollar Savings & Trust Co.and City Trust
& Savings Bank, a press dispatch from Youngstown on
Nov. 11, printed in the Cleveland "Plain Dealer," contained the following:
Financial assistance of the Mellon lnteresst of Pittsburgh has been
assured the First National and Dollar banks,jointly controlled institutions.
but separately owned, it was announced to-day.
Much secrecy has surrounded efforts of this financial group to effect
reopening of the banks, which were closed Oct. 15, together with the City
Trust & Savings Bank.
H. F. Black, automobile dealer: D. T. Peters, Earl N. McBride. L. B.
McKelvey, and other leading citizens to-day organized the "million-dollar
committee" to assist in opening the City Trust.
It is believed all three banks will be opened not later than Jan. 1 1932,
and that the First National will open in a short time.
The new First-Central Trust Co. of Akron, Ohio, formed
by the union of the First-City Trust & Savings Bank and
the Central Depositors Bank & Trust Co., is now functioning
The new organization has a capital structure of $15,500,000
and resources of $75,000,000. Its directorate consists of 29
members chosen from the former directorates of the consolidated banks. The Chief officers of the consolidated hank
are listed as follows: Harry Williams, Chairman of the Board
and President; George D. Bates and George H. Dunn, ViceChairmen of the Board; G. R. Edgar, H. Merryweather,
George W. Merz, Ira E. Myers, W.J. Ruof and W. A. M.
Vaughan, Vice-Presidents; T.S. Eichelberger, Vice-President
and Secretary; P. M. Held, Treasurer; L. S. Dudley, Jay
L. Collins and M. L. Freeman, Associate Trust Officers,
3202
FINANCIAL CHRONICLE
and W.H.Simmons, Auditor. We quote in part below from
the Akron "Beacon Journal" of Nov. 3:
[vol.. 133.
took his own life, are progressing. Both institutions plan to open about
Dec. 1.
First-City main office in the Second National Building, Central DeposiEffective Oct. 22 1931, the First National Bank of Beltors main office in the new skyscraper at Main and Mill and the seven other
Barberton
First-City and five other Central Depositors offices in Akron.
videre, Ill., capitalized at $75,000, went into voluntary liquiand Cuyahoga Falls are operating as usual to-day.
will dation. The institution was taken over by the Second
All will continue in existence for some time but gradually one office
Depositors National Bank of that place.
replace two in the instances where First-City and Central
Barberton
branches are too close together to warrant maintenance of both.
permanently.
and Cuyahoga Falls offices will, of course, be maintained
undivided
surplus,
capital,
It is learned from the Indianapolis "News" of Nov. 11
Squarely behind the new bank of $15,500,000
praised
profits and reserves is the Credit Corporation of Akron, nationally
that
action was taken by the directors of the Fletcher
applicarediscounting organization brought into being as the first localized
plan was American National Bank of Indianapolis on Nov. 10,
tion of the similar idea for a $500,000,000 national setup. That
rehabilitation
conceived after a Washington conference on economic
which will result in the addition of $1,200,000 to the capital
attended by legislative leaders of both major political parties.
bank's new resources of the institution and of $360,000 to the capital
The credit corporation has subscribed for $2,000,000 of the
bank mort- resources of the Fletcher American Co., the bank's investcapital stock and has $13,000,000 to be used in rediscounting
the merged
gages and still further increasing the remarkable liquidity of
ment affiliate. Elmer W. Stout, President of the FletcherInstitution by swelling cash assets.
by the fact that American National Bank, who announced the proposed
shown
is
bank
and
corporation
of
credit
relation
Close
in the list of
13 of the directors are executive officers of firms included rediscounting increase, said:
44 business and manufacturing organizations sponsoring the
I am happy to announce that the recommendation which I made to
setup.
$3,750,000 over our directors to provide additional cash resources for our institutions
of
increase
an
$7,500,000
at
is
new
capitalized
bank
The
e
to be dis- has been acted upon favorably by a unanimous vote. A representativ
the First-City capitalization. Of the increase, $1,250,000 is
of more than
exchange for their of the Comptroller has approved our action and the owners
tributed among Central Depositors shareholders in
approval
formal
assures
which
assent,
two-thirds of our stock have given
holdings in that bank.
corporation at the stockholders' meeting to be held for that purpose. New money
The remainder is accounted for by the $2,000,000 credit
in the form of capital amounting to $1.200.000 for the 'bank and $360,000
merging
both
subscription and the $500.000 subscribed by directors of
corporation for the company has been provided. This entire sum has been subscribed
banks acting, not as directors, but as individuals. Credit
though,
stockholders to by large stockholders who recognize the value of this investment,
and directors' subscriptions are subject to prior rights of
of course, the privilege has been reserved to every stockholder to exercise
holding.
present
their
to
proportion
in
the
subscriptions
issue by
take
proportionate amount.
im- his right to subscribe for his respectivebank
will have capital, surplus,
Reference was made to the consolidation of these
With this additional investment the
7,
Nov.
and
undivided profits and reserves in excess of $5,600,000. of which amount
portant Akron banks in our issues of Oct. 24
will
$3,600,000 will be capital and an amount in excess of $2,000,000
pages 2713 and 3041, respectively.
represent surplus, undivided profits and reserves, after the charge-off
been
has
of all losses. Such losses include every item on our books that
for so classified according to present-day standards of valuation, though the
The Citizens' Bank of Anderson, Ind., failed to open
had charged-off items will still remain the property of the bank and from
business on Oct. 31, a notice stating that the directors
them there will be substantial recoveries.
within
continued
These charge-offs result largely from the depression and shrinkage
decided to close the institution because of
Andervalue of securities, and the practice of making such reduction is being
from
advices
Press
Associated
drawals, according to
We
followed by leading financial institutions throughout the country.
son on that date, which added:
want our customers and friends to know our exact condition at all times
extent
same
the
to
The bank was turned over to the State Banking Department for liquida- so that we may continue to enjoy their confidence
that we have in the past. The rapid growth of our bank in deposits and
tion. Its assets totaled $4,187,302 and deposits $2,963,505.
confidence.
this
have
we
that
proves
profits abundantly
It is self-evident that the Fletcher-American National Bank has among
That the respective directors of the First National Bank Its directors and stockholders men who have the financial strength and
have
Bank
vision to take whatever steps are warranted to meet present-day conof Cannelton, Ind., and the Cannelton National
doubled
ditions. The deposits of this institution have approximately
dispatch
a
in
reported
was
agreed to merge the institutions
during the last 10 years, and during the same time there has been a corre-
from that place to the Indianapolis "News" on Oct. 30, sponding increase of capital investment.
which furthermore stated that the proposed union was subAnnouncement was made on Nov. 3 by Walter J. Cox,
ject to the approval of the stockholders of both banks and
President of the Chicago Bank of Commerce, of the election
the Comptroller of the Currency.
Advices from Westfield, Ind., on Oct. 30, to the Indianapolis "News" stated that Harry E. Talbert, Receiver for the
State Bank of Westfield, which closed its doors Jan. 13, was
paying depositors a second dividend of 15%. The first divident of 25% was paid in July. Depositors have now received
40c. on the dollar, the dispatch said.
Doors of the Union State Bank of Rossville, Clinton
County, Ind., failed to open Nov. 4, and the affairs of the
Institution were placed in the hands of the Indiana State
Banking Department by action of its directors, according
to an announcement by Luther F. Symons, State Banking
Commissioner, as reported in the Indianapolis "News" of
that date.
Word that the Newton County State Bank, Kentland, Ind.,
had been closed by its Board of Directors was received Nov.5
at the office of the State Bank Commissioner for Indiana,
according to the Indianapolis "News" of that date. T. H.
Dixson is President of the bank and A. A. Bishop is Cashier.
According to the last published statement of the bank, issued
Sept. 29, resources amount to $241,575.53; deposits are listed
at 8161,133.66, and capital stock amounts to $50,000, the
paper mentioned said.
at
The Citizens' National Bank of Peru, Ind., capitalized
31. The
$100,000, went into voluntary liquidation as of Oct
Trust Co.
Institution was absorbed by the Wabash Valley
of Peru, as noted in our Oct. 10 issue, page 2380.
LogansThe following with reference to the affairs of two
port, Ind., banks which closed recently, was contained in a
dispatch from that city on Nov.6 to the Indianapolis"News":
where members
With the return of a local committee from Washington
announced for
conferred with the Treasury Department, plans have been
Bank,
the organization of a new bank to take over the First National
which was closed here one week ago by order of the Board of Directors,
Ray,
Earl
and
President
Prank McHale, Attorney, John Brookmeyer.
director, made the trip.
In the meantime steps toward the opening of the Logansport Loan
As Trust Co., which closed Sept. 23, after the President, George Hilton,
of nine former directors of the Union Bank of Chicago—
merged with the institution Sept. 28—as directors of the
enlarged bank at a meeting of the stockholders on that day,
according to the Chicago "Post" of Nov. 3. They are:
Walter J. Buettner, Treasurer of the Bendix Aviation Corporation; William Cameron, President of the Cameron Can
Machinery Co.; C. Wallace Johnson of G. A. Johnson &
Son; Lloyd Maxwell, President of Williams & Cunnyngham;
Werner A. Wieboldt, President of Wieboldt Stores; Clarke
Washbume, Vice-President of the Chicago Bank of Commerce; Daniel V. Harkin, Henry R. Kent and Charles E.
Schlytem. Mr. Cox, President of the consolidated bank,
was also elected a director.
At a subsequent meeting of the directors on the same day,
the following Union Bank of Chicago officers were appointed
Vice-Presidents of the enlarged bank: John Gulliksen,
Clarke Washburne, LeRoy H. Tolzien and Edward N.
Heinz, John G. Nichols, former Assistant Cashier and
Savings Manager of the Union bank, was named to the
same office at the Chicago Bank of Commerce. The principal officers of the bank remain unchanged it was stated,
namely Henry S. Hensche, Chairman of the Board of Directors; Walter J. Cox, President and Edward A. Schroeder,
Vice-President and Cashier.
The Chicago "Post" of Oct. 30 stated that checks amounting to $115,000 had been mailed the previous day to depositors of the closed North Town State Bank at Devon and
Western Avenues, Chicago, representing a payment of 20%.
The paper mentioned added:
Charles W. Bainbridge, Receiver, said it appeared likely this bank would
pay its depositors 100% eventually.
It is learned from the Chicago "Post" of Nov. 6 that an
initial dividend of 30% to depositors of the First National
Bank of Oak Park, Ill., which closed its doors on March 30
1931 was announced on that day. At the time of its closing
the institution had total resources of about $495,000 and
deposit liabilities of approximately $395,000. The paper
mentioned went on to say:
Nov. 14 1931.]
FINANCIAL CHRONICLE
Although collections have been relatively slow, due to general business
conditions, another 10% dividend is expected in the not distant future.
An application to organize the People's National Bank
of Joliet, Ill., with capital of $250,000, was received by the
Comptroller of the Currency on Nov. 3.
3203
The First National Bank of Kulm, N. D., capitalized at
$40,000, was placed in voluntary liquidation on Oct. 17.
It was absorbed by the First State Bank of the same place.
Dale E. Wagner, former Cashier of the failed Citizens'
State Bank of Morrill, Kan., was sentenced on Oct. 27 to
Announcement was made on Nov. 10 of the consolidation serve from 12 to 20 years in the State Penitentiary following
of three Rock Island, Ill., banks, the Central Trust & Sav- his plea of "guilty" to embezzling approximately $34,000 of
ings Bank, the Rock Island Savings Bank, and the Manu- the bank's funds, as reported in Associated Press advices
facturers' Trust & Savings Bank. The new organization, from Hiawatha, Kan., which added:
Wagner pleaded guilty to embezzling $9,456.90 from 0. H. EV11111,
which will be known as the Rock Island Bank & Trust Co.,
Hiawatha stockholder.
will have deposits of over $12,000,000. A Rock Island dispatch, appearing in the Chicago "Journal of Commerce" of
Associated Press advices from Independence, Kan., on
Nov. 12, reporting the merger, added:
Oct. 29, stated that G. H. Bechtel, acting receiver for the
The Central Trust & Savings Bank was closed for examination Sept. 80.
Liberty State Bank of Liberty, Kan., had announced on that
All of the latter bank's depositors will be paid in full.
day that a final dividend of 10%, making a total of 100%,
William L. Saunders has been appointed Chairman of the would be paid to depositors of the institution on Nov. 28.
Board of Directors of the Cadillac State Bank of Cadillac, The institution was closed in May 1930 (as noted in our
Mich., a position newly created owing to the new business issue of June 7 1930, page 3996) because of steady withobtained by the bank since the closing of the People Savings drawals of deposits.
Bank of Cadillac, according to the Michigan "Investor" of
Charles W. Johnson, General Receiver for Kansas State
Nov. 7, which added:
announced on Oct. 29 that dividends were to be paid
banks,
Preddent
of the Cummer-Diggins Lumber Co., and is
Mr. Saunders is
interested in many other enterprises in Cadillac. He Is a large stockholder to depositors of three defunct institutions as follows:
of the Cadillac State Bank and has been a director for many years.
4—.
Exchange State Bank, Nortonville, a third dividend payment of 10% on
Nov. 12. Previously paid, 45%. The institution failed Nov. 7 1930.
Elmo State Bank, a third payment of 20% on Nov. 13. The bank, which
failed Sept. 9 1930, previously has paid depositors 45% in dividends.
State Bank of Paxico, a second dividend of 15% on Nov. 19, making a
total of 85% paid so far The bank closed Feb. 2 1931.
That James D. Armstrong would retire, effective Nov. 1,
as a Vice-President of the First Trust Co. of St. Paul, Minn.,
with which he has been connected since its organization in
1915, was indicated in the "Commercial West" of Oct. 24.
In commenting on Mr. Armstrong's retirement, George H.
The First National Bank of Eureka Springs, Ark., with
Prince, Chairman of the First National Bank and of the capital of $50,000, went into voluntary liquidation on June 16
First Trust Co., was quoted in the paper mentioned as 1931. It has been succeeded by the First State Bank of
Eureka Springs.
saying:
"During Mr. Armstrong's span of service he has made contributions
of
great value to the organization and devloperent of the trust company. As
the First Vice-President of the company, he brought to the institution a
wealth of legal experience and contacts which have been of inestimable
value during the entire 16 years that Mr. Armstrong has been our associate.
We deeply regret his leaving but completely understand his well-earned
preference for more time to devote to his personal affairs."
—*—
The Capital City-Bank of Madison, Wis., with deposits
The Citizens' National Bank of Sedalia, Mo., was closed
on Nov. 2 by order of its directors. This action was taken
after William H. Powell, President of the institution, shot
himself the previous day. A Sedalia dispatch, on Nov. 2, to
the St. Louis "Globe-Democrat," reporting the closing of
the bank, furthermore said:
Officers of the institution said the State Banking Commissioner
would
take over the Bank's affairs and that a resumption of operations
within
five months was planned.
a member of Johns Hopkins staff of Baltimore, lid. Dr. Dandy said
Powell has a good chance to recover, providing complications do not set in.
Dr. Dandy is a former Sedallan and a former newsboy for the Sedalia
-"Democrat," of whidi paper Powell is Vice-President.
L. A. Andrew, State Superintendent of Banking for Iowa,
announced on Oct. 27 that a dividend of 5% was to be paid
to the depositors of the defunct Iowa Loan & Trust Co. of
•Des Moines, which was closed Dec. 20 1926. The dividend
calls for $210,989.45. The Des Moines "Register" of Oct. 28,
from which the above information is obtained, furthermore
said in part:
It is expected that the checks will be printed and signed, ready for
According to Associated Press advices from Jefferson
City, Mo., the Citizens' National Bank of Sedalia had deposits of approximately $2,250,000.
Jefferson City, Mo., advices by the Associated Press on
Nov. 2 and Nov. 3 reported that eight small Missouri banks,
all State Institutions, had closed on those dates. The institutions which failed to open Monday, Nov. 2, heavy withdrawals being the reason given, are the Owensville Bank
at Owensville, with resources of $372,849; the Bank of Hardin, at Hardin, with resources of $307,123; the Prairie
Home Bank, of Prairie Home, with resources of $82,623,
and the Bank of Malta Bend, at Malta Bend, with resources
of $139,719. The institutions closed Nov. 3 are as follows:
The Bank of Barnett, at Barnett, with resources of $150,000;
the Bank of Oak Grove, at Oak Grove, with $163,520 resources; the Waverly Bank of Waverly, with resources of
-$135,000, and the Bank of Longwood, at Longwood.
National Bank Commissioners arrived to-day and started to examine the
of approximately $1,350,000, closed on Nov. 12, according books of the Citizens' National Bank.
An operation was performed on Powell late to-night by Dr. Walter Dandy,
to Associated Press advices from that place, which added:
delivery at the receivership office of the trust company in the Register
and
Tribune Building, by Nov. 23.
T. .1. Nolan, Examiner in charge of the Iowa Loan & Trust
Co., said
Tuesday that this dividend would bring the total paid to depositors
to 75%
of their deposits of record when the bank was closed Dec. 20 1926.
The first dividend, 40%, was paid March 10 1927; the second,
10%, MB
paid Dec. 15 1927; the third, 10%, was paid Aug. 27 1928, and the
fourth,
10%, was paid Dec. 16 1929. . . .
Examiner Nolan announced that a total of $3,158,876.54 had been
authorized to be paid depositors in the four previous dividend payments
and that
the 5% dividend to be paid now will bring the total amount of
authorized
dividends to $3,369,865.99.
Still further dividends will be paid from the Iowa Loan
& Trust Co.
assets, according to Mr. Nolan, who said that everything
possible is being
done in the interest of depositors.
The Bank of Piedmont, at Piedmont, Mo., recently purchased the Bank of Des Arc at Des Arc, Mo. All deposits
and good will of the latter have been assumed by the Bank
Effective Oct. 26 1931, the Ottumwa National
Bank, Ot- of Piedmont, which has been under the same management
tumwa, Iowa, capitalized at $100,000, went into
voluntary for 25 years. It now has resources of approximately
liquidation. It was succeeded by the Union Bank
& Trust $350,000. At the close of business Sept. 18 last (previous
Co. of Ottumwa.
to the acquisition of the Des Arc bank) the institution
showed deposits of $280,441. A. M. Luna is President.'
As of Oct. 29 last, the First National Bank of
Ottumwa,
Iowa, with capital of $200,000, was placed in
The First National Bank of Marceline, Mo., was closed
voluntary
liquidation. It was succeeded by the First
Bank & Trust by its directors on Nov. 12, according to Associated Press
Ottumwa.
Co. of
advices from Marceline, which quoted W. G. Lancaster,
President of the institution as saying there had been a slow
The Kimball National Bank at Kimball, Neb.,
went into "run" on the Bank during the past three weeks. Mr.
voluntary liquidation on June 13 last. The
institution, Lancaster placed the assets at about $275,000.
which was capitalized at $50,000, was absorbed by
the
American National Bank of Kimball.
That a new organization under the title of the ContinentalAmerican Bank & Trust Co., with a capital structure of
3204
FINANCIAL CHRONICLE
$700,000, had been formed in Shreveport, La , by the merging of the Continental Trust & Savings Bank and the Commercial-Am rican Bank & Trust Co., was reported in advices
from that city, p.inted in the "Daily Construction Bulletin"
(f Nov. 10. The dispatch continuing said:
[VoL. 133.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market during the forepart of the week made
further advances, but during the latter part, price movements
developed considerable irregularity. Some realizing has
been in evidence from time to time, but this was usually
Resources of the merged institutions aggregate $6,500,000, and the surplus
made little impression on the move8175.000. R. T. Moore will be Chairman of the Board and V. H. Murrell. quickly absorbed and
President.
ments of the market. Railroad issues were stronger during
ced a bad break on
The People's National Bank of McMinnville, Tenn., capi- the first part of the week, but experien
of the active members
many
when
Friday
and
Thursday
17.
talized at $55,000, went into voluntary liquidation on Oct.
downward. The report of
It has been taken over by the City Bank & Trust Co. of of the group moved swiftly issued on Tuesday showed
the United States Steel Corp.
McMinnville.
25,000 tons decrease unfilled orders. The weekly statethe Federal Reserve Bank of New York issued after
A press dispatch from Hattiesburg, Miss., on Nov. 4, ap- ment of
of business on Thursday shows a further decrease
close
the
next
the
of
e"
pearing in the New Orleans "Times-Picayun
of
000 in brokers' loans in this district. This is the
$18,000,
day, contained the following with reference to the affairs 10th consecutive week in which these loans have declined,
of the defunct Commercial National Bank of Hattiesburg, bringing the outstanding total down to $831,000,000, the
Mississippi:
lowest level since Nov. 9 1921, when the amount was $821,A,pproximately $150,000 soon will be paid the 2,000 depositors of the
887,000. Call money renewed at 234% on Monday, conCommercial National Bank, which closed its doors June 2 (1981), and has
week.
been in liquidation, it was announced by Louis Baling, receiver for the tinued unchanged at that rate throughout the
ahead during the
forge
bank, under authority of the Federal Comptroller of the Treasury.
to
d
The
continue
stock
market
Payment of the dividend in the near future instead of following the
abbreviated session on Saturday, the pace being so rapid
custom of deferring payment until the receiver has accumulated large sums
all that the tickers ran from four to five minutes behind the
to
Department
Treasury
Federal
the
from
in
with
accord
Is
instructions
receivers, urging them to expedite dividends of suspended banks to restore transactions on the floor. Some realizing was in evidence
by subsefrozen funds to circulation. This first dividend is to be followed
with only
ely from time to time, but this was quickly absorbed
quent payments. The bank at the time of suspension had approximat
with
stronger,
were
stocks
l
s.
minor
Industria
recession
$800,000 on deposit.
United States Steel and Bethlehem leading the upward
The Citizens' Bank & Trust Co. of Bunkie, La., with swing, followed by American Can and Amer. Tel. & Tel.
branches at Moreauville, Plaucheville and Marksville, failed Railroad shares and public utilities were also moderately
to open for business on Nov. 3. A press dispatch from strong and some good gains were recorded in these groups.
Bunkie, printed in the New Orleans "Times-Picayune" of Motor issues were represented on the up side by General
Motors which touched a new high on the recovery, followed
Nov. 4, reporting the closing, said:
market
by du Pont which likewise reached a new peak for the
Many of its largest customers have withheld cotton from the
the minibecause of the prevailing low price, thus reducing collections to
current
movement. Food stocks also displayed marked
mum, according to officials of the bank.
did the oil issues and some of the
The following notice was placed upon the door this morning: "Having improvement and so
Trust Co. coppers. The outstanding advances of the day included
been called upon by the Board of Directors of the Citizens' Bank &
following the
speculative favorites as Allied
of Bunkie, Markaville, Moreauville and Plaucheville, and
have taken among others such active
direction of the law, I, 1. S. Brock, State Bank Commissioner,
to 953/8, American Tobacco 4
points
3
freezing
&
Dye
by
Chemical
bank
the
reorganize
charge of this bank. A plan is on foot to
Works & Electric 53 points
Water
American
to
95,
points
its deposits."
the bank,
A resolution by the Board of Directors also is posted on under way to 35, Atchison 5 points to 118, Ingersoll Rand 43 points
is
announcing that a plan for the reorganization of the bank
to 78% and United
practically war- to 594, Western Union 2% points
and that sufficient capital has already been subscribed to
gains included such
Other
depositors.
72%.
of
to
protection
States Steel 2% points
rant assurance of continuation of business and full
temporary
Can 23/2 points to 86, Brooklyn
American
It is understood that the Board of Directors asked for only a
as
stocks
popular
put into effect.
suspension of the bank until the reorganization plan could be
Union Gas 33/2 points to 983/2, Continental Baking pref. 25,4,
8 du Pont 31% points to 673/2, Federal Mining
points to 57%,
by
La.,
Acquisition of the Lawtell State Bank of Lawtell,
points to 44, New York Central 1% points to
&
4
Smelting
was
%, and General
the Planters' Trust & Savings Bank of Opelousas, La.,
52%, Homestake Mining 33/2 points to 1208
reported in the following dispatch from Opelousas on Nov. Railway Signal 2 points to 343/2.
8:
7, printed in the New Orleans "Times-Picayune" of Nov.
Stocks again climbed upward on Monday, with many
purchased the assets
2 to 4 or
The Planters' Trust & Savings Bank of this city has
Lawtell, it was standard issues recording advances ranging from
and assumed all liabilities of the Lawtell State Bank of
of the Planters' more points. At the day's top prices numerous prominent
announced yesterday, Nov. 6, by L. J. Larcade, President
depositors of the
Trust & Savings Bank. Mr. Larcade stated that the Opelousas, will be shares were up from 20 or more points higher than the
Lawtell Bank, which is situated only a few miles from
ble hesitation
will not continue year's lows. There was, at times, considera
paid in full without any restrictions, but the Lawtell Bank
Planeers' Bank here, apparent, but this passed off as the day progressed. The
the
at
transacted
be
will
business
All
operate.
to
3,000,000 shares, with the rails leading
Mr. Larcade explained.
that the stockholders turnover was close to
In explaining the purchase, Mr. Larcade stated
the opening the upward swing. The principal changes on the side of
since
city
this
to
nearness
its
of
of the Lawtell Bank. because
would be profitable.
the advance were Union Pacific, 2% points to 112; National
of the new paved highway, did not think It
5 points to 35; American
Jr., Lead, 5 points to 101; Inland Steel,
Atlas Powder,6 points to 34%;
Thomas W. Banks, E. E. Duque and James A. Gibson,
35%;
to
points
2%
,
Smelting
Trust &
were elected directors of the Citizens' National
J.,9 points to 104; International Business
r meet- Central RR. of N.
Novembe
regular
the
at
Angeles,
of
Los
Bank
Savings
points to 133%, and Reading, 33/2 points to
33/2
Machine,
ing of the Board on Nov. 6, according to an announcement 583/
2. As the market closed stocks were somewhat easier
Los
The
on.
instituti
the
of
t
Presiden
Ivey,
D.
Herbert
by
and while trading continued active there was considerable
Angeles "Times" of Nov. 7 in reporting the matter further- realizing apparent. The market turned reactionary on
Tuesday, and while trading was only moderately active
more said in part:
& Co., investment bankers
Mr. Banks is President of Banks Huntley
drifted gradually downward. The railroad shares
stocks
Stock and Curb exchanges.
and members of the Los Angeles
some resistance, but the advances were not parCo,
Cement
displayed
the California Portland
Mr. Duque is Vice-President of
since 1924. The company is the oldest ticularly noteworthy. Industrials and specialties were the
Manager
General
been
has
and
operating at Colton the largest individual weak points during the greater part of the day but showed
cement enterprise in the State,
plant Wed of Chicago.
improvement during the closing hour. Among the
member of the law partnership of Gibson, some
The third new director is a
corporations. prominent stocks closing on the side of the decline were such
California
large
several
in
director
Dunn & Crutcher, and is a
issues as Air Reduction, American Can, American Power &
Pendleton, Pendleton,
The First Inland National Bank of
Light, American Tobacco, Auburn Auto, Worthington
consolidation of the Pump, Westinghouse, Ingersoll Rand, Coca Cola, Cerro de
Oregon, was formed recently by the
Empire Bank. The Pasco Copper, Eastman Kodak, General Electric, General
First National Bank and the Inland
condition as at the Motors and United States Steel Corp.
of
t
new organization, In its statemen
of $400,000, surplus
capital
showed
Trading continued quiet and considerable irregularity was
20,
close of business Oct.
3,
$4,827,16
of
deposits
in evidence during the greater part of the session on Wednesand undivided profits of $102,372,
the day. Railroad shares were somewhat improved but most
of
l
personne
The
2.
$5,878,55
and total resources of
President; P. S. of the pivotal issues showed more or less weakness. The
new bank is as follows: John D. Ankeny,
Raley, Edwin weak spots were mostly in the industrial group and included
H.
J.
ident;
LeGrow, Executive Vice-Pres
R. Bowler, among others such stocks as United States Steel, WestingWinter and G. A. Hartman, Vice-Presidents; J.
General
and J. R. house, American Tobacco "B",'General Electric,
Davis
A.
Berkeley
Cashier, and H. W. Dickson,
Telegraph. Other losses inUnion
Western
and
Motors
Light, Assistant Cashiers.
FINANCIAL CHRONICLE
Nov. 14 1931.]
4; Radio
eluded Allied Chemical & Dye, 1 M points to 533
Corp., 13 points to 12%; Peoples Gas, 3 points to 150;
4 points to 1273%, and
International Business Machine, 23
Johns-Manville, 1H points to 33%. As the market closed,
trading was quiet, and most of the market leaders were at or
near their lowest for the day. On Thursday trading on
the stock exchange was extremely slow, and with the exception of some of the more volatile of the market leaders, price
changes continued to move within a narrow range. Railroad shares were moderately strong during the early part of
the day, but there was a sharp break in the final hour when
New York Central fell off about 4 points. Other recessions
in this group included Atchison, 15
/è points; Norfolk &
Western, 33% points; Baltimore & Ohio, 1% points; Rock
Island, 2 points; New Haven, 2% points, and Delaware &
Hudson, 1% points. Some of the specialties were stronger,
Homestake Mining Co. for instance, shot upward 6 points
to 127, and International Business Machine moved up
23
4 points to 130. As the market came to a close, the tone
continued easy with changes mixed and with a tendency to
move to lower levels.
The downward reaction of the stock market continued as
the session opened on Friday, the movement becoming more
pronounced as the day advanced. The heavy selling of
New York Central extended gradually to other members of
the group and finally to various sections of the list, and
prices fell off all along the line. Some interest was displayed
in copper stocks and a number of specialties showed moderate
improvement, but most pivotal issues moved within a
narrow range. Industrial stocks were in moderate demand,
but the final changes were small. The principal changes on
the side of the decline were Allied Chemical & Dye, 5%
4;Auburn Auto,83% points to 1273%; J. I. Case
points to 883
53% points to 45; Columbian Carbon, 33% points to 473%;
Union Pacific, 5 points to 105, and United States Steel,
1% points to 68%. As the market closed the tone was
heavy and the leaders were down to their lowest for the
day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
the close to-day being at 4%. Long Island Ltg., com. lost
2 points to 22% and ended the week at 223
4. Natl. Public
Service, corn. B dropped from 40 to 32 with the final sale
for the week at 323%. Nor. States Power, com, on few
transactions was up from 913% to 96 and New York Steam,
corn. from 61 to 64. Oils show few changes of importance.
Humble Oil & Refg. lost almost 8 points to 54. Indiana
Pipe Line improved from 83% to 10 and sold finally at 9.
Standard Oil (Indiana) sold down from 23% to 21%, the
latter ex-dividend. Standard Oil (Ohio) sold up from 41
to 45% and 43 finally. Gulf Oil after early advance from
54% to 57% dropped to 48, the close to-day being at 48%.
Among industrials and miscellaneous issues, Aluminum Co.
Of Amer., corn. lost over 12 points to 803j. Deere & Co.
sold down from 22% to 16%, closing to-day at 16%. Ford
of England and Ford of Canada, class A, each lost over a
point, the former to 7% and the latter to 15. Insull Utility
Invest., corn. was off from 14% to 12%. Mead, Johnson &
3.
Co. declined from 60 to 583% and recovered finally to 61%
Natl. Bond & Share sold up from 25% to 28. Parker Rust
Proof Co., corn. was down from 52 to 453%. A. 0. Smith
Corp., corn. T080 from 65 to 753%•
A complete record of Curb Exchange transactions for the
week will be found on page 3235.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Nov. 13 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TotaL
Sales at
New York Curb
Exchange.
State.
Railroad
Stocks.
Number of and Miscell. Municipal db
Bonds.
Porn Bond*.
Shares.
2,040,670
3,0477293
1,750,052
1,491,401
1,441,972
1,794,382
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tnta1
$5,200,000
8,399,000
6,394,000
4,151,000
4.931,000
6,250,000
$2,437,000
4,212,000
4,826,000
3,455,000
3,310.000
3,937,000
United
States
Bonds.
Week Ended Nov. 13.
1930.
1931.
Stocks-No,of shares- 11,565,770
Bonds.
Government bonds.-- $10,220,000
State & foreign bonds- 22,177,600
Railroad & misc. bonds 35,325,000
$774,500
2,575,600
2,209,000
396,000
1,634,000
2,631,000
88.411.500
15,186,500
13,429.000
8,002,000
9,875,000
12,818,000
2A7 799
nnn
Jan. 1 to Nov. 13.
1931.
1930.
19,343,460
507,605,225
657,814,104
$2,318,950
17,713,000
36,513,000
$216,348,400
784,240,600
1,602,907,400
897,126,400
615.630,900
1,697,857,400
$67,722,000 $56,544,950 $2,603,496,400 $2,410,614,700
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 13 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Philadelphia.
Baltimore,
Shares. Bond Sates
Shares. Bond Sales. Shares. Bond Sales.
$7,000
25,780
1,000
*34,406
4,000
*26,614
HOLI DAY
2,100
*25,903
1,000
7,389
27,355
$28,000
a36,982
31,000
21,500
26.430
HOLI DAY
13,000
a21,232
4,710
120,092
$15,100
116,709
393,500
3,653
$14,500
122.797
348.000
122.928
S135.500
s311:1
tin Inn
442
87,000
1,262
3,000
479
500
HOLT DAY
336
4.000
134
* In addition, sales of rights were: Monday, 1 0; Tuesday, 150: Thursday, 50.
a In addition, sales of warrants were: Monday, 10; Thursday, 10.
THE CURB EXCHANGE.
Trading on the Curb Exchange at the opening this week
was active and strong but thereafter profit taking wiped out
the advances, though for the most part changes were small.
The market closed quiet and irregular. Among utilities,
Electric Bond & Share, corn. after early advance from 21%
to 22% dropped to 19%, the close to-day being at 19%.
Amer. & Foreign Power warrants sold up at first from 9 to
034 but reacted finally to 8. Amer. Gas & Elec., corn. after
improvementfrom 49 to 523%,sank to 48%. Commonwealth
Edison after a gain of 2 points to 152, fell to 148. Duke
Power moved up from 86 to 90 and sold finally at 88. Eastern
States Power, class B gained a point to 6 but reacted to 4%,
Bonds (Pox Value).
Foreign
Foreign
Domestic. Government. Corporate.
1,614,112 $15,855,000 31 105,000
Week Ended Nov. 13.
1931.
Toes.
$57,000 32,781.000
191,000 3,872,000
159,000 3,948,000
120,000 1,815,000
95,000 2,424,000
113,000 2,855,000
$148,000
237,000
287,000
114,000
87,000
232,000
287,599 $2,576,000
403,880 3,444,000
254,270 3,502,000
217,458 1,581,000
240,315 2,242,000
210,590 2,510,000
$735,000 $17,695,000
Jan. 1 to Nov. 13.
1931.
1930.
1930.
97,424,804
230,680,693
$798,313,000
27,858,000
35,504,000
$740,885,000
30,388,000
34,324,000
$17,695,000 $23,394,000
$861,675,000
$805,597,000
Total
Bond
Sales.
1L585770 335.325.000 322.177.000 310220nm
Sales at
New York Stock
Exchange.
Stocks
(Number
of
Shares).
1,614,112
5,113,100
Stocks-No,of shares.
Bonds.
'$15,855,000 $21,837,000
Domestic
709,000
1,105,000
Foreign Government
848,000
735,000
Foreign Corporate
Total
Week Ended
Nov. 13 1931
3205
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Nov. 14), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 38.3% below those for the corresponding
week last year. Our preliminary total stands at $5,657,128,262, against $9,163,699,574 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 40.0%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended Nov. 14 1931,
1931.
1930.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
L08 Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,958,306,911 34,930.000,000
405,799,673
222,557,913
226,000,000
350,000,000
293,000,000
210,000,000
94,772,737
61,191,072
91,700.000
60,700,000
80,915,000
121,617,000
No longer will report clearings.
136,528,615
78,277,040
107.962,060
62,367,602
96,354,233
66,338,065
81,336,195
47,555,754
36,079,818
34,589,920
-40.0
-45.2
-35.4
-28.3
-35.4
-33.8
-33.4
Twelve cities, five days
Other cities, five days
$4,108,799,277
605,474,275
$6,745,150,331
854,849,155
-39.1
-29.2
Total all cities, five days
All cities, one day
$4,714,273,552
942,854,710
$7,599,999,486 -37.9
1,563,700,088 -39.8
Total all cities for week
35,657,128,262
$9,163,699,574
-35.4
-38.0
--31.2
--41.5
-4.1
-38.3
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 7.
For that week there is a decrease of 29.4%, the aggregate of
clearings for the whole country being $6,047,124,350, against
$8,569,956,280 in the same week of 1930. Outside of this
city there is a decrease of 29.7%, the bank clearings at this
center recording a loss of 29.2%. We group the cities now
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a loss of 28.9%,
in the Boston Reserve District of 26.3%, and in the Philadelphia Reserve District of 23.5%. In the Cleveland
Reserve District the totals show a diminution of 37.8%, in
the Richmond Reserve District of 19.7%, and in the Atlanta
Reserve District of 27.4%. In the Chicago Reserve District the contraction is 31.1%, in the St. Louis Reserve
District 32.8%, and in the Minneapolis Reserve District
19.1%. In the Kansas City Reserve District the totals are
smaller by 25.1%, in the Dallas Reserve District by 14.4%,
and in the San Francisco Reserve District by 21.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Nov. 7 1931.
1931.
1930.
Inc.or
Dec.
1929.
1928.
$
2
%
528,353,479
770,131,028
-26.3
-28.9 11,314,902,945 6,720,631,014
553,407.406
681,518,289
-23.5
382,034,070
443,369,644
-37.8
168,129,695
207.893,991
-19.7
190,460.783
207,045,154
-27.4
988.994,111
-31.1 1,150,804,480
205,260,983
197,229,372
-32.8
145,436,218
152.496,897
-19.1
199.541.222
226,573.981
-25.1
85,551,435
88,812,616
-14.4
352,123,366
416,902,050
-21.9
$
501,161,341
5,373,596,857
446,426,782
402.898,537
165,072,000
153,658,465
701,798,640
179,018,533
121,003,348
168,925,339
60,400,390
295,996,148
Total
122 cities
Outside N. Y. City
8,669,956,280 -29.4 15,857,680,447 10.519,923,835
3,338,878,905 -29.7 4,742,770,732 3,944,750,648
6,047,124,350
2,345,809,581
32 015108
397,579,921
453,102,963 -12.3
663,478,212
623,191,137
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Nov. 7.
Clearings al1931.
1930.
Inc.or
Dec.
1929.
1928.
$
First Federal Reserve Dist rict-Boston
757,914
580,171
Maine-Bangor__
3,344,152
Portland
3,557,215
Mass.-Boston- _ 323,862,091 447,679,491
920,910
1,354,404
Fall River
938,324
1,043,394
Lowell
1,292,282
1,722,153
New Bedford._
6,142,995
5,777,895
Springfield.
2,576,128
3,216,175
Worcester
10,923,749
13,018,448
Conn.-Hartford
6,390,130
6,994,466
New Haven.....
It.I.-Providence
11,954,300
15,222,600
N.H.-Manches'r
817,186
578,612
Total(12 cities)
369,503,844
761,218
-23.5
-6.0 • 4,911,357
-25.5 700,000,000
-32.1
1,994,680
1,593,204
-9.9
1,533,406
-25.0
+6.3
6,335,041
3,940,206
-20.0
18,991,581
-16.1
9,041,459
-4.4
20,041,900
-21.5
987,016
-29.2
501,161,341 -26.3
Second Feder al Reserve D Istrict-New
6,091,820
6,766,576
N. Y.-Albany.
1,000,692 •
1,151,028
Binghamton__ _
30,658,175
40,250.832
Buffalo
761,872
1,241,571
Elmira
1,051,942
745,051
Jamestown_ _ _
3,701,314,769 5,231,077,375
New York_
11,224,982
10,149,190
Rochester
8,680.591
4,762,383
Syracuse
3,059,204
3,651,133
Conn.-Stamfor d
801,020
694,589
N. J.-Montclair
29,556,241
32,451,146
Newark
35,245,661
30,290,508
Northern N.J_
770,131,028
696,806
3,783,399
473,000,000
- 1,442,811
1,436,244
1,003,582
6,632,039
3,753,489
14,058,148
7,774,049
14,148,600
624.312
528,353,479
York
5,369.922
7,068,431
-10.0
1,371,329
-12.6
1,803,861
50,455,709
-23.9
64,088,820
1,114.752
810,060
-38.7
1,406,373
-29.1
1,431,080
-29.2 11114,955,215 6.575,173,187
13,651,492
-9.6
17,103,957
5.777,025
-44.0
8,355,879
3,799,762
-16.3
6,178.505
660,079
-13.6
967,649
39,350,217
24,738,933
-9.0
52,783,471
37,112,451
-14.0
Total (12 cities) 3,819,084,497 5,373.596,857 -28.9 11314,902,945 8,720,631,014
Third Federal Reserve Dist rIct-PhIlad elphla
513,934
1,337,207 -61.6
Pa.-Altoona_ _
3,592,921 -24.7
2,707,503
Bethlehem _ _ _ _
1,212,022 -37.9
752,911
Chester
1,892,003 +21.9
2,307,962
Lancaster
Philadelphla_ _ 321,000,000 419,000,000 -23.4
3,417,122 -5.2
3,238,769
Reading
4,366.428 +1.7
Scranton
4,442,058
3,938,030 -49.1
Wilkes-Barre_ _
2,005.020
2,047,049 -21.6
York
1,604,683
5,624,000 -47.4
N.J.-Trenton....
2,959,000
1,436,430
4,823,949
1,287,525
2,109,856
649,000,000
4,161,256
7,701,748
3,869,981
2,032,925
5,091,619
1,517,655
4,260,785
1,188,576
1,846,997
525,000,000
4,280,221
5,393,435
3,581,166
1,976,741
4,361,830
446,426.782 -23.5
681.518,289
553,407,406
Fourth Feder al Reserve D istrict-Clev eland
4,827,000 -70.3
d1,373.000
Ohio-Akron....
3,803,577
Canton
50,732.569
Cincinnati-. _
54,285,897
81,389,582 111,874,559 --27.3
Cleveland
14,081,700
35.9
9,031,800
Columbus
1,422,902 --24.1
1,080,505
Mansfield
4,012,642
Youngstown
97,392,038 208,790,260
Pa.-Pittsburgh.
5,603,000
4,545,725
74,859,531
143,447,334
18,613,000
2,299,334
5,738,271
188,265,449
5,790,000
4,113,469
62,915,034
124,224,961
15,787,200
1,580,842
4,500,000
163,142,564
Total(10 cities)
341,531,845
402,898,537 -37.8
443,369,644
382,034,070
Fifth Federal Reserve Dist rict-Mehra ond1,021,338 -41.9
594,190
W.Va.-IIunt'g'n
4,455,949 -17.8
3,562,946
Va.-Norfolk
45,780,000 -27.7
33,103,287
Richmond. 2,741,450 -40.6
1,630,928
S.C.-Charleston
63.981.114
82,358,753 -16.3
Md.-Baltimore28,714,510 -14.2
24,641,035
D.C.-Washing'n
1,226,949
5,105,192
52,608,000
2,500,000
115,718,402
30,735.448
1,194,038
4,661,664
45,190,000
2,389,750
85,519,747
29,174,498
185,072,000 -19.7
207,893,991
168,129,895
Sixth Federal Reserve Dist rict--Atlant a-3,589,249 4.13.0
Tenn.-Knoxville
4,045,399
21.268,878 --50.1
Nashville
10,624,877
Ga.- Atlanta
42,046,927 --19.6
33,800,000
2,002,523 --32.2
Augusta
1,358.288
Macon
740,671
1,334,671 -44.5
Fla.-Jacksonville
10,662,333 -5.1
9,123,075
12,239,102
17,838,487 -31.4
Ala.-Birmingh'm
Mobile
2,444,605 -40.5
1,454,706
Miss.-Jackson
1,862,000
2,445,000 --23.8
165,232
206,983 -20.2
Vicksburg
La.-New Orleans
36,282,030
49,818,860 -27.2
3,402,853
26,476,459
63.345.809
2,705,082
1,800,000
13,371,645
26,623,148
2,971,498
2,248,000
344,340
63,756,320
*3,000,000
22,272,960
55,704,338
2,168,661
2,735,083
13,698,017
26,795,709
1,964,367
2,035,502
481,733
59,604,433
207,045,154
190,460,783
Total(6 cities)-
Total(6 cities).
Total(11 cities)
240,999.494
132,513,500
111,695,384
153,658,465 -27.4
Week Ended Nov. 7.
Clearings at
JUG.UT
1931.
1930.
Dec.
1929.
1928.
$
$
%
2
Seventh Fede • al Reserve D istrict-Chi cello230,814 -24.9
306,689
mich.-Adrian.
173,314
1,460,381
869,081 -30.8
Ann Arbor__ .
*600,000
93,638,443 125,100,913 -25.2 211,494,223
Detroit
5,708,253 -30.6
6,807,253
Grand Rapids .
3,962,676
3,144,368 -0.8
3,576,400
3,122,788
Lansing
4,385,369
3,963,166 -54.4
1,860,757
Ind.-Ft. Wayn
21,713,000 -14.0
27,436,000
18,683,000
Indianapolis._ .
2.706,880 -34.0
4,049,298
South Bend...
1,786,155
5,584,694
4,634.012 +0.2
Terre Haute._ .
4,638,769
37,117,960
25,267.173 -18.9
Wis.-Milwauke 3
20,488,467
3,193,520
2,973,596 -59.4
Iowa-Ced.Rap.
1,208,991
11,506.262
7,360,046 -7.5
Des Moines_ _.
6,715,596
6,310,975
5,445,574 -26.9
Sioux City
.
3,982,354
1,556,130
1,421,820 -58.4
Waterloo_ - _ _
592,732
2.019,096
1,632,142 -16.9
L-Bloomingto 1
1,356,008
Chicago
314,087,312 478,140,273 -34.4 810,058,091
1,187,928
1,250,975 -34.5
Decatur
819,337
5,958,508
Peoria
4,485,188 -35.1
2,914,663
4,061,605
2,873,501 -52.1
Rockford
.
1,377,579
2,734,098
2,877,765 -30.4
Springfield
.
2,003,908
284,711
1,024,609
182,778.557
7,987,773
3,073,310
3,211,714
24,812,000
2,909,200
4,998,087
40,472.407
2,736,815
9,022,078
5,971,338
1,555,189
1.739.795
683,469,878
1,401,768
5,056,527
3,749,106
2,739,251
701,798,540 -31.1 1,150,804,480
988,994,111
Total(20 cities 1
Federal Reserve Dist.
2
369,503,844
let Boston__ __12 cities
3,819,084,497
2nd New York_12 "
341,531,845
3rd Philadelphial0 "
240,999,494
8 "
4th Cleveland
132,513,500
5th Richmond.6 "
6th Atlanta_-__11 "
111,695,384
484,012,847
7th Chicago_ _ -20 "
Elth St. Louis.- 7 "
120,346,454
98,099,463
0thi Minneapolis 7 "
10th KansasCIty 10 "
126,507,420
51,726,399
11th Dallas
5 "
12th San Fran .14 "
231,103,023
Canada
[Vol,. 133.
FINANCIAL CHRONICLE
3206
484,012,847
Eighth Feder L !Reserve Dis Suet-St.Lo uis-Ind.-Evansville •
2,844,484
5,311,306 -46.5
Mo.-St. Louis_ •
77,800.000 114,300,000 -32.0
19,986,987
Ky.-Louisville_ •
35,883,680 -41.4
Owensboro__ _ •
316,112 -25.4
236,049
Tenn.-Memphis •
21,744,832 -14.4
18,620,466
111.-Jacksonvill
151,478
180,443 -16.1
Quincy
1,282,160 -44.9
•
706,990
$
5,020,392
120,000.000
36,859.163
368,722
32,788,263
437,381
1,755,451
5,211,617
130,500,000
35.732,787
366,143
31,686,309
332,145
1,432,082
197,229,372
205,260,983
Ninth Federa Reserve Die trict-Minn eapolis12,492,953
Minn.-Duluth_ •
7,125,619
9.655,778 -26.2
68,597,542
Minneapolis._ •
82,308.623 -17.9 103.412,997
27,699,130
St. Paul
•
18,898,337
22,123,750 -14.7
No. Dak.-Farg
2,554,229
2,135,650
2,236.999 -4.6
S. 0.-Aberdee
1,394,915
745,980
1.040,716 -28.4
904,673
777,122 -30.2
542,766
Mont.-Bllitngs •
4,038,000
Helena
2,053,569
•
2,860,360 -28.3
14,256,832
91,872,184
30,437,888
2,11.5,506
1,583,678
955,130
4,215,000
Total(7 cities)
120,346,454
179,018,533 -32.8
152,496,897
145.436,218
Tenth Federa I Reserve Dis trict-Kane as City312,299 -20.1
376,195
Neb.-Fremont_
249,530
523,704
577,608 -60.1
Hastings
220,667
3,857,863
3.906,420 -22.5
Lincoln
3,029,132
46,275,409
Omaha
37,765,089 -20.1
•
30,187,705
3,529,550
Kan.-Topeka •
3,273,952 -30.9
2.262,234
8,281,334
7,319,321 -34.6
Wichita
•
4,793,156
Mo.-Kans. Cit
79,768,286 107,870,505 -26.1 153,664,550
6,384.042
St. Joseph _ _ •
5,108,545 -28.3
3,666,915
1,653,559
Colo.-Col. Spgs
1,107,436 +5.1
1,164,434
a
a
Denver
a
•
a
2,027,775
Pueblo
1,167,361
1,686,164 -24.3
392,710
455,380
4,353,523
40,698,743
3,958,365
8,798,139
131,669 953
6,342,164
1,276,200
a
1,696.098
168,925,339 -25.1
226,573,981
199,541,275
Eleventh Fed : rat Reserve District-Da ItaeTexas-Austin
1,804,283 -18.5
1,469,654
40,498,719 -10.7
Dallas
•
35,183,396
Fort Worth.. •
10,046,609 -14.8
8,563,772
Galveston
•
3,460,000
3,053,000 +13.3
La.-Shreveport
4,997,779 -39.0
3,049,577
1,922,105
56,945,112
17,550,731
5,812,000
6,582,668
1,821,339
56,465,455
15,002,881
6,695,000
5,566,780
60,400,390 -14.4.88,812,616
85,551,436
Total(7 cities) •
Total(10 cities
Total(5 cities)
98,099,463
126,507,420
51.726.399
121,003,348 -19.1
Twelfth Fede al Reserve D istrict-San Franci sco45,913,865
36,299,116 -24.3
Wash.-Seattle_
27,395,681
Spokane
14,864,000
9,157,000
11,052,000 -17.2
Yakima
1,681,322 -45.3
2,757,215
921,195
Ore.-Portland _
48,169,883
29,389,427
34,404,248 -14.5
15,934,771 -18.3
21,444,446
Utah-S. L. Cit •
13,037,276
Cal.-Long Beac
6,410,712 -29.6
8,829,212
4,519,964
Los Angeles_ _ • No longer will report clearin gs
6,474,211
Pasadena
*3,500,000
5.225,078 -33.1
9,281.101
Sacramento _ _ •
7,596,797
7,198,548
+5.5
6,944,956
San Diego_ _ _
5,212,762 -29.4
3,681,901
San Francisco
125,041,553 162,946,765 -23.3 238,833,518
5,380.459
San Jose
2,581,097
3,849,085 -33.0
2,460,319
1,456,110
Santa Barbara
1,957,426 -25.6
2,219.465
1,314,022
1,825,115 -28.1
Santa Monica
3,329,400
•
1,511,000
1,999,200 -24.5
Stockton
42,901,517
12,617,000
2,179,931
38,178,026
18,030,377
7,588,794
6,699,523
7,748,155
6,185,852
199,312,094
3,892,339
1,834,824
2,019,034
2,835.900
231,103,023 295,996,148 -21.9 416,902,050 352,123,366
Total(14 cities
Grand total (12
-29.4 15857680447 10519923835
6,047.124.3508.569,956,280
cities)
Outside N.Y___ • 2,345,809,581 3,338,878,905 -29.7 4,742,725,232 3,944,750,648
IVeek Ended Nov. 5,
Clearings atDie. Or
1931,
1930.
Dec.
1929.
1028.
2
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat...
Peterborough......
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
125,502,110
107,693,642
77,528,859
16,833,537
8,710,581
6.634,438
3,011,007
5,633,188
7,935,720
2,586,178
2,060,755
3,391,854
4,948,805
6,415,521
493,314
590,458
2,367,987
964,200
775.147
739,715
658,648
353,500
870,091
747,655
829,302
2,817,189
467,705
823,460
910,676
563,801
518,901
565,869
$
162,630,456
133,993,297
56,687,484
20,311,350
9,164,885
7,203.626
3,886,727
6,667,131
8,446,180
3,095.820
1,933,314
3,944,215
5,416.374
8,202,705
899,30
679,191
2,885,008
1,955,732
1,136,202
962,545
837,727
483,759
1,003,040
915,072
1,416,062
3,519.206
579,645
991.326
1,334,482
646,426
780,431
094,235
%
-23.0
-19.7
-63.3
-16.9
-5.0
-7.8
-22.6
-12.4
-6.1
-16.5
+6.5
-14.1
-8.7
-21.6
-45.2
-13.1
-18.0
-33.8
-31.8
-23.1
-21.4
-26.9
-13.3
-18.3
-41.5
-19.9
-17.6
-16.9
-31.8
-12.8
-33.8
-43.1
$
232,926,778
194,983,565
96,288,968
28,869.017
12,881,490
9,594.202
4,656,434
8,025,209
14,980,639
3.614,175
3,328.407
4,594,598
7,871.090
11,801,528
1,260,842
917,766
4,111,750
2,053,834
1,999,078
1,540,054
1,084,046
641,276
1,164,462
1,198,635
1,711,787
5.523,293
825,822
1,393,988
1,333,189
1,000,000
1,302,290
199,420,215
188.317,589
102,376,679
24,084,766
13,508,208
10,131,777
4,439,887
7.313,471
15,442,198
3,860,174
2,858,229
4.608,430
8,168,288
9,875.757
1,540,104
1,034,823
3,793,137
2,164,858
1,594,672
1,564,054
991.762
824,029
1,210,662
1,323,866
1,547,025
6,063,543
621,210
1,220,218
1,182,430
996,405
1,112,680
Total(32 cities)
397,579,921
453,102,983 -12.3
663,478,212
623,191,137
a No longer reports weekly clearings. b Remaining banks exchanging checks
direct, no clearings figures available. c Three large banks closed, clearhug house not
functioning. d Figures smaller due to merger of two largest banks.
Nov. 14 1931.]
FINANCIAL CHRONICLE
3207
THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON PARIS BOURSE.
We reprint the following from the weekly circular of
Quotations of representative stocks on the Paris Bourse
Samuel Montagu & Co. of London, written under date of as received by cable each day of the past week have been
as follows:
Oct. 28 1931:
Nov. 7. Nov. 9. Nov. 10 Nov. 11 Nov. 12 Nov. 13
1931. 1931. 1931. 1931. 1931. 1931,
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
13,000 12,800
12,700 12,600
Bank Nationale de Credit
145
145
Banque de Paris et Pays Bas
1,390 1,400
1,380 1,370
Banque de Union Parisienne476
467
455
455
Canadian Pacific
345
470
460
_ _
Canal de Suez
13,450 13,175
13,005
_
Cie Distr d'Electricitte
2,630 2,600
2,580
Cie General d'Electricitle
2,340 2,330
2,300 2,310
Citroen B
522
534
578
1,170 1,150
Comptoir Nationale d'Oicompte
1,140 1,140
Cots,, Ina
360
340
350
350
415
Courrieres
405
400
Credit Commerciale de France
710
705
695
Credit Fonder de France
5,040 5,050
5,050 5.525
Cretin Lyonnais
1,900 1,890
1,870 1,870
Distribution d'Electricitle la Par
2,930 2,610
2,590 2,580
Eaux Lyonnais
2,420 2,420
2,440 2,430
Energle Electrique du Nord
745
734
718
_
1,074 1,070
Energie Electrique du Littoral1,052
110
French Line
100
100
-ioo
100
Gales Lafayette
100
tee
100
810
Gas Le Bon
780
800
800
370
Kuhlmann
370
360
370
The Southern Rhodesian gold output for the month of September last L'Air Liquids
690
Holl670 Roll670
680
amounted to 42.846 ounces, as compared with 43,292 ounces for August 1931 Lyon (P. L. M.)
say
1,285 1,281 day
1.280
410
Mines de Courrieree
400
and 46.151 ounces for September 1930.
400
766
520
520
510
510
The following were the United Kingdom imports and exports of gold Mines des Lens
1,900 1,910
Nord Ry
1,910 1,900
registered from mid day on the 19th instant to mid day on the 26th instant: Paris, France
1,510 1,480
1,500 1,490
85
Paths Capital
92
90
Imports.
Exports.
1,470 1,450
Pechtney
1,440 113
British South Africa
84.60 84.80
E114,886 Netherlands
Rentes 3%
84.40 84.60
£553,354
129.00 128.70
British India
709,922 France
128.70 128.70
424,936 Rental 5% 1920
101.50 101.30
U.S.A.
45,729 Switzerland
101.10 101.00
530,347 Reines 4% 1917
Straits Settlements & De100.20 101.80
Italy
Rented 5% 1215
101.80 101.70
26,853
pendencies
106.70 108.70
29,610 Austria
106.50 106.50
13.015 Rentes 6% 1920
1,440 1,450
Canada
Royal Dutch
66.390 Czechoslovakia
1,440 1,460
10,500
Netherlands
2,070 2,015
Saint Cobb, C.& C
40,400 Other countries
2,020
4,138 Schneider
Other countries
1,049 1,050
& Cie
4.517
1,050
540
530
Societe Andre Citroen
580
580
212
219
211
£1.011,454
210
£1.583,143 Societe General Fonciere
141
Societe Francalse Ford
132
133
SILVER.
2,435 2-,43-5
Societe Lyonnats
2,410
730
750
750
The week under review opened with a fall of 3-16d. in both quotations, Societe hfarsellialse
13,400
13,200
13,100 13-,2130
prices on the 22nd instant being quoted at 16.11-164. for cash and Sues
202
207
Tubize Artificial Silk pret
211
16.13-16d.for two months' delivery, a continuation of China selling meeting Union d'Electricitle
980
980
980
970
337
with little resistance. At this level, however, sellers became hesitant and Union des Mines
-ioi -ioi
98
on the following day there was a sharp recovery, the respective quotations Wagon-Llts
rising 5-8d. and 9-164. to 17.5-164. and 17.3-8d. The market subsequently
eased slightly, but as further selling by China was offset by bear covering
ENGLISH FINANCIAL MARKET-PER CABLE.
orders from the Indian Bazaars, downward movements were small.
The daily closing quotations for securities, &c., at London,
The following were the United Kingdom imports and exports of silver
registered from mid day on the 19th instant to mid day on the 26th instant: as reported by •cable, have been as follows the past week:
Mon.,
Tues.,
IVerI.,
Thurs.,
Fri.,
Imports.
Exports.
Nov. 9. Nov. 10. Nov. 11,
Nov. 7.
Nov. 12, Nov. 13.
Norway
£11,486 Germany
£56,440
21
21
20d.
9-16d.
1-16d.
p.
oz_d_
Silver,
20344.
21 7-I6d. 2134d.
Mexico
20,800 U. S. A.
32,558 Gold, p.fine oz. ____
109s. 3d. 108s. 9d,
1098.
109s. 3d. 109s.
Australia
10,950 Other Countries
15,936
5511
Consols,234%- 5534
5511
554
5534
5434
Other Countries
21,754
97)4
British, 5%--- ---9734
9634
9634
9734
9534
8534
British,
4
%
%
- -.
95
9534
9534
£64,990
£104,934 French Rentes
(in Paris) 3%
INDIAN CURRENCY RETURNS.
84.80
84.60
Holiday
francs...... --48.40
84.60
Oct.
French War L'n
Oct.
Oct.
(In Lacs of Rupees)
22.
(in Paris) 5%
15.
7.
101.80
101.60
Holiday
Notes in circulation
francs...... ---101.80
101.70
15953
15873
15393
Silver coin and bullion in India
13135
13149
13194
The price of silver in New York on the same days has been:
Silver coin and bullion out of India
Silver In N. Y.,
Gold coin and bullion in India
430
-4
4'-U'i
.
3714
3534
3651
3534
per oz.(cts.)_ 34)4
3531
Gold coin and bullion out of India
Securities(Indian Government)
2388
2195
i.g-§
Securities (British Government)
CURRENT NOTICES.
Bills of Exchange
- Rid
-86
.
The stocks in Shanghai on the 24th instant consisted of about 64,300.000
-"Money: The Means to an End" is a booklet discussing the modern
ounces in gym, 171.000.000 dollars and 300 silver bars, as compared with approach to investing, recently published by Loomis.
Sayies & Co., Inc..
about 65,000.000 ounces in sycee, 170,000,000 dollars and 760 silver bars Investment counsel, of Boston and New York. The investment
theory adon the 17th instant.
vocated takes into consideration first the general economic cycle, then proQuotations during the week:
ceeds to examine the various industries, then the best conditioned companies
IN LONDON.
IN NEW YORK.
In those industries, and last the securities. "The correct solution of this
Bar silver per oz. standard.
(Cents per ounce .999)
problem," states the booklet, "should begin not with the investment but
Cash
2 Alas.
with the investor." Some of the chapter headings are;"Why Invest?";"The
Oct. 22
16 11-I6d. 1613-164. Oct. 21
30
Oct. 23
Oct. 22
17 5-16d. 17 Yid.
29Ii Usual Approach to the Investment Problem"; "The Correct Approach";
Oct. 24
17 3-16d. 17 Sid.
Oct. 23
30 3-16 "Keeping the Money at Work";"Research"; to which much importance is
Oct. 26
17 iid.
Oct. 24
17 lid.
30
attached. The account of the operations of a modern research department
Oct. 27
173-16
17 3-16d. Oct. 26
3034 is illuminating. "Processing" data is discussed, as contrasted with the mere
Oct. 28
17 5-16d. 17 5-16d. Oct. 27
29%
Average __....17.156d.
collecting and arranging of data. Throughout the booklet money is regarded
17.1984.
as something which, when properly handled, is a powerful instrument of
Rate of Exchange on New York Oct. 22-28.
service,
Highest 3.9614
Lowest 3.87%.
-A now stock Exchange firm, operating under the style of Weingarten
Eisemann & Co., will take over and operate the 551 5th Ave. and the
1372 Broadway offices formerly operated by Samuel Underleider & Co.
PRICES ON BERLIN STOCK EXCHANGE.
M. D. Weingarten and Alexander Eisemann have heretofore been general
partners of the firm of Samuel Underleider & Co., and the new partnership
The Berlin Stock Exchange is closed.
wdl include Samuel W. Stern, heretofore general partner of Josephthal &
members of the New York Stock Exchange, while the floor member
Now York quotations for German and other foreign un- Co.,
will be Donald L. Samuels. The new firm will have its main office at
listed dollar bonds as of Nov. 13:
50 Broad St. and will begin operations as of Dec. 1.
Md.
Asked.
-Newspaper advertising in California showed the smallest decline from
Bavaria 654s, 1929-1945
33
Brandenburg Electric 6%, 1953
1930 among various important trade indexes reported in the "Business
36
39
EastPrussian Power 6%, 1953
Outlook" published monthly by the Wells Fargo Bank & Union Trust Co.
29
32
French National Mail S. S. Line 6%, 1952
8734
8844 of San Francisco. For the first 9 months of 1931, newspaper advertising
German Atlantic Cable 7%, 1945
50
53
in California declined 9% from 1930 lineage figures. This contrasts
German Building & Landbank 614%, 1948
32
as
Hamburg-American Line 64a, 1937
with declines of 43% in building, 25% in new passenger automobile sales,
88
68
Hungarian Central Mutual 7s, 1937
20% in commercial car sales and 20% in bank debits. New life insurance
30
33
Hungarian Discount & Exchange Bank 78, 1963
sales in the first 8 months of this year were 21% below 1930.
26
29
Hungarian Italian Ban ,, 734%, 1932
6034
-1Iornblower & Weeks have opened a new branch office at 1429 Walnut
6434
Leipzig Overland Power 834%, 1946
48
Street, Philadelphia, under the management of Richard E. Norton. Asso52
Leipzig Trade Fair 7s, 1953
37
ciated with Mr. Norton are Elwood W. Miller as assistant manager and
40
Munich 7s. to 1945
Theodore C. Sheaffer as manager of the investment department, all forNassau Landbank 614%, 1938
47
merly with the C. II. Geist Securities Corp.o 0. Rodman Stull will man50
Oberptalz Electric 7%, 1946
pg
ar
etL
anid
40
m.en
c2r
I
. rrls, formerly of New York,
eler
estock department
tgeent
age the
g2_
Paris-Orleans Ry. 68, 1958
38
dep
will
i charge
Pomerania Electric 6%. 1953
30
83
Protestant Church (Germany) 7345, 1946
35
38
Provincial Bank of Westphalia 6%, 1933
33
Government Receipts and Expenditures.
Rhine Westphalia 7%. 1936
65
68
Roman Catholic Church 834%, 1948
49
Through the courtesy of the Secretary of the Treasury
51
Roman Catholic Church Welfare 7%, 1946
41
44
BILX00 State Mortgage 6%, 1947
we arc enabled to place before our readers to-day the details
44
48
Siemens & Make debentures 6%, 2930
340
of Government receipts and disbursements for Oct. 1931
370
Stettin Public Utilities 7%, 1948
34
37
and 1930 and the four months of the fiscal years 1931-1932
United Industrial 8%, 1945
37
40
Wurtemberg 78, 1929-1945
and 1930-1931.
33
39
GOLD.
The Bank of England gold reserve against notes amounted to £135,674,369
on the 21st instant as compared with £135,358,624 on the previous
Wednesday.
The S.S."Rawalpindi" arrived on the 23rd instant with about £1,700,000
bar gold shipped from India. Of this amount £650,000 was destined for
New York and £300,000 for Holland. About £700,000 was dealt with in
London, but arrangements for the disposal of nearly all this had been made
in advance, so that only a small amount was available after arrival. On
the 26th instant about 860,000 was offered in the open market and was
bought for the Continent at 1055 3d per fine ounce.
Quotations during the week:
Per
Equivalent Value
Fine Ounce. of Sterling.
Oct. 22
104s. 64.
168. 3.1d.
Oct. 23
1058. 8(1.
16s. 1.0d.
Oct. 24
1055. 8d.
16s. 1.04.
Oct. 26
1058. 3d.
165. 1.74.
Oct. 27
1055. 9d.
165. 0.E.d.
Oct. 28
1055. 9d,
165. 0.8d.
Average
1058. 5.2d. 16s. 1.4d.
--Month of October-- — Four Months
1930-31.
1931-32.
1930.
General Fund—1931.
Receipts:
S.
$
$
$
Internal revenue—
25,284,502 27,876,745 339,121,623 582,262.864
Income tax
206,419,196
189,661,371
49,906,794
46,561,530
MIscell. Internal revenue
71,846.032 77,783.539 528,782,994 788.682,060
Total
35,175,423 39,319,247 143,395,372 134,251.676
Customs
Miscellaneous receipts—
Proceeds of Govt.-owned secs:
Principal—foreign obirgs_
Interest—foreign Wigs_
956.907
897,670
287,958
186,153
Railroad securities
1.641,236
4,458.901
230,260
2,228,980
All others
9,751.461
8,368.799
2,618,302
2,199,963
Ac
Panama Canal tolls,
3.817.390 6,129,516 17,725.938 23.759,483
Other miscellaneous
115,453,941 -126.368,822 703,629,674 959.042,823
Total
Expenditures:
223,970.690
General
Public debt—
134,180,469
Interest
Sinking fund
Refunds of receipts—
1.482,703
Customs
5.618,093
Internal revenue
20.000,000
Postal deficiency
769,631
Panama Canal
Agricultural marketing fd.(net) 10,057,352
Adjusted service certif. fund_
Civil service retirement fund_
Foreign service retirement fund
Dist. of Columbia (see Note 1)396.078,938
Total
Excess of receipts
EXCeES of expenditures
192,486,926 963.732,175 750,364,221
134,703,319 180,599.978 184,631,524
65,000.000
7.243,815
5,765.810
1,690,434
6,103,227 28,596,106 23,446,425
15.000,000 65,000.000 40.004,582
4.634,936
4,108.007
1,276,731
1,771,384 86.383,448 24,661.848
20.850,000 20.850.000
216,000
215,000
9,500,000 9.500.000
353.032,021 1364,750524 1130,557351
280,624,997 226,663,199 661.120,850 171,514,528
Special Funds—
Receipts:
Applicable to public debt retirements-Principal— foreign obligations
Interest—foreign obligations
From estate taxes
From franchise tax receipts
(Federal Reserve banks and
Federal intermediate credit
banks)
From forfeitures, gifts, dm_
4.032.355
Other
4,032,355
Total
Expenditures:
Public debt returements
Other
Total
Excess of receipts
Excess of expenditures
30,000
31.000
8,604,361
8,665.361
9,609.761
9.609,761
61,000
7,976.586 24,744,177 20.158.086
20.219.086
7,976,586 24,744,177
5,577.406
4,507,212
13,455,110
11,553,725
286,202,403 231,170,411 674,575 961 183,068,254
Trust Funds—
Receipts:
8.956,535 14,363,932 14,413,553
8,609.869
District of Columbia
30.862.991
Government life insurance fund 6,186.550 8,302,618 25,575,541
3.768,694
2,429,414
715.859
365.969
Other
49.045,238
42,368,887
15,162,388 17,975,012
Total
Expenditures:
5,642,748
6,189,794
4,790,291
Dist. of Columbia (see Note 1)_ 4,410,031
Govt. life insurance fund—
10,548.977
8.410,802
2,552.270
2,128,407
Policy losses, Ac
6,014,516 19,038,590 20,715,086
3,967,836
Investments
4,209.040
4,467,988
878,645
277,427
Other
10,783,701 14.235,723 38.107,174 41,115.851
Total
7.929.387
4,261.713
3,739,289
4,378.687
Excess of receipts or credits
Excess of expenditures
are Included.
Receipts and expenditures for June reaching the Treasury in Julythe
of the
Note 1.—Expenditures for the District of Columbia representing the share
general fund
from
United States are charged against the amount to be advanced
tha
against
charged
are
they
that
After
expended.
is
amount
until the authorized
expenditures the items for
revenues of the District under trust funds. For total
be added.
should
funds
trust
under
and
fund
general
under
Columbia
District of
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 August,September,
October and November 1931.
Holdings in U.8. Divans
Aug.1 1931, Sept. 1 1931. Oct. 11931, Noe. 1 1931,
i
155,560,464
18.474 345
2,582:181
16,270,796
878.185
59.163
8.046.656
5.683,082
Net gold coin and bullion
Net diver coin and burn°
Net Bolted States notes_
Net national bank notes_
Net Federal Reserve not
Net Fedi Rms. bank note
Net subsidiary sliver ..4.11nor coin, As
8
208,411,408
16,910,235
3,133,740
16,388.681
852.580
4,855
6,817,906
5,325.387
$
1
216.391,419 226,825,074
17,620,651
17,185.260
2.793,481
2.597,524
16,000,198
15.998.800
1,151.800
1,235,000
15.058
28,916
7,566,747
7,740,346
6.142,099
5.872.310
Total cash In TreasuryLees gold reserve fund...—
257,824.792
156,039.088
266,952.517
156,039,088
278,212,166 .207,604.872
156,039.088 156,039.088
Cast' balance In Trearry
Dep.In epee'l depositories,
account Tress's, bonds
Treasury notes and certificates of indebtedness
Dep. In Fed'i Res bank__
Dep. In national banks:
To credit Treas. U.
To credit dist.. officers_
Cash in Philippine Islands
Deposits In foreign depts.
Dep.In Fedl Land banks
101.785.704
110.913,429
122,173,078
51,565,784
233,210.000
33,906,561
54,436.000
72,922,326
564,893,000
41,169,509
243,597,000
43,670,152
7.246,106
18,309,635
445,212
2,778,242
7.488.496
18.546,339
761,937
4.761,995
7,625.360
18,621,328
473,806
21,669.067
6,645.011
21.345 605
310.908
21,862,977
397,681,460
124,349.846
269.830,521
136.039,323
776,625,732
173,847,114
388,797,437
198,735,174
Net cash In Treasury
and in banks
Deduct current liabilities.
292,062,263
Available cash balance_ 273.331.614 133.791.198 602.778.618
coin
•Includes Nov. 1, 812 818.342 silver bullion and $4,657,407 minor, Ac.,
not included in statement "Stock of Money."
Preliminary Debt Statement of the United States
October 1931.
The preliminary statement of the public debt of the United
States Oct. 31 1931, as made upon the basis of the daily
Treasury statement, is as follows:
EMU2% Consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
8% Panama's 01 1981
3% Conversion bonds
235% Postal Savings bonds
First Liberty Loan of 1932-47-$1,392,239,350.00
334% bonds
5,003,950.00
4% bonds
536,285,000.00
43j% bond&
134% Fourth Liberty Loan of 1933-38
$599,724,050.00
48,954,180.00
25,947,400.00
49.800.0 0.00
28,894,500.00
27,207,900.00
$780,528,030.00
$1,933,528,300 00
6,268,218,450.00
34%
Treasury bonds of 1947-52
4
i% Treasury bonds of 1944-54
33% Treasury bonds of 1948-56
383% Treasury bonds of 1943-47
3.4% Treasury bends of 1940-43
314% Treasury bonds of 1941-43
314% Treasury bonds of 194849
3% Treasury bonds of 1951-55
8,201,746,750.00
5758.983,300.00
1,036,834,500.00
489,087.100.00
493,037,750.00
359,042.950.00
594,230,050.00
821,406,000.00
800,421.800.00
5,353,043,450.00
$14,335,318,230.00
Total bonds
Dreariest( Notes1134% Series C 1930-32, called for redemption
Dec. 15 1931
4% Civil Service—Series 193260 1936
4% Foreign Senice—Serien 1933 to 1936-4%„Canal Zone retirement fund, Series 193&.,
TreasuryCertificates1T4% Series TD-1931, maturing Dec. 15 1931
15507 Berke TD2-1931, maturing Dee. 15 1931
2% Series TM-1932. maturing Mar.15 1932._
% Series TS-1932, maturing Sept. 151932_
$451,718,950.00
190,200.000.00
1,633,000.00
1,825,000.00
645,376,950.00
5268.381.000.00
275,118,000.00
623,891,500.00
314,279,500.00
$1.481,670,000.00
11.289.067
11,289,067
3,469,374
3,469.374
Summary of General and Special
Funds—
115,453,941 126,368.822 703,629,674 959,042,823
Total general fund receipts
8,665,361
3,469,374 11,289,067
4,032.355
Total special fund receipts
119,486,296 129,838,196 714,918,740 967,708.184
Total
1130.557351
Total general fund expenditures.._396,078,938 353,032.021 1364,750524 20,219,086
7.976,586 24,744,177
9,609,761
Total special fund expenditures
1150,776438
1389,494701
361,008,607
405,688,699
Total
Excess of receipts
Excess of expenditures
[VOL. 133.
FINANCIAL CHRONICLE
3208
4% Adjusted Service Certificate fund, series
maturing Jan. 1 1932
Treasury SW,(Maturity Vales)—
Maturing Nov. 2 1931
Maturing Nov.9 1931
Maturing Nov. 16 1931
Maturing Nov. 23 1931
Maturing Nov. 30 1931
Maturing Dec. 30 1931
Maturing Jan. 13 1932
Maturing Jan. 25 1932
Total Interest-bearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to Apr. 1 1917
Second Liberty Loan bonds of 102742
Third Liberty Loan bonds of 1928
354% Victory notes of 1922-23
441% Victory notes of 1922-23
Treasury notes
Certificates of Indebtedness
Treasury bills
Treasury savings certificates
Dell Bearing No Interest—
United States notes
Um gold reserve
42,100,000.00
1,523,770,000.00
$59,850,000.00
60.005,000.00
60,280,000.00
60,001,000.00
80,019,000.00
100,761,000.00
51,641,000.00
51,338,000.00
523,895,000.00
$17,028,360,180.00
81,638,760.26
3,653,300.00
5,950,500.00
20,200.00
1,172,100.00
11,322.550.00
4,722,000.00
2,003,000.00
966,050.00
31,448,460.26
$346,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales, dos
Total gross debt
35,832,940.00
2,042,294.08
3.388,216.22
231,905,378.27
517,291,714,018.53
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.)
August 31 1919
October 811930
When War Debt
A Year Ago.
Was at Irs Fen*.
8.01 $16,179,837,396.57
$26,596.701.64
Gross debt
6
203,056,866.81
1,118,109.534.7
Net balance In general fund
Gross debt less net balance in general fund.$25.478,592,113.25 $15,976,780,529.76
September 30 1931
October 31 1931.
Last Month.
$17,320,806.657.53 517,291,714.018.53
Gross debt
292,062,262.69
602,778.817.71
fund
Net balance In general
5.84
Gross debt leas net balance in general fund_816.717,828,039.82 816.999,651,75
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Oct. 31 1931 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Oct. 31 1931.
CURRENT ASSETS AND LIABILITIES.
GOLD
Assets—
Gold coin
Gold bullion
839,048,584.43 Gold Mts.outstanding__1,784,684,049.00
2,502,911,251.11 Gold fund. Fed. Reserve
Board (Act of Dec. 23
1913,as amended June
1 301,735,322.40
21 1917)
156,039,088.03
Gold reserve
99,521.376.11
Guld in general fund ____
3,341,959,835.54
Total
3,341.959.835.54
Total
Note.—Reserve against 8346.681.016 of U. S. notes and $1,233,050 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver dollars
in the Treasury.
SILVER DOLLARS.
LIM/MitesAssess—
Silver attn. outstanding- 491,932,587.00
498,821,840.00
dollars
Elver
Treasury notes of 1890
1,233,050.00
outstanding
5.656.003.00
Silver dollars in gen.fund
498,821,640.00
Total
498,821,640.00
Total
Nov. 14 1931.]
FINANCIAL CHRONICLE
GENERAL FUND.
duetsLlatititttes$
Gold (see above)......., 99,521,376.11 Treasurer's checks outSilver dollars (see acie)el
standing
5,656,003.00
584,698.14
United States notes....
2,582,181.00 Douai. of Gov. °Main.
Federal Reserve notes...
878,185.00
Post Office Dept
3,443,777.84
Fed. Res, bank notes...
Board of Trustees.
59,163.00
National bank notes-- 16,270.795.50
Postal Ray. System.
Subsidiary silver ooln_
8,096,656.08
5% reserve, lawMinor coin
4,657,407.44
ful money
15,850,523.52
Silver bullion
12,818,342.12
Other deposits_
2,052,871.97
Unclassified, collectiouel
Postmasters, clerks of
&o
1,025,674.36
courts, disbursing
Deposits in Federal Reofficers, &c
72.814,549.09
serve banks
43,670,151.84 Deposits for:
Deposits in special cle•
Redemption of F. R.
Positarlesaect.of sake
notes(5% td..gold) 70,543,805.73
of Treasury bonds.__ 243,597,000.00
Redemption of nat'l
Delimits in foreign del).
bank notes(5% M.:
To°red itofTreas.U.S. 19,985,539.45
lawful money)
28,507,742.71
To credit of other GovRetirement of addi
ernment officers _1,677,437.15
circulat'g notes, Act
in
Deposits
nat'l banks
May 30 1908.
1,350.00
To creditofTress.U.EL
6,645,011.37 Uncollected items, exTo credit of other Govchanges. &es
2,938,055.23
ernment ofilcers_ -- 21,345,604.91
Dep.In Philippine Treas..
196,735,174.03
TocreditofTreaa.U.S.
310,908.39 Net balance
292,062,262.69
Total
488,797.436.72
Total
488,797,436.72
Note.-The amount to the credit of disbursing officers and agencies to-day was
$376,171,727.97.
Under the Acts of July 14 1890, and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made.
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $35,832,940.
$570,270 In Federal Reserve notes and $16,236,095 In National bank notes are In
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Comintvdcaland Wi5CalanerinfiRCM
Breadstuffs figures brought from page 3280.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c.-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Corn
Oats.
Barley.
I
Rye.
bbls.19Wbs.bush.60 lbs.bush. 5618,.bush. 32 lbs. bu3h.48183.lbush.50lbs.
Ch'eago
234,000
688,000 1,556,000
472,000
59,0001
11,000
Minneapolis.110,000
1,420,000
196.000 306,000
96,000
Duluth
3,000
1,231,000
48,000
40,000
54,000
Milwaukee...
36,000
547.000
101,000
107.000 256,000
5,000
Toledo
439,000
34,000
158,000
5,000
3,000
Detroit
19,000
8,000
12,000
10,000
13,000
Irellanapolls
88.000
567,000
250,000
2,000
St. Louis_ --162,000 1,079,000
237,000
89,000
11,000
1,000
Peoria
48,000
84,000
140,000
11,000
11,000
Kansas City
9,000 1,670,000
171,000
56,000
Omaha_ _ _ _
429,000
50,000
46,000
St. Joseph...
113,000
50,000
36,000
Wichita
489,000
Sioux City_ _ _
65,000
58.000
4,000
Tot. wk.'31
Same week '30
Same week '29
489.000
469,000
436,000
8,361,000
7,426,000
7,075,000
3,094,000
4,380,000
3,118,000
1,445,000
1,986,000
1,799,000
698,000
944.000
834,000
185,000
320,000
583,000
Since Aug.16,948,000161,584,000 40,860,000 31,143,00016,711,000 2,941,000
1931
6,651,000206,491.000 59,945,000 55,423,00027,473,000 12,975,000
1930
1020
a 382 nnn 20a 612 000 50 351 MO (IR slcA ntlfiqn list nnn 11 .1.41 etilll
Flour.
Exports for Week
and Since
July 1 to-
Total 1931
Total 1930
New York__.
Portland, Me_
Philadelphia.
Baltimore_ _._
N'port News_
Norfolk
Mobile
New Orleans *
Galveston_
Montreal
Boston
Sorel
Quebec
Wheat.
Corn.
Oats.
Barley.
Bye.
bbls.198ft.bush.80 lbs.bush.58 lbs. bush. 32 lbs. bush.4815s. bush.56Ibs.
8,000
170,000 2,329,000
118,000
3,000
385,000
7,000
34,000
55,000
6,000
6,000
14,000
9,000
21,000
23,000
5,000
32,000
1,000
3,000
120.000
313,000
27,000
113.'1.
78,000
36,000
1,000
452,000
274,000 217.000
85.000 2,124.t i •
21,000
I I I
2,000
28,000
281,000
1,000
274,000
Tot. wk.'31
394,000 6,499,000
Since Jan.1'3120,609,000158,846,000
459,000 217,000
53,000
35,000
2,683,000 11.108,00021,499,000 2,2900
0 0
Week 1930.... 519.000 3,379,000
161,000
97.000
10.iii
Since Jan.1'3022.129 000145 R21 nnn 4.324 000 4.970.000 821
Ace nnn
• Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 7 1931, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
New York
Portland, Me
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
Montreal
Quebec
Sorel
Bushels. Bushels.
1,287.000
385,000
80,000
96,000
120,000
32,000
313,000
236,000
245,000
2,124,000
274,000
281,000
Barrels. Bushels. Bushels. Bushels.
50,189
16,000
9,000
65.000
1,000
274.000
21,000
217,000
Total week 1931_
Same week 1930_ _
5,473.000
2.233.000
145,189
211,787
279,000
31,000
21,000
217.000
1,000
3,000
1,000
5,000
The destinat'on of these exports for the week and since
July 1 1931 is as below:
Since
July 1
1930.
Wheat.
Week
Nov. 7
1931.
Since
July 1
1930.
Corn.
Week
Nov. 7
1931.
145,189 2,724,222 5,473,000 69.636,000
211,787 5,114,606 2,233.000 96.404.000
1,000
Since
July 1
1930.
Bushels,
17,000
4,000
21,000
42.000
109.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov 7, were as follows:
GRAIN STOCKS.
Oats,
Corn,
Barley,
Wheat,
Rye,
bash.
United Statesbush.
bush,
Lush.
bush,
89,000
2,852,000
38.000
New York
22,000
afloat
107,000
"
20,000
1,000
Boston
2,000
915,000
Philadelphia
5,000
10,000
68,000
27,000
2,962,000
32,000
Baltimore
40,000
11,000
6,906,000
3,000
Newport News
570,000
3,297,000
New Orleans
124.000
50,000
50,000
5,488,000
Galveston
27,000
8,347,000
3,000
581,000
63,000
Fort Worth
413,000
438,000
16,357,000 1,379,000 1,095,000
Buffalo
38,000
"
2,137,000
afloat
809,000
28,000
4,509,000
1,000
Toledo
290,000
7,000
"
afloat
1,188,000
20,000
61,000
278,000
32,000
Detroit
74,000
25,684,000 5,379,000 3,007,000 2,378,000
Chicago
411,000
1,553,000
afloat
1,160,000
135,000
6,738,000
213,000
Mllwattkee
483,000
519,000
4,000 2.171,000 1.548,000
25,496,000
457.000
Duluth
58,000 3,640.000 3,716,000 2,407,000
31,625.000
Minneapolis
120,000
39,000
19,000
1,550,000
Sioux City
7,632,000
8,000
560,000
132,000
2,000
St. Louis
31,830,000
74,000
106,000
31,000
188.000
Kansas City
2,077,000
Wichita
6,783,000
Hutchinson
242,000
42,000
7,383,000
St. Joseph, Mo
837,000
2,000
65,000
Peoria
386,000 1,268,000
1,967,000
Indianapolis
565,000
116,000
63,000
19,688,000
12,000
Omaha
850.000
67,000
On Lakes
Total Nov.7 1931-226,239,000 7,902.000 17,466,000 9,664,000 4,759,000
Total Oct. 31 1931-224,642,000 7,217,000 17,259,000 9,598,000 4,761,000
Total Nov.8 1930-198,443,000 5,271,000 30,752.000 16,543.000 12,042.000
NoM.-Bonded grain not included above: Oats-New York, 2,000 bushels;
Buffalo, 39,000: total, 41,000 bushels, against 27,000 bushels in 1930. BarleyDuluth, 3.000: total 3,000 bushels, against 1,044,000 bushels in 1930. WheatNew York, 1,234,000 bushels; New York afloat, 2,616,000: Buffalo, 4,510,000:
Buffalo alfoat, 5,585,000; Duluth, 4,000: on Lakes, 593.000: Canal. 1,634.000:
total, 16,185,000 bushels, against 24,052,000 bushels in 1930.
Canadian5,377,000
600,000
977,000 1,625,000
Montreal
2,066,000 9,027.000 4,098.000
Pt. William & Port Arthur43,224,000
1,485.000
7,923,000
535.000
863,000
Other Canadian
4,151,000 10,569,000 6.586,000
Total Nov. 7 1931__..56,524.000
l931....51,469,000
3,577,000 10,855,000 7,503,000
Total Oct.•31
6,048,000 10,443,000 24,577.000
Total Nov. 8 1930-68,298,000
qummany
226,239.000 7,902,000 17,466,000 9,864,000 4,759,000
American
56,524,000
4.151,000 10.509.000 6.586,000
Canadian
Total Nov.7 1931____287TIM) 7,902,000 21,617,000 20,203,000 11,345,000
1931-276,141,000
7,217,000
20,836,000
20,453,000 13,264,000
31
Oct.
Total
Total Nov.8 1930-266,741.000 5,271,000 36.800,000 26,986,000 36,619,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Nov. 6, and since July 1 1931 and 1930.
Wheat.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 7 follows:
Flour.
Week
Nov. 7
1931.
Barrels. Barrels. Bushels.
Bushels. Bushels.
United Kingdom_ 45,442 1,283,508 1,574,000 21,580,000
Continent
75,602 1,002,112 2,970,000 43,024,000
142,453
868,000 3,326,000
So.& Cent. Amer_ 2,000
195,914
West Indies
8,000
68,000
Brit. No. Am.Col.
962
121,000 1,638,000
99,273
Other countries__ _ 14,145
Exports.
Receipts Cl-
3209
North Amer_
Black Sea...
Argentina.._
Australia _ _ _
India
0th. countr's
Total
1Week
Nov. 8
1931.
Since
July
1931.
Corn.
Since
July 1
1930.
Week
Nov. 8
1931.
Since
July 1
1931.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
0,522,000123,906,000165,330,000
80.000 1,224,000
2,832,000 78.344.000 48,704,0009.
1,022,000
1,911,000 29,120,000 17,142,00010,853.000178,631,000
2,661,000, 41,290,000 23,272,000
592,000 8,784,000
I
i
800,000, 15,496.000 19,400,000 918,000 9,644,000
Since
July 1
1930.
Bushels.
779,000
17,300,000
88,998,000
80,624,000
18,526,000 288,748,000282,632.00011,770,000190.521.000 137,701.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
Nov.3-Peoples National Bank of Joliet, Illinois
$250.000
Correspondent: J. A. Ohlhaver, Joliet, Illinois.
Armour
National Bank. Armour. South Dakota
Nov.4-The
25,000
Correspondent: C. E. Floete, Armour. South Dakota.
VOLUNTARY LIQUIDATIONS.
Capital.
Nov.2-The First National Bank of Ottumwa. Iowa
200,000
Effective Oct. 29 1931. Liq. Agent: P. 0. Ackley, care
of the liquidating bank. Succeeded by: First Bank &
Trust. Co. of Ottumwa.
Nov.3-The First National Bank of Great Neck at Great Neck
Station. New York
100.000
Effective Oct. 31 1931. Liq. Committee: Joseph A.
Kavanagh. Robert C. Kerr, Jr.. John G. Williams,
care of the liquidating bank. Absorbed by Great Neck
Trust Co., Great Neck. Nassau County. New York.
Nov.4-The Citizens National Bank of Peru. Indiana
100,000
Effective Oct. 31 1931. Liq. Committee: John Kramer.
L. B. Kennedy and E. H. Griswold, care of the
liquidating bank. Absorbed by Wabash Valley Trust
Co. Peru. Indiana.
Nov.4-The First National Bank of Traverse City, Michigan..,.. 100,000
Effective Oct. 31 1931. Liq. Committee: Glenn W.
Power, A. W. Rickerd and A. L. La Pranier, Traverse
City, Michigan. Succeeded by Peoples First State
Bank at Traverse City. Michigan.
Nov. 4-The Pampa National Bank, Pampa, Texas
Effective Aug. 15 1931. Liq. Agent: E. 0. Snead. care 50.000
of the liquidating bank. Absorbed by The First National Bank of Pampa. No. 9142.
Nov.5-The Linden National Bank & Trust Co. Linden. N. J.
Effective Oct. 15 1931. Liq. Commiltee: Frank Er. 250.000
Newell, Harold Depew, H. D. Pante care of the
liquidating bank. Succeeded by: Linden National
Bank. Linden, N. J., No. 13540.
Nov.6-The First National Bank of Belvidere. Illinois
75.000
Effective Oct. 22 1931. Lig._ Agent: The Second
National Bank of Belvidere, No. 3190.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
500 59th St. & 5th Av. Corp., pi.;
500 corn., no par
$125 lot
200 Dwyers Billiards, Bowling,
Inc., par $50
$20 lot
2,000 Estates See. Corp. (N. Y.)
6% cum. pref. par $50
$5 lot
50 White Plains Daily Corp.com.$100 lot
50 No. Westh. Pub., Inc. corn_ _$100 lot
250 Sedgfield, Inc., corn
$10 lot
400 Estates Sec. Corp., 6% cum.
pref., par $50
$2 lot
100 L. C. B. Amusement Co., Inc.
no par
'
55 lot
590 Empire Tr. Co.(N.Y.) Par $20. 37
45 Long Hats Stores Corp., el. A
participating
$24 lot
$ per Sh.
Shares. Stocks.
45 Long ClotIfg & Furn.Corp., p1_536 lot
75 Skinner Motors, Inc., no par--$35 lot
332 Dunning Mfg. Co., Detroit,
Mich., Cl. B corn., no par; 332
class A, partic. pref. no par_ _.$12 lot
20 Utica Tr. & Dep. Co. & right to
subscribe to 20 shs. First Citizens
' 231
Bank & Trust Co
838 Creameries of Am., Inc. corn..
$125 lot
voting trust ctfs., no par
Per Cent.
Bonds$1,000 Hercules Mtge. Corp. gen.
coll. 75. ser. B, due July 1 1934,
with coup. from Jan. 1 1932,
$800 lot
attached
$11,000 Midland Natural Gas Co.,
$175 lot
cony. 68, 1935
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
64 Atlantic Nat.Bank, par $25_ _ _ _36-37
5 Nat.Shawmut Bank, par $25____ 3631
5134
338 First Nat. Bank, par $20
150 Irving Trust Co.,N.Y., par $10 24%
150 General Cotton Corp
134
20 Pepperell Mfg. Co
4234
75 Springfield G. L. Co.(undeposRed), par $25
36
35 Quincy Market Cold Storage &
Warehouse Co., corn
7
10 Boston Insurance Co
358
870 Employers Group Associates_
1131
170 Forbes & Wallace, Ina., class A 25
550 Franklin Fire Ins. Co., par $5_ 1731
250 Hartford Steam Boiler Inspeclion & Insur. Co., par $10
4834
120 Hanover Fire Insur. Co., par $1023
47
63 Nat. Union Fire Insur. Co
580 Standard Invest. Corp., pref.. 10
180 Stuyvesant Insur. Co., Par $25 2854
100FallRiver Gas Wks.Co.,par $25 34
13-15
36 United Elastic Corp
[VOL. 133.
FINANCIAL CHRONICLE
3210
$ Per Sh•
Shares. Stocks.
200 Root Ref. Co.,corn., par 5200.525lot
251 Amer. Carrara Marble Co. 7%
$3 lot
preferred, par $10
500 Elec. Public Utilities $7 pref $140 lot
1031
9 units First Peoples Trust
5 Boston Chamber of Commerce
$5101
Realty Trust 2d pref
30-160 of an undivided portion of
real estate owned by the bondholders of the Alexander & Thorn
1st mtge. bonds located in St.
$10 lot
Petersburg. Fla
$1,000 interest in the Millwood
154
Hunt Realty Trust
Per Cent.
Bonds.
$2,000 Atlantic Gas & Electric Co.
$490101
ils, June 1943, series A
$10,0130 500 Fifth Ave., N.Y.,Inc.,
1
June
leasehold
654s.
1st mtge.
$23 flat
1949
$1,000 Copper Range Road 55,
40
Oct. 1949
By Wise, Hobbs & Arnold, Boston:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded),
*75c. Dec. 1 *Holders of rec. Nov. 20
Hackensack Water, corn
•15c. Nov.20 *Holders of rec. Nov.15
Hawaiian Electric (monthly)
Nov.20 *Holders of rec. Nov.15
*15c.
Honolulu Gas Co.(monthly)
✓15,i Dec. 1 *Holders of rec. Nov.20
Huntington Water, 7% pref. (quar.)
134 Dec. 1 *Holders of rec. Nov.20
Illinois Water Service, 6% pref. (guar.)'
Indianapolis Water Co., pref. A (qua?.) 15( Jan. 1 Holders of rec. Dee. 120
ji Nov. 16 *Holders of rec. Nov. 10
Keokuk Electric,6% pref. (quar.)
✓o
Dec. 15 *Holders of rec. Dec. 1
Laclede Gas Light, corn.(guar.)
*234 Dec. 15 *Holders of rec. Dec. 1
Preferred (guar.)
*S1 ' Dec. 1 *Holders of rec. Nov. 24
Middlesex Water, corn.(quar.)
Mid-West States Util., cl. A-Div. passe d.
*3754c Nov. 2 *Holders of rec. Oct. 15
Miss.Power & Light, 1st p1.(qu.)
Monongahela W.Penn.Pub.Ser.pf.(qu.) 43310. Jan. 1 Holders of rec. Dec. 15
Dec. 15 *Holders of rec. Dec. 1
Muncie Water Works,8% pref.(qu.).-- *2
13( Dec. 1 Holders of rec. Nov. 14
Nebraska Power,7% pref.(qu.)
Dec.
1 Holders of rec. Nov. 14
154
6% preferred (guar.)
13‘ Dec. 1 Holders of rec. Nov.20
No.States Pow.(Wisc.) pref.(qu.)
134 Dee. 1 *Holders of rec. Nov. 20
Northwest Pub. Serv.,7% pf.(qu.)- - --'
vui Dec. 1 *Holders of rec. Nov. 20
6% preferred (Irian)
x134 Dec. 1 *Holders of roe. Nov.14
Nova Scotia Light & Power, pref.(qu.)
•I5c. Nov. 15 *Holders of rec. Nov. 12
Oahu Ry.& Land (monthly)
4.1m Dec. 1 *Holders of rec. Nov. 12
Ohio Power Co.,6% pref. (quar-)
*134 Nov. 16 *Holders of rec. Nov. 5
Ohio Water Service,6% pref.(qu.)
*1,4 Nov. 16 *Holders of rec. Nov. 5
534% preferred (guar.)
Oklahoma Gas & Elec.,7% pref.(qu.)... 154 Dec. 15 Holders of rec. Nov.30
6% preferred (quar.)
154 Dec. 15 Holders of rec. Nov.30
Otter Tall Power (Del.) corn,(quar.) -- *25‘ Dec. 1 *Holders of rec. Nov. 15
Pawtucket Gas Co. of N.J., prof
•254 Dec. 1 *Holders of rec. Nov.23
Pennsylvania Gas & El. Co.$7 pf.(qu.) 41.75 Jan. 2 *Holders of rec. Dee, 20
7% preferred (guar.)
*131 Jan. 2 *Holders of rec. Dec. 20
Shenango Valley Water,6% pref. (qu.)_ *156 Dec. 1 *Holders of rec. Nov.20
Dec. 15 *Holders of rec. Nov.30
Southern Colorado Power,7% Dr.(qu.)Terre Haute Water Wks.,7% pf.(qu.)-- *134 Dec. 1 *Holders of rec. Nov.20
Nov. 20
Texas Utilities, prof.(guar.
•154 Dec. 1 *Holders of rec.
United Telephone (Del.) 2d pref.(qu.)-- *$1.75 Nov. 1 *Holders of rec. Oct. 20
West Coast Telep.,6% pref.(quarJ--- *3754c Dec. 1 *Holders of rec. Nov.20
West Ohio Gas,7% pref.(quar.)
1$4 Dec. 1 Holders of roe. Nov. 14
•134 Dec. I *Holders of rec. Nov. 7
Wheeling Elec.,6% pref.(quar.)
Banks.
American Union-Dividend passed.
Trust Companies.
Corporation-Sept.30 dividend omitted.
Bank of Europe Trust Co.-Div.omitted
Miscellaneous.
Aluminum Industries, corn. (qu.)
.37 Mc Dec. 15 *Holders of roe. Nov.30
roe. Nov. 16
$ Per SF,. Amer.Capital Corp., prior pref.(qu.)--- 1% Dec. I Holders of rec. Nov. 21
Shares. Stocks.
$ Per M. Shares. Stocks.
Dee. 1 *Holders of
American
*2
Dock,
8%
pref.
Corp.
(guar.)
Mills
8-10
5 The Lawton
11 Federal Nat. Bank, par $20_ __ _ 60
Amer.
Steel
Foundries, coin. div.omitted
Indian Orchard Co., corn. 4 Ly10 U.S.Trust Co., par $25
4754-49
Preferred (quar.)
.1,131 Dec. 31 *Holders of roe. Dec. 15
man Mills ($220 paid in liqui22-20 Federal Nat. Bank, par 520- 60
Amer.Sugar Refg.,corn.(quar.)
*15( Jan. 2 *Holders of roe. Dec. 5
dation) 1 Boston Library society.
20 Farr Alpaca Co
27
Preferred (quar.)
'
131 Jan. 2 *Holders of rec. Dec. 5
$100 lot
par $10
65 Havana Marine Rys., Inc
$10 lot
American
Jan. 1 *Holders of rec. Nov.80
'1234c
Thread,
Preferred
100 Grasser Mfg. Co., class A __._$10 lot
Amer.Util.
&
Med.
Cent.
Per
Gen.Corp., pref.-Div.orn
34 Waltham Watch Co.,6% prat-$5 lot
Bonds.
*400 Dee. 1 *Holders of rec. Nov. 16
Associated Co.(N. J.)
$5,000 Republic of Chile, cons.
3 South Terminal Trust
7
*250 Dec. 15 *Holders of rec. Nov.21
mun.loan is, ser. A,Sept. 1960 18 flat Atlantic Refining (quar.)
1,110 Anchor Oil Producing Co_ _ _$25 lot
Atlas Utilities,$3 pref.(quar.)
75c Dec. 1 Holders of reo. Nov,20
4 Eastern Utilities Assoc., com_29 ex-div. $5,000 Jewett Repertory Theatre
250 Dec. I *Holders of rec. Nov. 20
Automoth
.
e
lot
Gear
15
corn.
Dec.
'39.510
Works,
6s,
ref.
Fund,
Inc.,
(quar.)Amer.
Founders
Corp.,
corn_
802
131
vThe
Nov. 1 *Holders of rec. Oct. 20
Badger
Paper
Theatre
Mills,
6%
pref. taunt.)- -10034 $5,000 Jewett Repertory
8 U.S. Envelope Co., pref
4,1234 Nov.25 *Holders of rec. Nov. 14
Fund, Inc., ref. 6s, Dec. 15'39_$10 lot Bankers Nut.Invest., corn.(quar.)
20 Lewis A. Crossett Co., pref._ $1 lot
aboc Nov. 25 *Holders of reo. Nov. 14
Class
A
&
B
(quar.)
1.856 Woodward Iron Co.. corn
534
*150 Nov.25 *Holders of roe. Nov. 14
Preferred (quar.)
4.150 Nov.15 *Holders of rec. Oct. 31
Finance Corp., pref. (quer.)By Barnes & Lofland, Philadelphia, on Tuesday, Nov. 10: Beacon
Nov. 2 *Holders of rec. Nov. 1
Beaton
&
'1231c
Caldwell
Mfg.
$ Per Sh.
(monthly)
Shares. Storks.
$ per Sh. Shares. Stocks.
*12540 Dec. 2 *Holders of rec. Dee, 1
Monthly
20 Haverford Land & Improvement
22 Philadelphia Nat.Bank, par 320. 71
1254c Dec. 31 *Holders of rec. Dec. 30
Monthly
•
$1,400
lot
Co., par 550
25 Ninth Bk. & Tr. Co., par $10_ _ 2034
me, Jan. 1 Holders of rec. Dec. 12
I Beech-Nut Packing, corn.(guar.)
250 Rockhill Coal & Iron Co., pref.
25 Corn Exchange National Bank &
*250. Nov. 16 *Holders of rec. Nov. 10
Belden Mfg.(quar.)
55
1 Founders membership Penn AthTrust Co., par $20
no°.
Dec. 15 *Holders of roe. Nov.25
Best
&
Co.,
corn.
(guar.)
500
letio Club
10 Cont'l-Equit. Title & Tr., par $5 15
Nov.14 *Holders of roe. Nov. 4
Boston Ground Rent Trust
•3
1 Founders membership Penn Ath15 Cont'l-Equft. Title & Tr., par $5 10
British-Amer.011 reg.shares(gust.).- -- 1200. Jan. 2 Dec. 13 to Dec. 31
500
letic Club
275
12 Finance Co. of Pa
120c. Jan. 2 Holders of coup. No.7
Bearer shares
150
102
2 Audubon National Bank
30 Girard Trust Co., par $10
Brown Fence & Wire, class A (qu.)
600. Nov.30 Holders of roe. Nov. 15
20 Pennsylvania Co. for Insurance
Bulova Watch,Inc., corn.-Dividend om tted.
Per
Cent.
Bonds.
4231
on Lives, &o.. par $10
Convertible preferred (guar.)
37540 Dec. 1 Holders of rec. Nov. 17
$3,000 Hollywood Devel. & Harbor
20 Pennsylvania Co. for Insurance
California Packing-Dividend omitted.
.
Co. 8s, Jan.15
4231
on Lives. &c., par $10
40c. Dec. 1 Holders of roe. Nov. 14
Canada
Vinegars,
Ltd.
(guar.)
1928 & subs, coups. attached)_ $15 lot Canadian
166 2-3 Swarthmore Realty Co.$1,500 lot
Investors Corp.,Ltd.,com.(qu) *15c. Nov. 2 *Holders of rec. Oct. 16
pa seed.
end
Capital
Securities
Co.,
Inc.,
pref.-Divid
By A. J. Wright & Co., Buffalo:
Central Manhattan Properties,Cl. A (qu.) *810. Dec. I *Holders of rec. Nov.20
$ per Sh.
$ per Sh.1Shares. Stocks.
Nov. 15 *Holders of rec. Nov. 10
Shares. Stocks.
Champion Coated Paper, corn.(guar.)-- *2
$1
lot
$1101 15 Whisk Razor Corp., no par
•134 Jan. 1 *Holders of rec. Dec. 19
42 Central Bank of Medina
Champion Fibre,7% pref.(quar.)
120
par
$1Corp.,
Internat.
lot
10
Angel
$1.$1
par
Dec.
1 *Holders of rec. Nov.25
Fairb.
Mines,
nji
Creighton
500
Chapman Valve Mfg., 7% pref
Chemical Paper Mfg., 1st pref.(qu.)_ _ _ *1% Nov. 2 *Holders of rec. Oct. 29
6% 2d preferred-Dividend omitted.
Chicago Investors Corp., pref.-Dividen d omit ted.
DIVIDENDS.
12.588c Dec. 1 *Holders of rec. Nov. 14
Cities Service, bankers shares
the
tables.
In
separate
two
grouped
in
City Ice Co.(Kansas CItY).7% Pf.(qu.) *1% Dec. 1 *Holders of rec. Nov. 15
Dividends are
City of Paris Dry Goods, let pref.(quar.) '134 Nov. 15
announced
the
dividends
the
all
first we bring together
*154 Jan. 2 *Holders of rec. Dec. 12
Coca Cola Co., class A (quar.)
75c. Dec. 2 Holders of rec. Nov. 19a
current week. Then we follow with a second table, in Columbia Pictures Corp.,$3 pref.(qu.) *50c.
Dec. 15 *Holders of rec. Nov.30
Compressed
Industrial
announced,
but
Gasses
(qu.)_
previously
dividends
which we show the
Dec. 1 *Holders of rec. Nov.20
*10c.
Consolidated Paper (quar.)
50o. Dec. 1 Holders of reo. Nov.30
which have not yet been paid.
Corno Mills (guar.)
Corporation Securities of Chic (in stock)- *.(1 M Dec. 30 *Holders of rec. Nov. 21
The dividends announced this week are:
Crocker-McElwain-Div. omitted.
Crosse & Blackwell,$3.50 pref.(Irian) *8754c Dec. 1 *Holders of rec. Nov. 20
Books Closed.
Per
When
Crum & Forster Ins.8hs.,com.A & B(qu) 525c. Nov.30 *Holders of rec. Nov. 20
Days Inclusive.
Cent. Payable.
*250. Nov.30 *Holders of roe. Nov. 20
Name of Company.
Common A & 13 (extra
'134 Nov. 30 *Holders of rec. Nov.20
7% preferred (guar.)
Railroads (Steam).
Dail Steel Products-Dividend omitted.
Dec. 30 Holders of rec. Nov.30
$2
•154 Nov. 1 *Holders of reo. Oct. 21
Alabama Great Southern, ordinary
Del Monte Properties Co. (quar.)
Feb. 13 Holders of rec. Jan. 8
52
Preferred
Diversified Invest.Trust, corn,A ((NJ-- •10c Nov. 2 *Holders of rec. Oct. 31
rec.
Dec.
1
Dec.
31
Holders
of
31510.
Canadian Pacific, corn. (quar.)
*234 Nov. 2 *Holders of reo. Oct. 23
Gields (monthly)
Dominguez
011
$1.25 Jan. 2 Holders of roe. Dec. 15
Catawlssa RR., 1st & 2nd preferred... $1.15 Nov. 23 Holders of rec. Nov. 12
Dominion Textile, corn. (quar.)
.75c. Dec. 4 *Holders of rec. Nov.20
1% Jan. 15 Holders of roe. Dec. 31
Chestnut Hill (quar.)
Preferred (guar-)
*2
Nov. 20 *Holders of rec. Nov. 17
*350 Nov. 15 *Holders of rec. Nov. 6
Delaware & Bound Brook (quar.)
Mfg.(quar.)
Duff
-Norton
Nov. 25 *Holders of rec. Nov. 16
*51
*50c
Dec. 1 *Holders of rec. Nov.20
North Pennsylvania (guar.)
Durham Duplex Razor, prior pref
41.25 Jan. 2 *Holders of rec. Dec. 5
Phlla., Germantown & Morristown (qu.) *$1.50 Dec. 4 *Holders of rec. Nov. 20
Eastman Kodak, corn. (quar.)
"75c. Jan. 2 *Holders of roe. Dec. 5
Pittsb. Youngst. & A-shtabula, pf.(qu.). *154 Dec. 1 *Holders of rec. Nov.20
Common
(extra)
254 Jan. 2 Holders of rec. Dec. 1
*154 Jan. 2 *Holders of roe. Doe, 5
Union Pacific, corn. (quar.)
Preferred (quar.)
via Nov. 19 *Holders of rec. Nov. 17
Wheeling & Lake Erie, 7% pr. lien
Elliott Addressing Mach., 1st pt.(quar.) •1% Nov. 1 *Holders of rec. Oct. 25
Dec. 1 Holders of rec. Nov. 12
$3
Essex Co
*600. Feb. 15 *Holders of roe. Feb. 5
Public Utilities.
Ewa Plantation (guar.)
*Holders of rec. Nov. 2
*50c. Dec. 1 *Holders of rec. Nov.20
Amer. Gas & Power, $6 first pf. (quar.) •$1.50 Nov. 16 *Holders of rec. Dec. 10
Faber,
Coe
&
Gregg,
common
Jan. 1
540c. Dec. 1 *Holders of rec. Nov.23
Federal Compress& Whse.,COM. NUJ
Bangor Hydro Elec., pref.(quar.)
'Plyi Dec. 15 *Holders of rec. Dec. 1
Birmingham Water Works, pref. (qu.)
Federated Publications, Inc.,com.-Div den d Passed.
Dec. 1 *Holders of rec. Nov. 13
*250.
Dec. 31 *Holders of rec. Dec. 21
Blackstone Valley Gas & Elec.. pref.--- *3
(quar.)
Filene's(Wm.)Sons,corn.
*$1.25 Jan. 2 *Holders of rec. Dec. 1
.
1% Jan. 2 *Holders of roe. Dec. 21
Brooklyn Union Gas (quar.)
Preferred (quar.)
'131 Dee. 15 *Holders of rec. Dec. 1
Nov. 18 *Holders of rec. Nov. 11
*$1
Butler Water Co., 7% pref. (quar.)
First
Chrold
Corp.
(special)
of rec. Dec. 31
Central Ills.Public Serv.$6 pt.(qu.)--- *51.50 Jan. 15 *Holders
Fuller (Geo. A.) Co., prior pref.(quar.)_ $1.50 Jan. 1 Holders of roe. Dec. 10
134 Dec. 1 Holders of rec. Nov.20
1 Holders of rec. Dec. 10
81.50
Jan.
Central Indiana Power,7% pref.(qu.)
Second
(quar.)
preferred
rec. Nov. 14
*1M Dec. 1 *Holders of rec. Nov. 15
Central Miss. Val. Elec. Prop., pf. (qu.) *154 Dec. 1 *Holders of rec. Nov. 17
Gates Rubber, pref. (quar.)
158. Nov. 16 Holders of rec. Oct. 31a
Chic,Rap.Transit, prior pt. A (mthly.). •85c. Dec. 1 *Holders of roe. Nov. 17
General
Alliance
Corp.
(quar.)
*600. Dec. 1 *Holders of
Prior preferred B (monthly)
25c. Dec. 1 Holders of rec. Nov. 20
General Empire Corp.(quar.)
rec. Nov.20
•154 Nov. 15 *Holders of rec. Nov. 10
Citizens Gas of Indianapolis, pref. (qu.) *131 Dec. I *Holders of rec. Nov. 12
Gosnold Mills, pref.(guar.)
*31.50 Nov. 16 *Holders of
Citizens Traction (Pittsburgh)
*75c
Dec. 1 *Holders of rec. Nov. 20
(quar.)
Great
Northern
Paper
rec. Nov. 14
Consolidated Water of Utica, cl. A (qu.) *37540 Dee. 1 *Holders of
25o Dec. 1 Holders of rec. Nov.21
Harbison-Walker Refract., corn. (qu.)._
rec. Nov. 20
East St.L.& Interurb. Wat.,7% pf.(qu) 4,134 Dec. 1 *Holders of
134
Jan.
20 Holders of rec. Jan. 9
Preferred
(quay.)
Nov.
20
*154 Dec. 1 *Holders of rec.
6% preferred (quar.)
Hardesty (R.) Mfg.,7% pref. (guar.)... *1% Deo, 1 *Holders of rec. Nov. 15
21
Nov.
reo.
*Holders
of
Dec.
1
(guar.)._
*131
El Paso Natural Gas,7% pref.
Hawaiian Canneries,com.-Divldend oro Med
Dec. 1 *Holders of rec. Nov.20
Empire & Bay State Teleg. (guar.).- _ *1
Hawaiian Pineapple-Dividend ciliated
50o. Jan. 2 Holders of rec. Dec. 15a Hazeltine Corp.(quar.)
Empire District El. Co.,6% pf.(mthly.)
•25c Dec. 15 *Holders of rec. Dec. 1
Nov.
20
rec.
of
Holders
1
1.8 Dec.
*IA Oct. 26 *Holders of roe. Oct. 15
Gary Rys., pref. A (quar.)
Hecla Coal & Coke (gnu.)
Nov. 15
*51.50 Dec. 15 *Holders of reo. Dec. 1
Gulf States Utilities,$6 PI.(411.)
(quar.)
Mining
*10c Deo. 15 *Holders of rec.
Hecla
• 51.375 Dec. 15 *Holders of rec. Dec. 1
$5.50 preferred (quar.)
•131
Nov. 14 1931.]
Name of Company.
3211
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Helena Rubinstein,$3 pref.(qua
*75c. Dec. 1 *Holders of rec. Nov. 20
Hercules Motor Corp. (guar.)
*20c. Jan. 1 *Holders of rec. Dec. 18
Hires (Charles E.) Co., corn. B (quar.).
50c. Dee. 1 Holders of rec. Nov. 14
Management stock
*50c. Dec. I *Holders of rec. Nov. 14
Hollinger Consol. Gold Mines
£50. Dec. 2 • Holders of rec. Nov. 18
Extra
85c. Doe. 2 Holders of rec. Nov. 18
Internat. Amiesite Co.. prof. (quer.)-- *$1.75 Dec. 1 *Holders of rec. Nov.20
Iron Fireman Mfg.(guar.)
*15c. Dec. 1 *Holders of rec. Nov. 21
Johnson-Stephens-Shinkle Sh.com.(qua - *25o. Dec. 1 *Holders of rec. Nov. 14
Kentucky Rock Asphalt, pref. (guar.)
*1% Dec. I *Holders of rec. Nov. 14
King Philip Mills
*4 Nov. 17 *Holders of rec. Nov 3
Kobacker Stores, 7% pref. (guar.)
Dec. 1 Holders_of reo. Nov. 14
Kuppenheimer (B.) & Co., com.-No ac tion ta ken
Lanston Monotype Machine (guar.).- *134 Nov.30 *Holdereof rec. Nov.20
Legate(P.T.) Co.,Ltd., prof.(qua --- •$)4 Dee. 1 *Holders of rec. Nov. 14
Lehigh Portland Cement, pref.(guar.)
114 Jan, 2 Holders of rec. Dec. 14
Lindner Co., class A.-Dividend Dossed
Locomotive Fire Box, elem.-Dividend passed
1M. & P. Stores. Ltd.. 7% pref. (guar.) 1%
See note (1).
Manischewitz (Da Co.. corn. (quar.). *6234c Dec. 1 *Holders of rec. Nov.20
*I% Jan. 1 *Holders of rec. Dec. 21
Preferred (guar.)
Marine Bancorporation. full part.(qua - *25e. Nov. 2 *Holders of rec. Oct. 20
•250. Nov. 2 *Holders of rec. Oct. 20
Initial stock (quar.)
Marine Midland Corp.,(quar.)
30c. Dec. 31 Holders of rec. Dec. 1
•134 Nov. 15 *Holders of rec. Nov. 10
Matson Navigation (quar.)
*373,413 Dee, 1 *Holders of rec. Nov. 15
McWilliams Dredging (guar.)
Mead Corporation, pref. (quar.)
*51.50 Dec. 1 *Holders of rec. Nov. 15
Miller & Hart, Inc.. pref. (quar.)
*400. Jan. 1 *Holders of rec. Dec. 15
Miss. Val. Utilities Invest.,$7 pref.(qu.) $1.75 Dee, 1 Holders of rec. Nov. 14
75e. Dec. 15 Holders of rec. Nov.30
Montreal Loan & Mortgage (quota
Moody's Investors Service, $3 panic. pr eferred -Divid end action deferred.
Motor Wheel Corp.. coin. (guar.)
1234c. Dec. 10 Holders of rec. Nov.20
40c. Dec. 1 Holders of rec. Nov.20
Murphy (G. C.) Co., corn. (guar.)
Nat. Club Hotels, Inc., 2d pref.-Div. o mitted
Dec. 1 *Holders of rec. Nov.20
National Container, $2 cony. pref.(qu.) "S2
50c. Jan. 2 Holders of rec. Dec. 1
National Sugar Refg. (guar.)
Naval Stores Invest. of 111., com.-Divi dend p assed
Newberry (.1. J.) Co., corn.(guar.)
•2734c Jan. 1 *Holders of rec. Dec. 16
Ogilvie Flour Mills,7% pref.(qua
134 Dec. 1 Holders of rec. Nov. 20
Ohio Electric Mfg.(guar.)
.10c Dee. 15 *Holders of roe. Dec. 10
Ohio Oil, preferred (guar.)
•134 Dec. 15 *Holders of rec. Nov. 21
Package Machinery (guar.)
411.50 Dee. 1 *Holders of reo. Nov. 20
Paramount Public Corp.(qu.)(In 5th.).. /234 Dee. 31 Holders of rec. Dec. 4
Patterson-Sargent Co.,corn.(qua
*50c Deo. 1 *Holders of rec. Nov.20
Pennsylvania Industries, pref.-Div. om Itted.
Pfaudler Co.,6% pref.(quar.)
•134 Dec. 1 *Holders of ree. Nov.20
Phoenix Secures. Corp., pref.(1111.)
75e Dec. 1 Holders of rec. Nov.20
Pines Winterfront Co.(guar.)
•250 Dec. 1 *Holders of rec. Nov. 16
Pittsburgh Bond & Share (guar.)
*50o Nov. 15 *Holders of rec. Nov. 10
Plimpton Mfg.(guar.)
*134 Dec. 1 *Holders of roe. Nov.20
Procter & Gamble.Prof.(guar.)
134 Dec. 15 „Holders of reo. Nov.25a
Providence Mortgage Co., elem.-Div. P awed.
Railway de Util. Inv.Corp.$3de $3.50 pt. Div. a ellen de terrod.
Royalties Management,com.-Div.Pass ed.
Sargent & Co., corn.(guar.)
•250 Nov. 18 *Holders of rec. Nov. 16
7% preferred (guar.)
*1;$ Nov. 16 *Holders of roe. Nov. 6
Second Standard Royalties, Ltd.. Pf
*lc Nov. 9 *Holders of rec. Nov.30
Secord (Laura) Candy Shops(quar.)... 76o Dec. 1 Holders of rec. Nov. 18
Shippers Car Line Corp.. Pref.(guar.)-- 134 Nov. 30 Holders of rec. Nov. 17
Smith-Also')Paint & Varnish, pt.(qua '87.4e Dec. 1 *Holders of rec. Nov.20
•134 Nov. 15 *Holders of tee. Nov. 6
Soule Mill (guar.)
Sterling Securitiee, 1st pref.-Div.action deferr ed.
;.•411
Sunset McKee Salesbook,el. A (qu.) -- '37Rc Dee, 15 *Holders of rec. Deo. 4
Class B (guar.)
*25c Dec. 15 *Holders of rec. Dec. 4
•$1.50 Dee,
Susquehanna Utilities. 1st pt.(qua
*Holders of ree. Nov.20
Title Insurance (St. Louis)(guar.)
.25a. Nov.30 *Holders of roe. Nov.20
Extra
•25o. Nov. 30 *Holders of rec. Nov.20
Toronto ;lousing Co.(annual)
.$3
Nov. 1 *Holders of tee. Sept.30
Trinidad Leaseholds, Ltd.
Am.dep.rots. for ord. reg.she
*w5 Nov.2 *Holders of roe. Nov. 9
Trimount Dredging Co., panic. A-Div. omitt ed.
Underwood-Elliott-Flsher Co.
75o. Dee. 31 Holders of rec. Deo. 12a
Common (guar.)
134 Dec. 31 Holders of rec. Dec. 12a
Preferred (guar.)
United Elastic Corp. (guar.)
40c. Dec. 24 Holders of tee. Deo. 9
United Fruit (guar.)
750. Jan. 4 Holders of rec. Dec. 5
United Gold Mines
*le. Nov. 1 *Holders of rec. Oct. 15
United Oil Trust Shares,ser. H
*1 4.375e Deo. 1 *Holders of rec. Oct. 31
United Screw & Bolt,cl. A (guar.)
*50c Nov. 15 *Holders of reo. Nov. 5
•40e Dec. 31 *Holders of roe. Dee. 15
U.S.Gypsum,corn.(guar.)
•134 Dee. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Upper Canada Invest. Tr.. pref
43,41) Oct. 31 Holders of rec. Oct. 31
Vapor Car Heating-Div.omitted.
Western Auto Supply,corn. A & B (qu.)_ *500 Deo. 1 *Holders of rec. Nov.20
Dec. 1 *Holders of roe. Nov. 21
Western Real Estate Trustees (Boston)_ •3
*1% Dee. 31 *Holders of rec. Dee. 14
White Motor Securities, pf.(on.)
Jan. 2 Holders of rec. Dec. 21
White Rock Mineral Springs, corn.(go.) $1
ix Jan. 2 Holders of rec. Dee. 21
First preferred (quar.)
a Jan. 2 Holders of rec. Dee. 21
Second preferred (guar.)
•ix Dec. 1 *Holders of rec. Nov. 13
Wolverine Tube, pref.(guar.)
Name of Company.
Public Utilities (Continued)
Asdoo. Gad & Eleo.$6 pref.(guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
$1.50 Dee. 1 Holders of rec. Oct. 30
$1.625 Dec. 1 Holders of rec. Oct. 30
$1.25 Dec. 15 Holders of rec. Nov. 16
$
35
0.p
5r0ep
ferrered
ferred
(guar
(gus
.) r.)
$1.3751Dee. 15 Holders of roe. Nov. 16
35.50 preferred (guar.)(No. 1)
Associated Telep. Utilities, corn.(qua -- /2 Jan. 15 Holders of rec. Dec. 31
$1.75 Doe. 15 Holders of rec. Nov.30
$7 prior preferred (guar.)
$i.50 Doe. 15 Holders of rec. Nov. 30
$8 prior preferred (guar.)
$1.50'Jan. 2 Holders of rec. Doe. 15
(guar.)
A
pref.
series
Id oonv.
Brazilian Tr. L.& Pow.. ord.(guar.).- 826o. Dec. 1 Holders of roe. Oct. 31
Dee. 1 Holders of rec. Nov. 10
2
Brooklyn Erikson Co.(guar.)
Brooklyn-Manhattan Transit$1.50 Jan. 15 Holders of rec. Dee. 310
Preferred series A (gum.)
51.50 Apr. 15 Holden of rec. Aprl'32a
Preterredserlas A (guar.)
California Water Service. pref.(guar.)._ '134 Nov. 15 Holders of rec. Oct. 31
Canadian Hydro Elea. Corp.. pl.(qua- 134 Dee. 1 Holders of roe. Nov. 1
Cedar Rapids Mtg. dr Power(guar.)._ *75c. Nov. 16 Holders of rec. Oct. 31
Central Ark.Pub.Serv., pref.(guar.)... 13 Dec. I Holders of rec. Nov. 16a
*50c. Nov.30 Holders of rec. Nov. 16
Central Mass. Light & Power,corn
*134 Nov. 16 Holders of rec. Oct. 31
Preferred (oust.)
Central & SW.Util.. $7 pr.lien (qu.).. $1.75 Nov. 18 Holders of roe. Oct. 31
$1.75 Nov. 16 Holders of rec. Oct. 31
$7 preferred (quar.)
61.50 Nov. 18 Holders of red. Oct. 81
$6 prior lien (guar.)
Central Vermont Pub.fiery., pref.(qua. *51.50 Nov. 16 Holders of rec. Oct. 31
Chester Water Service, $5.50 of.(Qua.* $1.375 Nov. 16 Holders of rec. Nov. 5
Chic. So. Shore & So. Bend, p0. A (go.) 134 Dec. 1 Holders of rec. Nov., 14
.(mtbly.) 581-Sc Nov. 16 Holders of roe. Oct. 31.
Cities Serv.Pow.& Lt.$7 pf.
500. Nov. 16 Holders of tee. Oct. 31a
$6 preferred (monthly)
4 1 2-30. Nov. 16 Holders of rec. Oct. Illa
$5 preferred (monthly)
Deo. 15 Holders of rec. Dec. la
8
1-3o.
5
(monthly)
preferred
$7
50e. Deo. 15 Holders of rec. Dec. la
$6 preferred (monthly)
4 I 2-3c. Dec. 15 Holders of rec. Dec. Sc
$5 preferred (monthly)
Clear Spring Water Service, $6 pref.(qua *31.50 Nov. 16 *Holders of rec. Nov. 5
Cleveland Elec. Ilium., 8% pref.(guar.) 134 Dec. 1 Holders of rec. Nov. 14a
Columbia Gas & Elec., corn.(guar.).- 3734c Nov.15 Holders of rec. Oct. 20a
134 Nov.15 Holders of rec. Oct. 204
6% preferred,series A (guar.)
134 Nov.15 Holders of rec. Oct. 20a
6% preferred (guar.)
15c Mar, 1 Holders of ree. Feb. 5a
Commonwealth & Southern Corp., corn.
$1.50 Jan. 2 Holders of rec. Dec. 4a
$8 preferred (guar.)
Commonwealth Utilities, pref. C (qu.).• 51.625 Dee. 1 *Holders of rec. Nov.20
Community Water Ser. $7 prof.(guar.). $1.75 Dec. 1 Holders of rec. Nov.20
'134 Nov. 14 *Holders of roe. Oct. 31
Concord Gas, Pref.(guar.)
Connecticut Light & Pow.634% VC(1111.) •134 Deo. 1 *Holders of rec. Nov. 16
•134 Dee. 1 *Holders of rec. Nov. 16
534% preferred (qua?.)
*Holders of rec. Nov. 15
*6234cDec.
Connecticut Power (guar.)
114 Nov. 14 Nov 1 to Nov.15
(gu.)
pt.
corn.
&
Ltg..
dr
Connecticut Ry.
Doe, 15 Holders of rec. Nov. 10a
$1
Consolidated Goa(N.Y.),com.(qn.)
Consumers Power,7% prof.(guar.).- *134 Jan. 2 *Holders of roe. Dee. 15
.1.65 Jan. 2 *Holders of rec. Dee. 15
6.6% preferred (guar.)
•134 Jan. 2 *Holders of rec. Dee. 15
a% preferred (quar.)
.$1.25 Jan. 2 *Holders of roe. Dec. 15
$5 preferred (guar.)
•55e Ina. 1 *Holders of tee. Nov. 16
6.6% preferred (monthly)
055e Jan. 2 *Holders of roe. Dee. 15
6.6% preferred (monthly)
*50o Dee. 1 *Holders of tee. Nov.16
(monthly)
a% preferred
•500 Jan. 2 *Holders of rec. Dec. 15
6% preferred (monthly)
East Kootenay Power. Ltd.. 7% PL(QU) 134 Doe. 15 Holders of reo. Nov 30
Eastern Shore Pub.Serv.,$13% Pt.(g u.)• $1.62 Dec. 1 *Holders of rec. Nov.18
•$1.50 Dec. I *Holders of rec. Nov.16
$6 preferred(guar.)
500 Nov. 16 Holders of roe. Oct. 23
Eastern Utilities Associates, cam.(qua
50c Dec. 1 Holders of rec. Nov. 14a
Empire 01st. Elec.Co.,6% Pf.(mthlY.).
Empire Gas & Elec.. pref. A (guar.).- *1% Dec. 1 *Holders of rec. Nov 80
•114 Dee. 1 *Holders of rec. Nov.30
77 preferred C (guar.)
•134 Deo. I *Holders of tee. Nov.30
a% preferred D (guar.)
Empire Gas & Fuel.8% pf.(mthly.)-66 2,3c. Doe. 1 Holders of rec. Nov. 14a
58 1-3o. Dee. 1 Holders of rec. Nov. 14a
7% preferred (monthly)
54 1-6c. Dec. 1 Holders of rte. Nov. 14a
534% preferred (monthly)
50c. Dec. I Holders of rec. Nov. 14a
preferred
(monthly)
6%
15o. Nov. 16 Holders of tee. Oct. 31
European Elect. Corp., corn. A & B (1111.)
3734c. Jan. 2 Holders of rec. Dec. 14a
Federal Light & Tract.. corn.(quota
Jan. 2 Holders of rec. Dec. 14a
stock)
fl
corn.
Corn.(payable in
$1.50 Doe, 1 Holders of rec. Nov. 16a
Preferred (guar.)
Dec. I *Holders of rec. Nov. 13
*8714c
pref.
(guar.).Corp..
7%
Power
Florida
•134 Dec. 1 *Holders of rec. Nov. 13
Preferred A (guar.)
Foreign Pow.Securities Corp.. rd.(go.). 134 Nov.18 Holders of rec. Oct. 31
General Gas & Elec. Corp.. corn. A (qua (n) Jan. 2 Holders of tee. Nov. 30a
(n) Jan. 2 Holders of rec. Nov.30a
Common class B (guar.)
Nov. 160
$6 cony, pref. series A and B (guar.).- $1.50 Doe. 15 Holders of rec.
Jan. 2 Holders of rec. Nov.300
$1.75
$7 preferred (guar.)
s2 Jan. 2 Holders of tee. Nov.30a
$8 preferred (guar.)
"11.50 Nov.15 *Holders of rec. Oct. 30
Georgia Pr & Lc.,$6 pref.(guar.)
Havana Elec. & Utilities. it Pref.(qu.) 134 Nov. 16 Holders of rec. Oct. 17
$1.25 Nov.18 Holders of tee. Oct. 17
Cumulative preferred (guar.)
Indiana Service Corp.,7% pt.(guar.).- 1% Dec. 1 Holders of rec. Nov. 14
134 Dec. 1 Holders of rec. Nov. 14
8% preferred (guar.)
Ironwood & Bess.RY.& Lt. pf.(guar.).- •134 Dee. 1 *Holders of rec. Nov. 14
•$1.875 Dec. 2 *Holders of rec. Nov. 10
Jamaica Water Supply. pref
Kentucky Utilities. junior pref.(gu.)- - - *873.4c Nov.20 *Holders of rec. Nov. 2
Dec. 1 Holders of rec. Nov. 19
Keystone TeleP. of Phila., Prof. (gu.).- - $1.
14
Lake Superior Dist.Pow.,7% prof.(qua 134 Dec. 1 Holders of rec. Nov.
Holders of rec. Nov. 14
134 Dec.
6% preferred (qua?.) .
rec.
Nov.
20
*Holders
of
Dec.
•134
Lexin4ton Water. pref. (quid.)
Oct. 31
Los Angeles Gas & Elec..6% Pref.(on.). *134 Nov. I *Holders of rec. Nov. 300
Loubsville0.de El., corn. d. A & B(qua 4334c Dee, 24 Holders of rec.
Nov. 14 *Holders of rec. Oct. 31
Below we give the dividends announced in previous weeks Luzerne Co. Gas & Elec., $7 Pt.(qua- *$1.75
41.513 Nov. 14 *Holders of rec. Oct. 31
$6 preferred (guar.)
and not yet paid. This list does not include dividends an- Middle
Nov. 16 Holders of rec. Oct. lb
West Utilities, corn.(In stock)._ 12
*51.50 Nov.16 *Holders of rec. Oct. 15
nounced this week, these being given in the preceding table. $a Preferred (guar.)
16 Holders of roe. Oct. 15
Nov.
(aa)
(gnat.)
$6 cony. preferred
Nov.16 *Holders of rec. Oct. 16
p
Mid-West States Utilities. el. A
When
Per
Books Closed.
Middle Western Telep.. Cl. A (guar.).- •43;$0 Dec. I *Holders of Lee. Dec. 5
Cent. Payable.
Name of Company.
Days Inclusive.
Milwaukee Elec. RY.& Lt.13% preferred (series 1921) (guar.).- •134 Des. 1 *Holders of rec. Nov.16
Railroad (Steam).
Monmouth Googol. Water.7% of.(qu.) *134 Nov. 16 *Holders of rec. Nov. 2
Atoh. Topeka & Santa Fe, corn.(qua-- 234 Deo. I Holders of rec. Oct. 30a Mutual Telep.(H
*Se Nov.30 *Holders of rec. Nov. 18
(Hawaii)(monthly)
Atlanta dr West Point
Deo. 31 Holders of rec. Dec. 19
2
25c Doe, 1 Holders of rec. Nov. 7a
v ational Power & Light, corn.(quota
Baltimore & Ohio. corn.(guar.)
Dec. 1 Holders of rec. Oct. 100 National Public Service. com.A (guar.-1
40c Dec. 15 Holders of rec. Nov.27
Preferred (guar.)
Dec. 1 Holders of rec. Oct. 10a
1
40o Dee. 1 Holders of rec. Nov. 10
Common class B(g,)
Bangor & Aroostook, corn,(guar.)
870. Jan. 1 Holders of rec. Nov.30a
Dec.Dee. 1 Holders of roe. Nov. 10
8735
preferred
(guar.)
$3.50
Preferred (guar.)
1% Jan. 1 Holders of rec. Nov. 30a
•750 Dec. 1 *Holders of rec. Nov.10
$3 preferred (guar.)
•3
Chesapeake & Ohio. preferred (guar.)
Jan. 1 *Holders of rec. Dec. 8
*134 Doe. 1 *Holders of rec. Nov. 20
New Rochelle Water. pref. (guar.)
Cincinnati Union Terminal, pref.(gu.)
•134 Jan.113 *Holders of rec. Dee. 19
•650 Dec. I *Holders of rec. Nov. 16
York Steam, corn.(guar.)
Cleveland & Pitts., reg. guar.(guar.)._ 87340 Dec. 1 Holders of rec. Nov. 10a New
NorthfeArrmed
erf.oC
uo
s.
e.rtn.(in corn. stk.)... 121e, Jan. 2 Holders of rec. Dec. 5a
Special guaranteed (guar.)
Deo. 1 Holders of roe. Nov. 10a
aoo.
75c Jan. 2 Holders of rec. Dec. 5a
Delaware & Hudson Co. (guar.)
2% Dec. 21 Holders of rec. Nov. 27a North American Edison. pref. (guar.).- $1.50 Dec. 1 Holders of rec. Nov. 16.
Georgia RR.& Banking (quar.)
2% Jan.5'32 Holders of rec. Jan. 1
Nov. 16 Holders of ree. Oct. 20
North Amer. Light dr Pow..con. 0111.)-- /2
Hudson & Manhattan RR.corn
Dee. 1 Holders of rec. Nov.160
51.50 Jan. 2 Holders of roe. Dec. 19
$8 preferred (guar.)
Maine Central. pref. (guar.)
ix Dee. I Holden of tee. Nov. 16
Northeastern Pub.Serv..PL(Qua (No. 1) 3734e Jan, I Holder, of rec. Dec. 5
New Orleans. Texas & Mexico (quar.).. ix Nov. 30 Holders of rec. Nov. 130
31.375 Jan. 1 Holders of rec. Dec. 5
Prior preferred (guar.)(No. I)
Norfolk & Western, corn.(guar.)
51.75 Nov.16 Holders of rec. Oct. 31
ax Dec. 19 Holders of rec. Nov.30a Vnythwect
iltIlitlea. pref.(guar.)
Common (extra)
Deo, 19 Holders of rec. Nov. 30a Ohio Mid-Cities Corp.. 01. A
se40c. Dee. 10 *Holders of rec. Nov.20
2
Adj. Preferred (guar.)
Nov. 19.H
1
Ho
oldro
de
ore of rec. Oct.. 20
31a Ohio Public Service. 7% pref.(mthly.).5 8 1-3c. Dec. 1 Holders of rec. Nov. I4a
•j,
Northern RR.of N.J.(guar.)
500. Dec. 1 Holders of rec. Nov. 14a
Doe. 1
toe.
67
0 preferred (monthly)
Ontario & Quebec, common
•3
4 I 2-30. Dec. 1 Holders of rec. Nov. I4a
Dec. 1 *Holders of rec. Nov. 1
5% preferred (Monthly)
Debenture stock
Nov. 16 *Holders of rec. Oct. 31
•37140
(guar.).*254 Dee. 1 *Holders of rec. Nov. I
pref.
Elec.,
6%
Pacific Gas az
Pennsylvania (guar.)
.34341) Nov. 16 *Holders of rec. Oct. 31
Nov.30 Holders of too. Nov. 2a
534% preferred (guar.)
Pittsburgh,Bessemer & Lake Erie. pref. $1.50 Dee. I Holders of roe. Nov. 14
75o. NOV.16 Holden of rec. Oct. 204
pacific Lighting common (guar.)
Reading Co., 1st preferred (gust.)
•134 Nov. 15 *Holders of rec. Nov. 5
50e Dec. 10 Holders of reo. Nov. 19a Peninsular Telephone, pref.(guar.)
United N. J. R. R.& Canal (quar.)____
5541. Dee. 1 Holders of rec. Nov. 20a
Penna. Power Co., $6.60 pref.(mthly.).
234 Jan. 10 Dec. 20 to Jan. 9
Western Hy. of Alabama
$1.50 Dee. 1 Holders of tee. Nov.20a
4
Dec. 31 Holders of rec. Dec. 1956 preferred (guar.)
flee. 1 *Holders of rec. Nov. 20
•$1.75
Pennsylvania State %Vat. Corp.. pt.(Qua
Public Utilities.
750. Jan. 2 Holders of rec. Dec. 15
Pennsylvania Water & Power (guar.)...
Amer. Commonwealths PowerPennsylvania Water Service. pref. (go.). *51.50 Nov. 15 *Holders of rec. Nov. 5
$0.24 prior preferred (monthly)
520 Dee. 1 Holders of roe. Nov.12a Phila. Suburban Water Co.. pref. (qu.). 134 Dec. 1 Holders of rec. Nov. 12a
Amer.Pow.& Light, coin.(guar.)
* $1.375 Nov. 16 *Holders of rec. Nov. 5
250. Dec. 1 Holders of rec. Nov. 12a Pittsb. Sub. Water Serv. pref.(gu.)
Common (payable in corn. stock)
Potomac Electric Power 6% pref. (O11.). *114 Dec. 1 *Holders of rec. Nov. 12
f2 Dec. 1 Holders of rec. Nov. 12
•134 Dec. 1 *Holders of rec. Nov. 12
Amer.Superpower Corp., lot pref.(go.). $1.50 Jan. 2 Holders of tee. Dec. 10
534% preferred (guar.)
Preference (guar.)
500. Nov.20 Holders of rec. Oct. 31
$31.50 Jan. 2 Holders of rec. Dec. 10
Power Corp.of Canada. Ltd.. corn.(qu.)
Amer. Water Wks.& Elec. Co.
*134 Dec. 1 *Holders of tee. Nov.21
Light,
6%
pref.
(qu.)...
pudic Electric
. Dee. 1 Holders of rec. Nov. 14a
1-3oec
4 58
1 25.3
$6 rust preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 1Ia Public Service of Colo., 7% pf.(mthly.)
0 Dec. 1 Holders of rec. Nov. 14a
Assoelated Teiep.& Teleg., el. A (gtia- *SI
Jan 1'32 *Holders of roe. Dec. 17
6% preferred (monthly)
Dec. 1 Holders of rec. NOV.14a
Clans A (extra)
*508 Jan 1'32 *Holders of reo. 000. 17
5% preferred (monthly)
FINANCIAL CHRONICLE
3212
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Public Service of Indiana,$6 pt.(qua --- $1.50 Nov. 16 Holders of rec. Oct. 31
Public Serv. of N.J.6% pf (in this.).-50o. Nov.30 Holders of rec. Nov. 20
Rochester Gas & El., 7% pf.set.B(qua
Deo. 1 *Holders of reo. Oct. 30
•13,‘ Dec. 1 *Holders of reo. Oct. 30
6% preferred series C (guar.)
4,1% Dec. I *Holders of tee. Oct. 30
6% preferred series D (guar.)
Scranton-Spring Brook Wat. Serv.$6 preferred (quar.)
21.50 Nov. 16 Holders of refs. Nov. 5
$5 preferred (guar.)
$1.25 Nov. 16 Holders of rec. Nov. 5
Seaboard Public Service, 36 pf. (qua- 51.50 Dec. 1 Holders of rec. Nov. 10
8134o. Dec. 1 Holders of reo. Nov. 10
$3.25 preferred (guar.)
Somerset Union & Middlesex Ltg
•2
Dec. 1 *Holders of reo. Nov.20
South Bay Cons. Water, pref. &Mara
*13i Nov. 15 *Holders of reo. Nov. 6
Soutneast Mass. Power at Elec.(q oar.). _ *62c. Nov. 16 *Holders of rec. Oct. 15
Southern Calif. Edison Co., corn.(qua 50c. Nov.15 Holders of rec. Oct. 20a
Pre-erred A (gust)
43(is. Dec. 15 Holders of rec. Nov.20
Preferred B (quar.)
3713 Dec. 15 Holders of roe. Nov. 20
Sou.Calif. Gam Corp..58.50 pf.(qua --- - 51.825 Nov.30 Holders of reo. Oct. 31
Southern Canada Power, can.(quar.) 25e. Nov.16 Holders of rec. Oct. 31
Southern Colorado Power, corn. A (qu.)_
50e. Nov.25 Holders of rec. Oct. 31
*82 Nov. 16 *Holders of reo. Nov. 6
Stamford Water Co.(guar.)
Stand.Pow.& Lt.corn.& corn. B (guar.) 50o. Dec 1 Holders of rec. Nov. 12
*2
Nov. 14 *Holders of rec. Oct. 31
Syracuse Lighting, 8% Pref.(guar.)
% preferred (guar.)
•114‘ Nov.14 *Holders of reo. Oct. 31
6% preferred (guar.)
•115 Nov. 14 *Holders of reo. Oct. 31
Tampa Elec.Co.,coct.(guar.)
50e. Nov.16 Holders of tee. Oct. 26
1
Preferred series A (quar.)
Nov.16 Holders of rec. Oct. 26
Tennessee Eleo. Pow., 5% 15t Pf.(go.). 114 Jan. 2 Holders of rec. Doe. 15
6% first preferred (guar.)
116 Jan. 2 Holders of rec. Dec. 15
1,4 Jan. 2 Holders of reo. Dec. 15
7% first preferred (guar.)
7.2% first preferred (guar.)
1.80 Jan. 2 Holders of rec. Dec. 16
6% first preferred (monthly)
60o. Deo. 1 Holders of reo. Nov.14
6% first preferred (monthly)
500. Jan 2'32 Holders of rec. Dec. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of recs. Nov. 14
7.2% first preferred smoothly)
60e. Jan 2'32 Holders of roe. Dec. 15
Tide Water Power, 58 pref.(quota-- *21.50 Dec. 1 *Holders of reo. Nov. 13
Toledo Edison Co., 7% pref.(monthly). 58 1-3e Dec. I Holders of reo. Nov. 14
6% preferred (monthly)
50e. Dec. 1 Holders of reo. Nov. 14
5% preferred (monthly)
41 2-3c Dec. 1 Holders of reo. Nov. 14
United Gas Corp.. $7 pref. (quar.)
$1.75 Dec. 1 Holders of reo. Nov. 14
United Gas Improvement, corn.(guar.).
30c. Dec. 31 Holders of rec. Nov.300
Preferred (guar.)
$1.25 Dee. 31 Holders of rec. Nov.350
United Light & Rys.(Del.)7% prior pref. (monthly)
•58 1-3c Dee. 1 *Holders of reo. Nov. 15
6-38% prior pref.(monthly)
*53e. Dec. 1 *Holders of rec. Nov. 15
*50c. Dec. 1 *Holders of tee. Nov. 15
6% Prior pref. (monthly)
Utica Gas & Elec. pref.(Mara
•134 Nov. 14 *Holders of rec. Nov. 5
Virginia Elec. & Power,56 pref.(qua-- $1.50 Dee. 21 Holders of rec. Nov. 30a
*In Dec. 1 *Holders of tee. Nov. 18
Washington Ky.& Elec., Corn.(qua
5% preferred (qua?.)
Dec. 1 *Holders of rec. Nov. 18
West Penn Elea. Co..7% pref.(qua.-- 134 Nov. 18 Holders of reo. Oct. 200
8% preferred (guar.)
1)4 Nov.16 Holders of roe. Oct. 200
Western Conti Utilities. class A (guar.). (u) Dec. 1 *Holders of rec. Nov. 10
Western Union Telegraph (guar.)
•154 Jan.'32
Williamsport Water,$6 pref.(quar.).... *31.50 Dec. 1 *Holders of rec. Nov. 20
Trust Companies.
Continental Bank & Trust (guar.)
Federation Bank & Trust (guar.)
Fire Insurance.
North River (guar.)
30e Dee. 15 Holders of reo. Dec. 4
Dec. 31 Holders of reg. Dee. 31
3
•500 Dee. 10 *Holders of reo. Dec. I
Miscellaneous.
Abbotta Dairies, coin.(quar.)
*Holders of reo. Nov. 14
•50e Dee.
•34,/ Dee. I *Holders of roe. Nov. 14
First & second preferred (guar.)
Adam Hoffman Co
Doe. 31 *Holders of reo. Dee. 15
Agnew Surpass Shoe Stores, pref.(rm.).
13( Jan. 2 Holders of reo. Dec. 15
Albers Bros. Milling, pref.(qua?.)
•134 Nov. 15
Allegheny Steel, corn. (monthly)
5si Nov. 18 Holders of rec. Oct. 31a
Common (monthly)
Sc. Doe. 18 Holders of roe. Nov.80a
rut Dec. 1 *Holders of reo. Nov 13
Preferred (guar.)
Alliance Realty, preferred (guar.)
134 Dee. 1 Holders of rec. Nov.20
Allis-Chalmers Mfg. COM.(guar
260. Nov.16 Holders of reo. Oct. 240
Aluminum Manufactures. Inc.. com.(gu) •50d Dee. 31 *Holders of tee. Dec. 15
Preferred (guar.)
*134 Dec. 31 *Holders of roe. Dec. 15
American Can, corn.(guar.)
$1
Nov.16 Holders of reo Nov. 2a
Common (extra)
$1
Nov.18 Holders of reo. Nov. 2a
American Chicle (guar.)
50o Jan. 1 Holders of roe. Dec. 12a
Extra
260. Jan. 1 Holders of rec. Dec. 12a
American Envelope. 7% pref. (quar.).. Cl Sd Deo. 1 'Holders of reo. Nov.28
Amer.& Gen. Secs. Corp., corn. A (go.). 1234o Dec. 1 Holders of rec. Nov. 16
$3 first preferred (guar.)
750 Dee. 1 Holders of reo. Nov. 16
Amer. Hawaiian Steamship (quar.)....._
26e Dec. 31 Holders of reo. Dec. 16a
Amer. Home Producta (monthly)
3588 Dec. 1 Holders of rec. Nov 14a
American Investors. Inc. $3 pref.(qua-- *760 Nov. 15 *Holders of rec. Oct. 31
American Mfg.. Pref. (quar.)
Deo. 31 *Holders of ref). Dec. 15
American News, corn. (hi-monthly).....
150. Nov. 15 Holders of rec. Nov. 5a
American Don'ts' Co., let pref. gsuara
15( Dec. 31 Holders of reo. Dec. 20a
American Paper Goods Co.. pref.(qua - $1.75 Dec. 15 Holders of rec. Dec. 5
Am. Radiator & Stand.Sanitary Corp.Common (guar.)
150. Dec. 31 Holders of rec. Dec. lb
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 16a
Amer.Smelt & Ref.. 7% pref.(guar.).
134 Dee. 1 Holders of reo. Nov. 688
6% preferred (guar.)
134 Deo. 1 Holders of rec. Nov. 6a
American Stores (guar.)
50o Jan. 1 Holders of reo. Dee. 12
Extra
50c Dee. 1 Holders of reo. Nov. 13
American Tob. cons. & corn. B (quar.)... $1.25 Dec. 1 Holders of reo. Nov. 10a
Apex Electrical Mfg..corn
250. Nov. 15 Holders of rec. Oct. 31a
Archer-Daniele-Midland Co., corn
25e Dee. 1 Holders of rec. Nov. 20a
Artloom Corp.. pref.(guar.)
134 Dec. 1 Holders of rec. Nov. 16a
Associated Dry Goods, let pref.(guar.). 134 Dee. 1 Holders of reo. Nov. 13a
Second preferred ((uar.)
1St Dee, 1 Holders of roe. Nov. 13a
Associated National Shares.set. A_ ___ *1 9.701e Nov. 16
Atlantic Gulf& W.I. 13.8.Lines. ofJou.) 134 Dec. 30 Holders of rec. Dee. 10
Atlas Eleo. & General Trust, Ltd.
•wl Nov. 19 *Holders of reo. Oct. 28
Am. dep. rots. ord. reg
$1 Dec. 10 Holders of reo. Nov. 30a
Atlas Powder, corn. (quar.)
25c Dec. 1 Holders of rec. Nov. 16
Atlas Stores, corn.(quar.)
Automatic Voting Mach.. pr. north,. stk. •500 Nov. 18 *Holders of reo. Nov. 2
Automotive Gear Works, pref.(quar.) *4134c Dee. 1 *Holders of reo. Nov. 20
1 Jan. 2 Holders of ree."Dec. 19a
Babcock & Wilcox (guar.)
•75e. Dec. 26 *Holders of reo. Dec. 4
Balaban & Katz, corn. (guar.)
*13( Deo, 28 *Holders of reo. Dee, 4
Preferred (guar.)
Bomberger (L.) & Co.. 634% Ill. (111.)
1% Dec. 1 Holders of tee. Nov. 130
Nov. 20 *Holders of reo. Oct. 31
Bandit)] Petroleum (monthly)
Bankers Investment Trust of America015e. Dec. 31 *Holders of re0. Dec. 15
Debenture stock (qua?.)
Baumann (Ludwig) & Co., pref.(qu.)-- 134 Nov. 16 Holders of rec. Nov. 1
•11,5 Nov. 19 *Holders of rec. Oct. 31
Beacon 31fg., con. & pf.(guar.)
•13( Dec. 15 *Holders of ref). Nov.30
Belding-Corticel II Ltd.. pref.(guar.).
Bethlehem Steel. corn. (guar.)
50e Nov. 14 Holders of rec. Oat. lao
50c. Feb. 15 Holders of rec. Jan. 18a
Common
Preferred (guar.)
166 Jan. 2 Holders of reo. Dee. 4a
Blauner's, (no., corn. (guar.)
50c. Nov. 16 Holders of reo. Nov. 2
Preferred (quar.)
*750. Nov. 16 *Holders of reo. Nov. 2
Bliss(E. W.) CoCorn.(pay.In com.stook)
Jana'32 Holders of reo. Dec. 21
Bloch Bros. Tobacco, corn. (guar.)
*grAle Nov. 16 *Holders of reo. Nov. 10
•1,4 Dec. 31 Holders of reo. Dee. 24
Preferred (gnat.)
Blue Ridge Corp.. cony. pref. (guar.)._ (k) Dec. 1 Holders of rec. Nov. 5
Bond Mortgage Guarantee (guar.)
*51.25 Nov. 14 Holders of tee. Nov. 4
Borden Company, COM.(guar.)
750. Dee. 1 Holders of reo. Nov. 14a
Boss Manufacturing, common (quota-- $1 Nov. 18 Holders of reo. Oct. 31
Boston Ground Rent Trust
*23 Nov. 14 Holders of rec. Nov. 4
Bourjois, Inc., common
•250. Dec. 15 Holders of reo. Dee. 1
$2,75 preferred (quar.)
*68Sd e Nov. 16 *Holders of rec. Nov. 2
Bower Roller Bearing (quar.)
•25o. Deo. 1 Holders of reo. Nov. 18
Brach (E. J.) & Sons (guar.)
*250. Dec. 1 Holders of rec. Nov. 14
Brennan Packing, el. A (guar.)
411 Des. 1 Holders of ree. Nov.20
Class B (guar.)
*240. Dec. 1 Holders of rec. Nov.20
Brill Corp., pref. (guar.)
•134' Doe. 1 Holders of rec. Nov. 16
Name of Company.
[Vol,. 133.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
British Match Corp., Ltd.Am.dep.refs.for ord.she
*w2 Nov. 20 *Holders of ree. Oct. 30
Brown Shoe, corn.(guar.)
750. Dec. 1 Holders of tee. Nov.20a
Buck Hills Falls Co.(quar.)
•25o. Nov.15 *Holders of roe. Nov. 1
Buckeye Pipe Line (guar.)
$I Dec. 15 Holders of reo. Nov.20
Bucyrus Erie Co., 7% pref.(gust.).... 13( Jan. 2 Holders of rec. Dec. 5
Cony. pref.(adjustment div.)
205-Sc Jan. 2 Holders of reo. Dec. 5
Burmab 011 Co., Ltd.Am, dep. rats. for ord. reg. sha
on/ Nov. 16 *Holders of rec. Oct. 20
280. Dec. 5 Holders of reo. Nov. 100
Burroughs Adding Mach.(guar.)
133 Nov. 14 Holders of rec. Nov. 5
Cabot Manufacturing (guar.)
260. Dec. 1 Holders of reo. Nov. 18a
Campbell,Wyant & Cannon FdY
Canada Bread, pref. B (qua,.)
14 Dec. 1 Nov. 15 to Nov. 30
*3734e Dec. 1 *Holders of reo. Nov. 15
Canada Silk Prod., ci. A (guar.)
Canada Wire & Cable. class A (gust.).. $1 Dec. 15 Holders of reo. Nov.30
Common B (guar.)
8260. Dec. 15 Holders of reo. Nov.30
164 Dee. 15 Holders of tee. Nov.30
Preferred (quar.)
Canadian Car & Fdy.,ordinary (qua?,). 44c Nov.30 Holders of rec. Nov.13
Nov. 16 Holders of rec. Oct. 31
Canadian Converters.common (quar.).. 1
Canadian 011 Cos., Ltd., o0m.(quar.).. 250. Nov. 14 Holders of rec. Oct. 31
*2 Jan. 2 *Holders of reo. Dee. 19
Preferred (quar.)
Canadian Pow.& Pap. Invest.. pf.(qua 82Sic Nov. 16 Holders of rec. Oct. 20
Carman & Co., Inc., class A (qua
50e. Dec. 1 Holders of rec. Nov. 18
Carnation Co., pref. (guar.)
'134 Jan 232 *Holders of tee. Dec. 21
Caterpillar Tractor, corn. (guar.)
50o. Nov.30 Holders of reo. Nov.14a
Century Ribbon Mills, Inc, pf. (Qua
134 Deo. 1 Holders of reo. Nov.20a
Chain Belt Co., common (guar.)
•40o. Nov. 18 *Holders of rec. Nov. 2
Champion Hardware (guar.)
*76o. Nov. 16 *Holders of roe. Nov. 5
Chartered Investors, Inc., pref.(qua - - *$1.25 Dec. 1 *Holders of rec. Nov. 2
Chicago Yellow Cab (monthly)
25e. Dee. 1 Holders of rec. Nov. 20a
Childs Company, pref. (guar.)
134 Dee, 10 Holders of reo. Nov. 27a
Churngold Corp. (quarterly)
035c Nov.16 *Holders of rec. Nov.
Chrysler Corp., common (guar.)
2513. Jan. 4 Holders of rec. Dec. la
ChIcinnati AdvernsIng Products (quar.) •75e. Jan 1'32 *Holders of roe. Dec. 19
Cincinnati Rubber Mfg., a% pref.(au.) •1% Dee. 15 *Holders of reo. Dee. 1
Cities Service Co..corn.(monthly.)
234e Dec. 1 Holders of tee. Nov.140
Common (payable In common stock).. 1% Dec. 1 Holders of rec. Nov. 14
Preferred B (monthly)
Sc. Dec. 1 Holders of reo. Nov. 14a
Prof. and preference BB (monthly)... 50o Dec. 1 Holders of reo. Nov. 14a
City Ice & Fuel, corn.(quar.)
90e Nov.30 Holders of rec. Nov. 14a
Preferred (guar.)
134 Dee. 1 Holders of reo. Nov. 140
City Union Corp.. nom (guar.)
•25e Jan 1812 *Hoidens of rec. Dee. 81
Cleveland Quarries, corn.(guar.)
*25o. Dee. 1 *Holders of rec. Nov. 15
Coca-Cola Co.. corn.(guar.)
$1.75 Jan. d2 Holders of rec. Dec. 12a
280. Jan. d2 Holders of rec. Dec. 12a
Common (extra)
Coca-Cola International. corn.(gust.).. $3.50 Jan. 2 Holders of reo. Dec. 12a
Common (extra)
50e. Jan. 2 Holders of reo. Dee. I2a
*ea Jan. 2 *Holders of rec. Doe. 12
Class A (guar.)
Colgate-Palmolive-Peet Co.. pref. (00.). 134 Jan.1'32 Holders of reo. Dec. 10a
Collins & Alkman Corp.. prof.(quar.)
134 Dec. 1 Holders of roe. Nov. 19a
Colorado Fuel & Iron, pref. (quay.)....
2 Nov. 25 Hokkas of rec. Nov. 100
Commercial Solvents, COM. Panora
250. Dec. 31 Holders of rec. Dee. 10a
Community State Corp..'Was A (guar.) •1234e Dee. 31 *Holders of roe. Dee. 23
COngoleurn-Nairn, Inc., common (guar.) 25e. Dec. 15 Holders of roe. Nov. 150
•134 Dec. 1 *Holders of reo. Nov. 15a
Preferred (guar.)
Conservative Credit System, coin
•21 Dec. 1 *Holders of tee. Nov. 1
*4
Dec. 1 *Holders of rec. Oct. 31
Preferred
Consolidated Cigar Corp., pref. (guar.). 134 Dee. 1 Holders of roe. Nov. 140
Consolidated Hotels. pref. A (guar.)
.
-•3734o Nov. 20 *Holders of rec. Nov. 1
Coosa Sand & Gravel, pref. (quar.)...
13i Nov. 18 Holders of rec. Oct. 31
Continental Can, corn.(quar.)
6214c. Nov. 14 Holders of reo. Oct. 31a
Continental Chicago Corp., pref.(go.).. 760. Dec. 1 Holders of reo. Nov. 14
CosmosImperial Mills, pref.(qua
134 Nov. 15 Holders of roe. Oct. 31
Crown Cork & Seal, corn. (guar.)
600. Dec. 18 Holders of rec. Nov. 300
Preferred (quay.)
68c. Deo, 15 Holders of rec. Nov. 30a
Crown Zellerbaeb Corp. pref. A (oust.).. 37330 Dee. 1 Holders of reo. Nov. 13
Preferred A (guar.)
3734o. Mar. 1 Holders of reo. Feb. 13
Preferred B (guar.)
3730. Dec. 1 Holders of reo. Nov. 13
Preferred B (guar.)
3733c. Mar, 1 Holders of reo. Feb. 13
Crows Nest Pass Coal
•75c. Dec. 1 *Holders of rec. Nov. 9
C7upeo Press, pref. ((mar.)
*134 Dec. 15 *Holders of rec. Dec. 1
Curtis Publishing corn.(monthly)
33 1-3e Dec. 2 Holders of rec. Nov.200
Preferred (guar.)
$1.75 Jan. I Holders of ree. Dec 19a
Cushman's Sons, Inc. common (quay.). •31 Deo. 1 *Holders of rec. Nov. 13
134 Deo. 1 Holders of roe. Nov.13 a
7% Preferred (guar.)
$6 preferred (guar.)
$2 Dec. 1 Holders of rec. Nov. 130
Davidson Co.. Prof. (guar.)
"Si Dee. 31 *Holders of reo. Dec. 20
Preferred (guar.)
slat Jan 1'32 *Holders of tee. flea. 20
Deere ,& Co., pref. (guar.)
35e. Dee. 1 Holders of reo. Nov. 140
Detroit Motorbus
•15o. Nov. 16 *Holders of rec. Oct. 31
Diamond Match. oom.(Qier.)
25e. Dec. 1 Holders of rec. Nov. lfla
Dictaphone Corp., corn.(guar.)
*50o Dec. 1 *Holders of rec. Nov. 13
Preferred (guar.)
•2
Dee. 1 *Holders of rec. Nov. 13
•19i Nov. 15 *Holders of rec. Oct. 31
Diem & Wing Paper, pref.(qua!,)
Distillers Corp-Seagrame. Ltd. (gu.)-- 280. Nov. 16 Holders of rec. Oct. 31
Dr. Pepper Co.. common (guar.)
30o.D. 1 Holders of rec. Nov. 15
Dominion Bridge, tom. (guar.)
75e Nov 14 Holders of ree. Get. 15
Dow Chemical, corn. (guar.)
600. Nov. 18 Holders of ree. Nov. 2a
Preferred (guar.)
154 Nov. 16 Holders of roe. Nov. 2a
Dresser(S. R.) Mfg.,class A (gust.).... 75o. Dec. 1 Holders of rec. Nov. 20a
Class A (extra)
12340 Dec. 1 Holders of rec. Nov. 20a
Class B (guar.)
8734e Dec. 1 Holders of rec. Nov. 20a
Class B (extra)
12340 Dec. 1 Holders of rec. Nov. 20a
Si
Drug, Inc. (guar.)
Dec. 1 Holders of rec. Nov. 18a
Duncan Mills (guar.)
•2
Nov. 15 *Holders of rec. Nov. 5
•14i Jan. 1 *Holders of roe. Dee. 23
Preferred (guar.)
so Nov. 15 *Holders of reo. Oct. 31
Dupuis Freres, Ltd., pref. (guar.)
760. Jan 1'32 Holders of roe. July 1
Eastern Food Corp.. class A (quiz.)
Class A (quar.)
75e. A p 1'32
758). By 1'32
Class A (guar.)
Eastern Th entree. Ltd.,(Toronto)(go.). 50c. Dec. 1 Holders of ree. Oct. 31
Eastern Utilities Investing$8 preferred (guar.)
$1.50 Dec. 1 Holders of ree. Oct. 30
$1.75 Dee. 1 Holders of roe. Oct. so
57 preferred (guar.)
$o prior preferred (guar.)
$1.25 Jan212 Holders of res. Nov.30
Ecquadorian Corp., cons.(guar.)
'6e. Jan. 1 *Holders of reo. Dee. 10
Preferred
*314 Jan. 1 *Holders of reo. Dec. 10
Electric Controller & Mfg.(quart)
$1.25 Jan 1'32 Holders of ree. Dee. 19
Electric Shareholdings, $6 pref. IOU.)... (m) Dec. 1 Holders of ree. Nov. 5
25e. Dec. 15 Holders of rec. Dec. 1
EmployersGroup Associates (quar.)...
6234e Dee. 1 Holders of reo. Nov. 16
Equity Corporation, com
Preferred (guar.)
750. Jan. 2 Holders of reo. Doe. 15
Ever-Ready Co., Ltd.
sto10 Dec. 5 *Holders of toe. Nov. 19
Am. dep. rots. for ord, reg. ahs
060e. Nov. 15 *Holders of tee. Nov. 5
Ewa Plantation (guar.)
*134 Febl'32 *Hold, of reo. Jan. 20'32
Faber. Coe & Gregg. prof.(
(Mara
134 Dec. 1 Holders of rec. Nov. 120
Fairbanks Morse & Co.. pref. (goat.)...
6234c Jan. 1
Dee. 16.
FaultlessRubber (guar.)
*31 Dec. 1 *Holders of rec. Nov.25
Fidelity Inv. Assoc. ((mar.)
Finance Serv. Co., corn. A & B (gust.).. •204, Dec. 1 *Holders of rec. Nov,14
•1714c Dec. 1 *Holders of rec. Nov. 14
Preferred (guar.)
Firestone Tire & Rub.8% Pt.(guar.)- 134 Dee. 1 Holders of rec. Nov.414a
Fite Simons & Connell Dredge & Dock*500 Dec. 1 *Holders of reo. Nov.20
Common (guar.)
*31.17 Nov.30
7% preferred
3734c Dec. 1 Holders of ree. Nov. 14a
Floraheim Shoe, corn. A (guar.)
Common B (guar.)
18340 Dec. 1 Holders of rec. Nov.14
6% preferred (guar.)
134 Doe. 31 Holders of reo. Dec. 15a
Follansbee Bros. Co..8% pref.(gust.)..
134 Dec. 15 Holders of rec. Nov.30
Ford Mach.Corp.,014% pt.(mthly
•500 Nov. 15 *Holders of rec. Nov. 10
Foreign Power Securities.6% of.(qua-. '154 Nov. 16 *Holders of rec. Oct. 81
Foundation Co.of Canada. corn.(gu.)
250. Nov. 14 Holders of tee. Oct. 81
Freeport Texas Co.(guar.)
750 Dec. 1 Holders of reo. Nov.14a
Galland MercantIle Laundry (quit.)... •8734o Dec. 1 *Holders of reo. Nov. 15
General Aviation Corp., of Amer., pref *$2.19 Jan. 15 Called for red Jan.15'32
General Cigar Co., Inc.. pref.(guar.)._ 1M Doe. 1 Holders of roe. Nov.210
General Motors Corp., corn.(gust.).... 75e Dee. 12 Holders of rec. Nov. 14a
55 preferred (quar.)
31.25 Feb. 1 Holders of rec. Jan. 40
General Outdoor Adver., pref.(guar.)._ '154 Nov. 15 *Holders of reo. Nov. 5
General Refraotories (guar.)
250. Nov. 25 Holders of rec. Nov. 10a
Gibson Art Co., common molar.)
•65e. Jan 1'32 *Holders of reo. Dec. 19
Nov. 14 1931.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Globe-Democrat Publishing, pref. (gu.)- 1% Dec. 1 Holders of rec. Nov.20
4,40e, Dec. 10 'Holders of rec. Nov. 30
Golden Cycle Corp.(guar.)
31.75 Jan. 1 Holders of rec. Deo. la
Goodyear Tire & Rubber, 1st pf.(mi.) _
50e. Deo. 1 Holders of rec. Nov. 16
Gorham Mfg. common (guar.)
Grand Rapid;Varnish (guar.)
'1234c Deo. 31 'Holders of rec. Deo. 19
760. Deo. 1 Holders of tee. Nov. 106
Grand Union Co., pref. (guar.)
Granite-B1-Metallio Consol. Mining300. Dee, 15 Holders of rec. Dec. 1
Corn.(No. 1)
Grant Lunch Corp., 8% pref. (luer.)-- •20e. Dee. 81 *Holders of rec. Dec. 16
*50e. Jan, 2 'Holders of rec. Dec. 16
Gray Processes Corp
•50e. Jan. 2 'Holders of roe. Dec. 18
Extra
Great Atlantic & Pac. Tea, corn.(qu.)- _ *51.50 Dec. 1 'Holders of rec. Nov. 6
*25e. Dee. 1 *Holders of rec. Nov. 6
Common (extra)
*13.4 Dec. 1 *Holders of rec. Nov. 13
Preferred (guar.)
25c Nov. 14 Nov. 5 to Nov. 14.
Great Lakes Dredge & Dock,((mar.). _
Guggenheim & Co., 1st pref.(guar.)_.... 3,134 Nov. 15 *Holders of ree. Oct. 29
•25c Dec. 1 'Holders of rec. Nov. 13
Hale Bros. Stores, Inc. (guar.)
"200 Nov. 15 *Holders of rec. Oct. 31
Hamilton Loan Society, pref.(gu.)
*74e. Nov. 15'Holders of rec. Oct. 31
Preferred (extra)
14 Dec. 1 Holders of rec. Nov. 10a
Hamilton Watch, pref.(guar.)
"150 Nov. 16 "Holders of rec. Oct. 31
Hammermill Paper, common
Hancock Oil of Calif. (Del.) el. A (a.).- •10c Deo. 1 *Holders of rec. Nov. 15
•10e Dec. 1 *Holders of rec. Nov. 15
Class B (guar.)
$1.75 Dec. 20 Holders of roe. Dec. 5a
Hanna (M, A.) $7 pref. (guar.)
*25c Dec. 1 *Holders of rec. Nov. 15
Hart-Carter Co., pref. (guar.)
Nov.30 *Holders of rec. Nov.14
Hart, Schaffner & Marx, corn.(quar.) *S1
Hartford Times, panic. pref. (guar.).- +75c Nov. 15 *Holders of rec. Nov. 1
75e Dec. 1 Holders of rec. Nov. 16
Hathaway Bakeries, class A (guar.)
$1.75 Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
e300 Nov. 15 *Holders of rec. Nov. 10
Hawaiian Sugar (monthly)
14 Nov. 14 Holders of reo. Nov. 2a
Hercules Powder. pref. (guar.)
Hershey Chocolate, common (guar.)... $1.25 Nov. 15 Holders of rec. Oct. 24a
$1 Nov. 15 Holders of rec. Oct. 24a
Preferred (guar.)
*2
Jan. 1 *Holders of rec. Dec. 20
Hewitt Bros. Soap, pref. (guar.)
Hibbard,Spencer,Bartlett & Co.(mthly) 20e. Nov.27 Holders of rec. Nov. 20
20e. Deo. 24 Holders of rec. Dec. 18
Monthly
Deo, 1 Nov. 21 to Dee. 1
2
Higbee Co. 2nd pref. (guar.)
50e. Dec. 1 Holders of roe. Nov. 14a
Hirss (Charles
' E.) Co., corn. A (guar.)
*62.4c Dec. 1 *Holders of rec. Nov.20
Hobart Mfg. (guar.)
Holt (Henry) & Co.. class A (guar.)..._ .45o. Deo. 1 "Holders of roe. Nov. 10
65e. Nov. 25 Holders of rec. Nov. 20a
Homestake Mining (monthly)
Hormel (George A.) & Co.. corn.(cm)._ •500. Nov. 16 'Holders of reo. Oct. 31
"154 Nov. 16 'Holders of rec. Oct. 31
Preferred A (guar.)
4.7
Nov. 17 "Holders of roe. Oct. 31
Preferred B (annual)
154 Dec. 1 Holders of rec. Nov. 12
Horn & Hardart (N. Y.) pref. (guar.)._
*750. Deo. 26 'Holders of ree. Dee. 11
Hoskins Mfg.(guar.)
Howes Bros., 7% preferred (guar.)
'134 Dec. 31 *Holders of rec. Dec. 20
"1.4 Deo. 31 'Holders of rec. Dec. 20
6% preferred (guar.)
Imperial Chemical Industriesowl4 Dec. 7 *Holders of roe. Oct. 14
Amer. dep. rots, for ord. reg. sirs
t1234c Deo. 1 Nov. 15 to Nov.30
Imperial Oil reg.share's (guar.)
112,-1c Dee. 1 Holders of coup. No. 31
Bearer shares
250. Nov.14 Holders of rec. Oct. 23
Indiana Pipe Line (guar.)
Industrial & Power Sororities (Ouar.) -. *25... Dec. 1 'Holders of rec. Nov. 1
$1 Dec. 1 Holders of roe. Nov. 9a
Ingersoll-Rand Co., common (guar.)._
3 Jan. 2 Holders of roe. Deo. 7a
Preferred
500. D. 1 Holders of rec. Nov. 13a
Inland Steel (guar.)
Insull TJtility Investment$1.50 Dec. 1 Nov. 15 to Nov. 30
Second series pref.(guar.)
Janl'32 "Holders of tee. Dee. 25
International Cellucotton, corn. (char.).. 111
•154 Jan1'82 *Holders of res. Deo. 35
First preferred (guar.)
134 Dec. 1 Holders of roe. Nov. 5a
Internat. Harvester, pref. (guar.)
154 Dee. 1 Holders of rec. Nov. 20
Internatl Milling, orig. 1st pref. (qu.)._
14 Dee. 1 Holders of rec. Nov. 20
1st preferred, series A (guar.)
600. Deo. 1 Holders of tee. Nov. 16a
Internat. Safety Razor,class A (goat.)...
50e. Deo. 1 Holders of tee. Nov. 16a
Class B (guar.)
50a Dee, 1 Holders of tee. Nov. 13
International Shoe, pref.(monthly).2 Jan, 2 Holders of rec. Dec. 15
Intertype Corp., bit pref. (guar.)
3 Jan, 2 Holders of rec. Dec. 15
2d preferred
Ivanhoe Foods, Inc.,$3.50 Prof.(guar.)_ "8734r Jan2'32 *Holders of rec. Dec. 15
Jantzen Knitting, pref. (guar
'134 Dec. 1 *Holders of rec. Nov. 25
Jones & McLaughlin Steel, pref.(lear.). 134 Jan. 1 Holders of rec. Dec. ha
Kalamazoo Vegetable Parchment (g.). •15o. Dee. 31 'Holders of roe. Dec. 21
14 Nov. 16 Holders of rec. Nov. f5
Kelvinator of Canada, pref.(guar.)_ _ _ _
Kemper-Thomas Co.. corn, (guar.) _ _
•75e. J'is 1'32 "Holders of roe. Dec. 20
*154 Dec. 1 "Holders of roe. Nov. 20
Preferred (guar.)
Kendill Co., cum.& part. pref. (guar.). 134 Dec. 1 Holders of rec. Nov. 10a
Klein (D. Emil) Co.. common (guar.)- "25e. Jan. 2 'Holders of rect. Deo. 21
Knudson Creame y; al. A dr B
'3734c Nov.20 *Holders of rec. Oct. 31
Kroger Grocery & Baking, cam.(guar.).
25e. Deo. 1 Holders of tee. Nov.10a
6% Vet preferred (gear.)
134 Jan2'32 Holders of rec. Dec. 19
7% second preferred (guar.)
134 Febl'32 Holders of rect. Jan. 20
La Salle & Koch, pref.(guar.)
•134 Nov. 15 *Holders of roe. Nov. 12
Lake Shore Mines (guar.)
50o. Dec. 15 Holders of roe. Dee. 1
Extra
50o. Dec. 15 Holders of rec. Dee. 1
Landis Machine, corn. (guar.)
75e, Nov. 15 Holders of roe. Nov. 5
•134 Dec. 16 *Holders of rec. Dec. 5
Preferred (guar.)
•13.4 Nov. 14 'Holders ot rec. Oct. 31
Langley Co., Ltd., 7% prof. (guar.)_
Lefeourt Realty, corn. (guar.)
•40e. Nov. 16 'Holders of too, Nov. 5
Lehigh Coal dr Navigation. corn. (guar.) 30e. Nov. 30 Holders of rec. Oct. 31
Lehn & Fink Products, eons. (guar.).- 750. Dec. 1 Holders of tee. Nov. 16a
Liggett is Myers TobaccoDeo, 1 Holders of rec. Nov.16a
Common and common B (guar.)
$1
Limestone Produ,is,7% pref.(guar.)
•13234c Jan. 1 *Holders of rec. Dec. 15
7% preferred (guar.)
'6234e Apr. 1 *Hold. of rec. Mar 15'32
Lindsay(C. w.)is Co., Ltd., corn.(qu.) 25c. Dec. 1 Holders of rec. Nov. 15
14 Dec. 1 Holders of roe. Nov. 15
654% preferred (guar.)
Lindsay Light (guar.)
•150. Nov. 14 *Holders of rect. Nov. 7
Extra
'Sc. Nov. 14 *Holders of ree. Nov. 7
Link-Dell Co., common (guar.)
40e. Dee. 1 Nov. 15 to Nov. 30
84% Preferred (guar.)
134 Jan2112 Holders of tee. Dee. 15
LoblaW Groeerteries, Cl. A & B.(guar.)
20e. Dec. 1 Holders of rec. Nov. 12a
Lock Joint Pipe Co.. corn. (monthie)- - 11870. Nov. 30 *Holders of too. Nov. 30
Common (monthly)
•67e. Deo. 81 'Holders or too. Deo. 31
•2
Prefered (guar.)
Dee. 81 'Holders of rim. Dee 81
Loew's Inc.,6.50 Prof. (guar.)
$1.625 Nov. 14 Holders of tee. Oct. 31
Lord & Taylor, common
5 Deo. 10 Holders of rec. Nov. 17a
1st preferred (guar.)
14 Dec. 1 Holders of rec. Nov,170
Louisiana Oil Ref., prof. (guar.)
134 Nov. 16 Holders of tee. Oct. 310
Lucky Tiger Combination Gold Min.Common
•30. Jan2032 *Holders of rec. Jan. 10
Common
Ap20'32 "Holders of roe Ape in
Ludlow Mfg. Associates (guar.)
$1,50 Dec. 1 Holders of rec. Nov. 7
Lunkenheimer Co.. Pref. (gum.)
'13.5 Jan 132 'Holders of tee. Deo. 22
Lynch Corp. (guar.)
'50e. Nov. 15 'Holders of rec. Nov. 5
Macy(R.II.) & Co. corn. Ow.)
75c Nov. 18 Holders of rec. Oct. 23,
Magnin (I.) is Co., IN pref.(guar.)._ '134 Nov. 15 *Holders of too. Nov. 15
Manhattan Shirt, corn.(guar.)
25e. Dec. 1 Holders of rec. Nov. 16a
Marathon Razor Blade, Inc. (monthly). '3340. Nov. 15 'Holders of rec. Nov. 1
Monthly
'33.4c. Dec. 15 'Holders of roe. Do'. 1
Marshall Field is Co.(guar.)
6234c Dec. 1 Holders of rec. Nov dl4a
May Department Stores. corn.(guar.)
6253c Dee, 1 Holders of rec. Nov. 16a
May Radio & Television (guar.)
•250. Nov. 15 *Holders of rec. Oct. 31
McColl Frontenac Oil, corn. (guar.)._. _
15e. Dec. 15 Holders of rec. Nov, 14
McCrory Sts Corp.. com.& com.B.(qu.)
50c. Dec. 1 Holders of rec. Nov. 20a
McIntyre-Porcupine Mines(guar.)
25e Dee. 1 Holders of rec. Nov. 2
Mercantile Stores, corn.(guar.)
.25e. Nov. 16 'Holders of rec. Oct. 31
Preferred (guar.)
"134 Nov. 16 'Holders of rec. Oct. 31
Merck Corporation. met (guar.)
Jan2'32 Holders of tee. Dee. 17
2
Merritt Chapman & Scott. 634% Pt.(qui) •134 Deo. 1 'Holders of roe. Nov. 16
Metro-Goldwyn Pictures, pref. (qu.)_ _ 4734c Dec. 15 Holders of rec. Nov. 28a
Metropolitan Paving Brick, cora. (41.1.).25e. Dec. 1 Nov. 16 to Nov. 30
134 ran. 1 Dec. 16 to Jan. 1
Preferred (guar.)
15e. Nov. 15 Holders of roe. Nov. 5
Meyer-Blanks Co.. corn. (guar.)
Mickelberry's Food Prod., coin. (qu.)
•15e. Nov. 16 *Holders of roe. Nov. 2
Common (payable in etym. sio0e)_ _ _ 'f234 Nov lei *Holders of rec. Nov. 2
J'n 1'32 'Holders of rec. Dee. 20
•3
Midland Grocery. preferred
134 Feb1'32 Hold, of rec. Jan.2032
Minnesota Valley Can, pref.(guar.)
25e. Nov. 28 Holders of rec. Oct. 31
Mohawk Mining
500. Deo, 1 Holders of too. Nov.16a
Mun.singwear Corp.. cum. (guar.)
'1500. Deo. 1 'Holders of rec. Nov. 20
Muskegon Motor Spec., el A (guar.).
3213
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
1 1i Dee. 1 Holders of rec. Nov.20
Muskogee Co.. 6% pref. (guar.)
Nashua Gummed is Coated Paper (011.)_ •50e. Nov. 14 'Holders of rec. Nov. 7
National Baking Corp., pref. (guar.).- •1% Deo. 1 *Holders of rec. Nov. 10
70e Jan. 15 Holders of rec. Dee. 18a
National Biscuit, corn.(guar.)
134 Nov. 30 Holders of roe. Nov. 130
Preferred (guar.)
Nov. 14 "Holders of roe. Oct. 29
•52
National Casket, corn
650. Jan. 2 Holders of roe. Dee. 8a
National Dairy Products, corn.(guar.)._
134 Jan. 2 Holders of rec. Deo. 3
Preferred A is B (guar.)
•13e. Nov. 16 'Holders of rec. Nov. 2
National Industries Shares, series B....
*14 Deo. 15 "Holders of ree. Nov.27
National Lead, pref. A (guar.)
124c Nov 15 Hoiden of rec. Nov. la
National Refining corn. (guar.)
National Service Cos.. $3 pref. (guar.)._ *75e. Nov. 16 *Holders of rec. Nov. 2
Nov. 16 'Holders of rec. Nov. 2
511
$4 preferred (guar.)
•1,4 Dec. 1 *Holders of rec. Nov.20
Neiman-Marcus Co.. pref. (guar.)
Nov. 15 Holders of rec. Nov. la
2
Neptune Meter. preferred (guar.)
•134 Dec. 1 •Ilolders of rec. Nov. 16
Newberry (J. J.) Co.. pref.(quat.)
New England Grain Prod.
Febl'32 *Hold. of rec. Jan. 14'32
Corn.(1-100 share in prof. A stock)
*31.75 Jan2'32 'Holders of rec. Dee. 20
87 preferred (guar.)
+11.50 Jal532 *Hold. of rec. Jan. 2'32
Preferred A (guar.)
50e. Nov. 15 Holders of rec. Nov. la
Nineteen Hundred Corp., class A (qtr.)Northern Warren Corp., prof. (guar.)._ '750. Dec. 1 'Holders of roe. Nov. 5
+10c Nov. 15 *Holders of rec. Nov. 6
OahuCo..
Sugar Co. Ltd.,(monthly)
Ohio Mid-CitiesCorp.. pref. A (in stk.). 'e4140. Dec. 10 "Holders of rec. Nov. 20
'20c. Nov. 20 'Holders of rec. Nov. 10
Gnomes Sugar (monthly)
Ontario Steel Products, COM (guar.).__ 200. Nov. 15 Holders of rec. Oct. 31
134 Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
Jan '32
Ontario Tobacco Plantations. Pref. (go.) 1
5
,
00. Nov. 16 Holders of roe. Oct 30a
Co..Ino..com.(qu.)
Oppenhelm,Collins is
*50e Dec. 1 'Holders of rec. Nov.20
Oshkosh Overhall, pref.(guar.)
50e. Nov. 15 Holders of roe. Oct. 30a
Owens-Illinois Glass. corn.(guar.)
14 Jan, 1 Holders of rec. Dec. 16
6% preferred (guar.)
10o Deo. 12 Holders of rec. Nov. 14a
Packard Motor Car (guar.)
Palmer Shame Corp.•13c Nov. 16 *Holders of rec. Nov. 2
(Natl Ind. shares, series B)
Park Mtge. is Ground Rent (guar.).- .760 Nov. 16 'Holders of rec. Nov. 7
*75c Nov. 20 'Holders of rec. Nov. 10
Parker Rust Proof Co., COM.(go.)
*50c Nov. 20 *Holders of rec. Nov. 10
Common (extra)
Nov. 20 *Holders of rec. Nov. 10
"350
(guar.)
Preferred
•134 Dee. 31 *Holders of rec. Dee. 30
Peabody Engineering, pref. (quar.)Fender(D.) Grocery Co.,el. A (gust.)... 874c Dec. 1 Holders of rec. Nov.20
Penick is Ford, Ltd., coin. (guar.).- •25e Dec. 14 'Holders of rec. Nov. 30
*50e Dec. 14 'Holders of rec. Nov.30
Common (extra)
Nov. 16 Holders of roe Nov. 5
$1
Penman,' Ltd.. corn.(guar.)
Pennsylvania Bankshares is See. pt.(go.) '62340 Dee. 1 +Holders of tee. Nov. 18
Pennsylvania Investing Co., cl. A (guar.) 62340.Deo. 1 Holders of rec. Oct. 31
•50e Jan. 10 'Holders of rec. Dec. 31
Phoenix Finance Corp., pref. (guar.).
134 Dec. 1 Holders of rec. Nov. 17a
Phoenix Hosiery, 1st is 2d pref.(qu.)- 14 Dec. 1 Holders of rec. Nov. 10a
Pierce Arrow Motor Car,6% pref.(g11.)
5(k) Dec. 1 Holders of rec. Nov. 14a
(guar.)
corn.
Pillsbury Flour Mills,
•250 Dec. 31 'Holders of roe. Dee. 10
Pittsburgh Plate Glass (guar.)
58 1-3c Dec. 1 Holders of rec. Nov.25
Planters Realty (monthly)
*374c Dec. 1 'Holders of rec. Nov. 15
Poor & Co.. pref. A (guar.)
Nov. 16 'Holders of rec. Nov. 2
Powdrell is Alexander, Inc., corn.(gu.)_ •50c
•1% Jan. 2 'Holders of rec. Dec. 15
Preferred (guar.)
800 Nov. 14 Holders of toe. Oct. 24a
Procter is Gamble Co.. corn.(guar.)..
75e Nov. 16 Holden of rec. Oct, 24a
Pullman.Inc.(guar.)
500 Deo. 1 Holders of rec. Nov. 134
Purity Bakeries (guar.)
Nov,30 "Holders of rec. Nov. 2
Quaker Oats. pref. (guar.)
Nov. 14 Holders of rec. Nov. 5
1
Quissett Mill (guar.)
Railway Equip. is Realty. 1st pref. (go.) '3734e Dec. 1 'Holders of rec. Nov. 1
+14 Dec. 15
Reliance Graln, Ltd. pref. (guar.).3754c Dec. 1 Holders of rec. Nov. 18a
Reynold Metals Co.(guar.)
•30c Nov. 16 *Holders of rec. Nov. 2
Rich's, Inc., eons.(guar.)
*134 Dee. 30 'Holders of rec. Dee. 15
61 1% preferred (guar.)
*14 Dee. 1 "Holders of rev. Nov. 16
Rolland Paper. Ltd.. prof. (guar.)
•75e Nov. 15 'Hoidens of tee. Oct. 31
Russ Bldg., 6% pref. (guar.)
215e Dec. 21 Dec 11 So Dee. 21
(auar.)
Co.
Lead
St. Joseph
•200. Nov. 15 *Holders of rec. Nov. 7
San Carlos Milling (monthly)
Ban Francisco Rem. Loan Assn.(guar.). *874c Deo. 31 *Holders of rec. Dee. 15
'8734c Mar.31 'Hold. of rec. Mar.15'32
"134 Nov. 18 "Holders of roe. Nov, 2
Arms. 2d pref. (guar.)
Savagerterly
•154 Feb. 15 'Holders of ree. Feb. 1
(guar.)
preferred
Second
*50e. Nov. 15 *Holders of rec. Nov. 3
Wall Board. prof.(gust.)..
Schumacher
E
*30c. Nov. 14 'Holders of rec. Nov. 6
Seotten-Dillon Co. (guar.)
•10e. Nov. 14 'Holder, of rec. Nov. 6
124c Nov. 16 Holders of rec. Oct. 31
Seaboard Surety (guar.)
Selfridge Provincial Stores, Ltd.
•re2%. Dec. 7 *Holders of tee. Nov. 13
Amer. dep. rets. for ord. shares
corn.(guar.).- $1 Nov. 15 Holders of rec. Oct. 3Ia
Sherwin-Williams
134 Deo. 1 Holders of rec. Nov. 144
Preferred AA (guar.)
Co..
1.4 Dec. 1 Holders of rec. Nov. 170
Simon (Franklin) is Co., pref. (guar.)_ _
Nov. 14 Holders of rec. Oct. 81a
2
Sinclair Comm!. 011, 8% pref.(guar.)_
d50e. Nov. 15 Holders of rec. Nov. 13
prererredri
Sioux
City Stk. Yds.. coin.(guar.)
d50e. Nov. 15 Holders of rec. Nov.13
*14 Nov. 16 *Holders of rec. Nov. 2
Smith (A, 0.) Corp.. prof. (Quar.)
25c. Dec. 15 Holders of rec. Nov.200
Socony-Vacuum Corp
Solvay Amer. Investment. pref.(guar.). 114 Nov. 16 Holders of reo. Got. 115a
Nov. 15 'Holders of rec. Oct. 81
•374c
Co.,eom.A
is
o
IdenGate
HOPI.)
Sopferrd
P
rersa.Ge
'134 Nov. 15 "Holden of rec. Oct. 31
(gust.)
50e. Dec. 1 Holders of rec. Nov. 16
Southern Pipe Line(guar.)
25e. Jan, 15 Holders of rec. Dee. 31a
Spalding(A. G.) is Bros.,com.(gust.)...
14 Dec. 1 Holders of rec. Nov.21a
First preferred (guar.)
Dec. 1 Holders of rec. Nov. 21
2
Second preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 180
Spear is Co.. first pref.(guar.)
60e. Nov. 18 Holders of toe. Nov. 2
Standard Cap is Seal, corn, (guar.)
Standard Coosa Thatcher. Com.(goat.).. +3734c Jan. 1 'Holders of rec. Dec. 20
•154 Jan. 15 *Holders of rec. Jan. 15
Preferred (guar.)
6214e Dee, 15 Holders of rec. Nov. 16a
Standard Oil of Calif.(guar.)
•25e Dec. 15 *Holders of rec. Nov. 16
Standard Oil of Indiana (guar.)
50e Dec. 21 Nov. 28 to Dec. 21
Standard 011 of Nebraska (guar.)
250 Deo, 15 Holders of rec. Nov.d16
Standard Oil(N.J.) $25 Par(guar.).250 Dec. 15 Holders of rec. Nov.e16
Dec. 15 Holders of rec. Nov 416
1
$2
15
00°a
r (e
xt
re
a)
par
(g
t.
Dee. 15 Holders of rec. Nov 416
1
e100 par (extra)
134 Nov. 16 Holders of rec. Oct. 31
Standard Paving is Materials, pret.(211.)
75e Jan. 1 Holders of rec. Dec. 15
Standard Steel Construction, pref. A(QM
*50e Dec. 31 *Holders of rec. Dec. 20
Standard Steel-Spring (guar.)
•374c Nov.16 *Holders of rec. Nov. 7
Stanley Works, preferred (guar.)
40e Nov. 16 Holders of rec. Oct. 30
Stein (A.) is Co.. common (guar.)
•4354, Dee. 31 *Holders of roe. Dee. 15
SUL Baer is Fidler pref.(ousel_
drawbridge is Clothier. pref. A (itter.). '134 Dec. 1 "Holders of rec. Nov. 14
Strom
efb-C
erreadr1
(
ag
oear
n T6
)
1. Mfg. corn.(gu.)-- *25e Dec. 1 *Holders of rec. Nov. 16
•15
4 Dec. 1 'Holders of rec. Nov. 16
Preferred
300 Deo. 1 Holders of rec. Nov. 10a
Studebaker Corp., corn. (guar.)
I% Dee, 1 Holders of too. Nov. 10a
Preferred (guar.)
25e Dec. 15 Holders of rec. Nov. 25a
Sun 011 Co., COm.(guar.)
154 Dec. 1 Holders of rec. Nov. 10a
Preferred (guar.)
Superior Portland Cement. el. A (mthly) •2754c Dee. 1 *Holders of rec. Nov.23
el Nov.14 Holders of tee. Oct. 15
Swift International (extra)
90e Nov. 16 Holders of rec. Nov. era
Thatcher Mfg. cony. pref. (guar.)._ •15i
Dec. 15 "Holders of rec. Dec. 10
Thew Shovel. Vol (guar.)
Dec. 1 Nov.dll to Dec. 1
3
Broadway,
Inc.,
pref
Thirty-Nine
Thompoon Product.). Ina.. pref. (guar.). •134 Dee. 1 'Mertens of rec. Nov.20
134 Nov.16 Holders of rec. Oct. 17a
Tide Water 011. pref. (guar.)
154 Dec. 1 Holders of rec. Nov.20a
Timken-Detroit Axle, pref.(gu.)
50c Dec. 5 Holders of rec. Nov. 20a
Timken Roller Bearing (guar.)
20e. Nov. 16 Hoidens of rec. Oct. 26a
Tobacco Products Corp., class A (guar.)
Nov. 16 *Holders of rec. Nov. 5
*13.8c
America
Trust Shares of
40e. Dec. 1 Holders of rec. Nov. 16a
Union Tank Car (guar.)
50e. Dec. 1 Holders of rec. Nov.16a
united Biscuit of Amer., corn. (guar.)..
United Chemicals Corp., $3 pref.(go.)... "50e. Dec. 1 'Holders of rec. Nov. 16
United Engineering is Fdy, corn.(OIL)- •400. Nov. 13'Holders of rec Nov. 2
•35e. Nov. 13 *Holders of rec. Nov. 2
Common (extra)
s15,4 Nov. 13 *Holders of rec. Nov. 2
Preferred (guar.)
*50e. Dec. 1 "Holders of rec. Nov. 16
United Milk Crate, el. A (guar.)
untied Piece Dye Works pref.(guar.)._
134 Jan. 1 Holders of roe. Dec. 19a
finite(' Storm. pref. (guar.)
$1 Dec. 15 Holders of rec. Nov.25a
"$1.50 Dec. 1 *Holders of rec. Nov.20
U.S. Dairy Products, el. A (guar.)
First preferred (guar.)
'31.75 Dec. 1 'Holders of rec. Nov.20
Second preferred (guar.)
*52 Dec. 1 *Holders of rec. Nov.20
321.4
Per
TTRien
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous(Colauded).
United States P100& Fdy., corn.(qu.)-50e Jan. 20 Holders of rec. Den. 31a
First preferred (Uttar.)
50c Jan. 20 Holders of rec. Dec. 31a
U. S. Playing Cara (guar.)
62,55c. Jan. I *Holders of rec. Dec. 21
United States Steel, corn.(guar.)
1
Dee. 30 Holders of rec. Dec. la
Preferred (quar.)
Nov.28 Holders of rec. Nov. 20
United States Stores, 1st pref.(quar.)
5$1 Dec. 1 *Holders of rec. Nov. 20
Universal Pictures, lot pref. (quar.)-- —
2
Ian. 1 Holders of rec. Dec. 216
Utica Steam & Mohawk;Val. Cot. M (qu) •1 Nov. 14 *Holder§ of rec. Nov. 7
Utility Equities Corp., priority stock
$2.75 Dee. 1 Holders of rec. Nov. 14
Utility & Industrial Corp., Prof. (qu.)
37150. Nov.20 Holders of rem Oat. 31
Van Raaite Co.
1st preferred (act. a^cum. dIV.)
551.75 De. 1 Holders of rec. Nov. 20
Vapor ow Boating, preferred (qua:.).
*1St Deo. 10 *Holders of roe. Dec.1
Veeder Root, Inc. (quar.)
.40c. Nov. 18 *Holders of rec. Oct. 31
Vick Financial Corp., eons. (quar.)
.755c. Nov. 16 *Holders of rec. Nov. 5
Virginia-Carolina Chem., prior p1.(qu.)_
1% Dec. 1 Holders of rec. Nov. 120
Vulcan Detinning, corn. (oust.)
1
Jan. 20 Holders of rec. Jan. 7a
Preferred (quay.)
13$ Jan. 20 Holders of rec. Jan. 7a
Wagner Electric Corp.. corn. (quar.)-1258c Dec. 1 Holders of rec. Nov. 14
Waitt & Bond, class A (quar.)
*50c. Dec. 1 *Holders of rec. Nov. 16
Warner Bros. Pictures, pref. (guar.)
96% c Dec. 1 Holders of rec. Nov. 12a
SIA Nov. 10 *Holders of rec. Oct. 31
Washington & III. Realty. pref.(quar.)
Watab Paper, Pref.(quar.)
Nov. 15 *Holders of rec. Nov. 15
*2
Wesson Oil & Snowdrift, pref. (quar.)_
El Dec. 1 Holders of rec. Nov. 14a
Westchester First National Corp., prof. •87
Dee. 20 *Holders of reo. Juno 30
West Va. Pulp & Paper,a% Pref.(guar.) 194 Nov. 16 Holders of roe. Nov. 2
Western Dairy Products, pf. A (quay.) _ *51.50 Dec. 1 *Holders of rec. Nov. 10
Westfield Manufacturing (quar.)
50c. Nov. 16 Holders of rec. Oct. 31
Westvaco Chlorine Products, corn.(qu.)
40c Dec. 1 Holders of rec. Nov. I60
Will & Baurner Candle, corn.(quar.)-10. Nov.16 Holders of rat. Nov. 2
Windsor Hotel, pref.(quar.)
1% Dec. 1 Holders of rec. Nov. 14
Woolworth (F. W.) Co..(quar.)
60c. Dec. 1 Holders of rec. Nov. 2a
Extra
52 Nov. 16 Holders of rec. Nov: 2a
Woolworth (F. W.) Co.. Ltd., pref
*2% Dec. 1 *Holders of rec. Nov. 16
Worcester Salt,6% pref.(guar.)
*155 Nov. 16 *Holders of rec. Nov. 9
Wrigley (Win.). Jr., (monthly)
500. Dec. 1 Holders of rec. Nov. 20a
Monthly
220. Jan. 2 Holders of reo. Dec. 190
Monthly
25c. Feb. 1 Holders of reo. Jan. 20a
•1",i
Wurlitser (Rudolph) Co..7% Pt.(lu.)
Jan 1'32 *Holders of reo. Dee. 19
7% preferred (guar.)
Aprl'132 *Hold.of rec. Mar.19'82
*Hold. of roe. Joe 19'32
7% Preferred (guar.)
July1'32
*114
* From unofficial sources. 9 The New York Stook Exchange haa ruled that
stook will not be quoted es-dividend on this date and not until further Dottie.
O The New York Curb Exchange Association has ruled that stook will not be quoted
ex-dividend on this date and not until further notice.
a 'transfer books not dosed for this dividend.
Correction. e Payable In stock.
Payable in common stook. 0 Payable is scrip. It On amount of accumulated
dividends. J Payable In preferred stock.
k Blue Ridge Corp. dividend is 1-330 share corn, stock for each share pref.
I M. & P. Stores dividend erroneously reported in last week's Issue as having been
omitted.
m Electric Shareholdings dividend Is payable in common stock at rate of
44-1,000ths of a share. Holders desiring cash $1.50 must notify company by Nov.
15 1931.
n General Gas & Elec. common A and 13 dividends are 3-200ths of a share, class
A stock.
P Midwest States Utilities, class A dly. is 1-50th share class A stock.
Payable In Canadian funds.
ta Western Continental Utilities class A dividend will be paid in cash unless holder
notifies company of hit desire to take class A stock-1-406h share—prior to Nov.
201931.
w Lem deduction for expenses of depositary.
an Middle West Utilities eon?. pref, dividend payable either $1.110 Cash or 11-80ths
share eommon stock.
Weekly Return of New York City Clearing House.--Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the Now 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,
$38,555,900 to surplus and undivided profits, $1.96,312,000
to the net demand deposits and $95,473,000 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, NOV.7 1931.
Clearing House
Members.
• Capital.
$
6,000,000
Bank of NY & Trust Co.
22,250,000
Bk of Manhattan Tr Co36,775,300
Bank of Am Nat Assn-National City Bank — _ _ 110,000,000
21,000,000
Chemical B & Tr Co-90,000,000
Guaranty Trust Co
16,200,000
Chat Phan N IS & Tr Co..
21,000,000
Cent Hanover 13 & Tr Co
15,000,000
Tr
Co
Bank
Corn Exch
10,000,000
First National Bank---50,000,000
Irving Trust Co
4,000,000
Continental Bk & Tr Co_
Chase National flank_ .._ 148,000,000
500,000
Hint
Fifth Avenue
25,000,000
Bankers Trust Co
10,000,000
Title Guar & Trust Co
10,000,000
Marine Midland Tr Co
3,000,000
Lawyers Trust Co
New York Trust Co
12,500,000
7,000,000
Com') Nat Bank & Tr Co
Harriman Nat Bk & Tr
2,000,000
8,250,000
Public Nat Bk & Tr Co_
Manufacturers Trust Co
27,500,000
Amer Express Bk & Tr_
10,000.000
Clearing Non•Member.
Mechanics Tr, Bayonne_
500,000
*Surplus and Na Demand
Undivided
Deposits,
Profits.
Average.
Time
Deposits,
Average.
$
$
8
14,409,400
72,637,000
13,678.000
50,801,200
250,613,000
45,695,000
32,989,300
121,994,000
37,133,000
116,616,500 6975,696,000 164.671,000
44,799,500
208,808,000
27,974,000
208,454,600 5848,221,000
73,304,000
115,747,000
16,077,800
25,115,000
431,901,000
84,303,000
55,411,000
29,538,000
177,283,000
32,645,900
118,185,800
292,271,000
24,927,000
348,016,000
56,662,000
75,459,400
6,754,200„
2,616,000
178,145,600 61,117,131,000 121,768,000
3,861.30027,600,0002,928,000
61.229,000
87,875,600 8418,361,000
2,074,000
35,623,000
24,370,600
5,042,000
44,959,000
9,734,300
1,571,000
14,898,000
9,283,000
32,189,000
169,297,000
35,618,200
4,024,000
40,913,000
10,211,600
4,925,000
26,541,000
2,640,200
30,313,000
34,798,000
13,739,600
65,160,000
161,514,000
24,821,300
4,101,000
13,719,000
6,531,700
737,100
2,399,000
5,038,000
I 666.475.300 1.203.064.700 5.972,751,000 896,639.000
* As per official reports: National, Sept. 29 1931; State, Sept. 30 1931; trust
companies, Sept. 30 1931.
Includes deposits in foreign branches: (a) 5228,717,000; (b) 562,490,000; (c) $47,540,000. (8) 527,850,000.
Totals
[VOL. 133.
FINANCIAL CHRONICLE
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 membersnip 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 Nov. 13:
INSTITUTIONS NOT IN THE CLEARING HOUSE,WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY. NOV. 13 1931.
NATIONAL BANKS—AVERAGE FIGURES.
Other Cash Res. Dep., Dep. Other
Loans,
Gross
Disc. and Gold. Including N. Y. and Batas and
Notes Elsewhere. Trust Cos. Deposits,
Bank
Investments.
17,757,857
2,000
Brooklyn—
PeopleaNational
6,990,000
5,000
8
$
$
$
$
Manhattan—
Grace National_
72,803 1,556,294
153,000
457,000
$
954,389 15,180,784
34,000
6,540,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Invest.
Manhattan—
Emplre
Fulton
United States
Brooklyn—
Brooklyn
Kings County
Res, Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
$
8
S
64,695,400 *3,820,350 12,123,200
19,301,200 *2,677,900 1.666,200
69,659,617 7,200,000 15,114,517
$
$
2,365,700 70,771,100
468,500 19,590,500
62,465,159
2,658,000 26,230,000
1,739,191 3,126,326
420,000 113,819,000
24,450,700
108,200,000
26,272,890
Bayonne, N. J.—
Mechanics
Cash.
7.902.301
192,297
642,927
250,723
7,784,203
* Includes amount with Federal Reserve as follows: Empire, 52,398,200; Fulton,
$2,533.300.
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
Nov. 11
1931.
Capital
Surplus and profits
Loans, Meets & inveetla_
Individual deposits
Due to banks
Time deposits
United States deposits__ _
Exchanges for Clg. House
Due from other banks,..
Reeve in legal depositles
Cash In bank
Ree've in excess In F.R.Bk
Changesfrom
Previous
Week.
$
$
93,875,000 Unchanged
86,886,000 Unchanged
973,729,000 +1,567,000
599,527,000 —15,411,000
—53,000
140,239,000
241,910,000 —2,864,000
2.756,000 —1,155,000
15,958,000 —3,208,000
81,087,000 —16,403,000
79,340,000 —4,827,000
+231,000
8,757,000
4.846.000 —4.818,000
Week Ended
Nov. 4
1931.
Week Ended
Oct. 28
1931.
$
93,875,000
86,886,000
972,162,000
614,938,000
140,292,000
244,774,000
3,911,000
19,166,000
97,490,000
84,167,000
8.526,000
9,664,000
$
93,875,000
86,886,000
972,581,000
618,378,000
134,385,000
248,981,000
4,286,000
13,583,000
101,759,000
86,018,000
8,851,000
11,603,000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank” and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal 'reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House A ssociation discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Nov. 5
1931.
Changesfrom
Previous
Week,
Week Ended
Oa. 28.
1931.
Week Ended
oa. 24
1931.
$
5
78,052,000
Capital
78,052,000 Unchanged
78,052,000
Surplus and Morita
247,015,000
+81,000 246,934,000 246,934,000
Loans. discts. and invest. 1,323,080,000 —6,993.000 1,330,073,000 1,335,897.000
22,677,000
Each.for Clearing Howie.
29,878,000 +7,799,000
22,079,000
94,081.000
Due from banks
98,189,000 +4,396,000
93.793,000
Bank deposits
152,759,000 +4,370,000 148,389,000 153,310,000
Individual deposits
663,829,000 +7,288,000 656,536,000 654.841.000
Tune depasits
320,878,000 —6,979,000 327,857,000 331.922.000
Total deposits
1,137,461,000 +4,679,000 1,132,782,000 1,140,073,000
with
F.
R.
Reserve
Bank_ 104,181,0013 +1,276,000 102,905,000 103,853,000
Nov. 14 1931.]
FINANCIAL CHRONICLE
3215
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.12, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the
System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3171, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 11 1931.
Nov. 11 1931. Noe. 4 1931. Oct. 28 1931.10a. 21 1931. Oct. 14 1931 .Oct. 7 1931. Sept. 30 1931. Sept. 23 1931. Nov. 121930.
RESOURCES.
$
$
$
$
$
8
$
3
$
told with Federal Reserve agents
1,635.808,000 1,592,166,000 1.519.190,000 1,537,885.000 1.653,575,000 1,863.400,000 1,927.710,000 2.156.539,000 1,598,251,000
bold redemption fund with u. s. Tress_
70,545,000
70,337,000
70.171,000
68,127.000
45,650,000
57,028,000
39,753,000
31.824.000
34,235,000
Gold held exclusively agst. F R.. notes 1,706,143,000 1,662,711,000 1,589.361.000 1,606,012.000 1.710,603.000 1,909.050,000 1,987,463,000 2.188.363,000 1,632,506,000
}old settlement fund with F.R.Board
396,679,000 359,379,000 379,959,000 339,691,000 388,486,000 385.316,00(1 445,634.000 389,178,000 492.364,000
}old and gold certificates held by banks- 723,825,000 750.656.000 769,111,000 618,414.000 736.925,000 742,584,000 725.08.4.00 749.892,000 903,626,000
Total gold reserves
teserves other than gold
2.826,647.000 2.772.746,000 2,738.431,000 2,764,117,000 2.838.014.0003,036.950,000 3.138,181.000 3.327.433.000 3,028.496,000
182,737,000 160,639,000 161.420.000 163,227,000 157,788,000 158,1913,000 182,364,000 164,113,000 148,764,000
Total reserves
gon-reserve cash
tills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,989,381,000 2,933,385,000 2,902,851,000 2,927,394,000 2.993,800.000 3,193,148.000 3.300,545,000 3,491.546.000 3,177,260,000
67.364,000
62,410.000
71.740,000
87.016,000
63,838,000
70.774.000
69,149,000
71,110,000
68,752,000
327,026,000
358,738,000
343,692,000
361,532,000
330,717.000
385,933,000
300,084,000
398,247,000
298,457,000
329,122,000
230,928.000
232,465,000
132,951,000
194.974,000
142.845.000
166.982,000
66,064,000
125,593,000
Total bills discounted
3111s bought In open market
J. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
683,764.000
596,752,000
705,224.000
642,033,000
716.680,000 698,311,000
724,680.000 769,056,000
627,579,000
730.407.000
433.393.000
561.356,000
327,925.000
468.527,000
309.827.000
243,189.000
191.657,000
207,342,000
316,852,000
26,953,000
316,963,000
26.951,000
316,422,000
22,829,000
316.470,000
32,828,000
317,734.000
18,962,000
327,682.000
18,978,000
309,185,000
18.962,000
284,335,000
18.962.000
38,137,000
281,730,000
383,661,000
383.662,000
387,708,000
387.706,000
390,735.000
391.685,000
414,198,000
434,688.000
281,290,000
Total U. S. Government securities
)ther securities
Yoreign loans on gold
727,463,000
31,599,000
727,576,000
30.194.000
.
726.959,000
20.919.000
727,004,000
30.017.000
727,431.000
19,026,000
738.345.000
13,355,000
4,768.000
742.345.000
14,405,000
4,768,000
737.985.000
14.805,000
601,290,000
6,297,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Sauk premises
4.11 other resources
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,039,578,000 2,105,027,000 2,198,238,000 2,224,393,000 2,104,443,000 1.801.217.000 1,557,970,000 1.305.806,003 1,006,586,000
8.792,000
9.297.000
8,709,000
8,748.000
8,702,000
8,752,000
8,760.000
8,752.000
705,000
17,739,000
16,842,003
16,803,000
16,931,000
17.995.000
16,849.000
16,996,000
17.906.000
19,780,000
477,643,000 433,774,000 432,579.000 483.455,000 637,436,000 519,010.000 478.913.000 461.276.000 619,296,000
59,389,000
59,410,000
59,382,000
59,310,000
59,225,000
59,225.000
59.382,000
69,221,000
59,700,000
44,369.000
41,104.000
44,846,000
40,908,000
39,615,000
36,359.000
37.633.000
34.230.000
16,043,000
5,704,196,000 5,664,970,000 5,731,649,000 5,827,102.000 5,920,490.0005,705.028,000 5,529,531,000 5.449.847.000 4,968,122,000
2,449,959,000 2,447,069,000 2.383.948.0002.383,362.000 2,321,817.000 2.289,989,000 2,007.793.000 2.045,005.000 1,371,148,000
2,098,533,000 2,122,145,000 2,228.870.000 2,275.506,000 2,223,023,000 2,277.429.000 2,363.584.000 2,279.545.000 2,490,289,000
30.481,000
49.800,000
27.444,000
30,970.000
39,141,000
22.243,000
24,492.000
'21,777,000
24,196,000
133,008,000 131,431.000 157,616.000 160.910.000 231.387,000 152.622,000
95,135,000 162.073.000
5,419,000
35,214.000
52,208,000
34,131,000
37,437,000
25,012.000
25,194,000
46,350.000
23.618.000
19,757,000
2,333,349,000 2.319.271,000 2.460.065.000 2,507,258,000 2,519.341.000 2.486.033.004., 2.506,156.000 2.487.013.00(1 2,539.661,000
461.933,000 439,217,000 428.861,000 478,116,000 626.078.000 490,221,000 467,039,000 460.682.000 592,135,000
164,441,000 164,507,000 164.650.000 161.668,000 165.886,000 166.570.001, 166,759.000 166,760.900 170,464.000
274,636,000 274.636,000 274,636,000 274.636,60, 274,636.000 274.636,001 274.636,000 274,638.000 276,936,000
19,878,000
19,389.000
20.270,000
18,732,000
17,576,000
16.551,000
19.062,000
15.751.000
17,778,000
Total liabilities
5,704,196,000 5,664,970,000 5.731.549.000 5,827.102,000 5,926,490.000 5,705.028,0W 5.529.534,000 5.449.847.004 4,968,122,000
Ratio of gold reserves to deposits and
F. R. note liabIlltice combined
62.4%
58.1%
56.5%
58.5%
83.8%
73.4%
73.4%
56.5%
77.4%
Ratio of total reserves to deposits and
F. R. note liabilities combined
62.5%
61.5%
59.9%
67.1%
61.8%
71.7%
59.9%
77.0%
81.2%
Contingent liability op bills purchased
for foreign correspondents
108,862,000 105,470,000
82,879,000
68,335,000
80,809,004
40,571,000
100.118.000 181.436.000 426,541.000
Maturity Distribution of Bills and
$
$
3
$
$
$
$
$
$
Short-Term Securities1-15 days bills discounted
486,659,000 503,065,000 496,925,000 464,401,000 469,637,000 367.549,000 245,975.000 228.060.000 120,509,000
16-30 days bills discounted
49.627,000
15,789,000
02,234,000
27,349.000
44,764,000
19.562,000
22.332,000
51,340.000
20,462,000
31-80 days bills discounted
95,123,000
98.030,000 102,795,000
36,942,000
62,101,003
35.058,000
91,234,000
33.950.000
29,015,000
61-90 days bills discounted
35.556.000
42,670.000
51,075,000
21.808,000
25,847,000
43,603.000
20,013,000
76,774,000
12,951,000
Over 90 days bills discounted
16,799,000
15.670,000
13,651,000
5.706,000
7,474,000
5,522,000
5,471,000
11,582.000
13,720,000
Total bills discounted
683,764,000 705.221,000 710,680,000
463,393,000 327.925,000 309,327,000 191,657,000
1-15 days bills bought In open market.. 127,817.000 122,031,000 113.109,000 698,311,000 627,579.000
134,714.000
123,389.000
119.241.000
87.629.000
78,168,000
16,30 days bills bought In openmarkat_ 160,348.000 131,387,000 114.504,000 124.886,000
79.619,000
98.871.000
60.113.000
103,446,000
33.663.000
43,344,000
81-80 days billsboughtinopenmarket_ 255,473,000 290,216,000 275,279.000
48,688,000
56,358.000
248.307,000 231,101,000 148,372,01k 116.783.000
61-90 days bliisboughtinopenmarket_
49,821,000
90,941.000 214.263,000 284,823.000 269.248,000 213.489,000 167.987.000
72,666,000
29,447,000
Over 90 days bills bought In open market
3,293,000
4.458,000
7.525.000
5.162,000
7.798,000
4.423,000
643.000
25,000
7,804,000
596,752,000 642,033,000 724,680,000
Total bills bought in open market
730,407,000 581,356,000 468,527,000 243.189.000 207,342,000
769,068,000
36,391,000
/-15 days U. S. certifs. and Ms_ _ _
28,836,900
25,395,000
4.950.000
5.030.000
5.980,000
7.1100.000
31,214,000
10.620,000
16-30 days U. S. certifs. and bills
20,588,000
48,868.000
51,390,000
30.620,000
15.950,000
35,395,000
38,836,000
10.950.000
31-60 days U.S. certifs. and bills
95.873,000 106.375.003 106,760,000 135,039.000
76,480.000
78,541.000
78.150.000
61,979,000
79,766,000
61-90 days U.S. certifs. and bills
40,176,000
14,024.000
95,824.000 117.249,000 169,529.000
17,602,000
16.652,000 100,823,000
Over 90 days certificates and bills
190,633.000 185,050,000 186,561,000
186,559.000 186,558,000 181,670,000 199,589.000 171.059,000 170,443,000
Total U. S. certificates and bills
383,661,000 383,662,000 387,708.000
387.706.000 390,735,000 391,685,000 414.198,000 434,688.000 281,423,000
1-15 days municipal warrants
845.000
255,000
15.000
15,000
15,000
16-30 days municipal warrants
30.000
10,000
10,000
15.000
15.000
31-60 days municipal warrants
3,040,000
2,250.000
250,000
10.000
10,000
10,000
260.000
61-90 days municipal warrants
166.000
166,000
2.158,000
2,056,000
2,088.000
10,000
47,000
Over 90 days municipal warrants
28.000
23.000
13,000
80,000
45,000
14,000
78.000
80.000
--Total municipal warrants
4,109.000
2,704,000
2,429,000
2,126,000
2,377,000
105.000
105,000
103.000
47,000
--—
F6Ieral Reserve Notes—
2,775,039,000 2,760,901,000 2,72
Issued to F. R. Bank by F. R, Agent
9,062,090
Held by Federal Reserve Bank
325,080,000 313,832,009 336,114,000 2,715,018,000 2,679.508,000 2,684,753,000 2.521,647.000 3,484.834.000 1,813.434,000
331.658,000 357,691,000 414.764.000 423,854.000 439.829.000 442,286,000
—
In actual circulation
2,449,959,000 2.447.069.000 2,383.948,000
2,383,362,000 2,321,817,000 2,269,939,000 2.097,703.000 2,045.005,000 1,371,148,000
Collateral Held So A sent al SecurilI for
Notes Issued to Bank—
By gold and gold certificates
692,876.000 639,936,000 590,510,000 559
705,000 561.595,000 690.020,001 649.630,000 752,059.000 463,695,000
Gold fund—Federal Reserve Board
942,930,000 952,230.000 929.680.000
978:18
0
,000 1.091.980.000 1,173 "80 000 1.278.180.000 1.404.480.000 1,134,556,000
By eligible paper
1,218,152,000 1,274,513.000 1,33
8,851,000 1,369,840,000 1,258,608,000 964.282,000 712,45(1.000 450.342.000 337,099,000
— ----Tota)
.2,853,908,000 2.866.709.000 2.850 nil non 9 ono "Int non', Oln 141 now, 547 aw, nnn 2_840.160.000 7.606,881,000 1,935,350,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 11 1931
Two Ciphers (00) omitted.
.
.
Federal Reserve Bank of—
Total.
Boston. New York. Phila. 1Cleveland)Rkhmond Atlanta. Chicago.
15t. Louis.1M tnnettp. Kan.City. Dallas. San Fran.
—
RESOURCES.
S
3
$
3
$
3
$
$
$
8
3
$
$
Gold with Federal Reserve Agents 1,635,808,0 96,627,0 327,336,0
200,000.0 201.470,0 57,670,0 51,150,0 438,140,0 41,635,0 40,335,0 31.680,0 25,000,0 124,703,0
Gold red'n fund with U.S. Trees_
70,337,0 4,848,0
17,131,0 5.459,0 7,612,0 2,699,0 4,396,01 9,716,0 2,409,0 1,715,0 3,137,0 2,417,0 8,798,0
Gold held excl. agst. F.R. notes 1,706,143,0 101,475,0 344,467,0
Goldsettle't fund with F.R.Board 398,679,0 22,624,0 129,674,01205,459,0 209,082,0 60,369,0 55,546,01447,856,0 44,044,0 42,050,0 34,817,0 27,417,0 133,561,0
25,076,0 60,113,0 14,618,0 9,476,0 22,400,0 15,602,0 10,399,0 18,718,0 18,215,0 49.764,0
Gold and gold eits. held by banks 723,825,0 31,324,0 500,898,0 33,727,0
21.100,0 5,753,0 9,393.0 62,699,0 12,988,0 6.216,0 10,807,0 3,826.0 25,096,0
Total gold reserves
2,828,617,0 155.423,0 975,037,01261,262,0
80,740,0 74,415,0 532,955,0 72,634,0 58,665,0 64,342,0 49,458,0 208,421,0
290,295,0
Reserves other than gold
182,737,0 19,014,0
38,019,0 11,460,0 13,216,0 7,850,0 6,175,0 29,408,0 11,107,0 4,022.0 7.646,0
6,857,0 7,963,0
Total reserves
2,939,334.0 174,437,0 1,013,056,0 275,722,0
562,363,0
83,741,0
80,590.0
62,687,0
303,511,0
71,988,0
88,590,0
56,315.0
216,381,0
cash
Non-reserve
67,364.0 9.976,0
21,553,0 3,430,0 2.925,0 2,523,0 3,542,0 9,945,0 2,914,0 1,883,0 1,565,0 2,647,0 4,455,0
131115 discounted:
See. by U. S. Govt. obligations 327,026.9 12,617,0
65,814.0 40,778,0 52,568,0 9,937,0 14,945,0 49,055,0 10,659,0
921,0 8,644,0 6,071,0 55,017,0
356,733.0 8.592,0
Other bills discounted
50,387,0 65,834,0 49,662,0 29,141,0 35,726,0 20,330,0 13,928,0 5,224,0 26,368,0
18,264,0 33,232,0
discounted
bills
Total
633,761,0 21,209,0 116,201,0 106,662,0 102.230,039,078,0 50,671,0 69,385,0
24.587,0 6,145,0 35,012.0 24,335,0 88,219 0
Alft 7A9 n 52 7.000
Bills bought In open market
IA, 711,n
a onnn
An nen n
t... lAn n
ngdOAn
na Q1, n on ...rn on loon
on nnnn
1. Aln
A..
[VoL. 133.
FINANCIAL CHRONICLE
3216
Two Ciphers (00) omitted.
RESOURCES (Concluded)(1 B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. B. Govt.securities__.
Othersecurities
Foreign loans and gold
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.
$
8
$
$
Cleveland.IRichmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. SanFree.
s
$
$
a
$
s
$
$
$
6.060,0 53,460,0 11,438.0 15,784,0 8,111,0 12,884,0 18,209,0
31,0
25,0 9,781,0
70,0
273,0 3,596,0
2,460,0
8,786,0 47,131,0 16,177,0 12,129,0 11,373,0 4,241,0 26,934,0
316,852.0 23,559,0
26,950,0
195,0
383,661,0 33,811,0
108,101,0 22,832,0 • 25,418,0 11,016,0
95.0
218,0
6,639,0 3,587,0
127,249,0 31,038,0 47,597,0 16,295,0
727,463,0 57,565,0
31,599,0 1,070,0
241,989,0 58,337,0 73,233,0 27,400,0 17,306,0 100,864,0 31,211,0 27,983,0 10,515,0 17,130,0 54,924,0
1,980,0
654,0
630,0
600,0 2,085,0
700,0
15,180,0 7,800,0
2,039,578,0 144.484,0
690,0
8,709,0
17,739,0
207,0
477,643,0 47,811,0
59,410,0 3,458,0
44,369,0 1,044,0
537,137,0 181,089,0 217,826,0 83,333,0 104,061,0 268,651,0 82,815,0 56,909,0 00,604,0 59,875,0 212,794,0
594,0
262,0
253,0
17,0
26,0
350,0
315,0 1,243,0
883,0
911,0
3,165,0
291,0 1,552,0
865,0
522,0
737,0 2,422,0 1,347,0
875,0 1,375,0
542,0
7,004,0
165,491,0 33,676,0 39,069,0 34,321,0 14,152,0 47,975,0 21,757.0 9,216,0 24,660,0 16,488,0 23,027,0
15,240,0 2,614,0 7,930,0 3,716,0 2,572,0 8,061,0 3,635,0 1,926,0 3,804,0 1,832,0 4,622,0
15,989,0 2,170,0 6,763,0 2,685,0 3,641,0 2,215,0 2,222,0 1,560,0 1,492,0 3,494,0 1,094,0
5,704,196,0 382,107,0 1.778,635,0 500,160,0 579,782,0 216,893,0 209,610,0 902,875,0 198,457,0 134,720,0 195,231,0 141,204,0 464,622,0
Total resources
LIABILITIES.
F.R.notes In actual circulation_ _ 2.449,959,0 147,987,0 485,863,0 276,046,0 315,703.0 100,460,0 120,318,0 492,127,0 86,076,0 64,066,0 80,033,0 51,366,0 229,914,0
Deposits:
72,915,0 51,309,0 161,870,0
Member bank reserve account_ 2,098,533,0 137,559.0 903,179,0 128,519,0 151,433.0 56,235,0 49,029,0 276,970,0 64,320.0 45.105,0 1.276,0 2,591,0 1,780,0
15,724,0 3,713,0 5,436.0 2,816,0 2,566,0 5,439,0 2,754.0 1,695,0
49,600,0 3,780,0
Government
4,347,0 4,497,0 10,192,0
2,447,0
5,246,0
32,432,0 14,839,0 15,139,0 5,996,0 5,396,0 20,235,0
133,008,0 11,242,0
Foreign bank
161,0 6,874,0
50,0
408,0
412,0
222,0
639,0
84,0
103,0 7,740,0
35,481,0
36,0
52,208.0
Other deposits
2,333,349,0 152,597,0 986,816,0 147,174,0 179,798,0 65,269,0 57,075,0 303,283,0 72.732,0 50,743,0 78,588,0 58,588,0 180,716,0
Total deposits
481,933,0 47,895,0 154,455,0 32,602.0 38,592,0 32,538,0 13,885,0 46,676,0 22.859,0 8,995,0 23,117,0 17,306,0 23,113,0
Deferred availability items
64,188,0 16,720,0 15,254,0 5,541,0 5,203,0 18,334,0 4,768,0 2,971,0 4,201,0 4,140,0 11,356,0
164,441,0 11,765,0
Capital paid In
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,036,0 10.562.0 7,144,0 8,702,0 8,938,0 18,475,0
274,636,0 21,299,0
Surplus
948,0
898,0
590,0
801,0
971,0 2,272,0 2,619,0 1,460,0
553,0 1,464,0
6,738,0
564,0
19,878.0
All other liabilities
5.704,196,0 382,107,0 1,778,635,0 600,160,0 579,782,0 216,893,0 209,610,0 902,875,0 198,457,0 134,720,0 195,231,0 141,204,0 464,522,0
Total liabilities
Memoranda.
52.7
51.2
45.4
61.3
54.6
52.7
53.5
454
65.1
70.7
68.8
68.0
Reserve ratio (per cent)
62.5
Contingent liability on Mlle pur6,755,0
2,980,0
2,881,0
2,285.0
0.834,0
10,032,0
3.477.0
3,973,0 3,576.0 13.410.0
42.209.0
chased for foreign correspondls 108.862.0 7.450.0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent as-
Total.
Boston.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.a.Bk.by F.R.Agt_ 2,775,039,0 176,584,0
Held by Federal Reserve Bank 325,080,0 28.597,0
2,449.959,0 147,987,0
In actual circulation
Collateral held by Agt.as security
for notes issued to bank:
692,876,0 47,010,0
Gold and gold °calf:Mates
942,930,0 49,617,0
Gold fund-F.It. Board
1,218,152,0 82,400,0
Eligible paper
2.853.058.0 179.027.0
Total collateral
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mimeo,. Kau.City. Dallas. San Pros.
8
$
$
$
$
$
8
$
$
$
S
544,565,0 304,600,0 342,552,0 108.863,0 134,944,0 579,459,0 89,862,0 66,590,0 92,756,0 64,530,0 269,734,0
58,702,0 28,554,0 26,849,0 8,403,0 14,626,0 87,332,0 3,786,0 2,524.0 12,723,0 13,164.0 39,820,0
485,863,0 276,046,0 315,703,0 100,460,0 120,318,0 492,127,0 86,076,0 64,066,0 80,033,0 51,366,0 229,914,0
297,336,0 42,700,0 64.470,0 10,070,0 10,900,0, 92,140,0
30,000,0 157,300,0 137,000,0 47,600,0 40,250,0,346,000,0
249,346,0,107,401,0 141,178,0 53,619,0 84,584,0i160,693,0
I
I
576.682.0 307,401,0 342,648,0 111,289,0 135,734.0 598,833,0
14,635,0 7,435,0 9,880,0 12,300,0 84,000,0
27,000.0 32,000.0 21,800,0 122,700,0 40,763,0
48,336,0 26,670,0 69,609,0 41,090,0 153,226,0
89,971,0 67,005,0 101,289,0 66,090,0 277,989,0
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 3172, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and includs
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and soma
of the banks included mortgages In investments. Loam secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks Is now omitted: In Its place the number of cities Included (then 101) was for a time given, but beginning Oct.9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Franca')." district with loans and Investments of 8135.000,000
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 NOV. 4 1931 (In millions of dollars).
Federal Reserve District-
Total.
Loans and Investments-total
i
21.147
Loans-total
13,510
On securalee
All other
Investments-totai
Boston. New York
8 •
8
8,454
1,401
916
5,285
Phila.
612
358
599
435
$
1,855
2,071
396
229
337
298
1,130
989
1,082
155
241
58
171
90
247
82
216
294
836
627
559
$
2,913
1,317
387
375
595
722
144
243
114
261
S
2,072
760
$
$
8
8
8
8
5,867
7,643
337
579
2,813
2,672
396
373
7,637
485
3,169
493
755
240
184
842
216
129
262
137
725
404
351
118
122
92
92
475
387
85
131
55
74
128
134
75
62
372
353
114
37
892
918
21
70
188
80
38
16
320
239
3
51
88
IA
34
8
259
215
10
56
77
al
230
1,603
1,097
5
193
377
40
44
7
329
222
4
43
89
11
25
5
205
144
I
53
75
I
48
13
390
191
3
105
149
22
31
10
256
133
10
61
78
12
91
18
655
944
9
127
178
86
4,108
U.S. Government securities-.
Othersecuritles3,529
231
254
1,876
1,293
197
296
1,605
284
12,343
6,297
129
1,043
2,654
A•la
93
18
817
478
5
88
137
a
783
76
5,922
1,397
44
116
1.050
n7
74
20
695
319
14
73
168
5%
Reserve with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Cleveland. Richmond Atlanta. Chicago. St. Louis. AIInnen.. Kan.City. Dallas. San Fran.
$
1,262
as
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 Nov. 111931, In
comparison with the previous week and the corresponding date last year:
Nov. 111931. Nov. 4 1931. Nov. 121930.
Nov. 11 14131. Nov. 4 1931. Nov. 121930.
6
$
$
Resources(Concluded)6
i
$
3,165,000
234,000
3,753.000
327,336,000 327,336,000 355,636,000 Due from foreign banks (see node)
7.004,000
4,857,000
banks6,368,000
other
14,338,000
of
notes
Reserve
Federal
17,134,000
17,131,000
165,491,000 120,735.000 178,190.000
Uncollected items
15,240.000
15,664,000
15,240,000
344,470,000 369,974,000 Bank premises
Gold held exclusively eget. P.R. notes_ 344,467,000
15,989,000
5,607,000
15.586,000
93,163,000 143,156,000 All other resources
Gold settlement fund with F. R.Board._ 129,674,000 530.047,000 551,062,000
500,898,000
bank
Gold and gold etfe, held by
1,778,635,000 1.730.038.000 1,616,422,000
Total resources
975,037,000 967.680.000 1,064,192,000
Total gold reserves
39,805,000
34,902,000
38,019,000
Reserves other than gold
LiaMuifles1,002.582.000 1,103,997,000 Fed. Reserve notes In actual circulation__ 485,883,000 497,570,000 233,069,000
1,013,058,000
Total reserves
Deposits
19,039,000
-Member bank reserve wet__ 903,179,000 910.541.000 1,074,386,000
16.869,000
21,553,000
Non-reserve cash
15,724,000
5.638,000
4,964.000
Government
13111s discounted1,840,000
32,432,000
14,520,000
30.855,000
bank (see note)
Foreign
71,250,000
65,814,000
Secured by U.S. Govt. obligations-.
8,763,000
35,481,000
18,248,000
Other deposits
16,485.000
52,821,000
50,387,000
Other bills discounted
086,816,000 962,845.000 1,090,627.000
Total deposits
32,768,000
116,201,000 124,071,000
Total bills discounted
154,455,000 127,189.000 140,684,000
64,476,000 Deferred availability items
163,767,000 177,005,000
Bills bought in open market
66,230,000
64,188,000
64.201,000
Capital paid in
U.S. Government securities80.001,000
2,188,000
80.575.000
Surplus
80,575.000
108,101,000 108,101.000
Bonds
5,811,000
6,738.000
6.658.000
77,513,000 All other Ilabllittee
6,639,000
6,639.000
Treasury notes
107,639,000
127,249,000 127,249,000
Certificates and bills
1,778.635,000 1.739.038.000 1,616,422,000
Total liabilities
187,340,000
Total U.S. Government securities__ 241,989,000 241.989,000
Ratio of total reserves to deposit and
14,840,000
Other securities (see nob)
83.4%
68.8%
88.7%
Flan Reserve note liablilles combined_
4,250.000
15,180,000
Foreign loans on gold _
Contingent liability on Mlle purchased
137,122,000
correspondents
38.818.000
42,209,000
or foreign
288,834,000
Total bills and securities (see no4e).--- 537,137,000 557,905,000
added in order to show separately the amount of balances held abroad and amounts due to
NOTE.-Beginning with the statement of Oct.I7 1925, two new Items werepreviously
of Federal intermediate Credit Beak debentures was changed to "Other
up
made
assets,"
earnings
other
"All
foreign correspondents. In addition, the caption
tatter term was adopted as a more accurate description of the total of the discount.
securities," and the caption,"Total earning asseta" to -rote' bills and see:vitas." 'rue
which, It was stated, are the only items included therein.
acceptances and securities acquired under the yr vLitorti of Sections 13 and 14 of the Federal Reserve AM,
ResourcesGold with Federal Reserve Agent
Gold redenap.fund with U.S. Treasury__
Nov. 14 1931.]
FINANCIAL CHRONICLE
ganUrs'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
autte.
Maturity.
Wall Street Friday Night, Nov. 13 1931.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3204.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Muted Nov. 13.
Sales
for
Week.
RailroadsPar Shares.
Central RR of NJ__1001
.II
Colo dr South 1st pf-100
10#
Cuba RR pref
100
10
Havana Elec Ry pfd 100
210
Hudson de Manh pf-100
200
100
Ill Cent pref
3''
Leased lines
1001
10
lilt Rys of Cent Amerpreferred
100
20
Manhat Elev guar_ _100
.•
Market St Ry
100
110
Minn St Paul &SS mar
Leased line
100
321
Morris St Essex
50
11
Nash Chatt & St L_100
190
50
Pacific Coast 2d pret100
Sou Ry M &0 ctfs_100
j 1''
Range for Week.
Lowest.
Highest.
Lowest.
20 Nov 1 1 20 Nov 10 15
42 Nov 12 4234 Nov 12 37
134 Nov
134 Nov •
34
Nov 7
Nov 10
Nov 9
Nov 10
Nov 10
18
73
35
234
39
Nov 9
Nov 10
Nov 9
Nov 10
Nov 10
Highest.
General Cigar pref_ _100
220 100 Nov 710434 Nov 10 100
Gen Gas & El pf A (8)..*
70 45 Nov 12 50 Nov 71 80
,I 20 Nov 7 21 Nov 121 15
Gen Steel Castings pf_*
Grand stores pref_100
211 50 Nov 9 50 Nov 9 50
lot Comb Eng pret ars
201 834 Nov 7 834 Nov 7 534
Inter Dept St pref_ 100
30 61 Nov 12 6434 Nov 7 55
Kresge Dept Stores_ .0
10 5 Nov 12 5 Nov 12 434
Kresge (S S) Co 0_100
21 108 Nov 9 108 Nov 910134
Laclede Gas pref. _100
21 95 Nov 9 95 Nov 9 95
Loose-Wil Mac 1st DUO°
4,122 Nov
12334 Nov 9 118
I 14 Nov 7 1434 Nov 10 1034
Mallinson & Co prof 100
Mengel Co pret____100
61 50 Nov 7 50 Nov 7 4334
Newport Industries
1 3,200 334 Nov 7 4 Nov 7 214
N y shipbuilding_ _ * 1,300 434
Nov 1
594 Nov 10 234
Norwalk Tire & Rubber
Preferred
100
631 17 Nov 1 18 Nov 9 9
Omnibus Corp prof.
_100
200 61 Nov 11 6134 Nov 10 60
Outlet Co
*
10 4631 NOV 13 4614 Nov 13 42
Preferred
100
20 107 Nov 1810734 Nov 13 106
Panhandle Produc &Refining pref
20 934 Nov 1
100
931 Nov 10 934
Peoples GasLt&Coke rts
700 334 Nov 1
434 Nov
334
Phoenix Hosiery pf_100
10 41 Nov 1 i 41 Nov 10 41
Pierce-Arrow Co pf _100
2
50 Nov , 5234 Nov 1 3914
Pirelli Coot Italy
I,
29 Nov
2934 Nov 1 2614
Pitts Terminal Coal_100
3ii 134 Nov 11 134 Nov 11
34
,1 25
Nov 11 25
1
Nov 111
Oct 5534 Feb
Oct 61
Feb
Jan 334 Feb
14
septl 45
Max
68
OctI 8534 Apr
30
Oct 80
Feb
134 Junei 8
Jan
32
Nov 76
Jan
Indus. & Miscell.Affiliated Products _ _ -* 4,400 1834 Nov 13 20 Nov 7 18
Amal Leather
ea
1'' 7% Nov 10 714 Nov 1
pref__10
6
111 4534 Nov 9 4534 Nov
Amer Chain pref_ __1
44
Amer Ice pref
100
711 50 Nov 9 5434 Nov 13 4814
American News
•
130 3331 Nov
35% Nov 9 3314
Amer Radiator de Stand
Sanitary pref _ - - -100
580 118% Nov 9120 Nov 12 112
Arch Daniels Mid pf 100
501 98 Nov
9834 Nov 13 85
Austin Nichols prior A•
100 18 Nov 7 18 Nov 7 1634
Barker Bros prof__ _100
20 38 Nov 11 38 Nov 10 25
Blumenthal Co pref_100
2 56 Nov 13 56 Nov 13 58
Budd(E G) pref __.100
1 24 Nov 12 24 Nov 12 21
Burns Bros pref---100
100 40 Nov 7 40 Nov 7 22
Comm Cred pfd (7)__25
40 2234 Nov 10 23 Nov
16
Comm Investm't Trust
warrant stamped__
500 1 Nov 9 1 Nov 9
14
Consol Cigar pfd (7) 100
20 85 Nov 10 69 Nov 7 56
Cushman Sons pf(8%) *
11 78 Nov 11 78 Nov 11 70
Dresser Mfg class A
*
4
2634 Nov 12 2734 Nov 10 21
II 16 Nov 1 1734 Nov 10 1214
Class B
•
Malan Silk pref.--100
95 Nov . 95
Nov 9 95
Elec Pr & Lt rights_ _ _ 79,150
94 Nov 13 134 Nov 9
14
Emporium Capwell •
10 6 Nov 9 6 Nov 9 334
Fed Min & Smelt'g_100
500 44 Nov
45 Nov 9 20
Franklin-Simon pt_100
2, 7234 Nov 12 7234 Nov 12 67
Fuller Co prior pref *
3s 44 Nov 9 45 Nov 9 40
2d preferred
'I 37 Nov 10 39 Nov 10 37
*
Rand Mines
Revere Copper & Brass
Preferred
100
Scott Paper
*
Shell Transp & Trad_f2
Siess-Shett Steel & Iron
preferred
100
Southern Dairies el A-•
Spear & Co
•
The Fair prof
100
Underw'd-Elliott-Fisher
preferred
100
United Amer Bosch_ _.*
United Business Pub..*
United Dyewood pt..100
linty Leaf Tob pref.100
Union Pipe & Rad pf1.00
pfl(:),
Van Raalte 1st pret.100
Vulcan Detinning pf 100
Waigreen Co pref_10
Webster Eisenlohr
Wheeling Steel pref.1001
6
Oct
Oct
OctI
Octi
No
20
20
88
7731
57%
Nov
Jan
Jan
Jan
Feb
Sept 150
Sept 102
Oct 28
Oct 62
Nov 8234
Oct 50
Mar 85
Oct 2534
Apr
Jan
July
Apr
May
June
Jan
Sept
Nov 8
Oct 80
Oct 107
OctI 2734
OctI 18
Oct 105
NovI 134
OctI 10
Septl 80
Marj 75
Septl 85
Nor1 85
Feb
Apr
Mar
Nov
Oct
Apr
Nov
Jan
Feb
Jan
Apr
Feb
No 117
Oct 92
Oct 65
Nov 8514
Oct 3034
Oct 68
Sept 614'
Oct 115
Nov 10134
Jan 12634
Sept 20
Nov 70
Oct 434
Oct 7%
Sept
Mar
Apr
Mar
Feb
Sept
Aug
Aug
May
Jan
July
Feb
Oct
Aug
Jan 18
Sept 85
Sept 55
Feb 11314
Nov
Mar
Feb
Sept
Oct
Oct
Oct
Sep
Sept
Oct
Aug
Nov
Jan
Feb
Mar
Mar
Or
2034
414
7034
7234
3934
5
3434 Apr
39 Nov 11 42
I 45 Nov
45
1,1 1394 Nov 11 14
Nov 11 39
No 8334 Jae
Nov
3834 Oct 51
Aug
Nov 11 934 Oct 34
Jan
111 19
111 10
11 234
I 88
Nov . 20
Nov 7 10
Nov 1
234
Nov 13 88
Ntiv 9 12
Nov 7 7
Novl2l 134
Nov 1 87
0 39
Oct 1634
0
4
Oct 10634
Feb
Mar
Feb
Feb
10 110
701 614
30 5
II 37
94
21%
2'' 39
10 81
100 85
6' 20
611 40
Nov 1. 110
Nov 13 7%
Nov 11 5
Nov 13 37
Nov : 95
Nov 12 2134
Nov
4594
Nov
81
Nov 11 85
Nov 11 20
Nov 7 4014
Nov 13 105
Oct 12334
Nov
5 Sept 2714
Nov 11 5
Feb 11
Nov 13 87
Nov 48
Nov 9 93
Oct 110
Nov 12 994 Ju
60
Nov 11 22
Oct 60
Nov
7734 Oct 97
Nov 11 8034 Oct 9834
Nov 10 20. Sep 60
Nov 121 36
Oct 70
Aug
Mar
Jan
July
Mar
Jan
Jan
Aug
June
Jan
July
• No par value.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 3.75%0
3,7834 for checks and 3.753 (413.78 X for cables. Commercial on banks,
sight, 3.743i; sixty days, 3.7034; ninety days, 3.7831; and documents for
payment, 3.7003.70M. Cotton for payment, 3.7534, and grain, 3.7534.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 3-16
ig13.92% for short. Amsterdam bakners' guilders were 40.14(4)40.30.
Exchange for Paris on London, 96.06; week's range, 97.18 francs high
and 96.06 francs low.
The week's range for exchange rates follows:
Sterling, ActualChecks.
Cables.
High for the week
3.8394
3.8331
Low for the week
3.7694
3.7531
Paris Bankers' Francs-high for the week
3.93M
3.9334
Low for the week
3.93 3-26
3.921i
Germany Bankers' Marks
nigh for the week
23.75
23.75
Low for the week
23.40
23.42
Amsterdam Bankers' Guildershigh for the week
40.40
40.40
40.14
Low for the week
40.15
llag.
Rate.
Bid.
Asked.
Maturity.
ins.
Rats.
Bid.
Asked,
Dec. 15 1931_-- 134% 100
1000n Mar. 15 1932... 2%
100
Sept. 161932. 154% 99"u 99"1: Dee. 15 1931-32 334% 1000n
1000n
100r,,
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 in
a footnote at the end of the tabulation.
Range Since Jan. 1.
$ per share. it per share. $ per share. S per share.
95 Nov 7104 Nov 9 82
Oct 230
Feb
3934 Nov 11 3934 Nov 11 3934 Nov 60
Jan
28 Nov 1 26 Nov 12 20
Oct 44
Feb
414 Nov 11 5 Nov 7 414 NovI 20
Feb
60 Nov 9 6031 Nov 11 55
OctI 7834 Feb
45 Nov 9 49 Nov 11 45
No 114
Feb
40 Nov 11 40 Nov 11 35 Sept 78
Jan
16
73
32
234
39
3217
Daily Record of U.S.Bond Prices. Nov. 7.1Nov. 9. Nov. 101Nott. 11 Nov. l2 Nov. 18
First Liberty LoanHigh
314% bonds of 193247__ILow_
Close
(First 814s)
Total sales in $1.000 units.
Converted4% bonds ofilligh
193247 (First 410
LowClose
Total sales in $1,000 units...
Converted 414% bonderigh
Of 1932-47(First 41(e) Low_
Close
Total sales in 11,000 unitsSecond converted 454/High
bonds of 1932-47(First Low_
Second 434s)
Close
Total sales in 51,000 units(High
Fourth Liberty Loan
411% bonds of 1933-38- Low_
Close
(Fourth 414e)
Total sales in 81,000 units-!High
Treasury
Low_
43(s. 1847-52
Close
Total sales is $1.000 units_ __
(High
LowIn, 1944-1954
Cloee
Total sales in 81,000 units___
righ
Low_
89(1, 1946-1956
Close
Total sales in 11.000
serge_rig11
Low_
8Hs, 1948-1947
Close
Total sales in $1,000 units....
(High
Low_
Se. 1951-1955
Close
Total sake in 11.000
units.....Illili
Low_
394s, 1940-1943
Close
Total sales in 11.000
(High
units-Low_
394s, 1941-43
(Close
Total sales in 81.000 units___
(High
Low_
314s. 1946-1949
Close
Total sake in 81,000 units..
i
10000n 100"ss 100
100
1004,2 100%
10010n 9900.1 99"ss 9901131 100% 100
10011n 995Sas 99"s 100
100,
3: 100
99
184
103
507
225
76
10010n
---- 100"n
10014,,
10014:
1001,1,,
100"ss
8
10117L 101=4; 101"ss 1010o 10-1-14-2 10110n
10100:: 1010u 101',, 1010n 101',, 101"01
101":: 1010n 101101, NI'111 101,n 10100,1
111
119
19
22
72
457
-102
101
;
3
101"ss 10113n
101"st 101"ss
1375
198
10725s: 107"ss
107"s: 106"st
107"s: 1060s:
39
147
103"ss 103"n
1038n 1021%
103sn 102141
34
72
1011% 101141:
1011sn 101
101111u 101
99
30
99
99
98"st 98
98"ss 98"1:
18
18
0404„ 9426s:
940011 931sn
940083 Nun
27
157
99
99
981,1: 98n,,
98"1: 93111
/
41
95
36
98":: 99
98"s: Nun
98"s: 98211n
53
243
9521s: 9500n
94"as 9400,2
ggss., 9410n
21
148
101141
10114s:
903
107
106"ss
106"as
79
102"s:
102"s:
102"ss
65
101
100"ss
100"ss
48
98211:
981%
98"ss
145
944.,
gals,
93113
76
9800n
98"n
9804,1
131
980011
9801n
98"s:
166
95
9410st
94"3:
66
10-11iL
10101st
10110n
67
107
10600n
107
10
102"ss
10291:
1021ss:
50
101
101
101
11
9824s2
98"ss
98"ss
24
93"is
931%
93"n
21
98"ss
982%
9821n
69
9824n
9804n
98"ss
8
9400n
940432
9404.2
37
10111,,
10111s:
10111141
391
107%
1070n
107%
31
102"as
102"st
102"s:
59
1011:1
100311:
101,n
130
99
982011
98"n
51
93:11n
9300n
9300n
736
99
98104
99
49
99
981118
99
25
954n
9400n
95
59
1Ca-1071
101"st
10110o
327
1071fs:
107"ss
107"ss
1030n
102wn
10311n
57
1011n
1010n
1010n
105
991on
9961:
999rt
309
044.
9300n
9300,,
279
990n
9911ss
991111
11
991081
990n
eon.
177
9511n
954n
95
6
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 lat 3149
2 4th 4%s_
4 Vas49(s.
100
to 100
1018s: to 101"n
106
to 106
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 3205.
A complete record of Curb Exchange transactions for the
week will be found on page 3235.
CURRENT
NOTICES.
-Over 25,100 applications for life insurance amounting to more than
$72,350,000 were received In October by the New York Life Insurance
Co. an increase of over 1,500 applications and 81,000,000 in volume compared with the same period last year, President Thomas A. Buckner
announced this week. The applications received were from United States
and Canada and were for amounts ranging from ;1,000 to 8250.000, the
average amount applied for during this period being over $2,850.
-Gordon Lefebvre, for years one of the best-known production men
In the automobile industry, heads a newly organized firm of consulting
engineers with offices in Detroit. Harrison J. Stringham, formerly VicePresident of William L. Davis & Co. investment bankers, is associated
with Mr. Lefebvre. The organization *will act as consultants on all phases
of manufacturing, costs, machine design, construction and finance.
-Bowes Brothers & Co., Los Angeles and San Francisco bond house,
have opened a branch office in San Diego. The new quarters are located
in the San Diego Trust and Savings Building and are under the direction
of Wilber P. Larrabee, formerly San Diego manager for S. W.Straus & Co.
Associated with Mr. Larrabee will be W. F. La Monte, who was also
formerly affiliated with S. W.Straus & Co.in San Diego.
-The current position of the United States Treasury, the gross outstanding government debt, prospective revenues and expenditures, and
their possible effect on future Federal taxes are analyzed in a special study
of government finances published by Eastman, Dillon & Co., member of the
New York Stock Exchange.
-Martin G. Grunwald, formerly with J. & W. Seligman & Co. is now
associated with White, Warren & Co. 149 Broadway, as Vice-President.
and S. 8. &Hiatt, formerly with Barr *Bros. & Co., is with the same firm
in charge of tax exempt securities.
-Dyer,Hudson & Co.have issued a compilation showing the percentage
change in market prices of preferred stocks, long and short-term bonds
from current levels required to result in yield changes.
-A. F. Stark, formerly with the National City Co. and Chase
Forbes in St. Louis, is now associated with Edward D. Jones & Co.,Harris
Boatmen's Bank building, St. Louis, Mo.
-Jenks, Gvrynne & Co. have prepared a comparison of commodity
prices showing the range over five-year periods from 1909 to Nov. 1
1931.
-Cherry, Van Leer & Co., Chicago, announce that P. A.
Reinertsen
has become associated with them as Vice-President in charge of
sales.
_Laurence W. &amine (formerly with Kountze Bros.), is now
associated with the sales organization of Stone & Webster
and Biodget, Inc.
-A review of the New York City bank stock market is
contained in a
special circular published by Holt, Rose & Troster, 74 Trinity
Place, N.Y.
-James B. Porteous, formerly with George H. Burr &
Co.
and West &
Co. is now in the sales organization of Edgar Kenny &
Co., Inc.
__William L. Fitzgerald, formerly with Bonbright &
nected with Vilas & Hickey, 49 Wall Street, New York. Co., is now con-Ralph B.Leonard & Co.have removed their
offices to 25 Broad St.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
111011 AND LOW SALE' PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 7.
Monday
Nov. 9,
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On baste of 100-share lots.
Highest.
Lowest.
Par I per share
Railroads
$ per share $ per share $ per share $ per share $ per share 5 per share Shares
114 118
11514 12012 117 12038 117 12114 11612 11934 11034 11612 35,400 Atch Topeka & Santa Fa_ 100 9713 Oct 5
Preferred
100 8758 Sept 24
9212 9234 1,100
93
*9212 94
9213 9234 9234 93
93
9278 93
2,900 Atlantic Coast Line RIt_ _100 52 Oct 30
61
6114 59
60
61
62
5912 58
56
57
61
57
100 28 Oct 5
3612 35
3912 3612 3838 3658 384 3534 3814 3338 354 82,350 Balthuore dr Ohio
35
100 4813 Oct 8
Preferred
5034 1,500
*5034 52
51
4 50
,
50
51
5114 5114 51,4 51,4 50
50 26 Oct 6
2,000 Bangor At Aroostook
35
*32
3412 34
*3234 35
3114 32
*3214 35
31
35
Preferred
100 88 Nov 5
120
87
87
88
88
•87
88
88
*87
8812 8833 88,2 *87
Malne
&
Berton
1712 Oct 1
100
24
"18
24
24
*20
24
•18
24
*18
24
•20
•20
goo Brooklyn & C.814.3113 Tr_No par
64 Oct 1
1012 1038 *10
1214 *1014 1058 10,
8 104 1012 1012
1058 .10
No par 50 Oct
Preferred
*5513 6114 *5513 5914 *5512 6114 *5512 61,4 *5512 6114 *5513 6114
Bklyn-Manli
'Iran
8 Oct
31,
Par
11,400
VieNo
4012
394
424 4378 4212 4334 4134 4212 4034 4114 4018 41
No par 6712 Oct
400
Preferred v t C
73
73
76
•76
75
784 76
77
*73
*72
75
76
par
No
8 Oct
,
2
Brunewick
Sac
Ter&Ry
6,300
8
7
3
318
414
4
418
3
43
312 3,2
359 44
334 44
25 11 Oct
1618 1634 1659 1778 1718 1734 1634 17
8 174 1778 1612 17,4 27,400 Canadian Pacific
,
ooevt 15
9,2 N
50 Cam Clinch dr Ohio etpd...100 73
85
*77
85
*81
80 "77
85
85
*81
*81
79
85
25 234 Oct 6
3112 3273 3212 3414 3214 3359 3333 3434 3212 3414 3153 33 132,400 Clas,apeake & Otilo
413 413 1,900 Chicago Great 5\'estern___100
412 5
433 518
4 *412 .5
434 473
4 4,
,
4
100 12 Oct 5
Preferred
1612 1818 18
1878 1759 1812 1712 1834 1718 1712 1614 1714 8,000
2 Oct 5
3
318 4,600 Chicago Milw St Paul & Pee_ _
34 338
338 312
312 31 3
314 334
314 34
358 Oct 5
Preferred
514 578 12,500
8 6
5,
54 6
559 612
578 658
578 6
Oct 8
1313
11,800
&
Chicago
North
Weritern_100
1612
15
15
164
1614
1614
1714
1512 1514 1712 16
164
Preferred
200
100 35 Nov 2
38
38
42
40
4018 *38
*38
*38
3812 3812 *38
42
2012 2334 7.700 Chicago Rock 131 & Paeldo_100 20 Sept 10
25
2418 255, 24
2619 25
2634 2518 2612 24
7% preferred
100 40 Nov 4
4118 1,200
44
45
4314 43,4 4214 42,4 41
43
4612 4634 43
100 30 Oct 30
1,700
6% preferred
35
34
3614 38
3578 37
*374 38
3612 38
*3612 39
20 Nov 11
104
200' Colorado dr Southern
2934
2934 *115
*20
•16
.16
24
24
20
24
20
•16
2512 1,1001 Counol Rif of Cuba Prat- 100 20 Sept 22
2514 *23
25
*24
24
25
2434 25
*23
2514 24
Oct 5
93
100
Delaware
Hudson
&
12,000
9812
10034 10212 101 10412 100 10412 10012 10312 9938 10112 96
2912Sept 21
6,400 Delaware Ladr & cetera _51
38
3712 3712 3834 36
37
3913 37
3612 384 37
37
Oct 7
9
_100
pref
West
C;r
Rio
&
Deny
00
13
13
1314
*10
13
1458 1314
13
*10
13
13
13
103,Sept 21
9,800 Erle
1212 13
14
13
1314 144 1312 1412 14
1434 1313 14
1312 Oct 5
700
104
First preferred
1812 1813 181 2 20 .1812 21
1914 20
*19
2012 1812 19
700
100 12 Oct 9
Second preferred
1214
*11
1212 13
13
*1112 1378 1314 1314 1314 1312 13
10,600 Great Northern preferred._100 20 Oct 6
2714 2814 2734 2012 2778 2834 28
2512 27
2912 2712 23
814 Oct 5
100 Gulf Mobile & Northern_ IOU
•10
15
15
15 .10
*913 14
14 .10
•912 14
14
Preferred
200
100 1458 Oct 5
15 .16
15
22
"1514 22
22
*1514 22
*16
*1514 22
2,700 Hudson dr Manhattan_ _ I00 27 Sept 19
3373 34
3313 34
3414 35
35
3312 3413
35
35
I00 1834 Oct 28
2114 22
2118 23
2134 2278 2214 2314 2134 2212 105, 2114 20,000 IllInoIs Central
RR Sec stock certificates- 15 Oct 29
20
*17
*17
*17
20
20
20
*17
*17
20
*1712 20
714 Oct 6
104 1,000 Interboro Rapid Tran v t c_100
1214 1214 1134 1134 11
1012 1012 10
1118 *1012 11
814 Sept 21
3,200 Kansas City Southern____100
14
1518 15
154 1478 1478 1478 1533 1478 1478 *12
15
100
100 3334 Oct 8
Preferred
36
*35
3834 .36
*35
3812 36
3914 *30
39
384 •35
1912 1912 3,200 Lehigh Valley
50 1712 Oct 5
1912 2014 2118 1913 2114 2078 2178 20
19
20
3513 3714 32,4 361 1 7,000 Louisville dr Nashville_..100 3034 Oct 28
3312 334 3714 35
33
3634 36
38
914 Oct 6
1713 1634 1834 164 1658 1612 1612 .
1712 1712 17
1412 1512 1,300 Manhat Fie* modified guar100
Market St ity prior pref__100
74 Oct 20
*814 15
*814 15
•814 15
*814 15
*814 15
*814 15
38
100 Minneapolis & St Louis _ _ _100
4 Apr 18
3
3,
014
14
*18
*14
14 .
*18
38
14
18
2 Oct 28
Hun St Paul & S S Marie_ 100
•213 4
*212 4
*212 4
*212 4
*212 4
"212 4
814
812 11,600 Mo-Kan-Texaa RR____No par
514 Oct 5
84 914
9
9
918 9341
934
84 078
9
100 18 Oct 8
Preferred
2434 2514 4.200
24
27
2434 25
2834 2612 28
2712 .25
*26
100 10 Oct 6
1434 16
144 1618 1434 164 1514 1618 1458 1534 1312 1412 23.400 M kennel Pacific
Preferred
100 24 Oct 6
6,000
30
3614 37
36
3934 3612 3753 3613 3734 *3513 3612 30
18 Oct 1
Nat Rya of Mexico 2d pref _100
.018
12
•18
12 .
12
.14
1
1
.1
*1
14
12
100 45 Nov 13
49 455.700 New York Central
51
5414 45
5314 5114 554 5214 5434 5234 5558 49
8 Oct 29
7
9
Louis
St
&
.100
Chic
Co..
Y
N
2,100
13
13
14
14
14
14
1434 14
1412 15
14
15
100 154 Oct 7
Preferred
2.100
18
18
1638 1712 1638 18
1812 19
1734 1784 *1634 19
50 120 Oct 5
70 NY & Harlem
127 135
13478 1344 •12712 135
135 135 *122 130 •122 135
4012 4214 4112 4512 4212 4414 4212 443
4018 43,4 3638 3914 25.900 N Y N 11 & Hartford____100 3014 Oct 5
Preferred80 Oct 6
1.800
81
85
85
864 *85
8612 8634 844 86
8719 85,2 86
514 Oct 5
4,700 N Y Ontario & Weetern__100
834 9
918 912
912 10
04 978
918 10
914 9,2
14 Oct 6
78
038
N Y Railways pref _ _ _ _No par
.38
78
*4
78
78
78
.:33
*38
*38
78
100
218 Nov 13
800 Norfolk Southern
218 213
3
*212 3
*258 4
3
258 25, •214 4
Oct 5
112
100
Western
&
NorbAk
1,700
153
151
1524 153
154 15614 156 156
•15114 15913 153 155
100 7538 Oct 28
Preferred
80
78
78
85
*78
*78
85
85 .78
85 .78
•78
85
100 x1914 Oct 5
Pacific
Northern
29,800
2412
4
223
2334 2434 2359 26
2414
8
257
24
2534
2538 25
100
114June 1
Pacific Coast
*158 24 *153 212 *158 214 •153 212 *158 238 •158 238
50 294 Oct 28
54.400 Pennsylvania
3234 3412 32
3112 3213 3112 3458 3214 34
3378 3034 32
May 1
4
100
Eastern
&
Peoria
200
*459
413
412
5
5
5
614
612 *5
*5
7
*5
100 1318 Oct 5
300 Pere Marquette
17
1678 164 .15
1812 17
181 .15
•16
17
*1512 17
100 1814 Oct 29
Prior preferred
170
•2412 25
*2413 25
25
22
21
2512 2512 2512 •24
21
100 14 0016
Preferred
120
21
•1614 18
18
*1714 2012 *1714 29,2 *1714 294 01714 2912
Pittsburgh & West Virginia 100 16 Sept 30
24
•19
24
•19
25
24
•19
24
4.18
•18
24
•18
50 45 Sept 14
300 Reading
5314 53,4
*5313 57
58
*5513 5812 58,2 5813 5612 5612 •55
50 3478 Nov 13
First preferred
100
3478 3478
*3478 40
40
•32
*3478 40
38
•3478 38
*3.5
3334 Nov 13
60
preferred
Second
700
4 3334
,
33
34
•32
46
34
46
36
38
*32
.34
•32
812 Oct 5
812 1013 20,300 St Louls-San Franclsco___100
1114 104 1114 1018 10
4
,
94 1078 10
953 10
100
712 Oct 5
First
preferred
14
6.100
15
1514 1513 1512 124
134 1378 14
15,4 1413 15
7 May 27
400 St Louls Southweeteru___ _100
1312
1312 •11
1312 *10
1312 *10
1412 13
131 •12
•9
Oct 5
15
100
Preferred
28
•17
28
28
•17
•17
28
•17
28
.17
28
•17
38May 21
par
No
Line
Seaboard
12
Air
8
03
*38
12 5,700
4
,
33
12 Oct 2
100
58
012
Preferred
113
,ot2
600
34
•79
13
34
53 .
53
13
53
100 45 Oct 6
33,500 Southern Pacific Co
5212 54
5038 5318 4714 50
5234 54
5138 55
50,2 52
100 144 Oct 6
20.950 Southern Railway
1838 17
1818 1612 17
181
1714 1818 17
1612 17,2 17
100 2358Nov 7
Preferred
2,300
2818 *2518 23
28
2714 2712 2934 2814 29
2358 2412 25
100 32 Nov 9
Pacific
&
Texas
34
300
34
32
*3212 80
*33 100 *33 100
32
•36 100
100
512 Apr 29
8
800 Third Avenue
8
8,4 •814 834
8,2 812
8
*8
9
8,4 8,2
312 Oct 2
Transit._100
6
*A
Twin
Rapid
City
414
200
414
5
4
6
*33
4
*33
*34 412
100 1953 Oct 13
Preferred
10
2618 2618
*2618 33
•2618 33 .2618 33 .2618 33
•2613 33
100 9814 Oct 5
12,100 Union Pacific
111 11414 106 110
11112 114
11014 113
107 109,4 108 115
100 70 Sept 19
Preferred
*6878 7078 1,300
71
70
70
7012 71
70,8 71,2 70
3 74
•71,
100
512 Oct 5
612 714 5,400 Wabash
74 8
714 8
778 8
7,2 74
100 10 Oct 5
Preferred A
1,100
15
*12
15
1212 124 •12
*1312 15
14
13
13
12
100
54 Oct 6
15,000 Western Maryland
9
858 9
938
9
1018
914 9,
8
878 10
812 918
100
512 Oct 5
Second preferred
114
100
1133 *7
1133 •7
41
4 1012 10,2 .718 1132 *7
11,
314 Oct 8
100
4
4
1.500 Western Pacific
458
4
4
512 *4
414
414 412 *4
*4
Oct 1
612
sg
100
Preferred
500
10
10
10
10
.8
4 10
,
9,4 9,4 1018 10,2 *9
414
13
29
•100
9
•75
2912
•1312
414
87
.214
1478
*6
378
8,8
*8
812
4,8
434
1478
13
*27
29
•100
9,2
94
•75
80
30
*28
14
*1312
414 *413
6838 674
•214
3
1538 1333
7
*6
4
34
812
833
91
812 .858
20
414
.514
14
15
2978 *25
____ *101
938
10
80
*75
30
*28
14
1312
6
414
6912 6514
278
212
15
1418
7
*6
4
414
934
912
912 *9
94 .8
20 *
334
5
14
*13
29,2 •1953
____ •100
978
834
80 .75
304 30
1312 *13
414
414
6634 644
212 *214
1434 144
7
*6
418
373
10
10
11
014
94 *7,8
20
358
414
15 •13
2978 *20
*100
812
914
*75
80
*29
30
14 .13
414 *314
6733 6678
24
3
15
1412
*6
7
358
414
10
10
914 *9
94 *74
20 4._ _ _ _
358
4
*13
15
2978 *20
*100
84
0
*75
80
294 •28
*13
14
*312
4
6034 6433
2.7
24
1553 1514
*6
7
312
373
014
10
*814
10
8 *8,3
0,
20 •____
358 7.000
400
15
100
2978
---878 22,200
80
400
2978
100
1312
1.900
4
6759 20,700
500
24
1612 104,600
7
353 21,300
934 8.300
350
10
100
94
20
•Sol and asked prices: no sale, UI 40, ix,. a Ex-dividend and ex-rtgbts.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
I per share g per share Per Share
20338 Feb24 168 Dec 24213 Mar
4 Sept
10814 Apr 13 100 Dec 108,
9514 Dec 17512 Mar
120 Jan 23
874 Feb24
5533 Dec 1224 Mar
7014 Dec 8458 July
8012 Feb 27
5018 Dec 8413 Mar
6634 Feb 26
11312Mar 9 10612 Dec 11614 June
44 Dec 112 Feb
66 Feb 20
618 Dec 1573 May
1338June 20
5318 May 8612 Mar
644June 27
554 Dec 784 Mar
60-s Mar 2
83 1)ec 9834 Sept
944 Feb 11
514 Nov 3353 Apr
912 Feb 10
3514 Dec 5214 May
4518 Feb24
Oct
Dec 105
92
30
Apr
778
102
3233 Dec 514 Sept
4612 Feb 10
44 Dec 174 Mar
Feb 10
12 Dec 5253 May
2712.1103, 7
44 Dec 2638 Feb
878 Jan 23
734 Dec 4614 Feb
10
Feb
154
2812 Dee 8978 Feb
4512 Feb 21
116 Mar 18 101 Dee 14034 June
4514 Dec 12518 Fed
8512 Jan 27
92 Dec 11038 May
101 Mar 24
Dec 10118 Mar
81
90 Jan 28
4013 Dec 95 Feb
48 Jan 9
30 Dec 82 Apr
4213 Feb24
Feb
15714 Feb 25 13018 Dec 181
6913
Dec 153 Feb
8
Jan
102
254 Dec 80 Mar
4534 Feb 10
2218 Dee 634 Feb
3934 Feb24
27 Dec 6733 Feb
4512 Feb 27
28 Dec 6213 Feb
4012 Jan 5
51 Dec 102 Mar
6934 Feb24
1018 Nov 464 Feb
274 Feb 17
554 Nov 9814 Mar
75 Jan 9
Dec 534 Mar
344
17
Feb
444
4 Apt
6514 Dec 136,
89 Feb24
58 Dec 77 May
61 Jan 23
2033 Jan 3912 Mar
34 Mar 2
34 Dec 854 Mal
45 Feb 26
53 Dec 70 Aar
64 Feb 9
40 Nov 8473 Mat
61 Jan 9
84 Dec 1384 Apr
111 Feb 11
24 June 424 Sept
39 Feb 28
13 Dec 2513 Feb
22 Feb 18
218 Apr
14 Oct
84 Jan 12
814 Dec 35 Feb
11 13 Feb 10
144 Dec 664 Apr
2634 Jan 20
60 Dec 10853 Mar
85 Jai316
2018 Dec 9812 Mn
42% Feb 18
79 Dec 14511 Mar
107 Feb 11
4 1)e,1
i's July
12 Jan 5
4 Feb
13214 Feb24 1054 Dee 192,
73 Dec 144 Feb
88 Feb II
4 May
,
110
Dec
75
9
94 Mar
227 Feb 24 152 Dee 324 Feb
674 Dec 12814 Mar
944 Feb24
1194 Feb24 l064 DecDe 1354 Mar
334 Dec 174 Mar
1378June 26
418 Jan
Oct
1
2 Feb 27
418 Dee 334 Feb
8,4 Jan 9
217 Feb 26 1814 Dec 265 Feb
83 Feb 924 Act
93 Mar 31
4231 Dec 97 Feb
6078 Jan 27
318 Dec 1972 ADI
7 Mar 23
63 Dec 8658 Mar
64 Feb 10
412 Dec 2412 Mar
012 Jan 0
764 Dec 1644 Ain
85 Feb 10
90 Dec 101 May
9214 Feb 25
9112 Oct 99 Apr
80 Jan 8
86 Jan 9
4811 Dec 12134 Feb
9712 Feb 11
73 Dec 1414 Feb
46 Jan 5
444 Mar 53 Feb
47 Jan 16
46 Dec 57 Feb
394 Dec 1187, Ma/
624 Jan 27
76 Jan 27
6213 Dec 101
API
3312 Jan 9
1712 Dec 764 May
60 Feb24
35 Dec 9434 July
4 Dec 1212 Feb
14 Jan 12
218 Jan 12
12 Dec 28 Feb
10913 Feb 11
88 Dec 127 Feb
654 Feb 10
4612 Dec 130% Jan
76 Dec 101 Mar
83 Feb 10
100 Jan 14
85 Dec 145 Apr
1514July 10
4 Dec 1512 Mar
1778 Feb 17
74 Oct 3112 Jan
62 Feb 9
4434 Dec 79 Feb
20518 Feb24 18811 Dec 212,
4 Mar
87 NIay 18
8214 Jan 8333 Sent
26 Jan 9
1114 Dec 678s Apr
51 Jan 9
39 Dec 8914 Apr
194 Feb24
10 Dee 36 Mar
20 Feb24
11 14 Dee 38 Mar
1478 Feb 0
713 Dec 3012 Mr r
314 Feb24
23 Dec 53'2 Mar
Industrial St Miscellaneous
24 Oct 6 1414 Feb26
8 1)ee 424 Apr
Abitibi Power & Paper-No par
100
5 Oct 7 52 Feb 26
36 Nov 884 Apr
Preferred
par
Straus.......No
6
13
Oct
Aug
21
39
Dec 66 Aid
21
Abraham &
100 100 Jan 8 10612May 4 102 Nov 1101s Aug
Preferred
Ma!
No par
,28
Fepb
A
7 Oct 5
4
1414 Dec 3738 M
Adams Express
100 724 Oct 15 9
94 Sept
223'2
Preferred
No par 2218 Jan 14
Oct 32 Mar
21
9
22
Adams Millis
10 Oct 2 3
Fug
3'12 A
'
23
eb
._ .4.... _Ii)..e_c 3434 June
A ddreisograph fat CorpNo par
2 Sept 19 114 Mar 17
Advance itumely new _ No par
4131 Jut;e
.6
871, Dec .13
8
Alr Reduction Inc__.No par 52 Oct 5 1094 Feb24
Mat
134Sept 22
n Feb24
Alr-way Elec A 001144;14,6N° par
7 Jan 2 2018June 4
Alaska ',meat) Gold 11in..10
911 Feb
Aro par
5 June 3
6 Dec 15
4
17
b2
eg
Fu
A
A P W raper Co
314Sept 21
No par
Dee 3514 Mat
534 Dec
Allegnany Corp
1192'33'4
54
8 Sept 22 5918 Feb 25
Pref A with 930 warr.---100
3814 Dec 111713 Feb
Dec 9934 Apr
3712
23
11
Pref A with $40 wart _ _ _ _100
Feb
818Sept
59
844 Oct 9614 Feb
Pref A without warn._ _ _100
7 Oct 29 5512 Feb 25
par 2013 Oct 15 4614 Feb 201
40 Nov 72 Apr
Allegheny Steel
80% stock dividend paid
z Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 7.
Monday
Nov. 9.
Tuesday 'Wednesday' Thursday
Nov. 10.
Nov. 11.
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
-$ Per share $ per share S per share I $ per share $ per share $ per sha4
,
I4 Shares Indus. & Miscell. (Con.) Par
9258 9734 9412 9814 9312 9612 9212 9612 94
968 88
170,000. Allied Chemical & Dye_No par
•119 120 .119 120
120 120 .11918 120 •11918 120
120 120
Preferred
100
200
185 1958 1834 1918 1814 1938 18
1858 18
1812 18
184 5,800 A ilis-Chalt.ers M fg_ _ _ _No par
•1012 1112 1118 1112 .1078 13 .1078 12
*1078 12 .10% 12
300 Alpha Portland Cement No par
1578 1612 1714 18
17
17 .17
1738 17
17
17
Vo par
17
1,600 Amerada Corp
10
1014
1018 1012 1014 1013
91 4 914
914
914
9
914
1,500 Amer Agile Cters (Del) No par
2114 22
22
2318 2278 23
2212 2234 2133 2212 21
American Bonk Note
21
10
2,600
*53
58
*53
58
58
58 .53
58
*53
58 .53
58
50
Preferred
10
2
2
.112 2
113 112
112 112 *113 2
*113 2
400 American lieet Sugar_No par
.612 77
.618 612 *5
678 *5
612 *5
712 .
5
100
7% preferred
712
2218 22% 2218 2212 *2218 25 .2214 2312 2214 2214
*2114 248 1,000 Am Brake Shoe & Fdy _No par
•9014 9412 .9012 9412 *9012 9412 .92
9412 .9212 9412 9213 9212
100
Preferred
100
8234 8712 8518 8738 8438 8658 8338 8512 8312
8538 8138 8438 176,100 American Can
.'25
*133 136 *13214 136 013214 136 *13214 136
136 136
100
Preferred
100
13
1313 1358 1378 1318 157
14
1512 14
14 *13
122314
4 13
163338
American Car & Ftly ___No par
7,900
4
48% 4912 48
50
50
5878 57
5838 57
5838 55
100
Preferred
660
5634
814 814
814 93
914 9 8
914 93
*9
97
8
9
9
No par
1,400 American Chain
37
3778 3712 3814 3738 377
36
3714 3533 3538
No par
*8
8,4 *734 814 *734 814 *734 814 .734 814 3538 3538 3,300 American Chicle
*734 8,4
No par
Amer ColortYpe Co
878 912
91 1014
914 10
9
934
914 1012
9
98 50,600 Am Comnal Alcohol_ _No par
*4
412 .4
512 .4
512
512 *4
418 418
4
4
500 Amer Encaustic Tillng_No par
43 14
14
1434 15 •1214 1334 •13
1414 •14
1478 14
14
600 Amer European Sec's-NO Par
• 167 1733 17
177
1614 1718 15
1638 1518 15% 1433 1512 121,400 Amer & Forn Power.. No Par
•51% 59
*53
55
55
56 .55
60
55
55
No par
400
Preferred
O 3012 3038 3012 32
3013 3114 3013 3012 28% 2812 27
2814 3.300
No par
2d preferred
w
44
44
44
44
44
47
47
47 .46
47
4514 4514
No par
preferred
$6
1.100
.512
*512
52
4
5%
512 512 *512
C.) .512 534 *512 53
10
Hawaiian
53
4
Am
200
13
S
Co
nr .218 3
.
27
218 2%
3
.218 3
.234 3
.218 212
800 Amer Hide & Leather_ _No par
rX
1278 15
.14
1578 •1312 16
157 •13
.1312 16
14
14
100
Preferred
1,000
0. 53,2 5412 5438 55
53
531
53
54
5314 54
252
5238 6,100 Amer Home products_ _No par
14
1414
1413 151
1434 144 143 1638 15
15
1514
1534 8,400 American Ice
No Par
97
938 978
.1't
978 101
9% 9%
912
94 912
813
914 10,600 Amer Internet Corp---NO Pat
u
8
kt
*5a
34
*12
3
7
04
"8
At
.58
34
600 Am I. Frauce&Foamite_No par
• .312 5
*312 5
*312 5
*312 5
.312
5
*3% 5
100
Preferred
1278 131
O. 107 12
13% 141
1333 1338 .1318 1312 13
1313 3,400 American Locomoti•e_No Par
597
601 .
60
5912 601
5912 5912 *5912 60
5912 5912
a 5912
100
700
Preferred
2534 2634 26 27
2512 261
2512 264 2512 26
2512 2614 13,200 Amer Mach & Fdy new-No Par
3
3
.3
31
2% 238 *214 3,2 *213 312
214 214
938 934
O
400 Amer Mach & Metals_No par
9% 1938
938 10%
9
9% 912
98
8% 912 17.700 Amer Metal Co Ltd_ _ - _No Par
() 35
36
37
39
3712 41
38% 40
3712 39
*33
U
3912
100
700
Preferred (6%)
17
2
138 2
112
112
134
134
134
138
I%
Ps 2.550 A o'er Nat Gan pref____No Par
t° 2138 2234 2212 241
22
23% 2112 223 x2012 2138 194
20% 35,900 Am Power & Light_ --No Par
141 •65
67
6712 70
*67
70
*67
70
66
66
*64% 70
No par
900
Preferred
•
u) *53
587 •53
58
*5713 59 .5712 59
*5713 5812 .
57
59
No par
Preferred A
*54
551 2 5718 571 *5712 58
58
58
5712 5712 5712 57%
stamped
600
No par
1_7
Frei
A
9% 934
912 101
938 97
913 1018
933 98
9
914
3
4
3
2
1:0
par
7
San'.
No
600
Am
s
,
00
4n .214 3
B
Stand
ad
&
278 3
•238 3
.
234 3
.238 3
•238 3
300 American Republics_ _.NO par
- 19
1612 1538 1678 1434 15%
1418 15
1438 15
14
1414
25
Amalie/in Rolling 51111
367 37
3612 3718 3614 36,4 358 36's 3534 37
37% 3714 2,200 American Safety Itsaor_No par
•
3
3
3
3
3
3
*3
538 •318 53 .
3% 5%
400 Amer Seating•t e
No par
.38
*38
17
1.1
*118
12
*38
12
*38
1
12
12
500 Amer Ship & Comm _ _ _No par
X *224 25
223* 22% .
23
*2212 25
25
*2212 25
25
25
30 Amer Shipbuilding new _No par
I- 3233 3334 327g 3614 33,4 36
323* 3414 3178 3312 3014 331
90,900, Amer
prefS
elting & Refg_No par
en
med
.100 115 *100 115 •102 110 •102 110 *104 110
*104 110
100
Z 7112 73
7313 7512 7512 7512 7212 751 .71
7518
.71
761
1,0001 6% cum 2d pref
100
- *32
33
3312 3312 33
3334 *33
35
*33
34
3318
331
25
American
0 .102 103
Snuff
103 103
103 103 •101 103 .101 103 •101 103
100
I
Preferred
Id
12
12
12
13
12
%
13
%
12
12
5
12
Chem_No
pa
a
134
e
nts
&
134
e
d
o
rr
112 138
l
v
134
138
1
114
12
138 138
118
13s 8
2:5
900
°0 A rn
re
1138 1134 1178 1234
No pa
Per
refse
9
12
10
11
10
10,8
9'4 10
7,0
0: Asterpre
Foundries_.No pa
139ed
O 871
: 8712 .8712 89
89
89
90
90
93
93
•91 100
u .4238 46
100
Preferred
•43
46
.4218 4534 *43
46
4434 443 •4214 421
w
No par
100! American Stores
48
4938 4813 49
48
48% 48
48% 4814 52
493
100
9.500,, Amer Sugar Refining
eg *9814 105
98,4 9814 *9814 10812 9814 9814 105 105 •100 4 52
104
300: Preferred
100
*7
74 *612 7
.612 7
*612 7
*612 7
6
61
300 Am Sumatra Tobacco_.NO par
1-•
r, 14112 14512 14314 147
14318 145
14134 14412 14212 144
13913
14238
156,383 Amer Telep & Tele&
s' 9112 95
10(1
9512 9614 292
9412 8912 907
8914 9113 89
90
• 941 9714 96
7,500 American Tobacco new w 1.._25
971 z93
9534 91
94
9113 933
901 0238 29,400
•113 117 *115 117 .115 117
Common class B new w I.
117 117
11814
11814
1153
4
11534
X .92
45
100
300
45
45 •4014 49 .40
Preferred
49
45
45 .40
49
•85
200 American Type Founders _ _100
94 .85
94
•85
94 .85
90
*85
90
*85
90
O 36% 387
3914 4238 38
100
Preferred
4014 3714 3914 3713 3912 36
38
39 35 .36
21,500 Am Water Wks & Elec_No par
383
36
37
35
36
35
35
34
35
2,600
82
No par
Corn vol tr ctfs
tfl 82
8412 86 3 86
86
86
86
*8478
86
86
86
,
53
600
6
6
6% 638
lst preferred
614 *534 61
6
612
6
6,2 3,900 American Woolen
"127% 28% 27% 293
100
27% 29
28
29
2834 2914 27
0
.28 1
28
11,600
*34
100
1
Preferred
*34
11
*34
114
•7
8
13
•%
138
*4
9
Am
*4
par
_No
Writing
etre
9
Paper
914 41
.4
9
*4
9
*4
9
*4
43.3
500
Preferred certificates__ _ _100
4% 43
434 5
*4
43
412 412
3% 4
•
‘44 *37
839
2,500 Am Zinc Lead dr Smelt_No par
391 •37
40 .35
40 .35
39 •33
40
>
1734 1838 1713 1938 1712 1014
200
25
Preferred
157 1714 164 1714
1612 1778 159,750
•
13
13
•1314 14
Anaconda Copper Mining _ _50
•1314 14
.1312 14 .1314 14
*1314 14
100 Anaconda Wire & Cable No par
w
2034 2038 204 211
2112 2112 2138 211 .21
2112 21
21
• 8
1,400 Anchor Cat)
8
No par
9
9
*8
10
.714 1112 *7
10
.7
10
• 1478 15
300 Andes Copper MinIng_No par
*1412 15
•1414 15
.1414 147 *1414 147
14
14,4 1,400 Archer Daniels Micli'd_No par
34,4 36
35
36
36
36
*3514 37
36
37
3412 37
1,900 Armour & Co (Del)[get_ _ _100
LI
112 113
112
1%
112
11
13
113
112
112
113 11
3.800 Armour of Illinois class A _ _ _25
Z
78
78
7
34
34
it
•34
78
34
34
800
Class B
25
934 1012 10% 11
1034 11
10
1012 10
10
978 9%
•414 5,2
100
4% 438
Preferred
4
418 4,4
4
.418 412 *44 414 1,900
400 Arnold Constable Corp-No Par
512 53
4% 4%
5% 534
4
.5
634 •5
63
414 414
150 Arno= Corp
No par
414
41
412 412
414 414
418 414
4
4
O
1314 1334 13,2 137
1318 13% 13
1312 1338 1414 1312 1338 1,400 Associated Apparel Ind_ No par
17 .
LJ •10
7.600 Assoc Dry Goods
1012 17
No par
•1012 17
•1012 17 .1012 17
*1012 17
J .1512 20
•1512 18
Associated 011
'25
*1514 18
*1514 16
*1514 18
15
15
cf *1812 22 .1914 23
200 Atl0& W 1 SS Line._ No par
20
20
•18
23 .18
23 •18
23
ta
11% 15% 1514 15% 1412 15,4
100
100
Preferred
1412 15
1412 15
14
1438 20,200 Atlantic Refining
29
28
29% 3434 33,4 3712 3114 324 .3114 34
'
30
311
• .80
83 •80
4,100 Atlas Powder
83
No par
83
83 •83
88
84
85
*8512 88
.5% 6
110
5% 5%
Preferred
53
100
518 533
5%
533 512 •5I3 57
▪ 134 139% 135% 14034 13212 13714 132 137
1.100
No par
13312 138
126% 1351 157,600 Atlas Stores Corp
*38
1%
• *38 1%
*34
1%
Auburn A utorn °bile_ _ _No par
.
34 1,8
*34 112
*34 118
• *34
1
*78
1
.
78
Austin Nichols
1
No par
*7
8
1
*72
1
'
1
1
7
8
*113 213
112 1 12
A utosalee Corp
212 2,2 .2
No par
212 *2
234
2
2
2% 2%
120
234 3
Preferred
3
2%
50
3
318
3
3
3
318 8.300 Aviation Corp..N
9,2 1014 10% 11
o par
934 1018
912 1038
028
9%
10
10
58% 58% 58
15,700
59
Baldwin
5614 59
Loco
Works__
par
No
58
56
5834 58% •57
59
100 100
10012 10012 10014 10012 •100 102
310
Preferred
100
*100 102 •100 102
*234 4
.218 4
350 Bamberger(L)& Co prat _100
.24 4
3
3
3% 3%
318
3
7
778
180
Barker
7% 812
73
7,2 8
Brothers
No par
734
714 8
718 712 40,500 Barnsdall Corp class
*20
21
20
20
•1934 20
A
25
•1934 20
193 1934 19% 20
310 Bayuk Cigar, Inc
No par
66
66
66
66
.66
74 •66
74 •66
74
*613
51% 50
51
5078 50
40
First preferred
5034 9912 50% 4912 4912 4838 74
100
49
9878 99
1198
99
*9878 9978 .
50
9838
7 997 .9878 9912 4,600 Beatrice Creamery
44
45
4512 4712 4712 50% 5012 99% 09
300
Preferred
100
5012 4912 4912 48
412 5
49
*4
5
*4
3,700 Beech-Nut Packing Co
5
20
*4
5
6
5
5
5
6414 6414 *64% 6814 *6514 6814 .
2,500
Belding
Hern'way Co__No par
1918 2014 1918 2038 19% 19% 6518 6714 •6412 678 6413 6434
400 Belgian Nat Ryi part pret____
18% 1934 1914 2018 1812 19
3314 33% 3234 3334 3234 3418 32
58 71,100 Bondi: Aviation
No par
33,8 3134 3238 303 3212
32
29
3112 3313 3118 33
14,700 Best & Co
No par
30,4 31% 3034 317
29
3118 133,600 Bethlehem Steel Corp_ _No par
89
89
89
89,2 89
94
95
99
.94
98 .91
96
•11
*1034 13
1218 12
13
100
Preferred (7%)
•1112 1314 1113 1112 .1114 1312 1.600
*20
28% 2018 21
20
400 Blaw-K nos Co
No par
20
•10
20 •10
20
.10
20
85
85
*85 105
•87
Bloomingdale
Brothers_No
170
par
9512 86
86
*8712 103 .8713 103
28% 2838 27% 2878 26% 2738 26
30
Preferred
100
2612 26
2712 2512 2614 8,200 Bohn Aluminum & Br...No par
*54
55
56,2 .
5612 .
55
5612
*55
5612
*12
54
34
*12
34
5512 5512
*12
34
*12
No par
500 Bon Am? class A
34 34
•12
34
*12
24
.2,2 5
.212 5
*234 5
No par
Booth Fisheries
.234
.234 5
*234 5
5112 5312 508 5233 4978 5
50% 52
preferred
100
lot
5112
5012 518 24918 51
1418 1438 14% 15
1418 1434 14
42,500 Borden Co
25
1414 1334 1414
•28
1
*28
13
1
14
9,553 Borg-Warner Corp
*34
.
1
10
78
1
*3,
1
*34 1
1178 1214 11; 1172 11
11% 12
Botany Cons Mills clam A _ _ 50
1178
11; 113$ 11
1138 34,400 Briggs Manufacturing _No par
V
o
o
• 1516 min asseti otiose'. 40
@SIM
sIt
this day. r Sr-dividend.
g Ex-rigets.
3219
PER SHARE
Range Since Jan.I .
On basis of 100-share lots.
Lower).
Highest.
$ per share
68 Oct 5
11418 Oct 3
19 Oct 6
8 May 27
13 Oct 5
5% Oct 5
18 Oct 6
54 June 4
112June 15
4 Oct 6
2114 Oct 6
9212 Nov 13
71% Oct 5
13412 Oct 5
9 Oct 5
40 Sept 16
612Sept 21
3114 Oct 6
5 Oct 5
5 Oct 1
3% Oct 1
9 Sept 21
1038 Oct 5
4514 Oct 8
25 Sept 21
40 Oct 6
412Sept 22
1 Sept 21
818 Oct 5
37 Oct 6
1012 Oct 6
6 Oct 5
12June 1
212 Oat 22
8 Oct 6
5913 Nov 5
16 Oct 5
114 Oct 5
5 Sept 21
21 Oct 31
1 Oct 29
1412 Oct 5
60 Oct 2
6618 Oct 26
54 Oct 28
7 Oct 5
21e Oct 16
10 Oct 5
27 Oct 5
2 Sept 30
14 Oct 9
20 Oct r
1934Sept 21
9812 Oct f
61 Oct 29
28 Oct 6
100 Oct 10
1iz1
Se
erAt 1
734 Oct 5
7014 Oct
36 Oct
3412 Oct
90 Oct
41 Oct
12118 Oct 5
7114 Oct 5
743 Oct 5
112 Oct 14
43 Oct 9
75 Oct 21
2314 Oct 1
22 Oct 2
75 Oct 6
33 Oct 2
2018 Oct 6
58 Oct 6
3 Sept 23
234 Oct 1
23 Oct 6
1238 Oct 6
13 Nov 7
13 Sept 22
54 Oct 6
8 May 18
20 Oct I
1 Oct 1
12 Oct 1
6 Oct 5
3% Oct 5
4 Oct 30
318 Oct 6
934 Oct .
914 Oct 5
1038 Oct 22
18 Oct 10
912 Oct
20% Oct 28
78 Oct 15
5 Oct '
8412 Oct
'z Sept 2
34 Oct 5
112 Oct I
212 Oct 2
614 Oct 1
36 Oct 6
89,4 Nov 5
134 Oct 5
434 Oct 6
1934 Nov 12
68 Oct 28
37 Oct 6
9312 Oct 9
3712 Oct 1
la4June 1
6214 Oct 1
1238 Oct 5
2438 Oct 5
22% Oct 29
75 Oct 1
8 Sept 22
15 Oct 24
85 May 15
2034 Jan 2
49 Oct 30
%Sent 19
212Sept 30
37 Oct 5
934 Oct 6
%Nov 5
814June 2
3 per share
18234 Feb24
126 Apr 7
42% Feb 28
1873 Feb 9
23 Mar 21
29% Feb 19
6204 Feb 13
0614 Feb 26
4% Jan 9
17% Jan 9
38 Feb 24
1243851Kr 10
1293 Mar 26
15212 Apr 30
38% Feb 24
86 Mar 18
4334 Feb 24
48% Mar 20
2114 Feb27
1412 Feb 16
16 Mar 2
3318 Feb 24
5134 Feb 24
100 Mar 20
7912 Feb 25
90 Feb 28
1033 Jan 9
8 Mar 31
30 Apr 6
84 Mar 20
31% Feb 0
26 Feb 26
1% Jan 9
15 July '3
30% Feb 26
8434 Mar 8
43% Mar 19
7 Mar 2
23% Feb 24
8912 Feb 5
39% Jan 20
64% Feb 26
102 Mar 27
84 Apr 9
85 Apr 4
2112 Slat 20
1238 Feb 27
3738 Feb 20
66 Feb 26
9 Feb 13
133 Feb 27
42 Jan 6
5812 Feb 24
1381:Mar 27
102% Mar 12
4214 Mar 10
11078July 22
412 Feb 16
11% Feb 24
$114 Feb 20
113 Feb 20
4814 Mar 10
80 Mar 25
10812 Star 16
11 18 Feb 13
201114 Feb 26
128% Apr 14
132 Apr 14
132 Slay 5
105 Jan 18
11012 Feb 28
8034 Feb 26
8094 Feb 26
107 Mar II)
1178 Jan 12
40 Jul)
,30
4 Jan 23
18 F eb 20
8% Feb 26
4518 Aug 23
4314 Feb 27
2614 Mar 10
36 Feb 21
1912 Feb 27
18 Feb 4
72 Jan 7
438 Jan (1
2% Jan 7
47 Jan 6
9 July 3
1013 Feb 26
2878 Feb 10
29% Mar 20
31 Feb 18
39 Jan 7
5312 Jan 21
23% Feb 24
54 Feb 11
99% Jan 16
1313 Feb 10
29512 Apr 14
214 Mar 30
212July 2
5 Feb 27
64 Mar 2
2778 Mar 19
10412 Mar 19
107 Feb 11
10 Jan 2
1412 Feb 26
33 Jan 19
90 Mar 5
81 Mar 19
III Mar 16
62 Apr 9
64 Aug 21
8034 Jan 22
2513 Feb 24
4614 Star II
7018 Feb 26
12378 Mar 6
29 Feb 21
21 Nov 9
95 Jan 9
43 Aug 15
36614 Apr 15
3 Feb 20
1714 Feb 20
7612 Mar 20
30% Feb 27
394July 30
2234 Mar 25
PER SHARE
Range for Precious
Year 1930.
Lowers.
Highest.
3 per share $ per share
1704 I)ec 343 Apr
12014 Dec 12614 Apr
3114 Dee 68 Mar
1114 Dee 424 Mar
164 Dec 3113 June
4513 Nov 073 Mar
6014 Nov 6634 Jan
218 Dec 12
Jan
8 Dec 45 Mar
30 Dec 54% Mar
118 July 128 Feb
104% Dec 15612 Apr
14014 Jan 15078 Oct
24% Dec 8212 Feb
70 Dec 116
Jan
27 Dec 139% Apr
35 Dec 5114 Apr
1578 Dec 22 Ors
9 Nov 33 Jan
8 Nov 30% Mar
17 Dec 5912 Mar
25 Dec 101% Apr
84 Dee III% Apr
6312 Dec 100% June
73 Dec 101 Slay
513 Dec 33% Mar
1 18 Dec
7
Apt
812 Dec 34% Apr
4613 Dec 6934 Mar
2312 Dec 4l% Mar
18 Dec 55% Apr
12 Dec
4
Apr
7 Dec 35 Feb
1814 Dec 105
Jan
6814 Dec 118% Mar
2934 Dec 45 Sept
3 Dec 1412 July
13% Dee 5112 Feb
80 Dec 116 Feb
20 Dec 95 Mar
3613 Dee 1193
. Apr
90 De 107 Mar
7412 De
8778 Sept
7434 De
8912 Sept
15 De
3934 Apr
5% De
37 Mar
28 De 10078 Feb
5212 Jun
67% Apr
6 De
2612 Feb
12 Dec
333 May
35 Dec 54% June
37% Dec 7911 Apr
131 Dec 141
Apr
9333 Dec 103% Aug
35% Dec 43% Jan
100% Jan 112 Sept
2 Dec 2212 Star
5% Oct 3314 Mat
2311 Dec 5214 Mar
110 Dec 116 Feb
3612 Dec 5512 Apr
3914 Dec 69% Mar
95 Nov 110 Apr
5 Nov 2614 Feb
17038 Dec 27414 Apr
9811 Dec 127 Sept
994 Dec 13078 Sept
120 Feb 129 Sept
95 Nov 14134 Apr
10312 Nov 114% July
47% Dec 124% Apr
-98 Nov 1-(1781-8 Oct
538 Nov 2014 Feb
15% Nov 44% Feb
I% Dec
9 May
1018 Dec 4134 Feb
3% Dee 17% Feb
2634 Dec 79% Jan
25 De
814 Apr
19 De
5314 Feb
24 De
5134 Apr
10% De
3714 APT
1318 De
294 Apr
60 De
8278 June
2% No
818 St r
14 No
438 Mar
254 Nov 65 June
3% 1)ec 1334 Apr
434 Dec 2013 Apr
20 Nov 4618 Mat
19 Dec 5011 Apr
30 Dec 51 June
33 Dec 8038 Jan
48 Dee 6514 Feb
16% Dec 51% Apr
42 Dec 106 Star
97 Nov 106 Mar
734 1)ec 37 May
6033 Nov 26334 Apr
1% Dec
7 May
78 Dec 1031 Mar
12 Dec 25 Mar
2% Dee
9% Apt
1934 June 38 Feb
84 Dec 116
Jan
103 Dec 11012 Feb
8 Nov 2034 Mar
8% Dec 34 Mar
23 Nov 68 Feb
89 Dec 101 July
62 Dec 92 Apr
10114 Mar 10914 Sept
46% Nov 7018 Jan
214 Dec
638 Jar.,
7614 Dec 8512 Mar
1414 Nov 57% Apr
3038 Dec 5614 Apt
47% Dec 11014 Apr
112% Dec 134 Mar
23 Oct 4112 Ant
1612 Dec 2973 Apr
95 Dec 104
Oct
15% Nov 89
Apr
6912 Oct 78 Apr
1
Oct
5 Mar
514 Dec 3314 Jan
604 Jan (10118 May
15 Nov 5011 Mar
54 Dec
6 Mar
1218 Oct 25% July
New York Stock Record-Continued-Page 3
3220
HMI AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 7.
Monday
Nov. 0.
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
t2D- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
per share I per share $ per share
per share Shares Indus. ec Mlacell. (Con.) Par $ per share $2412
$ per share $ per share $ per share S per share $ per share
Mar 24
1514 Nov 354 Apr
No par
8 Sept 30
300 Briggs & Stratton
*1014 13
*1014 13
12
12
14
4 13
1
•10/
*12
Mar 2
14 Dec 2214 May
514
6
Oct
4
3
par
300 Brockway Mot Truck..No
113
138 *114 158 *114
138
158
*1
4 1,4
/
11
1,8 114 *37
13 Dec 85 Apr
24 Oct 26 26 Feb 17
100
7%
Preferred
60
7
8
6%
4
63
4
63
634
8
4% 8
Dec 17814 Miff
19
Mar
4 5,4 *4
1
5/
8
9812
3
129
5
Oct
par
8014
Gas__No
Brooklyn
Union
9612 3,700
94
9518 96
4 97
1
95/
96
4 9812 95
1
96,8 9914 96/
3334 Nov 42 Feb
No par 3234 Jan 22 4512July 27
600 Brown Shoe Co
37
37
38
38
*37
37
38 .
38
3712 3713 *37
37
10 Dee 3032 Mar
3 15 Feb 13
Oct
par
314
o
Brune-Balke-Collender_N
5,700
5
5
4
1
5
518 5/
5
4 418
1
4/
4 512
1
514 512
4/
1118 Dec 3178 Mar
5 Oct 1 2078 Feb 19
10
618 638 2,400 Bucyrue-Erie Co
012
4 812 *6
/
612 6% *61
614 638
612 6%
21 Dec 43 Mar
3478 Feb 10
738 Oct
10
Preferred
(84 012 1,600
934 934
10
1018 *912 10
913 10
1014 10
114 Apr 21 10734 Jan 117 Sera
Oct
80
100
93
*9152
Preferred
(7)
93 *9113 93
92 .
91
•91
95
*91
92
*91
3 Dec 1638 Apr
532 Feb 25
2 Oct
No par
314 3% 4,400 Budd(Ea) Mfg
312
3
3
3
318
3
234 3
314
634 Oct 1434 Feb
3
13 Feb 27
41$ Oct
No par
5,800 Budd Wheel
4% 5
818 512
4
/
51
4 012
1
5
4 514 *5/
1
5/
514 5328
30
Dec 43 Mar
Jan
4
153
811
Oct
438
par
No
Bulova
Watch
512 2,500
512 •5
5
538 512
514 512
4 512
1
5/
5,4 5,4
94 Dee 74 Apr
23 Feb 26
4 Oct
No par
714 2,800 Bullard Co
7
6% 7
7
812
7
634 634
8
712 814
1838 Dec 5178 Mar
3214 Feb 9
Oct
10
par
No
Mach
Add
Burroughs
12,600
1438
14%
1412 14%
15/
4 1558 15% 18
1
21478 1512 1412 15
2112 Dec 484 Mar
31 Feb 24
Bush Terminal
No par 1538 Oct
2014 2014 2014 2012 2012 2114 1978 2034 1972 1913 1978 1978 2,100
97 Nov 110 Mar
100 52 Oct 1 104 Jan 23
Debenture
190
6934 70
70
*67
70
694 8934 *60
8413 65
69
67
Mar 17 108 Oct 118 Apr
113
Oct
90
Bldga
Bush
pref_100
Term
*95 100
*90 100 *95 100
*90 100
1190 100
95
*90
78 Dec
514 Jan
134 Feb 20
a4May
*78 1
%
900 Butte & Superior Mining___10
78
78
78
*78 1
78 1
414 Feb
78 1
114 Dee
.
234July 17
5
118June 1
4 2,4 8,600 Butte Copper & Zino
1
212 212 .2/
238 2%
214 258
212
212 258
2
Nov
38 Feb
29
10
Oct 6 2038 Feb 26
8
7
4
pa
No
Co
Butterick
4,000
714
*7%
6%
6%
4 718
1
7/
77
7/
812
4 713
1
334 Dee 11238 Apr
4
,
7
7
1238 Oct 6 6i134 Feb 20
No pa
20% 38,700 Byers & Co(A M)
4 20% 19
1
Jan
2214 215* 225* 20% 2134 2018 21% 20/
114
21
Dec
106
24
Feb
1064
100 68 Oct29
Preferred
75
*68
75
75 *68
68
75 .
75 .68
*68
.
75
68
4114 Dec 7783 mar
1014 Oct 29 53 Feb 16
1112 6,700 California Packing_ __No pa
11% 12% 1112 1214 11
Feb
1212 127
Dec
24
1212 1358 1278 13
8
3
2
Mar
138
4
15
Oct
10
12
58 2,300 Callahan Zino-Lead
12
12
12
12
58
58
58
2838 Dee 8978 Jan
12
12
12
Calwnet & Misrule MInIng_20 x21 Oct 2 4338 Mar 17
_
734 Dec 333$ Jan
34 Oct 6 113$ Feb 24
25
; 45 -17; 5,200 Calumet & Hecht
-17
5
--434 514
5%
5
10 Nov 30 Mar
25
164Mar
74 Sept 25
500 Campbell W & C Fdy._No pa
914 9,4 *914 913 *914 1012
1038 1038 10%
9% 9%
•10
304 Dec 7538 Mar
June 25
45
5
Oct
14
pa
Ginger
No
Dry
Ale
Canada
7,200
1918
4
183
19
1934 2014 1912 1978 1918 1918 10
1914 20
1618 Dec 344 Mar
No par 1734 Jan 2 25 Mar 24
500 Cannon Mills
4 2014
1
20/
22
22 *20
74 Dec 2834 Apr
*20
1934 1934 *1934 22
1958 20
514 Oct 1 16 Feb 26
600 Capital A dminis el A No par
7% 778 •778 912 *734 8
913 912 .7% 9,4
912 93
294 Dec 42 Mar
25
Feb
8
363
14
Oct
25
50
A
Preferred
100
29
3018 29
4 *29
1
30/
29
.
3018 *29
3018 *29
Dec 36214 Apr
3018 .29
8.313
24
Feb
13112
5
100 334 Oct
4 4714 5334 268,600 Case (J I) Co
1
132 May
5518 5738 5434 57% 53% 5.534 53,4 55,4 5314 55/
100 53 Sept 16 116 Mar 21 113 Dec 7934 Apr
Preferred certificates_
30
*8212 8412
85 *8212 85
85
85
85
85
*79
Dec
*81% 85
22
17
Feb
524
1
Oct
1112
par
11,600 Caterpillar Tractor___No
17
215
1734 J634 1678 168 17
134 Jan
17h 1834 1734 1812 17
Dec
27
112
4 Feb
112 Oct 7
Cavanagh-Dobbe Ino__No par
*112 3
4 312 *112 312
/
.11
.112 3
*112 4
*112 3
24 Dec 75 Jan
100 1012 Aug 18 26 Mar 7
Preferred
15 *____ 15
15
18 *____ 18
18
88 Oct
20
Dec
918
25
Feb
16
19
par
Sept
4
714
900 Celanese Corp of Am _No
738
7% *812 vy *612 713
7
712 734
i1-4 714
3 Dec 60 Mar
238 Oct 6 143a Mar 2
No Par
412 1,000 Celotex Corp
412 *4
413 *4
4
412
4
4
4
•313 4
Dec 12 Sept
3
21
Mar
4
133
5
Oct
8
17
par
No
Certificates
700
312
334 334 *3
334
312 3,2 *3
3
3
3,4 3,3
1714 Dec 8478 Apr
No par 12 Nov 4 3734 Mar 21
30
Preferred
1914
1914 *15
15 *15
15
*1218 15
•1218 15
*1218 15
18 Dec 3012 May
2534July 31
1714 1812 173g 1712 2,100 Central Aguirre Aeso_No par 15 Oct 6
1858 19
1812 1714 1712 1712 18
214 Dec
89* May
18
2
Sept
6
814
Jan
212
par
Mills_No
1,600 Century Ribbon
834 7
578 612
6% 6%
5% 578
4
1
4 6,4
1
6/
5% 6/
51 Feb 697/ July
100 50 May 28 90 Been 1
Preferred
80
80 .65
80 *65
Jan
80 .65
80
654
*65
Dec
*65
*85
80
21
24
978Sept 21 304 Feb
2158 60,800 Cerro de Pasco Copper_No par
2314 19% 2134 1934 2134 19
2058 2112 2012 2312 21
2 Dec 1578 Feb
714 Mar 23
214 Jan 2
37
3% 1,400 Certain-Teed Products_No par
413 *334 4
412 *4
Mat
4
AIN
413 4%
4
4
Dec
638
35
Aug
17
5
Jan
100 11
7% preferred
100
28
25
2818 .
213% *25
*25
33
3272 Dec 49 Feb
*25
26
26
*25
26
No par 2638 Oct 5 37% Feb 25
23112 318 1,800 City foe st Fuel
3112 32
30
30,2 3134 3134 3112 3113 3138 32
79 Oct 9834 Feb
100 6618Sept 30 90 Apr 21
190
Preferred
72
74
72
74 *73
*72
72
72
72
72
72
1438 Dec 6778 Mar
72
7
Feb
2314
314 Slept 21
No par
63* 714 5,900 Checker Cab
5% 614
513 513
534 5% *514 534
3214 Dec 824 Mar
5% 538
544 Feb 24
5
Oct
par
No
144
Corp
Chesapeake
20.600
2614
283*
2434 2714 2534 2738 2612 2912 27% 2812
2314 25
738 Nov 37 Mar
26
Feb
1518
1
Oct
par
318
2,100 Chicago Plumes% Tool_No
6
*5
6
*832
6
.5
614 *5
5
514 6
224 Nov 5572 Mar
No par 10 Oct 1 35 Feb 28
11
900
Preferred
11
1118 111
4 10% 11
/
1118 12
*107g 111g 1178 12
204 Dec 32 Mar
9
Jan
23
25
Sept
8
par
No
16
40
Cab_
Chicago
Yellow
•15
16
15
15
*15
1478 15
104 Dec 3212 Apr
15
•1334 1518 15
812 Oct 6 1234 Mar 30
10
200 Chickasha Cotton Oil
10% 1012 *1013 11
*1012 11
*1013 11
*1012 12
•1011 12
2278 Dec 6732 June
8 Oct 6 3334 Feb 10
No par
2,300 Childs Co
4 1314 1212 13
1
13% 1312 1334 13% 13/
14
1313 1334 14
1412 Dec 43 Apr
9
Mat
4
253
5
Oct
4
113
par
No
1612 1712 212,600 Chrysler Corp
4 1818 16% 1712 1678 1752 1718 18
/
24 Dec 134 Apr
1714 1734 171
44 Feb 11
1 Sept 21
No par
1% *118 114 *118 114 2,300 City Stores new
112
184 Dec 444 Apr
•114
1,4 •118
1
1,4
1
2278 Mar 25
21
Oct
par
10
No
Clark
Equipment
10
300
10
10,4
12
10
*10
12
Apr
1112 *10
1113 *10
•10
Dec 60
21
17
Feb
3418
21
Sept
3,900 Cluett Peabody & Co._No par 1634
2134 19% 1958 *1912 22
*20
2112 2212 1912 23
22
22
9114 Jan 105 Apr
100 95 Jan 28 105 July 20
Preferred
*98 110
*93 110 •98 110
*98 110
*98 110
*98 110
Jan 19138 June
13314
24
Feb
170
5
Oct
Vo
par
12
97
Coca
Co
Cola
12312
14,900
12234 12312 12313 12514 12038
124 12638 123 125
122 125
484 Jan 53 Mar
No par 494 Oct 16 5312June 4
Class A
5113
51
5178 *51
5112 .
52
*5013 51% *51
*51
52
*51
44 Dec 647$ May
28 Sept 30 5012 Mar 18
3514 3534 3518 3534 3514 3514 35% 35% 353 3514 2,800 Colgate-Palmolive-Peet No Par 87
35
35
97 Mar 104 Dee
1044
Sept
8
3
Oct
8
7
100
Preferred
95
803 6%
*94
94% 95
*94% 95
96
95
95
95
•9418 95
Oct 3516 Feb
12
738 Oct 6 1712June 26
No par
1014 1014 1038 103* 1,800 Collins & Allman
1218 1112 1218 1114 1114 1012 11
12
73 Jan 92 May
Apr 30 96 Aug 23
71
100
non-voting
Preferred
85
.80
85
90
*80
*80
90
90
*81
9434 *81
*81
834 Dec 2038 Apr
712June 6 1014 Jan 8
10,4 1,000 Colonial Beacon Oil Co_No par
1014 .9
•9
9
914
9
9
4 914
1
9/
9
9
818 Oct 1 194June 27
1213 4.400 ColoradoFuel&fronnewNo par
1234 1234 1314 1314 12
1213 13
1212 1334 1312 14
6518 Dec 199 Ma;
Feb 25
8
1113
5
Oct
33
par
No
vie
Columbian
Carbon
50
30,400
4634
5312
52
50
5314
54,4
5234 5613 52
5114 54
3038 Dec 87 Apr
1 4538 kiar 19
23% 2278 2313 225* 2312 2214 2318 41,900 Columbia Gas & Eleo__No par 1638 Oct 5 10912 Mar 18
2314 2418 2312 2412 23
99 Nov no Apr
100 76 Oct
Preferred
200
90
*89
89
89
89
*88
89
89
*8814 90
91
•86
712 Dec 3734 Apr
312Sept 21 1614 Mar 13
Columbia Graphopbone
6 June 3 1118July 2
Ctrs of deposit
1;r
,
;7
28 234 Feb 26 T6I2 Dec 103
Sept
8
par
Credlt____No
_
Commercial
1313
,566
5
----4
-i5
1314
"i51312
-15E8
-1554 -1-S *28
3013 Dec 4432 Apr
50 20 Sept 30 3578 Feb 26
Claes A
600
*2812 30
30
*28
2934 *28
30
Apr
2734 2934 2914 30
28
Dec
204
9
251/July
26 15 Oct 5
Preferred B
23
70
22
*2234 23,4 *2234 231i *2234 23
23
23
24
*22
7614 Jan 964 Sept
let preferred(64 %) --100 5512 Oct 6 92 Sept 8
75
100
75
72
7412 7413 72
7212 7114 7114 89% 72
2184 Dee 55 Mar
70
.
No par 1512Sept 29 34 Mar 19
13,400 Corn inveet Trust
23
23% 22
23
2313 2414 2314 24
2318 24
2234 23
June 87 Mar
80
28
No par 70 Oct 13 90 Jan
Cony preferred
74
7414 1,600
74
7478 75
72% 7238 73
72
7012 72
72
89 Jan 10212 Noy
100 99 Oct 5 106 Aug 6
160
lat pref 634%
99%
*99
9912 •99
99
99
9912 99 100
*99
*99 101
Dec 38 Apr
14
24
Feb
2112
6
par
Oct
No
918
4 12% 11% 1212 78.600 Cornell Solvents
/
13% 1258 13,4 1218 12% 121
13
712 Dec 2014 Apr
1212 13
412 Oct 6 12 Feb 24
58 534 50,900 Commonwlth & Sou _ No par
4
,
5% 5
5% 5%
534 6
534 6
Dec 10454 June
8612
534 6
1003
8
1
Oct
par
_No
Mar
68
16
series__
preferred
7914
1,200
7918
$6
80
79 •79
78% 79
7812 78% 78
79
3112 Dec 57 Mtr
78
1878
700 Conde Nast Publica'ne_No par 14 Oct 28 344 F0116
1878 •15
1878 *15
1512 *15
15
18
18
16
538 Dec 1934 Mar
18
2 104 Aug 21
Jan
s
par
67
Ino_No
Cengoleum-Natrn
1012
11,300
21014
1012
3
10
4
4
11,
1012
1814 Sept 5678 Mar
1112 1134 1118 1112 1114 1158
712Sept 21 3934 Mar 10
No par
400 Congress Cigar
10
10
•1014 12
•1O14 1212 103s 10% •Ico4 12
2438 Dec 693$ Mar
1034 11
No pal 20 Sept 30 3734June 27
600 Consolidated Clgar
27
27
27
*25
27
26% 27 •25
25
53 Dec 80 Mar
Mar 19
*2412 2512 25
73
7
Oct
46
100
Prior
preferred
61%
20
*56
61%
81% *56
.56
61
*56
60
60
62
62
778 Dec 273$ Mar
712 1,500 Comm]Film Indus
No pa
334June 3 15 Feb 17
812
*8
712 758 *7
8
8
124 Dec 2814 Jan
8% 812
834 9%
734 Oct 6 184 Feb 17
No par
Preferred
14% 2,400
14% 1438 14
15
8
3
14
15
15
8
5
1
7814 Dec 1364 Apr
5 10958Mar 19
1512 1534 15 2 15
Oct
61
pa
No
Y)
(N
Gas
Consol
88.700
7614
73%
77
4
1
4 77% 7414 7634 75/
1
9912 Jan 10512 Sept
7734 7714 7914 275/
76
No pa
93 Oct 1 1107 July 23
Preferred
100 1001s 1,500
_.-.
100 10012 10012 100,2 100 10012 *10014 10038 10014 10014 1114 1114
912 Oct 6 1574 Mar 19
No per
500 Consol Laund Corp
1114 11,4
*1112 12
*1114 12
Jan
Dec
117* 12 .11% 12
134 Mar 18
2
Jan
pa
No
14
ConeoildatedTextile
7,800
8
5
*12
8
5
12
58
12
58
la
12
es
*12
Dec
Jan
514
224 Feb
812
30
Oct
2
.No
pa
200 Container Corp A vet_
214 214 *214 213 *214 212 *24 212
*214 3
3
3 Dee
812 Feb
3 Jan 12
.2
34 Oct 3
pa
No
voting
B
Class
8
7
900
8
7
1
4
*5
1
*78
*78
34
1
1
84
1
104 Dec 6213 Feb
54 Oct 8 30 Feb 28
818 4.700 Continental Bak ol A.__No pa
8
918
814 838
8
914 934
913 10
934 1018
3118 Feb 2
2 Dec
7 Feb
No pa
Class B
34 Oct 3
114
114
4 114 4,500
/
11
114
1,4
114 1%
4 138
/
11
4 114
/
62 Dec 9478 Feb
11
40 Sept 30 7712 Feb 27
100
Preferred
2,300
5614
55
4
4 5518 5412 58
1
5434 54,
5734 55/
8 Mar
6234
26
Mar
711
434
5612 5734 55
Dec
6
Oct
pa
314
Inc..
No
Can
Continental
18,900
4 4212 3934 4114 401g 4114 39% 41
/
411
44
934 Dec 3738 Apr
40% 4212 42
434Sept 30 1678 Feb 27
614 612 *812 712 *614 612 1.100 Contl Diamond Fibre.No Par 1912
712 *612 7
24
Dec
2 Mar
Feb
4 712 *7
1
773
7/
514
5
374
Oct
10
Ins
Continental
7,200
2914
28%
2912 30,4 29% 30
30
44 Feb 27
212 Nov
814 Feb
2712 28% 2858 3058 29
118Sept 21
1% 134 3,400 Continental kf otora___No par
1% 134
134 1,
4
1% 134
134
1%
152 134
754 Dec 3012 Apr
No par
5 June 2 12 Feb 13
Oil
Continental
35,700
8
3
8
4
3
7
814
814
4
,
8
812
8% 8%
8% 914
812 Dec 4078 Apr
118 Sept 30 12 Feb 24
8% 914
NO Dar
1% 134 12,700 Continental Sharee
1%
134 1%
1%
218
2
238
2
65 Dec 11138 ADS
3614 Oct G 8638 Feb 17
134 178
4 5458 5638 5318 5578 21,000 Corn Products Refining--25 128 Oct 5 1524 Apr 2
/
5514 57% 5514 571
58
Feb 16114 Oer
4 54
1
140
100
5414 55/
Preferred
100
135
*125
74 Dec 33 Feb
132 132 *131 135 *130 135 *125 135
334Sept 29 18 Feb 27
No par
131 131
4% 4% 3,806 Coty Inc
5
518
5
4
1
5/
5
512 534
5
2512 Jan 3538 Mar
No par 20 Sept 22 3412 Mar 11
5
Wheat
of
Cream
25
200
25
25
*24
25
*24
25
•24
25
24
25 .
9 Jan 2918 Mar
100 1084 Oct 21 194 Apr 11
25
100 Crex Carpet
1114 1114 •1034 1234 *1034 1234
*1114 12
Jan
•1114 12
314 Dec 22
834 Feb 25
318 Oct 3
4 12
/
*111
500 Croeley Radio Corp-__No par
*412 434 *414 412
*414 5
438 434 .414 4% *4,4 5
31 Dec 598 AIr
Cork & Seal.___No par 17 Oct 5 3814 Feb 24
Crown
•
300
17
4
183
1718
1714
18
*17
1814
678 Jan 12
2 June 2
434 Dec 1812 Feb
No par
1818 1818 *1814 1834 *17
700 Crown Zellerbach
*234 4
*23s 234 *234 3
258 234 *212 3
504 Dec 93% Mar
Dy 212
3012 3013 5,200 Crucible Steel of America- _100 22 Oct 6 63 Feb 11
3012 31
4 32
1
30/
*3112 33
45 Oct 5 106 Jan 3 10112 Dec 117 Mar
100
2838 2838 2918 33
Preferred
540
72
8
*685
6812
6812
6812 6812
7014 6612 68
24 Dec Hos may
578 Jan 8
2 Sept 21
No par
68
.212 3
6014 65
1.000 Cuba Co
2% 3
3
3
3
3
7 Mar
Oct
20g Jan 8
1
212 213
IsSept 30
*212 3
38
12
58 15,200 Cubs Cane Products_ _.No par
114
58
12
78
78
78
%
9 Feb
2 Oct 1
78
2 Dec
78
4
..10
53
24
Mar
Sugar...
Cuban-American
5,200
4
,
3
4
23
2% 312
4
23
*212
2
,
2
Feb
212
6538
Dec
30
Jan
20
Oct
35
4
9
14
23
100
234
2% 234
410 Preferred
*1612 1934 1712 1713
24 Jan
1712 17% *1612 20
18
14 Jan 8
%July 31
14 Deo
1612 1612 18
Cuban-Domin Sugar-No par
48 Jae
3818
June
Oct
229
5
50
484
19
Mar
Peeking
Cudahy
700
i5U2
30
36
5672 364 ;55- 37
85 Dec 1264 May
-564 3634 -3684 If
3812 3914 2,900 Curtis Publishing Co__No par 35 Oct 5 100 Feb 7
4 40
1
39/
39% 40
41
41
'To par 85 Oct 9 11838 Mar 5 112 Dec 121% Mar
41
40% 40
Preferred
800
40
94% 95
98
*95
96
96
95
134 Dec 144 Apr
95
par
95
Feb
Oct
54
4
No
13
27
5
92
95
92
4 18,500 Curttes-Wright
1
2/
2
4
1
2/
2
218
2
2,4
2
3 Dec 1934 Apr
100
812Mar 2
214 Oct 1
214
2
Class A
218
2
318 Ds 2,300
312 312
4 3,4 •318 338
1
3/
Dec 004 Mar
12
25
Nov
41
4
Jan
Mfg.
er
7
4 3%
1
Par
3/
--No
314 314
Cutler-Hamm
1,700
1234 1278 *12% 1378 12% 13
*1278 14
4 Oct 5 23 Feb 24
10 Dec 436a Mat
No par
1212 13
15
12
4 5,000 Davison Chemical
1
6% 7/
4 718
1
7/
778
634 678
7
912 Dec 30 AM
Sell
758 8
1212
28
21
Jan
Sept
decuritiee___5
Ps
Debenham
4 738
1
7/
400
11
*2,4
214 11
158 1% .
*214 11
20 June 2412 Map
*214 11
20 1378 Sept 21 22 Jan 5
11
*2
1514 214% 14% 3,100 Deere & Co pref
4 1512 1518 1512 1514 1514 •15 135
1
100 112 Oct 5 195 Feb 11 161 Dec 25534 AD,
15% 15/
15
700 Detroit Edison
133% 13334
133 133 *13134
101 Dec 4214 Mar
18
par
133 13414 *132 140
A_No
Feb
June
1912
Reynolds
11
&
17
Devoe
*133 141
600
4 15
1
*12/
*1212 13
*1211 16
1214 12% 4.1212 15
No par 1218 Oct 5 23 Mar 6
•1213 18
5,300 Diamond Match
1614 16% 1618 16% 1614 1812
17% 16% 17
17
26
Aug
284
224
1
25
Oct
Preferred
16% 17
700
2512
4 2512
/
*2518 2512 2518 251
25
2512 2514 2514 25
•25
•Bid and salted prices; no sales on OW day
s Ex-dividend. y Ex-dividend and ex-rtent•,
New York Stock Record-Continued-Page 4
HIGH AND
Saturday
Nov. 7.
Low
SALE PRICES-PER SHARE, NOT PER CENT
Monday
Nov. 9.
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
LOOMIS.
Highest.
3221
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share 5 per share
per share $ per share
Per share
per share Shares Indus. & Miscell.(Con.) Par $ per share
Ws 91
per share II per share $ per share
938 912
914 912
918 914
914 912 5,500 Dome Mines Ltd
914 9/
1
4
1713 1738 1718 1734 1758 18
No par
,
8 Oct 1 21313/Aar 31
6
834 Jan 1038 Sept
1712 1712 1818 1813 1712 1758 1,800 Dominion Stores
1313 14
No par 11 Oct 6 24 Apr 13
13/
1
4 1413 14
1438 *1314 1358 •1314 133.1 1318
12 Nov 30% Apr
Douglas
13
Aircraft
/
1
4
3,200
Co Ins No par 10 Oct 8 2114.1une 25
5953 6078 5958 6114 59
6012 6818 5912 5814 5912 57/
4 5934 34,000 Drug Inc
2/
NO par 1234 Oct 8 78:4 Mar 20
1
4 2/
1
4 *234 318
234 234 *212 418 *212 434 *21
If38 la;
34 412 1,100 Dunhill International _No par
*10
234 Nov 10
11
"10
8/
1
4 Mar 19
11
*10
11
5 Dec 4312 Apr
*10
11
*10
1018 •10
1013
Duplan Silk
.9713 103 •99 103
No par 10 Sept 14 1434 Feb 9
13
*98 102
Oct 19 Sept
*98
102
*98 102
Duquesne Light 1st pre!___100 9812 Oct 29 10713 Aug 20 100
412 412 *413 534 *412 534 *413 534 *98 102
Jan 10833 Oct
*413 534 *413 534
11212 11513 11314 11712 11012
100 Eastern Rolling Miff _ No par
3 Oct 1 1314 Mar 2
814 Dec 2513 Jan
11312 11014 113
11214 115
108
•12513
_ *12512
*12512 ...._ *12512 -- *12512 -- *12512 11214 30,900 Eastman Kodak Co__ No par 93 Oct 5 1854 Feb 24 14218 Dec 255/
1
4 Apr
cum
prey
1078 1114 11
8
100
121
Oct
135
6
Sept
14
111
/
4 1013 1012 1014 1014 10/
12078 Feb 134 Nov
1
4
1013
Eaton Axle & Spring__ No par
63.53 6934 6614 6978 6618 6858 6434 6714 6512 1078 10
1
4Sept 24 21% Mar 19
7/
1151 Dec 3714 Feb
6738 6218 651 208,700 E I du Pont de Nem
10734 108
20
53:4
Oct
107/
8
1
4 108
107
Mar
19
108 108
8012
108 108
Dec 1451
4 Apr
10734 108
108 108
8% non-vot deb
1.900
100 108 Oct 29 12434 Aug 28 1141s Feb 123/
*512 614 *5/
5/
1
4 512 •512
1
4 6
Sept
•512 614 *512 614
200 Eitingon Schild
55
No par
55
314 Jan 2 1118 Feb 17
55
55
*54
218 Oct 1078 Feb
5434 54
54
5414 5414 5414 5414
Preferred 0Ii%
900
100
3434 38
3512
Jan
69
3714 3913 3618 38
5
Feb
18
35 Nov 82 Feb
3614 3712 3612 38
343
4
37
Electric
133.700
Autolite
99
par
No
99
20 Oct 5 74:8 Mar 10
100 100
33 Oct 114%
9913 100
100 100
100 100
100 100
190
Preferred
100 98 Sept 22 110 Jan 7 10312 Oct 110 Mar
•113 2
2
212 *214 212 *112 211 *1/
1
4 214 •173 2
14 Jan
1,200 Electric Boat
6
No par
633
138 Oct 1
411 July 10
618 618
558 534
218 Dec
934 Mar
514 538
533 512
614 538 8,200 Klee & Mos Ind Ara SIMMS--212Sept 21
971July 9
1814 1834 1834 1938 91678 1734 1838 17
1612
16
/
1
4
16
16
Electric
Power & Lt- _No par 18 Nov 13 8034 Feb 26
/
1
4 79,700
*7638 80
*7858 84
34% Dec 10312 Apr
*75
80
*7658 78
7713 6612 *75
78
Preferred
100
No par (Ws Oct 6 10818 Mar 20
65
65
6513 67
99 Dec 112 Apr
60
66
*6638 67
6678 67
66
661
1,200
Preferred (6)
No par 55 Oct 5 9814 Mar 17
3614 3612 3634 3734 *3712 3912 3718 38
84:4
Dec 102 Sept
38
39
3814 387
•14
1
1,600 Eleo Storage Battery- _No par 29 Oct 8 66 Mar 19
*14
12
4712 Nov 79/
*14
12
*14
12
*14
12
1
4 Feb
14
1
350 Elk Horn Coal Corp
34
% Aug 25
No par
"8
114 Feb 28
*34 1
34
Is Dec
31
34 1
34 .
34
513 Ma,
*3
Emerson-Bra
4
700
1
nt cl A
NO Po
33
%Sept 22
33
*33
234 Mar 25
34
*3313 35
*33
58 Dec
34 *3212 33
7% Jan
*3273 35
100 Endicott-Johnson Corp„....50 30 Feb 10 45313Sept 1
•10734 110/
1
4 •10812 11038 *10812 11038 *10834 11033 *109 119
36
7
8
Dec
59% Jan
18 *109 11033
Preferred
100 1021s Apr 15 115 Aug 28 10712 Jan 110
2434 243 *22
2512 2534 2534 25
25
Nov
*2234 2512 *23
27
300 Engineers Public Serv_ -NO Po
*5212 61
2118 Oct 29 49 Mar 12
*5313 62
*5312 62
3878 Nov 13713 Apr
*56
61
*56
6018 56
56
Preferred
100
pa
No
$5
*63
70
50
19
Oct
*62
87
Jan
*64
27
70
75
8058 Dec 1071
*64
6938 *64
/
4
Max
•
693
64
8
69
/
1
4
Preferred
pa
No
*20
(5%)
213 *20
6014Sept 28 91 Mar 12
213 *20
2134 2014 2014 *20
8918 Dec 104% Apr
2134 *20
2134
100 Equitable Office Bldg....No pa
*4
41
181
*438 458 *334 458
/
4 Oct 8 3538 Jan 12
3512 Dec 5014 June
334 334
4
4
*3
5
4
4
Eureka
Clean..
400
Vacuum
•238 212
pa
No
214 214
312Sept
2
213 212 *214 3
1234 Mar 17
6% Oct 43% Max
214 2,4 *218 3
500 Evans Auto Loading
5
13
13
2 Oct
1334 133 •13
858 Feb 24
1334 *13
4
Oct 3034 Feb
1334 *13
13/
1
4 •13
1334
50 Exchange Buffet Corp-No pa
*14 2
12 Oct 21 25 Jan 7
*14 2
*14 2
2158 Dec 2712 Sept
*14 2
*14 2
*14
2
Fairbank
s
*413 61
Co
2
%Sept 1
*4
3 Mar 20
614 *4
614 •4
July
14
553 *4
978 Jan
614
*4
614
Preferred
100
412 Feb 25 13 June 27
634 7
7
7,3 71
7/
1
4 *7
3% Dec 394 Jan
738 *7
7
7,4
7
1,400 Fairbanks Morse
856
No pa
78
*56
5 Sept 28 2938 Mar 6
78
*56
78
1912 Dec 501:May
*56
78
78
*54
*5413
/
1
4
78
Preferred
•178 212
100 5512Sept 2 109% Feb 2 102
214 214
173
173
173 11
/
4 •11
Jan 11118May
/
4 2
*178 2
•27
500 Fashion Park Assoc----No Pa
30
*2513 301 *2512 30
134 Oct
612 Feb 24
*2513 30 *2513 30/
2% Dec 27% Feb
1
4 *2513 3012
Federal Light & Tree
*75
80
1
28 Oct 7 49% Feb 26
*75
80 •75
80
4334 Dec 9014 Mar
*75
80
75
75
*74
75
30
*334 4
75 Nov 8 92 Mar 25
Preferred
No pa
*334 4
*334 4
373 3/
85 Dec 9834 Apr
1
4
334 334 *334 4
200 Federal Motor Truck_ _No Po
3 Oct 1
758 Feb 24
64 Nov 1214 Feb
*234 3
3
3
313 31
*3
318
3
3
234 234
Works_
Federal
Screw
612 6/
par
No
500
24
Oct
7
28
1
4
15%
71
Feb
24
7
738
10 13e
7
7
2512 Sep;
7
718
614 7
1918 1938 1973 201 *18
3,800 Federal Water Seri,A....NO par
818 Oct 29 30 Jan 31
20
1713
•1634 20
De
43 Mar
*163
4
205
8
*1634 20
32
1,200 Federated Dept Storee_No par 1313 Oct 1 2718 Aug 27
32
3234 331
3212 3338 3334 34
1211 De
38 Apr
34
34
33/
1
4 34
Fidel
Y____10
Phen
4,100
Fire
Inn
*61
N
/
4 812 *618 6,2 *618 61
22
Oct
5 5814 Feb 24
4214 De
*618 51_ *638 61
8934 Max
*638 61
Fifth Ave Bus
•1514 22
No par
*1613 22
518 Oct 6
9 Feb 21
*1514 22
*1612 22 •1612 22
678 De
10% Apr
*161
/
4 22
Filene's Sons
*9712 100
No Par 1514 Oct 23 24 Aug 27
10014 10014 *9712 10014 *9713 9934 99
16 De
4012 Jan
99
99
99
250
Preferred
1514 1538 15
100
8514 Fob 10 104 May 12
1538 1538 1538 *1458 1512 *1438 151 .1433
89
Dec
10014
Sept
151
1,000 Firestone Tire & Rubber- _10 13 Apr 27 20 June 28
53
63
5314 5312 5334 54
15/
53/
1
4 Oct 3318 Jan
1
4 53/
1
4 5312 5373 252
52
2,700
Preferred
100 5014 Oct 5 88%June 29
55
5512 54
1
4 5313 55
54/
5314 54
533
Oct
8
5312
5313
87%
Max
52
/
1
4
54
4,600
First National Stores._No par 41 Jan 2 133 Aug 14
ag
38
/
1
4
38
*14
/
1
4
/
1
4
/
1
4
38% De
8138 Jan
/
1
4
/
1
4
323
14Sept 9
38 2,300 Fisk Rubber
No par
58
34
% Feb 24
•
/
54
1
4 1
34
*1
/
4
/
1
4
13 Dec
513
38
Apr
38
8.48
3
8
5
8
710
preferred
1s8
*58
1
100
/
1
4 1
'Sept 25
3 Feb 7
*34 212
114 Dec 21
*34 31
Apt
*34 21
•12
130
150 pref convertible
100
1512 •12
12Sept 25
1512 4,12
312 Mar 3
1512 *12
1512 *12
114 Dec 2134 AR
151 *12
151
A_No
par
Flonihei
Shoe
89
class
*88
m
89
1812Sept
89
29
3512
*88
95
Jan 3
*88
95
30 Dec 52/
88
1
4
88
Mar
•88
93
Preferred
30
7
6%
100 88 Nov 12 10212 Mar 18
7
*713 9
712 758 *713 9,2 *712 913
94 Dec 10012 Oct
712 71
1614 1673 16
500 Follansbee Bros
No par
5 Sept 23 1934 Feb 25
1814 1634 1738 1534 1612 1533 161x
12 Dec 50% Max
14/
1
4 164 15,500 Foster-Wheeler
*6
7
No par 1014 Oct 6 6413 Feb 24
6/
1
4 634
6
6
*5
*5
3713
612
Dec 10412 June
61
*5
51
22
23
200 Foundation Co
2212 24
No par
318 Oct 5 1612 Mar 9
22
2312 22
22
312 Dec 2834 Apr
22
2212 2218 22/
1
4 3,200 Fourth Nat Invest w w
723 814
753 8
1 18 Sept 21 3213 Feb 24
712 734
634 7,2
1814 Dec 50
718 714
Apr
7
7
14,600 Fox Film class A
2238 23
2234 2314 2134 2258 2112 2214
par
No
5 Oct 5 3838 Feb 17
1018 Jan 5738 Apr
214 2234 21978 21
18,900 Freeport Texas Co_ _ _ - No par 1314 Oct 5 4314 Mar 23
2
218
214 214 *2
214
218 213 *2
2413 Dec 5512 Apr
214
2
2
2212 22/
1,300
Gabriel
1
4 23
(The)
Co
Cl
par
27
A-No
112Se
*23
pt
29
26
8118 Feb 25
2634 2634 *23
2% Nov 1184 Ain
26
2312 2512
230 Gamewell Co
No par 20% Oct 17 60 Feb 25
*18
50 Oct 80 May
34
*12
/
1
4
48
/
1
4
313
38
12
12
*13
*418 414
438 438
/
1
4 1,000 Gardner Motor
38 Oct 3
438 434
2:8
Mar
414 414 .414 412
23
1 Nov
734 Feb
413 413 21,500 Gen Amer Investors-No par
75
*60
*70
75
273 Sept 22
*7038 8412 *7212 8412 *75
7/
1
4 Mar 19
318 Dec 1813 Feb
8413 75
75
47
4714 473
Preferred
100
100 54 Oct
4778 4614 4714 4534 46
88 Mar 12
74
Dec 105 Apr
*4512
46
444 4512 6,000 Gen Amer Tank CarNo par 3813 Oct 5 7318 Feb
1712 1818 1714 1838 17
1734 1512 1612 1534 16
26
53%
Dec
11178 Apr
1578 1618 9,500 General Asphalt
1812 1938 18
1812 19
No par
958Sept 29 47 Mar 26
1812 1814 1878 *18
2238 Dec 7113 Apr
1834 18
18
41103 105 *103 105 •103 105 •103 105
4,300 General Baking
14% Oct 8 2553 Apr 14
*103 105 *103 105
*413 5
*458 434
$8 preferred
No par 98 Jan 2 114 Mar 14
4
4
1
4
*4
4/
97
373 412
125 Jan
414 438
*4
43
458 434
700 General Bronze
No par
312 Oct
5
5
518 Dec 3811 Feb
413 438 *4
9% Feb 16
5
4
4
*8
9
8
800 General Cable
9
*9
No par
10
314May 28 13 Feb 24
•913 10
8% Dec 341 Mar
*8
9
812 812
1814 19
19
22
300
2014 21
Class A
No par
834 Oct 3 2513 Feb 24
2013 2011 2178 2178 20
13/
1
4 Dec 7434 Feb
2012
37
36
37
37
630
7% cum prof
100 17 Sept 28 85 Jar 12
37
37
*3612 3712 3614 3712 3512 3513
36 Dec 10934 Apr
1900,
1
4 35
General
3234 3438 33/
32/
No par 25 Oct 1 4812 Feb 10
1
4 34,4 3158 3312 311
30 Dec81 Mar
/
4 3278 3114 3238 181,800 General Cigar Inc
1114 111
1138 1138 1114 1138 1133 111
Electric
par
No
2158
Oct
5 5434 For 26
/
4 111
/
4 1138 1114 1114 7.500
4113 Dec95:8Apr
3914 401
3934 41
Special
10 1118 Apr 29 124 Jan 27
38/
1
4 40
3818 3938 38/
1
4 3938 3778 3914 51,900 General
1114 Ort 12 Aug
273 3
3
No par 3014 Oct 13 56 Apr 13
318
Foods
278 3
3
3
2/
1
4 3
4438 Dec6114 May
278 3
30
12,0130 Gen'l Gas & Elee A
30
3014 321
No
212
3038 3038 2934 3113 27
par
Oct 6
8% Feb 21
29
378 Dec1833 Apr
2612 2.200
*20
23
*211
/
4 231„ 2214 22,4 •2238 2312 .2234 2312 26
Cony pref ear A
No par 23 Oct 6 7834 Mar 20
38 Dec10813 Alff
2314 2313
36
600 Gen Ital Edison Elea Corp--- 2214 Nov 10 3534 Mar 8
367
36
36/
1
4 36
3612 3512 3814 34/
1
4 3513 3512 3513 3.800
283
4 Dec 4433 Feb
General
9313 931 •9234 9334 *9234 9334 *9234 9334 *9234 93
Mills
No par 32 Oct 5 50 Mar 21
404 June 5938 Apr
34 9278 9278
200
2813 2938 2918 30
Preferred
100 92 Nov
2814 2953 2814 29
10014Sept 2
2858 29/
89 June 984 Dee
1
4 22714 2834 328,700 General
89
89
Motors
Corp
8934 90
10
2218
90
90
91
92
Oct 5 48 Mar 21
*92
,Nov 5414 Apr
93
311
9214 9312 2.100
7/
1
4 77
$5 preferred
No par 844 Oct 5 103/
818 8,8 *734 9
*734 11
1
4July 22
•734 11
917 Dec 10078 Sept
*734 11
300 Gen Outdoor Adv A
NO For
514 Oct 8 28 Jan 28
2038 Dec 41% Apr
*313 4
*313 4
*313 4
338 4
*312
4
334 4
Common
16
161
No par
16
1612 1612 161 •1658 1878 *17
314 Oct 6 1014 Feb 25
1878 *17
5 Sept 2134 Apr
1873
9
20
4 General Printing Ink-No par
*56
75
*56
75
1014 Oct 1 31 Mar 19
*56
70
*5614 70
*60
19 Dee 4214 Max
70 •60
5412
714 71
IA preferred
*
612 658 *634 755
713 734
4312Sept
634 63
30 78 Jan 9
85 Dec 9018 May
614 658 3,800 Gen Public Service_ ___No par
3814 3514 3334 34
0) 3314 35
458 Oct 6 23 Feb 28
3313 331
3312 33't 3014 3212
W
' 1101
1234 Dec 5278 Apr
.
4 *100
2,600 Gen Ry Signal
*100 1 1012 *100 1101 100 100 *100 1101
No par 2214 Oct 13 84% Mar 2
*100 11012
58 Oct 101378 Mar
, •134 2
13% preferred
1,
4 2
100 100 Oct 5 114 Max 7 10014
178
17
173
173
134 13
134 178 2,10
Jan 115 ElePt
• 1914 1914 1914 1912 1934 193
2
0
Gen
Realty
Ifillitlas
&
..No pa
114 Oct 1
19
19
912 Mar
*1834 19/
1
4 1834 1834
312 Dec 19% Apr
1638 18
800
58 preferred
1734 1812 21814 181
No pa
17 Oct 7 744 Mar 10
18
1838 1812 18's 1814 1812
49 Dec 100 Apr
114
138
CC
2,100
General
Retractor
iee
No
pa
11
/
4 112
112
11
112
15 Oct 1 5733 Feb 26
138
11
/
4 111
1/
1
4 112 14.300 GenTheatresEquip v t eNo
39 Dec 90 Mar
0 1614 161
/
4 1514 1534 1412 1538 1438 15
pa
114 Oct 29 1513 Feb IS
1434 15/
1
4 1414 15/
1
4 29,900 Gillette Safety Razor_ _No pa
512 Dec 10 Dec
*5538 5713 *5513 5718 554 5538 •56
914 Oct 5 3834May 11
571 •56
5714 57
5714
18 Dec 10818 Jan
338 338
500
Cony
preferred
3
/
1
4
31
31
34 37
/
4 334
100 4514 Oct 6 7878May 26
3/
1
4 4
3/
1
4 438 5,900 Gimbel Bros
5814 Dec 7034 Nov
*3618 38
38
38
*3818 381 *3618 38
No pa
*3618 33
3713 5712
3
Oct
2
778
Feb
18
4% Dec 20% Alff
200
818 9,8
Preferred
8/
1
4 8/
1
4
9
100 3612June 3 52 July 7
9
8/
1
4 833
858 834
814 812 2,400 Glidden
39 Dec 8212 Apr
60
69
6414 70
Co
73
No pa
73
*69
73 *65
411 Oct 5 11318 Feb 20
73
*65
74
7 Doc 38 Mar
640
8
8
Prior
773 818
preferred
738 8
10
714
48
7
May
5
8
738 8
4 82 Aug 19
734 778 8.700
8313 Dec 10518 Mar
2314 2373 2318 2412 2238 231
0 Gobel (Adolf)
35 Oct 6
Vo pa
2213 231
2211 23
211
/
4 2278 36,300 Gold Dust
973 Mar 9
3 De
*100 106 *100/
19 Feb
1
4 107 *10034 106 *10034 106 •10034 1061
Corp v t e___No pa
18 Oct 5 4218 Mar 20
*10114 10618
29 De
4778 Apr
712 734
758 7/
1
4
$8
eon*
Preferred
pa
7,2 73
'Vs
712 753
98 Nov 4 11712May 19 100 Jan 11111 Aug
7/
1
4 7/
1
4
7/
1
4 734 5,100 Goodrich Co
*21
2412 23
23
(B F)_ _No pa
23
23
23
23 *22
23
5 Oct 5 207 Feb 21
23
23
15% Oct 5813 Mar
1
4 2914 30
2812 29/
900
Preferred
2812 291
2712 281
100 15 Oct 6 68 Feb 10
27
29
2618 27
62 De 10413 Mar
68
12,200 Goodyear T & Rub___ _No pa
67
*7013 80
7034 703
72 •7212 75
72
18 Oct 5 5212 Feb 21
72/
1
4 7212 1 500
3518
Oct 96% Mar
181
preferred
No pa
8
5712 Oct 8 91 Feb 25
8/
1
4 858
8
7814 Oct 10214 Apr
814 814 1 814 81
814 814
8
814 2,000 Gotham Silk Hose
*5234 60
*53
60
*53
60 .53
No
par
3
3
4
Sept
60
30
*53
4
133
Apr
60
*53
1
33
Dec
4
60
2878 May
•134 2
*134 2
Preferred
2
100 50 Jan 28 72 Apr 2
2
2
2
•113 2
*134 2
50 Nov 8212 a r
400 Gould Coupler A
212 212
238 278
2/
1
4 338
2/
No pa
1
4 31
1 Sept 18
838 Feb
2/
1
4 3,4
4 Dec 1538 Apr
3
3
18,000 Graham-Paige Metors_No pa
973 1038 1038 12
104 1112
1%
934
Sept
30
612M
11
9
10
7
8
/
1
4
ay
958
98
3 Dec 13:8 Apr
514 522
6,900 Granby Cons M Sm & Pr_ -100
5,4 6
/
1
4
5
518
534 Oct 8 2258 Feb 2
4/
1
4 6
413 438 •414 412 2,700 Grand Silver
12 Nov 59% Ape
1138 1178 1114 1134 1058 1118 1034
Stores
No pa
312 Oct 15 2512 Mar 2
11
1013 1034 1018 11
16 Dec 82 Apr
*3712 3812 *36
4,900 Grand Union Co
3712 23673 3673 *35
No
pa
7
Oct
5
187
371 *36
8 Mar 2
10 June 20% Feb
3655 36
36
200
17
Preferred
16
1718 1738 1738 17
16
No pa
3112 Oct 5 40 May 1
17
17
17
16
31 Dec 44 Aug
16
30
3512 3514 3638 3
1,200 Granite City
No pa
1434 Oct 7 2984 Feb 2
61
/
4 3614 3538 351
34/
1
4 3538 *3434 3514 1,800 Grant(W T)Steel
18 Dec 50% Apr
1612 1612 17
17
1713 18
pa
No
25
3
4
Jan
1714 171 •1611 17
2 12 Aug 2
16
2038 Dec 43
1614 1,600 Ot Nor Iron Ore Prop_No pa
834 834
512 878
8/
1
4 8/
1
4
Jan
9
91
12 Oct 5 2312 Apr
914 91
9
1713
9
Dec 25% Mar
4.400
Great Western Sugar N0 pa
85
85
85
85
85
534 Oct 1 1178 Jan
8518 *85
91
91
*88
*86
91
7 Dec 3411 Jan
260
Preferred
238 212
2/
1
4 212
238 2/
100 8012May 28 Ms Jan
1
4
2/
1
4 238
214
214
85
218
2
/
1
4
4,600
*38
Dec
78
*3
arlgsbY-Grunow
3
120
7,
*38
7
*1
/
No par
4
Mar
73
158 Oct 1
•/
1
4
%Mar 1
78
*/
1
4
/
1
4
213 De
Guantanamo Sugar
11
1178 1034 1034
28 June
•1012 11
No par
%Sept 10
•9
9 101
112 Jan
14 Dec
914 93
1034 1,300 Gulf States Steel
*29
35
4 Feb
35
*2512 35
No par
35
8 Oct 5 37% Feb 2
___ 35 *___ 35 8
15
35
20
De
Preferred
*2473 2618 •24/
80 Feb
*34/
1
4 26
1
4 2614 .2478 28
100 32 Nov
80 Mar
1
4 28
8314 Dec 109 Apr
Hackensack Water
2714 2612 2714 2612 2612 .2613 2714 *2473 28 •24/
*27
25 24% Oct 15 3013 Mar 2
2714 • 2714 *27
26 Jan 38
2712
80
3/
7% preferred class A
1
4 4
358 4
312 313
25 2814 Sept 23 30 Apr
July
313 313
3
/
1
4
3
213
312
313 3,100 Hahn Dept Stores
73
Jan 30 Aug
3138 33
*3314 35
No par
3014 31
34
34
234 Oct 6
94 Mar
3318 3318 33
3314
613 Dec 23/
Preferred
900
1214 1212 1213 1218 12
12
1
4 Apr
100 2512 Oct 6 8378 Mar 3
12
1212 12/
1
4 13
1211 1212 1,800 Hall Printing
4512
De
10 11 Sept 18 19% Mar 2
86111
16 Dec 314 Apr
Mar
•Bid and asked prim: no sales on thia day x
Ex-dividend. y Ex-rights. b Ex-dividends.
Dec
--1,465
"ffec
t2
New York Stock Record-Continued-Page 5
3222
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT
Saturday 1
Noe. 7.
Monday
Nov. 9.
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Ora basis of 100-share lots.
LOICE31.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
per share I per share $ per share
99 Jan 10512 Oct
103 Jan 6
Jan 98 Apr
85
94 Feb 19
38 Dec 7214 Apr
4414 Feb 16
214 Dec 20 Feb
4
Feb 29
4F
75
10
7,4 Dec 2314 May
8612 Deo 61 Feb
4212 Jan 8
278 Nov 1734 Apr
8 Mar 6
774 Dec 923* Feb
100 Feb 18
ter
1312 Dec 31
18 Mar 24
Jan
50 Dec 85
258 Mar 13
11912Mar 10 11612 Nov 12334 June
70 Jan 109 May
3
mt::27
142 k
33
108
834 Jan 10834 June
104 Mar 27
4 Dec 2514 Feb
2614 Jan 41 14 Mar
37 Feb27
6 June 12% Jan
1018 Apr 8
72 July 83 Sent
132 Nov 13
4 Dec 29 Feb
034 Mar 10
49 Mar 6878 Or
65 Mar 17
2914
Dec 11672 Apt
6812 Feb 24
4 Ooli
/
6% Dec 113
1412 Feb 24
20 Nov 4172 Feb
2912 Feb 24
18 Nov 6278 Jan
26 Jan 3
712 Dec 36,
2 Apr
134 Feb 24
2 Nov 17 Mar
424 Feb27
43. Feb 11
3 Dec 2838 Mar
Jan
Oct 124
31
86 Feb 24
182 Jan 3 14714 Nov 239 Apr
58 Nov 98 Mar
71 Feb27
s Dec 304 Feb
6,
1138 Feb 24
Dec 1312 July
IS
1
1E7e 24
l 1
:
i3
9
1234July 21
712 Apr
112 Dec
1114 Dec 284 Apr
15 Jan 28
812
Apr
332
Dee
24
t)
eb
F.e
1,14 I
55
4214 Oct 6714 Apr
Oct 1971,2 May
17934 Feb 24 131
878 Dec 194 Mar
1238 Feb 24
494 Dec 7514 Apr
6212 Feb 10
114 Dec 1412 Mar
26
12
r
b
F
mF
4
63093142
13 Dec 78 Apr
4514 Dec 11534 Apr
PAGE PRECEDING.
per share
& Misccli.(Coin.) Par
per share 8 per share Shares Indus.
per share $ per share
$ per share 1 $ per share
100 94 June 18
Hamilton Watch prof
*____ 90
9434
90 •
•____ 90 s____ 90 •
No par 74 Oct 6
Hanna pref new
10
75
*74
75
75
.74
*74
75
74
*74
75 .74
74
800 Harbison-Walk Refrac_No par 1734 Oct 5
1814
1814 .18
18 .18
1814 1814 1814 1818 1818 18
18
par
1 Sept 21
112 112 1,000 Hartman Corp class D_No par
112
112 112 *112 2
.112 2
112
112
112
2 Oct 3
No
Class A
4
33
214
.
4
.212 34 *214 33
*214 4
•212 4
*234 4
Oct 31
11
L3d..20
Co
Hawaiian
Pineapple
*1112 12
*1112 12
1114 1134 *1138 12
*lilt 12 .
*1012 12
118 Sept 22
No Par
300 Hayes Body Corp
178
172 •134
112 •112 178 •134
112
178
2
178
2
25 60 Oct 5
Ileirne
NV)
100
((1
80
80
85
85 •80
85 .80
85 .75
•77
85 .80
9 Nov 13
No par
300 Hercule*, Motors
9
9
10
10
•9
.9
10
934
912 9,2 .9
*9
Na par 33 Oct 30
500 Hercules Powder
37
37
39
37
*37
3512 37
•33
3478 3478 3478 35
Nov 10
100
100
pf
cum
Hercules
Powder
87
400
101
12
100
100 10012 100 100
100 100
10114 10114 101 101
703) Hershey Chocolate_ _ No par 7118 Oct 5
8714
8812 87
89 .87
87
8814 *86
89
8918 *8914 90
Par 80 Oct 5
No
Preferred
1,000
al
.90
92
92
9212
91,4 9114 91
9234 9234 93
93
No par
2 Sept 25
Hoe (11) At Co
*212 312 *212 312 *212 312 .212 312 *212 312 1,550 Holland Furnace
*212 4
No par 16 Noy 7
1612 1658 •1618 168
1618 17
17
8 17
,
1718 171g 17
16
par
_No
538 Jan 2
_
(A)
Sons
h
Hollander
3
900
814
4
7
812 812
814 814 .818 934
838 838 *818 934
100 81 Jan 6
13,800 Homostake ?stilling
12112 132
122 131
120 12212 118 12034 120 121
11734 121
3 Oct 1
5,900 Houdallle-Hershey cl B NO Par
412
4
418
414
4
412
414
412 438
50 6212Sept 30
5912 5912 5912 59,2 1.500 Household Finance Dart p!.
*5912 62
59
G018 5934 60
59,2 59
19 Oct 5
3114 2714 2912 16,500 Houston Oil of Tex tern e133100
30
3134 2878 31
31% 3338 3172 3212 30
4 Oct 6
25
Vol tr 122f2 new
7,400
634 6
614
6
6
6
618
658
6
614
8
612 6,
Oct 6
par
1214
No
Sound
Howe
18,400
20
3
19
4
20% 22
1912 1978 1972 2212 2078 2212 1972 21
Car_
par
_No
Motor
Hudson
734 Oct 1
1378 11.500
13
14
1338 13
1272 1338 13
1214 1214 1278 14
10
Hupp Motor Car Corp
334 Oct 1
23,300
6
512
1
8
,
6
512
2
5
8
53
8
57
2
,
5
512 612
552
5
114 Sept 25
600 Indiana Motocycle_ __No par
4
112 112 *112 1,
134
112 *112
112
112 11
4
1,
4
1,
114 Sept 15
10
800 IndlannefinIng
238
8 212 •212 212
,
2
212 *214
212 *214
*214
21
•214
par 21 Oct 5
No
Industrial
Rayon
3,700
34
*3312
3312
34
33
*3312
35
3512 34
35
3414 351
Oct 5
par
45
No
Ingersoll
Rand
8,100
4 53
5212 5312 5312 5512 50,
5212 54
5612 595 X57'2 60
No par 26 Oct 30
2,800 Inland Steel
*3112 35
35
3418 35
3512 34
30
35
3112 35
30
Oct 6
318
Copper-..20
512
Inspiration
Cons
514
3,900
1
512 614
512 5 2
514 514
512 6
514 6
4 Oct 6
518 512 2,200 Insuransbaras Ctrs Inc_No par
7
•5
7
*5
5
5
.44 7
.514 7
Ins uranshares Corp of Del_ _1
7 Oct 6
1,200
1014
1014
8
3
10
1014
8
"1014
•10,
18
934
8 1038
,
9
10% 1014 19
I4 Sept 1
800 Intercont'l Rubber__ _No Par
IN
1
114
114
112
112 *114
114
1 14
•1
1,4 .114
4 Oct 16
No par
514 514 2,700 Interlake Iron
512
438 434
514 54
478 54
8 *5
,
2 5
,
5
par
Oct 15
14
No
A
Internet
gricul
600
4
,
1
4
,
1
*184 21
17
178
*134 214 *134 214 •134 214
7 Oct 5
100
Prior preferred
300
15
*11
15
13
*11
•11
11
11
•I2
13
1212 12
Oct 5
125 12712 6,400 Int Business Machines_No par 92
130 130
1274 130
129 13014 13014 13314 130 131
312scpt 25
1,600 Internet Carrier8 Ltd_ _No par
-El
X
512 54
5,4 514
614 614
534 534
55, 558
..2
10,100 International Cement- _No par 17 Oct 6
2534 2534 2412 25
25
2512 2512 2714 2412 2578 2414 25
12 Oct 5
1
78
4,800 Inter Comb Eng Corp_No par
I
78
1
78
1
1
118
1
1
1
6 Sept 22
100
Preferred
800
*612 812 *613 8
8
8
4
17.
4 834
8,
812 912 *9 14,
Oct 5
8 35,4 3338 3412 3114 3412 35,600 Internet Harvester_..110 par 2212
3534 36% 3558 3678 3338 35% 33,
Sept
141
300
100 112 Sept 26 14312 Mar 21 133 Dee 14612
Preferred
Apr
144 •12314 12514 *12314 12514 12312 12312 12314 12314 *12214 12514 122 122
1812 Dec 54
31 Feb 26
1512 1612 8,100 Int Hydro-El By, cl A __No par 10 Sept 30
16% 1718 1612 17
5214 Dec 92 Apr
In
1512 1578 1579 1712 1612 17
25
JanIa!'0
a.
1
:
6
31
1
7
3
Oct
19
_25
prat_
Match
luternational
Apr
Nov
33
2834 2612 2712 2614 2672 2614 2634 2512 26% 13,700
15
2714 271* 27
378Sept 30
652 658 5,400 hot Mercantile Marine etre _100
614
534 6
512 578
578 578
5
1254 Dee 4431 Apr
412 412
1738 Oct 5 2018 Feb 24
1134 10
4 1114 1014 11 306.400 Int Nickel of Canada. No Par 89 Oct 6 123 Mar 31 114 Dec 123
,
Apr
(r)11
1114 1114 1318 1112 1212 11
100
Preferred
1,200
0612 97
Apr
97
97
97
97
97
Dec 86
97
95
9514 95
26
95
26
Mar
680 Internet Paper pref(7%)_ _100 10 Oct 1 42
22
2212 2212 2212 •20
54 Dec 3112 Mar
1912 1934 22
1514 18
•1414 18
Feb 26
1014
9
Oct
par
8
17
__No
Pap
1,700
CIA
Pow
Inter
&
414
4
4
418 412
Apr
4
412
4
221
Dec
4
338
26
In
Jan
314 432
*314 312
6
7s
25
Sept
Claes B
No par
17
112 112 1,300
Apt
173
214
214
2,4
178 2
24
• •112 178
2 Dec 18
412 Feb 26
12 Oct 1
No par
Class C
112 7,400
11g
158 158
178
134
178
11
138
138
112
Dec 86 Mar
•114
21
27
Mar
4312
7
Oct
912
100
5,800
Preferred
1-• 14
19,
583
1914 1912 21
Dec
15
4 2078 1914 2038 1938 1934
4
10
16
AV
6
26
Ley
Feb
5
2
14
,1
16
6
612flept 29
900 Int Printing Ink Corp..140 Dar
*634 7
Apr
7
7
7
7
7
7
7
7
7
7
55 Dec 101
100 40 Oct 6
Preferred
110
40
401* 40
4058 40
8 •4058 4112 40
,
421
42 .40
45h June
• 42
Oct
31
0
Feb
42
6
OR
2514
100
3314 6,700 International Salt
3412 32
Jan
3614 3414 3512 34
62
3618 3612 3614 3634 35
Dec
4712
29
June
Sept 29 54
4.5
4478 444 4414 4434 5,700 International Shoe_ __ _No par 42 Sept 19 61 Mar ILO
O *44
4418 4418 4514 4512 4518 45
26 Dec 119 Feb
100 18
10,200, International Silver
33
403
3212 3534 332 3478 31
Feb
3412 38
38
3514 37
Id
11214
Des
7512
28
Mar
9018
5
Aug
100 5514
7% preferred
300
76
76 .73
7634 *73
78
O
78 .73
77
75
7012 73
1712 Dec 7732 API'
24
2 NI; 2
7134
38
6
1712 1612 1712 94,374 Inter Telep h Teleg _ _ _ _No par 1334 OR 5
1634 175a 17
1814 1872 1818 1878 1718 18
Ct
14% Dec 40 Feb
1 2138 Feb 20
13 •1214 1314 1318 1318 1,800 Interstate Dept Storee_No par 10 Oct
13
1314 1314
1312 133
14
13
4 Dec 80 Aug
1
/
58
O
250
Preferred 03-warrant,.. _ _100 55 Oct 6
6312 6114 6114
61
6312 .60
61
60
63 .
12 Dee 32 Apr
o 5978 5978 .59
184 Feb 24
712Nov
2
par
No
Corp
100
Intertype
•712 9
8
9
8
*8
9
*8
.712 9
9
1.11 •7
Dec 29 Feb
1
24
414
1
b
e
F
F
i
4
1
,
7
59
5
Oct
2
No par
*358 412 *358 418
334 334 2,100. Investors Equity
334 4
CC
*318 414
Oct 43 Mar
34 334
25
1 15,2 Oct 5 31 Jan 14
I Island Creek Coal
2112 .2034 2112 *2034 2112 *2034 21 12
211 .21
2138 *21
20
.
37 Dec 6612 API
5
Oct
par
24
No
Jewel
Inc
Tea
4,000
35
3418
3512
36
35
35
3578 3572 36
3212 3212, 33
4834 Dec 14838 Feb
9
Apr 19
2 Mar
1 4
18
O▪
par 2912 Oct 28 :
No loo
28,600 Johns-Mantalle
• 3334 3578 3414 3578 3312 3512 3234 3414 3234 3334 3034 33
1234 No*
105 June 19 126 Apr 10 117 Dec 1234
100
Preferred
Apt
10812 10812 10812 10812 •10812 10934 *10812 1093 •10312 10934 .10812 10934
Mar 21 118 Dec
12312
21
Sept
99
Steel
_100
Jones
prey.
Laugh
140
&
101
*10014
116 Nov
Jan
In 10014 10014 .10018 100 1011 101 101 101 101 101
108
30
Oct
11234 ____ .11234 __._,.. ______ K C Par Lt 1st pf aer B_No Dar 11114
•11234 --.
•112 4
__ .11234
•11218
Jan
Dec
134
1418
7 Jan 5
12 Oct 5
Karstadt (Rudolph)
118 .1
4.8
118 r1
.11
118 .1
11
.1
11
•1
U
14 Dee 2012 mar
6
10
leatar 2
812 NF
8 Sept 30 13
4112
Jan
4 1034 1078 1014 1012 1034 1118 1012 1178 4.300 Kautnann Dept Stores_812.50
,
1012 1012 10
10
O
Dec
2412
19
Mar
2438
812 Oct 6
1012 2,000 Kayser (J) Co•to._ _ _No par
4 10% 1034 1118 .1012. 1078 1034 1034 10
64 Ain
1- 10% 10% 10,
1 Dee
2.900 Kelly-Springfield Tire_No par
34 Oct 5
178 2
178 2
134 2
134 134 .178 2
42 Jan
178 2
tn
Dec
29
21
afar
26
518
Oct
6
100
8% preferred
380
Jae
1712 1712 1712 1738 1738 1714 1714 1512 1634
16% 1718 17
17 Dec 55
10
:24
NIa
512:vis
16
100 10 Sept 22 4
10
6% preferred
332
71 26
4:
812 .25
57122 26
2518 25,8 *25
*2212 28
▪ .2218 28 .22,8 28
912 Oct 3912 APT
o p::
318 Sept 29 2934 Feb25
N9
‘
7,300 Kelsey Hayes Wheel___,
O
538 578
Al)?
534 6
8
5
512 6
28
54 538
Nov
738
21
Sept
6
No par
35,700 Kelvinator corp
834 9
878 912
4
8,
2 8
8,
4
,
334 94
84 9313
25 Dec 89 Mat
6
A.epbr 24
302 }
No par 20 Jan 6 6
50 Kendall Co prat
39
3912 3912 *37
40 .3912 40
340
*3912 40
40
40
• "
Dec 6234 Feb
20%
5
Oct
1014
119,400
Copper
8
Kennecott
1538 163
1512 1518 1614
• 1614 1634 1612 1 734 1534 1714 15
38 Dec 59 Mar
Jan
4112 jae
par
aorr 24 Sept 29 2,
p
No 1oa
600 Kimberley-Clark
2534
25
2612 27
30
27 •27
27
174 I)ec 4012 June
28
• *2612 28 .27
10 Oct 6
900 Kinney Co
No
10
10
12
*10
•10
10
10
10
10
10
10
10
Dec 97 Apr
• 10
51
21
Jan
70
13
Nov
1414
200
Preferred
1414 1518
*1514 16
16
.15
16
1778 16
1778 1778 .16
264 Oct 3634 Jan
20
Aug
10 19 Sept 29 254
2112 12,300 Kresge(85) Co
2272 2212 2212 2152 2218 2112 2134 21
22
39 Nov 70 Jan
• 2234 23
55
25
2Scpt
331
400
Kra*,
Co
Par
No
43
X
8
3612 3618 .
35
*3512 43
36
35
203s Dec 35% Apr
4
43 .3614 43 .351
Feabr 25
512Sept 29 2734 M
838 66,400 Kreuger & Toll
8
174 lIee 4818 Jan
8 834
8,
834
814
812 9
834 912
8 13,
8,
4,
par 18 Jan 2 23512May 8
2238 2318 221z 2332 22112 2238 2112 2214 2118 214 2014 2138 27,300 Kroger Groc & Ilak_No
7034 Nov 113 Ain
66
9
1
2
▪
r
n
f
4
7
4
873
6
Oct
par
4018
No
4 16,700 Lambert Co
,
60
59
61
59
6112 6278 6118 63% 60
61'z 5934 61
17 Dec 234 Oet
6 Sept 29
e par
vo
Lane Bryant.. Tire _ ___ N
•578 7
*578 7
*522 7
•578 7
*578
318 Nev 11 Mar
:: *578 6
178 Oct 21
500 Lee Rubber It
•218 238 *218 238
238 .218 238 '2'g
Dec 42 Apr
11
212 2,4 •218
218 218
22 1834 Feb 25
Oct
50
Lehigh
400
Cement....
614
Portland
8
8
2
*7
•71.
712
712
7 4.6
7
Dec 10812 Map
•714 8
7
9852
3
14
7
b
n
e
a
j
F
12
1%
8
10
29
Oct
100 82
10
Preferred 7%
85
85 .82
85 .82
85 .82
82 .82
414
Dec 1712 Mar
84
82
O *82
314 Oct 6
2,400 Lehigh Valley Coal_ _ _ _No par
514
5
5
54 •5
5
5
5
412 41,
412 412
144 Dec 371g Mar
31
Mar
18
50
1,100
Preferred
25
*21
23
25
23
23 .23
22
*2312 25
Dec 9714 Apr
4
51.3
6
24
DJ *2114 25
"'
b
•
e
Julya'
639038
5
2,200 Lehman Coro (The).--No Par 35 Oct
46
45
4612 4612 .4612 47
49
4634 471
48
4812 49
Oct 36 APT
21
par 1812 Oct 1 3434 Feb27
4 24,4 2312 2372 2312 2312 3,400 Lebo & Fink
,
2412 2412 23
3112 Mar
2412 241
Nov
• 2434 25
1018
16
Apr
8
207
21
Sept
7
par
':
A
N
2 5,200 Libby Owens Glass_
,
9
9%
938
101
914
10
938
012
8
3
'9
10
11384 Apr
Dec
7612
812
7
Feb
DI
934
in 61 6114 *62
1,200 Liggett & Myers Tobacco_ _ 25 39 Oct 5
61
62 .60
601 *60
6112 •60
64
60
784 Dec 11438 Apr
914 Feb24
5
Oct
40
25
B
12,400
Series
6112
5914
6114 5934 61
60
62
GO
6212 63
1X 6118 63
100 123 Oct 23 146 May 13 12712 Dec 146 Sept
Preferred
12712.
12214 127 .12214 12712
0 •122 130 *12214 130 •12214 12934 •12214
6
20
ee 3
142.111,nb
43
26
300 Lily TU111) CUP Corp___No par 16 Sept 30 3
21
2034 2034
•2034 21
2114 21
21
21 .
1.6 .2013 2114 21
1811 Oct 49l Feb
par 15 Sept 21
No
_
.
1,200
Lima Locomot Works
201 .1912 20
2034 2034 .20
21
20
2024 21
L 2014 21
Feb11
28 Dec 45% Feb
33
1
par 20 Oct
100 Link Belt Co
*2112 28 .2112 28 .2112 28
*2112 28
2112 2112 *2112 28
39 De,. 8178 Mar
5518 Feb 24
3
Oct
1514
3,100
201
Liquid
Carbonic
2012
211
22
2118
2114
4 2214 22,4
8 23,
,
2034 20
20
4134 Der 9534 MaY
8 Oct 5 6312 Feb 16
NNNo: parr 27,
8 4238 3912 4114 51,800 Loewal Incorporated
4 4018 4112 40,
4 4138 42,
8 43,
42
43% 41,
8538 Jan 11238 June
par 70 Oct 6 99 Mar 19
1,300
81
Preferred
83 .79
8412 8312 8312 •81
84
84
82
82
638 Feb
82
4
26
r
pn
a
j
A
212 Dec
12
4
6
1
Oct
2%
No
Par
o
N
Loft
418
4
418
4,200
Incorporated
4
4
,
4
4
438
4
418 4,4
412 412
3 Dec 1554 Mer
No par
84July 10
100 Long Bell Lumber A
*212 334
2
*212 3
4 .212 33
,
2
4
3,
*2
314 •2
7014 Apr
4014 De
Oct 6 5472 Mar 25
3518
25
Biscuit
Loose-Wiles
4
2,600
403
4
4112
43
413
*4112
4
,
41
8
,
42
43
4 4214
,
43
4278 43
Rh Dee 284 Mar
25 10 Oct 5 2178July 20
1412 1534 61,700 Lorillard
1555 1614
1514 16
1612 1514 16
16
1634 16
7614 Dec 99 MI17
100 7672 Oct 15 10212 Aug 10
700
7% preferred
9014
90
9212 921
9012 91
90
9318 90
*8614 93 .87
312
Dec 12 Ala
44 Feb 10
138 Oct 5
No pa
3,200 Louisiana 011
8 2
•1581 2
.1,
112 •132 2
1,2
1.34
112
•134 2
60 Dec 90 Sept
100 30 Aug 18 65 Jan 15
Preferred
3838
38N
3832
3838
Dec 514 Apr
25
35%
26
6
Feb
Oct
8
38,
20
255s 25 2 2538 2,600 Louisville U & El A ____No Pa
2518 25% 25% "25
25
914 Dec 4472 Mar
2518 2512 2512 26
No par 51s Oct 5 19 Mar 19
5,800 Ludlum Steel
8 s 9
9
9
812 9
4
9,
9
812 912
2
,
Der 991 Mar
772 8
5214
Feb
34'
17
8
Oct
2112
pa
No
Preferred
2312 2312 2,900
261
26
26
25
4 2572 27
26,
2414 24
*21
20 Dec 3934 AV
15 Oct 1 25 Feb 24
200 MaaAudrews & Forbee_No Pa
1518 1518
16
16
*15
•15
15
16,2 15
•1534 16,8 •15
Feb 10014 Nor
22
93
Sept
1004
7
60
Apr
100
preferred
6%
9112
911 *6212
*6212 9112 •6212 9112 *6212 9112 *6312 9112 *6212
33% Dec 8813 Mar
Vo Par 1534 Oct 5 4378 Feb 24
21 1 9,700 Mack Trucks Inc
20
221
4 21
2214 2114 21,
4 22,
g 21
21% 21,
21
8 Dec 159,4 Feb
81,
53 Oct 6 10614 Feb27
No
Da
Macy
Co
4,800
70
711
68
7012
71
4is Dec 1532 June
4 6912 7212 71
72
72,
4 7112 73,
712 Mar 24
2 Sept 21
500 Madison Sq Garden._ ..No pa
.412 6
352 4
312 31, *312 34
312 312
312 312
1914 Dec 5234 Jan
No pa
74 Oct 2 2732 Feb 24
1134 1134 5,200 Magma Copper
1212 1134 1178 *1114 na
12
1272 12
1178 12
is, De,. 13 July
78
2
Mar
pa
Oct
434
_No
5
Co_
(H
&
R)
MaIllson
300
112
114 .138
112
114
Jan
114
118
114
112 •118
6
IN
•14
12 Dec
6 Mar 25
100
12 Jan 2
Maned Sugar
114
.34
114
34 114
.
4.34
114
4.34
Jan
*34 114
514 Dec 50
*34 114
10
218 Sept 29 1278 Jan 8
Preferred
50
4
.212
4
*212
Jan
15
.212 5
3
*212 5
518
3
*3
Dec
pa
No
16
June
8
3
15
Sept
Bros
Mandel
714
.4
71
714 .4
•312 6
*312 6
JAn
24as
*312 714 .4
Dec
618
2
6 Oct 5 12 Feb 25
812
818 818 4,100 Manhattan Shirt
818 81
8
8
4 Mar
734 734
772 778 .8
Dec 10,
pa
..No
4
14
2
b
24
e
F
Explor_
Oil
12Sept
114
Maracaibo
700
118
112
118
112
•118
1
IN
1
112 •118
Aug
1
3212
De
171,
1
1218
Corp
4
%
3
24
Oct
Midland
6
1414 1412 7,900 Marine
1412 154 15
1518 1452 15,4 1432 1434 1412 147
55 Feb
21 14 De
No pa
1173 OR 6 32% Feb 24
600 Marlin-Rockwell
14
14
151
1512 15% 1538 .15
1314 13,4 15
1512 •14
3078 Apr
414 De
10 Feb 25
112 Oct
212 212 1,000 Nlarin on Motor Car_ ...No pa
214 212
2.18 212
214 232
214 214 .238 21
484 Apr
De
24
13
8 Feb 4
4 Oct
32,
,
x1778 1814 4,300 Marshall Field & Co..No pa
19
1852 18N 1918 1914 19% 1912 20
19
18
8 001
24 Dec
30
Jan
pa
No
_
318
20
Oct
4
1,
Martin-Parry
•14 3
•138 3
.158 3
.114 3
8 3
•138 3
•1,
n
• 111,. a,u worse prima: no Wm on We day
a Ex-dividend
V Es rights
New York Stock Record-Continued--Page 6
Inv"
AND LOU' SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 7.
Afon(lay
Nov. 9.
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-sh8re lots.
3223
PER SMART:
Range for Precious
Year 1930.
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ Per share 5 per share 8 per share 5 per share $ per share Shares
Indus.& Miscell. (Con.) Par $ per share S per share $ per share $ per
20
2058 1934 2012 1934 2038 1914 1912 1918 1913
shall
19
19% 6,500 Mathieson Alkali WorkeNo par 1434 Oct 1 3113 Jan 3
*10814 113 *109 120 .109 120 *101 120 *109
3018 Dec 5153 Mai
120 *109 120
Preferred
100 104 Oct 9 12538 Mar 24 115
2634 27
2714 2812 28
Jan 138
Oct
2812 2714 2712 02712 28
27
27/
1
4 5,800 May Dept Storee
26 2414 Oct 2 39 Mar 2
*212 4
2734 Dec 6133 Joe
0212 314 .213 234 *213 234 *212 234
*212 21
Maytag Co
No par
18 Oct 7
87 Feb 13
73
*8
712
5 Nov 23 Mal
73
78
738
7
7
7
7
.7
88
Preferred
1,000
No
par
6 Sept 29 2438 Mar 21
*2812 4018 *2812 51
144 Nov 4012 Apt
.2812 4518 02812 454 *2812 4513 *2812
Prior preferred
4513
No par 50 Oct 16 7113 blur 24
2512 2512 *23
68
Dec 8413 Mai
25
25
27
2634 2634 27
2712 2612 2718 4,100 McCall Corp
No par 17 Oct 6 36 Jan 7
•32
34
33
032
*32
34
Dec 60 AD
34
*32
3334 *3212 34
32
3212
300 McCrory Stores class A No par 2012 Oct 2 5134 Feb 17
2634 2634 2658 2638 *2678 2973 *2678 297 *27
37
Dec
74
Jan
2973 2678 27
Class B
50
No par 1714 Oct 8 5153 Feb 16
.6618 75
3814 Dec 70
*674 75
Jan
56718 75
06718 75
*6614 75
*6614 75
Preferred
100 55 Oct 6 9312 Mar 30
*13
14
78
.13
Oct 97 Mat
14
*13
14
*1318 14
*13
14
*13
14
McGraw-Hill Publica's No par 13 Oct 22 29 Feb 26
18
2018
1814 1914 1814 1913 19
27
Dec 44 Apt
1912 184 19
181
/
4 1814 6.400 McIntyre Porcupine Mines_5 12 Oct 1 2613 Mar 31
594 61
148 Jan 2034 Dec
61
6338 6912 6114 58
601
/
4 5734 604 5512 59
712 734
20.100 McKeesport Tin Plate_No par 3812 Oct 5 10313 Apr 3
61
7/
Jan 8912 Junt
1
4 75g
753 734
78
78
714
753
714 712 5,400 McKesson & Itobblne_No par
7 Oct 28 17 Jan 20
*2612 29
1013 Nov 3753 Apr
27
27
2612 27
*2614 27
27
27
27
27
700
Preferred
37
50 19 Oct 6 3753 Feb26
4
2534 Oct 4914 Apr
4
4
353 414
4
438
414 412
4
/
1
4
45
8
6,900
McLellan Storm
No par
213 Oct 6 1012Mar 6
•1812 1912 19/
6
Dec 2014 Jan
1
4 1912 207 2112 208 2112 2112 22
2053 213i1 3,500 Melville Shoe
37
No par 18 Oct 29 34 Mar 5
25 Nov 42 Apr
4
4
414 .4
414
4
4
*44 414 044 41
/
4 1.000 Mengel Co(The)
No par
2 Sept 21
.2318 247 *2312 247
812 Feb 24
5
Dec 2334 Mal
24
24
23
24
*23
2473 *23
24121
600, Metro-Goldwyn Plc mei___27 20 Oct 1 21 Apr 10
Dec 26% Mal
23
418 418
412 5
458 5
414 412
418 414
4
44 3.500 Miami Copper
5
2liSept3O 1053 Feb 24
858 912
7 Dec 33% Feb
838 9/
1
4
838 834
8
814
8
828
712
77
8
14,700
Petrol
No
Mid-Coot
par
5
2
Oct
183
4
Jan 8
1112 1134 12
11 Dec 33 Apr
13
1212 1234 1134 1214 1238 1212 11
11
2,700 midland Steel prod
No par
7 Oct I 314 Feb 24
5234 5314 5314 54
1512 Nov 53 Fet
5312 5313 *50
54
*50
54
50
50
1,100
8% cum lot pref
100 3514 Oct 5 94 Fea 20
24
24 .20
74 Nov 110 Feb
20
*20
.21
26
24 .20
24
*20
24
100
Ilegu_No
Minn-Honeywell
par
21
Oct 28 5812 Feb 9
238 3
37 Dec 7634 Mar
258 3
234 *212 253
23
258 24
218 212 4,000 Minn-Molloe Pow Impl No par
138 Oct 5
74 Feb 10
*13
35
314 Dec 28% Mar
*20
*13
30
*16
35
35
1714 1714 *15
35
800
Preferred
97 10
No par 1014 Oct 5 48 Mar 2
44 Dec 92/
10
10
10
*9
1
4 May
*9
10
*918 10
*913
10
700
Mohawk Carpet Mills_No par
9 Oct 6 2158Mar 10
2658 2678 26
2714 2418 2412 243 25
953 Dec 40 Jar
2412 2412 24
24/
1
4 3,100 Monsanto Chem Wks No par 1614 Oct 6 2834 Aug 28
1338 1334 13
1334 1234 1338 1212 13
1853 Dec 634 Apr
1214 1234 1134 1213 89,200 Mont
5
No
Corp
Ward
par
III
Co
Oct
8
g
5
2914 Feb 26
*34
36
1518 Dec 4978 Jar
*34
03478 36
36
*3178 36
*348 36
*3478 36
No par 31 Oct 3 58 Feb 16
Morrell (J) & Co
4873 Oct 72 Yet
*28
12
12
12
28
28
28
23
*38
h
32
a
.1
700 Mother Lode Coalltion_No par
114 *1
14 Sept 15
34 Feb 20
118
1
12 Dec
1
14
118
2
Jar
118
118
113
118
800
MotoMeter
Gauge&Ea
No par
34 Aug 17
418 Mar 26
26
26
113 Oct 1158 Apr
257o 3014 2612 2613 *2612 29% *2612 30
26
2612 1.700 Motor Products Corp-No par 15 Oct 1 4753 Apr 6
*834 1014 *834 1014 0831 9
25 Dec 81 Apr
*834 87s
813 84 *814 9
100
7
Motor
par
Wheel
618Sept
No
30
19
1412 15
Feb 18
1513 1512 1413 1412 1412 1458 1412 1412 14
1414 Dec 34 Mai
1413 2,900 Mullins Mfg. Co
No par
838 Jan 2 3678 Mar 26
3012 3013 32
32
32
32
614 Nov 2034 Fa
317 3178 *29
3112 29
29
220
.1553 22
Preferred
No pas 22 Oct 6 7213 Mar 5
19
*16
19
19
*16
3512 Dec 6478 Jar
19
*1512 19
*1512
17
600
Mumangwear
No
884
par
Inc
1112 Oct 5 3114 Jan 26
814
812 87
254
Dec 5313 Yet
818 858
818 853
814 834
8
83 14,400 Murray Body
Vo par
5 Oct 5 1834 Mar 10
•22
30
*23
*22
32
32 .22
9 Nov 2514 Api
37 .22
32
*22
32
No par 20 Oct 22 4512Mar 28
21
20
2018 2134 20% 21
34
Oct 4912 Mai
20
2058 2018 214 193 2078 36.900 Myers F & E Bros
Nash Motors Co
No par 154 Oct 1 4078 Mar 20
*4
412
414 412 0438 413
2114 Dec 5812 Jar
453 44
412 412
414 42 1,700 National Acme staroped___10
338 Oct 8 1034 Mar 6
*6
8
8
8
534 Dee 2614 Pet
*7
8
*7
8
6
7
*6
8
30 Nat Air Transport
No par
4 Sept 19 13 Mar 20
6 Dec 3938 Apt
358 4
312 37
34 353
3/
1
4 353
312 34
314 3,2 3,300 Nat Belles Hess
No par
258 Oct 6 10 Feb 26
*16
30
*16
30
2/
1
4 Dec 20 Api
*16
30
*16
30 *16
30
*16
30
100 14 Oct 8 32 Feb 27
Preferred
50
5213 52
134
5418 5112 525* 5012 52
Dec 82 Jal
50% 5112 4914 5134 28,000 National Biscuit new
10 37848ept 21 83% Feb 24
*133 135 *134 144 *134 14334 *134 14334 13514 13514
6858 Nov 93 Maj
.134
13814
100
100 13312N0v 4 15314May 8 14213 Jan 152
7% cum pref
18
184 183 2012 19
1978 1814 19
Oct
1812 18% 1753 1838 26,200
30
3053 30
3112 295 303
2753 Dee 8312 Pet
2912 3014 298 3014 2814 2934 57,600 Nat Cash Register A w iNo par 15 Oct 5 3934 Feb 26
No par 2014 Oct 5 5034 Mar 25
Nat Dairy Prod
•112 2
.112 2
*112 2
35 Dec 62 Juni
*112 2
112 112
184
13
4
300 Nat Department Stores No par
112 Oct 7
•10
712 Feb 26
11
1012 1012 11
11
31g Dec 2412 Yet
11
11
*11
13
934 11
220
100
1
4 Nov 5 60 Jan 9
Preferred
8/
22
2314 2234 2312 2218 23
80 Dec 90
22
2438 2313 2412 2278 2318
Jar
8.000 Net Dbitll Prod etfs___No par 1934 Jan 6 3633 Feb 24
*8
94
912 913 *8
1818 Dec 394 Fel
913 *8
912 .8
812
812
812
200 Nat Enam & StamPing
*101 106
753 Oct 6 2778 Feb 20
100
101 101
1714 June 3312 Ma]
100 100
*95 105
*91 105
*9212 104
200
National
100
8414
Oct
Lead
I
132
0130 135 *130 131
Jan 9 114 Dec 18912 Fel
130 131 *130 135 *130 135
130
290
Preferred A
100 130 Oct 21 143 June 4 135 Dec 144
.103 107 .103 107 *103 106 *103 106 *103 106 *103 130
Seri
106
Preferred B
100 10212 Oct 30 12034July 20 116
18
1812 1834 19
18
1834 1758 1812 1734 1812 17/
Jan 120 Nol
1
4 1734 17.300 National Pr & Lt
No
par
1418
Oct 6 4414 Feb 24
.
18
4
30
*,3
Nov
*18
14
14
58%
4
14
API
14
14
*18
100 National Radtator
14
12
2
*12 1
13/0ay 29
No par
*12 1
118 Feb 3
•12 1
13 Dee
*12 1
44 Jai
*13 1
100
Preferred
No par
12Sept 18
2534 2713 274 2912 2738 2838 2612 2712 2634 2712
21,3 Jan 7
134 Dec 11
Jar
25
2612
29,100
No par 1813 Oct 1 5818 Feb 27
Nat Steel Corp
1234 14
1414 15
14
14
41 Nov 62 Jul]
*1212 1358 1218 124 1012 12
50 1012 Noy 13 7014 Yee 27
*43
50
*43
50
*43
50
60 Dec 1241* API
*4612 50
*4612 50% 4612 4612 3,100 National Supply
40
100
Preferred
40
Oct
15
21
111 Feb 27 10612 Aug 116 Jul)
23
25
23
2414 2438 2112 22 .21
23
2012 21
6,300 National SuretY
50 18 Oct 5 7812 Mar 28
1034 11
1112 1153 1112 11 12 11
35 Dee 9838 Ma
11
*11
1114 11
11
1,200 Nathmal Tea CO
8 Oct 1 2478 Mar 24
No par
*7
734
713 712 *7
734 *7
13 Dec 417 Fel
712
712 78
8
8
400
par
Nelsner
612 Oct 5 2514 Feb 9
No
738 753
Bros
738 812
20 Dec 54 Ap
753 81,3
714 712
718 712
678
753 27,200 Nevada ConsolCopper_No par
5 Oct 5 1434 Fen 24
9 Dec 3218 Jai
No par 1012June
200 Mar 24
1512 Dec 171
/
4 De,
,
-112 434
41
50
June
5
5514 Oct 14
534
514 578
30 Dec 85 Ma
5
514
478 54
514 612 0,800 Newton Steel
No par
3 Sept 2
24 Feb 20
*812 913 *84 912 *813 14
*812 14
1134 Dec 58 AD
0812 14
.812 14
NY
par
7
Air
Oct
No
Brake
25
*8
20
Jan
20
*8
23
20
*8
2112 Dec 47 Fel
*8
20
*8
20
*8
20
New York Dock
100
8 May 2
3734 Jan 29
*15
*15
45
45
*15
45
*15
22 Dec 48 Ay
45
*15
45
015
45
100 20 Sept 2
80 Jan 28
314 314
338 313
7712 Dec 8812 Ap
313 313
318 31
/
4
318 313 *318 314 2,000 N Preferred
par
Y
2
Investors
*99 101
No
9912 9912 101 101
Oct
Inc
1218
Jan 27
101 101
913 Dec 32 At
101 101
101 101
270 N Y Steam prof (6)
.10812 109 .107 109
No par 95 Oct 3 107% Mar 12
109 109
109 109 *10718 112 *107 112
98 Dec 10612 Sep
40
let preferred (7)
No pa
17
16
1612 1712 1513 1712 154 10
9918 Oct
118 Apr 20 10834 Dec 117 Air
1553 1638 1553 1612 49.900
7
•
Noranda
10 Oct
Mlnes Ltd
4233 44
2912May 1
4118 46% 4312 4512 4278 443k 4258 44 8 4058
43's 107,300 North American Co- __No par 26 Oct
4812 4812 4818 4818 *4738 49% .48
48
48
9014 Feb 28 1714 -Dec 1-3274934 48
s -AD
4814
600
434 518
Preferred
50 41 Oct
45* 5
57 Mar 27
47
54
5
51
5
Jan 57 Jun
43
8
16,600
47
8
North Amer A viation_No par
94
313 Oct
94
11 Apr 13
91
91
*9314 9412 9412 9413 *96
4/
1
4 Dec 147g Ap
981 *94 100
700 No Amer Edison pref __No par 8712 Oct 1 1074 Aug la
*1312 15
*11
131
/
4 *11
8
*10
13
14
*1014 13
99
Dec 1054 Oc
10
10
200 North German Lloyd
5 Oct 1
*36
41
*36
.36
41
3553 Apr 7
41
.36
2878 Dec 555* Jun
41 '
'1 36
40
*36
40
Northwestern Telegraph-50 40 Oct 2
•138
112
112 2
112 2
4712May 5
114
112
4112 Dec 5018 Ma
112 18
128 134 9,400 Norwalk Tire
913 1013
Jan
Rubber---10
&
2
934 1014
Nov
4
918 958
9
9
912
9
12 Dec
4 Ma
912
833 9
34,400 Ohio
2/
1
4 212 .213 212
No par
612Sept 2
194 Jan 8
214 214
214 214
1
Dec 32 Au]
218 218
214 214 1.500 Oliver011 Co
55 Feb 3
*9
1 Sept 2
Farm Equip New No par
1113 10
1118 *10
1114 *614 12
.614 12
*614 12
600
.213 334
Preferred
par
Oct
4
No
26 Jan 12
A
212 213
2/
1
4 238 *214 34 *238 318 .214 31
1253 Dec 001-4 Ma:
1,300 Omnibus Corp
15 Oct
•11
No par
15
611 Mar 27
14
14
1418 1418 *12
15
258 Oct
*11
18
838 Ms
1414 1414
800 Oppenheirn Coll & Co_ _No par 14 Oct
*1112 134 .1212 1334 *1034 1312 1012 1034 10
2812 Feb 28
22 Dec 56 Ap
1034
9
1018
400 Orpheurn Circuit Ine prat _100
9 Nov 1
72 Mar 11
60
Dec
997
3 Ap
2734 277
28
2814 2814 2714 2712 2612 267o 2612
287
2653 4,200 Otis Elevator
•11012 120 *11012 120 *11012 120 *110 120 *110 12()
No par 2018Sept 30 5812 Jan 12
4814 Nov 8038 Ma
*110 120
45* 47
Preferred
100
12412
Oct
12912Mar
1
5
7
30
11818
64 68
Jan
683
64 653
12834 Sell
653
6
612 7,700 Otis Steel
•1728 19
No par
352 Oct 6 1618 Feb 28
19
21
*2114 26
912 Dec 387 Me
211
/
4 2112 *1912 2111 2114 22
670
Prior preferred
28
28
100 18 Sept 30 6912 Feb 2
28
2812 .27
28
75 Dec 99 Al
27
27
27
27
27
27
2,200 Owens-Illinois Glass Co__-25 2012 Oct 1 3934 Jan 20
39
3912 39
4034 3913 4012 397 4014 39
32 Dec 607 Fe
40
3813 393 12,000 Pacific
47
4714 47
Gss & Electrio
48
25 2958 Oct 1 547 Mar 10
4734 477
46
4013 Dec 747 Ms
4614 46
46
*4512 46
3.600 Pacific Ltg Corp
' .1114 13
No par 35 Oct 5 691:Mar 20
*1114 14 .1214 18
*13
15
*1278 15
46 Dec 1077 Ms
*1212 1478
Pacific
115 115
115 115
Mills
100
912Sept 22 2614 Mar 23
11412 114% *110 11412 *110 114
15 Dec 30 Fe
11313 1134
1
140 Pacific
518 54
100 100 Oct 5 13134 Mar 19 11412 Dec 178 Fe
54 6
534 57
,
534 578
534 68
2524 618 43,400 PackardTeleP & Tele11
364 .23
3618 .23
.23
Motor Car___No par
4 Oct 2 1178 Feb 24
3618 *23
3618 *23
361 *23
714 Nov 23% Ms
3618
Pan-A
mer Petr & Trans___50 20 Oct 3 3518 Jan 20
2418 *2412
2418
.23
27
*23
27
2416 24'o 23
42 Nov 64/
3,2 3,2 4,312 27
1
4 Ma
27
4
200
312 312 .33
Class B
60 20 Oct 3 3612 Jan 0
358 *338 4
30 Dec 6713 Ma
318 333
300
! 1,11
Park
/
4 2
TlIford
*14 2
Inc
138 138 *138
No par
3 Sept 24 11 Mar 19
134 *112 184
6
17
Dec
112
353
4 At
300
113 158
138
Parmelee Transporta'n_No par
133 •1
112 .1
112 *I
Us Sept 22
478 Jan 21
11
2% Dec 2618 Mt
*1
112
300 Panhandle Prod & ReI_No par
16
174 165* 175
157 164 1514 1614 1538 16
%Sept 30
414 Feb 13
134 Dec 1232 Ma
1434 16
2
94.800
214
Paramount
24 2/
1
4
No par 1033 Oct 6 5014 Feb 24
2
214
2
2
14 2
3434 Dec 77/
178 18 7.900 Park Utah Publix
1
4 Mt
1
78
1
1
CM
24
1
1
78 Sept 22
%
214 Mar 12
14 Dec
24
h
438 At
,
'h
h 2.000
*338 4
3/
1
4 314
353 4
Vo par
314
3/
1
4 338
h Oct 5
314
234 314 1.600 Pathe Exchange
24 Feb 20
112
Dec
9
At
85
8
Clam A
858
85* 878
834
Na par
814 812 *718 8o
212 Oct 5
84 July 3
278 Dec 1958 At
8
8/
1
4 2,000 Patino Mines & Enterer
*258 3
34 313
3
__ 20
318 .253 3
413 Sept 22 1512 Fen 24
*25* 3
*258 3
818 DOC 8278 Fe
33
3334 *321n 3278 *31
600
Peerless
Motor
32
*3034 318
50
2 Oct 3
45* Feb 24
3 Nov 14 Fe
304 31
30
3034 2,600 Penick & Ford Car
3612 3618 35/
1
4 3738 3518 36
No par 22 Oct 1 4612 Feb 19
35
35
264 Jan 55 At
35
353
34
353 12,800 Penney (J
C)
No par 284 Jan 2 4414 Aug 20
271n Dec 803* .Itt
94
94
93
9412 0412 *94
93
9413 *94
04'2 9312 94
158 •114
800
15
Preferred
•11
•114
/
4
15
100 90 Jan 8 100l4sevi 2
.114
90 Dec 101% Set
158 •114
13* *114
15*
•7
9
Penn-Dixie Cement____No par
7
834
858 858 *612 9
1 Sept 30
512 Feb 10
3/
1
4 Dec 12 Ms
.612 9
*612 9
400
Preferred
100
•2112 234 2113 22
8 Oct 3 29 Jan 30
.2134 233
22
22
16 Dec5512 Mt
2034 2112 2034 204
00
00
600 People's Drug Store___No par 2034 Nov 12 3512 Mar 31
*90
*8734 00
9412 .90
211
/
4
Dec 6018 AI
9412 .90
92
*90
9413
20 6 A% cony pre2erred
100 81% Oct 6 1041i Aug 19
152 15312 153 15153.'15234 15312 150 15012 14912 151
9712 Dec 1074 Ma
146 148
2.700 People's 0 L & C (Chle)_100 129 Oct 5 250 Feb 16 18514 Dec 325 Ma
12 .1018 14
*1018 14
12
.1018 12,8 *104 1218 10
77
1018
7
400 Pet Milk
814
85
No par 10 Nov 13 1712 Jan 30
718 734
17 Dec 2213 Au
634 714
714
7
658 7
9
914
918 1118 10
30.300 Petroleum Corp of Arti_No par
414 Oct 6 10% Feb26
1114
578 Dec 2714 Jut
912 10
014 10
9
958 23,400 Phelps-Dodge Corp
__ __-- ---- ---- ---- ---- ---25
618 Oct 1 2538 Feb 24
3 Dec 44% At
19
----- ---- --,•
47 .____ 47
-_-- --.4418 47 .4418 4-7
50 150 May 21 155 June 23 170 Oct 24853 At
Philadelphia Co (PItt8b)
4418 4418 *43 -48
- F,T2 572
100
preferred
6%
542 578
50
Oct
43
5613
21
528 6
Mar 12
5018 Jan 577 Bel
534 612
6
638
512
64
1212
113
4
12
22.400 Phila & Read C & I____No par
1134 1134
1214
358 Oct 6 1214 Mar 23
1112 12
64 Dec 254 Ma
*1118 12
1114 1112 5,300 Phillip Morris & Co. L6d
1312 137
1312 1312 13
14
10
9 Jan 6 1253 Aug 20
14
814 Jan 1512 Me
13
1334 1378 .13
1353
900 Phillips Jones Corp____No par 11 Jan 5 1478 Nov 2
•38
4678 *3712 4033 *3713 4612 *3712 46% *3712 4612
1014 Dec 277 Fe
.37% 4612
Phillips Jones pref
100 3712 Oct 15 62 Jan 3
84 858
62
9
9,,
,!11
Dec 75 Fe
_9
858
,
734 8
759 8
712 734 26.700 Phillips Petroleum
No par
434June 2 163* Jan 5
.413 7
1113 Dec 44% At
*4'2 W 2 *412 612 .
4,2 6,2 *6
612 *6
612
eg
Phoenix Hosiery
1112 .10
1112 *10
5
44 Oct 5 1014 Apr 6
14
*1012 14
7 Dec 201s At
*1012 14
*10
11
Pierce-Arrow class A__No par
51s Oct 2 2714 Feb 11
12
34
28
88
*12
15 Dee 33 At
28
12
12
812
53
*12
53 8,200 Pieroe Oil Corp
11
25
*9
33 Oct 30
113 Feb 28
1018
9
9
912 1034 *918
h Dec
212 Mt
9
152
912 *814 9
134 •132 1%
900
Preferred
100
518 Oct 5 23% Feb 27
111
138
158
112
74 Dec 52 Ma
112 112
112
112 3,800 Pierce Petroleum
No par
2712 2734 28
78 Oct 5
27
278 273
267 27
333 Feb 27
153 Dec
71 Al
2814 2814 226
26
1,300 Pillsbury Flour Mills_No par 2014 Oct 6 87 Mar 9
2512 Dec 373* Al
•Bid and asked prices; 00 sales on gala day. S Ea-dividend and ex-rights.
z Exdividend. r Ex-rights,
3224
New York Stock Record -Continued-Page 7
HIGH AND LOW SALE PRICES PER SHARE. NOT PER CENT
Saturday , Monday , Tuesday 'Wednesday 1 Thursday I Friday
Nov. 13.
Nov. 12.
Nov. 11.
Nov. 7. 1 Nov. 9. 1 Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-shars lots.
Highest.
Lowest.
PER SHARE
Range fo Previous
Year 1930,
Highest.
Lowest.
per share $ per share
Shares Indus. & 51lacell.(Con.) Par 5 per share 3 per share 5 18
Dec 7812 Jan
$ per share $ per share' $ per share 1 3 per share $ per share 1$ per share
6 Oct 3 2812 lan12
7,200 Pittsburgh Coal of Pa-__100
858 9
912 912
9381
734
712 8
9
812 878
Dec 110 Jan
66
27
Jan
80
3
Oct
35
101)
Preferred
300
45
*38
3714
3714
Dec 2278 Feb
45
1312
*374
Feb24
3718
3718
1514
45
*374 45
*3718
334 Oct 6
100 PROM Screw & Bolt___No par)
514 514
*514 512 *514 512 *514 512 *514 512 *514 54
8414 Dec 103 Jan
26 87 Jan 15
Oct
304
100
pref
cum
Steel
7%
Pitts
10
36
36 1 *33
1914 Oct
*33
36
Dec
*33
11
36
27
*33
Fen
33
33
15
33
31
.
29
Oct
2
25
600 Pittsburgh United
Oct
234 .214 2341 •214 234
212 212 *2
914 Dec 103
212 24
2
2
100 45 Oct 5 994 Feb 27
troet
tPreferred
co
ed
101 piP
66
*58
66
*58
66
61
1814 Dec 224 Apr
65 .
65
65
*56
65
*57
18 1814 Jan 5
Oct
4
,
7
par
No
*738 10
Mar
*738 10
8
343
Dec
*74 10
1018
10
*74 10
Jan
.74 12
4
133
*74 12
1
Oct
3
No par
Poor & Co class B
*518 6
1434 Dec 3038 July
54 *478 578 *54 6
534 *478 6
*5
*5
2 Sept 30 27 Feb 28
512 534 2,400, Portortican-AmTob clA ___100
512 534
*512 6
Oct 2714 Mar
4
6
6
8 Feb 27
6
6
58 Sept 25
*534 638
lass
Jan
214
.2
Dec 103
214
20
*2
9
Jan
212
212
212
3912
212
214 214
812 Oct20
r
a0
10
reof P
111.4 Cable 7% pN
d12 0,31.4i 8.10111 Pos CtaiTe
*
1214 16
12
111, Dec 54 Apt
8 Feb 26
20,
1114 11,4 1112 1112 104 1118 11
8
Oct
512
25
&
Prairie
Oil
Gas
4,200
812 834
9
Feb
9
8012
Dec
8
165
Feb28
84 94
94 1014
2612
918 918
94
9
5
Oct
758
25
94 1038 6,800 Prairie Pipe Line
1014
1114 1138 1058 1008 10
34 Nov 184 Feb
718 Feb19
1158 1112 12
11
158 Oct 2
212 212 5,500 Praised Steel Car
34
314 338 *3
25 Dec 7611 Feb
278 314
212 3
212 212
812 Oct 1 4758 Feb 19
80f)
Preferred
14
14
20
Jan 7878 June
*1514 2212 *16
524
Mar
10
1514 16
16
7114
*14
O1412 16
1
cirr 3958 Oct
a0
No 1pp0
N
4814 494 4814 494 11,8001 Procter & Camble
49
Dec 1178 Mar
1
6 Feb 27
4914 4934 49
4978 4853 4912 48
112 Oct 5
300 Producers & Refiners Corp_ _50
178 2
*178 24
Dec 40 Afar
1112
27
Feb
238 .178 238 •178 2
16
238 *2
*2
24
Oct
414
50
1
Preferred
8
67
*5
64
*5
8
67
12334 Apr
Dec
65
*5
19
8
Mar
67
*5
*414
64
9612
878
*414
45,800. Pub Ser Corp Of N J___No par 5178 Oct 5
89
6938 6814 6912 67
6812 6778 6733 704 6818 704 67
100 Oct
4June
913
Nov 5 10212May 15
par
87
preferred
$5
1,0001
92181
92
95
*92
Dec 117 Sept
9012 *9012 95
*90
8812 89
89
89
r 297 Oct 1 12014 Aug 18 10434
No 100
10412 2,000 6% preferred
Oct
Jan
13514
121
12
Aug
34
139
10212 103
2
103 1034 10312 104 1 104 104 *10358 1041 104 11712
100 11212 Oct
100 7% preferred
158 June
• *11514 120 *11514 ___- *11512 ___ *11514 120 *11514 120 1 11712 140 1
100 13412 Oct 7 18012 Aug 21 142 Dee
200 8% preferred
Feb 112 May
10714
14
Aug
13978 13978 •13812 13978 1394 13978 *13812
10714
1
0 *13812 140 *13812 140
Oct
97
400 PubServElec&Gaa Pf$5 NO Par
9934 *9834 9934'
9812 9812 *99
47 Dec 8938 Jan
*98 ____ 9812 99
98
Z 98
No par 22 Sept 21 5812 Feb27
27 1 2434 26 1 10,200'Pullman Inc
811 Jan
12 Oct
2634 2634 26
27
26
2 Jan 9
2714 2612 28
- 26
,
14 Aug 25
800 Punta Alegre Sugar
12
*38
12
1'
12
2
753 Dec 2714 Apr
*38
5
12
Jan
8
*3
8
3
114
38
5
Oct
8
3
4
5
25
17:
612 634' 8,000,Pure 011 (The)
Apr
7141
7
714 714
11414
712
Dec
7
782 712
9012
678 74
8
100 6412 Oct 5 1014 Jan
10 8% preferred
8434' 8018 8018
844 *80
36 Dec 8878 Feb
8478 *80
8418 *80
o *7512 8478 *80
No par 1214 Oct 1 5514 Mar 17
31,200:Purity Bakeries
id
114 Dec 8938 Apr
204 1814 1918 1838 1912 21714 1812 299,0001Radlo Corp of Amer_No par 10% Oct 5 27% Feb25
8 20
19-18 20,
2114 19
cc
Apr
47 Dec 57
1358 1418 114 1334 1034 1214. 1034 1112 2,0001, Preferred
134 1438 1334 1414
50 4314 Nov 12 5518 Mar 2(3
a. 4312 434 4312 4312 44
31 18 Dec 85 Apr
4458 4338 4414 4314 4312 •4312 44
par 2512 Oct 5 60 Afar 21
3112 23.0001 Preferred 11
29
Apr
50
32581
Dec
3512
31
8
353
314
3434
8
143
3614
21
33
id
3434 3512
418 Nov 13 2412 Mar
No parr
418 412 150,400,Radlo-Keith-Orp cl A _ _N
478 512
164 Dec 5878 Apr
614
558 6
6
6,4 612
(3
912 Oct 1 2912 Mar 25
1312 1312 1.700 Raybestos Alanbattan_No par
Mar
141
8
647
Dec
1418 1412 14
15
2212
1338 1312 14
10
13
Feb
13
et
304
41
58
10
318 Oct 1
4'8
458 44 5,800 Real Silk HoelerY
438 45
412 43.1
378 412
83 Dec 160 Mar
318 334
3,2 334
0100 1312 Nov 4 90 Feb 3
300 Preferred
20 1
578 Feb
58 Dec
1638 1658 1812 1812 1812 1812 *1812
20 .16
20
*14
178 Jan 8
11 Oct 7
No par
Reis (190131) & Co
*12 112
Jan
1121
*12
112
*12
112
8
*5
8 Nov 37
12
5
112
112
22
I•ss
6 Sept 25 13 Apr
100
Fled preferred
1134
1134 *3
1134 *3
1418 Nov 4612 Apr
I-1134 *7
27
1134 *3
1134 *3
Feb
*3
4
193
21
Sept
4
par
No
14,900
Remington-Rand
438 458
Mar
438 412
8
1007
Nov
Z
458 434
84
434 514
7
434 44
Jan
44 513
88
16
Oct
0 20
100
1loll
25 I 2,4001 First preferred
3 ' 25
2334 234
Is] 13
Jan 104 July
23 8 2338 *2312 30
95
23
20j 2014 23
29 Nov 6 98 Jan 6
36; Second preferred
37
30 1 *30
30
37
> 30
*30
37
734 Dec 144 Mar
*30
30
30
30
3 Sept 22 1018 Feb 11
10
41s 5.100111eo Motor Car
4
414 4581
id
438 4.18
438 412
438 458
44 412
1012 Dec 7912 Apr
514 Oct 5 2538 Feb24
V)
9181 37.100 Republic Steel Corp___No par
8
834 914
878 914
28 Dec 9512 MaY
834 10
834 1012
734 87s
100 15 Oct 5 54 Feb 19
3,700
Preferred cony 0%
1.d
1914 21
21
2018 21
54 Dec 30 Jan
2412 2012 2434 20
24
13 Jan 2
23
1914 21
4Sept
3
3
Par
Braes
No
Revere
&
id
Copper
11
*5
11
Jan
*5
11
*5
34 Dec 72
11
*5
11
*5
11
No par 15 Oct 7 30 Jan 8
Class A
1J) *5
100
26
*18
26
•18
Dec 3434 Apr
*18
10
10
20
8Mar
*18
20
20
30
*20
7 Sept 21 223
1212 2.800 Reynolds Metal Co.__No par
12
13
1234 1234 12
14
12
Mar
184
1214
13
1212
1212
1212
6
Oct
212
par
_No
new_
Spring
712
Reynolds
712
I-:
600
738
714 *
40 Dec 5858 Mar
714
7
7
(3
5
5 5412June 24
*412 5
Ln
394 404 24,9001 Reynolds (19 .1) 'l'ob class 11_10 3512 Oct 25
70 June 80 Jan
4014 4078 3934 4038 3938 394 3958 40
754 Feb 19
7 4018 41
10 69 June
Class A
210
69 1
7212 69
934 Dee
418 Dec
5
7012 *69
Jan
*69
72
73
*69
69
8
63
69
-3 73
30
par
8SePt
__No
7
118 2,3001 Richfield 011 of Calif
*1
118
1
6 Dec 2534 Apr
118
1
Feb24
1
78
1
1
4
78
218 Oct 1 1014
c)
No pa
234 3 1 8,900i Rio(1rande 00
34
3
318
318
34 314
31; 34
2533 Dec 594 Feb
Mar 2
272 318
4
413
2
Oct
4
11,
,
pa
Affg____No
Dental
Ritter
1
20 ,
20 I .14
*14
20
I •13
145 Dec 4.534 Mar
*14
20 .14
20
*15
20
9 Oct 1 26 Feb24
10
1112 1112 2.100, Russia Insurance Co
1112 12
12
3634 Dec 5612 Apr
124 1234 12
I13
12
1112 12
1312Sept 21 4258 Feb10
1814 184 1778 1814: 9.6001 Royal Dutch Co (N Y (Mares)
1914 Dec 5714 Feb
20
Feb
1838 194 1738 1834 1712 18
8
,
18
184
304
6
Oct
10
914
1412 8,800 St Joseph Lead
Z
1412 1512 1412 1518 1418 1412 14
384 Dec 12238 Jan
1512 154 161 1
- 15
No par 3858 Jan 15 8912 Aug 19
5238 12,200 Safeway Stores
84 Dec 9978 Feb
8 514 5338 5434 5212 5314 5112 5234 5158 53 I 51
98.8Sept 4
53,
6
Oct
75
Preferred
410
RR
8418
*82
81
CI .80
8418 81
95 Oct 10978 Mar
8274 8018 8038 *81
*80
83
8778 Nov 7 10812 Aug 5
1,010
Preferred (7).
95
la 8778 89
9434, 94
92
91
91
1214 Dec 314 Apr
894 894 90
88
a((r))
6 Oct 6 2014 Feb 27
No 1p100
1,600 Savage Arms Corp
8
8
812'
CI
814 812 *8
758 9
4 Dec 1312 Jan
Mar 30
.714 712
1118
7
7
13
Jan
par
4
Stores_No
Schulte
Retail
1,300
418
4
418 4181
CC
Jan 75 Jan
35
418 418 *418 44
27
Mar
418 44
414 438
65
8
June
100 40
Preferred
*40
4413
4412
*40
49
*40
494
.40
0 •40
4912
934 Nov 37 Apr
49
*40
512 Oct 6 2014 Apr 11
834 914 33,100 Seaboard 011 Co or Del_No par
912'
9
1414 Mar
834 912
Dec
O
8
934 934
53
27
Feb
94 10,4
11
91s 104
28
par
312May
o
N
6
9,900 Seagrave Corp
Id
64,
6
64
6
8
6,
8
43% Dec 10058 Jan
512 638
532 54
634 Feb 26
46141 414 4434 74,900 Seam Roebuck & Co No par 31 Oct 5
CC 4712 48,8 4612 48
4458 4638 4434 454 45
Feb
23
Dec
214
27
Feb
612
134 Oct 1
1
100 second Nat Investors
234
*214
212 *2,4 _ y_12
35 Dec 8234 Mar
I, *214 2,2 .214
.
212 212 *24
2781
1 33 June 2 5818 Feb 27
Preferred
4434
200
4434 *41
Jan
34
4434 .41
*41
Dec
1
.41
43
11
Fen
42
41
4
13
O *39
'*Septl8
No par
12
12.
12
12 3.700 Seneca Copper
28
*12
12
12
12
12
12
12
34 Nov 134 Ayr
Z
35* Oct 5 1134 Apr 9
No par
51s 534 50.200 Servel Inc
62 Apr
512 578
Nov
54 553
2012
54 534
4
Feb20
53
53
514
512
2912
4
6
Oct
11
0)
to
134 13,
8 1312 1334 1314 1312 6,400 Shattuck (F
9 Dec 3234 Feb
1412 1434 144 144 1312 14
4 Sept 16 1378 Feb 18
N parr
400 Sharon Steel Hoop___ _NO
5
5
Y
*518 6
6
*5
1118 Dec 2734 Mar
54 578 *518 6
6
312 Oct 5 21 Mar 25
•5
No par
614 64 6.500 Shari)& Dolune
O
.638 634
7
Jan 4334 Mar
612 612 *6
54
25
Mar
618 634
5112
512 6
par
8
Oct
38
No
100
Preferred
48
*40
45
45
514 Dec 2512 Apr
.4218 48 .424 48 .4211 48
101, Jan 12
o *4218 48
314 Oct 1
No par
44 518 16,900 Shell Union 011
54
5
I44 5
538
5
55 Dec 10814 Apr
512
5
17
Feb
534
22
512
78
Sept
100
8
5
23
Preferred
800
3434
34
V) 3734 3734 3714 37,4 36
35
35
*3014 34
36
44 Nov 35 Apr
934 Mar 6
1 Oct 20
200 Shubert Theatre Corp_No par
11s,
14 *1
118 .1
118 *1
118 .1
118
118
11 Nov 944 Jan
I3. *1
812 Oct 6 2334 Feb 28
No par
1212 18.000 Simmons Co
12
1238 1234 124 13
Ps Dec 37 Mar
26
Feb
125s 144 1312 1412 1258 1318
11
O
4-38Sept2l
10
Petroleum
534 618 12.100 Simms
638
6
6
6
3 Apr
9114 Dec
64 64
64 7
658 714
512 Oct 5 157s Feb 26
712 8 122,300 Sinclair Cone Oil Corp_No par
734 814
838
8
814 878
86 Dec 11214 Apr
Mar 14
834 914
914
8
11
June
103
100
77
3001Preferred
88
88
89
W .87
89 .88
42
Apr
88 .88
Dec
88
104
87
87
7
89
Jan
8
127
3
314,Lne
25
458 478 3,900, Skelly 011 Co
Li
514
5
534 514
518 512
42 Dee 9934June
534 578
538 54
100 10 May '28 62 Jan 8
7001 Preferred
2212 2212
*2212 24
8 Jan
2378 2378 *2212 24
112 Nov
(4sem 2
2312 24
434 F11 15
23
23
r
parpe)
oo
Packing
81
1
Snider
200.
138
138
138
112
8 Dec 364 Feb
134 *18s 112 *138
134 .138
*112
2 Oct 1 1558 Feb 18
No
200, Preferred
w
614 *412 6
6
*418 54 *438 6
*44 6
*3,4 6
25 124 Oct 6 21 Aug 20
1412 43,500: Sossony-Vacuum Corp
2 144
Dec
1412 1478 1414 144 14
19
Mar
95
18
Oct
3 1512 1518 1558 1434 15
34
49
Dref_100
Inv
Am
Trust
Solvay
65
500,
64
65
6712 65
I- 6112 6112 6114 614 .64
6712 *64
J
1 Apr&
1-3
°13s ..1)13-eer 1-13
0
17,2 Jan 8 1-:
7 Oct
No par
1134 1212 114 1214 ' 1318 1112 1214 18,6001 So Porto Rico Sugar
WAugU1 Jan
22
11.212Juir
Oct
1212 134 1214 1318
87
15
100
Preferred
3201
108
101 101 ,•102
101 101 I 101 101
100
100
100
99
Z
AO Dee 72 A ur
5412 Feb26
25 2838 Oct
3512 3612 16,100 Southern Calif Edison
374 3614 37
0 Mar
364 3734 37
34 Jan
5 Mar 12
2'2Sept2i
3614 36341 3514 38
c
r
Southern Dairies el 1.1__No par
32 Dec 45 mar
312 *238 312 .258 312 .234 312 *234 312!
312 *258
18 Sept 12 36 Jan 6
238
.
par
No
Bros
Spalding
21
800
*20
21
.20
21
20 .20
D .20
Jan
115
20
108
Aug
7
20
11512May
20
6
Oct
21
100
95
let preferred
10
*96 100
*96 100
.96 100
96
CI .96 100
96
1978 Jan 374 June
*96 100
Spang Chalfant&Colne No Par 15 Sept 30 2712 Feb 17
*__ __ 12
12
12
92 Jan 98 Jan
10'212, Jan 21
5
Oct
4812
00
to •_,.... 12 .___ 12
751
Preferred
*50
75
75 .50
*50
75
*50
8 Dec 3012 Apr
312 Oct 5 I358 Mar 16
75
*50
75
Id *50
412 4,000 Sparks Withington_-_No par
4
412 45g
414 414
435 45
412 458
84 Dec 25 Apr
-2
414 434
9 Sept 30 1612 Mar 25
15
800 Spencer Kellogg & Sons No par
1312 1334 1418 *13
1214 1214 1212 1212 13
21
74 Dec 3612 Feb
Feb
4
173
13
15
Sept
ef •12
6
par
No
Co
Mfg
Spicer
*618 8
*618 8
*618 8
8
.6
8
25 Dec 454 Mar
.6
8
*6
18 00114 3312 Feb 20
La
Preferred A
19
100
1978 19
1978 .19
1978 *19
1978 *19
318 Oct 8 1712 Mar 24
412 Dec 52 Feb
r
a
cc •1812 1978 *19
p
°
o
N
N
Co_
-Stern
Spiegel-May
1,100
5
5
512
*5
434 5
5
5
144 Nov 2914 Feb
534 5,2 *512 6
No par 1214 Oct 1 2012 Feb 25
el
1512 154 43,000 Standard Brands
1558 16
1612 1534 1638 154 16
1612 16
''"
118 Jan 5 124 July 1 114 Nov 12111 Sept
11912
Preferred
100
11912
u. 16
4
1213
*11912
4
714 Feb
212 Dec
4 Feb 10
2 Sept 25
•118 124 *11812 124 *119 124 *11912 12134
l% par
600 Stand Comm Tobaceo_A
2
2
212
2
.
2
*2
2
212
534 Dee 12914 AM'
214 *2
o
2914 Oct 5 884 Mar 10
*2
4238 4114 4214 384 4114 29,300 Standard(Ms & Elec CoNo Par 4212Sept 22 644 Mar 23
4314 41
4438 41
55 Dec 67 MaY
4214 434 43
Preferred
51
200
.48
51
.4878
4818 4818 *484 51
48
9234 Dec 104 SePt
4934 48
•48
n pa r 70 Oct 14 101 Mar 23
Ao
300
80
36 cum prior pef _-N
80 .75
*75
77
77
79
*76
80
9312 Dec 11414 Sept
*72
75
No par 75 Oct 6 10934 Mar 6
7
100
$7 cum prior pref
9018
904 .86
*86
90
*86
00
90
54 Oct 3
414
13
90
112 Nov 1512 Mar
Feb
*85
par
No
*844 90
Corp
Investing
Stand
300
*78 118
114
114
114
114
3
13
8
13
114
98 Feb 10632 Oct
14
8812
Sept
.1
106
5
Oct
_100
114
*1
700 Standard ()II Export prod_
*9614 97 •9614 97
96
Feb 13
4214 Doc 75 Apt
par
6
*9512 9612 9612 961296
Oct
514
284
No
95
Callf
95
011of
Standard
57.600
2
,
35
344
3634 3458 3534 3378 354 344 354 1214 1214 2.800
1438 Dec 49 Apr
25
814 Oct 1 19 Jan 5
3512 3614 36
1238 1338 1258 1258 124 1312
1
,
4312 Dec 8478 Apr
12,4 1241 1214 13
3438 3578 107,400 Standard 01106 New Jersey_25 2814 Oct 6 52 Feb24
3734 3534 364 3434 3614 354 3612
3612 37121 37
1944 Dec 4038 Apr
8June 3 26 Feb 10
-I ---- ---1 --- __ -1Standard 011 of New York _25 137
19 Dec 47114 Apr
938&Pt 19 344 Feb24
600 Starrett Co(The) L 8_.No Par
.10
1
II
1038
;1.5'258 Dec 2011 Mar
54 Feb 10
1 Oct 2
-10721012' 1112 1 112
700 Sterling Securities el A _No par
1'2'
112
112 1 12 *114
3
6 Dec 144 Mar
934 Feb 16
218 Sept 29
No par
3
600 Preferred
1
3
3
3131
34
4
*3
4
4
3
3018 Nov 48 Mar
3
234 2341
4,600 Convertlble preferred____50 1978 Nov 13 40 Mar 26
8 2018 2212 19% 21
Apr
234 2412 2234 24,
144 Dec 47
434Sept 21 214 Mar II)
*2314 25
714
734 12,900,Stewart-Warner Sp Corp_ 10
758
734 842,
*2314 25
7,2
374 Dec 1134 ADC
par 1334 Oct (I 5412 Mar 21
734 834
814 84,
738 838
1838 29,100 Stone & Webster
18,4 1914 1814 18341 1714 1678 23,200 Studeb'r Corp(The)
1812 Nov 474 Feb
o par
1 28 Mar 26
No
Oct
9
N
1913 2038 1934 21141 1853 20
1514
8:
163
1438
15
Jan 125 Mar
100 99 Oct 5 11814 Apr 6 116
1518 1534 1518 15781 21438 15,4 14,4 106 *10114 106 1 10118 101.41
20 Preferred
30 Dec 70 Apr
*974 106 *10118
No par 2634 Oct 1 4514 Feb 25
100 100
•100 106
300 Sun 011
3312
333. *314 334' *31
3414 .31
Dec 1084 Sept
4
973
2
Feb
Oct
3412 •31
104%
100
89
3338 34
_Preferred
200
1
*31
91
.9014
90'2 *9014 94 1
30 Nov 4514 JUly
4058 Feb 9
9412 29412 94,2 90
93
93
•90
1,50018uperheater Co(The)__No par 219 Oct
21 1912 1934' •1934 21
94 May
*20
ry Dec
21
No par
134 Feb 17
2012' *20
12 Oct
20
21
400.Superlor 011
21
58
58
341
34
8
7
534 Dec 294 Mar
Mar
4
*3
8
100
4
8
187
314
3
Oct
4
3
Steel
21
8
7
4
*3
500,Superlor
4
81
*34
8141 *7
672 *7
8 Mar
157
Jan
812
64
50 114 Oct
1572 Aug 28
712 814
toonof America
84 81 t
tsC
ioli
5330
wie:
*734 814
Sy
100,s
1312' 1134
34 his
7 Apr
138 Dec
*131312 1212 1212 *1212
218 Fen 2
1212 13
12Sept 2
13
*12
•34 1
4.34
1
Apr
174
Dec
4
1
4
28
par
Jan
No
*3
8
7
812
Oct
34
.
78
600 Class A
*12
2
*112 14 •11
134 2
1558 Jan 26,4 Apr
14 14
*112 2
34 0
1%
2
21 101ar 6
•138 2
600 Telautograph Corp__ No par 12
*1534 16
16
16
Dec 17 Apr
4
73
16
Jan
912
5
par
No
Oct
3
Corp
*1614 1634 1612 1612 1614 1611 18
Tennessee
334 3 4 1.500
34 378
2814 Dec 8012 May
334 378
338 34
334 334
5,11.
357, Jan 7
0t
25 12
*3,2 34
8 1938 45,900 Texas Corporation
18,
1938 20
21
404 Dec 6732 Mar
No par 2032 Octc
5514 Feb24
2012 214 2058 2138 2034 2112 20
Gulf Sulphur
2918 3012 2814 294 28.700 Texas
4 Dec 14,2 Mar
9
Jan
3078 2918 30
64
31,4 3018 304 30
30
31s 7,800 Texae Pacific Coal & 011....10
3
312 •3
3,4 •318 34
3is
338 34
34 312
I
y Ex-rIghts.
•Bid and asked prices; no sales on this day. z Ex-divIdend.
1w4 11'2 mi.
184 1 41 II, 1.4,1 *D., 1 4 v.
New York Stock Record-Concluded-Page 8
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 7.
Monday
Nov. 9.
Tuesday
Nov. 10.
Wednesday
Nov. 11.
Thursday
Nov. 12.
Friday
Nov. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
S per share S per share $ per share S per share $ per share Shares Indus.& Miscall.(Concl.) Par
752 77
714 73
1
678 714
7
7%
652 6% 19,800 Texas Pee Land Trust
534 534
No par
614 614 *53
614 .
62 *6
6
614
300 Thatcher klfg
*2812 35 .2813 35
*2812 35
*2812 35
*2812 35
No par
Preferred
912 912
*10
11
.10
11
11
*10
11
11
No par
200 The Fair
*
@FedFRASER