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The
animerri31
VOL. 131.
financial
hrtinide
SATURDAY, NOVEMBER 29 1930.
NO. 3414.
United States Steel Corp. is now down to 45% of
capacity as against 471/2% in the two weeks prePUBLISHED WEEKLY
ceding, while the independent steel mills are enTerms of Subscription—Payable in Advance
gaged
to only 37% of capacity against 41% in the
Including Postage—
12 Mos
6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 two previous weeks. For the steel trade
In Dominion of Canada
as a whole
6.75
Other foreign countries. U.8. Possessions and territories_ 11.60
13.50
7.75 production is only at 40% as
The following publications are also issued. For the Bank
against
43%,
while
and Quotation Record and the Monthly Earnings Record
subscription price is the advent of the Thanksgiving holiday
86.00 per year; for all the others is 85.00 per yearthe
is
calculat
ed
each.
Add
50 cents to
each for postage outside the United States and Canada.
to lower still further active capacity. However,
COMPENDIUMS—
MONTHLY PUBLICATIONS—
UBLIC UTILITY—(seml-annually)
BANE AND QUOTATION RECORD
disappointment is no more poignant than before,
ESTATE
AMWAY& INDUSTRIAL--(IOUT a year) MONTHLY
EARNINGS RECORD
AND MUNICIPAL— semi-ann.)
since hopes of any change for the better before the
Terms of Advertising
first of January were abandoned some time sinee.
Transient display matter per agate Line
45 cents
Contract and Card rates
On request
The farm situation remains equally devoid of
OD.CAGO orrIce—In charge of Fred. H. Gray. Western
Representative.
208 South La Salle Street. Telephone State
encouraging features. The Federal Farm Board
0613.
LONDON 07PICE—RdWardl & Smith. 1 Drapers uardens.
London. E. C.
continues its activities in the wheat market, being
WILLIAM B. DANA COMPANY, Publishers,
William S
, Corner Spruce, New York.
apparently engaged in both selling and buying
wheat, chiefly of future options. Through its operaPublished every Saturday morning by WILLIAM B. DANA
COMPANY.
President and Editor. Jacob Seibert; Business Manager,
William D. Riggs tions it has managed to
Treas.. William Dana Seibert; Sec., Herbert D.Seibert. Addresses
hold prices firm, but at a
of all. Office of Co
wholly artificial level, and no one can tell when it
may be deemed wise, in the judgment of the Farm
Board, to stop buying and withdraw altogether from
Change of Address of Publication.
the market. At present the Farm Board seems
The Commercial & Financial Chronicle,
engaged in feeding out wheat whenever there is a
having long suffered from inadequate
rally, as well as in buying at every manifestation of
weakness. We are told that as a result of the Farm
facilities for handling its growing size
Board's
presence wheat prices in this country are
subscrip
and growing
tion list, has moved
now
entirely
on a domestic basis, as to which there
Into new and larger quarters, and is now
cannot be a shadow of doubt, seeing that at Winnilocated at
peg prices are now 14@l6c. a bushel lower than at
William Street, Corner Spruce,
Chicago,
when under normal conditions the WinNew York City.
nipeg price ought to rule 5@6c. a bushel higher,
P. 0. Box 968, City Hall Station.
since transportation costs to Europe are that much
cheaper from that point.
Chairman Legge, of the Farm Board, seems to
The Financial Situation.
think that no difficulty will be experienced in mainThere has been no appreciable change the present taining the domestic market on an independent
week in the general trade situation, which means basis, but as to this opinions will differ. Anyway
,
that the outlook still lacks bright or encouraging the advantage to be gained from such a state of
features. The occurrence on Thursday of the things may well be questioned. December wheat
Thanksgiving holiday, an occasion when a large at Winnipeg closed yesterday at 59c., while the Demass of the population had little of a material kind cember option at Chioago closed at 757
/8c., or 16c. a
for which to make offerings of thanks, has served bushel higher. No wheat will
be bought in the
to accentuate the prevailing dullness and depres- United States for export so long
as this situation
sion, and to add to the prevailing gloom. Steel pro- continues, while Canadian wheat, we may be sure,
duction has dropped to a still lower level, and will go out freely at the much lower figures prethough some steel producers have undertaken to vailing in the Canadian Northwest, and
as to the
place steel prices for the first quarter of 1931 on a bearing of this it should not escape attention
that
firmer basis, the effort has failed to stimulate any the Canadian crop the present season is almost
high hopes of improvement in the early future of 100,000,000 bushels larger than the Dominio
n's short
the steel trade, in view of the steady falling off in crop of last season, the Canadian
crop of 1930 being
steel production. Obviously raising prices, or even estimated by the Dominion Governm
ent at 395,maintaining them, when business is so intensely 854,000 bushels as against 304,520,000 bushels
the
depressed as at present is no easy task, and one may crop harvested in 1929. It does not seem
to have
be excused for entertaining misgivings as to the occurred to the Farm Board that in
this situation
outcome.
the Board will be simply holding the bag for the
According to this week's figures of the trade surplus stock of American wheat,
while Canadian
papers, steel ingot production of the mills of the wheat will be following an
unimpeded course to
finantial(Oro=It
3406
FINANCIAL CHRONICLE
For.. 131.
It is, however,
thereby brotherhood leaders any concern.
the foreign markets, even if at low prices,
t deal of concern,
with the giving railroad managers a grea
repeating the experience of Great Britain
which promises
the Brit- and here is where a ray of sunshine
Dutch rubber producers at the time when
downtrodden
The
g.
maintain an much for the future is appearin
ish Colonial Government attempted to
turn. This
to
y
read
ng
lly failed railroad worm is at last getti
artificial price level for rubber and so signa
the future.
for
ise
prom
much
is a circumstance of
once more
in the endeavor.
ng
comi
oads
railr
the
in
t
the cheer- It may even resul
by
any
oved
impr
not
is
ook
outl
The
has been into their own.
railful (?) news to which Chairman Legge
In the present great slump in business the
t that
effec
the
to
,
of
line
r
giving currency the past week
othe
any
large scale roads have been harder hit than
and
s
gros
Russia's revival as a wheat exporter on a
nue,
reve
bushel un- human activity. Their losses in
will make a world price of a dollar a
Their present
the usual net, have been perfectly frightful.
usual. Of course Mr. Legge is offering
be ascribed
to
not
is
American unfortunate plight, however,
se of ill
cour
remedy, namely, reduce the size of the
long
A
.
ssion
to our entirely to business depre
all
at
al
appe
not
h
does
whic
dy
reme
crop—a
to the point of
pardoned treatment had brought them close
be
well
may
they
and
ers,
farm
ern
West
ration dealt the
e in mind starvation even before trade prost
for assuming this attitude when it is born
ed to be turned against
nt to ask- final blow. Every hand seem
that in the last analysis this is tantamou
have been meek
from the them. And the railroad managers
Now, however,
ing our wheat raisers to retire altogether
ing.
American and submissive beyond all think
evincing a
world market. The proposition is to limit
now
are
ents, thereby a change is appearing. They
the same
wheat production to home requirem
At
s.
right
their
t
a domestic determination to asser
in auhigh
e
putting our wheat situation entirely on
thos
from
ng
comi
out the for- time recognition is
dent
basis. The result could only be to shut
scen
the
tran
of
d
worl
ical
polit
thority in the
ies
agenc
eign market.
tion
porta
trans
t
grea
these
y suggested part played by
easil
more
cure
a
is
g
that
y
nnin
begi
ousl
Obvi
try. It is
the long run in the economic life of the coun
railthe
puts
than it is to carry it into effect. In
that
al natural to be recognized that anything
a reduction is sure to occur under norm
to business in gental
imen
detr
is
ardy
jeop
in
s
es
road
er prov
conditions. If wheat raising no long
hing calculated
anyt
wheat rais- eral and, on the other hand, that
profitable enough, farmers will abandon
em must serve
syst
ying
reduced. to revivify this great carr
ing and current production will be greatly
al business.
gener
e
reviv
Canadian immediately to restore and
But the situation is different where the
to their
oads
railr
the
ng
increas- More than that, that helpi
wheat raisers go on producing on a steadily
about
ging
brin
of
way
est
quick
In such feet is perhaps the
ing scale, as would happen in this instance.
country is so
producer the trade revival for which the whole
an event retirement of the American
producers earnestly longing.
would be simply allowing the Canadian
last, ac-,
The different brotherhoods on Saturday
Amerto pre-empt the export field at the cost of the
ment
orse
"end
d
Canadian cording to newspaper advices, vote
ican farmer. We have stated that the
no
with
day
r
-hou
put at of the basic principle of the six
wheat crop the present season is officially
the
d
on
base
rates
wage
the Cana- reduction in present daily
395,854,000 bushels, but two years ago
d by the
ect that eight-hour day." This, we are told, was vote
susp
We
Four"
dian crop was 504,000,000 bushels.
"Big
the
of
rmen
chai
al
Board will be seven hundred gener
at the end of the season the Farm
ing the Brotherhood
of wheat and railroad brotherhoods (compris
loaded up with accumulated supplies
Brotherhood of Locosupplies will of Locomotive Engineers, the
the problem what to do with these
n, the Order of Railmen—unless motive Firemen and Engineme
still be taxing the ingenuity of our wise
ood of Railroad
for one way Conductors, and the Brotherh
indeed Providence comes to the rescue and
n of North
Unio
n's
chme
Swit
try less Trainmen), and the
or two seasons puts at command of the coun
of
course be
must
men
d
uide
misg
ations there America. These
bounteous harvests. From present indic
that
kind is—
of
hing
anyt
rous
oste
of the taught how prep
is little likelihood of an early abandonment
oad
pay, but
railr
asing
incre
for
time
unced that this is no
prevailing folly, for on Monday it was anno
ble
(lower
if
it
possi
ing
nish
dimi
for
orted rather a time
that the Senate Agricultural Committee, supp
that
the
end
ble) to
had unani- living costs making the idea feasi
by the different farm organizations,
t,
their
re
credi
d's policy. the railroads may be able to resto
mously agreed to endorse the Farm Boar
the
ern
give
West
to
000,000 now seriously impaired, and also
This probably means putting another $250,
farmers the benefit of lower transportation costs,
at the disposal of the Board.
if that is at all possible of achievement.
It is a great point gained to find railroad manherhoods
At this juncture come the railroad brot
to demand for the railunemploy- agers in an aggressive mood
and offer most generously to relieve the
for their existence and
y
ssar
nece
so
s
six hours a roads the right
ment situation by agreeing to work only
e and commerce. In
trad
of
th
grow
the
for
only the as agents
day instead of the present eight hours, if
before the Railway
week
last
ered
deliv
the same an address
roads on their part will agree to pay them
Hotel Commodore,
r day. Business Association, at the
wages they are now receiving for an eight-hou
sylvania RR.,
a Elisha Lee, Vice-President of the Penn
How noble, how kind, and how patriotic, and what
that
"starvation
d
hours emphasized this feature. He note
great sacrifice it must involve to work two
for years,"
oads
railr
the
returns have been the lot of
less a day while yet drawing the same pay. Cerbetter
when
hand
at
is
not and declared that "the day
He
tainly such an exalted piece of self-sacrifice is
."
nded
dema
be
must
and
tment is necessary
to be matched in the railroad annals of the past. trea
1929
d
ende
with
s
year
n
seve
the
ed out that in
There is only one drawback to the immediate carry point
oads of the United States spent $5,800,railr
the
n,
sitio
propo
rous
gene
ing into effect of this most
s, to
000 upon improvements and betterment
and that is how the railroads are to provide the 000,
In
on.
billi
which the current year will add another
additional money needed for the purpose. That is
00,$43,0
ed
the same period their services earn
a little detail which does not appear to give the
Nov. 29 1930.]
FINANCIAL CHRONICLE
3407
money and have
000,000; they paid out in operating expenses 32 bil- roads have been asked to spendmoney they do not
expend
cannot
They
responded.
lions, including 20 billions for wages. Practically
have. Undoubtedly the railroad presidents could
the entire remainder, some 11 billions, also returned tell how they can get more money and be relieved of
promptly to general circulation through taxes, fixed some restrictions with little burden to the public.
charges, dividends, and improvements. For mate- Here is an opportunity for the governmental comrials and supplies about $9,700,000,000 was spent, missions to take the lead in reviving business and
partly from earnings and partly from new capital. increasing employment by giving the railroads a
All of which lends support to Mr. Lee's assertion chance."
that as media for increasing the country's wealth,
If heed be given to what Mr. Coolidge says, busiand the valume of its progress, railroads hold the
will be brought measurably near and
most important of all places in our national ness revival
perhaps immediately insured. It should be undereconomy.
the need is very urgent. As
Mr. Lee then made the admission we have in mind, stood, however, that
during 1930 have susrailroads
the
stated,
and which is highly important, saying: "We,in the already
In the nine
revenue.
in
losses
frightful
railroads, have made the mistake of over-meekness. tained
from
revenues
gross
their
30
Sept.
ending
months
We have taken too many vicious and evilly meant
of
amount
in
have
diminished
operations
railroad
blows on the chin with a smile. From this time on,
railfrom
income
net
and
their
$700,000,000,
almost
if I correctly interpret the spirit of my colleagues,
(before the deduction of taxes) ;n
there is to be a change in the air. The railroads, way operations
of $332,000,000, this last being a
their stockholders, their employees, and their man- amount, roughly,
It is evident from the reagements have rights, and we are going to fight for reduction of about 25%.
month of October that
the
for
in
turns now coming
them with the best that is in us."
add some further
will
month
this
for
A further step in the same direction was taken on the results
and net earnings
gross
in
losses
the
to
sums
the next day, that is, on Nov. 20, at a meeting at large
months.
nine
the
for
shown
here
alike
the Biltmore Hotel, New York City, by the AssociaMany of the roads will be brought close to banktion of Railway Executives, in unanimously laying
if they are not immediately assured better
ruptcy
down a policy with respect to transportation inaction is imperative.
tended to safeguard railroad interests for the future. conditions. Therefore, quick
known that the
becomes
it
The scheme is a very comprehensive one, and is pub- On the other hand, if once
enduring and
an
on
placed
be
to
again
lished in full in our news columns on a subsequent railroads are
their
credit and
in
confidence
footing,
page. We will only say here that the purpose in established
for their
demand
new
a
revived,
be
will
standing
mind is set out in the following pregnant words:
to comenabled
be
will
they
arise,
will
securities
"What the railroads are asking is a new spirit mand the additional capital so essential for their
and attitude on the part of legislative and regu- growth and development and for the growth and
lative authorities through a recognition that the
of the country itself and thereby genrailroads are engaged in a business subject as other development
revival be brought one step
business is to the operation of economic laws and eral prosperity and trade
should accordingly be permitted to adapt them- nearer.
selves quickly to changes in economic conditions
It is matter for general regret that J. Herbert
which confront them; and through a recognition
that railroad operations is a fundamental public Case, Federal Reserve Agent and Chairman of the
necessity and that the maintaining at all times of Board of Directors of the Federal Reserve Bank of
an efficient national system of transportation, ade- New York, should find himself obliged to sever his
quate to the business needs of the public, is neces- connection with that institution. Up to last Febsary, if we are to progress as a nation."
ruary Mr. Case was Deputy Governor of the New
Finally reference may be made to former Presi- York Federal Reserve institution, a position which
dent Calvin Coolidge's views on the subject. Mr. he had held since 1917, when the United States enCoolidge, in his daily talks in the New York "Her- tered the war, and during the 13 years of his connec.ald Tribune," gives utterance to rare words of wis- tion with the Reserve Bank was called upon to rendom. On Tuesday he had the following to say with der some onerous and exhausting duties, all of which
reference to the importance of the railroads, indi- he performed with great credit to himself and to
cating how general prosperity may be promoted and the Reserve Bank. On many occasions during the
business revival furthered through proper treatment illness of Governor Strong he was obliged to step
in Mr. Strong's shoes, and he acted with rare skill
of the railroads:
and fidelity in carrying out the views and policies
"The National and State governments are nearly of Mr. Strong, the dominant personality at all
a unit in their expressed desire to promote a revival 'times, with which Mr. Case was evidently-in full
of business. Probably as soon as legislatures meet accord. Mr. Case is one of those unostentatious men
they will propose remedies for much business with
unassuming way are all the time
which they are not now connected. Before taking who in a quiet and
services without proclaiming
invaluable
rendering
jurisdiction over other economic activities it might
large.
at
world
the
to
already
them
those
under governmental
be well to put
control in a profitable and prosperous condition.
The Reserve Bank's loss will be the gain of the
When that is done people would feel more confidence combination of banks which he is to command, and
in surrendering more of their business to local and which will involve a consolidation of the ManufacFederal supervision.
turers'Trust Co., the Public National Bank & Trust
"Federal farm Marketing is in the experimental
Co., the Bank of the United States, and the Interstage and clearly entitled to a chance to demonstrate
Co. He will be a tower of strength
its value. But for many years the States and Nation national Trust
which in size will be the
combination
great
have had very complete regulation of railroads. in this
in this city, with
institution
banking
largest
Transportation is a key industry. If it can be fourth
, revived almost all business will improve. The rail- total resources in the neighborhood of $1,000,-
3408
FINANCIAL CHRONICLE
000,000. Accession of some powerful new interests
in the control of the consolidated institution should
add further to its strength and prestige. Besides
this, the consolidated bank will become a member of
the New York Clearing House Association, thereby
subjecting itself to Clearing House rules and regulations. None of the separate banks and trust companies included in the merger are now in the clearing house. The new interests who will be represented
on the Board of Directors of the consolidated banks
consist of Mortimer N. Buckner, Chairman of the
Board of Trustees of the New York Trust Co.; Walter E. Frew, Chairman of the Board of the Corn
Exchange Bank & Trust Co.; Park A. Rowley, Vice
Chairman of the Board of Directors of the Bank of
Manhattan Trust Co., and George W. Davidson,
President of the Central Hanover Bank & Trust Co.
For.. 131.
measured by the grand total of the holdings of bills
and securities, is $26,560,000 higher than a week
ago, but only $5,354,000 higher than two weeks ago.
The total of these bills and securities has not varied
greatly from an even billion dollars for some time,
the amount now for Nov. 26 being $1,011,940,000
against $985,380,000 on Nov. 19, $1,006,586,000 on
Nov. 12, and $1,006,197,000 on Nov. 5. The amount
of Federal Reserve notes in circulation increased
during the week from $1,383,604,000 to $1,421,868,000, but gold reserves decreased from $3,040,982,000 Nov. 19 to $3,024,970,000 Nov. 26.
The stock market this week has pursued an erratic
and irregular course on a limited volume of business, with the tendency of prices most of the time
towards moderately lower levels until Friday, when
there was a sharp break all around. Interest in the
Another $63,000,000 has been knocked off the total
market was at no time very great, and the approach
of brokers' loans, according to this week's return
of the Thanksgiving holiday on Thursday added to
of the reporting member banks in New York City,
the prevailing dullness. Last week the market at
as shown by the figures of the Federal Reserve Bank
times had a sold-out appearance, it seeming not easy
of New York for the week ending Wednesday night,
to bring about further declines in prices. This week
Nov. 26. This continues the unbroken record of
it was made apparent that the undertone still was
reductions in these loans covering the whole of the
weak and that there were few supporting orders of
last nine weeks, the contraction for these nine weeks
any great consequence. On Saturday, at the halfbeing no less than $1,100,000,000. The loans are
day session, considerable week-end selling to realize
now down to $2,122,000,000, which compares with
profits which had accrued during the moderate ad$3,450,000,000 a year ago on Nov. 27 1929, and with
vances of the week, was encountered, and as a conse$6,804,000,000 the maximum reached on Oct. 2 1929,
quence prices generally moved somewhat lower,
just before the crash in the stock market in the
though Sears, Roebuck & Co., Montgomery Ward,
autumn of last year. In this week's further decline
and some other mail order concerns proved an exthe loans for own account by the reporting member
ception to the rule.
banks in this city have been reduced from $1,292,On Monday the mail order concerns still showed
000,000 to $1,288,000,000, and the loans for account
a rising tendency, while the course of the general
of out-of-town banks from $439,000,000 to $380,list was downward, with losses in the active stocks000,000, while the loans "for account of others" have
ranging from one to about three points, but with a
remained unchanged at $455,000,000.
recovery in the closing hour which served to cancel'
The outstanding volume of Reserve credit does
many of the early losses. Little attention was paid
not change very largely now from week to week, runto the cut in the dividend rate of Sinclair Oil, nor
fling for one or two weeks a little higher and then
to the United States Supreme Court decision holdfor one or two other weeks a little lower, or vice
ing the motion picture producers—one group headed
versa. Borrowing of the member banks at the Reby the Paramount Famous Lasky Corp. and the other
serve institutions follows much the same course headed
by First National Pictures—guilty of vioin increasing or decreasing alternately and yet lating
the Sherman Anti-Trust law. On Tuesday
showing no very great change over a series of the
market made a considerable display of strength,
weeks. This week's borrowings of the member the
steel shares under the leadership of United
banks at the 12 Reserve institutions again show
States Steel, which advanced to 149%, being in
an increase following an increase last week, but active
demand, and Westinghouse Electric, Amercoming after a decrease the previous week. The ican Can,
and General Electric also being in demand.
increase this week, as measured by the discount Declaration
of the usual stock dividend by the direcholdings of the 12 Reserve institutions, is $28,- tors of Allied
Chemical & Dye Corp. had the effect
815,000, which is in addition to $14,180,000 increase also of bringing a sharp advanc
e in that stock. The
last week, but $21,110,000 decrease the previous motion picture stocks,
though, were called upon
week. The total of the discounts now stands at to meet considerable selling induced
by the Supreme
$233,852,000 as against $205,037,000 on Nov. 19, Court decision of the day
before. In the last hour,
$191,657,000 Nov. 12, and $212,767,000 Nov. 5. As however, the whole list manifes
ted weakness, and
was the case last week, though to a much smaller prices declined all around.
extent, the increase in the discount holdings has
On Wednesday the leading stocks were all under
been offset by a diminution in the holdings of persistent pressure, and the
whole market developed
acceptances purchased in the open market, the a reactionary tendency.
Pre-holiday lassitude
amount of these for Nov.26 standing at $176,106,000 diminished the volume of
business, and the further
against $178,273,000 Nov. 19, $207,342,000 Nov. 12, shrinkage in the output
of steel, as reported in the
and $185,602,000 Nov. 5.
trade papers, as also the further shrinkage in the
Holdings of United States Government securities loading of railroa revenue
d
freight, all had a deagain record very little change in the grand aggre- cidedly unsettl
ing effect on the course of prices. On
gate, though some of the separate items going to Friday, after
the Thursday holiday, the market was
form the total show substantial variations from heavy, and prices
suffered more severely than on any
week to week. The final result is that the aggre- preceding day
of the week. The railroad stocks
gate volume of Reserve credit outstanding, as especially
declined with great rapidity. They. were
Nov. 29 1930.]
FINANCIAL CHRONICLE
3409
/8 on Friday of last week; Chrysler at
under pressure all week on the appearance of the against 367
2 against 31;
1
4; Nash Motors at 27/
1
8 against 20/
October returns of earnings, the most of which made 171/
Motor
Packard
80%;
against
77
at
Auto
the same poor comparisons with the preceding year, Auburn
4
1
23/
Car
at
Motor
Hudson
8;
/
97
against
2
1
/
9
at
as in all previous months. Even the mail order and Car
10.
against
9
at
Motors
Hupp
and
,
4
1
/
27
against
merchandise stocks lost their prices. The steel stocks
Goodyear Rubwere not helped by the suspension of dividends on the The rubber stocks have been weak.
52% on
against
48%
at
yesterday
closed
Tire
&
ber
on
loans
Call
Co.
common stock of the Otis Steel
2
1
& Co. at 19/
the Stock Exchange again continued unchanged at Friday of last week; B. F. Goodrich
against
2
1
/
14
at
2; United States Rubber
1
2% all week. Only 83 stocks established new low against 21/
.
4
1
2, and the preferred at 27 against 31/
1
16/
prices for the year the present week.
selling
to
readily
yielded
has
list
The railroad
Trading has been light and the volume of business
severe.
always
was
in
case,
their
which,
pressure,
for the week has been reduced by the occurrence of
4 against
1
59/
the Thanksgiving holiday. At the half-day session Pennsylvania RR. closed yesterday at
8 against
/
281
at
RR.
Erie
week;
last
of
Friday
on
64
on
on Saturday the sales aggregated 988,490 shares;
Balti137;
against
2
1
/
127
at
Central
York
New
33;
Tuesday,
Monday they were 1,630,820 shares; on
4
1
82/
at
Haven
81;
New
2
1
/
71
against
at
Ohio
&
more
shares,
,
1,950,040
on
shares;
Wednesday
2,152,930
191;
against
2
1
/
and on Friday (Thursday having been a holiday), against 90%; Union Pacific at 186
Missouri1,743,790 shares. On the New York Curb Exchange Southern Pacific at 99 ex-div. against 107;
-San
Louis
St.
24%;
against
20%
at
the sales last Saturday were 268,400 shares; on Kansas-Texas
at
Railway
67;
Southern
against
64
at
Monday,401,400 shares; on Tuesday,489,800 shares; Francisco
;
2
1
/
67
62
against
at
Island
Rock
68%;
against
4
1
on Wednesday, 510,600 shares, and on Friday 62/
2
1
/
Northern
44
;
4
1
/
against
42
at
Ohio
&
Chesapeake
473,900 shares.
2against 56%, and Great Northern at
1
As compared with Friday of last week prices are Pacific at 52/
2.
/
651
against
62
generally lower. General Electric closed yesterday
have continued to lag. Standard
shares
oil
The
4
/
3
of
on
WarFriday
51%
last
week;
at 47 against
against 55 on
ner Bros. Pictures at 17 against 19½; Elec. Power & Oil of N. J. closed yesterday at 52%
8
/
of
Calif. at 487
Oil
Standard
week;
4 Friday of last
/
8 against 471/4; United Corp. at 181
Light at 421/
;
4
/
93
against
at
8
Petroleum
2
1
/
Simms
4; Brooklyn Union Gas at 106 against against 50½;
against 201/
at
Refining
Atlantic
15;
against
2
/
131
at
Oil
4 against Skelly
/
112 bid; American Water Works at 633
4 against 38%;
2;Texas Corp. at 381/
1
4 against 22/
1
/8 against 74/
2; Pacific 21/
1
4; North American at 697
/
691
Richfield Oil
43;
against
bid
42
at
B
American
Pan
501
8; Standard Gas &
4 against /
/
Gas & Elec. at 483
18 against
at
Petroleum
;
Phillips
2
1
/
6
against
6%
at
;
2
1
/
70
d
Y.
Consolidate Gas of N.
Elec. at 67 against
2, and
1
25/
against
25
at
Y.
N.
of
Oil
Standard
4;
1
/
20
91;
&
Columbia
Gas
against
35%
at
Elec.
4
/
861
at
4 against Pure Oil at 11 against 11%.
/
against 39; International Harvester at 593
The copper stocks have been no exception to the
2 against
1
63½; J. I. Case Threshing Machine at 108/
8 against 53%; downward trend. Anaconda Copper closed yester4; Sears, Roebuck & Co. at 541/
/
1173
8 against 36% on Friday of last week;
/
8 against 21/
2; day at 351/
1
Montgomery Ward & Co. at 223
8; Calumet &
/
at 267
Copper
/8 against 286
2 against 61; Safeway Stores at Kennecott
1
Woolworth at 59/
at 35
Arizona
&
Calumet
10%;
against
10
at
Hecla
/8; Western Union Telegraph at 143
2 against 547
1
49/
17
at
Copper
Conolidated
Granby
36;
&
against
Tel.
at
Tel.
186% against
against 145; American
4
1
/
50
at
Refining
&
Smelting
American
18;
against
4
1
/
27
at
Tel.
30
&
against
4;
1
/
Tel.
Amer191%; Int.
2
1
4, and U. S. Smelting & Refining at 23/
1
/8; United States In- against 52/
ican Can at 114% against 1197
2.
1
2 against 68; Commercial against 23/
1
dustrial Alcohol at 66/
2 against 19; Shattuck & Co. at 25%
1
Solvents at 17/
Stock exchanges in the important European finan4; Corn Products at 77% against 82, and
1
against 26/
4 against 121/
/
cial centers were quiet and irregular this week, with
8.
Columbia Graphophone at 103
% heaviness still the rule in most sessions. The LonAllied Chemical & Dye closed yesterday at 1963
week;
last
E. I. du Pont don market was fairly steady, notwithstanding the
against 211 on Friday of
94;
against
/8
National Cash Regis- lack of encouraging developments, but the Paris and
de Nemours at 767
al Nickel at 18 Berlin exchanges shaded off into weakness at times.
33;
Internation
against
ter at 31
against 18½; Timken Roller Bearing at 45 against All markets remain under the influence of the busi2 against 487
1
/8; Yellow ness depression, which gives no definite sign of any
8; Mack Trucks at 44/
491/
2; Johns-Manvilie immediate turn for the better. Unemployment re1
Truck & Coach at 11 against 12/
4 mains an unabated problem, the most recent figures
1
at 66 against 70; Gillette Safety Razor at 32/
/8 of British unemployed showing a total of 2,285,987,
against 33½; National Dairy Products at 427
ng
against 44%; National Bellas Hess at 4% against or an increase of 1,012,456 over the correspondi
total
unemployed
German
year.
/
last
271
8
at
of
date
against 29½;
2; Associated Dry Goods
1
4/
4; American 3,484,000, according to official figures, and of these
1
Texas Gulf Sulphur at 53 against 53/
4; General Amer- about 2,200,000 are receiving unemployment doles,
4 against 411/
/
Foreign Power at 373
2
1
/
67
; Air Reduction against 1,200,000 at this time last year. The London
against
66%
at
Car
Tank
ican
Gas
United
8;
/
1077
against
nt at market took what cheer it could from another pre2
1
/
Improveme
100
at
27% ex-div. against 28%, and Columbian Carbon diction by Chancellor of the Exchequer Philip
4.
1
Snowden that a business revival is due soon and
8 against 93/
at 901/
The steel shares have led the market up and down. that it will proceed rapidly when it does come. This
4 against 1483
1
4 hopeful expression was more than counterbalanced,
/
U. S. Steel closed yesterday at 144/
8 however, by the critical situation that is developing
/
on Friday of last week; Bethlehem Steel at 603
at
51%
Vanadium
against 57%, and in the railways and coal mines owing to wage disagainst 66;
2
1
/
17
at
against
Steel
Iron
&
20. The motor putes. The difficulties between operators and emRepublic
the
also
followed
course
of the general ployees in the mines are expected to come to a head
have
stocks
list. General Motors closed yesterday at 34% early next week. Home rail stocks have been falling
3410
FINANCIAL CHRONICLE
[you 131.
for months on the London market and they are not whole. Selling
movements were met by substantial
aided now by the wage troubles with the railworkers. buying until the
last hour, when quotations fell to
The Paris market displayed some anxiety this week a degree.
The impending settlement was again a
regarding the coming month-end settlement, which cause of nervousne
ss. The Bourse session yesterday
is likely to be complicated by the series of recent was quiet, with
price changes small.
bank failures in France. Premier Tardieu took
Depression prevailed on the Berlin Bourse Monoccasion to urge retail dealers in France to reduce day and prices
dropped sharply all along the line.
their prices as much as possible in order to aid trade. Rumors of
revolution in Russia and unfounded reIn the Berlin market operations were conducted with ports of
bankruptcies among German firms caused
an eye to the Reichstag session scheduled for next much of the selling,
which resulted in declines of
week, which will contend with the financial reforms three to ten points.
The potash section was the
of the Bruening Cabinet. The Milan exchange weakest, while
electrical issues also lost heavily.
slumped Wednesday, when three fair-sized banks in The trend was
reversed Tuesday, most issues
northern Italy closed their doors.
recovering parts of their earlier losses. The
The London Stock Exchange was unsettled in the opening was especiall
y brisk and firm, but the
. initial session of the week, most groups showing an quotations then
registered were not fully maineasier tendency. Statements by Chancellor Snowden tained. Reichsbonk
shares and the electrical issues
on possible early conversion of the 5% war loan were among the
best supported stocks. The market
, caused firmness in British funds, but otherwise again displayed great
nervousness Wednesday, and
prices sagged slightly. Most international stocks prices began to slide
downward rather precipitately.
: were off, and in the gilt-edged list German and Uneasiness over the
domestic political situation was
, Brazilian bonds fell sharply. A favorable develop- a factor in this
trend, dispatches said. Potash
ment was a rapid oversubscription of a new issue securities showed losses
of seven to eleven points,
of £6,000,000 by the Central Electricity Board, this while Reichsbank
shares and chemical issues also
. result contrasting with the poor reception of the dropped sharply.
The trading volume, which was
last issue by the Board. A better tone was mani- substantial in previous
sessions, fell to very low
fested • on the London market Tuesday, although levels Thursday, but
prices turned about and moved
. business remained small. Textile issues improved; slowly upward.
Liquidation ceased in most parts
international stocks gained moderately and the gilt- of the list and the
few buying orders occasioned
edged list also was better. British funds were in- tabled. Reichsba
nk shares and the electrical issues
,active, with the war loan off a little. The improve- moderate advances
. The improvement continued in
ment was maintained Wednesday on further small yesterday's
session, and substantial gains were
:dealings. Bear covering was in evidence because of registered.
the near approach of the month-end account, reports
.said. British industrial stocks were firm, but the
Informal discussion of a possible implementation
international descriptions sold off. A somewhat of the Kellogg-Briand Treaty
was revived this week,
:harder tendency in money caused a reaction in entirely on the basis
of conclusions drawn from the
British funds. Prices moved in a very narrow range comments on the pact
that President Hoover made
Thursday, with international issues neglected owing in his Armistice Day address.
It was remarked in
\to the holiday in New York. Textile stocks again a Geneva report of last Sunday
to the New York
.improved and a few scattered gains were registered "Times" that the "hint" dropped by
President
• in other parts of the list, but trading was desultory. Hoover had not gone unnoticed in Europe.
.
"The
British funds were again soft on monetary hard- French Government," the report added,"is considerening. The London market was listless yesterday, ing resuming with Secretary Stimson its
private
with British Funds steady on further talk of conver- talks on this subject, which came to naught during
sion of the war loan.
the London naval conference." The French Govern. The Paris Bourse was weak at the start of the ment was said to have been given to understa
nd,
,week's trading, with a feeling of uneasiness and discreetly and through an unofficial agency,
that
.apprehension apparent. Most stocks plunged down- Washington is even more receptive to the idea of
ward to new low levels for the movement and many entering a consultative pact than President Hoover's
reached the lowest figures of the year. The selling speech indicated. In Washington reports of Monwas attributed largely to the approaching settle- day to the same journal it was said that administrament. Prices rallied Tuesday, however, on an an- tion circles admit that the United States is in a
nouncement that aid would be extended by impor- receptive mood toward any proposals that may be
tant financial interests, at the request of the Min- made by foreign governments for implementing the
istry of Finance, to a company engaged in Polish treaty. "But Secretary of State Stimson denied,"
,oil development. This announcement dissipated the dispatch added, "that any suggestions to that
,most of the fears of difficulties in connection with end have been received since the London naval conthe month-end settlement and prices turned upward. ference or that the United States has taken any
After a heavy opening Wednesday, prices resumed initiative in the matter." Secretary Stimson also
their advance and the list showed substantial gains stated that no discussions of the subject are now in
at the close. There were again rumors that some prospect. At the French Embassy in Washington
.Curb houses might find themselves in difficulties nothing was known of the reported moves for imple,next Monday when settlements are made, but it ap- mentation of the pact, while later dispatches from
peared that o_ly a few minor houses would be Paris indicated that official circles there contemaffected and prices soon recovered and they con- plate no immediate action toward that end. Retinued their advance. Buying orders came both sponsible quarters associated with both the State
from the French public and for foreign account, re- Department and the White House indicated last
ports said. Prices wavered somewhat Thursday, but Monday, a Washington dispatch to the New York
the Bourse showed a fairly firm tendency on the "Herald Tribune" said, that President Hoover had
Nov. 29 1S30.]
FINANCIAL CHRONICLE
no intention in his Armistice Day speech of making
a bid for the opening of negotiations. "Information
now forthcoming," this dispatch said, "puts to rest
whatever idea may have existed here or abroad that
the Hoover Administration was already sounding
out other governments or was on the verge of making
proposals with respect to implementation of the
Kellogg-Briand pact."
3411
Vienna to the New York "Times" remarked, diplomatic opinion preferred to interpret the movements
as a "pulling of strings" by Premier Mussolini. The
speculations took on a new and increased interest
Monday, when it suddenly was disclosed that Maxim
Litvinoff, Foreign Commissar of the Soviet Russian •
Government, had arranged to meet Foreign Minister.'
Grandi of Italy at Milan. Regarding this meeting,'which took place late Monday, nothing was revealed
save a brief official announcement to the effect that
matters of a political and economic nature were discussed. It was accepted in Europe generally as
placing a seal on the series of acts of rapprochement .
between Fascist Italy and Soviet Russia during the
past year. Official circles in London felt no alarm '
regarding the meetings, a dispatch to the New York
"Evening Post" said. "It is recognized here," the
report added, "that Italy is striving to become a •
mediator between Germany and Russia as a kind of
balancing power on the Continent."
An intimation of the nature of the conversations
in Europe among international banking authorities
was available this week in reports from Basle; where
the headquarters of the Bank for International
Settlements are located. In a dispatch of Monday
to the New York "Times" it was disclosed that experts of six central banks of issue had assembled
in Basle "to begin negotiations dovetailing with the
conversations over world distribution of gold begun
in London and Paris by George L. Harrison, Governor of the Federal Reserve Bank of New York."
The experts are to prepare a report, it was said,
Conflicting aims and desires of the world's mill- which will serve as a basis for negotiations designed
of the ,
to permit the B. I. S. to begin operations as a clear- tary and naval powers made the sessions
and •
slow
Commission
Disarmament
Preparatory
ing house for the international exchange of money.
CommisThis
week.
current
the
in
affairs
hesitant
New
This report coincides with recent statements in
York by Gates W. McGarrah, head of the B. I. S., sion of the League of Nations resumed its discus•
than'
more
in
prevailed
hope
the
and
6,
Nov.
on
sions
already
has
new
institution
the
who declared that
started to function in a small way as an interna- one quarter that on this occasion a date would be
tional clearing house for foreign exchange. Mr. set for the long-promised general disarmament conHarrison, whose visit to Europe has caused so much ference. No action to this end has yet been taken,.
conjecture, concluded his discussions in Paris last and in the meantime the Commission contit ues to
Saturday and proceeded to Berlin. He sailed from elaborate an agenda for the proposed but still inBremen for New York on Wednesday. Some definite inclusive gathering. In its previous delibfurther rumors emanated from London this week erations this month the Commission adopted proregarding a possible resort by Germany to the mora- posals for the control of land and naval armaments
torium provisions of the Young plan. Such'reports by means of budgetary limitation rather than spegained a certain currency several weeks ago when cific limitation by types of material and arms. This
Mr. Harrison was in London at the same time that proposal was widened late last week to include air
J. Pierpont Morgan and Owen D. Young also were armaments as well, so that a project for limitation.
in the British capital. A London dispatch of last of all armaments by the budgetary method will be
Tuesday to the New York "Times" revived these placed before the forthcoming general conference..
rumors and told of reports that the German Govern- When the matter came to a vote, 19 nations voted
ment had started diplomatic moves toward a mora- for it and two against. The United States and
torium. Foreign Minister Curtius was said in such Japan cast the two negative ballots, this country
reports to have communicated to the creditor powers maintaining its previous stand for more specific
the belief of the Reich Cabinet that the burden of limitation of the number of cannon, tanks and other
financial reforms would be too heavy and that Ger- weapons. A debate followed on the question of
many would be forced to invoke the moratorium limitation of expenditures separately as applied to
provisions of the plan. Berlin dispatches of the land, sea, and air armaments, or, as a whole, with
following day quoted German Government the British delegates favoring the former method
spokesmen as saying such reports are without and the French the latter. The vote was evenly
divided, and, as is customary in such emergencies,
foundation.
a special sub-committee was appointed to look into
European political circles displayed considerable the question in greater detail.
A proposal for publicity on armaments, fostered
agitation in recent days as a consequence of several
exchanges of visits among prominent officials of by Ambassador Hugh S. Gibson as head of the
various foreign offices. France and her Allies in United States delegation, came up for the considthe Balkans were particularly disturbed by a jour- eration of the Commission early this week. The proney to Berlin undertaken by Premier Bethlen of posal represents a compromise of divergent views
Hungary, especially since the trip followed close on on direct and indirect limitation. Mr. Gibson rethe heels of a visit by Count Bethlen to the Turkish ferred to it as "vital"; Dr. W.A. Riddell, of Canada,
capital. Some significance also was read into a thought it "essential," and Edward Cobian, of Spain,
visit by Premier Venizelos of Greece to Angora, and considered it the gravest question that has come
the whispering increased whpn the Turkish Foreign before the present session of the Commission.
Minister, Tewfik Rushdi Bey, announced in Geneva France, Japan, and Persia objected to the proposal,
last Sunday that he would stop off at Rome to see and in accordance with the custom of the CommisPremier Mussolini and Foreign Minister Dino sion it was relegated to a special sub-committee.
Grandi. All the officials concerned stated publicly The discussion on publicity narrowed to aircraft
that their journeyings represented nothing more thereafter, and brought out some very interesting,
than a sort of social exchange, but as a report from if not reassuring, comments about monoplanes that
3412
FINANCIAL CHRONICLt
are capable of mounting four small cannon and several machine guns while flying at immense heights
out of effective range of anti-aircraft guns. After
this airing of views the Commission proceeded to
tonsider a project for the establishment of a permanent disarmament commission to supervise enforcement of the proposed general disarmament accord.
A favorable vote was registered on this suggestion,
and a further proposal that the permanent supervisory commission be named by the future general
conference also was accepted.
Form 131.
ous governments the urgency of action upon the convention abolishing export and import prohibitions.
At the London round table conference on India
all attention was directed this week to the preliminaries for the moulding of a Federal Constitution
for India by the specially organized committee on
federal relations. The unanimity of the demand
among the Indian delegates for immediate Dominion
status was surprising. It left the conference, which
began Nov. 12, little to compose among the representatives of the independent States and of British
Discussion of the world tariff situation by the India, or among the adherent
s of the various reLeague of Nations Conference for Concerted Eco- ligions and castes. Accordin
gly, the work of actunomic Action does not indicate that any important ally building a Federal
Constitution for an autonodownward revision of tariffs is likely to be made. mous Indian Government
was speedily reached and
This conference, which assembled in Geneva Nov. 17, a start on the problem was
made last Monday. The
is in part an outgrowth of the Briand suggestions task before the committe
e, a London dispatch to the
for a European federation. It met in an effort to New York "Times"
points out, is that of proposing
formulate a "tariff truce" agreement and prepare a form of government
which will satisfy the nationthe way for general reduction of duties. After some alist aspirations of all
Indians, but which will safepreliminary discussions, two sub-committees were guard the regional and communa
l interests of difappointed, the first to consider the implications of ferent parts of the country
and different religions.
the proposed tariff truce, and the second to consider The proposals, moreover,
must be acceptable to the
suggestions that the industrial countries of Western British Parliament. The Federal
Relations ComEurope grant preferential tariff treatment to the mittee, which consisted at first of 32 members
, was
agricultural countries of Eastern Europe. When successively enlarged this week until finally
it inplenary sessions were resumed this week it appeared cludes all delegates to the round table
conference.
speedily that the work of the first sub-committee There are thus 13 English delegate
s, 16 representawas not very productive. A vote was taken on a tives from the independent Indian
States, and 57
British proposal that negotiations for tariff reduc- delegates from British India.
As a guide to the
tions proceeded by the multilateral method. This committee, a list of "heads
of discussion" was disresolution was rejected in the face of a threat of tributed early this week.
This list was drawn up
British protectionism, and the conference adopted by the Lord Chancellor,
Lord Sankey, as the "indiinstead a resolution for negotiations by the bilateral vidual most familiar with
the various forms of fedmethod.
eral government throughout the world." One devel"The resolution voted by the conference shows opment at London, not strictly a
conference matter,
plainly," a Geneva dispatch to the New York was the presentation by several Indians
of a petition
"Times" said,"that there exists no general tendency to Prime Minister MacDonald for the release
from
toward a tariff understanding, but that most Euro- prison of Mahatma Gandhi and all the thousan
ds of
pean nations are still determined to maintain their other political prisoners. No action was taken on
individualistic policies in negotiations where all the petition.
reductions granted must hinge on direct concessions
The Imperial Conference in London, which adin return."
journed Nov. 14 without solving the economic probThe question of tariff preferences to Eastern Euro- lems that were of chief interest, had its Parliam
enpean agricultural States came up Wednesday and tary echo last Thursday, when the House of Comrevealed what the correspondent of the New York mons debated a motion of the Conservative
leaders
"Times" referred to as a "gaping political fissure." censuring the Labor Government for alleged bungThe Italian delegation took the lead in the debate, ling of the conference. Constitutional question
s
trying to "torpedo the whole program of preferential were successfully settled by the conference, but
the
treatment," the correspondent said. Italian spokes- important matters of Empire preferences in trade
men indicated quite plainly that their motive resided by means of tariffs or quota imports were left to
in the suspicion that Jugoslavia, if helped by other a further meeting which is to be held in Canada
nations, might turn her improved finanees toward within a year. The motion of censure was made by
military preparations against Italy. The discussion Stanley Baldwin, who as Conservative leader had
revealed that Germany alone among the Western accepted for his party the preferential tariff proEuropean countries was willing to negotiate under posals made by the Canadian Prime Minister R. B.
the conditions outlined, and even in this lone in- Bennett. Debate in the Commons on Thursday
stance it was provided that concessions must be reached a heated stage when J. H. Thomas, Secremade in return. One of the few decisions actually tary for the Dominions, referred to the proposal of
reached by the conference relates to the tentative the Canadian Prime Minister as "all humbug." In
tariff truce agreement adopted early this year and the division that finally was taken the free trade
made contingent upon ratification of all European principle was upheld, as the Liberals joined forces
member States of the League of Nations. The agree- with the Laborites. The voting was 299 in favor of
ment was to be made effective this month, and the the Labor Government, -and 234 in opposition, or a
'conference gathered chiefly to consider the status of margin of 65 votes. It was made plain in the course
the convention. Since only 11 of the 30 States had of the debate that the Economic Committee of the
ratified the convention, it was decided to prolong Imperial Conference will meet next June in
the date for ratification and deposit until Jan. 25 Ottawa.
1931. A further resolution recommends to the mi.
Nov. 29 1930.]
FINANCIAL CHRONICLE
3413.
between the two governSoviet Russia figured in the foreign developments lack of official relations
announced Monday,
were
s
regulation
The
of the current week in a variety of ways and to an ments.
onerous than first
less
be
to
out
turned
they
and
amazing extent. There were, to begin with, several
Under-Secdrafted,
were
They
indicated.
reports
dealing
reports from reliable observers in Moscow
out,
pointed
Mills
L.
Ogden
Treasury
the
of
retary
that
Latvia,
with the alarmist rumors from Riga,
barring
Act
the Tariff
Joseph Stalin, Secretary General of the Communist to carry out a provision of
de goods. Statements
convict-ma
of
n
importatio
the
had
State,
the
of
Russian
head
party and actual
ban on imports
virtual
a
form
been assassinated and Moscow thrown into turmoil. to the effect that they
Treasury
added.
he
erroneous,
were
Like the run of Riga reports dealing with Soviet from Russia
genwere
s
regulation
he
that
d
emphasize
affairs, such rumors had no basis in fact. Walter officials
particular
any
at
aimed
not
and
nature
in
eral
Duranty, Moscow correspondent of the New York
are not convict(Times," reported last Saturday that "Moscow is country. Certificates that goods
may be secured
they
but
be
required,
will
produced
rumor,
by
calm, orderly, dull and unagitated even
and entry of
producer
or
rer
manufactu
the
from
The
ions."
or
mutinies
assassinat
much less by
A little
possible.
official Soviet news agency described the reports as Russian merchandise is thus
n
resumptio
the
by
week
this
"malignant and absolutely unfounded inventions." interest was occasioned
headed
Committee
nal
the
Congressio
Moscow offered the sad spectacle, however, of an- of hearings by
Fish, Jr., which is inother "treason trial," reminiscent of the Shakhta by Representative Hamilton
in the United
activities
communist
g
trial of three years ago when a number of prominent vestigatin
States.
Russians were condemned to death. The present
An incident of some note took place in Moscow
trial concerns eight "traitors," who are accused by
Sunday, when Joseph Stalin granted an interlast
plotting
of
,
N.
B. Krylenko,
the public prosecutor
to the United Press correspondent in the Rusview
this
all
As
Soviets.
the
conducted
of
the downfall
given
week, the trial turned out to be a strange and sian capital. It was the first interview ever
the
of
press
foreign
to
the
leader
unaccountable procedure wherein the accused by the Russian
M.
his
remarks
of
course
the
In
recounted "confessions" that are virtual death Western world.
of
economic
ing
strengthen
the
for
pleaded
Stalin
certificates.
States.
Of the eight prisoners, six pleaded guilty in ad- relations between Russia and the United
the
Soviet
that
made
recently
charges
many
The
high
treason brought against
vance to the charges of
other
in
products
its
"
"dumping
was
t
Governmen
is
Ramsin,
L.
six
K.
Professor
these
them,and among
who
leader,
the
Russian
by
ridiculed
were
countries
the
Professor
of
movement.
leader
sed
self-confes
the
affect
to
N. K. Charnofsky and K. V. Sitkin, prominent said Soviet exports were too small
t
Departmen
State
the
officials of the Russian economic services, made no world economy. Officials of
disinterest,
with
interview
admissions. Professor Ramsin, as the star witness, in Washington read the
spoke for seven hours in denunciation of his activi- patches said, but they considered that it presented
ties, and in the course of his exposition he impli- no new element. Moscow reports to the New York
cated Raymond Poincare, former President of "Times" have brought out several interesting items
France, Colonel T. E. Lawrence of Britain, and recently about Soviet affairs. It was indicated in
many others, although he admitted that he had never a dispatch from Walter Duranty, correspondent of
seen them. It was on the basis of this "confession" the "Times," that currency emission has been sharply
showthat the Moscow press recently launched upon its checked of late, the mid-November statement
in
circulation
in
rubles
0
denunciations of high officials of France and Eng- ing a decrease of 400,000,00
the
gold
in
rise
a
g
occasionin
weeks,
land. The accused admitted one after another that a period of six
In
they worked to slow down Soviet construction under cover on the chervonetz issue from 25 to 27.4%.
collecgrain
Soviet
with
dealing
report
further
the five-year plan, while in some instances they also a
tely
said they attempted to 60W discouragement and tions, Mr. Duranty indicates that approxima
by
officials
the
by
gathered
be
will
tons
The
21,000,000
French
t
Russia.
Governmen
produce a crisis in
year.
last
tons
14,000,000
with
compared
as
1,
s,
Jan.
,
proceeding
and
inWednesday
took note of the
or restructed the French Ambassador in Moscow to pro- "That would leave a surplus for exportation
or
7,000,000
of
State
test to the Soviet Government and ask for an official serve in the hands of the
"This
added.
ent
correspond
explanation of charges that French official circles 8,000,0000 tons," the
the
plotted an interventionist movement against the contrasts with recent foreign estimates that
would
Russia
from
grain
of
exports
possible
total
Soviets.
than
In Washington reports of last Saturday it was be 50,000,000 to 60,000,000 bushels, or less
tons."
2,000,000
States
Treasury was giving
revealed that the United
renewed consideration to the importation of Russian
Reduction of the Bolivian foreign debt service
products into the United States. New regulations
financial
were proposed, it was said, which, in effect, would requirements will be sought by a special
for disSunday
last
Paz
exclude Soviet products from the United States, not- commission which left La
The
is
mission
York.
New
in
withstanding vigorous protests from American im- cussions of the matter
h
to
dispat
the
Paz
La
a
city,
this
porters. "Following the Treasury's embargoes last to negotiate in
summer on Russian pulpwood, lumber, and other New York "Times" said, with the bankers who
products, experts of the Department were set to floated loans to Bolivia in 1922 and 1928. Guaranwork drawing up a ruling which would overcome tees for the loans in question were based on taxathe obstacles to exclusion encountered at that tion of tin production, it is remarked, but with contime," a dispatch to the New York "Herald Tribune" ditions in the tin market unfavorable tax receipts
said. It was indicated at first that the new require- also have dropped below expectations. Notwithments would include the production of a consular standing drastic economies, it is said to be diffiinvoice covering imported goods, which would auto- cult for the country to meet its interest and amormatically exclude all Russian goods in view of the tization needs on foreign loans. The recently over-
3414
FINANCIAL CHRONICLE
[VOL. 131.
thrown Siles regime is regarded as partly responThere have been no changes this week in the dissible for Bolivia's economic straits, because of count rates
of any of the European central banks.
alleged dishonest use of the proceeds of the loans, Rates remain
at 6% in Spain; at 5/
1
2% in Austria,
the dispatch states.
Hungary, and Italy; at 5% in Germany; at 4% in
"When the June revolution triumphed the eco- Norway and
Ireland; at 3/
1
2% in Sweden and Dennomic crisis was starting," the report said, "and mark; at
3% in England and Holland, and at 21
/
2%
the price of tin already was so low that the smaller in France,
Belgium, and Switzerland. In the Lonmines had closed. The military junta took charge don open
market discounts for short bills yesterday
of the country's administration when employees of were
2%%,the same as on Friday of last week, while
almost every administrative branch had been unpaid three months
bills were 2 3/16% against 2 5/16% on
for several months and immediately created a su- Friday
of last week. Money on call in London yespreme economic council of some of the most noted terday was
1%%. At Paris the open market rate
men of various lines of business to solve economic continu
es at 2/
1
2%, but in Switzerland has declined
problems. The council advised the Government not from
1 3/16% to 1/
1
2%.
to stop payments on foreign loans and to do everything possible to maintain the country's credit.
The Bank of England statement for the week
This advice is being followed. The junta has paid
ended
Nov. 26 shows a loss of £1,392,385 in gold
on time all foreign obligations. For this purpose
holdings. Reserves, however, increased £1,223,000
the council also advised that an internal loan of
2,500,000 be floated in September. Of this due to a contraction of £2,615,000 in circulation.
The Bank now holds £157,573,187 of gold in com$1,800,000 was covered." The Bolivian commission
consists of Alberto Palacios, manager of the Central parison with £135,381,905 a year ago. Public
deposits rose £1,089,000 and other deposits £299,711.
Bank of Bolivia; Carlos Victor Aramayo, Minister
Other deposits consist of bankers accounts and
to England, and Arturo Arguedas, an official of
other accounts. The former decreased £3,559,678,
the Patin° mines. Under instructions of the economic council, the commission will seek to negotiate while the latter increased £3,859,389. The reserve
ratio is now 59.54% as compared with 59.19% a
an arrangement for servicing of the foreign debt
either by floating a new loan or by funding existing week ago and 35.85% last year. In loans on government securities there was an increase of £1,165,000
debt under less onerous conditions. If such offers
while in those on other securities a decrease of
are not acceptable, the commission will propose a
suspension of payments until the economic situa- £945,604 occurred. The latter consists of discounts
and advances which increased £1,682,443 and
tion improves, it is said.
securities which fell off £2,628,047. The discount
Senor Dr. Don Manuel E. Malbran, who was re- rate remains 3%. Below we furnish a comparison
appointed recently as.Argentine Ambassador to the of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEME
United States, arrived in Washington late last week
NT.
1930.
1929.
1928.
1927.
1926.
and presented his credentials as emissary of the
NOV. 268
NOV. 27,.
NOV. 30.
NOV. 30.
Dec. 1.
£
E
£
11Triburu regime to President Hoover. While serv- Circulation
£
£
a351,124.000354,557,000 367,002,000 136,904,860 139,693,905
ing as Argentine Ambassador in Washington two Public deposits
18,868,000 17,433,000 21,452,000 18,371.801
9,191,372
92,713,944 96,419,773 99,565,000 95.182.732
years ago Dr. Malbran visited Buenos Aires to pro- Other deposits
117,827,262
Bankers' accounts 55,901,187 58,219,448
test to President Irigoyen against the reluctance Other accounts— 36,812,757 38,200,325
with which that former official invited President Government secure_ 34,596,247 57,703,855 52,180,000 41,275,179 42,257,539
Hoover to Buenos Aires on his good-will tour of Other securities— 28,316,592 33,144,227 33,801,000 57.355,259 69,672,926
Dbict. et advances 6,080,597 15.263,821
Latin America. Dr. Malbran was relieved of his Securities
22,235,995 17,880.406
duties when he made his personal protest to Presi- Reserve notes de coin 66,448,000 40,823,000 52,844,000 32,763,905 32,932,174
dent Irigoyen, but Provisional President Uriburu, Coin and buillon..--157,573,187 135,381,905 59,845,986 149,918,765 152,876,079
Proportion of reserve
who headed the recent revolution in the Argentine, to liabilities
59.54%
35.85%
43.67%
28.85%
25.93%
reappointed him to his former post. In a short ad- Bank rate
3%
434%
535%
4%
5%
dress delivered when he presented his credentials, a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount
of Bank of England
Dr. Malbran stated that Mr. Hoover's visit to his notes outstanding.
country had given great satisfaction there. He
added that the present Argentine Government had
The Bank of France statement for the week ended
instructed him specifically to use all endeavors for Nov. 22 shows
an increase in gold holdings of 329,the increase of commercial relations between the 984,853 francs.
Owing to this gain the total of gold
two countries and the fortification of the ties of now stands at 51,709,
874,264 francs, as compared
cordiality and mutual understanding. President with 40,618,246,475
francs at the corresponding
Hoover, in reply, expressed his pleasure at receiv- week last year and 31,213,
823,770 francs two years
ing again the fomer emissary of Argentina as Am- ago. The items
of credit balances abroad and bills
bassador Extraordinary and Plenipotentiary. "I bought abroad
reveal increases of 38,000,000 francs
note with pleasure," Mr. Hoover continued, "that and 3,000,000
francs, respectively. Notes in ciryou are under precise instructions from the present culation contrac
ted 550,000,000 francs, reducing
Argentine Government to augment in so far as the total of the item to 74,148,
038,180 francs. Cirpossible the commercial relations between our two culation a year ago aggrega
ted 66,242,824,615 francs
countries, and to fortify the bonds of cordiality and and the year before 60,997,
660,420 francs. A
mutual understanding which so happily exist be- decline of 151,000
,000 francs appears in French
tween them. I assure you, Mr. Ambassador, that commercial bills discoun
ted and of 67,000,000 francs
in your efforts toward these ends you will at all in advances
against securities, while creditor current
times have my own sincere co-operation and that of accounts rose 653,000
,000 francs. A comparison of
all the members of this Government."
the various items for the past three years is furnished
below:
Nov. 29 1930.]
3415
FINANCIAL CHRONICLE
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Chances
Nov. 22 1930. Nov. 23 1929. Nov. 24 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 329,984,853 51,709,874,264 40,618,246,475 31,213,823,770
13,608,600,070
7,126,985.964
6,551,489,077
38,000,000
abr'd_Inc.
bats.
Credit
French commercial
2,786,757,157
bills dIscounted_Dec. 151,000,000 7,391,697,512 9,540,202,138 18,807,888,301
3,000,000 19,109,740,206 18,691,984,042
Bills bought abr'd_Inc.
2,122,417,739
Adv.asst.securs_ _Dec. 67,000,000 2,919,769,184 2,498,873,113 60,997,660,420
Note circulation—Dec. 550,000,000 74,148,038,180 66,242,824,615
20,067,945,126
21,530,489,139
23,126,440,357
Cred. curt. accts_ _Inc. 653,000,000
The German Reichsbank, in its return for the
third week of November, shows a loss in note circulation of 176,472,000 marks. Circulation now
aggregates 4,444,528,000 marks, which compares
with 4,837,025,000 marks a year ago and 4,043,265,000 marks two years ago. Other daily maturing
obligations increased 120,571,000 marks and other
liabilities 7,474,000 marks. On the asset side of
the account gold and bullion, reserve in foreign
currency and silver and other coin record increases
of 80,000 marks, 23,903,000 marks, and 11,118,000
marks, while the items of deposits abroad and investments remain unchanged. A loss appears in
bills of exchange and checks of 53,627,000 marks and
in advances of 37,124,000 marks, whereas notes
on other German banks and other assets show gains
of 3,181,000 marks and 4,042,000 marks, respectively. Below is given a comparison of the different
items for the past three years:
rate has again remained at the single figure of 2%
on each and every day, this being the rate for renewals as well as for new loans. The market for
time money, too, has been a repetition of that of
previous weeks in being completely lacking in activity, more satisfactory accommodation being obtainable in other branches of the money market.
4@2% for 30-day money,
/
Quotations remain at 13
also for 90-day accommoand
days,
60
for
4%
2@21/
2@23
1
2% for four months, and 2/
1
4@2/
/
4%
dation, 21/
for five and six months. Prime commercial paper in
the open market has continued in good demand, but
the supply of paper has continued short, and, as in
previous weeks, dealers have been unable to take
care of all the business that has been offered. Rates
are unchanged, choice names of four to six months'
4@3%,while names less
/
maturity being quoted at 23
2%.
1
4@3/
well known are offered at 31)
REICHSBANK'S COMPARATIVE STATEMENT.
Chances
Nov. 24 1930. Nov. 23 1929, Nov. 23 1928
for Week.
Reichsmark:. Reichsmarks. Reichsmarks
Retchsmarks.
Assets—
Inc.
80,000 2,179.927,000 2,236,223,000 2,573,480.000
Gold and bullion
149,788,000 149,788.000
85,626,000
Unchanged
Of which depos.abr'd_
23,903.000 509,839,000 389,912,000 190,462,000
Res've in torn curr _
Bills of exch.St checks.Dec. 53,627,000 1,629,090,000 2,504,670,000 1,759,053,000
106,401,000
Silver and other coin _ _Inc. 11,118,000 187,671,000 121,635,000
23,040,000
25,657,000
29,083,000
3,181,000
Notes on oth.Ger.bks_Inc.
70,929,000
36.552,000
49,920,000
Dec. 37.124,000
Advances
102.474,000
92,562,000
Unchanged
92,311,000
Investments
4,042,000 729,856,000 611,828,000 524,778,000
Inc.
Other assets
Liabilities—
Notes In circulation _Dec. 176,472,000 4,444,528,000 4,837,025,000 4,043,265.000
Oth.daily matur.oblig.Ine. 120,571,000 402,282,000 558,927,000 550,186,000
7,474,000 289.230,000 332,053,000 273,148,000
Inc.
Other liabilities
Money rates in the New York market evinced a
slight hardening tendency in the course of the current week, due to the near approach of the month.
end. Official rates remained unchanged from previous levels, the quotation for call money on the New
York Stock Exchange being 2% throughout, both
for renewals and new loans. In the early dealings
funds were again available in large quantities, and
the usual overflow into the unofficial "Street" market took place, so that call money was freely quoted
at 1% in the outside market Monday and Tuesday.
The supply was curtailed somewhat Wednesday, and
2%. There were,
the outside rate was increased to 11/
of course, no dealings Thursday. The harder tone
was more in evidence yesterday, when withdrawals
of about $20,000,000 by the banks prevented any
offerings at concessions in the street market. Repayments of call loans are continuing at a substantial rate, according to the evidence presented by the
New York Federal Reserve Bank tabulation. The
report covering the week ended Wednesday night
showed a further decline of $63,000,000 in the loan
aggregate. This makes a total reduction of $1,100,000,000 in nine weeks of unbroken decline. The
weekly gold statement of the Federal Reserve Bank,
covering six days to Tuesday night, showed imports
of $9,629,000 and exports of $5,000,000, with no net
change in the stock of gold held ear-marked for foreign account.
Prime bank acceptances in the open market have
continued in excellent demand, most of the call
coming from out-of-town banks, though there has
also been a sharp increase in the demand from foreign banks, which could not be met on account of a
shortage of satisfactory offerings. The 12 Reserve
Banks this week further reduced their holdings of
acceptances from $178,273,000 to $176,106,000.
Their holdings of acceptances for foreign correspondents increased from $128,561,000 to $428,938,000. The posted rates of the American Accept/8% asked for
ance Council remain at 2% bid and 17
and 90 days;
60
for
also
and
days,
bills running 30
4% bid
21/
days,
and
120
for
asked
2%
8% bid and
21/
and 21/8% asked for 150 days and 180 days. The
Acceptance Council no longer gives the rates for
call loans secured by acceptances. Open market
rates for acceptances also remain unchanged, as
follows:
Prime eligible bills
Prime eligible bllbe
SPOT DELIVERY.
—150 Days—
—180 Days—
Bid. Asked.
Bid. Asked.
234
23
24
23
—120 Days—
Bid. Askedi
2
234
—60 Days—
Bid. Asked.
134
2
—30 Days—
Bid. Asked.
134
2
—90 Days—
Bid. Asked.
134
2
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
234 bid
23.1 bid
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San FraneLgeo
Rate in Effed
on Nov. 28.
3
234
334
334
335
334
334
335
334
335
334
3
Dale
Established.
Previous
Rate.
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Ana. R 1930
334
3
4
4
4
4
4
4
4
4
4
4
Sterling exchange is dull and steady and shows on
the whole reasonable firmness considering that the
pressure is altogether against London at this season.
Fluctuations are narrow, although on balance the
average price of the pound is fractionally lower than
it was last week. The range this week has been from
Dealing in detail with the call loan rate on the 4.85 5-16 to 4.853/b for bankers' sight bills, compared
Stock Exchange from day to day, the call loan with 4.85% to 4.85 9-16 last week. The range for
3416
FINANCIAL CHRONICLE
[voL. 131.
cable transfers has been 4.85 17-32 to 4.85/, com- gold was shipped from New York by an unknown
pared with 4.853/ to 4.85 11-16 a week ago. The consignor. The special demand for Canadian exunderlying conditions affecting sterling are unchanged change at this time is believed to be due to window
from those of the past several weeks. Among the dressing requirements, as many of the law Canadian
outstanding factors are the regular seasonal pressure, institutions end their fiscal year on Nov. 30. Most
the continued firmness of the franc with respect to bankers feel that the ordinary trade demands for
the pound and subsequent losses of gold by London Canadian exchange do not justify the present quotato France, and now with the restoration of confidence tions and a drop in the rate is expected to take place
in Germany and the return of Ge man funds from with the *cessation of the special Nov. 30 requirement.
Referring to day-to-day rates sterling exchange on
their flight abroad, marks are firmer with respect to
Saturday
last was steady in a dull half-day session.
the pound, so that there is some danger of gold losses
by London to Berlin. There is a tendency for money Bankers' sight was 4.85 5-16@4.85; cable transfers
to harden in London, a usual trend at this time of 4.85 9-16@4.85 19-32. On Monday sterling was
year, and there is no longer talk in banking circles of slightly firmer in tone. The range was 4.85 5-16Q
further reduction in the Bank of England rate of re- 4.85 15-32 .for bankers' sight bills and 4.85 9-16Q
discount. As regards the gold losses to France, 4.85 19-32 for cable transfers. On Tuesday sterling
London seems much more confident and complaints was quiet but had a strong undertone. The range
are less often heard respecting these exports. On was 4.85%@4.853/ for bankers' sight bills and
the contrary London bankers point out that the 4.85 9-16@4.85% for cable transfers. On WednesBank of England's position is much stronger than day the market was dull and easier. The range was
it was in the closing weeks of 1929. A firming in 4.85 5-16@4.853/ for bankers' sight and 4.85 9-16@
sterling is expected as a temporary matter with the 4.85 19-32 for cable transfers. On Thursday, Thankspreparation for year-end settlements, but thereafter giving Day, there was no market in New York. On
with the turn of the year the expectation is that as a Friday sterling was irregular, the range was 4.85 5-16
seasonal matter sterling will continue to show firm- 4.85M for bankers' sight and 4.85 17-32@4.85 9-16
ness throughout the first half of the coming year. for cable transfers. Closing quotations on Friday
The whole tone of the market is one of confidence were 4.85 11-32 for demand and 4.85 17-32 for cable
transfers. Commercial sight bills finished at 4.853.1,
with respect to exchange on London.
This week the Bank of England shows a loss in sixty-day bills at 4.8331, ninety-day bills at 4.82 5-16.
gold holdings of £1,392,385, its total standing at documents for payment (60 days) at 4.833, and
£157,573,187 as compared with £135,381,905 a year seven-day grain bills at 4.84 13-16. Cotton and grain
ago. On Saturday the Bank of England sold L173,- for payment closed at 4.8534.
120 in gold bars and exported £19,000 in sovereigns.
On Monday the Bank received £350,000 in sovereigns
Exchange on the Continental countries is quiet
from abroad, sold £344,388 in gold bars, and exported and steady for this season of the year, with exchange
£32,000 in sovereigns. On Tuesday the Bank sold on Berlin showing firmness. The firmness of the
070,681 in gold bars and exported £5,000 in sover- mark is due to the return flow of German funds,
eigns. • Of the £362,000 South African gold which especially from Switzerland and Holland. In some
arrived in London on Tuesday only £15,000 was quarters the strength of the mark is ascribed to
available in the open market and was absorbed by the Chancellor Bruening's decree calling for a return,
/d. The remainder had already been without penalty, of German capital formerly sent
trade at 85s. 13
secured for shipment to France. On Thursday the out of the country illegally. If the Government
Bank sold £323,500 in bar gold and exported £22,000 proves itself strong enough to withstand radical
sovereigns. On Friday the Bank sold £363,648 in attacks following the opening of the Reichstag durgold bars and exported £7,000 in sovereigns. Accord- ing the coming week, this movement may gain
ing to London bullion dealers all the bar gold sold momentum. It is even rumored that Germany may
draw gold from either France or England before the
by the Bank was taken for shipment to France.
end
of the year. The Reichsbank's position has
At the port of New York the gold movement for the
been
greatly strengthened by the receipt of the proweek Nov. 20-Nov. 25, inclusive, as reported by the
ceeds
from the budget of international credits. The
Federal Reserve Bank of New York, consisted of
inflow
of exchange on account of foreign trade and
$9,629,000,
of
which
$9,530,000 came from
imports of
Argentina and $99,000 chiefly from other Latin foreign credits is again materially exceeding the deAmerican countries. Exports totaled $5,000,000 to mand for foreign payments. The German foreign
Canada. In tabular form the gold movement at the trade movement for the first ten months of the year
port of New York for the week ended Nov. 25, as shows an export surplus of 1,224,000,000 marks,
reported by the Federal Reserve Bank of New York, or a monthly average of 122,000,000 marks. Money
is again tending toward ease in Berlin and it is rewas as follows:
ported that large foreign offers of credits are withGOLD MOVEMENT AT NEW YORK,NOV.20-NOV.25,INCLUSIVE.
out
takers.
Exports.
Imports.
$5,000,000 to Canada
$9,530,000 from Argentina
French
francs continue to display firmness. The
99,000 chiefly from other Latin
franc is especially firm with respect to sterling, so
American countries
that, as noted above, France has again taken a large
$5,000,000 total
$9,629,000 total
part
of the Bank of England's gold exports and pracAccount.
Foreign
Earmarked
for
Gold
Change
in
Net
None.
tically the entire South African gold offerings in
Yesterday the Federal Reserve Bank of New York London on Tuesday. It has been demonstrated that
a situation exists in which the Bank of France is helpreceived $1,620,000 gold from Colombia.
Canadian exchange continues firm, with Montreal less as the movements of gold from both London and
funds ruling at a premium. In Monday's market New York have been the result of the withdrawal of
Canadian exchange moved up to the gold point of private French balances in those two centres. It
5-32 of 1% premium, with the result that $5,000,000 is believed that the steady demand for francs will
Nov. 29 1930.]
•
FINANCIAL CHRONICLE
3417
cease only when French banking and financial laws during the recent political difficulties. These balare altered and Paris takes her rightful place as.an ances are being repatriated in anticipation of monthinternational investment market. International end settlements. The same influences are at work
bankers are inclined to feel that the end of the gold in Amsterdam. Although Holland guilders are firmer
movement is not in sight and that the flow to Paris than a week ago, bankers say that there is a constant
will probably continue until the end of the year. flow of Dutch funds to the New York security marThis week the Bank of France shows an increase in ket. Spanish pesetas continue to slide owing to
gold holdings of 329,984,853francs, the total standing unsettled feeling with regard to the political drift in
at 51,709,874,264 francs, which compares with 40,- Spain. On Wednesday of this week a Madrid dis618,246,475 francs a year ago and with 28,935,000,- patch stated that £1,000,000 in gold bars had been
000 francs reported in the first statement of the Bank shipped to London with a view to supporting peseta
of France following stabilization of the currency exchange.
in June, 1928.
Bankers' sight on Amsterdam finished on Friday
Italian lire are steady, although lire cables broke at 40.233/2, against 40.213
% on Friday of last week;
to 5.233 in Tuesday's trading, owing to the failure cable transfers at 40.243
%, against 40.23; and comof some minor banks. Every effort is being made in mercial sight bills at 40.20, against 40.183/
2. Swiss
Italy to expand exports and reduce imports. Italian francs closed at 19.35% for bankers' sight bills and
foreign trade is, of course, following the trend of at 19.363' for cable transfers, against 19.38 and
world trade and lower returns are reported. It is 19.383
%. Copenhagen checks finished at 26.733/
nevertheless significant that the reduction in imports and cable transfers at 26.743, against 26.73 and
is much greater than that in exports. For the first 26.74. Checks on Sweden closed at 26.833/
2 and
2, against 26.833' and
eight months of this year imports declined 3,167,- cable transfers at 26.843/
487,363 lire as compared with the corresponding 26.843/
2; while checks on Norway finished at 26.73
period of 1929, while exports were reduced by only and cable transfers at 26.74 against 26.733/2 and
1,729,412,838 lire. The commercial import balance 26.743/
2. Spanish pesetas closed at 11.10 for bankis therefore considerably reduced, standing at the ers' sight bills and at 11.11 for cable transfers, comend of the first eight months at 3,657,274,307 lire, pared with 11.24 and 11.25.
compared with 5,095,348,832 lire the previous year.
It is understood that Premier Mussolini in a cable to
Exchange on the South American countries conthe Italian Royal Embassy emphasizes the fact that tinues dull, showing no important improvement over
the recent reduction of salaries of State and municipal the past few weeks, although bankers report that a
employees brings the general level of wages to about feeling of confidence continues to develop in both
four times the pre-war level, that is equivalent to Argentina and Brazil. This week the Federal Rethe stabilization rate of the lire on a gold basis. This serve Bank of New York reports the receipt of $9,new step "offers another convincing proof that the 530,000 gold from Argentina. It is understood that
stabilization level of the Italian currency is immuta- there have been steady shipments of gold from Brazil
ble and all rumors to the contrary are utterly base- and Argentina to London also, for the purpose of
less."
supporting exchange. Despite the fact that ArgenThe London check rate on Paris closed at 123.60 tina is still "off" the gold standard, that country
on Friday of this week, against 123.60 on Friday of has been the principal source of the gold received in
last week. In New York sight bills on the French New York this month, the total amounting to ap/i on Friday proximately $13,984,000. Shipments from Argen_
centre finished at 3.92%, against 3.925
of last week; cable transfers at 3.92 8, against 3.923
%; tina are being made despite the fact that the Caja
and commercial sight bills at 3.92 7-16, against de Conversion is closed. The new Provisional Gov3.92 9-16. Antwerp belgas finished at 13.933/
2 for ernment authorized the transactions to protect
2 for cable transfers, against Argentine exchange. Banking circles close to Archecks and at 13.943/
13.94 and 13.95. Final quotations for Berlin marks gentina believe that the movement will continue until
were 23.83 for bankers' sight bills and 23.84 for the end of the year. Exchange on Montevideo,
cable transfers, in comparison with 23.82% and Uruguay, is cleared through Buenos Aires and in the
23.833. Italian lire closed at 5.23% for bankers' last few days there has been a strong demand for
sight bills and at 5.233/i for cable transfers, against dollars in Montevideo. This has had a depressing
5.23% and 5.23 9-16. Austrian schillings closed at effect on the Argentine peso and is a factor which the
2;exchange on Czechoslovakia Provisional Government has taken no measures to
14.073/
2,against 14.073/
2.963;
on Bucharest at 0.593, meet. Further shipments of gold are therefore conagainst
5-16,
2.96
at
against 0.593'; on Poland at 11.21, against 11.21; sidered logical. Yesterday London cables stated that
%, against 2.519... Greek Brazil is shipping £1,000,000 gold to Longon for the
and on Finland at 2.513
exchange closed at 1.293 for bankers' sight bills purpose of guaranteeing an emergency note issue to
and at 1.293/2 for cable transfers, against 1.293i be withdrawn within six years. Payment for the
and 1.29%.
emergency notes is to be made in Brazilian 6% Treasury notes which in turn will be taken up by drafts on
Exchange on the countries neutral during the war London. Argentine paper pesos closed at 34 7-16
is generally firm, with the single exception of Spanish for checks, as against 34 7-16 on Friday last week;
pesetas. All the neutrals are dull, however, and and at 343/i for cable transfers, against 343. Brazilfactors affecting the rates have their origin largely in ian milreais are nominally quoted at 10 146 for
s for cable transfers, as
European transactions. Swiss francs show fractional bankers' sight bills and at 103/
weakness from a week ago, which is caused by with- against 10 1-16 and 103/g. Chilean exchange closed
drawals from Switzerland for German and French at 12.15 for checks and at 12.20 for cable transfers,
/
s; Peru at 30.50, against
account. Switzerland has been the depositary for against 12 1-16 and 121
huge quantities of unplaceable balances and attracted 30.70.
a good portion of the capital which left Germany
3418
FINANCIAL CHRONICLE
[VOL. 131.
Exchange on the Far Eastern countries continues
The following table indicates the amount of buldull. The report of the Japanese earthquake had a lion in the principal European banks:
slight unsettling effect on yen exchange, although
Nov. 27 1930.
Nov. 29 1929.
Japanese banking interests immediately supported Banks of- Gold.
Total.
Gold.
Silver.
Silver. I Total.
the yen in Wednesday's trading and prevented quo£
£
£
£
£
£
England__ 157,573.187
157,573,187135,381,905
135,381,905
tations from slipping. The Japanese unit has shown France
a__ 413,678,99
324,945,971
413.678,994324.945.971
d
d
Germany b 101,506,950 c994,600 102,501,550 104,321,750 c994.600105,316,350
no further reaction to the attempt on the life of Spain
99,155,000 28,018,000127,l73.000102.595,000 28,179,000130.774,000
57.243.011
56,017,000
57,243,000 56,017,000
Premier Hamaguchi. The Chinese units continue Italy
Netherlids 35,514,001 2,069,000 37,583,0001 36,885,000
36,885,000
Nat Beig_ 37,005.001
31,794,000
1,300,000
30,494,000
37,005,0001
easier,following strictly the low ruling rates for silver. Switzerl'd 25,624,001
25,624,0001 21,763,000 1,133,000 22,896,000
13,425,11 i
13,388,000
13,425,0001 13,388,000
Closing quotations for yen checks yesterday were Sweden__
Denmark _ 9,581,111
379,000 9,963,000
9,561,
9,582,000
Norway -- 8.135.111
8,151,000
8,135,000__8,151,000
49 9-16®49%, against 49.55@49%. Hong Kong
Total week 958,421,131 31,081,600989,502,731 843,524.626 31,985,600:75.510.226
closed at 30%(4)31 1-16, against 313/2@,31 11-16; Prey. week 955,263,541 30,990,600986,254.141 839,820,442 31,867,600871,688,042
These are the gold holdings of the Bank of France as reported In the new form
Shanghai at 38M(4)38%, against 38%@.39 11-16; ofastatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
the amount of which the present year Is £4,789,000. c As of Oct. 7 1924.
Manila at 49% against 49%; Singapore at 5634@ abroad,
.1 Silver is now reported at only a trifling sum.
56 7-16 against 561
/
1@56 7-16; Bombay at 363,
against 363i, and Calcutta at 363i, against 363.
The United States, the Anti-War Pact, and the
World Court.
The report on Monday that the way had been
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now opened for France to approach the United States
certifying daily to the Secretary of the Treasury the on the subject of implementing the Paris anti-war
buying rate for cable transfers in the different coun- pact, followed the next day by a report that Washtries of the world. We give below a record for the ington was favorably disposed toward the suggestion, came as a surprise to an American public which
week just passed:
sow= =CHANGE RATES CERTIFIED BY FEDERAL RESERVE has had good grounds for assuming that that parBANKS TO TREASURY UNDER TARIFF ACT OF 1922,
ticular question would not again be raised. CoinciNOV. 22 1930 TO NOV. 28 1930. INCLUSIVE.
dent with Monday's report came also the publication
Noon Buying Rate for Cable Transfers in New York.
Country and Monetary
of a letter to Mr. Hoover, signed by one hundred
Value On United Slates Money.
Unit.
Nov. 22. Nov. 24. Nov. 25. Nov. 26. Nov. 27. Nov. 28.
more or less prominent men and women, asking him
EUROPEII
$
$
5
$
to submit to the Senate the protocols providing for
Austria,schilling
140895 .140752 .140850 .140885
.140885
Belgium. belga
.139390 .139402 .139417 .139410
.139413
American adherence to the World Court, and pledgBulgaria, lev
.007180 .007180 .007169 .007169
.007173
Czechoslovakia. krone .029648 .029650 .029651 .029650
.029651
ing
him support in case he asked the Senate for
Denmark, krone
267351 .267363 .267430 .267418
.267406
England, pound
"prompt
ratification." Since those who have ensterling
4.855453 4.855610 4.855773 4.855454
4.855227
Finland, markka
025175 .025170 .025172 .025169
.025170
gaged
in
this propaganda have been also in close
France, franc
.039286 .039281 .039282 .039283
.039281
Germany, reichsmark .238301 .238361 .238453 .238377
.238370
agreement with those who have repeatedly urged an
Greece, drachma
012943 .012951 .012949 .012946
.012952
Holland. guilder
402343 .402383 .402422 .402431
.402452
implementation of the Kellogg-Briand pact, the two
174900 .174901 .174884 .174870
Hungary. pengo
.174893
Italy, lira
052350 .052347 .052350 .052336
.052280
Norway, krone
.267369 .267363 .267419 .267394
incidents reveal once more a persistent purpose in
.267373
Poland, zloty
.112088 .112100 .112110 .112110
.112100
Portugal, escudo
.044825 .044825 .044825 .044825 HOLI- .044825
certain quarters to turn the United States from the
Rumania,leu
.005945 .005944 .005943 .005943 DAY. .005950
113102 .111944 .112035 .111602
Spain, peseta
policy
of non-interference in the affairs of other na.111071
Sweden,krona
268346 .268350 .268398 .268379
.268395
Switzerland, franc- - - .193766 .193750 .193688 .193616
.193638
tions,
and launch it upon a career of menacing
Yugoslavia. dinar.017687 .017695 .017691 .017692
.017692
ASIApolitical
entanglements.
China.400416 .400416 .396250 .397708
Chefoo tael
.397291
The
correspondents
who started the anti-war pact
.397187 .396875 .393125 .394843
Hankow tael
.393906
387500 .387500 .384553 .384910
Shanghai tael
.384821
story
were
careful
to
use
guarded phrases and give
Tientsin tael
.406458
406458
.402083 .403750
.403333
.312946 .309107 .307625 .307678
Hong Kong dollar
.307321
prominence to official denials. The French GovernMexican dollar- -.- .279062 .279062 .276875 .276250
.278562
Tientain or PelYang
ment, we were told, had been "given to understand
.280416 .280833 .276250 .277500
dollar
.277916
.277083 .277500 .272916 .274166
Yuan dollar
.274583
discreetly, through an unofficial agency," that
.359254 .359328 .359357 .359400
India, rupee
.359371
Japan, yen
495615 .495675 .495915 .495562
.495612
Washington "really is even more receptive now to
Singapore (8.8.) dollar .559375 .559375 .559375 .559375
.559270
NORTH AMER.the idea of entering a consultative pact" than it was
Canada, dollar
1.001376 1.001385 1.001373 1.001378
1.000841
.999475 .999412 .999225 .999162
Cuba. peso
.999162
when Mr. Hoover referred to the matter in his
461850 .482433 .461325 .458800
Mexico, peso
.459375
Newfoundland. dollar .998811 .998873 .998731 .998842
.998267
Armistice Day speech; that the same mysterious
SOUTH A lifER.krgentina. peso (gold) .780341 .780789 .781582 .781112
.779747
•
•
Brazil, milrels
source had made known to France that Secretary
•
•
•
.120700 .120735 .120670 .120667
Chile. peso
.120832
.792144 .792144 .792082 .792162
.791703
JraffuaY, Peso
Samson
"regards the situation as greatly changed
.965300 .965300 .965300 .965300
Colombia. MO
.985300
since
the
London conference," when, it will be requotations.
No
•
membered, an announcement that the American
delegation was ready to consider with "an entirely
As the Sub-Treasury was taken over by the Fedopen
mind" a consultative agreement was promptly
eral Reserve Bank on Dec. 6 1920, it is no longer
repudiated
at Washington, and that "it has been
possible to show the effect of Government operations
intimated
that
if the idea is put in the right form
in the Clearing House institutions. The Federal
he will likely surprise them by his readiness to
Reserve Bank of New York was creditor at the Clearaccept a consultative pact." The Department of
ing House each day as follows:
State let it be known at once that it did not put out
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
"feelers"
through unofficial channels and denied
AT CLEARING HOUSE.
that
the
United States had taken any initiative in
Aggregate
Saturday, Monday. Tuesday, I Wednesday Thursdn1, Friday,
for Week.
Nov. 22. Nov. 24. Nov. 25. Nov. 26. Nov. 27. Nov. 28.
the matter, but at the same time stated that "if any
$
8
proposal were received it would receive sympathetic
130.000,000
Cr. 548.000.0N
Hol
143400,000 48.600,000 101.000.000 111,000,000
consideration."
Tuesday's dispatches confirmed the
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of receptive attitude of the Administration, but noted
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing an impression in Washington that the waiting
attiHouse institutions, as only the Items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside tude which was studiously assumed
might
be
due
to
checks
as
such
balances,
of New York are not accounted for In arriving at these
do not pass through the Clearing House but are deposited with the Federal Reserve a desire to
avoid complications such as arose at
Bank for collection for the account of the local Clearing House banks.
London, where the suggestion of a consultative pact
Nov. 29 1930.]
FINANCIAL CHRONICLE
3419
certainly be no need for implementation if Mr.
Hoover's hopes of arbitration and conciliation were
once realized.,
We greatly fear that Mr. Hoover, in his desire to
give full weight to the possibilities of the anti-war
pact, allowed himself to use expressions which, torn
from their connection, seemed to favor a consultative
pact. Be that as it may, it is these expressions that
have been seized upon, here or in France, and used
to instigate a revival of the question. We can only
repeat what we said at the time of the London conference a year ago, that a consultative treaty intended to make the Kellogg-Briand pact more virile
would be utterly mischievous. Either the nations
that are to consult mean only to talk, or else they
consult as a prelude to action. If talk is the only
object, then a consultative pact would be merely an
idle form of words, useless as a means of preventing
war and discreditable to the governments that used
such formal gestures. If action is intended, the
action must take some form of coercion or assistance
if it is to be of any value, and the United States
would find itself involved in European quarrels with
few if any of which it would be specially concerned,
and in which it must take sides against the Power
or Powers that were adjudged to be the aggressors.
There need be no surprise that the mere suggestion
"There has been much discussion as to the desirshould occasion gratification
ability of some further extension of the pact so as of the latter possibility
has been striving for years
Europe
for
Europe,
in
to effect a double purpose of assuring methodical
United States to the idea
the
of
assent
the
win
to
machinery
this
of
development
of peaceful settlement, and to insure at least the mobilization of that it should assist in pulling other nations' chestworld opinion against those who fail when strain nuts out of the fire.
comes. I do not say that some such further step
Mr. Hoover, with his long preoccupation with
may not some day come about.
international relief projects and his disposition to
"Such a formula would be stimulative and would
a hand in things, has need of firmness in resistappeal to the dramatic sense of the world as a mark take
along this line, and the more because
ing
importunity
in the progress of peace. But less dramatic and
has been made of his unguarded
which
use
the
of
possibly even more sure is the day-to-day strengthDay. If the World War and
Armistice
on
remarks
pact
the
of
by
buttressing
ening and
extension from
one nation to another of treaties which, in times of the years that have followed it have impressed one
friction, assure resort to well tried processes of com- thing more than another upon the mind of the
petent negotiation, of conciliation, and of arbitra- American people, it is a deep repugnance to becomtion."
ing involved in the political affairs of Europe or of
in
paragraphs
which
four
There follow
the pro- any other part of the world. The Kellogg-Briand
gress in concluding treaties of arbitration or con- pact should be left what it is—a declaration of
ciliation by the United States and other nations is policy grounded in moral purpose, but unaccompareviewed and commended. This section of the ad- nied by threats of sanctions of any kind against
nations which, having accepted the declaration in
dress then concludes:
same spirit, fail under stress of circumstances
the
"It is my belief that the world will have become
it. To take any step beyond that would
observe
to
firmly interlocked with such agreements within a
very few years, and that it will become an accepted be to entangle the United States in treaties, alliances,
principle of international law that disputes between agreements, understandings or assumed obligations
nations which it has not been possible to determine which its people do not desire and from which no
through the ordinary channels of diplomacy shall good could come. There should be no hesitation at
in future be submitted to arbitration, or to inter- Washington in letting it be known that the suggesnational conciliation commissions."
tion of a consultative pact is entirely futile, and one
It seems a fair inference from these passages that with which the Administration, as the representaMr. Hoover, while foreseeing a possible renewal of tive of the American people, can have nothing to do.
the demand for some implementation of the Kellogg- Mr. Coolidge put the case exactly when he declared
Briand pact and making evident his own interest in on Tuesday: "The world peace treaty is self-enit, took care not to commit the United States to forcing. To agree to go to war under it would be to
approval of that step, and was at pains to set over nullify it. . . . In case of danger we can join in
against it as "less dramatic and possibly more sure" any consultation that seems necessary to us when it
the extension of international arbitration and con- arrives. No agreement about it in advance is necesciliation to a point where all disputes beyond the sary or desirable."
powers of ordinary diplomacy would be settled by
The points at issue in the controversy over the
preference
is
any
If
to
methods.
be discerned World Court are equally clear. Mr. Hoover has had
those
of
discussion
the
Hoover's
two
methods of in his hands for some time the revised protocol of
in Mr.
peaceful settlement, it would seem to be for that of American adhesion to the World Court adopted in
arbitration and conciliation rather than for that of September, 1929, by the signatory Powers after a
an implemented Kellogg-Briand pact. There would conference in 1926 had declined to accept certain of
was mixed up with the questions of naval limitation
which had already come near to wrecking the conference. The net conclusion that the average reader
could hardly fail to draw from the dispatches was
that the question of a consultative pact had again
been raised, that the discussion was in a state where
both the United States and France could officially
deny that any concrete proposals had been brought
forward, and that whether anything more definite
would be done depended upon the public response
to the apparent "feeler" that was allowed to be sent
out.
All of the dispatches refer to Mr. Hoover's Armistice Day speech as the immediate occasion of the
revived hopes of France in the friendly receptivity
of the Administration. As the references to the
subject in the speech seem hardly to warrant the
full interpretation that has now been put upon
them, and quotations from the speech have been
made without some of the important qualifying sentences, it seems worth while to reproduce Mr.
Hoover's statements. After referring to the KelloggBriand pact as "a powerful influence in international affairs" and noting the number of States that
have adhered or may be expected to adhere to it,
Mr. Hoover said:
3420
FINANCIAL CHRONICLE
the Senate reservations in the form in which they
were presented. The most important of the rejected
reservations stipulated that the Cogrt should not
entertain any request for an advisory opinion in any
case in which the United States had or claimed an
interest, if the United States objected. The so-called
Root formula, which was incorporated in a revised
protocol adopted in September 1929, provided for
giving to an objection by the United States the same
weight as attaches to a vote of any member of the
League, and further provides for the withdrawal of
the United States,in case of disagreement, "without
any imputation of unfriendliness or unwillingness
to co-operate generally for peace and good will." It
is to be feared that in practice such withdrawal
would carry a very different imputation; that it
would subject the United States to unfriendly
criticism, and that the American motives, however
good they might be, would almost certainly be construed against it. The Court, too, remains the
League Court, and while its existence is provided
for in the Covenant of the League, its organization
and powers, it is to be presumed, continue subject
to the decision of the League.
It is doubtless the consideration of these difficulties which has led Mr. Hoover, notwithstanding
Secretary Stimson's announced approval of the revised protocol in September 1929, and the promise of
submission to the Senate held out in the President's
annual message in December,to delay the submission
of the documents to the Senate, and it is this delay
which the signers of the letter made public on Monday desire to terminate forthwith. Here the difficulty is the practical certainty that debate on the
project would be prolonged, and possibly lead to a
crowding aside of other business to make room for
discussion of the World Court, thereby making an
early meeting of the new Congress unavoidable.
Yesterday, however, Mr. Hoover gave notice that
the protocol for American adherence to the World
Court and the protocol of revision of the Court
statutes would be submitted to Congress for action
at the coming session and that it would be for the
leadens of the Senate to determine whether action
could be taken in the pressure of other business. "I
am submitting the protocols of the World Court to
the Senate at the forthcoming session," the President said. "I of course have hoped that it would
be dealt with at this time. It is for the leaders of
the Senate, however, to determine if it should be
brought up in the press or other business during the
short session. Certainly it should not be made an
instrument of obstruction in attempts to force an
extra session. Both its friends and foes should agree
upon this." We shall now see what the result will be.
The Farm Board and the Folly of Attempting
to Control Prices.
Re-entering the grain market at Chicago, the Stabilization Corp. of the Federal Farm Board has
recently added 40 to 50 million bushels of wheat to
its store of 60 million bushels already purchased and
held in storage. In consequence of these new purchases, the price of wheat in our domestic market is
higher than in the foreign markets. The Winnipeg
market on December wheat is now 11@12c. lower
than the Chicago market, whereas, under normal
conditions, it would be ruling some 5@6c. higher,
and the boast is that the domestic market for wheat
has cut loose from world markets.
For. 131.
In our discussions a week ago we showed that the
purpose of the Farm Board in re-entering the market
as a purchaser was to come to the rescue of the
farmer at a time of an assumed great crisis in the
wheat trade and to prevent the utter collapse in
price which appeared in prospect. But the essential
character of the performance is not changed by the
motives which prompted it. The long and short of
the matter is that this bureaucratic Federal Farm
Board has put the great Government of the United
States in the attitude of a dealer in grain in the
produce markets. This may be in accord with the
intentions of Congress in framing the law, bui is so
far from a proper conception of our Constitutional
Government that it serves to mark a new epoch in the
deterioration of our fundamental form. It is the
prostitution of Federal power to servile ends. It is
a surrender of party principle to political expediency, for the Federal Farm Board is a creature of
party policy. It is a species of Commission Rule
gone mad; a dictatorship of law that is not only contrary to the spirit of the Constitution, but it is
supreme rule by an artificial body responsible to
none but itself, using the funds gathered from the
taxpayers in attempt to favor an industry and a
class. It is an ignoble experiment rushing to ruin
on the rocks of futility.
It cannot be denied that grain prices are inordinately low, but there is an old saying about attempting to sweep back the tides with a broom. If previous purchases aggregating 60,000,000 bushels could
not hold up the price for wheat when the temporary
buying power was lifted, how can these additional
purchases have more than a minor temporary effect
on either the home or the foreign market while they
are going on? And is it supposable that this Board,
with its five hundred millions of dollars, can defy
the law of supply and demand and make good what
it has already done as a price-fixer? Is there money
enough unappropriated in the United States Treasury to fix permanently the price of wheat, or of any
other commodity? If this buying is not to go on
indefinitely, is it not patent that though there may
be future gains by selling this stored grain, there is
a likelihood of adding to the losses already made
manifest?
This Federal Farm Board is class legislation of
the rankest sort. It was foredoomed to failure because opposed to principle. Not even inside the
walls of a high tariff on wheat has it been able to
accomplish anything. Already in the ranks of the
Insurgents in Congress there is talk of repeal—and
the substitution of the debenture or bounty plan,
another pernicious measure. The Board has bought
cotton, too. It has loaned money to co-operatives
it will probably never get back. It came into being
on a tide of high prices. Commodities have slowly
but steadily declined in price ever since. In trying
to hold up these prices it is attempting the impossible. The people can survive its money losses easier
than it can its desecration of popular rule. It has
had able business men to man it. But it has not
been able to withstand political pressure. Will such
a Board ever be able to defy this pressure? Chairman Legge, seemingly, has succumbed to this pressure. He is quoted as saying the Board will continue to buy indefinitely, and ask Congress for more
money, if needed. And it will be needed unless there
is a change in foreign marts. Asking farmers tq
limit acreage is confession of failure.
Nov. 291930.]
FINANCIAL CHRONICLE
We look upon Russian Communism with horror;
but we permit these socialistic experiments to obtain
the sanction of law. Our national income is enormous; our taxes are abundant. Emotionalism over
the "condition" of the farmers joins hands with
party expediency, and we have such a creature as
this Federal Farm Board. It aids no one, not even
the farmer. It tends to demoralize the world's markets. It forces other governments into the grain
business. Canada's pools are combining. They are
feeling their way to government support. But we
are not alarmed for ourselves. It will be a miracle
if this Board is abolished by Congress. It will
probably hang on for another year—plunging the
country into conditions that are now unknown.
Times may change, and it may be drawn out of its
predicament by new and higher prices. Another
year may witness a deficit in world production, and
save its face. But this Board is a violation of representative republican rule.
One thing may be said of our consumers—they do
not protest too loudly. It may almost be said they
do not protest at all. We lack sometimes the power
of balancing one theory against another. A party
is bent on putting into practice its policy of protection. It offers to "protect" the farmer on his
products, where admittedly no protection can
obtain. In the shuffle of ideas, the contentions of
politics, this Farm Board, as a measure of relief,
comes into existence. It fails. But the country is
willing to pay more for bread, if only high wages
may continue. Depression comes. Bread lines
form. But who cries out against higher prices for
bread? Complacently we allow this Board to trade
in the wheat pit in a vain attempt to raise prices.
The coils of bureaucracy tighten. At cross purposes
with ourselves, we let pity breed this law, for which,
in the end, we will have to pay so dearly.
Equalizing Production and Consumption.
"Collier's" for Nov.15 printed an article by Roger
W. Babson offering a plan for the return of prosperity. In short, it is to equal mass-production by
mass-consumption, the latter to be brought about
by advertising, thus increasing the circulation of
money and credit, to the end of more buying—consuming. It is a plan worthy of much study, but
somehow in its inception, as we read the article, it
contradicts itself, since it is asserted that massproduction by machinery increases goods at a geometric ratio while mass-consumption is limited, increasing more nearly at an arithmetical ratio. We
have no doubt an increase of advertising in adversity
will increase sales and speed up the business process.
But can we ever reach that golden age when massconsumption will equal mass-production? Have we
not already suffered from over-consumption in certain lines?
Our 25 past years of marvellously increased machinery is not a safe guide. We lacked utterly many
of the things we now so freely consume or use. It
is not rationally supposable that in the next 25 years
we will invent as many new machines to turn out
wanted products and to employ labor. We are
already surfeited with some machines that we now
own. Luxuries are now supplanting necessities.
Our vaunted "high standard of living" cannot increase indefinitely. And while we have been living
ahead of our normal progress we have been able
to do so only by the inordinate use of credit—using
• 3421
the labor and resources of the next generation in
order to buy and consume our almost magical
inventions.
Advertising, when it passes beyond the making
known of qualities and quantities of human needs,
becomes a burden on the consuming public. We
do not mean that luxuries may not or should not
become everyday needs. They do, and should. And
true advertising is a force in bringing this about.
This is the normal method of progress. But when,
in our unthoughted development, we find we have
produced too much, too fast, we cannot expect to
discover in advertising a stimulus that will at once
make consumption equal production. We have
simply got to wait until the natural moderating
processes of trade bring us more nearly to equality.
Production consumed makes possible a greater consumption by reason of lowered costs, a more even
distribution among the people, and a saving in waste
and in labor. But the process has its penalties.
We are in the trough of a depression. Unemployment is large. Money is plentiful. But where are
the unemployed to get funds with which to follow
the advertisers? Business is slack. Improvements
are not being made as formerly. Enlargements are
at a standstill. Stocks and bonds are low. Credit
is easy, but where is the inducement to borrow for
extensions? The fact is, to repeat a platitude, we
have been living "too fast." We brought the present
condition on ourselves by a too ready belief in the
perpetuity of a prosperity that was inflated. We
cannot renew the inflation. The iridescent bubble
once distended until it bursts is like the gorgeous
colors of a last year's sunset. Now, it is true that
depression, like the former inflation, is uneven.
Some businesses are doing very well, some are able
to hold their own, some are headed for failure.
Advertising, for all its value, cannot perform
miracles. It can persuade, but it cannot compel.
It cannot fill the pockets of the outside ordinary
consumer. It can help much now by pointing out
the things that are cheap that should be bought, even
by borrowing.
As pointed out by Mr. Babson, the curve of population is flattening out. There is a lessening of
demand for goods—necessary goods. But the tastes
of the population have grown extravagant. They
can be appealed to by skilful advertising to buy
again what they do not need. But they cannot continue to borrow for non-essentials. The creditor,
having had a hard jolt, has grown more wary.
Advertising will not make him loosen his pursestrings. And whether the people will to learn their
lesson or not, credit disbursers will make them
learn it. Hope in advertising lies in pointing out
the normal needs of a progressive and industrious
people, not in appealing to their careless love of
excitement, pleasure and show. Millions are spent
in advertising pharmaceutical preparations that are
said to enhance beauty and induce health. But
homes are not increasing in a proportionate ratio.
And one of the benefits from adversity will be the
inevitable weeding out of non-essentials and the
consequent rise, in time, of permanent possessions.
That which cannot be cured must be endured. All
the advertising in the world cannot wipe out the
old adages. The people must meet present conditions by a study of themselves. Advertising itself
must be remodeled. Too much it has sought to persuade rather than instruct. There are many new
3422
FINANCIAL CHRONICLE
avenues open. Looking upon finance as one, we
may point out the oft repeated statement that stocks
and bonds being low, now is a good time to "buy."
And so it is, if true. But why are stocks and bonds
low? And what particular ones are a "good buy,"
and why? When a new issue comes out there is a
wealth of advertising. But as far as the public is
concerned this soon disappears. If an issue lies
undigested on the shelves of a syndicate, why not
readvertise, telling the whys and wherefores so that
idle funds in the hands of individuals may have the
reasons laid before them? Is it not worth while to
tell the truth about a 10 million issue, new or old,
rather than allow it to be buried save for the personal efforts of the brokers?
Coming back to the consumption of goods, quite
a different thing from the absorption of stocks and
bonds, much is made over hand-to-mouth buying.
The shelves will soon be empty and trade will revive.
Yet this buying, according to consumers' needs, was
once heralded as a godsend to trade. It equalized
production and consumption. But now the tune has
changed. The burden of the song is "increase consumption"—a stuffing process like cramming for
an examination at college. We are deceiving ourselves when we introduce an artificiality into business. It. will remain an artificiality. It is impossible to deny that something is due on the part of
these consumers. Business is for mutual benefit.
To buy what we do not need, what we do not want,
what we already have in a sufficiency, may temporarily speed up trade—but it only paves the way for
future depression and disaster. There is much that
we may do, much that we ought not to do because
uneconomic. We may well advertise, but let it be
in the right way in the right direction. To try to
secure another period of inflated prosperity is
futile.
Effect of Wage Reduction.
[Editorial in New York "Journal of Commerce," Nov. 25 1930.1
The relation of wage reductions to business recovery is a
subject of discussion in many countries to-day. Everywhere
the public seems to be divided into two camps, implacable
enemies of wage reductions assembled on the one side and
advocates of lower wages ranged against them. If more
reason and less emotion had been lavished by both sides
upon the discussion of the relation between wage levels and
business activity, the public might by this time have been
able to form an intelligent judgment regarding the necessity
for wage reductions and the measure of relief to be expected
from them. As it is, we are deafened by contradictory
advice and bewildered by opposing economic theories.
One fact at least stands out clearly from the surrounding
uncertainty—that is, the bankruptcy of the theory that high
wage rates guarantee continued prosperity by furnishing a
solid foundation for mass consumption of the products of
large scale industry. With the collapse of this important
support for the "new economics," it is open to question the
tenability of the closely related assumption that business
Improvement cannot come by way of wage reductions that
destroy the basis of consumer demand. The fight to maintain wage scales unaltered is therefore based not solely
upon the natural desire of workers to escape a reduction of
their income but upon a sincere belief on the part of a good
many disinterested people that the remedy proposed would
in the end lead to greater business depression.
At the other extreme stand certain groups of employers
who talk as if business recovery depended upon a universal
drastic lowering of wages. They seem to think that a
lowering of wages is all that is required to bring about the
adjustment of costs to effective demand, to put idle capital
at work, to encourage the investor and to give impetus to a
revival that will make it possible to reabsorb the unem-
[VOL. 131.
ployed into the ranks of regular workers. It is in Germany
that this belief in the efficacy of wage reductions has taken
firmest hold, at a time when the rest of the industrial world
is still giving lip service to the gospel of high wages and
making cuts surreptitiously or apologetically.
The "Journal of Commerce" has already stated its view
that wage reductions are essential in many cases, especially
in those industries in which the rewards of capital have
been cut to the disappearing point and the incentive to continue productive operations no longer exists. In our coal
mining and in our textile industries, to take two outstanding examples, it is clear that the only alternative to wage
reductions is progressive contraction of productive operations, which throws more men and women out of work. It
does not follow, however, that the arguments that apply to
these cases hold with the same force for industries less overextended and under less compulsion to cut selling prices
in order to increase sales.
Furthermore, we have to remember that wage payments
are not the only items that enter into costs of production
and tend to stifle consumptive demand by keeping prices
relatively high. Many of our industries, especially the two
just mentioned, are carrying the incubus of superfluous
capital equipment, of overcapitalized companies, of too high
administrative expenses, including the salaries of the executives in control, &c. In short, it is not to be expected that
the whole cost of readjustirg a distorted and hypertrophied industrial organization can or should be placed
upon the shoulders of labor.
If wages are reduced without corresponding reductions
in prices, or if wages are reduced chiefly in the hope of
being able to put life into the inert, inefficient and superfluous establishments that should be liquidated and permanently removed from the competitive field, the entire sacrifice will indeed have been in vain. It would be worse than
useless to take income from our workers merely to transfer
it to the pockets of employers who dissipate it in trying to
bolster up moribund industrial enterprises. Unfortunately
a great deal of the discussion that revolves about wage
reductions seems to make no allowance for this very, real
danger.
There is no reason to expect that wage cuts will accomplish miracles, but wage cuts, if accompanied by reductions
in selling prices, and by corresponding sacrifices on the part
of management, are among the various aids to business
recovery that should be available in an emergency. The
result undoubtedly Is a redistribution of the income of the
community in favor of other social classes. At first glance,
this may appear to destroy the basis of business recovery,
since it means a lesser demand for certain articles of mass
consumption that labor customarily buys in large quantities.
But let us not deceive ourselves into supposing that that
demand still exists. It has been already destroyed in large
part because it was overstimulated originally. Some of the
capital that has been devoted to meeting mass demands is
no longer wanted, but we still need capital for developing
other productive lines that have been cheated by an overemphasis upon articles of mass consumption. That capital
we may obtain, not suddenly nor spectacularly, but safely
and gradually, by a redistribution of the national income
that gives somewhat less to labor and somewhat more to
those who constitute the main sources of investment funds
that are real and not the product of credit inflation.
Mr. Mellon's Tax Refund.
[Editorial in Brooklyn "Daily Eagle," Sunday, Nov. 28.]
No sane person has a shade of suspicion that the tax
refund allowed to Secretary of the Treasury Mellon, by the
Internal Revenue Bureau of his own department, is anything but a just and proper refund. The $72,359 which the
Government surrenders should never have been paid at all.
Nevertheless, the incident will be held to point a moral by
those who criticize the income tax law as abominably hard
for anyone to understand.
Here is the head of the Treasury Department, concededly
one of the world's outstanding financiers, credited with
being many times a millionaire, and, we may assume, taking
the best possible advice on the filing of exceedingly intricate
tax returns. If he cannot get within $72,359 of what he
owes under the terms of the law, what chance is there for
the rest of us?
Nov. 29 1930.]
FINANCIAL CHRONICLE
Luckily, the puzzle is much easier for the man whose
income is from one or two sources or from a single source.
But every holder of great wealth who is not a "malefactor"
wants to be honest with Uncle Sam and is likely to have
such difficulties as Secretary Mellon's. So it is with every
great manufacturing, transportation and commercial concern. We suppose that clarity in the law would not wholly
wipe out refunds, but these would be reduced to a minimum
by more intelligent framing of legislation.
3423
of
It would seem that the facing of facts and the drawing
then.
were
they
as
now
important
as
are
ns
sane conclusio
Perhaps they are more so, for we face a winter of suffering
their
and destitution for millions of unemployed and
If we start with a generally accepted economic theorem
services
that production and consumption of goods and
"era of
our
that
realize
now
we
if
and
balanced,
be
should
largely
about
brought
was
prosperity" from 1920 to 1929
stimuturn
in
was
which
ion
consumpt
nted
unprecede
by an
the free
lated and encouraged by prodigious advertising and
deflation
The Morning After.
granting of credit, is it not plausible to believe that
Bank
By J. LIONBERGER Dens, Chairman of the Board, Security National
and that the time has come
course
its
run
y
measurabl
has
Savings & Trust Co., St. Louis, Mo.
when we should face the future with vision and courage?
Eighteen months ago we were on the crest of a credit
spring
I am one who was filled with apprehension in the
"new
a
wave, joyously riding it in the fatuous belief that
What happened in the fall seemed
year.
last
of
summer
and
era" had arrived when we could make money without workselling
certain to occur. Many stocks in the summer were
ing and buy ad libitum things which could be paid for out of
their earnings (and dividends, of
times
30
to
20
prices
at
paper profits or with paper promises to pay in the future.
are
course, were less). To-day some of those same stocks
For nearly 10 years the world had been repairing the
only five to 15 times earnings. While it
prices
at
selling
material damages of the Great War. Houses, apartments,
was folly to buy then, it may be wise to buy now. Of course,
hotels, office and commercial buildings were constructed
individual purchase must be made on its merits.
each
largely with borrowed money. Railroads were restored and
and
While it was folly then to buy automobiles, radios,
rebuilt; hard roads, streets, highways, and bridges were
it seems that it would be wise to buy
luxury,
of
articles
built and factories were enlarged to turn out the materials
articles of necessity now. Unless we consume we will not
needed for the reconstruction period, in our own country
produce; and if we do not produce our whole economic
and throughout the world. Not only were vast sums borstructure is impaired or destroyed.
rowed for these purposes, but other great sums were loaned
The decline in commodity prices has been a healthy purge,
abroad to enable other peoples to buy our surplus goods.
over-indulged
and should be welcomed by those who have
Everyone seemed to be prosperous, wants multiplied and
merchants and bankers. Purchasing
sound
all
by
as
well
as
were satisfied by more and more automobiles (one for each
prices.
power has always increased part passu with declining
nine persons in 1920 and one for each 4.6 persons in 1929),
largely deflated, but there are those
very
been
has
Credit
radios and all sorts of mechanical devices, to say nothing of
so
who fear to extend credit because the banks now have
furniture and pictures.
their funds loaned on collateral. Bad loans
of
part
a
large
People bought land both in the country and in the cities.
have not been liquidated should be eliminated as
We had booms in Florida and in many of our cities, to say which
and economically as possible, so that funds availquickly
nothing of the thousands of farmers who employed cheap
able for the basis of legitimate credit shall not be tied up
Government-supplied credit to speculate in farm lands.
of unreasoning fear. Frozen loans should be
Toward the end of this bright "new era" corporations because
the funds released should flow into productive
and
seQured capital by the sale of stock to an avid and reckless melted
channels.
in
pay
to
the belief that it
public who borrowed the money
Should not the true test of a loan apply now as it should
could ride the tide of prosperity to that beautiful shore
been applied in the period of inflation? That test
have
more.
where want shall be no
then to be what it seems now: Credit should be
seemed
Warnings of inflation were disregarded. Money was
but only when the borrowed funds are used
borrowed in 1929 at rates far in excess of 6%, and the extended freely,
when the things bought with borrowed
i.e.,
ely,
productiv
borrowed funds were used to buy buildings, stocks, and
normal conditions carry themselves with
under
will
money
their
"pay
could
In
never
keep."
articles of luxury which
margin of profit left over to the borrower.
the final analysis one borrows things, for money is only a a
As was said by the present writer in an article entitled
;
of
and
exchange
means
when
a
one
measure of value and
Credit Joy-Ride," published in the "Executives' Maga"The
borrows a thing which will not earn a reasonable return
zine" in May 1929: "No sane man can be pessimistic about
or yield, even enough to pay interest on the money borrowed
ultimate prosperity of America if we have the underto purchase it, loss is inevitable and the credit bubble must the
standing, ability, courage, and desire to build our prosperity
burst.
upon a sound foundation. Fictitious prices, however, must
What was learned by disaster in the autumn of 1929 was
be supplanted by sound values. There must be a deflation
considered the fear of the timid in the spring and summer
credit and extravagant market values. When the deof
of that joyous period of the year. Some of the prophets
lirium and high fever subsides we shall go forward more
of the "new era" were scornful of old truths. On the eve
and profitably on a fundamental basis, because of the
sanely
stock
market we read
of the first serious break of the
on of the body of our growing country."
constituti
sound
articles and interviews with new high priests of industry
that we have reached the time when we
seem
would
It
was
credit
not being abused,
and finance assuring us that
sane buying—not speculation. We have
encourage
should
that our Federal Reserve System would prevent a panic, and
work
whose purchasing power is tempoof
out
men
good
by
banks
made
and "others"
that loans on collateral both
they cannot buy, other men can.
Because
destroyed
rarily
were not unreasonably large in view of the "changed concircle is vicious and must be
The
n.
in
productio
work
not
the
in
process
of
expansion
ditions" which had come about
broken.
and in the new era of our golden dreams.
It is interesting to note the following figures:
There were, however, those who pointed out that what
Member Banks'loans on collateral. Sept. 11 1929 37.578,000,000
Reporting
3.616,000.000
goes up-hill too far must come down. Some remembered Brokers'loans—for account of others, Sept. 11 1929
$11,194,000,000
outran
far
values.
Tulips in
other new eras when prices
000
$8,081.000,
The corresponding figures for Nov 6 1930, were
473 000.000
and
Holland, South Sea bubbles, lands in Florida, and farms
58,554.000,000
throughout our great corn and wheat belts, all had risen
stock price averages are:
Jones
Dow
The
to absurd heights only to collapse to the ruin of many.
Nov. 22 1930 188.04
September 1929 381.2
30 Industrials
Nov. 22 1930 110.91
September 1929 189.1
Deflation had to come, and come it did, with disillusion 20 Railroads
The United States Bureau of Labor statistics index of
to many who believed that they could buy securities, which
highly
commodity prices was, in September 1929, 97.5, and in
d
such
only
in
all
times
stimulate
even
were earning
2 or 3%, with borrowed money for which they had to pay September 1930, 84.2.
Whether we have reached the bottom of the period of
from 6 to 9%.
we
And now that a full year of deflation has run, what is deflation wiser heads than mine must say. At least
of
credit
deflation
an
enormous
been
has
there
all
on
hears
One
sides:
that
future?
know
"When
the
the outlook for
and of security and commodity prices and a full 18 months
will business pick up?"
as
now
much
in
are
of declining or stagnant business. It seems time that we
as
pessimism
fashion
of
Prophets
were the prophets of the new era of prosperity a little more should revive our, courage, look upward, not downward;
look forward, not backward, and lend a hand.
than a year ago.
3424
FINANCIAL CHRONICLE
Profit-Sharing—Depression-Sharing. Its Application to "Wall Street."
[VOL. 131.
personality in charge of an important department that consistently registered a loss. His resignation accepted, this
man opened a competitive store within a few blocks and
took several customers with him.
In looking for a successor a man was found willing
to assume the responsibility on the basis of less than half
his predecessor's salary, plus profit-sharing, based upon a
percentage of the sales, and a percentage of the net profits.
On that basis he was engaged and the result was watched
with interest. In spite of his new experience, the increased
competition, and the loss of customers, this profit-sharer
In three months turned the red figures into black, and by
the end of the year had made a profit that was substantial.
With less experience and a personality perhaps less engaging, but with industry and initiative spurred by profitsharing, this man stopped leaks, sought new customers,
bought on better terms, and by other means made more
out of the position than his predecessor.
In turn, when operating on his own account, his predecessor must have found within himself some latent ability,
for, to my knowledge, he continued in business for many
years and sold out later, I was informed, at a substantial
profit.
Of course, not all profit-sharing plans are so simple
or so satisfactory, and success with profit-sharing, as
with any other plan, must necessarily depend upon the
spirit and motive power back of its operation.
By J. PlITSE GOODWIN, C.A. (Eng.), C.P.A. (Ill.)
Christmas bonuses! Will there be any this year?
As we approach the end of the year the personnel of
"Wall Street" become bonus-minded; the press directs
attention to the subject and the public becomes interested.
A general discussion of the principles underlying the
Christmas bonus may therefore be opportune.
Bonuses, whether distributed at Christmas or at other
times, are but a part of that industrial relationship known
as profit-sharing. Dependent on profits, they form but
one of the many plans for their distribution to employees.
Profit-sharing has now captured not only public attention
but public interest, and in one form or another its adoption is becoming more general in all lines of industry, commerce and finance.
By those conversant with the trend of relations between
capital and labor, profit-sharing is regarded as the beginning of a new epoch. In the preface to a book on "ProfitSharing Plans in America," a well-known industrialist contrasts the various epochs in these relations somewhat as
follows:
In the history of the relationship between capital and
labor, the earliest recorded period is that of "The Master
and the Slave"; this was followed by the epoch known as
"The Baron and the Serf", which, in turn, gave way to the
period of "The Master and the Man", which has led us to
A criticism not infrequently heard is that profit-sharing
the period in which we now are, namely, that of "Employer
and Employee"; and the natural sequence, and perhaps plans are successful only where there are profits, and
that as profits decline or losses develop, employees become
the climax, is the forthcoming epoch of "Profit-Sharers."
disgruntled by the comparative reduction in income. This
is a serious criticism, and a plausible one; but within the
It is claimed for profit-sharing that it induces a third author's experience it is not always true.
In practical
force, and that whereas, under the wage system, there is language, it means that employees
who share profits are
Induced the service of the head and the hand, under profit- not prepared to share
losses. Maybe this criticism is based
sharing there is impelled the service of the heart also. This on the thought that
as profit-sharing is usually made in
is sometimes referred to as development in employees of the form of a
distribution of cash by the employer to emthe "Proprietary viewpoint." In any industry in which ployees, so in
turn loss-sharing must be effected by cq,uprofit-sharing gains a foothold, it would appear that those tributions of
cash by employees to the employer. This,
concerns which are profit-sharers, through this advantage of course,
is a misconception, and to be dissolved it needs
in operating relations, rise to the top, while the non-profit- perhaps
to be explained that cash is merely the medium
sharers suffer and lose position. In proof of this, it may of exchange,
and what the employer really distributes
be well to cite a few examples. In the steel industry the Is remuneration
against which the employee renders labor,
United States Steel Corp. and the Bethlehem Steel Corp., or service.
profit-sharers in the automobile industry, General Motors,
Once the mind can dissociate the sharing of losses from
Ford, and Studebaker may be cited; in the soap industry the idea of cash
to be collected from employees, not only
profit-sharers are such well-known firms as Procter & the economic soundness of the theory of loss-shari
ng, but
Gan)ble, Lever Brothers, and Palmolive; in the shoe industry also its practical application are understood.
For that
Endicott-Johnson and others might be mentioned; in the reason "depression-sharing" is perhaps a better name.
In
typewriter industry the Underwood Co.; in chain stores, the turn, depression-sharing is more comprehensive,
for the
F. W. Woolworth and the J. C. Penney Cos.; in the shirt greater benefit is reaped by the organization
as a whole
industry the Manhattan Shirt Co. and in the oil industry the by employees sharing the losses both with the employer
and
Standard Companies. The list may be continued. It is not with each other.
intended to be complete, but merely Illustrative. In some of
An example will illustrate this point. At the time of
the organizations cited the profit-sharing plantakes the form the Armistice a plant employing normally 4,000
employees,
of setting aside for employees a certain portion of net with an additional 1,000 engaged (and all working 10
hours
profits, while in others it embraces the purchase by em- a day) in order to maintain the production required
by the
ployees, on favorable terms, of stock in the corporation war, suddenly found itself without any orders.
By the
on a basis usually of part payment by the company and Armistice its war contracts were automatically cancelled.
deferred payment by the employee. In some organizations The price of its product dropped 75% overnight.
Picture
the plan extends to all employees, while in others it em- to yourself the conditions. This organization, one of the
braces only such as are included in the management group. largest producers of its kind in the world, had a
volume
In smaller organizations, and with individual enterprises, measured not in pounds or tons, but acres (its packing
the influence of profit-sharing is equally constructive, those room embraced 11 acres), already scheduled to come
through
operating on this or some other incentive method of pay and with nowhere to ship the product. For such
volume,
finding little difficulty in forging ahead of those employing storage was impossible. Confronted with this condition,
the straight salary or wage system.
arrangements were about to be made to lay off the extra
Illustrative of this comparison there came to me many 1,000 employees, but the suggestion that as the
company
years ago an opportunity to put to a practical test the was a profit-sharer, it might now well become a depressionrelative merits of the two methods of pay. It was in the sharer; that instead of "firing" a thousand
employees, it
pioneer days of the automobile industry, when for every "fire" several thousand labor hours, that the
depression,
car sold a demonstration had to be made that the car instead of being borne by a few, be shared by all;
in other
would run. As an officer of a company, and by profession words, that the plant operate on a basis of three
days a
an accountant, one of my responsibilities was the introduc- week won the immediate acceptance of the general superintion of "System" into the different departments of the tendent and of the president. Its acceptance by the emorganization. The pronouncement of a budget and inven- ployees was a foregone conclusion; it would seem
that any
tory control system for the accessories department was employee selfish enough to object, automatically "fired"
accepted, in protest, by the department manager as reason himself.
for filing his resignation. Here, on a fixed salary, was a
What was the result? The organization was kept intact.
highly paid executive with wide experience and pleasing In a few months it was possible to get back to a schedule
Nov. 29 1930.]
FINANCIAL CHRONICLE
of full time, and when, early in 1919, a period of prosperity
arrived, this company was in position to take full advantage of it. I am tempted to go further and state that through
all the fluctuations in business since that time to date this
company has maintained its dividends, while at least two
of its principal competitors, both non-profit-sharers, went
into the hands of receivers.
In a business depression similar to the present one cases
can be cited where in the cotton mills in New England the
employees themselves took the initiative in depressionsharing, inviting the management to operate on part time
for the benefit of all employees rather than imposing the
entire burden of the depression upon an unfortunate few.
The claim that employees who share profits are not
prepared to share losses would appear, therefore, to do an
injustice to the sporting spirit of the American employee.
V.
In any bonus or profit-sharing fund, the periods of
distribution are a matter of importance. These vary. The
old idea, and one in common use, is one distribution a year,
namely, at Christmas time, and known as the annual bonus.
The advantages claimed for this plan are:
(1) That distributed approximately at the year's end,
a closer appraisal of the net profits for the year can, of
course, be made.
(2) The subject being a delicate one, its recurrence for
consideration should be reduced to a minimum.
On the other hand, distribution of the fund all in one
payment, when applied to a share in profits, earned over
a period of 12 months, has several disadvantages. First,
the stimulus to energy and loyalty soon wears off. Should
its effect extend beyond the Christmas celebration to a
period measured, say, by one or two months, the remaining
months of the year suffer by comparison. Second, the
receipt by employees of sums, proportionately large and
particularly at holiday-time, does not induce thrift. Psychologically, the effect of a comparatively large sum of money
on some salaried employees, when holiday-minded, is extraordinary. The stepping up in desires, only now found
to be within reach of gratification, sometimes finds expression in fur coats, automobiles, margin accounts, and other
luxuries which otherwise would never be contemplated.
This, of course, is unhealthy, and not in the interest either
of the employer or of the employee.
To meet the foregoing difficulties many firms now make
distributions at more frequent intervals. The idea of
associating these periods for distribution with the holiday
spirit, however, still prevails, and many houses make their
dates for distribution coincide with the national holidays,
such as Easter, Independence Day, Labor Day, and Christmas. Spreading the distribution of the funds over the year
has advantages in sustaining its influence and perhaps in
conserving its use. On the other hand, it of course becomes
necessary to determine at more frequent intervals the
profits earned, and there is incurred the hazard that profits
earned in one period may be impaired or lost before the end
of the year. Particularly is this true in a seasonal business.
Under this plan it seems desirable, psychologically, that
the distributions made during the year be not on the diminishing scale and that the distribution at Christmas be larger
than the others. To accomplish this is not easy, and perhaps here an idea can be borrowed from the experience
in industry and commerce in relation to dividends. There
It is the practice to declare the dividend payable some time
In the future, out of profits earned some time in the past,
the period being sufficiently far back for the profits to be
definitely determinable and the payment date sufficiently
far forward for the profits to be in liquid form, i.e., converted from accounts receivable into cash. Applied to a
profit-sharing plan, this would be accomplished by making
a distribution, say at Easter, based upon profits for the quarter ended Dec. 31, and another on Independence Day, based
upon profits for the March quarter, and so on, all the
while exercising a certain conservatism so that the unit
of distribution to be made at Christmas would be larger
than either of the other periodical distributions.
IV.
Reverting now to profit-sharing and its application to
"Wall Street," here with bankers and brokers the plan
usually goes by the term "bonus." Generally speaking,
the basic principle of the bonus in financial houses is
the same as that of profit-sharing in industry and in commerce, namely, a reward for increased production and closer
co-operation. The plans and purposes, however, may be
somewhat different. As to the plans, with stock brokers
and investment bankers, there is seldom'an employee stock
ownership plan because most of these organizations are
partnerships, and there is, therefore, no stock to own.
Again, in industry, the provision for the profit-sharing fund
is usually predetermined and in written contract form;
whereas, in financial houses, the amount of the fund allocated to the bonus is usually neither predetermined nor
supported by any written contract, but is rather in the
nature of a gift. As to purposes, in industry the rank and
file of employees are compensated for extra effort by overtime hourly wage payment, whereas in the "Street" this
extra service is usually remunerated by a profit-sharing
or bonus plan. In industry the hazards are physical, comprising injury and disablement, and the employees are compensated by accident insurance, whereas in finance the hazards are mental and moral, comprising nervous breakdown,
speculation, peculation, &c., and while against the latter the
employer is protected by fidelity insurance, usually in the
form of a banker's or broker's blanket bond, the employees
are not so protected. Development within employees of the
"proprietary viewpoint" through a profit-sharing plan is
found to be helpful in fortifying them against these known
hazards of the "Street."
In financial houses the bonus or profit-sharing plans
adopted usually take one or other of the following forms:
(a) Discretionary bonus;
(b) 'Percentage of net profits.
For the discretionary bonus, the amount is determined
from time to time at the will of the partners. This method
has the advantage of freedom of action, authority resting
entirely with the firm, thus enabling partners to institute
changes whenever deemed desirable in the interest of the
firm and its employees. While dependent on profits, the
discretionary bonus is in the nature of a gift, as its name
implies, and to that extent its influence is perhaps weakened; the mere lack, on the part of employees, of advance
knowledge that a definite percentage of the profits will
be theirs may tend to reduce the influence of the plan in
its effectiveness upon production and co-operation.
The percentage plan, according to which a definite percentage of the net profits is set aside for employees, certainly overcomes the foregoing weakness and furnishes a
force to induce production and co-operation in the strongest
form. By some it is claimed that the definite knowledge
in advance that a percentage of the net profits will be
set aside is the crux of the situation and as a stimulus
to energy and initiative on the part of employees is relatively more important than either the rate per cent or the
amount of the share. In some instances the rate per cent
is kept confidential, but, of course, it is quite possible to
make known the percentage constituting the employee's
share without giving publicity to the total amount of the'
profits, and usually so many other factors enter into the
amount received by each employee that the calculation of
the firm's total profits on the basis of any one employee's
share becomes practically impossible.
3425
VL
The basis of distribution is frequently as important as
the plan itself. Generally speaking, the basis of distribution may be said to fall under one of three plans, viz.:
(a) Discretionary allotment;
(b) Salary;
(c) Salary, plus years of service.
Some plans for distribution embrace the elements of
more than one basis. Then, again, one basis may be
adopted for certain employees while a different basis may
be adopted for Others.
Referring to the foregoing bases in order:
(a) Discretionary allotment.—According to this basis,
the sum allotted to each employee is determined at the
discretion of a partner or of a committee. It is based upon
consideration of the service rendered by the individual employee, the demands made upon him during the period in
which the profits were earned, plus other pertinent conditions such as salary, years of service, absences, and general conduct. This plan has the advantage of flexibility;
3426
FINANCIAL CHRONICLE
on the other hand, it imposes, period by period, the burden
of reconsideration; also the subject being one of personal
appraisal, there is incurred the hazard of arousing dissatisfaction and jealousy which can be so destructive to team
work in an organization.
(b) Salary.—Perhaps the most common form of distribution is that on the basis of salary. Where the distribution
is made only once a year, it usually is in the form of a
percentage of the salary earned during the year, or part
thereof; when distributed at more frequent intervals the
amount is usually in the form of one or more weeks' extra
pay. This plan has simplicity in its favor, and there can
be little room for jealousy. On the other hand, it may be
lacking in elasticity to meet certain special conditions;
these, however, can usually be met by salary adjustments.
(c) Salary plus years of service.—This is a composite
basis whereby the salary is weighted by way of a percentage
or other factor used to reflect the years of service in the
firm's employ. Over the salary basis, this plan has the
advantages, first, of encouraging loyalty, thereby reducing
employee turnover, and, second, of adjusting the earnings
of older employees whose salaries were determined years
ago at lower basic rates when the dollar had the purchasing
power of 100 cents as against the newcomer whose relatively
higher salary recognized the dollar's present lower purchasing power.
Profit-sharing being in its infancy, its development is
naturally confronted with many difficulties. Some of them
are real, others imaginary. Of the latter, perhaps the most
common is the fear of disclosure of figures that are confidential. This applies not only to the amount of the profits
of the firm but also to that of the distributive share of each
employee. The same difficulty, of course, applies to salaries. Here It has been met by the use of a separate bank
account operated by a partner or confidential employee, and
the same facility will protect the secrets of the profitsharing fund. A private ledger for these and other confidential accounts is frequently employed to further restrict
the area of knowledge of this confidential data.
VII.
Coupled with the subject of profit-sharing is the development of thrift. Neither the bonus plan nor the profitsharing plan has the inducement to thrift of the stock
purchase plan employed in industry and commerce. This
is unfortunate because in the offices of stock brokers and
investment bankers, where the temptations of speculation
and peculation are so strong, a thrift incentive is particularly desirable. Improved systems of accounts, systems of
control, systems of internal check, and periodical audits have
done much to offset these forces; but, in spite of these,
defalcations still occur, and many of them originate with
speculation. Statistics reveal that the majority of defalcations are by employees under 30 years of age. This would
tend to show that these unfortunates are not inherent
crooks, but rather the youthful victims of the hazards of
the "Street." Anything, therefore, that can be done to
reduce these hazards is both constructive and humane. For
this reason financial houses forbid their employees carrying
margin accounts. Like all forms of prohibition, however,
this is apt to defeat itself and drive accounts elsewhere.
Here the New York Stock Exchange has contributed helpfully not only through the moral and educational influence
of its personnel department, but by its rule that no member
shall take or carry a speculative account in which any employee of the Exchange or of a member of the Exchange
or of a firm registered thereon, or of any bank, trust company, insurance company, or of any corporation, firm, or
Individual engaged in the financial business is directly or
Indirectly interested, unless the written consent of the employer has first been obtained.
In spite of these precautions, the temptation to speculate
is always operative, and to help employees in the "Street"
to overcome this negative and destructive force now recognized as inherent with the business, it is felt necessary to
combat the temptation with other forces both positive and
constructive.
A plan recommended and adopted by many financial
houses is to open for their employees savings accounts, and
to pay high rates of interest on credit balances in accounts
that are free of speculative transactions.
(Vor... 131.
It can be expected that the incidence of a margin account
is such as to disturb the peace of mind and reduce the productive power of the employee so committed. The underlying theory of the savings accounts therefore is that the
reduced hazard to the firm and the increased service rendered by employees with minds freed from speculation are
adequate compensation for the high interest cost.
Where savings accounts and other "thrift" plans are in
operation they form a suitable vehicle for the investment of
employees' shares of bonus or profit-sharing funds.
VIII.
In conclusion, it may be said that for all financial houses,
no one system of bonus, profit-sharing or thrift incentive is
"The Best," nor can it be claimed that for any one office or
for any one group of employees, any one plan may be suitable for all time, though the fewer changes, the better.
The subject is one calling for a survey of the particular
conditions at the time. A source of encouragement is the
fact that profit-sharing to-day is recognized as a constructive
force operating 365 days in the year as a factor in increasing efficiency, co-operation and loyalty, and reducing the
hazards of the "Street." Its general adoption will logically
follow.
Encroachments of the Bank for
' Settlements.
International
[Editorial in New York "Journal of Commerce," Nov. 20 1930.]
The difficulty faced by a new international financial
organism like the Bank for International Settlements in
finding a proper field of activity for itself was amply illustrated by the furor raised in European financial circles in
connection with the credit granted the Monopolies Administration of the Jugoslav Government. Fears that the international bank might trespass upon the business of private
banks in creditor countries of Western Europe, entertained
since the inception of the institution, apparently proved
well justified in that instance.
The Jugoslav Monopolies Administration makes its advances to tobacco growers for sowing the new crop from
November to February of each year, drawing upon a foreign
bank credit to do so. This credit is gradually paid off from
August to November, as receipts permit. For some time, a
syndicate of English banks headed by the London Rothschild firm had handled the credit. Last year the large
French banks granted the credit, through the Banque
Franco-Serbe in Belgrade. It was generally supposed that
the French group would continue to handle the business,
and preliminary negotiations had, in fact, been undertaken
to permit the reopening of the credit. It has always been
regarded as a very attractive transaction for the bankers.
It was at this juncture that the Bank for International
Settlements, apparently on its own initiative, entered the
field and offered to grant the credit through the National
Bank of Jugoslavia. In this way, the international institution directly competed with private banks in the handling
of a desirable and profitable piece of business. The Governor of the Bank of France, European press dispatches indicate, took the lead in severely criticizing the international
bank for having intervened in this way, pointing out that it
was not created to compete with private banks. An interesting side light on the bitterness engendered by this episode
is the statement, reported to have been made by him, that
the Bank for International Settlements could Ill afford to
tie up its funds in such competitive transactions of longer
term since it might well find itself faced with the necessity
of rediscounting such paper with individual central banks.
The "bankers' bank" is thus reminded that it may have
to lean heavily on the Bank of France in the future to keep
Its assets in liquid shape.
As a result of this episode, a "modus vivendi" has been
established between the Bank for International Settlements and private banks in granting credits of medium
term. The international bank may now grant such credits
having maturities up to a maximum of 12 months to banks.
Indorsement of the central bank of the country in which
the transaction originates is required. This arrangement
involves a compromise, permitting a limited field of activity
for the international institution.
It would appear that as a result of this limitation on the
long-term credit operations of the Bank for International
Settlements, it will largely restrict itself in the future to
Nov. 29 1930.]
3427
FINANCIAL CHRONICLE
operations of a type not desired by private banks. For
example, it has been suggested in France that credits
might be granted, with bank guarantees, to agricultural
co-operative associations in the Balkans, a type of business
for which the large British and French banks have not
shown much eagerness up to the present time.
Public Utility Earnings During September.
Gross earnings of public utility enterprises in September
exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat power, traction, and water
services were $191,696,440, as compared with $185,000,000
in September 1929, $179,346,145 in the corresponding month
of 1928 and $169,413,885 in 1927. Net earnings were $80,837,601 in September 1930 against 0,000,000 in 1929, and
$68,235,698 in 1928. Gross earnings consist, in general,
of gross operating revenues, while net earnings in general
represent the gross, less operating expenses and taxes, or the
nearest comparable figures. In some cases the figures for
earlier years do not cover exactly the same subsidiaries,
owing to acquisitions, consolidations, &e., but these differences are not believed to be great in the aggregate. This
summary presents gross and net public utility earnings by
months from January 1927, the figures for the latest months
being subject to revision.
PUBLIC UTILITY EARNINGS
Gross Earnings.
1927.
January
February
March
April
May
June
July
August
September
8191.702.022
177.612.648
179.564.670
176.467,300
171.255.699
1 17,975.072
(
161,638,462
162,647,420
169.413.885
1928.
8196,573.107
187,383.731
187.726,994
181.143.683
180,255,407
178,696,556
173,645,919
173.952,469
179,346.145
1929
1930.
5203,000.000 8211,000.000
199,500.000
194,000,000
199,000,000
195.000.000
198,000.000
190.000,000
195.000.000
189.750.000
189,000,000
183,006.060
181,440.000
178,000,000
179,500,000 •189,423,360
191.696,440
185.000.030
Total (9 months)._ 81,558,277,178 81,638,724,011 81,697,250,000 51,754,059.800
197.500.000
190.795.668
177.734,493
October
202.500,000
198,032,715
182.077.497
November
211.500.000
202.000.000
194,985,134
December
Total (year)
82.i13.074.30282,229.382.394 82.308.750.000
Net Earnings.
1927.
January
February
March
April
May
June
July
August
September
Total(9 months)._
October
November
December
Total (year)
1928.
1929.
1930.
873.748.891
66.907.757
65.412,739
64,907,729
61,194.779
59,167,096
53.980,280
53,551,164
61,897.207
879,013.279
74.296,576
72,811,146
68,971,324
67.732,911
67,517.149
62.260,333
61,809,794
68,235.698
$92,000,000
86.000.000
85.000,000
83,000,000
82,500,000
79,000.000
71,000,000
73,000,000
80,000,000
592,000,000
90.000,0011
88.000.000
89,500,000
86,000,000
83,000.000
70.550.000
*71.537.700
80,837.601
8560,765,642
65,259,727
70,214,468
78.937.417
8622,668,210
73.670.561
81.363,806
91,000.000
8731,500,000
83,000,000
92.000.000
100.000.000
$751,425,301
8775.177.254
8868.702.577 11.006.54)04000
*Revised.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 28 1930.
The most hopeful thing in the week's business news is the
arrival of seasonal temperatures all over the country. A
great cold wave has swept down from the far north of
Canada to the borders of Florida with freezing temperatures,
even as far South as that State. The severe cold in parts
of the South is one of the outstanding features. The cold
wave co-extensive with the United States has naturally
spurred retail trade everywhere into greater activity in
seasonable goods. At the same time it is still true that
wholesale and jobbing business has made no great progress
if it has not remained for the most part stationary. There
are better sales in the Northwest of heavy outdoor clothing,
knit goods, shoes and rubbers. And such conditions have
to some extent spread southward, though they are most
noticeable in the far North. Christmas buying is said to
have started unusually early this year. Christmas savings
funds will be distributed next week and in holiday lines
jobbing business, and to some extent wholesale trade, has
improved more or less. But, as already stated this is not
the case in other goods. Freight loadings on Western
railroads continue to show a decrease from October and
also as compared with the same time last year. In general
buying has not been equal to that of a year ago. Steel
production is down to about 40%, although there are hopes
of better things early in 1931. The old saying is "when
things get to their worst they mend." And it is believed
that things have got to their worst in the iron and steel
business. Lumber production has decreased and also the
demand. Indeed many lumber camps in the Pacific Northwest are closing. Curtailment in copper mines is noticeable
in the Rocky Mountain region.
On the other hand in parts of the South cotton manufacturing is in somewhat better shape; and it was noticeable
that in Manchester, N. H., this year big cotton mills closed
only for Thanksgiving, one day instead of the usual three.
Flour milling is more active than it was a year ago at a
number of points. Employment m retail lines has increased
somewhat, owing to better trade. Pipe manufacturing has
continued on a rather liberal scale. The same is true of
radio production and similar lines. Pig iron has been quiet
and rather weaker. Steel scrap has declined. The colder
weather has helped the coal trade, especially the anthracite.
Recently, however, bituminous coal has been dull and lower
for slack. Petroleum output has on the average decreased.
Somewhat larger sales of print cloths of 39-inch, 4-yard
80-square and of 38%-inch 64x60s were reported. For early
delivery 80 squares were in somewhat better demand, but
for prompt or nearby delivery supplies were found to be
small, so that many orders for not inconsiderable quantities
could not be supplied. Other print cloths were quiet, but
generally steady. Of sheeting sales were small, and this was
true of other coarse yarn goods but recent prices were maintamed. Fine and fancy cotton cloths were quiet and some
descriptions were lower,especially rayon and cotton mixtures.
There is nothing new in woolen and worsted goods. Certainly no marked improvement in business is reported.
Cotton declined about $2 a bale under the stress of December liquidation, some decline in stocks and grain and generally dullness of business at home and abroad, coincident
with big stocks on this side, if they are relatively small across
the water. The December notices were not so large as were
expected. They amounted to about 50,000 bales, whereas
recently on the eve of the actual issuance of such notices
estimates were heard of anywhere from 100,000 to 200,000
bales and even more. Wheat showed steadiness with the
help of the Farm Board and greater sense of security in the
Canadian market braced by intimations that the Canadian
Government would not allow any bad break in prices. The
Canadian banks have been helped in the matter of loans.
The Farm Board is supposed to control about 110,000,000
bushels in the United States. No further rumors affecting
the Canadian pool have been heard. Corn has been braked
to a certain extent by the firmness of wheat but after the
recent sharp advance there was less enthusiasm on the buying
side. But corn feeders in many parts of the country are still
paying very much higher prices than those current at the
terminal markets. It is not surprising therefore that farmers
are offering corn very sparingly to such markets, and that
the sentiment in regard to corn is bullish. Oats have been
steadied by the relative firmness of other grain. There has
been a moderate decline in rye, owing to continued dullness
of trade, although there has been of late some export business
in Canadian rye and barley. Coffee has declined some 15 to
30 points under liquidation and other selling by Europe and
trade interests. Brazil has bought at times. The tendency
it is believed will be towards lower rates of Brazilian exchange.
Meanwhile the spot demand for coffee does not improve.
Sugar shows practically no change for the week beyond a
couple of points on December. During the week all the
sugar remaining in Cuba has been taken over by the National
Sugar Export Corporation and the Chadbourne delegation
has reached Paris. Meanwhile prices are so low that there
is a growing conviction that sooner or later there must be a
natural advance. Rubber declined 10 to 20 points. Amsterdam reported organized restriction plans have been practically given up by Dutch interests. Moreover liquidation
of December here has continued. The Far East has been
offering rubber on a larger scale. But here prices are regarded as low and as likely in the long run to improve and
perhaps materially. Hides have advanced 55 to 60 points
on futures, though there has been a decline in the West of
%c. Cocoa has dropped 40 to 45 points, and silk 1 to 4.
3428
FINANCIAL CHRONICLE
[void. 131.
The silk trade is believed to be in pretty good shape and it is of wholesale firms was also considerably smaller. Stocks
noted that Japanese prices have unexpectedly risen. The of merchandise on hand at the end of the month valued at
technical position of raw silk seems to be good and the out- retail prices showed a decrease of 5% compared with last
look for silk is regarded in more than one quarter as favorable, year for all department stores.
especially as manufacturers are more inclined to buy.
London cabled that the National Coal Board has decided
The weekly stock market reflected mostly irresolution, against a reduction in the South Wales coal fields, thus avertirregularity or depression. To-day railroad stocks declined ing a strike scheduled for Monday.
1 to 10 points, including 2 to 4 on the more active issues.
Electric power production continued at a low rate last
Industrials and public utilities declined, but railroad stocks week, the adjusted index being 85.8% as compared with
led the downward movement. The total transactions were 85.6 for the week ended Nov. 15 and 98.4 for the week
only 1,743,790 shares against 2,244,610 a week ago. Perhaps ended Nov. 23 1929. The figures shoW that the Atlantic
the best feature of the stock market is the more orderly Coast area increased 1.9 compared with last year, while the
trading. It is simmering down to proportions that suggest, Pacific Coast decreased 3.2 and the Central industrial
rightly or wrongly, something approaching stabilization, region decreased 9.1%. Washington wired Nov. 24 that
Meanwhile many in Wall Street are looking for a cue as to the wholesale price index of the National Fertilizer Associathe future of business from the commodity markets. On tion, consisting of 476 quotations, declined five fractional
the other hand the commodity marketings are eying stocks points for the second consecutive week. The index number
very sharply for enlightment. On the 24th inst.. prices were now stands at 80.9 compared with 81.4 for the previous
irregular, some being off 2 to 6 points and others up 2 to week and 95.1 a year ago. The index number of 100 repre4 with sales of only 1,630,820 shares. On the 25th inst. sents the average for the three years 1926 through 1928.
stocks declined slightly but a few advanced 3 to 6 points.
As to weather conditions, on the 25th inst. it was 37 to 50
Noticeable declines took place in United States Steel, Amen- degrees but grew colder and blustry after nightfall. On the
can Can, Allied Chemical, American Tel.& Tel., J. I. Case, 24th inst. it had been mild here and in New England; 44 to
Eastman Kodak, Woolworth, Montgomery Ward and Sears 55 degrees here. Montreal 42 to 52, Philadelphia 42 to 58,
Roebuck. The total sales were 2,152,93G shares against Portland, Me. 44 to 52, Chicago 16 to 36, Cincinnati 24 to
1,630,820 on the 24th and 2,634,000 a year ago.
46, Cleveland 30 to 50, Detroit 30 to 42, Milwaukee 14 to
Chicago wired that employment and payrolls are on the 34, Kansas City 28 to 34, St. Paul 14 to 22, St. Louis 24 to
increase in Illinois and adjacent States, in the face of much 36, Winnipeg 18 to 20, Denver 40 to 50, Salt Lake City 18
agitation over depression and unemployment. The Illinois to 34, Los Angeles 60 to 82, Portland, Ore. 30 to 50, San
State Bureau of Research has collected statistics from a Francisco 52 to 70, Seattle 34 to 44. On the 27th inst. there
score of leading cities and towns, chiefly whom the cry of was a brief snow storm in the afternoon and the mercury sank
unemployment has been the most strident, and finds the to 23 degress, the highest being 34. Boston had 20 to 34,
idle slack was being taken up and that considerably more Montreal 10 to 24, Philadelphia 20 to 32, Portland, Me. 18
money is being paid out every week. The gradual trend to 34, Chicago 2 to 14, Detroit and Cincinnati 6 to 16,
toward better business is particularly noticeable in textile, Cleveland 8 to 16, Milwaukee zero to 12, New Orleans 48
metal, railway, stone, clay, glass and wood products, to 58, Bismarck 6 to 12, Kansas City 20 to 34, St. Paul 6
chemicals, oils and paints and on the farms.. In the cities, below zero to 6 above, St. Louis 16 to 28 above, Winnipeg 2
unusually early Christmas buying is in progress, requiring to 14 below zero, Denver 26 to 48, Los Angeles 56 to 64,
much additional help in stores and factories. In one of Portland, Ore. 36 to 44, San Francisco 52 to 58, Seattle 42
the largest wholesale distributing organizations in the to 44.
country figures of October sales showed 14.4% less value,
To-day it was 16 to 26 degrees here; 16 degrees being the
but nearly 14% excess in yardage sales of piece goods com- lowest on record here for Nov. 28. The coldest weather of
pared with a year ago.
the season was reported all along the Atlantic seaboard.
At Manchester, N. H., all departments of the Amoskeag Freezing and below freezing temperatures prevailed as far
closed for Thanksgiving holiday reopening Friday morning, south as Florida. Owls Head, N.Y.,in the northern AdironThe plant generally closes for three days. Announcement dacks had zero weather during the night, the Associated
'that the workers had to report again Friday indicates brighter Press reported. Baltimore and other points registered only
business prospects for the big textile corporation. Char- a few degrees higher. Philadelphia recorded a temperature
lotte, N. C., advices stated that the textile situation is of 18 degrees above.
; Rochester, 12 and Birmingham, 12.
apparently under the influence of seasonal dullness. At At Harrisburg, Pa. the Susquehanna River was frozen over
Hilderbran, N. C., the J. A. Cline & Son mills manufac- from shore to shore. It was the first time in 60 years that
turers of half hose in rayon and cotton are operating on it had frozen so early. Chicago had a minimum temperature
full time day and night, owing to increasing orders. Much of 1 degree above zero. Duluth, Minn. with 12 degrees
below zero, was the coldest spot in the country. La Crosse,
is being exported to Canada, Porto Rico and Havana.
Pittsburgh, wired: "Cheap silks are likely to hurt the sale Wis., had 8 degrees below zero. At St. Paul, Minn. it was
of cottons, in the opinion of a prominent buyer for a large 6 below. Atlanta, Ga. had 22 degrees; Montgomery, Ala.,
department store here. With plenty of cottons selling around 24. Heavy snows and bitter cold prevailed in the Ohio
50 cents a yard, this buyer feels the consumer is likely to Valley, Buffalo, N. Y. had 10 degrees above zero.
Furious storms of wind and great rains on the 24th inst.
take the silks even to the wearing of silk house-dresses. He
looks for an active silk business, due to the present con- struck France, Belgium, Germany and Austria; Belgium
dition of the silk market and has been making preparations appeared to be the heaviest sufferer. Swollen rivers overran
accordingly. Low-priced silks also have been making some the dikes and the fields. Eighty villages and at least half a
inroads on rayon fabrics for; as between rayon and silk the million acres of farm land were completely under water. In
average woman takes silk instead of rayon, price being France rivers overflowed their banks and lowlands of France
from Harve to Paris were under water. Navigation was
nearly equal.
Tattersall,cabled from Manchester: "Demand broadened impossible and such vessels in the Seine,as could not find
slowly in he sloth markets here, but developments are shelter were damaged or sunk. In Germany the Rhine and
checked ta some extent by the sagging tendency noted in Moselle overran their banks driving thousands from their
prices. nem is much uncertainty as to future policy of homes to higher country. The storm extended even to Spain
the American Farm Board which automatically reflects on and the English channel and the waters along the coast of
the raw cotton price situation here. Larger inquiry has Europe were a menace to shipping. To-day Paris, France,
been maintained from India cotton cloth accounts and there had a big sandstorm originating from across the Mediterhas been a slightly better turnover. China advices are poor ranoan. There were earthquakes on the 27th inst. in Albania
and restricted operations there for minor outlets. Homo and Chile.
trade buyers in the face of the general situation remained
very cautious at the moment. Yarn sales are remaining Commodity Price Index Again Declines Five Fractional
Points According to National Fertilizer Association.
small and prices are rather more irregular. General prospects
The wholesale price index of the National Fertilizer Assoof return of business in this quarter are decidedly adversely
affected by the unfavorable world conditions and most ciation consisting of 476 quotations declined five fractional
points for the second consecutive week. The index number
traders are marking time."
An average decline of 5.4% in sales of department stores now stands at 80.9 compared with 81.4 for the previous week,
for October in the New York district as compared with and 95.1 a year ago. The index number of 100 represents
October 1929 is reported by the Federal Reserve agent at New the average for the three years 1926 through 1928. Under
York. Chain sales were 5% below a year ago and volume date of Nov. 24 the Association adds:
Nov. 29 1930.]
3429
FINANCIAL CHRONICLE
Of the 14 groups in the index, seven declined, one advanced and the
'remaining six showed no change during the last week.
Included in the list of 35 commodities that declined were cotton, lard,
butter, milk, ham, pork, wheat, hogs, pig iron, melting steel, kerosene,
camphor, hides, coffee, leather and mixed fertilizer.
Among the 12 commodities that advanced were flour, eggs, granulated
sugar, potatoes, cottonseed meal, copper wire and rubber.
Federal Reserve Board's Summary of Business Conditions in the United States-Decline in Industrial
Production and Factory Employment in OctoberDownward Movement of Commodity Prices-Department Store Sales Increase.
Summarizing business conditions in the United States
under date of Nov. 23, the Federal Reserve Board states
that "the volume of industrial production and factory employment declined in October, and there was a further
downward movement of commodity prices." The Board
finds that the "volume of sales by department stores increased by more than the usual seasonal amount." It also
says "there was a considerable inflow of gold from South
America and the Orient, and a further slight easing of
money rates." Further summarizing conditions, the Board
says:
ness and buying-power during 1931. There are two ways of regarding a
severe major depression. One view, and at present apparently the more
generally prevalent view, is that so severe a shock has been sustained by
security and commodity values, incomes, and business plans that several
years will be required to restore normality. The other possible view,
however, is based on observation of the underlying trend of expansion over
a long period in the buying power of the American public and the unfailing
tendency for cyclical declines below that trend to be followed by recovery.
The farther we go below normal the more certain does an upward readjustment become. Consistent with this view is the further thought that
interruption of prosperity is not a total breakdown in the business and
financial system, but rather the result of excesses, overdevelopment, and
maladjustments in a few important elements which happen at a particular
time to be in critical positions. It has in the past rarely required more
than a year to a year and a half to adjust these special difficulties and
remove the obstacles clogging the general flow of trade.
We are convinced that in the present case there is no sound reason to
view the business outlook for 1931 with alarm, distrust, or pessimism.
In fact the line of sound and successful management policy is always
directed against the prevailing drift of sentiment and general conditions
rather than with it. The striking consistency of the basic trend of buyingpower, which now advances in the neighborhood of 4% per annum, is so
fundamental that when current production and sales run higher it is always
sound policy to work against this excess by setting aside reserves for use
when the inevitable reaction comes. Conversely, when business is 15 to
20% below normal and normal will again at some future time be reached.
It is common sense to prepare actively and fearlessly for that recovery in
general demand. The difficulty in preparing for it lies mainly in the
fact that sufficient reserve resources have not been accumulated in the
boom years. In other words, not enough managers of business are observant cf the simple fact that the country is proceeding at a rate measurably in excess of normal. Now is the proper time to develop new products,
expand plant facilities where they are known to be inadequate, investigate
new market areas or new classes of consumers, and get more facts to use
when the cycle again swings up. The boom period is the time to "cash in"
on investments and plans made economically and strategically during depressions; it is not, as commonly supposed, the proper time to attempt
to outdo competitors in excesses of high pressure expansion and the reckless financing that accompanies it.
Industrial Production and Employment.
Industrial production, including both factories and mines, decreased by
about 3% in October, according to the Federal Reserve Board's index, which
makes allowance for usual seasonal changes. This decline reflected chiefly
a further decrease in output of steel ingots, contrary to the usual seasonal
movement, and a 1 rger than seasonal decline in the output of automobiles.
Output in the shoe industry was also curtailed. Consumption of cotton by
domestic mills showed a further increase of slightly more than the usual
seasonal amount, and stocks of cotton cloth were further reduced: increased
Board-Decline
activity was also reported for the silk industry. The output of coal was Monthly Indexes of Federal Reserve
In substanti ally larger volume than in September, while production of
Shown in Industrial Production.
copper and petroleum declined.
The monthly indexes of production, factory employment,
Number of workers employed showed a decrease for the month in foundries and in the automobile, machine tool, woolen, and shoe industries. Fce of the Federal Reserve Board were made public as follows
proof
persons
the
in
number
employed
while increases were reported in
duction of silk goods, hosiery, and radios. Employment at coal mines Nov. 21:
INDEX NUMBERS OF PRODUCTION, FACTORY EMPLOYMENT AND
Mere aged considerably, partly in response to seasonal influences.
PAYROLLS,BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
Value of contracts for residential building, as reported by the F. W.
further
in
growth
(1923-1925=100)
increased
September,
a
shown
Dodge Corp., which had
is
for
than
Con
usual
smaller
month.
that
amount
an
by
but
October,
in
Willson!
Adjusted for
tracts for public works and utilities also increased somewhat, reflecting a
Seasoruzl Variations. Seasonal Adjustment.
larger volume of awards for pipe lines. Owing to a substantial decrease in
however,
there
was
the
in
little
change
building,
contracts for industrial
1930.
t929.
1929.
1930.
total value of building contracts awarded.
-Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
Distribution.
Volume of distribution of commodities by rail showed a decline from
September to.October. Retail trade, however, as indicated by sales of
'dep artment stores, increased by considerably more than the seasonal
amount, according to preliminary reports to the Federal Reserve System.
Industrial production, total
Manufactures
Minerals
Building, value of contracts awarded.
Factory employment
Factory payrolls
Freight car loadings
Department Stores Sales
p88
p86
p97
82.2
92
p89
91
p87
p104
100
82
81
.4 jai .3 84.3 86.4
80.8 83.0
97
99
104
89
103
112 0112
99
91
91
94
117
117
118
120
119
127
109
103.3
110.9
118
122
Wholesale Prices.
86
p103
The general level of wholesale prices, as measured by the Bureau of
the
and
October,
decline
in
in
continued
declined
Labor Statistics index,
INDUSTRIAL PRODUCTION: INDEXES BY GROUPS AND INDUSTRIES.
the first half of November. Further decreases in the prices of many agri(Adjusted for seasonal variations)
cultural products, including grains, livestock and meats, were accompanied
by reduction in the prices of hides, tin, petroleum and gasoline, while
kilning.
Manufactures.
sugar and copper advanced. The price of cotton rose considerably at the
1930.
1929.
Industry.
1929.
19.30.
Industry.
end of October from the low level prevailing early in the month.
Bank Credit.
Oct. Sept. Oct.
Oct. Sept. Oct.
Total volume of credit at reporting member banks in leading cities
87
85 103
86 124 Bituminous coal
75
Iron and steel
showed relatively little change for the four-week period ended Nov. 12. Textiles
105
80 112
88 118 Anthracite coal
P90
p114 114 140
96 Petroleum
Loans on securities declined further by $350.000,000. reflecting reductions Food products
96
P94
79 107
74
109 126 Iron ore
In loans to brokers and dealers in securities, while all other loans increased Paper and printing._. __
89 123
83
68 113 Copper
purchases of acceptances by the Autoroobliet
P45
r
by $150,000.000, partly on account of
94 119
90
100 113 Zinc_
p93
shoesand
Leather
their
holdings
of
increased
investments.
member banks. The banks also
94
73
71
97 111 113 Silver
showed little change between the Cement
96 122
Nonferrous metals-- p93
The volume of-reserve bank credit in use
There was a further Petroleum refining.- _ _
November.
of
178
middle
165
the
and
October
of
middle
84 114
monetary gold and a decline of Rubber tires
addition of $30.000,000 to the stock of
while member bank reserve balances Tobacco manufae'res_ 129 125 135
$20,000,000 in money in circulation,
incre.sed. No material change in the composition of the reserve bank
FACTORY EMPLOYMENT AND PAYROLLS.-INDEXES BY GROUPS
portfolio was shown for the month.
AND INDUSTRIES.
eased slightly since the middle of
Money rates in the open market have
paper declined from 3% to a
October. The rate on prime commercial
Payrolls.
Employment.
in the rate on bankers'
range of 24 to 3%, and there was a reduction
Adjusted for Sea- Without Seasonal Without Seasonal
acceptances of the longer maturities. Long-time money rates, as measured
Adjustment.
Adjustment. p,
sonal Variation. x
Group and Industry.
securities, declined slightly.
by yields on United States Government
1930.
Outlook for National Business as Viewed by Silberling
Research Corporation, Ltd.-No Definite Indication of Turn for Better.
In viewing the outlook for National business and basic
industries, the Silberling Research Corporation, Ltd., of
San Francisco, has the following to say under date of Nov.15:
October were not such as to indicate
The business developments during
general conditions, but on the other
any definite turn for the better in
in the more comprehensive data.
occurred
declines
further
hand no serious
-power, based on adjusted monthly data of
Our index of general buying
measures of manufacture and distributwo very representative physical
and freight car loadings-declined in
tion-production of electric power
about 2% lower than the lowest point
is
This
normal.
October to 80% of
March of that year.
of the depression of 1921, reached in
in October, but the index is
Wholesale commodity prices also declined
in the early autumn prior to the
was
it
now at about the same level as
of
average
the
commodity quotations will
that
consider
recent rally. We
a
tend to stabilize around this level and that reappearance of strength will
develop well before the close of the year.
retard recovery in industrial
One of the prevailing factors tending to
activity and the undertaking of large development projects is a rather
general attitude of doubt and skepticism regarding the outlook for busi-
1929.
Oct. Sept. Oct.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment_ _
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
1930.
1929,
Oct. Sept. Oct.
1930.
1929.
Oct. Sept. Oct.
81.3 81.7 99.1 81.6 82.3 99.4 75.8 75.4 107.9
88.0 90.2 119.5 87.4 89.8 118.7 81.4 84.2 129.0
80.7 82.4 97.9 82.4 82.2 99.8 80.3 81.2 104.8
77.9 78.8 97.4 78.6 77.7 98.3 73.7 70.9 101.8
87.9 91.3 99.0 92.0 93.4 103.5 93.5 102.1 110.9
90.9 92.9 99.8 94.7 95.2 104.2 98.4 100.8 108.8
98.4 99.0 105.6 98.8 98.6 106.1 105.4 106.3 117.8
62.1 62.4 87.2 64.3 64.5 90.1 60.4 60.9 96.8
67.2 69.7 90.4 67.0 70.3 90.2 62.8 66.0 99.8
69.6 71.1 101.3 69.6 73.2 101.3 58.4 62.4 108.0
80.2 82.7 96.0 83.1 86.1 99.3 69.7 76.2 100.0
71.4 71.7 89.7 73.2 74.5 91.9 66.4 66.4 90.6
72.6 73.6 99.9 71.6 72.5 98.4 69.4 70.7 112.5
101.1 102.3 115.8 101.4 102.7 116.1 99.9 101.3 118.2
104.3 106.6 124.9 104.1 108.5 124.6 109.3 113.8 129.4
75.4 75.3 02.9 75.3 77.4 102.7 65.9 71.8 100.9
83.5 85.1 89,9 88.0 87.7 95.0 78.0 80.0 94.2
p Preliminary. x For adjusted Indexes from January 1919 to September 1930,
see Federal Reserve Bulletin, November 1930.
Business Trends as Seen by Indiana Business Review.
"Several lines of business in!Indiana responded to seasonal
influences and registered gains during October while a survey
of general business conditions disclosed a continuation of
3430
FINANCIAL CHRONICLE
reactionary trends," says the current issue of the Indiana
Business Review, published by Fletcher American National
Bank of Indianapolis. The Review is prepared by Wayne
Stackhouse, Manager of the Indianapolis division of the
Indiana University Bureau of Business Research. The
Review says:
Electricity production, dollar value of building contracts, gasoline sales,
co esponlent bank deposits, an savings deposits are the only indicators
of Indiana business that make favorable comparisons with a year ago.
Coal production has made more than seasonal increase for five consecutive
months. Some sections report more mines in operation than t any other
time in last four years. Steel and iron output dropped from 55 to .57%
capacity opera tio, s during the first part of Cctober to 50% of capacity in
early November. October output far below any other month si ce 1924.
Automobile manufacturers continue to operate on schedules far below a year ago, according to the business report.
It is noted that after operating on normal schedules for first
part of year, stone shipments from mills in Bedford-Bloomington district during September fell below month ago and
year ago. Furniture factories are operating far below year
ago. Agricultural reports show conditions better than
month ago. Revised estimates indicate that the average
yield per acre for wheat, oats, barley and potatoes was over
both the 1929 yield and the average yield for the last ten
years.
Warm weather has been a factor in keeping retail trade
far below a year ago, according to the Review. Employment conditions for the State as a whole have changed very
little during the past month. Post office receipts gained
over a month ago but continued under year ago. Grain
receipts and shipments at Indianapolis made more than
seasonal increase during October. Life insurance sales
dropped from a month and year ago. Live stock receipts
failed to make all of seasonal gain over a month ago.
Guaranty Trust Company of New York Cites Reviving
Confidence in Business as Factor of No Small Influence in Tending to Improve Present Situation.
There is an increased feeling in business circles that the
country is at or near the "bottom" of the economic depression and that some progress may be expected to appear at
any time, states the Guaranty Trust Company of New York
in the current issue of The Guaranty Survey, its monthly review of business and financial conditions in the United States
and abroad, published Nov. 24. "While not much.can be
cited by way of concrete evidence to support this view, the
very fact of reviving confidence is a factor of no small influence, which may prove to mark the turn," The Survey
continues. It adds:
"One of the country's leading bankers, In a recent public utterance.
summarized the general feeling of the business community when he said
that 'the extreme of our depression Is probably as unwarranted as the
extreme of our exaltation was fourteen months ago.'
"Current reports contain a curious mixture of favorable and unfavorable factors. On the one band, there is an unmistakable continuation of
the decline in industrial output and the volume of trade that has been
under way for a year and a half.
Trend of Prices Encouraging.
"On the other hand, the movement of stock prices, commodity prices,
and bank credit, three highly important influences on the general trend
of business, have all been such as to suggest that the process of readjustment is moving into its final stages. The stock market, after declining to
a new low level for the current movement in the early part of the month,
experienced several consecutive days of rapid recovery. While it Would
be rash to conclude that the rally marked the turning of the tide, the
behavior of prices in the face of unfavorable industrial reports was distinctly encouraging. If the upward trend continues, it cannot fail to
exert a stimulating effect on business sentiment.
"Even more direct in its favorable implications is the Increasing tendency toward stability of commodity prices. The spectacular advance in
the price of copper this month was accompanied by a general firming
tendency in the other leading metals. Prices of farm products, which
sank to very low levels in the latter part of October and the early days of
November, have recovered to some extent during the last fortnight.
Similar improvement is visible in several other directions. The wholesale
price index of the Guaranty Trust Co. shows only a slight decline for the
month ended Nov. 15, standing at 59.0, as compared with 60.0 last month
and 81.4 a year ago.
Credict Situation Favors Recovery.
"Finally, there has been a noticeable increase in bank loans for commercial purposes. The latest report of Federal Reserve member banks
shows total loans, other than those secured by stocks and bonds, of $9,763,000,000, which is the largest figure reported since last March and compares with $9,402,000,000 in June. Although this increase has been
offset by the decline in security loans, the investments of the banks have
continued to rise. The total amount of loans and investments, therefore,
stands at the highest point reached in about a year.
"In spite of the moderate Increase in commercial bank loans, the credit
situation continues to point to extreme ease in money markets for some
time-probably until the process of business recovery is well under way.
There has been no appreciable increase in borrowing from the Federal
Reserve Banks, and the ratio of reserves to deposit and note liabilities
remains above 80%. Moreover, there was a rather large import gold
movement last month, and some substantial shipments have been received
since the beginning of November.
"With these conditions all tending to bolster confidence and promote
recovery, the further declines in output and distribution have occasioned
[Vol.. 131.
no alarm. On the contrary, business sentiment appears to have improved
In the course of the last few weeks.
Definite Improvement in Textiles.
"In recent months the cotton textile industry has shown more distinct
signs of progress than any other major Industrial group. The outstanding
feature of the industry is the progress that has been made in adjusting
output to the rate of demand. The result is that stocks of finished goods
have been reduced to a point where they no longer represent a strong depressing influence on prices.
"Shipments of standard cotton cloths last month were 18% in excess
of production during the same period, resulting in a decline of 103 % In
stocks. The situation is considered better than it has been at any other
time In the past year.
"The significance of this condition is not confined to the textile industry
alone but has a direct and important bearing on the outlook for raw cotton.
Cotton is one of the few major farm products that have increased in price
during the past month. Although the price is still at a very low level,
quotations of raw cotton and of finished cotton goods usually move in
fairly close sympathy, and any factor that exerts a marked effect on the
one is commonly reflected in the other as well. Any price advance, therefore, that may result from the marked improvement in the statistical position of the textile industry should have a favorable effect on the market
for raw cotton and, to that extent, on the economic condition of an important section of the agricultural population."
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
Weekly business indicators available to the Commerce
Department for the week ended Nov. 22 1930 show that
increases occurred over the preceding week in the volume
of bank debits, outside New York City, loans and discounts
of Federal Reserve member banks, the average prices paid
for representative stocks and bonds and the Federal Reserve
ratio. Declines from the previous period were noted in
cotton receipts at principal markets, while interest rates
for both call and time money showed no change. As compared with a year ago decreases occurred in almost every
instance with the exception of bond prices and the reserve
ratio.
Wholesale prices in general, as measured by the weekly
index of 120 principal commodities were fractionally off
from the week before. The price of red winter wheat showed
an increase over last week's level, while the price of middling
cotton at New York, and iron and steel prices declined
slightly. As contrasted with wholesale prices of a year ago
declines without exception occurred.
For the week ended Nov. 15 1930 increases over the
preceding week occurred in the production of bituminous
coal, petroleum, and in the receipts of cattle, calves and
hogs at important markets. Declines from the previous
period occurred in freight car loadings, the value of building
contracts awarded in 37 States, and lumber production.
Steel ingot production remained unchanged from the week
ended Nov.8 1930.
Bank loans and discounts of member banks were larger
and the Federal Reserve ratio higher for the period ended
Nov. 22 1930, when compared with the corresponding week
ln 1928, two years ago.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
1930,
1929.
Nov. Nov. Nov. Nov. Nov. Nov
22. 15. 8.
1.
23. 16.
Steel ingot production
56.6 56.6 61.8 90.8 93.4
Bituminous coal production....__
_
__ 99.7 *99.6 104.1 112.6 *110.2
Petroleum produen (daily avge.)_ 109.6 110.7 110.3 113.4 126.4 125.8
Freight car loadings
86.5 91.9 97.5 99.1 *102.5
a Lumber production
59.2 64.0 63.1 - __ 98.9
Building contracts, 37 States
(daily average)
64.6 69.7 59.5 79.2 67.0
Wheat receipts
81.2 93.5 86.0 48.0 56.7
Cotton receipts
198.5 231.9 231.9 253.5 184.2 236.5
Cattle receipts
96.2 91.5 131.3 102.8 110.4
Hog receipts
90.0 78.9 84.1 99.5 94.8
Wholesale prices:
Fisher's index (1926100)
Total (120)
80.8 82.2 82.2 82.4 92.2 92.6
Agricultural products(30)
78.7 81.3 82.5 83.4 97.2 97.0
Non-agricul. products (90)
80.3 81.3 80.8 81.1 91.1 91.6
Wheat No.2 red, Kansas City_ 52.7 51.9 55.0 57.4 93.0 87.6
Cotton, middling
40.1 41.2 40.4 41.2 64.7 64.3
Iron and steel composite
77.0 77.2 77.2 77.4 86.9 87.2
Copper, electrolytic price.
- __ __ 79.7 68.1 67.4 129.0 129.0
Bank debits outside N. Y. City- 120.7 100.7 111.7 103.8 162.5 144.0
Bank loans and discounts
133.5 133.4 134.5 134.1 142.9 144.9
Interest rates-Call money
48.5 48.5 48.5 48.5 115.1 142.4
Time money
62.9 62.9 66.3 68.6 125.7 137.1
Business failures
139.8 121.6 120.1 123.3 116.0 99.3
Stock prices
166.0 161.0 152.4 171.2 205.3 185.0
Bond prices
106.7 106.5 107.0 107.2 103.3 103.3
Federal Reserve ratio
105.7 104.8 105.5 106.3 91.9 89.7
Money in circulation
92.9 92.6 92.8 92.0 99.2 99.8
b Composite IndexNew York "Times"
77.9 *79.6 82.8 93.7 95.4
Business week
78.2 *79.5 81.5 101.3 101.3
•Revised. a Relative to weekly average 1927-29 per Week shown
to a computed normal taken as 100.
1928.
Nov. Nov.
24. 17.
109.2 106.6
112.7 112.1
120.3 119.6
107.3 110.2
__ __ __ _
113.4 85.1
139.1 109.0
236.5 235.0
104.7 113.5
101.5 96.1
97.3 97.7
97.3 98.8
97.2 96.9
88.4 87.6
75.4 72.4
87.4 86.8
114.5 114.5
151.6 128.2
129.1 128.1
157.6 151.5
160.0:160,0
117.0 108.1
230.7 225,1
108.1 108.3
88.3 87.0
99.6 99.9
__ -- _ __
__ _ __ __
b Relative
Wholesale Trade in New York Federal Reserve District
in October Below That of a Year Ago.
According to the Federal Reserve Bank of New York,
"the volume of business done by the reporting wholesale
firms in this district in October continued to be considerably
Nov. 291930.]
FINANCIAL CHRONICLE
smaller than a year previous. The average decrease below
October 1929 was 22%,or about the same as in the two preceding months." -In its further account of wholesale trade
conditions in the district, the bank in its Dec. 1 "Monthly
Review" says:
Sales of drugs and yardage sales of silk goods showed decreases in October
as compared with last year, following increases in September. The sales
of groceries, cotton goods and shoes continued to be substantially below a
year ago, and the sales of hardware showed the largest decrease since
June. Declines in excess of the average were reported by the men's clothing, stationery, paper, diamond and jewelry dealers. Orders for machine
tools reported by the Machine Tool Builders' Association, following monthto-month increases in August and September, declined in October, and
were little more than one-fourth the volume of October 1929, and the lowest
since September 1924.
The value of stocks in all reporting lines, with the exception of' drugs,
continued to be substantially smaller than the previous year. Collections
averaged slightly slower than in October 1929.
Commodity.
Percentage
Change.
October 1930
Compared with
September 1930.
Net
Sales.
Stock
End of
Month.
Percentage
Change,
October 1930
Compared with
October 1929.
Net
Sales.
Percent of Accounts
Outstanding
Sept. 30
Collected in
October.
Stock
End of
Month.
1929.
1930.
-17.9
-13.4*
-11.9
+31.4
-14.6
76.6
39.7
40.4
48.0
49.9
37.7
55.4
79.7
35.4
38.1
46.7
52.8
40.7
49.4
-25.51
-20.4
67.2
61.1
27.4
27.4
67.9
57.1
21.9
21.9
Weighted average
-1.9
-21.9
53.6
Quantity not value. Reported by Silk Association of America.
**Reported by the National Machine Tool Builders' Association.
52.9
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
Jewelry
+11.4 +11.4
-29.1
+18.9
-8.3
-5.6* +2.7*
-10.1 -11.2
+24.9
-9.6
-4.1
+8.8
-33.7
+11.1
+7.7
-10.1
-2.1
+20.5
-3.8
-10.0
-34.5
-21.8
-5.1*
-13.8
-5.6
-21.1
-72.0
-26.0
-23.4
-47.2
-46.0
-12.0
Department Store Sales in New York Federal Reserve
District in October 5.4% Below That of Same Month
Last Year.
In stating that "October sales of reporting department
stores in this district averaged 5.4% smaller than in 1929
as- compared with an 8% decline in the average daily sales
in September," the Federal Reserve Bank of New York
in its Dec. 1 "Monthly Review" adds:
Department stores located in Newark and Hudson River Valley district
reported sales slightly larger than last year. but decreases were reported
from all other sections of the district. The leading apparel stores reported
a considerable decrease In sales as compared with a year previous for the
sixth consecutive month.
It Stocks of merchandise on hand at the end of the month, valued at retail
prices, showed a decrease of 5% compared with a year previous. The rate
of collections on charge accounts during October was 2% below a year ago.
nut slightly better than in September.
Locality.
Percentag Change P. C. of Accounts
October 1930
Outstanding
Compared with
Sept. 30 Collected
October 1929. .
in October.
Stock on
Net Sales. Hand End 1929.
1930.
of Month.
--3.5
-5.2
49.1
New York
48.4
--4.5
-16.1
42.6
Buffalo
41.6
-4.6
--13.1
43.8
Rochester
41.6
-11.8
--16.0
32.8
Syracuse
30.7
--7.0
+0.2
47.7
Newark
43.1
--14.7
-10.4
40.3
Bridgeport
40.9
-7.5
--7.3
39.6
Elsewhere
38.4
-4.4
Northern New York State
-10.8
Central New York State
-4.9
Southern New York State
+0.7
Hudson River Valley District
-16.3
Capital District
-5.3
Westchester District
-5.4
-5.0
All department stores
46.4
44.4
-14.9
-14.5
50.3
Apparel stores
47.4
Comparisons of sales and stocks in major departments with those of a
Year ago are given In the following table;
Toys and sporting goods
Toilet articles and drugs
Shoes
Women's and misses' ready-to-wear
Silverware and Jewelry
Men's furnishings
Cotton goods
Women's ready-to-wear accessories
Men's and boys' wear
Hosiery
Rome furnishings
. Furniture
Linens and handkerchiefs
Woolen goods
Boots and stationery
Luggage and other leather goods
Silks and velvets
Musical Instruments and radio
Miscellaneous
Net Sales
Percentage Change
October 1930
Compared with
October 1929.
Stock on Hand.
Percentage Change
Oct. 31 1930
Compared trih
Oct. 31 1929.
+10.1
+5.8
+1.9
+0.3
-2.5
-3.1
-3.9
--16.a
--3.6
--5.6
--13.0
-7.1
-7.5
--9.1
--9.2
--9.2
--17.3
--20.6
-9.9
--10.5
--3d3
---14.0
--14.7
--2.6
--I.3
+7.1
--21.6
8.3
--11.3
--19.8
+8.6
--19.4
3431
Total October sales of the reporting chain store systems in this district
averaged 5% below a year ago, a decrease much the same as that reported
In September after adjustment to a daily rate of sales. The sales of grocery
chains remained larger than a year previous, while the sales of all other
types of chain store organizations continued to be smaller than in 1929.
Ten-cent chains reported sales almost 6% smaller than in 1929 and other
types of stores reported average decreases ranging from 7 to 19%.
All lines of chains showed decreases in sales per store, due probably to
the combined effects of a smaller amount of business done by new stores In
some lines, lower prices and generally slow business.
Type of Store.
Percentage Change October 1930
Compared with October 1929.
Number of
Stores.
Total
Sates.
Sales per
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+6.7
+5.3
-2.9
+6.4
+9.2
+3.3
+3.4
-5.8
-14.4
-19.3
-6.8
--3.1
-10.6
-11.9
-24.2
-16.3
-9.8
Total
+6.1
-5.1
-10.6
Store.
Construction Contracts in October Connection.
Total construction contracts awarded during October 1930
in the 37 Eastern States amounted to $337,301,400,according
to statistics compiled by the F. W.Dodge Corp. In October
1929 these construction contracts aggregated $445,642,300.
For the ten months of 1930 the aggregate of contracts
awarded is $4,022,024,900, as compared with $5,046,909,900
in the corresponding period of 1929.
In giving these figures in tabular form in our issue of last
week a typographical blunder was made, and the figures
reported as being for September and the nine months ending
with September 1 whereas they should have been reported
as being for October and the ten months ending with October.
Continued Shrinkage in Loading of Railroad Revenue
Freight.
Loading of revenue freight for the week ended on Nov. 15
totaled 829,251 cars, the Car Service Division of the American Railway Association announced on Nov. 25. This was
a reduction of 52,150 cars under the preceding week this
year and a reduction of 153,675 cars below the same week
last year. It also was a reduction of 220,809 curs below
the corresponding week in 1928. Details are outlined as
follows:
Miscellaneous freight loading for the week of Nov. 15 totaled 808,452
cars, 65,568 cars under the same week in 1929 and 87,530 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 231,261
cars, a decrease of 28,282 cars below the corresponding week last year
and 29,137 cars below the same week two years ago.
Coal loading amounted to 166,945 cars, a decrease of 14,588 cars below
the same week in 1929 and 31,942 cars under the same week two years ago.
Forest products loading amounted to 83,067 cars, 20,565 cars under the
corresponding week in 1929 and 31,381 cars under the same week two
years ago.
Ore loading amounted to 14,572 cars, a reduction of 18,725 cars below
the same week in 1929 and 22,695 cars below the same week in 1928.
Coke loading amounted to 8,226 cars, a decrease of 8,324 cars below
the corresponding week last year and 2,568 cars under the same week
in 1928.
Grain and grain products loading for the week totaled 37,065 cars,
1,155 cars above the corresponding week in 1929, but 15,774 cars below
the same week in 1928. In the Western districts alone, grain and grain
products loading amounted to 25,081 cars, an increase of 1,201 cars above
the same week in 1929.
Livestock loading totaled 29,663 cars, 3,778 cars under the same week
In 1929 and 5,842 cars under the corresponding week in 1928. In the
Western districts alone, livestock loading amounted to 23,724 cars, a
decrease of 3,042 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 1929, but also with the same
week in 1928.
Loading of revenue freight in 1930 compared with the two previous
years follows:
1930.
1929.
1928.
Four weeks in January
3,349,424 3.571.455 3.448.895
Four weeks in February
3,505.962 3,766.136 3.590.742
Five weeks in March
4.414.625 4,815,937 4,752,559
Four weeks in April
3.619,293 3,989.142 3,740.307
Five weeks In May
4,598.555 5,182,402 4,939,828
Four weeks in June
3,719,447 4.291,881
3.989.442
Four weeks in July
4.160,078 3.944.041
3.555.731
Five weeks in August
5.600,706 5.348.407
4.670,368
Four weeks in September
3,725,243 4.542,289 4.470,541
Four weeks in October
3,817,786 4,679,411
4.703.882
Week ended Nov. 1
1,072,234
934.640
1,103.942
Week ended Nov.8
881.401
1,048.958
1,054.353
Week ended Nov. 15
982,926
829.251
1,056.120
Total
41.621.726 47,703,565 46.143,059
Despite Curtailment in Manufacturing and Business
Activity in October the Conference of Statisticians
in Industry Sees Signs Where Replenishment
Should Begin.
Decline in Chain Store Trade in New York Federal
Reserve District During October.
The Conference of Statisticians in Industry, under date
With regard to chain store trade in this district, we quote of Nov.23 states that "through further curtailment in manuthe following from the Dec. 1 "Monthly Review" of the facturing and business activity in October resulting in the
Federal Reserve Agent at New York:
shrinkage in employment and payrolls of factory and general
3432
Fol.. 131.
FINANCIAL CHRONICLE
wage earners have combined with a relatively slight decline
in costs of living to further deplete the ability of consumers
to purchase goods and services, there are signs that industry
has reached a point where replenishment could begin." The
Conference of Statisticians, which operates under the
auspices of the National Industrial Conference Board, in
its summary of business conditions, goes on to say:
The month of October touched the lowest point reached by business
since the beginning of the recession. Activity during the first half of
November Is at approximately the same level, judging from indications to
date, but the current month in normal times presents between season
readjustments in production and retail sales.
Production in general declined during the month of October and stocks
of basic raw and semi-manufactured goods increased. Goods distributed by
freight Increased less than seasonally. Commercial failures gained in
severity more than what they lost in number between September and
October.
Unfilled orders for steel moved seasonally upward, compensating slightly
if at all for losses in recent months. Steel ingot production declined 9%
when a gain of 7.5% is seasonal. Pig iron production likewise declined to
the extent of 5%,running counter to the normal seasonal upswing of 3%.
Production of the non-ferrous metals showed gains. Stocks of copper
and zinc at the end of October were 85 and 37% respectively greater than
what they were on the average during the same month in the three previous
years.
Automobiles produced and sold lost more ground. Production of passenger cars and trucks in the United States and Canada is estimated to
have declined 32% in the past month, the seasonal decline being generally
6.5%. Estimated production for October is 156,700 cars and trucks.
Exports this year to date make up 16% of production; a year ago exported
cars were 17.6% of production.
A refreshing gain in residential construction activity was observed during
the month. The increase follows gains during the preceding month, but
rate of increase is slackening. Activity is confined chiefly to the Eastern
Seaboard. Total contracts awarded throughout the country as a. whole
Increased less than seasonally during the month but not enough to make
up for losses in the three preceding months.
A better balance between production and consumption has been secured
in textiles in recent months. During October there was only a slight
increase in the output ofstandard cotton cloths to meet the seasonal demand.
Raw cotton consumed increased 12.5% but much less than the seasonal
increase for this time of the year. Manufacturers' takings of raw silk increased, so that October's level is one of the highest on record, but silk in
storage gained as a result of imports in excess of consumption. The situation is, so far, a favorable one. The firm market for wool and balanced
conditions in the Industry present a favorable outlook for woolen textiles.
Bituminous coal mined showed a more than seasonal gain, but is still less
than normal. Stocks held by consumers are declining with the continuation
of hand-to-mouth buying policies. Anthracite mined and distributed
showed seasonal gains owing to the sharpening of fall weather.
New machine tool orders declined drastically during the month, falling
36% between October and September, while unfilled orders declined 11%.
There is at least no Indication of an anticipated upturn in demand for new
manufacturing equipment, if the decline shows a condition of tentative
saturation in productive facilities in industry.
Electric power produced in October showed only the usual seasonal gain.
Increased demand for Illumination and household current is measurably
responsible.
Continuing their unsettling influence, wholesale prices of commodities
in general moved downward. The general price level declined approximately
1% between October and September.
Declines were felt in prices of farm products,foods and building materials,
metals, chemicals and miscellaneous materials. Sugar, coffee, pork and
provisions showed gains among foods. Lumber, brick and cement increases
failed to offset a decline in the price of structural steel. Wheat and cotton
were unsteady with a disposition to move upward. Corn, barley, rye and
oats moved downward. Pig iron, steel and steel scrap prices as well as
prices of the non-ferrous metals moved downward.
Raw materials in general lost least ground during the month; semimanufactured goods lost more, while finished goods at wholesale lost most
ground. Wholesale prices in general held steady during the first half of
November.
Part of the decline in prices of commodities at wholesale has been passed
on to commodities at retail. But preliminary estimates of the cost of living,
taking into account items as rent and the cost of sundry goods and services,
shows a decline insufficient to stimulate or revive Consumer demand. In
addition employment conditions have continued unfavorable.
Employment and payrolls in industry generally declined more than
seasonally between September and October. Seasonal increases were observed in coal mining, oil production and retail trade. Payrolls declined
2.4% according to the index of the U. S. Bureau of Labor Statistics; employment lost 1.4%.
Though the net result is the further retarding of the ability of consumers
to absorb the goods now available to them in manufacturers' and distributors' stocks, the drastic curtailment of production and the usual
seasonal stimulus to retail trade during the remainder of the year, it is
hoped, will help lay the basis for business recovery in the next few months.
In New England industrial gas sales for the month were down about 12%
from a year ago, but an expansion ofsome 3% in domestic sales resulted in
total sales about equal to September 1929.
In tile East North Central States, including Illinois, Indiana, Michigan,
Ohio and Wisconsin, the decline in industrial sales was even more severe,
amounting to 18%. In this region domestic sales also declined by 3%,so
that total sales for the month were down by more than 7%.
In the Middle Atlantic States, including New Jersey, New York and
Pennsylvania the decline was less severe, amounting to only 1% but in the
South Atlantic States sales for the month were4% under the preceding year
"Annalist" Index of Wholesale Commodity Prices.
The "Annalist" Index of Wholesale Commodity Prices,
after declining steadily for three weeks, has turned up this
week and now stands at 118.4 against 117.6 last week.
Making this known Nov. 28, the "Annalist" continues:
This week's index is still below the Index of two weeks ago when the
index stood at 118.6 and is below the average October index which stands
at 118.7.
Because of the continued activity of the Farm Board in the wheat
market, wheat has advanced again and all grains have turned up in sympathy. Steers have advanced sharply and declines in hog prices have
been checked. Cotton and wool are lower, but on the whole farm prices
are higher than for two weeks and, in fact, largely account for the advance
In the commodity index. Meat prices have continued to go down but
have been balanced by advances in flour and eggs.
Unseasonal mild weather has checked the seasonal sale of textiles and
prices of cotton cloth and yarns have again weakened. The textile trade,
however, is reported as satisfactory, and November consumption of cotton
and silk are expected to show substantial increases over October.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All ennIrmulltfna
Nov. 1930.
Oct. 1930.
Nov. 1929,
109.7
129.2
107.8
143.0
106.3
131.1
128.2
95.8
112.2
131.4
107.6
152.5
106.0
131.1
128.5
96.8
137.5
147.2
144.7
161.8
125.9
153.9
134.0
124.9
118 7
121.7
141.8
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Nov. 25 1930 Nov. 18 1930. Nov. 26 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All rArnrnruiltIAA
110.5
127.9
107.5
142.2
108.6
131.1
128.2
95.3
108.0
127.7
*107.7
141.8
107.3
131.1
126.3
95.3
137.2
14.5.8
142.8
161.2
125.8
154.0
134.0
124.4
1154
117 A
141 11
*Revised.
U. S. Department of Labor's Survey of Building Operations in United States-Slight Increase in October
in Estimated Cost of New Residential Buildings14.6% Decrease in Cost of All Building Operations.
The U. S. Department of Labor, through its Bureau of
Labor Statistics, reports on Nov. 21 that "there was an
increase of 1.0% in the estimated cost of new residential
buildings for which permits were issued in October as compared with those issued in September, according to reports
received by the Bureau of Labor Statistics from 286 comparable cities. There was, however," says the Bureau, "a
decrease of 27.5% in the estimated cost of new non-residential
buildings and a decrease of 14.6% in the estimated cost of
all building operations,comparing permits issued during these
two periods. The estimated cost of all buildings for which
permits were issued in these 286 cities during the month of
October was $125,217,775, the Bureau states. Its further
report in the matter follows:
During October 12,046 families were provided for in the new dwellings
for which permits were issued. This is an increase of 13.6% over the number of families provided for In the new buildings for which permits were
Issued during September.
Permits were issued during October for the following large public and
other important buildings: In Boston a permit was issued for a 20-story
Gas Utility Sales in September Below Levels of
office building to cost $1,750,000. In Holyoke a permit was Issued for a
Junior nigh school to cost $370,000. and In Worcester for a State normal
Year Ago.
to cost $400,000. In the Borough of Manhattan plans were filed
of
Although sales of both manufactured and natural gas school
for seven apartment houses to cost $3,500.000, and in the Borough
utilities in September continued to average below the levels Queens for three school buildings to cost nearly $1,400,000. In Niagara
a public school building was to be erected Stan estimated cost
established during the previous year, the declines were some- Falls, N. Y.,and
in Philadelphia a permit was issued for a school building
of $600,000,
to
month,
according
preceding
the
for
than
severe
what less
to cost over 2400,000. In Chicago a permit was issued for a freight station
Association;
Gas
American
to cost $2.500,000, and for ibur school buildings to cost nearly $1,200,000.
the Statistical Department of the
In Cleveland a permit was issued for six store and mercantile buildings to
the survey', issued Nov. 21 says:
Mo., a permit was issued for an
manufactured cost over $6,000,000. In Kansas City,
the
of
90%
representing
companies
from
Operating reports
permit was issued in Washington,
feet, a decline office building to cost 21,750,000. A
gas industry indicate September sales of26,869,675,000 cubic
and in Atlanta, Ga., for an
$625,000,
aggregated D. C., for a church building to cost
of3.5% from September 1929. Therervenues of these companies
office building to cost $750,000. In San Antonio, Texas, a new school
2%.
approximately
129.495,555 for the month, a drop of
$1,200,000, while in New Orleans a
more than 80% building was to be erected at a cost of
A group of the larger natural gas companies representing
cost $525,000. A contract
sales for Septem- permit was issued for a public school building to
of the public utility distribution of natural gas report total
in Long Beach, Calif., to cost
34,267,045,000 cubic was let for a new municipal auditorium
ber of 31.775,231,000 cubic feet, as compared with
for two office buildings
Issued
were
permits
Francisco
$1.400.000. In San
feet reported by these companies for September 1929, a decrease of 7.3%• to cost over 21,000,000. In Seattle, Wash., permits were issued for factory
most
the
industry,
and
trade
of
condition
Reflecting the generally depressed
sales of natural buildings to cost nearly $800.000.
marked decline reported by these companies occurred in
Detailed figures showing the estimated cost of buildings covered by perthe year previous.
gas Dm industrial uses, which were down nearly 14% from
mits issued in each city separately will be published in the December issue
all
practically
characterized
This decline in sales of gas for industrial uses
gas territory. of the "Monthly Labor Review."
sections of the country, both in manufactured and natural
Nov. 29 19301
FINANCIAL CHRONICLE
ESTIMATED COST OF NEW BUILDINGS IN 286 IDENTICAL CITIES, AS
SHOWN BY PERMITS ISSUED IN SEPTEMBER AND OCTOBER.
New Residential Buildings.
Geographic
Division.
Families Provided for
in New Dwellings.
Estimated Cost.
Sept. 1930.
Sept. 1930.
Oct. 1930.
524
4,226
1,601
670
439
946
2,198
643
5,424
1,847
533
514
1,072
2.013
$52,643,747 $53.195.737
+1.0
10,604
12,046
+13.8
$3,059,125
23,000.076
12,280,596
2,233,130
1,754.136
3,169,256
7,147,428
Total
Per cent of change
Oct. 1930.
13,947.400
25,413.835
9,365,771
2,052,411
2,319,852
3,873,448
6,223,020
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
New Non-Residential
Buildings,
Estimated Cost.
Sept. 1930. I Oct. 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
34.076.009
28,164,35
19,025,11
3,567,152
3,035,396
5,896,368
8,985,119
Total
Per cent of change
$4.902,780
11,012,942
16,904,534
3,782,912
3,172,525
4,756,992
8,230,478
Total Construction (Incl.
Alterations and Repairs).
Estimated Cost.
Sept. 1930.
Oct. 1930.
$9.231,204 $10,666,692
58,411.684 44,187,223
35,980,758 29,935,830
6,919,889
6,820,867
6,810,872
7,124.678
10,254,211
9,607.459
19,176,170 16,778,004
$72,749,512j $52,763,163 9146,685,786 $125,217,775
-27.5
--14.0
Foreman-State National Bank of Chicago Sees Turn
for Better in Undertone of Business Sentiment.
The undertone of business sentiment has made a definite
turn for the better despite the fact that actual business
operations have not kept pace with the usual advance for
this season of the year, the current issue of the "Business
Observer," monthly review of the Foreman-State National
Bank of Chicago, finds. Thus far consumer buying has
been surprisingly well maintained, while production has
been curtailed even more than had been anticipated, the
review states. The trend of the near future, however,
depends on what happens to purchasing power. The "Business Observer" (dated Nov. 20) says:
Relative stability in commodity prices since the end of July,
after a
long precipitous decline, has been a large factor in improving the
undertone
of business sentiment. Relative firmness in consumer buying
during the
last two months, and the elimination, during the latter half of
October, of
weak situations which hung over the stock market have
added to the
reassurance of business observers.
In so far as an inflated credit structure was a causal factor
of the depression period, the "Business Observer" opines
that real progress has been made toward improvement,
especially in the case of credits supporting security markets
and commercial activity. Commercial loans and loans on
Stock Exchange collateral have been reduced markedly in
harmony with the deflation of business volume and security
values. On the other hand, the volume of installment
credit outstanding has continued to gain in relation to business volume and constitutes a relatively larger burden on
present incomes than at any previous date.
The softness during the early part of November in some
of the conspicuous commodities,like wheat, corn and cotton,
was counterbalanced by renewed strength in the stock market, the publication notes. Department store figures have
been more favorable since August, and chain store sales
continue to register higher than might have been expected.
The foreign trade of the United States is recording some
improvement. The "Business Observer" adds:
Employment and wage payments receded nearly 2% between September
and October. This is contrary to the usual seasonal trend, and
Is the
most disappointing aspect of the current situation. Unemployment
in
the industrial centres, particularly, is very serious. The decline in
factory
payrolls in two representative industrial States like Illinois and New
York
has been approximately 25% since the high point of last year.
The following table, showing the average seasonal variation between
August and October, for eleven "barometers of business," compared
with
what happened this year, discloses some of the outstanding factors of
weakness and strength in the present situation:
SEASONAL MOVEMENT.
Barometers.
Freight car loadings
Bank loans, commercial
Department store sales
Cotton manufacturing
Steel production
Electric power consumption
Checks cashed-Outside New York
Employment (Illinois)
Business failures
Construction, contracts awarded
Automobile production
August to October.
The Foreman-State publication po'nts out that cotton
manufactures and building construction have bettered
the
average performance for the season, while department
store
sales exactly duplicated the five-year average
percentage
gains. The textile industries in general have shown
more
improvement than most other lines of business and apparently have turned the corner on the road to recovery. The
remaining barometers listed have fallen somewhat below
normal seasonal expectancy, according to the "Business
Observer," which likewise says:
It is admitted now that the situation was not strong enough in
August
to sustain the upward movement in business. There is a general tendency
among forecasters now to move the date of expected upturn forward
to
coincide with the normal expansion of business in the spring.
Actual recovery, however, it is stated, will get under
way when the weaknesses in credit and price structure which
brought on the deflation have been sufficiently corrected,
the review concludes.
Merchandising Conditions During October in Chicago
Federal Reserve District-Further Gains in Wholesale and Retail Trade.
In its "Monthly Business Conditions Report" issued Nov.
29, the Federal Reserve Bank of Chicago has the following to
say regarding merchandising conditions in its district:
Sales in reporting lines of wholesale trade again expanded in October over
the preceding month. Except in groceries and electrical supplies, the gains
were larger than usual for the period, and in dry goods and shoes were contrary to the seasonal trend. Declines from the corresponding month a
year ago in hardware, dry goods, drug and shoe sales were less pronounced
than in several months. In the ten months of 1930, grocery sales declined
3% from the same period of 1929. hardware 23%, dry goods 29%. drugs
11%. shoes 29% and electrical supplies 25%. Ratios of accounts outstanding to net sales were lower at the end of October than a month previous in hardware, shoes and electrical supplies; except in groceries, the
ratios averaged higher than a year ago. Prices continued low, but a greater
tendency toward firmness was apparent during October in certain lines.
WHOLESALE TRADE IN OCTOBER 1930.
Per Cent Change
From Sams Month Last Year,
Commodity.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales.
Stocks.
--6.5
--20.6
--26.3
--10.1
--15.2
--42.6
--17.7
--26.2
--10.9
--16.8
--31.0
Ratio of
Accts. Ot4Accts.
Colstanding to
standing. I Malone. Net gates.
--9.3
-19.0
-26.0
-3.0
-10.9
-33.3
-6.2
-22.8
-31.1
-13.5
-19.6
-31.9
88.7
203.3
318.1
152.1
334.7
152.0
Department store sales increased in October for the third successive
month. The gain over September-5%-was somewhat modified by
declines of 22 and 14% shown in this comparison by the cities of Detroit
and Indianapolis, as sales in Chicago expanded 18%, in Milwaukee 8%.
and the total for stores in other cities was 20% larger. The decline for the
district from a year ago of 14% compared with 16% in September. Stocks
again increased seasonally during the month but remained below last year's
level, while the rate of turnover averaged about the same as for last October;
for the year through October. the rate was 2.89 times compared with 3.17
for the same period of 1929.
A decline of 17% from the preceding month took place during October
in sales of shoes by retail dealers and department stores. Contrary to the
situation in recent months, most dealers showed gains in the comparison,
while department stores effected the decline recorded. As compared with
last October, sales totaled 13% smaller and for the ten months of 1930 were
10% below the same period of 1929. Following expansion In August and
September, sales of furniture and house urnishings declined as is usual in
October. The total for reporting dealers and department stores fell off
14% and was 27% below a year ago; installment sales by dealers showed
practically no change in the monthly comparison and wore 24% under last
October.
Chain store trade, as reflected in reports from 22 chains operating 3,028
stores in October, expanded 1034% over September, with most lines sharing
in the gain. Aggregate sales were 436% smaller than in October a year
ago, the total for drug chains alone being larger. Other groups covered In
our survey include 5-and-10-cent stores, groceries, musical instruments.
furniture, shoes, cigars, and men's and women's clothing.
DEPARTMENT STORE TRADE IN OCTOBER 1930.
Per Cent Change
October 1930
from
October 1929.
Locality.
Chicago
Detrolt
Indianapolis
Milwaukee
Other cities
Seventh District
1925-29 Ave. 1930 Average.
up
CB% up
2.1%
UP
3.0% down .3%
UP 47.5% up 47.5%
UP
UP
Ill
down
i
MIa
UP
8.8% down 2.0%
UD
17
1.
.
0% up
13.2%
UP
down 5.5%
UP
DA% UP
down 4.0% down 11.0%
2.9%
down 9.6% down 34.7%
3433
% Change
1st 10 Mos.
1930 from
18:10 Mos.
1929.
Ratio of October
Collections
to Accounts
Outstanding
Sept. 30.
Net
Sales.
Stocks End
of Month.
Net
Sales.
1930.
1929.
--13.4
--21.6
--13.1
--11.2
--7.5
--12.0
--19.0
--12.6
--4.3
--13.2
--11.2
--19.8
--9.8
--7.3
--8.9
33.9
38.0
41.7
34.2
43.3
40.6
ICI
11.1
--14.1
--I2.9
--12.4
37.7
40.2
Increase in Daily Production of Electric Power in Philadelphia Federal Reserve District During October.
Daily production of electric power by 12 central stations
of the Philadelphia Federal Reserve District was about 5%
larger in October than September, but 7% smaller than in
October 1929, according to figures collected by the Philadelphia Federal Reserve Bank, which says;
The quantity generated by steam alone exceeded that in the preceding
month and a year earlier.
Sales of electricity declined slightly in the month and were nearly 6%
less than in October 1929. Purchases for lighting purposes showed noticeable gains as is to be expected in October; they were also appreciably larger
than a year ago.
The use of electrical energy for power purposes was about 4% smaller
in October than September and nearly 3% less than in October 1929.
This
decline was due to smaller consumption of power by industries,
since the
3434
FINANCIAL CHRONICLE
use by municipalities and street cars and railroads showed marked increases
in comparison with the preceding month and a year ago.
Daily Average.
Electric rower-Philadelphia Federal
Distria, 12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street ram and railroads
Industries
All other sales
•Working days average.
Change
October
(Total for Month) from
Sept.
1930.
Change
from
Oct.
1929.
1,835.000 kw.
18,153.000 kwh.
590,000 kwh.
13,240.000 kwh.
4,323,000 kwh.
17,800.000 kwh.
3,342.000 kwh.
419.000 kwh.
2,923.000 kwh.
12.771.000 kwh.
327.000 kwh.
2,024.000 kwh.
*10,420.000 kwh.
1.487,000 kwh.
+5.1%
-7.3%
-86.5%
+23.4%
-3.4%
-5.9%
+12.3%
+6.7%
+13.1%
-2.5%
+13.6%
+5.5%
*-4.3%
-43.4%
-0.5%
+5.2%
-34.8%
+7.7%
+8.4%
-1.3%
+10.4%
+10.5%
+10.4%
-4.1%
+21.0%
+7.3%
•-6.0%
-0.4%
Falling Off in Life Insurance Sales in United States
During October-Ten Months' Figures Below
Year Ago.
In the ten months, January through October 1930, new
ordinary life insurance sales in the United States increased
over the same period in every previous year except 1929.
This statement is based on the monthly report of sales
conditions which is published by the Life Insurance Sales
Research Bureau at Hartford, Conn. The 78 companies
whose experience is included represent 88% of the total legal
reserve ordinary life insurance in force in the United States.
In its survey Nov. 20, the Bureau says:
[VOL. 131.
The four States in this section also experienced losses for both the tenmonth period of 1930 when compared to the same months of 1929 and for
the twelve-month period just ended.
Mountain.
Two of the Mountain States, Idaho and Colorado, experienced an increase in sales of ordinary life insurance compared to October 1929. The
other States recorded losses and the volume paid-for by the section as a
whole is 7% less than the volume in October 1929. In the ten months
of 1930, the total sales in this section are 3% below those in the same_ten
months of last year.
Pacific.
The three States in the Pacific coast during the past month paid for a
volume of insurance 12% smaller than in October 1929. All three States
shared in the general sectional decrease. For the first ten months of 1930
and for the twelve-month period which ended Oct. 31 1930. these three
States showed an average increase of 5% over the same period last year•
California and Washington showed increased sales for both these periods
while Oregon recorded a smaller volume than last year.
Sales of Life Insurance in Canada in First 10 MonthsGain Over Same Period of Every Year Except 1929.
Sales of ordinary life insurance in the Dominion of Canada
for the first ten months of 1930 show gains over the same
period of every previous year except 1929. This conclusion
is based on the monthly summary of life insurance sales
which is published by the Life Insurance Sales Research
Bureau at Hartford. The companies reporting figures have
in force 84% of the total legal reserve ordinary life insurance
in force in Canada. The Bureau,under date of Nov.20,adds:
In the ten months, January through October 1930, sales were 36%
more than in the same period of 1925; 24% more than in 1926; 15% more
than in 1927 and slightly less than 1% more than in 1928. The only
year showing larger sales for the ten months was 1929; the volume sold
this year is 8% below that of last year.
When sales for the ten-month period are studied over the past five years,
Over half the total new life insurance sold in Canada is bought in Ontario
there is evident a continuous increase in volume for every year except and Quebec. The records of these two provinces for the ten months of
months
is
ten
18%
past
the
during
for
paid
insurance
new
1930. The
1930 show a gain of almost 50% over the same ten months of 1925, and
more than was sold in the same period of 1925. 15% more than in 1926, only a 4% decrease when compared to the same period of 1929.
of
11% more than in 1927 and 7% more than during the first ten months
October sales show variations among the provinces. Sales in the Do1928. The volume this year so far is only 2% less than for the same minion during the past month were 27% larger than October 1925. although
be
must
remembered
it
1929
to
figures
comparing
When
year.
period last
the volume was 13% less than for October 1929. When compared to
that during 1929 life insurance was experiencing enormous gains.
October 1929. Prince Edward Island and the colony of Newfoundland
October sales figures show that during the past month the volume of new alone recorded increased production. In Ontario and Quebec, the average
October.
last
in
than
less
13%
was
insurance paid for in the United States
loss was only 8% which is better than the average experience for the month.
This decrease was not due to a loss in any particular section but to a general
In addition to monthly and ten-month figures, the Research Bureau
decrease all over the country. Every section and all but five Statesshowed has statistics for the 12-month period which ended Oct. 31 1930. In this
a loss. Maine showed the largest monthly gain of any State, 11%, the period, Quebec just equalled its production of the preceding year and
other States recording increases were New Jersey, 7%, Florida and Idaho Ontario showed a loss of only 4%. Canada as a whole during the past
6% and Colorado 4%.
12 months paid for a volume of new insurance 4% smaller than in the
New England.
preceding 12-month period.
The New England States showed an average decrease of 11% in the
month of October when the sales of ordinary life insurance are compared to
those of October 1929. All the States showed a loss except Maine, this
3,500,000 Unemployed in Germany.
State showed a gain of 11%, which was the largest gain made by any State
for the month.
Nov. 25, a cablegram to the New York
Berlin,
From
For the year 1930 to date, the three States of Maine, New Hampshire and
stated:
"Times"
The
States
other
three
year.
last
of
Vermont surpassed their volume
Germany has to-day more than 3,500,000 unemployed men and women,
showed decreases. The decreases more than offset the sales and the
according to the official report, which places the exact figures for Nov. 15 at
section shows a loss of3% in the ten-month period.
3.484.000. which is about 400,000 more than at the end of September.
Middle Atlantic.
About 2.200,000 are receiving unemployment doles, against 1.200.000 a
one-third
The three States in the Middle Atlantic section pay for about
year ago.
month
the
In
country.
the
in
sold
of the total new ordinary life insurance
At the present rate the total number of unemployed Is expected to pass
of October 1930, New York and Pennsylvania paid for a smaller volume of 4,000,000 In January or February.
insurance than in October last year. The State of New Jersey paid for a
volume 7% larger and ranks second in the largest increase for the month.
For the ten-month period, the volume paid for by these States is almost
Great Britain's Unemployed 2,285,987.
the same as in the corresponding months last year.
Associated Press accounts from London, Nov. 25, said:
East North Central.
Britain's unemployed on Nov. 17 totaled 2.285.987, representing an
October was a poor month for sales of ordinary life insurance in the five
week and 1,012,456 over a year ago,
East North Central States. Every State showed a loss for the month. increase of 24,201 over the previous
The slight improvement in the situation
the smallest was one of 11% in Illinois; Indiana showed a 15% decrease, it was officially announced to-day.
while Ohio, Michigan and Wisconsin paid for a volume of new ordinary noted a week ago is thus wiped out.
insurance 21% less than that paid for in October, 1929.
These five States also showed a loss for the ten months of the year. The
average decrease for the section in the ten-month period was 4%.
Northwest Bancorporation in Study of Business in
West North Central.
Third Quarter by Concerns Operating in MinneThe seven States which make up the West North Central section of the
apolis Territory Finds Volume of Sales Close to
country all showed a decrease in the volume of ordinary life insurance sold
deThat of Year Ago.
during October 1930 when compared to October 1929. The greatest
crease was experienced in North Dakota where the volume was 32% smaller
Bancorporation, Minneapolis, in its November
Northwest
than a year ago. The average decrease for the section was 17%•
of 1% when compared "Review" says the volume of business transacted in the
The ten months of 1930 in this section show a gain
which do not share the
third quarter of 1930 by 234 concerns operating in 10 States
to the same period last year. The only States
average gain for the year so far are Missouri and North Dakota.
in Minneapolis trade territory, expressed in dollars, reflects
South Atlantic.
much more clearly than rate of turnover.
showed a price changes
Florida was the only State in the South Atlantic section which
says:
The
"Review"
October
to
when compared
gain in sales of ordinary life insurance in October
All the other States
If any means were available for calculating the weight of the price factor,
1929. This State increased its production 6%.
of 12% for the section results in numerous cases indicate a quantity volume of sales quite close to
decrease
average
an
reported losses which showed
during the past ten that of last year and, in fact, as it is, there are occasional instances of
as a whole. The volume paid for in these States
the volume in increases. These 234 concerns constitute a fairly representative cross
months, and during the past twelve months Is just equal to
section of business operations in the northwest and mid-west. The amount
the same period last year.
of the aggregate sales (revenues in Case of utilities) represent a sum about
East South Central.
largest decreases equal to 5% of the deposit turnover of banks in 33 of our leading cities
The East and West South Central States experienced the
four East South whose "debits to individual accounts" are frequently quoted in these
in life insurance sales for the month of October. The
Mississippi experienced columns; they include wholesale and retail companies, manufacturers,
decrease
of
18
•
%
average
an
showed
Central States
volume paid-for during utilities, publishing houses, &c., and goods handled include general merthe largest loss of any State in the country. The
chandise,groceries, hardware, apparel,fuel,lumber, petroleum, machinery,
October 1929.
the past month in this State was 39% less than in
shows an average furniture, building materials, electrical and plumbing supplies. ore, paper,
The ten-month period for the East South Central States
in
volume paid-for
dairy products,sugar, meat and other goods. Utilities include electric, gas,
loss of6%. So far this year, Kentucky is 3% above the
the section showed telephone and traction companies. These 234 concerns transacted a volume
the same ten months of 1929. The other three States in
of business in the months of July. August and September amounting to
losses.
$199,641.551 this year and $235.462,694 in the same three months In 1929.
West South Central.
It may be noted,
large decrease in life A decline in dollar volume of 15.2% is indicated, which,
The four West South Central States experienced a
the greatest is a rate not far from some estimates of the rise in the purchasing power of
was
States
these
in
decrease
insurance sales in October. The
the dollar.
of any section.
Nor. 29 1930.1
FINANCIAL CHRONICLE
Less Than Seasonal Rise of Business in Fall May Be
Followed by Less Than Seasonal Decline in Winter
Says Wisconsin Bankshares Corp.-Trend in
Wisconsin.
Making the statement that "October statistic confirm
s
impression that business recovery is not material
izing
this fall," the Wisconsin Bankshares Corp. of Milwauk
ee,
says in part:
There have been promising developments in residential building,
staple
textiles and retail trade, but the full summer-to-fall gain
which many
expected has not come off. In a strictly normal year, business
begins to
rise about the middle of July, reaches its peak for the year
in October and
thereafter gradually eases off until February except for
a bulge due to
holiday trade. In the present year, seasonal influences
have exerted less
effect than usual and the October position represents the
lowest point yet
reached in the depression. It is possible that the less-t
han-seasonal rise of
business this fall may be followed by a less-than-seasonal
decline during the
winter. This would be the first start toward the coming
recovery.
Commodity prices have manifested further weakness in
the last four or
five weeks. At the same time prices of a number of commoditi
es appear to
have encountered resistance points. -After such a prolonged
decline as we
have had, prices reach a point where accumulation begins.
This appears to
have already happened in the cases of copper, rubber,
sugar, cotton, wool
and silk. Stabilization of the commodity price level has
not yet taken place.
A considerable period of irregularity may ensue during which
prices of
individual commodities will move fitfully, but the time
is probably not far
off when the desire to accumulate will overcome
the depressing tendency
of excess supplies.
the
The Consumer Holds the Key.
The idea is widely held that prosperity will not
return until manufacturers' and distributors' inventories are reduced
to the point of shortage.
This theory of"empty shelves" as a prerequisite of
business recovery is not
in accordance with the facts. In the "Annalist
" for Oct. 31, Professor
Lionel D. Edie shows quite conclusively that business
has recovered from
past depressions notwithstanding that inventories were
relatively high. The
stocks that manufacturers and merchants are carrying
to-day are, in fact,
not much below what they were a year ago. Professor
Edle concludes that
It is not "empty shelves" and "imminent shortages" that
bring the turn in
business. "The shelves," he says, "that are really
becoming empty when
recovery is initiated are the shelves of consumers."
It is the consumer, then, that initiates the train of
events that pulls us
out of depression. If the consumer was oversold in the
prosperity period
prior to the fall of 1929, nevertheless, the things that
he bought-clothes,
shoes, radios, automobiles, 3m., have been subject to
constant depreciation
and obsolescence. Replacements become necessary
and these replacements draw upon stocks of consumers' goods and
stimulate new production.
This happens in spite of the reduced purchasing power
of wage earners and
farmers. It happens because a multitude of people,
constituting a large
majority of the population, whose incomes have
not been impaired but
who have practiced economies and postponed buying,
at length come into
the market to satisfy their wants.
3435
Collections by reporting wholesalers showed an appreciabl
e increase
between September and October, but they remained smaller
than in October
1929.
The following statistics are made available by
the Bank:
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL
RESERVE
DISTRICT FOR THE MONTH OF OCTOBER, 1930.
Net Sales.
Irides Numbers.
Per Cl. of 1923-1925
Monthly Average).
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Sept.
1930.
Oa.
1930.
87.9
107.2
65.1
89.5
106.2
76.4
103.4
87.3
81.2
109.3
p73.2
125.7
p109.3
93.0
136.9
90.3
Daily Average
During Month
Compared With
Jan. 1 to
Oa. 31
Compared
with Same
Previous Same Mo. Period
Month. Last Year.Last Year..
-14.6%
--5.6
+12.4
+30.0
-5.3
+12.8
+23.4
-4.1
-18.0%
--1.9
-9.2
-38.7
-8.9
-14.4
-9.4
-21.9
-12.5%
--0.8
-12.2
-43.7
-3.8
-10.4
-21.6
-13.1
p Preliminary.
Stocks at End
of Month.
Booth and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Accounts Outstanding
End of Month.
Collections
During Month.
Compared Compared Compared Compared Comer Compared
with
with Same
with
with Same
with
with Same
Previous Month
Previous Month Previous Month
Month. Last Year. Month. Last Year. Month, Last
Years
+2.8% -12.2% +16.8% -12.9%
+7.3% -20.4% +1.9
+5.3
+3.4
-8.7
-10.2
-15.4
+13.8
-12.2
+16.8
-18.3
+24.7
-43.9
+31.8
-38.7
+30.3
-51.0
+4.8
-8.4
+2.0
-9.8
+7.7
-11.4
-7.0
-10.5
+6.1
-13.2
+17.3
-11.1
-4.8
+0.2
+19.4
-12.6
+3.9
-35.1
-1.6
-5.0
-2.7
-14.9
+20.8
-14.0
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE
DISTRICT
FOR THE MONTH OF OCTOBER, 1930.
Index Numbers
Net Sales
of Sales
(Per Cent of
October Jas. 1So
1923-1925
1930
Oct. 31
Monthly Average). Compared Compared
with
with Same
September October
October Period a
1930.
1930.
1929. Year Ago:
CIMMei
utet.,
30
:•••••14iClela
se.5.-“Deit,
12
AU reporting stores
r82.1
115.9
--6.9
--4.7
Department
81.2
114.6
-7.0
-6.9
In Philadelphia
81.7
117.9
-7.2
-6.5
Outside Philadelphia
-6.3
-7.9
Men's apparel
r62.9
95.6
-11.0
-8.2
In Philadelphia
-20.8
-10.7
Outalde Philadelphia
-4.1
-6.4
Women's apparel
102.8
145.2
-0.3
-1.7
In Philadelphia
-1.2
+0.8
Outside Philadelphia
Trend in Wisconsin.
-5.1
-7.4
Shoe
91.2
100.3
-22.0
-9.1
Factory employment and payrolls in Wisconsin declined
Credit
73.8
108.6
-14.0
1.1% and 1.2%, Stores
-13.6
in:
respectively, or less than seasonally during the period
from Aug. 15 to
Philadelphi
a
83.2
Sept. 15, according to the last report of the Industrial
119.4
-6.9
-6.1
Allentown, Bethlehem and Easton
Commission. Em71.9
98.4
-12.6
-9.8
ployment decreased in all but the eastern and southeaste
Altoona
rn districts of the
90.3
87.7
-10.9
-5.7
State. In 17 out of 30 cities employment increased and in 13
Harrisburg
85.4
100.9
-1.3
-6.4
payrolls were
Johnstown
larger. In the metal and textile industries the number employed
58.1
95.1
-8.5
-2.8
increased.
Lancaster
67.7
111.8
+2.1
Declines occurred in the food products, leather and shoe,
-5.8
Reading
wood working
66.4
105.2
-10.9
-9.4
and paper industries. As compared with September last
Scranton
81.9
91.0
-5.4
year, factory
-9.9
Trenton
employment has declined 18% and payrolls are down 26%.
r74.2
101.6
-7.4
-6.4
Wilkes-Barre
72.1
110.8
The Bureau of the Census has released preliminary figures
-1.9
--6.1
Wilmington
on:unemploy786.9
126.4
-8.0
-6.0
ment in Wisconsin enumerated in the 1930 census taken in April
An other cities
___and May
----11.2
-7.9
Number of persons in the State who were able to work, had
r Revised.
no employment and were looking for jobs is placed at 49,780. Unemploy
ed in Milwaukee County numbered 18,232 on the same basis
Stocks at End
Stocks Turnover
Accounts Collarns
Value of construction contracts awarded in Wisconsin last
of Month
month was
Jan. 1 to
Receivable During
$7,125,200. This is a decline of18% from September and 35%
Compared With
Oct. 31.
from October
End of
Month
last year. Contracts awarded during the first 10 months totaled
Mo. Corn- Compared
$132,340.000
Month
Year
or 7.5% lower than in the corresponding period last year.
pared with
with
Ago.
Ago.
1930.
1929: Year Ago Year Ago.
New car registrations for the State in September numbered 4,772
against
8,415 in the same month last year. For the first nine months registrati
All reporting stores_
+8.5
-11.9
3.07
ons Department
+9.2
were 65,021 or 29% less than in the same period of 1929.
-12.5
3.07
In Philadelphia
+10.7
-11.4
3.39
The last statement call as of Sept. 24 showed that Milwaukee banks
Outside Phila.--- +6.5
had
-14.6
2.42
.1-1.8
---Ki
savings deposits of $83,225,950 which is a slight increase as compared
with Men's apparel
In Philadelphia-the end of 1929. Last year savings deposits declined nearlY
____
---$3,000.000. It
--Outside
Phila-- +3.0
Is significant that withdrawals of savings for the purchase of
-8.8
---1:i3
+1.4
-5.7
stocks last Women's apparel_- +9.9
-9.1
4.73
---Year resulted in a substantial decline in deposits while in a period
In Philadelphia- +10.4
of de-8.6
5.09
---pression savings have been increasing.
Outside Phila---- +7.4
-11.5
3.21
+1171 +12.4
Shoe
-1.5
-9.6
2.19
-5.8
-15.2
Credit
+4.1
-13.6
1.94
--16.4
--5.8
Stores in:
Philadelphia__
+10.0
Seasonal Gains in Wholesale and Retail Trade in
-10.9
3.48
------Allentown, Beth:
Philadelphia Federal Reserve District.
and Easton
+1.0
-20.0
1.94
+1.4
-4.9
Altoona
-14.9
+8.8
2.47
+13.8
+10.8
Harrisburg
+9.4
-19.9
Business at retail and wholesale in the Philadelphia Fed- Johnstown
2.69
+2.5
-2.9
+0.9-----eral Reserve District showed seasonal gains during October
Lancaster
+1.8
:i
2.18
Reading
+6.0
-16.6
2.25
-2.7 -lif
but continued smaller than a year ago, according to figures
Scranton
+15.1
-15.5
2.64
-8.0
-7.4
Trenton
+3.4
-16.3
2.85
collected by the Philadelphia Federal Reserve Bank
-0.5
-6.5
from
Withes-Barre
+3.7
2.02
--7.7
-0.1
-7.9
Wilmington
+4.1
about 260 mercantile establishments. The Bank further
-3.5
2.24
-20.9
+6.8
All other cities- +7.2
-10.6
2.28
-2.2
-5.7
reports as follows:
CO
CO.t. 1C000Q00Q08
•-,C101
Daily retail sales were about 30% larger in October than September,
all lines sharing in this gain. In comparison with a year ago, dollar
sales
were nearly7% smaller,declines rangingfrom three-tenths of1% in women's
apparel stores to 22% in shoe stores.
Daily sales at wholesale increased almost 3% over September. Hardware, jewelry, dry goods and electrical supplies showed about the
usual
seasonal gains, while drugs, groceries and paper registered declines
which
are contrary to the typical trend in October. Sales ofshoes decreased
more
sharply than was to be expected. Compared with a year ago, wholesale
trade was about 13% less, all lines showing declines. As was the case
in
preceding months, at least part of this decline is attributable to
lower
prices.
Inventories held at both retail and wholesale establishments increased
seasonally during October, but compared with a year earlier they
were
noticeably smaller. Retail stocks were nearly 12% less than at the end
of
October 1929 and the range of declines in wholesale lines was from
about
5% in jewelry and paper to nearly 44% in electrical supplies.
Trade Conditions in California as Viewed by Wells
Fargo Bank & Union Trust Co. of San Francisco.
According to "The Business Outlook" dated Nov. 18 of
Wells Fargo Bank & Union Trust Co. of San Francisco,
"retail trade in California has fared better than in the country
as a whole, judging by department store sales.
" The bank
the
adds:
October sales in California were 7.7% below October 1929, and for
the first 10 months 4.9% below last year, whereas for the Nation department store sales dropped 8% in October and 7% for the year to
date.
Wholesale business during September made the usual seasonal
increase
over August, but compared with September 1929 was
still about 15%
smaller in value; particularly large declines in comparison
with last year
3436
[Vol.. 131.
FINANCIAL CHRONICLE
was
Quantitative measures of the business situation indicate that October
Federal
a month of slight further recession in the Twelfth (San Francisco)
agriof
Reserve District. There was little change in the economic position
many comculture or trade, but industry became lees active and prices of
modities moved downward.
the past month
Harvesting operations were practically completed during
esamates of
and the final results are confirming the 1930 crop production
greater this
earlier months which indicated that aggregate output will 6e
and Columyear than it was in 1929. Exports of wheat from Puget Sound greater in
bia River ports, subnormal throughout most of the season, were
September
volume during October and early November than in either
wheat stocks
1930,or October 1929. A sharp reduction of Twelfth District
Large
usual.
accompanied this outflow, but stocks still remain larger than
markets during
shipments of apples and grapes reached Eastern auction
were depressed.
October, and prices for those fruits, especially for grapes,
improvement
Markets for dairy produce did not show the usual seasonal
have been
lands
during October. The District's livestock ranges and farm
benefited by rainfall in recent weeks.
should not be
Industrial activity declined during October. This decline
desirability of
Construed as entirely unfavorable, however, because of the
for certain raw
further adjustment between the supply of and the demand
n of
materials and other commodities produced in the District. Productio
the month,
during
slightly
lumber,crude and refined oil, and copper declined
number of workand, as a consequence, there were further reductions in the
issued deers employed in these industries. The value of building permits
awarded, which
clined during October and the value of engineering contracts
sharply,
off
fell
months,
had been relatively high in immediately preceding
ment generally has
contrary to the usual seasonal development. Unemploy
partly because
not increased more than is customary at this time of the year,
packing.
of the smaller than seasonal decline in fruit canning and
October. DepartThere was little change in the trade situation during
wholesale trade and
ment store sales increased less than seasonally, while
-October changes.
freight carloadings showed only the usual September
volume than in the preIntercoastal shipments were somewhat greater in
months was approxiceding month,although total tonnage of the past three
September.
mately equal to that of the three months ending with
many commodities
Further weakness during October in the markets for
index of wholebrought a 2% reduction in the Bureau of Labor Statistics'
manifest in retail Prices,
sale prices. This movement also has become
although to a lesser degree than in wholesale quotations.
Bank of San FranThe volume of credit extended by the Federal Reserve
mid-October and
cisco to the Twelfth District increased moderately between
of occasional
because
mid-November. Discounts averaged somewhat higher
banks for the
daily borrowing of several million dollars by city memberincrease in Repurpose of maintaining their reserve accounts. The chief
additions to this
serve Bank credit used in the District came through
averaged more than
bank's holdings of locally purchased acceptances which
November, compared with
20 million dollars during the first three weeks of
A decline in security loans
an average of 14 million dollars during October.
offset by an increase in "all
of reporting member banks was more than
rates on commercial
other" (commercial) loans of those banks. Interest
declined.
loans advanced slightly while rates on security loans
Low EbbOctober Production of Automobiles at a
of 1930
Nearly 2,000,000 Cars Less in 10 Months
1929.
Than in
United States,
October factory sales of automobiles in the
d of 150,044
consiste
Census,
the
as reported to the Bureau of
cars, 37,244
r
passenge
were
112,209
which
vehicles, of
380,017 vehicles
trucks, and 591 taxicabs, as compared with
with October the
ending
months
10
the
For
1929.
in October
3,071,809 vehicles,
production (factory sales) reaches only
of 1920.
months
10
nding
correspo
the
in
0
against 5,020,84
from 144
received
The table below is based on figures
42
months,
recent
for
States
manufacturers in the United
0.1 making
trucks
making
113
and
cars
r
passenge
making
for passenger
both passenger cars and trucks). Figures
vehicles, while
cars include only those designed as pleasure
lly for that
the taxicabs reported are those built specifica
commercial use
purpose, pleasure cars later converted to
trucks include
not being reported as taxicabs. Figures for
sweepers
ambulances, funeral cars, fire apparatus, street
n
Dominio
the
by
supplied
are
and buses. Canadian figures
Bureau of Statistics.
r-4w
Business Conditions in San Francisco Federal Reserve
District-Slight Further Recession Reported.
Under date of Nov. 22 Isaac B. Newton, Chairman of the
Board and Federal Reserve Agent, of the Federal Reserve
Bank of San Francisco, has the following to say regarding
business conditions in his district:
1939January
February
March
April
May
June
July
August
September
--Dctober
..,tura a I.. awe.
Feou.acn-3w.-mo
pW;.VoWIDW
co-4ow*-A.-4
NUMBER OF VEHICLES.
s
occurred in agricultural implements and automobile supplies. Collection
in
California
sales
insurance
Life
slow.
to
fair
reported
are generally
United Stales.
during the first nine months increased 8% over the record-breaking same
TaxiPassenger
period last year.
Trucks. cabs.: Total.
Cars.
Total,
the year
Sales of new passenger automobiles in the first 10 months of
year.
last
period
same
were 30% smaller than the high record sales of the
1929to the low- January
345,545 53,428 2,064 21,501
401,037
with a greater than usual percentage of the business going
466,418 404,063 60,247 2,108 31,287
to within February
up
holding
are
however,
sales,
vehicle
l
commercia
makes;
priced
511,577 71,799 2,079 40,621
585,455
March
11
in
s
13% of last year's volume. Advertising carried by newspaper
535.878 89,396 1,686 41,901
621,910
January- April
514,863 88,510 1,318 31,559
604,691
May
principal cities of the State totaled 220,556,512 lines during the
period,
93,183 1,378 21,492
451,371
1929
ing
545,932
the
correspond
9%
from
June
of
October period, a decrease
424,944 74,842 1,054 17,461
500,840
July
according to "Western Advertising."
56,808 1,040 14,214
440,780
498,628
August
issued in September
865 13,817
415,912 363,471 51,576
New building activity over the State. as measured by permits
868 14,523
October
in
318,462 60,887
380,017
October
October, was 9% loss than in September and 27% less than
embrace
which
248,376
14,460
1929, according to S. W. Straus & Co. Bank debits,
695,426
4,310,954
5.020,840
Tot.(10 mos.)
a year
financial as well as commercial transactions, declined 26% from
year November
9,424
1,646
last
below
48,081
167,846
14%
but
only
217,573
cities,
14
principal
at
ago during October
5,495
91,011 27.513 1.483
120,007
December
for the first 10 months.
Total (year)_ 5,358,420 4,569,811 771,020 17,589 263,295
236,145 38,657
296,461 49,457
335,720 64,204
374,913 67,560
362,522 54,370
289,245 45,773
222,459 39,664
187,037 *35,748
*175,311 *41.157
112,209 37,244
572
1,022
1,389
585
514
459
241
251
409
591
Canada.
PawnCars. Trucks.
17,164
25,584
32,833
34,392
25,129
16,511
13,600
11,037
10,710
8,975
4,337
5,703
7.788
7,509
6,430
4,981
3,861
3,177
3.107
5,548
195,935 52,441
7,137
4,426
2,287
1,069
207,498 55,797
10,388
15.548
20,730
24,257
24,672
15,090
10,188
9,792
7,957
4,541
8,856
13,021
17,165
20,872
21,251
12,194
8,556
6,946
5,623
3,206
1,532
2,527
3,565
3,385
3,421
2.896
1,632
2,846
2,334
1,335
117,690 25,473
Tot.(10 mos.) 3,071,869 2,592,022 473,834 6,013 143,163
cars
* Revised. x Includes only factory-built taxicabs, and not private passenger
converted into vehicles for hire.
Canadian Pulp and Paper Exports in October Amounted
to $15,035,321-Gain of $456,576 Over September,
But a Decrease of $2,859,830 From Last YearTen-Month Total Down $14,780,982.
Pulp and paper exports from Canada in October were
the
valued at $15,036,321, according to a report issued by
increase
an
was
This
ion.
Associat
Canadian Pulp and Paper
of
of $456,576 over the previous month's total, but a decrease
quote
We
1929.
October
for
total
the
below
$2,859,830
we
from the Montreal "Gazette" of Nov. 24, from which
quote further as follows:
exports
Wood pulp exports for the month were valued at $3,156,844 and
48 in the
of paper at $11,879,477 as against $3,275,697 and $11,304,0
month of September.
For the various grades of pulp and paper details are OS follows;
October 1930.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
All other
Total
PaperNewsprint
Wrapping
Book, cwts
Writing, owls
All other
Tons.
20,161
20.712
14,285
5.734
2,622
669
565,689
1,922,529
689,306
396.237
36,010
47,073
October 1929.
Tons.
15,703
20,305
19,534
11.717
2,982
452.441
1,564,010
969,904
664.543
52,516
64,183
3,156.844
70,241
3,699,414
200,776
1,021
3.791
263
11,445,421
104,633
35,464
1.741
292,218
232,441
1,455
7,197
-84
13,604,221
161,278
59,064
1,862
365,712
14,192,737
11,879,477
Total
For the first 10 months of the year the exports of pulp and paper were
the value
valued at 6148,733,256. In the corresponding months of 1929
of $14,780,982.
was $163,514,218 so that there has been a decline this year
98 and
$33,284,1
to
amounted
Wood-pulp exports for the 10 months
and $127,exports of paper to $115,449,058 as compared with 836.041,663
472,555 in the correspond ng months of 1929.
Details for the various grades are given below;
10 Months 1930.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
All other
Total
PawNewsprint
Wrapping
Book, owls
Writing, owls
All other
Tons.
166,913
211,813
160,639
73,683
24,864
3
4,813,658
15,415,565
7,975,844
4,384,361
694,770
10 Months 1929.
7'on e,
168,085
212,743
162,755
113,446
30,250
3
4,652,929
16,145,018
8,040.464
6,663.065
540,187
637,912
33,284,198
687,279
36.091,663
1,932,367
11.552
33,326
2,384
111,065.319
1,210.742
312,960
19,698
2,090,339
2.061,321
12,576
63,172
3,934
122,368,162
1,369,898
538,015
36,872
3,159.608
127,972,555
115,449.058
Total
Pulpwood exports have been larger this year, the shipments for the
96
first 10 months amount to 1,220,377 cords valued at $12,408,6 as commonths of 1929.
pared with 2,174,975 cords valued at $12,303,452 In the 10
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumberrnen's Association,
reports from 230 mills show that for the week ended Nov.8
1930 a total of 109,390,052 feet of lumber were produced,
106,461,792 feet ordered and 102,592,713 feet shipped. The
Association's statement follows:
AND WEEKLY
COMPARISON OF CURRENT AND PAST PRODUCTLION
OPERATING CAPACITY (352 IDENTICA MILLS).
(All mills reporting production for 1929 and 1930 to date.)
128,097.120 feet
Actual production week ended Nov. 15 1930
164,237.331 feet
Average weekly production 46 weeks ended Nov. 15 1930
209,555,683 feet
Average weekly production during 1929
feet
216,502,776
years
three
last
production
Average
304,643,119 feet
x Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per week.
Nov. 29 1930.]
FINANCIAL CHRONICLE
WEEKLY COMPARISON (IN FEET) FOR 228 IDENTICA
L MILLS-1930.
(All mills whose reports of production, orders and shipment&
are complete
for the last four weeks.)
West Ended.Nos. 15.
Nov.8.
No,.
1.
Oct. 25.
Production
109.131.518 118373,548 117,752.643 119,150,278
Orders (100%)
106.461,792 115.257,160 108,755,774 114,401,218
Rail(31%)
33.004.551 33.880,005 39.453,3.59 41,097,594
Domestic cargo (46%)
49,142,477 50,929,477 34,878,809 44,304,478
Export(15%)
15,791,501
19,696,793 21,064,505 19,082.701
Local(8%)_______
8,523.283 10.750.885 13,361,101
9,916,445
Shipments(100%)
102.408.313 99,992.657 120,230,819 10.5,544,795
Rail (34%)
34,448.654 35,960.302 43.442.756
Domestic cargo (45%)
45.696,503 41,346,212 45.585,464 47.095.754
39,095,412
Export(13%)
13,739,893 11,935,258
17.841.498
9,437.184
Local(8%)
8,523,263 10,750.885
13,361,101
9.916.445
Unfilled orders (100%)
403,198.460 402,773,022 389.068,642 404,503,960
Rail (21%)
84,141,865 85,983,288 88,825,577 94,021,269
Domestic cargo (52%)
211,132,073 210,583,560 201,821.321 213,156,834
Export(27%)
107.924.522 106.206,174 98.421,744 97,325,857
183 IDENTICAL MILLS.
(Al) mills whose reports of production, orders and shipments are
compiete for 1929
and 1930 to date.)
Average 46
Average 46
Week Ended
Weeks Ended
Weeks
Nov. 15 1930. Nov. 15 1930. Nov. 16Ended
1929.
Production (feet)
98,404.666
130,786,088
188,998,841
Order,(feet)
100,109,493
125,178,303
166,279,164
Shipments (feet).
91.988,970
129,754,943
167,546,489
DOMESTIC CARGO DISTRIBUTION WEEK ENDED
Nov.8 10 (120 mills
Orders on
Hand BeOrdas
errs Week Madge&
Nov.8 1930
Washington& Oregon
(96 Af
California
Atlantic Coast
Miscellaneous
Feet.
Feet.
Cancellotions.
Shipments.
Unfilled
Orders
West Ended
Nov.8 1930
Feet.
Feet.
Feet.
49,970,053 ,448,963
49,970,05320
121,851.71622.599,230
3,027,540
308,508
146,927 14,620,162 55,651,927
722,099 17.966.677 125,592,170
None
314,069 3,021,079
Total Wash.&Oregon 174,679,309 43,356,701
Report's domestics cargo
only (8 mills)
5,879,354
825,502
869.02632.901,808 184,265.178
Totals_
180,558,66344,182,203
-48,000 1,496,032
5,256,824
821.026 34,397,840 189,522,000
Bret Col.(13 Mills)Caliternla
858,893
225,000
None
None
883,893
Atlantic Coast
14.773.000 1.989,000 -496,000 3,172,000 14,086,000
Miscellaneous
4,940,210 4,656.266
496,000 3.934.043 5,166,433
Total British Col__ _ _ 20,372,103 6,870.266
None 7,105,043 20,135,326
Report's domestic cargo
only(3 mills)
1,335,426
None
None
None 1,335,426
Totals
21,707,529 6,870,268
None 7,106.043 21,471,752
Total domestic cargo_ 202.288,192 51,052,469
821,028 45,903.883 210,993,752
General Electric Assesses Wages for Unemployed.
The following is from the New York "Journal of Commerce," of Nov.25:
Every employee of the General Electric Co. who Is working
50% or more
full time will contribute 1%
of his December wage to the company's new
unemployment fund and the General Electric Co. will match such
contributions dollar for dollar, it was announced here to-day by
President, Gerard
Swope.
Under the rules of the unemployment plan, as originally
announced, payments were not to be made for at least six months after its
inauguration,
which would not be until next January or February, but because
of the unemployment emergency it was decided to start relief next month,
but limit
Payments to a maximum of $15 per week to employees needing
assistance.
It has also been decided to consider for assistance employees
who may not
have contributed to the plan but who are in need of assistance.
Approximately 35,000 employes have been contributing to the plan
and on
Dec. 1 they will have paid in $350,000.
"The rules of the plan, which have been adopted at all the
apparatus
works of the company and state that. no payments shall be made for
at least
six months after its inauguration, have been waived in this emergency
Mr.Swope stated. "At the present time a substantial number of
contributing employe 1% have been laid off for lack of work andunder the
rules could
not be assisted at this time."
Kellogg Company Adopts Six-Hour Day-Will Employ
About 25% More Help.
A dispatch from Detroit Nov.23 to the New York"Times"
says:
The Kellogg Company, manufacturers of cereals, will try to help relieve
the
unemployment situation by changing from an eight-hour working day
to a six-hour day,effective next week on Monday.
The plant will operate 24 hours a day and the move will enable
the company to employ about 25% more persons. The base return of pay
will be
increased 1254% so that the new minimum wage rate per male employee will
be 14 a day with an average daily wage of about $5.40.
Squibb to Maintain Wages and Force at Present Level
-On Five-Day Week.
The following is from the New York "Journal of Commerce" of Nov.22:
Uninterrupted employment throughout the winter with no
reductions in
wages has been guaranteed to all employed in the offices, plants
and laboratories of E. R. Squibb & Sons. Announcement to that effect
was made
by Carleton H. Palmer, President of the Squibb Co.,following
his appointment by Seward Prosser, head of the Emergency Employment
Committee,
as Chairman of the subcommittee on the drug and chemical
manufacturing
industry.
The first step taken by E.R.Squibb & Sons toward the relief of
unemployment was the inauguration of a five-day week. This curtailment
in the
working week was accomplished without the reduction of the
weekly income
of the employees and was undertaken in spite of the fact that
the business of
the company has shown a progressive rate of increase during
the entire
year to date over the same period of 1929.
3437
Analysis by Association of Cotton Textile Merchants
of Spindle Hour Activity of Bureau of CensusReduction Shown of 24% in Amount of Cloth
Produced in First 10 Months of 1930.
An analysis by the Association of Cotton Textile Merchants of New York of figures on spindle hour activity
published by the Bureau of Census of the Department of
Commerce shows that in the first 10 months of 1930, the
cotton textile industry produced approximately 1,781,466,000
yards of clothless than in the same period in 1929,a reduction
of about 24%. The Association under date of Nov. 24,
likewise says:
This analysis shows that the aggregate running time of American cotton
mills during Oct. 1930 totaled 6.239,366,658 spindle hours, as compared
with 9.003,522,885 during Oct. 1929. a reduction of 2,764,156,227 active
spindle hours, or about 31%.
The aggregate running time for the 10 months ending Oct. 31 1930 was
64,960,000,000, as compared with 85.296,000,000 spindle hours for the
previous similar period.
Translated into terms of cotton cloth, the cotton textile industry, during
Oct. 1930, produced approximately 242,140.000 yards less than in the
same month last year.
The following table shows the decrease in production during
the 10month period:
Actual Bunning Time
a Millions of Spindle Hours. Decrease in Production.
January
February
March_
April
May
June
July
August
September
October
Total
1929.
1930.
9,225
8,221
8,910
8,861
9,165
8,155
7,744
8,130
7.881
9,004
8,173
7,092
7.3.50
7.503
6,729
5,779
5,297
5,135
5,663
8,239
1,052
1,130
1,559
1.358
2,435
2,377
2,447
2,995
2,219
2,764
85,296
64.960
20.336
Decrease, Percent. Yards of Cloth.
11.4
13.74
17.5
15.32
26.57
29
31.6
37
28
30.7
02,148.952
98,977,454
136,622,593
118,950,036
213,343,907
208.213,306
214.347.186
262,400,788
194,321,292
242,140.085
1.781.465,599
Increase in Cotton Mill Activity in Past Fortnight
Reported by New York Cotton Exchange Service.
Cotton mill activity in this country has increased a little
on the average the past fortnight, as a result of the good
volume of cloth sales booked by mills earlier in the Fall,
but the increase has been moderate, according to the New
York Cotton Exchange Service, which on Nov. 25 said:
With the cloth market approaching the holiday and stock-taking period,
in which sales in primary markets are normally limited, it is not expected
that demand for goods will broaden greatly during the next few weeks, and
if such should be the case the tendency toward increased mill operations
will not receive great encouragement. Some mills will close from Wednesday night to next Monday morning, over the Thanksgiving holiday.
The Exchange further stated:
"It is believed in well-Informed quarters that domestic mill activity
will continue to average lower than a year ago at least well into the first
quarter of 1931. During the first three months of this season, from Aug.
1 to Oct. 31.domestic mill operations averaged 32% under the same period
last season, the decrease in consumption of cotton in that period being
553,000 bales. It is expected that the percentage decrease from the corresponding period last year will steadily slarink.in the next two or three
months, but it is anticipated that the minus difference of 553.000 bales
in consumption to the end of October will be materially increased before
the consumption rate this season begins to run ahead of the rate at the
same time last season."
Tubize Chatillon Corporation Guarantees Customers
Against Price Reduction on Rayon Yarns for 00
Days.
The following is from the "Wall Street Journal" of Nov. 19:
For the purpose ofeliminating uncertainty in the rayon yarn industry and
to enable manufacturers to stimulate production and assure customers
against a reduction in yarn prices,the Tubize Chatillon Corp. will guarantee
customers against any reduction in yarn prices for a period of 60 days.
The official statement announcing the new departure follows;
"In view of the uncertainty of the present situation in the rayon market,
due to rumors and confusion in the trade, Tubize Chatillon Corp., will.
effective immediately, guarantee customers against decline on future yarn
purchases resulting from any price cut on our yarns which may occur
within 60 days of the date of invoice."
Shoe Wage Reductions in Lynn, Mass.
The following Lynn (Mass.) advises are from the "Wal
Street Journal" of Nov. 21:
Shoe wage reductions are taking place here. One firm asked for a
25%
wage reduction on shoes for special sales. Its shop crew accepted the
cut.
Two firms asked for 10% reduction. Employees protested and the matter
went to arbitration. Another firm made a 16% cut, which its
employees
accepted. Other cuts larger or smaller have been made on short notice.
Shoeworkers Unions in Brockton, Mass. Asked to
Accept Reduced Wages to Improve Trade Conditions.
The New York "Times" of Nov. 19 carried the following
Brockton (Mass.) item Nov. 18:
The Brockton "Times" says to-day that eight shoe firms
operating nine
factories in this city have asked shoe workers unions to accept
wage reductions ranging from 15 to 33 1-3% on third and fourth grade
shoes.
The request, the "Times" says, was made in an effort to
get mere orders
on cheaper grade shoes and thus provide more employment
. Representatives of both groups have conferred and a reply from
the unions is awaited.
3438
FINANCIAL CHRONICLE
[voL. 131.
planned. The paper
The firms which joined in the request, the "Times" says, were the W. such loan has been arranged or
L. Douglas Co.; Stone, Tarlow Co., Inc.; Diamond Shoe Co.; Doyle Shoe quoted went on to say:
Co.; M. A. Packard Co.; A. Freedman & Son, Inc.; E. E. Taylor Co., and
It was reported that the Cuban Government, as part of a move to
Charles A.Eaton Co.
relieve the sugar market, has planned to segregate 1,500,000 tons out of
current stocks. To compensate the owners of that sugar, the Cuban
government has issued bonds of a face value of $42,000,000.
Wage Cut in New Hampshire Shoe Plant.
The plan provides that these bonds be given to the sugar purchasers.
Southwestern
in
plant
shoo
a
wages,
cut
As a result of
In view of the fact that the recipients of the bonds would probably offer
this
in
them for sale immediately and depress the market, it was decided to
New Hampshire will be able to add 200 in help, and
the entire amount of the bonds in New York and to issue certificity a wage revision, effective to-day, in a shoe shop, assures deposit
cates of deposit to those entitled to the bonds. Bankers say that this is
H.)
(N.
Manchester
a
says
shoe
workers,
steady work to 500
being done.
There is no obligation or plan on the part of bankers here to offer the
dispatch Nov. 17 to the New York "Times".
bonds for sale to the public, but it is stated that it is possible that an
offering may be made at some future date, if a situation arises where
Warn Against Sugar Pact it would be feasible to offer the Cuban bonds in the market.
Opponents of President Machado
—Chadbourne Committee Arrives in Paris to Confer
On Nov. 23 a Washington dispatch to the New York
on Restriction as Telegrams Are Sent.
"Times" gave the following account of Prof. Dewey's
The following Paris cablegram Nov. 27 is from the New letter to President Hoover:
A letter has been sent to President Hoover by the People's Lobby callYork "Times":
Congress of the proposed
Thomas L. Chadbourne of New York and his associates in the Cuban.
American Sugar Committee arrived in France on the Majestic tonight
just a few hours after agents of the Nationalist party of Cuba, opponents
of President Machado, opened an attack on the proposed world agreemen for curtailment of production and support of prices.
Acting under instructions from the New York committee of the Nationalist party, subcommittees in London, Paris, Madrid, Brussels and
Rome sent strongly worded telegrams to Dr. Prinzen Geerlings, official
representative of the Java sugar industry of Amsterdam, warning him
that any accord entered into with the Cuban-American committee would
be repudiated and that the downfall of President Machado was imminent.
When Mr. Chadbourne and his associates were informed of the Nationalist move they indicated that their position was unchanged.
The Chadbourne committee, which represents 80% of Cuban producers
and controls 1,500,000 tons of sugar, is going to Amsterdam tomorrow
at the invitation of the Java sugar growers, who have a surplus estimated
at 800,000 tons.
Mr. Chadbourne and his associates expect to realize at least a measure
of accord. In their efforts they may count upon the enthusiastic support of Germany and Czechoslovakia, both of which have surpluses of
more than 600,000 tons. The negotiations at Amsterdam will begin Saturday morning, and European producers will meet in Brussels Wednesday.
If the Amsterdam conferees reach an accord it is likely that they will
go to the Belgium capital and hold a world parley there.
In referring to the departure of Mr. Chadbourne, Dr.
Gutierrez and others in the party the "Times" of Nov.
22 stated:
Intent upon accomplishing the most comprehensive reorganization of
the world sugar industry, the official Cuban delegation for the stabilization of the world sugar market sailed last night on the Majestic.
The delegation will open its conferences with representatives of the
Java sugar growers in Amsterdam on Nov. 30, and on a date not yet
set, but probably early in December, a general conference will be held
with representatives of the sugar-growing interests of all sugar-exporting countries outside of the United States and its possessions.
The delegation which sailed last night is headed by Dr. Vitario
Gutierrez, President of the Cuban Senate, and the other members are
Thomas L. Chadbourne, New York attorney, who devised the plan for
the stabilization of the world sugar markets which the delegation will
attempt to consummate; W. C. Douglas, Lopez Ona and Gomez Mena.
Accompanying the delegation were Ivy Lee, who will have charge of
the public relations of the delegation; Luis Marino Perez, commercial
attache of the Cuban Embassy at Washington, who will act in an advisory
secretarial capacity to Dr. Gutierrez; H. C. Hoffman, who will act in a
similar capacity to Mr. Chadbourne, and Sherman Gray of the firm of
Willett & Gray, sugar statisticians.
The make-up of the delegation was not announced until after the
election yesterday of officers of the National Sugar Export Corporation of
Cuba, which will have charge of the Cuban operations of the Chadbourne plan. With the exception of Dr. Gutierrez, the delegation is
made up of officers of the corporation. Mr. Chadbourne is chairman
of the corporation, Sefor Ona is first vice chairman and general manager. Mr. Douglas is second vice chairman and Senor Mena is secretary. Other officers of the corporation announced yesterday were J. S.
Fenton, treasurer; W. Everett Smith, general sales manager; Manuel
Rasco, assistant secretary, and Henry C. Hoffman, assistant treasurer.
Mr. Chadbourne said that no preliminary negotiations had been held
with the foreign sugar interests and that the meeting in Amsterdam on
Nov. 30 would bring out the first intelligence the Cuban committee will
get as to the feeling of the Java interests. He added that the willingness of these interests to negotiate for the consummation of a plan was
evidenced by the fact that the conferences had been arranged at the invitation of the Java interests.
conferThe countries which will have representatives at the general
to Cuba
ence, which may be held in Paris as early as Dec. 4, in addition
Beland Java, are France, Germany, Poland, Czechoslovakia, Hungary,
gium, Peru and San Domingo.
ing for scrutiny by the State Department and
$42,000,000 bankers' loan to the Cuban Government to finance the carrying of Cuba's sugar crop. The document was given out tonight by Professor John Dewey, president of the lobby.
"Big financial interests in New York propose to make a loan of $42,000,000 to the Cuban government so it may take up the private loan of
$38,000,000 these same financial interests recently made to sugar interests
in Cuba, chiefly American, to bolster up the price of sugar," the letter
read.
"This calls, we believe, for meticulous scrutiny by both the State
Department and the Congress which assembles shortly.
"The terms of this loan and the effect of such a loan upon American
consumers of sugar are important.
"We maintain the Machado Government, in control in Cuba, by the
threat of use of armed forces. We should have learned from the
expulsion of our military mission from Brazil after the administration
to which we shipped arms was booted out, and from the first uncontrolled election in Haiti since our intervention, which gave us a mandate
to get out and keep out, that it is not the primary function of the armed
forces of the United States to maintain in power in areas subject to a
malign interpretation of the Monroe Doctrine pliant nominal rulers to
operate governments by dictation from Wall Street financiers.
"Why the spread of $4,000,000—nearly one-ninth—between the bankers'
loan to the sugar interests and to the government? What obligations
do we assume or to what further aspects of dictatorship are we entitled
by secret understandings under this loan?
"What relations has this proposed loan to the Cuban Government to
the effort being made by Thomas L. Chadbourne to cut down the world
production of sugar so that the producers, chiefly American interests, may
secure higher prices from consumers?
"Our per capita consumption of sugar is about 115 pounds. Every
increase of 1 cent a pound in price increases our sugar bill by $140,300,000
a year.
"What is the difference between Mr. Chadbourne's plan to curtail
sugar production and the attempt of the British to hijack the price of
rubber under the Stevenson act, and the valorization of coffee by the former. Brazilian Government?
"It was the Dutch who, by increasing their production of rubber, broke
the price, and Mr. Chadbourne is now on his way to Holland to try to
get their sugar producers into the world price-boosting pool.
"You denounced the British and Brazilian schemes. Can you consistently sanction a loan by American bankers, be they ever so patriotic,
to buttress an attack upon the American breakfast table by valorizing the
price of sugar up to the tune of $6 to $12 per American family?
"As you know, this prosperity we enjoy has reduced one-sixth of American families to penury."
The new Cuban sugar restriction legislation was referred to in our issue of Nov. 22, page 3279.
Reports of Sugar Loan to Cuba Said to Be Without Foundation—Prof. Dewey of People's Lobby in Letter to
President Hoover Says Loan Proposal Calls for Scrutiny by State Department and Congress.
It was stated in the New York "Herald-Tribune" of
Nov. 25 that banking interests familiar with the recent
developments in the Cuban sugar industry declared on
Nov. 24 that there is no foundation for the charges made
Lobby,
by Professor John Dewey, President of the People's
bankers
York
New
that
Hoover
in a letter to President
Cuban
are planning to make a loan of $42,000,000 to the
government to finance the Cuban sugar crop carryover.
no
It was stated here, says the "Herald-Tribune," that
From the New York "Journal of Commerce" of Nov. 25
we take the following:
The plan for the stabilization of the Cuban sugar industry, sponsored
by Thomas L. Chadbourne and recently passed by the Cuban Congress,
calls for the delivery of the bonds directly to the producers in payment
for their sugar. The sugar carryover is to be controlled by the National
Sugar Export Corporation of Cuba, a company formed for the purpose.
Financial observers here pointed out the possibility of the sale of the
bonds by the growers who would receive them according to the plan. In
this event, the markets for the bonds would be unduly depressed at the
outset.
See Bond Deposits Here.
It was reported that the Cuban Government had decided to deposit the
entire issue of bonds here, and issue certificates of deposit to the growers.
This move was taken as a preliminary to the listing of the bonds on the
New York Stock Exchange. Regulations of the Stock Exchange for the
listing of foreign securities provide that to be available for listing, the
securities must be in the form of certificates issued by an approved American institution or by an American branch of an approved foreign institution, based upon the deposit with a foreign correspondent of the
original foreign securities. •• * It was pointed out that the plan provides for no obligation on the part of the American bankers to purchase
and resell the bonds, and that if the operation is done it will be done
by the bankers as an ordinary transaction.
Financial observers yesterday pointed out that no direct loan to the
Cuban Government was planned by bankers here, as had been remarked
by Prof. John Dewey president of the People's Lobby in a letter to
President Hoover. It was felt that Prof. Dewey had not looked into the
situation thoroughly before asserting that a loan of $42,000,000 was
planned.
Sugar Market Strong.
The effect of the Cuban sugar segregation plan is visible in the raw
sugar market. In order to obtain all the 1,500,000 tons of sugar desired
the Cuban Government has prohibited exports excepting of sugar sold
under contract prior to the passage of the sugar law.
The effect has been sharply to check the free flow of raw sugar from
Cuba to the United States. Sugar refiners requiring spot raws have
been forced to buy their supply from owners of sugar in storage in the
United States. As an outcome of the sudden demand for stored sugar
that product commands a premium of 7 to 10 points a pound, it was
said in the sugar trade yesterday.
Nov. 291930.]
FINANCIAL CHRONICLE
3439
Jamaicans Seek Sugar Preference.
National Sugar Exporting Corp. Rejects New York
Sales—Action Protested.
A cablegram from Kingston, Jamaica, Nov. 20, to the
From the "Wall Street Journal" of yesterday (Nov. 28) New York "Times" says:
The Legislature has passed a resolution expressing disappointment that
we take the renewing Havana advices:
of the royal commission
National Sugar Exporting Corp. has rejected contracts ofsugar presented
to it for approval on sales made through the New York Coffee & Sugar
Exchange,for delivery in January, amounting to more than 100,000 tons.
the British Government has not adopted the report
on the sugar industry and requesting the Laborites to reconsider the
question of further preference for empire-grown sugar.
With regard to the Havana advices the New York "Sun"
Magnitude of Continental Sugar Crop Indicated in Stateof last night (Nov. 28) said:
ment Before British House of Lords.
Sugar producers have protested the action of the National Sugar Exporting
Corp. of Cuba in rejecting January contracts for sale ofsugar, it was learned Canadian press advices from London Nov. 26 stated:
to-day. In the meanwhile the market for January sugar
In local trade
developed relative strength on news that delivery of 100,000 tons had been
forbidden, selling above parity with other options.
The ruling by the sugar corporation of Cuba is due to operation of the
new sugar law providing for segregation of 1,500,000 tons of sugar out of
present stocks. The corporation has forbidden sales of sugar until that
quota has been filled. The order applies to all sugars sold after Oct. 25,
when the restriction went into effect.
It was learned that the only New York coffee and sugar contracts affected
are January options. The amount mentioned-100,000 tons—is not
regarded large in the trade. It totals only about 1% of the total sales
annually on the exchange. As an outcome sugar brokers doubt that the
restriction will affect the market seriously. They comment that sugar
producers customarily sell options as a hedge against their actual crop without intent of making delivery, and buy in the options when delivery time
comes instead of delivering the sugar. The only difference the prohibition
makes, it is said, is that the amount of hedge sales by producers now is
known to the trade, and that knowledge may be used in speculative trading.
Owing to the magnitude of the Continental sugar crop, there will be
even more sugar this year than last, it was predicted by Lord Olivier in
the House of Lords today when he drew attention to the parlous position
of the British sugar industry, especially in the West Indies.
Lord Passfield, Secretary of State for the Colonies, agreed that the
situation was grave and foresaw no improvement in 1931 and 1932.
Italian Sugar Production Increases.
From Washington advices to the "Wall Street Journal"
of Nov. 24 said:
From January 1 to August 30, there were 1,427,000 long tons of sugar
beets produced in Italy, an increase of 177,000 tons over production in
the same period last year, the Department of Commerce is advised from
Milan.
$24,830,000 To Be Paid to Sugar Beet Growers.
President Machado of Cuba Vetoes Bill Proposing
Denver advices (Associated Press) Nov. 24 state:
Sugar Tax.
Beet growers of Wyoming, Montana, Nebraska and Colorado will receive
tomorrow for beets harvested during October. The Great
Under date of Nov. 19 Associated Press advices from $24,830,000
Western Sugar Company announced the allotments. The final payment
Havana stated:
for beets harvested in November will be made December 15, and will
President Machado today vetoed the Alberni bill which proposed a tax
of $1 for every arroba of cane produced by mills and not by colonos, or
growers, in excess of that produced in the last crop. The arroba is
equivalent to 2,500 pounds of cane and produces approximately 325 pounds
of sugar.
The action of the President was understood to have been taken to avoid
discrimination against the free operation of large American interests.
amount to $4,686,585.
Petroleum and Its Products—Further Curtailment of
Production Planned—Crude Oil Price Structure
Steady—Pennsylvania Fields Again on Proration
Basis.
Evidence that the oil industry is realizing the dangerous
Java May Prevent Sugar Restriction—Growers, Divided on
Policy, Are Expected, However, to Yield to Americans economic position that it occupies at the present is afforded
and Cubans—Surpluses in France, Belgium and Ger- in the increased efforts to further curtail production. The
many Complicate Task of Amsterdam Conferees.
past week has been featured by curtailment plans which will,
States
The following Paris cablegram Nov. 24 is from the if rigidly adhered to, bring production in the United
to the level recommended by the Committee on Petroleum
New York "Times":
Dissension among members of the Java Sugar Producers' Association Economic in its recent report to the Federal Oil Conservation
may prevent an agreement in their forthcoming negotiations between Cuban
The firmness manifested in the crude oil price strucand American sugar interests, as represented by Thomas L. Chadbourne. Board.
are
of the reductions made by a small refiner in the
due
in
spite
associates
his
and
in
ture
France
on
Chadbourne
the
Majestic
Mr.
Thursday. The meetings are expected to begin at Amsterdam Saturday. Mid-Continent area last week was also construed by oil men
According to reliable information obtained in the French sugar market,
as a favorable sign. Further price revisions, except in the
a majority of the Java producers are opposed to any restriction on output,
bring the
of
policy
a
to
not
agree
enlarging the present California area where they will be necessary to
but might be willing to
planted area.
Coast price list into lino with that of other fields which
Pacific
It is admitted, however, that the failure of the approaching negotiations were recently affected by the price cuts, are not expected.
would be looked upon as a disaster for the world sugar industry and would
The meeting of Texas operators held last Saturday recertainly be followed by a sharp drop in sugar prices, as well as in the
shares of Java sugar companies. For this reason it would not be sur- sulted in a new allowable maximum oil production level for
prising to French sugar interests if the Java producers finally buried their the State of 680,200 barrels daily as against the former
internal differences and accepted a measure of restriction.
daily. Fixed by the State RailLike those in all other major industries, the Java sugar people are maximum of 750,000 barrels
feeling the world depression. Anything that would tend to stabilize prices road Commission, the new allowance went into effect on
would, it is believed, make a strong appeal, provided, of course, they all Nov. 27 and will continue in effect for 60 days. Operators
agreed to enter the proposed accord.
meeting expressed unanimous approval of the
It is now apparent that Mr. Chadbourne's chief problem will be at Am- attending the
sterdam, although in the background there will be the ungovernable sugar- commission's curtailment policy.
dumping plans of Soviet Russia. It is now estimated that Russia will
The importance of this move on the part of the Texas
have nearly 600,000 tons of white sugar to sell abroad as a result of her
can be realized when it is noted that Oklahoma
operators
at
figure
the
400,000
tons.
placed
Russian
estimates
First
1929 crop.
more
menacing,
even
and,
if
be
below its required production in the curtailment
to
exsaid
their
are
is
year
next
already
for
plans
pectations are realized, they will produce 2,000,000 tons of sugar and will picture. In the week ended Nov. 22 its production totaled
export 1,000,000 tons.
daily, against its allotment of 535,000 barrels.
France, Belgium and Germany, the three other big beet•sugar growers 484,200 barrels
they
desire
to
which
averaging in excess of 600,000 barrels
surpluses
however,
dispose
outside
large
have
California,
of Europe, also
their respective home markets. It is not hard to see that Mr. Chad- daily, is not living up to its proration schedule which probourne's mission is fraught with many difficulties.
vides for limitation of output in the State to the same figure
The "Wall Street Journal" in its Nov. 19 issue pub- that Oklahoma is allowed, 535,000 barrels daily. Meeting
lished a cablegram from Amsterdam in which it was of California operators is to be held shortly to consider means
stated that "some members of the Java Association refuse of curtailing the output to a level consistant with demand.
to co-operate with Cuba and the United States on reWhen it 'a understood that these three States contribute
striction, but they probably represent a minority"; com- 80% of the total oil production in the entire United States the
menting on the effect of these advices the paper quoted importance of each rigidly adhering to its allowance is realhad the following to say in its Nov. 19 issue:
ized. The success of the curtailment program depends
Lower prices for sugar futures on the New York Coffee & Sugar Ex6
to
3
points
during
the
from
session
off
almost entirely on these three States.
positions
change with nearby
compared with Tuesday's close was due principally to advices from AmThe return of the Pennsylvania operators to a curtailment
sterdam of dissension among Javan producers on crop restriction. It policy was hailed as a further constructive move. The curwas reported, however, that the Java Association probably would be preprovides for a 50% cut in the Bradford and
pared to discuss sugar problems with the Chadbourne 'committee on its tailment plan
Alleghany fields and a cut of 30% in the other Pennsylvania
arrival late this month.
'December futures were quoted at 1.24c. off 6 points, but subsequently fields. Operators in the Warren County fields are considerrallied to 1.26c. March, May and July futures were similarly affected,
to their former 70% proration schedule on the
being off from 4 to 5 points, but showing some improvement as the session ing returning
progressed. Volume turned over on the Exchange was larger than in request of the directors of the Middle District Oil Association
last week's sessions.
and to continue on that basis until otherwise notified as a
Prices for raw sugar futures on the Exchange established a low level
steps taken in Pennsylvania to curtail output.
in history late in September when a price of .94c. a pound, c. & f., result of the
Recent weekly oil statistics have shown the benefits derived
was recorded for October. The improvement in prices since that time has
been due largely to the prospects of crop restriction in principal producing already from the proration schedules which have curtailed
countries, Cuba and Java, and possibly aligning continental European beet production. Crude oil production last week reached a new
producers.
3440
FINANCIAL CHRONICLE
low point, at a daily average of 2,218,850 barrels, a drop
of
331,400 barrels from the corresponding period last year.
Rigid obedience of the proposed schedule will place the industry in a much stronger position if the plans are adhered to
all through the winter period.
There were no price changes posted:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P.I. degrees are not shown.)
Bradford, Pa
$2.15 SPindletop, Texas. below 25
Corning. Ohio
1.25 Winkler, Texas. below 25
Cabell, W.Va
1.05 Smackover, Ark., 24 and over
Illinois
1.30 Smackover, Ark., below 2
Western Kentucky
1.15 Eldorado, Ark., 44
Midconttnent, Okla.. 37
Al Urania, La
Corsicana. Texas, heavy
.75 Salt Creek. Wyo., 37
Huteh.nson, Texas, 34
.89 Sunburst, Mont
Kettiman Hills, 55
1.65 Artesia, N. Meg
Kettleman Hills, 35-39.9
1.10 Santa Fe Springs, Calif., 33
Kettleman Hills, 40-19.9
1.35 Midway-Sunset, Calif., 22
Kettleman Hills, 50-54.9
1.50 Huntington. Calif., 28
Luling, Texas
.75 Ventura, Calif., 28
Spindletop. Texas, grade A
1.00 Petrolia, Canada
$.75
.50
.70
.70
1.14
.75
.98
1.55
.75
1.48
.94
1.22
1.15
1.50
REFINED PRODUCTS-MARKET CONTINUES EASY-GASOLINE DULL
-KEROSENE SHOWS MILD IMPROVEMENT-EXPORT MARKET
WEAK.
[VoL. 131.
Kerosene, 41-43 Water Whit Tank Car Lotse., F.O.B. Refinery.
Dr.T.(BaYenne)-1.06-.0614!Chicago
$.03-.0314 i New
$.04(
North Texas_ - _ -03-.03)4 l Los Angeles. ex.04)4-.06 !WasOrleans
0364-.0331
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
New York (Bayonne) $1.05 Los Angeles
$.85 I Gulf Coast
$ 75
Grade C
1.05 New Orleans
80-.851chicago
5714
Diesel
2.00
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)iChicago!Tulsa28D plus_ _$.04ll-.05.1i I 32-36D..,....$.0294-.02341 32-36D--1.02ifi-.025i
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,571,200 barrels, or 95.7%, of the
3,730,100 barrel estimated daily potential refining capacity
of the plants operating in the United States during the
week, have contributed to the following report. The crude
runs to stills for the week show that these companies operated to 64.1% of their total capacity. Figures published
last week show that companies aggregating 3,570,400 barrels,
or 95.7% of the 3,730,100 barrel estimated daily potential
refining capacity of all plants operating in the United
States during that week, but which operated to only 64.2%
of their total capacity, contributed to that report. The
report for the week ended Nov. 22 follows:
General weakness characterized refined products in the
Eastern market with no particular feature developing.
Kerosene responded slightly to the increased demand due
to the cold wave that struck the Eastern territory but it
still is in an irregular position. With the inclement weather CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED NOV. 22 1930.
resulting in a marked drop in consumption gasoline was
(Figures in Barrels of 42 Gallons.)
dull with a tendency to show weakness under pressure.
Demand for domestic heating oil continues to stiffen but
Per Cent
Per Cent
over-production has placed this field in a weak position.
Potential
Crude
Oper.
Gas and
District.
Caracito
Runs to
of Total
Gasoline
Fuel Oil
Optimism over the future of the lubricating oil market was
RevertStilts.
Capacity
Stocks.
Stocks,
Ina.
Report.
expressed when it was learned that the Pennsylvania
operators have agreed to return to their former restricted East Coast
100.0
3,006,000
70.1
5,343,000
11,566,000
Appalachian
499,000
53.8
766.000
1,029,000
schedule in an effort to improve the market. About the Ind., Illinois, Kentucky 93.8
97.5
1,803,000
67.6
4,270.000
3.914,000
Okla.. Kan.. Missouri
89.4
1,807,000
62.6
2,108,000
4,603,000
only bright spot in the market is, that due to the decrease Texas
91.9
3,692,000
70.9
6,393.000
10.730,000
both of refinery operations and of stocks of stored gasoline, Louisiana-Arkansas.-- _ 98.3
1.037,000
56.5
1,253,000
2,138,000
Rocky Mountain
93.1
317,000
32.4
1,509.000
1,017,000
the markot should be in a good technical position next California
98.8
3,875,000
62.4
14,890,000 104,257,000
Spring.
Total week Nov.22.. 95.7
16,036,000
64.1
36,532,000 139,254,000
average
2,290,800
While kerosene has been in a weak position for some Daily
Total week Nov.l&_ 95.7
16,049.000
64.2
37.263,000 139,799,000
Daily
average
weeks past, tho start of the Winter cold weather is expected
2,292.700
yTotal Nov.23 1929_ 95.4
18,544,000
75.5
35,805,000 *145,130,000
to stimulate buyers who have been holding off in hopes of Daily average
95.4
2,649,100
Texas GulfCoast
100.0
2,487,000
76.8
5,149,000
8,000,000
further price declines. Quotations remain at the same ouislana Gulf C.a.& inn n
71R nun
fla 1
OQR MA
1 173000
range from 6c. to Oic. a gallon, for 41-43 water white in • Final revised. Inc
tided above In table for week ended Nov. 22 193001 their
respective districts. y The United States total figures
tank car lots, at tho refineries. Concessions from this level are
for last year shown above
not comparable
are reported possible on firm bids. Several shipments under capacity reporting. with this year's totals because of the difference In the percentage
Note
these terms are reported to have been made.
crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California,
stocks of heavy crude and all grades of fuel
As usual at the approach of the Winter season, gasoline oll are included under the heading "Gas
runs to
and
stills include both foreign and domestic oxide.Fuel 011 Stocks." Crude oil
consumption has dropped to extremely low levels and this
is reflected in the marked easiness shown in the market.
While most of the refiners continue to hold their market at Crude Oil Output in United States Continues to
7c. a gallon for U. S. Motor Gasoline, in tank cars, at the
Decline.
refineries, it is reported that movements are possible around
The American Petroleum Institute estimates that the daily
(3.c. a gallon, in tank cars, at the refineries.
average gross crude oil production in the United States, for
Tho export market is weak here as it also is in the Gulf the week ended Nov. 22 1930, was 2,281,850 barrels, as
Coast section. Sharper competition for business which re- compared with 2,304,550 barrels for the preceding
week, a
sulted from the withdrawal of the Export Association's decrease of 22,700
barrels. Compared with the output for
price schedule is held accountable for the easiness shown. the week ended
Nov. 23 1929 of 2,633,250 barrels daily, the
Russian gasoline is furnishing particularly effective competi- current figure
represents a decrease of 351,400 barrels per day.
tion with the American product in the European market and The daily average
production east of California for the week
this situation is reflected in a marked drop in the foreign ended Nov. 22
1930 was 1,674,650 barrels, as compared with
demand.
1,702,750 barrels for the preceding week, a decrease of 28,100
Although domestic heating oils have been active due to barrels. The foltuci.Inc are estimates
ai v verage gross
the cold weather, price-shading to stimulate mow tents of production, by districts
stocks is reported. Over-production is respo,..0.:4 nr this
DAILY AVERAGE PRODB0TION FIGURES N BARRELS).
situation with little improvement in the market expected
Weeks EndedNot.23'30. No'. 15'30. Nov.8 '30. Nov.23 '29.
Oklahoma
until somo move to cut production is made. Bunker oil is
643,050
489,650
506,350
484200
KI1M113
111,700
110,650
117,550
109,250
holding at its former level but is showing easiness.
Panhandle Texas
102,600
84.150
74,850
70.050
North Texas
89,300
62,600
63.750
63,650
News that the Pennsylvania producers have agreed to %%est Central Texas
43,500
56.850
48,100
42,300
West Texas
272,700
266,100
357,250
266,600
return to their former proration schedule was received with East
Central Texas
17,350
41,050
40,700
40,300
Texas
80,950
74.650
93.650
82,950
optimism that the lubricating oil market would show some Southwest
North Louisiana
44,100
43,900
44,050
36,450
improvement. As these fields furnish the bulk of the crude Arkansas
63.950
52,050
51,950
51,950
Coastal Texas
161,650
148,350
162,400
161,750
used for in this field, this move is expected to improve out- Coastal Louisiana
27,260
28,550
23,300
29,500
Eastern (not incl. Michigan)_ -112,000
118,900
110,000
110,000
look of the market considerably.
Michigan
15,000
7,300
7,300
8,750
Wyoming
52.500
47,850
46.900
47,850
No price changes were posted.
Montana
10,500
5.350
4,950
4.950
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)___$.07
N. Y.-Carson Pet_$.07
California
$.08-.11
Stand.011,
Colonial-Beacon__ .07
J__ .07
LosAngeles,ex..06 S4-.07%
Stand. Oil, N. Y--- -Sinclair Ref.......
Gull Coast. ex .0564-.06 kg
Tide Water0I1Co. .0794 Chicago
.0434-.05
NorthLouislana.06)4-.0654
Richfield Oil Co-- .0764 New Orleans._ .004-.0616 North Texas-- .04)4-.0594
Warner-QuinlinCo .07
Arkansas
0634-.08.56 Oklahoma
.05-.051.(
Pan-Am. Pet. Co. .0734
Pennsylvania
0634
Shell Eastern Pet_ .07)4
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline, Service Station. Tax Included.
$.163 Cincinnati
$ 19 Minneapolis
22 Cleveland
19 New Orleans
.162 Denver
.19 Philadelphia
165 Detroit
125 San Francisco
198 Houston
19 Spokane
17 Jacksonville
19 St. Louis
Kansas OW
159
$.17
145
19
21
22
139
Colorado
New Mexico
California
Total
4,250
45,050
607.200
4,200
45,050
601.800
4,300
43,950
698.900
5,100
8,000
699,500
2,281,850
2,304,550
2,297,250
2.633,250
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas. Panhandle. North, West Central,
West, East Central and Southwest Teams, North Louisiana and Arkansas,
for the week ended Nov. 22, was 1.262,550 barrels, as compared with
1,295.400 b irreis for the preceding week, a decrease of 32.850 barrels.
The Mid-Continent production, excluding Smackover (Arkansas), heavy
oil, was 5,226.800 barrels, as compared with 1,259.700 barrels, a decrease
f 32,900 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:
FINANCIAL CHRONICLE
Nov. 29 19301
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Enaction)
East Enasboro
South EarMoro
Konawa
Little River
Feat Little River
Maud
Mission
Oklahoma City
St. Louis
Searight
Seminole
East Seminole
- -Week Ended21111"!
ISI "
Nov. 22 Nov. 15
Sotdhwest Texas6,500 7
Chapman-Abbot
34,300 43,250
Dann Creek
9,750
9,600
Luling
15,600 16,000
Salt Flat
North Louisiana-2.350 2,350
Sarepta-Cartervilla
9,100 9,300
Zwolle
Arkansas4,850 4,850
Smackover. light
Smackover, heavy
35,750 35,700
Coastal Tains20,700 21,150
Barbers Hill
8,900 8,850
Raccoon Bend
Renato County
27,650 27.200
Sugar Land
12,000 11,950
Coastal LouttfassaEast Ilackberry
4.000 1,900
900
900
Old Ilackberry
Wyoming27,150 28.100
27,050 Salt Creek
-Montano
6,550
Kevin-Sunburst
2,550 2,550
New Mexico52,500
36,700 36,100
15,150 Hobbs High
Balance Lea County5,700 6,600
California40.500 33,200
13,500 Elwood-Goleta
28,000 28,000
17,000 Huntington Beach
15,300 15,300
Inglewood
Kettlernan Hills
25,700 25,700
98,000 100.200
11,000 Long Beach
Midway-Sunset
59,500 59,500
Playa Del Rey
40.300 38.000
93,400 95.400
35,200 Santa Fe Serino
18,000 18,000
4,850 Seal Beach
46,500 48,500
28.000 Ventura Avenue
Pennsylvania Grade28.250
7,200 7,300
57.150 Allegany
23,750 24.800
99,700 Bradford
7,500 6,800
2,800 Kane to Butler
Southwestern Penna.- 3,000 2.850
13,350 12,800
West Virginia
7,000 6,900
27,800 Southeastern Ohio
-Week EndedNov. 22 Nov. 15
14,000 13,800
12,200 12,350
14,050 14,150
12,550 13,200
20,900 20,950
18,150 19.250
8.850 11.550
14,650 16,650
23,950 24,900
10,300 11,650
3,200 3,150
7,400 8,150
73,350 85,000
23,300 22,900
6,800 6,850
13,750 14,3.50
2.100 2,250
Kansas24,400
Sedgwick County
7,450
Withal
Panhandle Texas-55,600
Gray County
Hutchinson County._ 13,550
North TexasArcher County
Wilbarger County
13,500
17,000
West Central TexasYoung Count)
,
12,700
West TexasCrane & Upton Counties 35,000
4,850
Ector County
Howard County
27,500
Reagan County
26,400
58,
Winkler County
Yates
101,500
Balance Pecos County-- 2,800
East Central TernsVan Zandt County
27,600
Move Toward Stabilization of Oil Industry as Viewed
by Royal Dutch Shell.
The oil industry has still a long way to go towards stabilization and a return to healthy conditions, according to F.
Godber, Director of the Oil Dutch Shell, who under date of
Nov. 21, adds:
3441
Recommendation of the State Proration Committee that the maximum
allowable oil production of Texas for 60 days beginning on Nov. 27 be
fixed at 680,200 barrels, a decrease of 69,800 barrels from the maximum
allowable under which the producers have been operating for three months,
was adopted by the Railroad Commission to-day. The curtailment was
based on pipe line commitments to meet the market demand.
Enforcement of the pipe line and common purchase law by the Commission will be strict, notwithstanding the resistance which a few companies
are offering, Pat Neff, Chairman of the Commission, said.
Peru Sends Troops to Oil Zone-Acts to Protect Foreigners in Talara in Threatened Strikes.
From the New York "Times" we take the following (Associated Press) from Lima,Peru, Nov.22:
More than 200 soldiers have been sent by the Government into the Talara
region of Northern Peru to protect foreign oil interests there against threatis
ened native strikes and disorders. In addition the Seventh Cavalry
available at Plura if trouble should arise.
forseveral
of
dismissal
the
demanded
have
Workmen in the district
Co.,
eign officials of the Standard Oil Co. and the International Petroleum
have
whom they charge with giving them bad treatment. The workmen
threatened to strike if their demands are not met.
proThe Government has promised to take any measures necessary to
troops
tect the lives of foreigners and Talara dispatches state that with
Alberto
present no further difficulty there is expected. An agitator named
IparaguIrre has been arrested.
Venezuela Demands Lists of Oil Employees-Also Asks
Wages Paid to Each.
West Indies) Nov. 17 air mia
(Dutch
From Curacao
adviees to the New York "Times" state:
all oil comThe Government of Venezuela has recently demanded of
native
panies operating in the country complete lists of all their foreign and
worker.
each
for
employees, showing the pay
to its reason and the
This demand has caused much speculation as
may be used In
probable reaction to it. It is possible the information
the curtailment
meeting the unemployment situation, which has followed
Grande Fields alone
of operations by the oil companies. In the Mene
there are said to be about 800 unemployed.
large ranches and farms
Those are laborers, formerly employed on the
They do not
which they left for the higher wages paid in the oil fields.
work but prefer to loaf
ranch
and
farm
like to return to the poorly paid
in employmentconditions.
around the fields in the hope ofearly improvement
may have in mind the
It has also been auggested that the Government
may be considering
application of a special tax on foreigners or that it
may attempt to force
and
pay
of
rates
the frequently agitated question of
order to bring them into
the oil operators to pay more to the natives in
line with the wages paid to the foreign employees.
This statement does not in any way minimize the great progress that has
been made during the last year or so along the road to stabilization by way
of eliminating excesses and wastes in production. Indeed the curtailment
In production now in effect In the principal producing States is an
accomplishment of the first magnitude. It seems to us, however, that the
oil industry has now come to the cross roads with no definite indication as
to which road to travel in the future. It is evident that there are two roads;
One to remedy conditions by following the law of supply and demand. It
Mexican Oil Production.
Is clear that with overwhelming supplies on hand seeking outlets, nothing
but a continuous depression Iles ahead of us. Low prices of crude can mean
From the "Wall Street Journal" of Nov. 17 we quote the
only one thing, namely, the ruination of thousands of producers, destrucalso
but
of
from Mexico City:
Invested,
material.
the
basic
capital
following
only
of
not
waste,
tion and
Commerce and Labor,
I do not believe that anybody wants to travel this road.
Department of Petroleum, Ministry of Industry,
month
The second road, or the only alternative, to stabilization is by way of a estimates that petroleum production in the entire Republic for the
commercial value of
a
only
our
such
a
with
opinion
program can
further curtailment program. In
of October amounted to 3,147,353 barrels,
September of 3,242,929
succeed if we adhere very closely to fundamental principles.
6,510,273 pesos, compared with production in
was
Curtailment and low prices of crude oil are almost contradictory. The barrels, valued at 8,701,220 pesos. Production in October 1929
sacrifice of curtailment Is only worth while If it can be compensated for by 4,015,008 barrels, worth 8.147.407 pesos.
oil
by
is
crude
of
which the producer
stable conditions and by stable prices
able to continue to live. If curtailment is not followed by rational prices
of
has
made
a sacrifice in vain, Russian Soviet Government Recalls Oil Men-End
producer
tho
that
means
merely
of crude oil it
in Britain Seen in Big Competitive
Accord
and we should be no nearer a solution of the problem than if we followed
Price
The oil industry is in a different
the simple law of supply and demand.
Sale.
position from other Industries where over-production exists, like rubber,
cablegram as follows from London Nov. 18 is taken
wheat and cotton, inasmuch as crude oil once wasted cannot be replaced
A
by recurrent supply. While curtailment and reasonable prices are the
the New York "Times":
from
only
natural
is
that the American
logical solution of the whole problem, it
of 20,000.000
Following news of the sale by the Soviet Government
industry should not be asked to make this sacrifice unless other countries
on a single contract in competition with British
here
gasoline
is
program
of
a
essentially
co-operagallons
curtailment
A
way.
co-operate in a similar
oil
are quite willing to and American firms, it is reported that two directors of the Soviet's
tive movement. It is apparent that other countries
by curtailment which is already company have been summoned to Moscow.
co-operate, and this is clearly illustrated
Oil Produethe Dutch East Indies
They are R. G. Terakopoff, Managing Director of Russian
being carried out in other countries like Roumania,
arranged
possible to follow in the United States Mons, Ltd., and Dr. L. B. Rabinovitch, Financial Director, who
and South America. Even if it were
and British
firm
Russian
the
between
could not be expected that other the original selling price agreement
it
prices
ruinous
and
curtailment
of
a policy
ruinous prices and still restrict and American companies.
countries will be satisfied to also accept
has ordered
factor that is going to correct
From the terms of the latest sale it is taken hero that Moscow
production. If cheaper crude is to be the only
American comand rightfully so, if it is worth the severance of the relationship between the Russian and
over-production, the producers will ask,
stewardship.
their
of
account
an
given
panies and recalled the two directors to
while.
curtailment program and reasonable
The thing next in importance to a
It
drilling.
unnecessary
impossible
seems
prices for the industry is to stop
in October.
willing to lend itself for investment in World Copper Output Shows Little Change
to realize that capital would be
$250,000 per well, if the output is
to
short
152,544
$150,000
was
October
costing
wells,
in
expensive
World production of copper
because on such basis no equitable
restricted to 50 to 100 barrels per day,
and 149,843
September
in
tons
152,405
with
compared
to
the
the
danger
and
tons,
real
industry,
a
is
return on capital is possible. This
better. These objects are all open for tons in August, according to the American Bureau of
sooner it is tackled energetically the
Intelligent discussion and action.
Production of copper in the first ten months of
this question of stabilization for reasons Statistics.
The public Is vitally interested in
tons.
be
will
the
1,483,844
based
on
of
public
the
cost
was
1930
that in the long run the price to the
,
As long as wide fluctuation Mist
,
gives in short tons world output
table
following
The
commodity, plus a margin of profit.
the price of the finished article the risks
both in the price of crude and
without segregation as to country
reports
smelter
upon
based
marketer are enormous, and therefore
taken by both the producer and the
" is included the Bureau's
"elsewhere
in
or
higher
Under
a
other
premium,
words,
ore.
of origin of
they are entitled to a large safety
hand, conditions are stabilized and the
tonnage.
unreported
of
margin of profit. If on the other
estimate
reduced, it is only natural to expect
risks of both producer and marketer
will have to be satisfied with less margin
that both producers and marketers
First 10 1
Month.
benefit to the consumer. The conimmediate
Months ,
of profit and this will be of
that the balance between production.
August. September October. of 1930.
July.
sumer therefore has a vital interest
as to secure the maximum of
maintained
so
is
prices
and
production
cost of
70.419
68.487
732.169
66,698
67,638
long run must mean efficiency in United States
5.078
steadiness in the business which in the
5.403
4,812
49.924
4,968
Mexico
8,573
12,015
12,850
95,818
11,820
service, and reasonable prices.
Canada
27.836
26,374
237,222
26,937
23,328
Chile and Peru
7,590
7,601
7,314
73,097
7,365
Japan
1,832
.595
1,548
878
12.103
Australia
5,4295,784
6.017
52.843
4,832
n
-State
Orders
Commissio
Cut
Texas
Germany
in
Output
Oil
111,968
11.500
11.600
11,200
11.388
European_a
Other
14,100
14.500
12,700
118,700
12,000
Reduction of 69,800 Barrels in Daily Flow.
Elsewhere_s
22
Nov.
to
the
York
New
Texas,
152.544
152,405
149,843
143.997
1.483,844
Austin,
from
total
dispatch
World's
A
a Partly estimated.
said:
"Times"
3442
FINANCIAL CHRONICLE
ESTIMATED PRODUCTION BY MONTHS FOR PAST THREE
YEARS.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1929.
155,848
140,083
148,944
145,595
148.788
145,797
143,997
149,843
152,405
152,544
1928.
178.783
167,090
192,792
106,820
192,589
174,586
174,507
173,430
174,135
175.360
170,585
165,728
Total
2.136.405
.
143.546
147.546
147.842
146.427
156.414
159.474
156.190
161.838
157,518
176,623
183.813
179,240
1.916.471
[Vol.. 131.
"It does not seem wise to sacrifice mineral assets of the corporation
at present low prices of cermet or add to the unwieldy surplus stock now
on the market while present conditions continue. In spite of low prices
for copper, Calumet and Arizona has improved its cash position
in the
last six months and has reduced its direct operating costs
to such an
extent that its position can be maintained with lower production."
Producers continue to quote copper at 12 cents a pound delivered in
the domestic market. Copper is obtainable, however, at 10% cents
a
pound from custom smelters delivered to the end of the first quarter
next year. The tonnage of copper available at the latter level is apparently somewhat less than a few days ago, but is still more than sufficient
to meet demand at that figure. Copper Exporters, Inc., continues
to
quote 12.30 cents a pound c. i, f. the base European ports, but considerable copper is being offered by second hands below this price.
In its issue of Nov. 23 the "Times" said:
World Zinc Output Increased in October.
Production of zinc by reporting countries, which include
all important zinc producers except Belgium, The Netherlands and Poland, in October was 92,606 short tons, against
89,807 tons in September and 93,185 tons in August, according to statistics released by the American Bureau of Metal
Statistics, and given in the "Wall Street Journal" of Nov. 20.
In 1929, with world production averaging 135,102 tons a
month, Belgium, Tho Netherlands and Poland produced
an average of 36,249 tons a month.
The following table gives in short tons output of slab zinc
for last four months with total for first nine months of
1930. This output is not allocated as to origin of the ore
from which the zinc was produced except in case of the
United States and Mexico. Zinc produced in the United
States from Mexican ore is deducted and added to output
of Mexico.
Month of
July.
Dotted States
Mexico
Canada
z Belgium
France
a Germany
Great Britain
Italy
a Netherlands
z Poland
Spain
Australia
Rhodesia
7 Elsewhere
August. September. October.
First 10
Months of
1930.
40,038
3,096
8,978
41,029
2.938
9,749
40,485
2,633
10,065
40.940
2,913
11,046
439,800
25,744
97.050
8.006
9,413
5,008
1,857
7,766
9,255
4,532
1,688
7,019
8,006
4,225
1,736
7.345
8,050
4,247
1,911
83.978
93.564
46.900
13,421
The copper output of the refinery of the Nichols Copper Company
at
El Paso, Texas, will be reduced about 15%, or from 8,500 to 6,500 tons
a month, it was announced yesterday by Charles W. Nichols, chairman,
in El Paso.
"This curtailment is in keeping with a general agreement among copper
refiners," he said. "It was decided upon for the good
of the industry.
No further curtailment will be made unless it is found that the present
program is insufficient to meet the situation."
F. Pisart and Camille Gutt, representatives of the Katanga
mine in
the Belgian Congo at the recent conference here to restrict
the output
of copper throughout the world, sailed yesterday for Europe.
Neither
would comment upon the result of their efforts here.
Putting the blame for the need for curtailment on foreign mine owners,
Gordon R. Campbell, president of the Calumet 8: Arizona Mining
Company, in announcing a 15 per cent reduction in output for his company,
said:
"At this time, when American employment is at such a low ebb
and
when so many American citizens are out of employment, it is unfortunate
that the mines of this company should be compelled to take this action
on account of the foreign invasion of the home market.
"It is the strongest argument yet offered for a substantial tariff on
copper, which will give American miners preference in their home
market
and will keep Americans employed. With a very little increase in business
American mines would be adding to the number of employed
instead of
decreasing the number at this time, and would feel an assurance
of
security for the future that would enable them to employ men
as steadily
in the future as in the past.
"Without protection, American copper mining will be in a sad way for
many years to come. Employment will be uncertain, and only a very
few good mines will be able to show any return to stockholders."
The copper curtailment plan was referred to in these
columns Nov. 15, page 3123.
Anaconda Copper Mining Company Shuts Down
One Mine.
According to the New York 'Times" of Nov. 22 the AnaTotals as reported and est.... 92,771
conda Copper Mining Company announced that it had
93,185
89.807
92,606
960,648
a Included zinc dust, which amounts to about 300 tons a month.
shut down its Stewart mine in order to concentrate its
y
Estimated.
a Not reported.
production at a smaller number of shafts. The men will
be employed at other shafts and output will not be affected,
Copper Price Status Holds Buyer Interest-Bookings the announcement said.
Range from 10Y1 to 10.50 Cents in Domestic Market.
Interest in non-ferrous metals in the past week centered in
St. Joseph Lead Company Curtails Output 25%.
the copper price situation. Largo producers continued to
The St. Joseph Lead Company has curtailed its lead proquote on the basis of 12 cents, delivered to domestic con- duction about 25% owing to decreased consumption, it was
sumers, and the export price held at 12.30 cents, c.i.f., re- announced yesterday. The curtailment was begun early
ports "Metal and Mineral Markets." All of the moderate this month, says the New York "Times" of Nov. 27.
tonnage sold in the domestic market during the week, however, was booked by custom smelters at prices ranging from Steel Production Again Falls Off-Price of Pig
Iron
103i cents to 10.50 cents, delivered in the East. Owing to
Reaches New Low-Price of Steel Scrap Also
the wide difference between foreign and domestic copper
Declines.
prices, export sales fell off sharply. It is added:
Some further expansion in demand from the railroads and
Lead sellers experienced a quiet week after the activity of the preceding
the automobile industry and a piling up of construction proweek. Storage battery manufacturers have taken good tonnages,
however.
and the consumption In that quarter promises to be excellent this winter, jects, particularly public undertakings, have heightened the
with the resumption of activity by automobile producers. Lead prices
held hopes of the iron and steel trade and have added force to
at 4.95 cents. St. Louis and 5.10 cents, Nrw York.
current efforts to stabilize prices, the "Iron Age" of Nov. 27,
A very modest tonnage of zinc
(luring the week. To attract
buyers, producer. offered Prime Western zinc at prices close to the low says: Stool production is increasingly irregular, with the
levels established about a month ago. Early in the week several lots average for the country
down to 41%, compared with 43%
brought 4.25 cents, St. Lou'''. Shortly before the close business went
through as low as 4.075 centa for February-March shipments. Production a week ago, and additional weakness has cropped out in
is being curtailed here and the statistics are expected to show some im- the scrap market, but the industry is reconciled to another
provement.
month of low activity and is more confident in its predictions
Tin business in the past week quieted down considerably, but the price
range showed little change, with daily variations above and below 26 cents of an upturn in the Now Year. The "Ago" also adds:
DM
5,243
1,758
8,300
1,005
5,243
1,680
8,300
088
4,939
1,611
8,100
1,023
5,208
1.523
8,400
9,816
51,476
17.199
81,700
It is realized that present pressure to keep clown inventories, although
precluding an immediate expansion of business, will be followed by more
liberal specifications for stock in January. It is appreciated also
Anaconda Copper Cuts Output 10 Per Cent-Order In- many construction and industrial programs now being launched that
cannot
cludes Subsidiaries of Company, Andes, Chile and mature until next year. But there is general agreement that improvement
in prospect.
Greene Cananea-Follows Trade Compact-Nichols is definitely
The Chevrolet Motor Co.
build 75,000 cars in January, compared
Copper Co. and Calumet & Arizona Also Cut Output. with 45,000 cars scheduled forwill
this month and 45,000 to 50,000 for December. The increasing operations of this company and other makers bringing
In line with the recent curtailment agreement entered out
new models will tend to offset expected year-end suspensions by other
into by copper-producing companies the Anaconda Copper motor car manufacture
rs.
A prospective purchase of 50 barges and five tow boats by the Inland
Mining Company and its subsidiaries announced yesterWaterways Corp. will result in the placing of 28,000 tons of plates, while
day that they would curtail production 10% says the New bridges at
Niagara Falls, N. Y., will call for 12,000 tons ofsteel. Structural
York 'Times" of Nov. 26, from which the following is also projects that have come into
the market in the past month total more than
250,000 tons. Awards for the week, at 43.000 tons, are the largest since
taken.
In this group are the Andes Copper Mining Company, Chile Copper late in October.
Railroad buying, although to data far below the volume of a year ago,
Company and Greene Cananea Copper. Several copper companies, including the Nichols • Copper Company, Calumet and Arizona Mining promises to be on a steadily growing scale. The Erie has bought 41,748
tons of rails and the Baltimore & Ohio has definitely allocated orders
for
Company and Noranda Mines, Ltd., in Canada, announced recently a
75,000 tons, the informal placing of which was announced some time ago.
curtailment of about 15% in operations.
The Chicago Great Western has purchased 300 hopper cars, the Santa
Fe
Gordon R. Campbell, president of Calumet and Arizona, was quoted has closed
bids on 1,500 cars, the Northern Pacific has undertaken the
as saying in Boston yesterday:
rebuilding of 3,000 cars in its own shops and the Missouri Pacific has
started
for prompt Straits.
Nov. 29 1920.]
FINANCIAL CHRONICLE
3443
an extensive car repair program. An inquiry for 50 locomotives issued by
the New York Central will be followed by requests for figures on 5,000 cars.
The Interborough Rapid Transit Co., New York, will shortly place orders
for 289 subway cars.
Raw material prices gave further ground this week, the "Iron Age"
composite price for pig iron declining to $16.11 a gross ton from $16.13 last
week and heavy melting scrap dropping to $11.58 from $11.67 a week ago.
The pig iron price is $2.18 less than a year ago and scrap is $2.59 lower.
The finished steel composite price is unchanged at 2.135c. a lb. for the
seventh week.
Finished Steel.
Nov. 25 1930, 2.135e. a Lb.
Based on steel bars, beams, tank plates;
2.1350. wire, rails, black pipe and sheets.
One week ago
2.135c. These products make 87% of the
One month ago
2.36204. United States output.
One year ago
High.
Low.
2 362c. Jan. 7
1930
2.135e. Oct. 14
2.412c, Apr. 2
1929
2.362c. Oct. 29
1928
2.3910. Dec. 11
2.314c. Jan. 3
1927
2.4530. Jan. 4
2.293e. Oct. 25
1926
2 453c. Jan. 5
2.4030. May 18
2 5600, Jan, 6
1925
2.3960. Aug. 18
Pig Iron.
Nov. 25 1930, $16.11 a Gross Ton. lBased on average of baste Iron at Valley
$16.13 furnace and foundry Irons at Chicago,
One week ago
One month ago
16.291 Philadelphia, Buffalo. Valley and MrOne year ago
l8.29J mingham.
High.
Low.
$18.21 Jan. 7
1930
$16.11 Nov.25
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan, 4
17.0 Nov. 1
21.54 Jan. 5
1926
19.46 July 13
22.50 Jan, 13
1925
18.96 July 7
Steel Scrap.
Based on heavy melting steel quo
Nov. 25 1930, $11.58 a Gross Ton.
$11,671 tallow at Pittsburgh, Philadelphia
One week ago
12.25j and Chicago.
One month ago
14.17
One year ago
High.
Low.
$15.00 Feb. 18
1930
$11.58 Nov.11
17.58 Jan. 29
1929
14.08 Dec. 3
16.50 Dee. 31
1928
13.08 July 2
15.25 Jan. 11
1927
13.08 Nov.22
17.25 Jan. 5
1926
14.00 June 1
20.83 Jan. 13
1925
15.08 May 5
41% in the two preceding weeks. A number of plants will be affected this
week by the observance of the Thanksgiving Day holiday.
In the corresponding week last year United States Steel was at 70%
and leading independents below 68% and the average was under 69%•
In the same week of 1928 United States Steel was at 82%, independents
at 84% and the average was above 83%.
Railroad purchases and inquiries involving upward of
650,000 tons of steel and continued earnest endeavor of
producers to stabilize prices lend the most comprehensive
sweep in weeks to the steel market, obscuring somewhat
the fact that steel specifications for immediate rolling are
moderately lighter and the mills are pressed to maintain a
45% operating rate, says "Steel" in its Nov. 27 issue.
"Steel" further goes on to say:
"Important economies have been effected and plants are rapidly being
brought to a high standard of operating efficiency. Such results as these
are the aim of every well planned industrial merger. That these ends
have been accomplished by Republic will become apparent with the return
of more normal business conditions. During the current year the corporation has indicated its faith in the business future by the outlay of$10,000,000
in plant improvements."
Definite car commitments of the week include rebuilding of 3.000 by
the Northern Pacific, construction of 793 by the Missouri Pacific, and
award of 300 by the Chicago Great Western to Pullman, calling for 31.000
tons of steel. Inquiries of the Seaboard By-Products Coke Corp. for 248
hoppers. Delaware & Hudson for rebuilding several hundred cars, and
Youngstown Sheet & Tube Co. for 40 bodies add 6,000 tons.
New York Central, inquiring for 50 locomotives taking 4,000 tons of
steel, is expected in the market shortly for 10.000 to 15,000 cars, into whose
construction 140.000 to 210,000 tons of steel would enter. The New York
Central in a few days will distribute its 1931 rails, estimated at 175,000
tons, now that rail mills have held prices.
The Pennsylvania, which has supplemented its recent 15,000-ton car-steel
order with one for 20,000 tons, is also a prospective nearby rail buyer,
probably of 150,000 tons. A Wabash award of 12,000 tons is in prospect.
The 75,000 tons of rails for the Baltimore & Ohio and 41.748 tons for the
Erie have been entered.
Chief beneficiary of this railroad business will be the plate mills, which
in the East this week have booked 12.000 tons for a car builder and 4,200
tons for a gas holder. Pipe skelp releases are better at Chicago, where 10,000 tons of refinery tank work is up. Inland Waterways Corp. may buy
50 barges, requiring 25,000 tons of plates, while an award nears on four
Pacific Mail liners, taking 24,000 tons.
Structural steel orders this week, at 34.337 tons, exceed both the 29,042
tons of last week and 21.972 tons of a year ago. Three new subway sections in New York, totaling 20,800 tons. make 35,600 tons of subway
work now pending. Bids are in on 15,000 tons for an elevated roadway in
New York. Carbon bar orders at Chicago are running 15% ahead of
October. Sheet, skelp and wire requirements lag in most districts.
More interest is displayed in pig iron at Cleveland. New York, Toronto.
Chicago and St. Louis, with a firmer price attitude apparent. Coke
remains quiet and unchanged. Scrap is down 25 cents for the steel grade
at Pittsburgh on a purchase of 10,000 tons by a steelworks, and in other
centres more stability is manifest.
Important makers of sheets and strip have announced first quarter schedules which in most classifications continue present levels and in a few represent advances of $1 to $2 per ton. First quarter asking prices at Pittsburgh will be 3.30c. on full-finished, 3.60c. on furniture, 3.00c, on galvanized. 2.35c. to 2.45c. on black. 1.90c. to 2.00c. on blue annealed plates,
2.05c. to 2.15c. on blue annealed sheets.
On hot-rolled strip 1.65c. to 1.65c. Is asked on definite first quarter commitments, with cold-rolled usually 2.35c. On wire nails. $1.90 to jobbers
has been reaffirmed, with 2.30c. continued on wire. In the East an effort
is being made to put heavy steel buyers in one price class, preferred quotations on shapes, for example, being withdrawn Dec. 10.
Lake shipments of iron ore are completed for the season at 46,582,982
gross tons. Plus the all-rail movement, the season's tonnage is 47.232,982.
28.6% below 1929 and the lowest since 1924.
Steelmaking operations are unchanged this week at 43-45%. a slight
rise at Chicago nullifying a decline at Youngstown. By districts operating
percentages are: Chicago, 47, Buffalo and Youngstown 46, Pittsburgh and
eastern Pennsylvania 45, Cleveland 44, Birmingham 43.
October exports of iron and steel products, at 131,850 tons, gained 639
tons over September. Imports declined 1,941 tons to 38.344 tons.
"Steel's" market composite continues unchanged this week at its all-time
low of $31.86.
B. F. Fairless of Republic Steel Corp. Predicts Steel
Recovery in 1931.
Firmer prices for steel and the beginning of recovery of
operations in the industry early in 1931 were forecast by
B. F. Fairless, First Vice-President of the Republic Steel
Corp., in an address before Warren, 0., business men.
There are many signs that the start of a buying movement
in steel is not far distant, he declared. "The production
of steel in November has dropped to an annual rate about
35% under the average production of the last five years,"
said Mr. Fairless, who added:
"The country's use of steel has not declined so heavily and correction
of this wholly abnormal situation is not likely to be much longer delayed.
"Steel prices have fallen more sharply than other industrial prices.
Steel bars, plates and shapes at $1.60 a hundred pounds are 20% below
the 1926 average compared with a decline of all wholesale prices of 16%.
Leading steel producers expect to preserve 1929 wage scales and that is
why they are now making a determined effort to stabilize prices against
further concessions. Because of the great reduction in automobile production and sales in 1930, the new year will begin with a deferred consumer
demand for cars. I expect to see an increase In the output of automobiles
of at least 1,000,000 cars in 1931 over 1930, with consequent better demand
for steel from this source."
Referring to the Republic Steel Corp., Mr. Fairless said
that since the formation of the merger last April marked
progress has been made in building up a well-knit organization in all departments. He continued:
European Steel Output Cut Voted by Cartel.
From Washington, Nov. 18, the New York "Journal of
Commerce" reported the following:
November and December production of the Continental Steel Entente
will be sharply cut as a result of action taken at a meeting Nov.6,according
to a cable to the Department of Commerce to-day from Acting Commercial
Attache Leigh W. Hunt. at Brussels. The total output for the two months
is not to exceed 4,500,000 metric tons.
Whether the entente will be able to continue after the close of the year
is problematical, according to reports. A meeting is to be held in paris.
Dec. 5, at which the future of the organizations will be discussed, the
Department was advised.
It is probable that the action then to be taken will hinge largely upon the
effect of the most recent decision of the cartel to cut production, coupled
with imposition of the full penalty of 24 per ton fine for production in excess
of allotment, re-established some weeks ago following the collapse of the
sales cartels.
French Withdraw From Steel Cartel,
Associated Press advices from Paris, Nov. 18 said:
The Agence Economigue Finaticiere to-day said that French interests had
completed ti eir withdrawal from the European steel cartel, explaining that
they had been unable to continue observance of agreements among themselves regarding frontier markets.
This, the agency said, was especially the case in the Saar district, where
competition from non-members was especially strong. As a consequence
French producers were unable to act as a national unit under the cartel
agreements. French withdrawal is expected to make dissolution of the
cartel inevitable.
Iron Cartel to End-Dissolution of Franco-German
Agreement Will Leave Open Competition After
Dec. 31.
From the "Wall Street Journal" of Nov. 19, we take the
following from Paris (United Press):
Open competition will begin in European cast iron markets after Dec.31,
as the result of the dissolution of the Franco-German phosphoric cast iron
cartel and removal of all agreements for production and sales limitation.
The steel cartel will be dissolved Dec. 31 unless French objections to th
present conditions of production are overcome at a meeting Dec. 5.
Germany to Reduce Iron Prices: Wages Unchanged.
Berlin advices, Nov. 18, to the New York "Journal of
Commerce" state:
The German iron industry now expects to be able to effect favorable
alterations in its ore supply contracts with the Swedish Graengesberggesellschaft, which were recently renewed to run until 1940. The price of
German iron bars is shortly to be reduced by 15 to 18 reichsmarks from the
present level of 137 reichsmarks despite the fact that existing rates of wages
have been agreed upon to run until the fall of next year.
is true that the 6% reduction in the price of coal in the Ruhr,effective
Steel ingot production in the week ended last Monday in It
December, and the reduction in wages in the Ruhr coal mines, planned
(Nov. 24) average 40% of theoretical capacity, compared to take effect in January, will cut the costs of the German iron industry.
with 43% in the two preceding weeks, says the "Wall Street The latter will, as a result of the price reductions already outlined, give up
a part of its present profit margin. Many plants are now working at only
Journal" of Nov. 26, which further reports:
one-third capacity.
The United States Steel Corp. was down to 45%. against 4736% in the
Although the price concessions above indicated will leave the German
two previous weeks. Leading independents ran at 37% compared with price 10 reichsmarks above the world price plus freight and
tariff; this
3444
FINANCIAL CHRONICLE
reduction will be ofimportant benefit to consuming industries and for general
business in Germany. Despite the depressed state of general business in
Germany iron prices have heretofore remained almost unchanged.
Chicago Steel Producers Set Prices for 1931—Sheet
and Strip Levels Unchanged, Inland and Acme
Steel Companies Announce.
The following is from the New York "Journal of Commerce" of Nov. 20:
Steel sheet prices for delivery in the first quarter of 1931 were announced
yesterday by the Inland Steel Company and are expected to stabilize the
sheet market in this territory. The new levels do not represent an advance
except possibly in the No. 24 black grade, and they will be strictly adhered
to, officials of the leading western independent company announced.
The minimum first-quarter sheet prices will be as follows: No. 24, black
sheets, 2.55 cents, Chicago mill; No. 24 galvanized sheets, 3.10 cents,
Chicago; No. 10 blue annealed plates, 2.10 cents, Chicago mill, and No. 13
blue annealed, 2.25 cents, Chicago mill. Chicago delivered prices will be
$1 a ton above these levels.
First Definite Announcement
This is the first definite announcement of steel sheet prices for the first
quarter of 1931 and indicates that sheet producers have decided to follow
the general policy of the Carnegie Steel Company, United States Steel
Corporation subsidiary, in adopting a firm stand on prices without resorting
of an advance.
The Acme Steel Company, Chicago, yesterday announced first quarter
prices of hot and cold rolled strip steel. The new quotations are in line
with prices quoted in recent weeks and officials announce that there will
be no deviations. They are made at this time in an effort to stabilize
the market.
First-quarter strip steel prices of the Acme Steel Company are: Hot
strip, 6 inches and under, $1.70, Pittsburgh base and $1.60, Chicago base;
over 6 inches. and under 24 inches, $1.60, Pittsburgh base, and $1.70, Chicago base; cold rolled strip steel, $2.35, Cleveland and Pittsbuigh base.
Strip., Sheet Concessions
In the last few days there have been reports of new concessions in
steel sheets and in strip sheet. The first-quarter price announcements are
expected to halt concessions and possibly pave the way for advances after
the tum'of the year.
Following the recent announcement of the Carnegie Steel Company, it
was generally reported in the trade that similar action would be taken by
makers of the lighter products, including strip steel, sheets and wire
products. The Inland Steel and Acme announcements clear up the strip and
sheet situation, but no statement has been made by leading wire producers
relative to first-quarter levels.
That Carnegie Steel Company's price announcement has had a stabilizing
effect on finished steel prices is evident from the fact that the price quoted
on 42,000 tons of plates, shapes and bars for the Pennsylvania Railway
was in line with the minimum level of the United States Steel Corporation
subsidiary, 1.60 cents a pound, Pittsburgh.
A Chicago representative of a large eastern steel company said yesterday
that he was certain his company would advance prices of bars, shapes and
plates for first-quarter delivery. The current level of 1.70 cents, Cb".cag,:,
and 1.60 cents, Pittsburgh, is too low, he said, and a $2 a ton increase is
being seriously considered.
Finished Advance Expected
This is in line with recent reports in this market that a steel company,
the name of which was undisclosed, will advance prices of finished steel
soon. Any increase at this time would undoubtedly be for first-quarter
shipment, as when quarterly prices are put out they are usually made two
to four weeks before the opening of the new three-month period.
Prices of bars, shapes and plates in the Chicago district are fully $6 a
ton under a year ago. Current levels are so unprofitable that all producers
agree that further concessions are impossible. All that is needed, it is
said in the local trade, is that one producer take the lead and it is now
fairly well established that a certain eastern mill will make an announcement soon, but its name is withheld for the present
The Inland Steel Company has taken no action on bars, shapes and plates
for the first quarter. Leading producers in this territory are not taking
business for delivery after Jan. 1 and probably will not do so until some
action is taken by the eastern producer, who is expected to take the lead.
Firmer prices for steel and the beginning of recovery in operations for
the industry early in 1931 were forecast by B. F. Fairless, first vice-president of the Republic Steel Corporation, in an address before Warren, Ohio,
business men.
Spurt Not Far Off
"There are many signs that the start of a buying movement in steel is
not far distant," said Mr. Fairless. "The production of steel in November
has dropped to an annual rate about 35% under the average production
of the last five years. The country's use of steel has not declined so
heavily and correction of this wholly abnormal situation is not likely to
be much longer delayed."
Mr. Fairless said that, because of the great reduction In automobile production and sales in 1930, the new year will begin with a deferred consumer
demand for cars. "I expect to see an increase in the output of automobiles
of at least 1,000,000 cars in 1931 over 1930 with a consequent better
demand for steel from this source," said the Republic official.
Referring to the Republic Steel Corporation, Mr. Fairless said that since
_formation of the merger last April marked progress has been made in
building up a well-knit organization in all departments. Important economies have been effected and plants are rapidly being brought to a high
standard of operating efficiency. During the current year the corporation
has indicated its faith in the business future by the outlay of $10,000,000
in plant improvements.
Pennsylvania Wire Glass Co. to Resume Operations
at Dunbar.
The plant of the Pennsylvania Wire Glass Company at
Dunbar will resume operations within the next two weeks,
after being idle for three months, it was made known on
Nov. 25, says an Associated Press dispatch that date from
Connellsville, Pa.; it is added that 150 men will be employed.
[VoL. 131.
Coal Operators in Pennsylvania Order Mines on Six-Day
Week.
Under date of Nov. 12 Pittsburgh advices to the New
York "Journal of Commerce" said:
Orders affecting 2,600 men were issued to-day putting three mines of
the Jones & Laughlin Steel Co. on a six-day week schedule instead of the
three-day week. Similar orders were issued at Weirton Steel Co.. which,
starting to-day, Put 580 men on a six-day instead of a two-day schedule.
Jones & Laughlin mines affected are Vesta No. 4 at Richeyville; Vesta
No. 5 at Vestaburg, and Vesta No.6 at Denbo.
The Weirton mine is the Isabelle shaft at Hificoke, 20 miles south of
Brownsville. The officilas of both companies stressed the fact that no
additional men are to be hired, the orders affecting only those already
in their employ.
British Coal Mines Act Reported as Having Failed—
Application to Be Postponed to Prevent Wage
Reductions.
A cablegram Nov. 14 to the New York "Times" stated:
The functioning of the Coal Mines Act, which represented the biggest
piece of legislation passed by the MacDonald Government at the last
session of Parliament, has broken down. It provided that a shorter
day, averaging 7% hours, should be worked after Dec. 1, but the coal
owners now declare this is impossible without a reduction in wages.
Thie miners threaten to resist this reduction, many saying they prefer
to work eight hours at the old rates. Accordingly, Emmanuel Shinwell,
Minister of Mines, on behalf of the Government, has suggested postponing the application of the Act, which means a bill will be introduced in
Parliament to discount the work of members during many months in the
year. The step is almost without precedent in British Parliamentary
annals.
Production of Bituminous Coal and Anthracite in
October 1930 Below that of Similar Month in 1929.
According to the United States Bureau of Mines, the total
production of bituminous coal for the country as a whole
during the 27 working days of October, 1930, is estimated
at 44,150,000 net tons, as against 38,632,000 tons for the
25.3 days in September. The average daily rate of output
in October was 1,635,000 tons. Compared with the daily
rate of 1,527,000 tons for September, this shows an increase
of 108,000 tons or 7.1%.
The production of Pennsylvania anthracite in October is
estimated at 7,576,000 net. tons. The average daily rate
of production in October was 291,400 tons. Compared
with the daily rate of 211,700 tons for September, this shows
an increase of 79,700 tons or 37.6%. The Bureau's statement further shows:
ESTIMATED PRODUCTION OF COAL BY STATES IN OCTOBER
(Net Tons).a
State—
Oct. 1930. Sept. 1930. Oct. 1929. Oct. 1928. Oct. 1923.
1,308,000 1,151.000 1,678.000 1.568.000 1,793,000
Alabama
175.000
219,000
208.000
Arkansas
237.000
126,000
671.000
992.000
977,000
Colorado
881.000
977.000
Illinois
5,400,000 4,120,000 5.906.000 6,103.000 7,014.000
Indiana
1,488,000 1,260.000 1.713.000 1,424,000 2,337.000
Iowa
283.000
400.000
350.000
376.000
523,000
203,000
313.000
316.000
Kansas
267,000
411.000
Kentucky—Eastern
3,815.0001) 3.570.000 4,582.000 4,584,000 3,439,000
848.000 1,434.000 1.636.000 1074,000
Western
901,000
Maryland
175.000
253,000
206,000
263,000
159,000
55,000
Michigan
77.000
70.000
13.000
126,000
385.000
Missouri
269.000
395.000
322,000
316,000
Montana
232,000
370,000
414.000
317,000
370.000
New Mexico
114.000
256.000
215,000
191,000
259.000
North Dakota
220.000
156,000
262.000
320,000
163,000
Ohio
2.222,000 1,876,000 2.553,000 2.050.000 3,675.000
395,000
Oklahoma
211,000
409.000
320,000
273.000
Pennsylvania
11,429.000 10,165.000 13,446,000 13,194,000 14.170.000
433,000
504,000
563,000
Tennessee
483.000
529,000
65,000
96,000
116,000
Texas
117,000
60.000
554.000
564.000
Utah
394,000
536,000
546.000
Virginia
967.000 1,207,000 1,182.000 1,039.000
1.034,000
221.000
169.000
Washington
226.000
305,000
218,000
West Virginia—Southern b 8,486,000 8.074,000 10.002.000 9,608.000 6.697.000
Northern c
2,648,000 2.462,000 3,603,000 3.788,000 3,623.000
Wyoming
530.000
765,000
724,000
829.000
610,000
4,000
30,000
Other States d
24,000
17.000
5,000
Total bituminous coal 44,150,000 38.632,000 52,174,000 51,176,000 50,907,000
Pennsylvania anthracite— 7,576,000 5.293,000 8,026,000 8,400,000 8.532.000
Total all coal
51,726,000 43,925,000 60.200,000 59,576.000 59,439,000
a Figures for 1929, 1928 and 1923 are final. b Includes operations on the N.& W.;
C.& O.; Virginian, and K.& 83. c Rest of State, Including Panhandle. d These
figures are not strictly comparable for the several years.
Note.—Above are given the first estimates of production of bituminous coal, by
States, for the month of October. The distribution of the tonnage Is based in part
(except for certain States which themselves furnish authentic data), on figures of
loadings by railroad divisions, furnished by the American Railway Association and
by officials of certain companies, and In part on reports made by the United States
Engineer offices.
Production of Bituminous Coal Continues Below Rate
a Year Ago, While Output of Pennsylvania Anthracite Shows Increase.
According to the United States Bureau of Mines, Department of Commerce, the rate of production of bituminous
coal is continuing below that of a year ago, while output of
Pennsylvania anthracite is higher. During the week ended
Nov. 15 1930, a total of 9,718,000 net tons of bituminous
coal, 1,352,000 tons of Pennsylvania anthracite and 39,100
tons of beehive coke were produced, as compared with
10,740,000 tons of bituminous coal, 1,281,000 tons of
Pennsylvania anthracite and 96,200 tons of beehive coke
in the week ended Nov. 16 1929, and 9,708,000 tons of
FINANCIAL CHRONICLE
Nov. 29 1930.]
bituminous coal, 1,612,000 tons of Pennsylvania anthracite
and 42,300 tons of beehive coke in the week ended Nov. 8
1930.
BEEHIVE COKE.
The total production of beehive coke during the week ended Nov.15 1930,
Is estimated at 39.100 net tons. This is in comparison with 42,300 tons
during the preceding week and 96,200 tons in the week of 1929 corresponding
with that of Nov. 15.
Estimated Production of Beehive Coke (Net Tons),
Week Ended
1929.
1930
Nov. 15
Nov. 8
Nov. 16
to
to
1929,
Date.a
1930.b
1930.c
Date.
Region—
33,200
36.000
81,900 2,235.600 4,921,600
Pa..Ohio and West Va___
4,000
4,200
8,500
212,400
336.900
Ga., Tenn. and Va
2,100
1,900
5,800
229.900
Colo., Utah and Wash
95.500
39,100
United States total_ _ _ _
42,300
96,200 2,543.500 5,488,400
7,050
20,104
Daily average
6,517
16,033
9,317
a Minus one day's production first week in January to equalize number of days in
the two years. 13 Subject to revision. c Revised.
For the calendar year to Nov. 15 1930, there were produced 404,318,000 net tons of bituminous coal, as against
464,689,000 tons in the calendar year to Nov. 16 1929.
The Bureau's statement follows:
3445
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Nov. 8 is
estimated at 9,708,000 net tons. Compared with the output in the preceding week, this shows a decrease of 437.000 tons. or 4.3%. Output on
Nov.4 reflected the time lost on account of elections. The following table
apportions the tonnage by States and gives comparable figures for other
recent years.
Estimated Weekig Production of Coal bg Slates (Net Tons)
Nov.
Week Ended
Nov.9
Nov. 10
1923.
Nov.1
Nov. 8
1929.
1928.
Average.a
State—
1930.
1930.
349.000
352.000
Alabama
303,000
322,000
306.000
43.000
45.000
44,000
25,000
Arkansas
52.000
220.000
260,000
253,000
Colorado
172.000
208,000
Illinois
1,204.000 1,233,000 1,295,000 1,292.000 1.535.000
325.000
514,000
357,000
364,000
Indiana
368,000
81.000
121,000
Iowa
86,000
127.000
79,000
57,000
90.000
70,000
64,000
Kansas
51,000
886.000
584.000
808,000
836.000
Kentucky: Eastern
831,000
316,000
204.000
195,000
211,000
236,000
Western
57,000
37,000
43,000
61,000
Maryland
46.000
21,000
2,000
Michigan
15,000
16,000
17.000
69.000
82.000
Missouri
73,000
88,000
74.000
83,000
64.000
83,000
80,000
Montana
66.000
56.000
42.000
44,000
65,000
53.000
New Mexico
27,000
69,000
85.000
North Dakota_ --60.000
68,000
599,000
464,000
Ohio
518.000
549.000
555.000
58,000
67,000
73,000
90,000
Oklahoma
99.000
2,554,000 2,566,000 3,006.000 2,912.000 2.818,000
Pennsylvania
103,000
114,000
112,000
117,000
111,000
Tennessee
21.000
14,000
23.000
Texas
12,000
15.000
100.000
107,000
117,000
110,000
Utah
127,000
193.000
Virginia
226,000
240.000
258,000
264,000
57,000
Washington
50.000
59,000
53,000
52.000
West Virginia—
1,776,000 1,941,000 2,150,000 1,859.000 1,132,000
Southern_ b
576.000
606,000
818,000
727,000
Northern_c
692.000
140,000
133.000
166,000
176.000
173.000
Wyoming
1,000
6,000
1.000
4.000
5,000
Other States
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 15, including lignite and coal coked at the mines, is estimated at 9,718,000 net
tons. Loadings on Nov. 11, Armistice Day, showed an appreciable drop,
Indicating that for the country as a whole the day was equivalent to approximately six-tenths of a normal working day. Production during the
week in 1929 corresponding with that of Nov. 15 amounted to 10,740,000
tons.
Total bituminous coal_ 9,708.000 10,145.000 11,285.000 10.717,000 9,900,000
Estimated United webis Production of Bituminous Coal (Net Tons.)
Pennsylvania antlaraelte__ 1,612.000 1,412,000 1.524.000 1.753,000 1,806,000
1930—
1929
Total all coal ______ __11,320,000 11.557,000 12,809.000 12.470.000 11,706,000
Cal. Year
Cal. Year
a Average weekly rate for the entire month. is Includes operations on the N.
Week Ended—
to Dale.
Week.
to Date.a
Week.
.; C.& O.; Virginian; K.dr M. c Rest of State, including Panhandle.
Nov. 1
10,145,000 384.892.000
11,266.000 442,664,000
Daily average
1,487.000
1,878,000
1,711,000
1,691.000
PENNSYLVANIA ANTHRACITE.
Nov.8 b
11,285.000 453,949,000
9,708.000 394,600.000
The total production of Pennsylvania anthracite during the week ended
1.493.000
Daily average
1.765,000
1,913,000
1.716,000
Nov. 15 c
9,718,000 404,318,000
10,740,000 464,689,000 Nov. 15 is estimated at 1,352,000 net tons, a decrease of 260,000 tons, or
1.498,000
Daily average
1,735,000
1,884,000
1,719,000 16.1%, from the output in the preceding week. Armistice Day. Nov. 11,
a Minus one day's production first week in January to equalize number of days Is observed as a holiday in the anthracite region. Production during the
in the two years. b Revised since last report. Nov. 4 weighted as 0.501 a working week in 1929 corresponding with that of Nov.15 amounted to 1,281.000 tons.
day. c Subject to revision. Armistice Day weighted as 0.6 of a working day.
Estimated Production of Pennsylvania Anthracite (Net Tons.)
-1929
1930-The total production of soft coal during the present calendar year to
Daily
Daily
Nov. 15 (approximately 270 working days) amounts to 404,318.000 net
Average.
Average.
Week.
Week.
tons. Figures for corresponding periods in other recent years are given
Week Ended—
below:
___ 1,412,000
244.000
282,400
1,218.000
Nov. 1
254,000
1,524,000
1,612.000
2613.700
464,689,000 net tons11927
1929
456,078,000 net tons Nov. 8
tons
1926
433,216,000 net
1928
270,400
256,000
1,352,000
1,281.000
489,646,000 net tons Nov. 15
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending Nov. 26, as reported
by the Federal Reserve banks, was $1,022,000,000, a decrease of $5,000,000 compared with the preceding week and
of $508,000,000 compared with the corresponding week in
1929. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Nov. 26, total Reserve bank credit amounted to $1,028,000,090 an
Increase of $25,060,000 for the week. This increase corresponds with an
increase of $83.000,000L n money in circulation, offset in part by decreases
of $39,000,000 in member bank reserve balances and $6.000.000 in unexpended capital funds, &c., and increases of $10,000,000 in monetary
gold stock and $4.000,000 in Treasury currency.
Holdings of discounted bills increased $29.000.000 during the week, the
principal changes being increases of $7,000.000 each at the Federal Reserve
banks of New York and Richmond, and $3.000.000 each at Philadelphia
and Cleveland. The System's holdings of bills bought in open market dedined $2,000.000 and of Treasury certificates and bills $8,000.000, while
holdings of United States bonds increased $7,000,000 and of Treasury notes
$1.000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Nov. 26, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
•
pages 3490 and 3491.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ending
Nov. 26 1930 were as follows:
Bills discounted
Bills bought
Increase 1+) or Decrease (—)
Since
Nov. 26 1930. Nov. 19 1930, Nov. 27 1929.
3
8
$
234.000.000 +29,000.000 —678,000,000
176.000.000 —2.000.000
—81,000,000
Increase (-I-) or Decrease (—)
Since
Nov. 26 1930. Nov. 19 1930. Nov. 27 1929
576,000.000 —20,000,000
United States securities
—2,000.000
22,000,000
Other Reserve bank credit
TOTAL REEVE BANK CREDIT-1,028.000,000 +25,000,000
4.566,000,000 +10,000,000
Monetary gold stock
1,787,000,000
+4,000,000
Treasury currency adjusted
+270.000.000
—5,000.000
—404.000.000
+199,000.000
+21,000,000
4,565,000.000 +83,000.000
Money in circulation
2,410,000,000 —39,000,000
Member bank reserve balances
Unexpended capital funds, non-mem406,000,000 —6,000,000
ber deposits, .kc
—292,000.000
+34,000,000
—17,000,000
Returns of Member Banks for New York and Chicago
..
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead'of waiting until
the following Monday, before which time the statistics covyer.
york m
ering the entire bodyheofNreporting
bankso course,i
n
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
statement,
coming Monday. The ew
also includes the brokers' loans of reporting member banks.
The grand aggregate of these brokers' loans the present
weeks shows a decrease of $63,000,000, the total on Nov. 26
1930 standing at $2,122,000,000. The present week's decrease of $63,000,000 follows a contraction in each of the
eight preceding weeks, making the falling off for the nine
weeks combined of $1,100,000,000. Loans "for own account" fell during the week from $1,292,000,000 to
000,000, and loans "for account of out-of-town banks" from
$439,000,000 to $380,000,000, while loans "for account of
others" remained unchanged at $455,000,000.
3446
FINANCIAL CHRONICLE
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN NEW
YORK CITY
Nov. 26 1930. Nov. 19 1930. Nov. 27 1929.
$
Loans and investments—total
8,413,000,000 8,452,000,000 8,187,000,000
Loans—total
5.989.000,000 6,068,000,000 6,169,000.000
On securities
All other
3,342,000.000 3,352.000,000 3,077,000,000
2,648,000,000 2,716,000,000 3,092,000,000
Investments—total
2,423,000,000 2,384,000,000 2,018,000,000
U.S. Government securities
Other securities
1.204,000,000 1,200.000.000 1,163,000.000
1,219,000,000 1,184,000,000 855,000,000
Reserve with Federal Reserve Bank
Cash in vault
830,000,000
64,000,000
831,000,000
51,000,000
781,000,000
71,000.000
Net demand deposits
Time depoalts
Government deposits
5,996,000,000 6,017,000.000 5,970,000,000
1,440.000,000 1,441.000,000 1,275.000.000
9,000,000
14,000,000
9,000,000
Due from banks
Due to banks
79,000,600
94,000.000
91,000.000
1,215,000.000 1,174,000,000 1,034,000,000
Borrowings from Federal Reserve Bank_
33,000,000
Loans on secur. to brokers & dealers;
For own account
1,288,000,000 1,292,000,000 831,000,000
For account of out-of-town banks_
380.000,000 439,000,000 638,000.000
For account of others
455,000,000 455,000,000 1,982.000,000
Total_
2,122,000.000 2,185,000,000 3,450,000,000
On demand
On time
1,563,000,000 1,602,000.000 2,988,000.000
560,000,000 583,000,000 462,000,000
Chicago.
2,003,000,000 2,045,000,000 1,943,000,000
Loans and investments—total
Loans—total
1,473,000.000 1,528,000,000 1,578,000.000
On securities
All other
Investments—totaL
U.S. Government securities
Other &vivifies
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
838,000,000
635,000,000
888,000,000
640,000,000
898,000.000
680,000,000
530.000,000
518,000,000
365,000,000
224,000,000
306,000,000
224,000,000
294,000.000
162,000.000
203,000,000
185,000.000
14,000,000
186,000.000
13,000,000
180,000.000
16,000,000
1,288,000,000 1,312,000,000 1,248.000.000
631,000,000 628,000,000 527,000.000
1,000,000
1,000,000
3,000.000
Due from banks
Due to bean•
Borrowings from Federal Reserve Bank-
184,000.000
329,000.000
187,000,000
350,000,000
119,000,000
285,000,000
1,000,000
1,000,000
43,000.000
•Revised.
a
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the NewYork and
Chicago Member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
lhe week ended with the close of business on Nov. 19:
The Federal Reserve Board's .condition statement of weekly reporting
member banks in leading cities on Nov 19 shows an increase for the week of
$59.000.000 in loans and investments and decreases of $75.000,000 in net
demand deposits, $66,000,000 in time deposits, and $14,000,000 in Government deposits.
Loans on securities declined $29,000,000 at reporting banks in the New
York district, $8,000,000 in the Boston district, $7,000.000 each in the
.Chicago and San Francisco districts, $6,000,000 in the Philadelphia district, $5,000.000 in the St. Louis district and $66,000,000 at all reporting
banks. "All other" loans increased $76,000,000 in the New York district,
$10,000,000 in the Chicago district, $5,000,000 in the Cleveland district,
and $89,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $46,000,000 in the
New York district. $6.000,000 in the Boston district and $42.000,000 at all
reporting banks. Holdings of other securities declined $5,000,000.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $62,000,000 on Nov. 19, the principal changes for the
week being increases of $4,000,000 each at the Federal Reserve banks of
Richmond and Atlanta.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
November 19 1930, follows:
Increase (-I-) or Decrease (—)
Since
Noe.19 1930. Nov. 12 1930. Nov. 20 1929.
$
Loans and investments—total._23,494.000,000
+59.000,000
—18.000.000
Loans—total
On securities
All other
Investments—total
16.690,000,000
+22,000.000 —1,171.000.000
7,838,000,000
8,852,000.000
—66,000.000 —153.000,000
+89,000,000 —1,019,000,000
6,804,000,000
+37.000.000 +1,154,000,000
U.S. Government securities_._ 3,105.000.000
Other securities
3,699,000,000
+42.000,000
—5,000.000
+321.000.000
+832.000.000
Reserve with Federal Res've banks 1,830.000,000
Cash in vault
222,000,000
—51.000.000
—7,000,000
—45.000,000
—37,000.000
Net demand deposits
Time deposits
Government deposits
13,974,000,000
7,486.000.000
34.000,000
—75,000.000
—66,000.000
—14,000.000
—253,000,000
+764.000.000
—24,000,000
1,658.000,000
3.499,000,000
—14,000,000
—94,000.000
+447.000.000
+556,000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
62.000,000
+1,000,000' —535,000,000
[Vol., 131.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Nov. 29 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Agriculture in November continued to be depressed and business dull.
The agricultural situation is moreover obscured by conflicting reports with
reference to the damage that has been done to the wheat crop by the black
rust, which the Ministry of Agriculture, on Nov. 20, estimated will affect
6,000,000 hectares and cause a reduction of 30% from the first estimated
yield. The livestock and meat packing interests of the country are cooperating to maintain livestock prices. According to the Government
statistical office, as compared with the corresponding period of the previous
year. Argentina's exports during the first ten months of 1930 declined 38.8%
in volume and 37.1% in value; cereals, 44.1%, and 50.8%; and meat products, 10.5% and 5.0%.respectively.
AUSTRALIA.
Business in Australia reflects a growing pessimism as trade continues to
slump. The turnover in all branches of trade shows a heavy decrease
compared with this time last year, and all indications point to a further
decline. Total Commonwealth and State accounts to the end of October
reveal a deficit of over £18,000,000. Building operations throughout the
country continue to show a decline. At Sydney building permits issued during October were only 12X% of those issued during October last year, while
at Melbourne permits issued during September were 32% of those issued
last year. The unemployment situation remains acute. The number of
unemployed at the end of September was estimated at 160.000 compared
with 85.000 at the end of 1928. It is felt that the relief of unemployment is
the severest problem of the State and Commonwealth Governments.
Agricultural and pastoral conditions are excellent, however,while the cost of
living continues to show a further decline. The Melbourne wholesale price
index number now stands at 1,343 compared with 1.629 a year ago,and the
retail price index number is 13% below that of the previous year.
AUSTRALIA.
The Australia industrial situation continues unsatisfactory. The demand
for coal has declined because of mild weather and the industrial depression.
The iron, machinery, and lumber industries are suffering from small local
demand and foreign competition. The Vorarlberg textile mills report a slight
improvement in foreign orders and increases in working schedules. The
leading Vienna stores report generally unsatisfactory business. The number of unemploued is increasing at the rate of about 1,000 per day and was
estimated at 214.000 on Nov. 15, or 69,000 more than a year ago. The
present political situation in Austria is unsettled, due to dissension within
Individual parties. Until the formation of a new cabinet and the opening
of parliament, no action is expected on the tariff, commercial treaties and
the proposed grain monopoly.
Savings deposits in 9 banks in Vienna and the principal cities declined
during October by almost $2,000,000 to $236.400.000,chiefly attributable to
political uncertainties. The gold cover of the National Bank at the middle
of November amounted to 38.5% of outstanding bank notes and call liabilities, as against 39.8% a month earlier. Receiverships during October
numbered 215 and bankruptcies 62, as compared with 192 and 49,respectively, in September.
BOLIVIA.
The general restriction of business in Bolivia has become more severe and
retail stores are resorting to clearance and liquidation sales. Smaller merchants are discussing the possibility of a moratorium. Both imports and
exports have declined heavily. On Oct. 10, the National Chambers of
Commerce of Bolivia presented a memorandum ot the Government, unanimously opposing the proposed change in the existing exchange rate of 18
pence to the Bolivian°(1 3 Boliviano equals $0.365 at par in U.S.currency),
to 12 pence as favored by the mining interests. The latter claim that tin
can be produced at the prevailing prices if the lower rate of exchange prevails. On Oct. 28 the National Chambers of Commerce unanimously
adopted a memorandum advocating the control of foreign exchange by a
committee on exchange, with the legal requirement that exporters present
to the Central Bank for discount into Bolivianos, 75% of the value of exports in pounds sterling (E) drafts on London. These drafts would be prorated among commerce, the Government and the public by the exchange
committee. The manager of the Central Bank agreed to support commerce
by maintaining the present exchange rate, but did not approve of the plan
for the control of foreign exchange. A committee named by the Chambers
of Commerce met on Nov. 15 to discuss the economic situation which is
becoming more and more unfavorable.
BRAZIL.
Following the October revelation, business transactions have been resumod but there is little busness activity and the general level of sales in
November was below that of September. However,there is widespread optimism for future improvement, although the basic situation has changed but
little. Unemployment is increasing, especially in Sao Paulo, and the industries are in a difficult position. The credit situation is unsatisfactory,
with failures of varying importance expected, although the moratorium has
reduced the number temporarily.
The exchange situation is preventing business from improving because
of the refusal of the Bank of Brazil to sell foreign exchange except in small
amounts. The exchange is fixed at $500 to the 8 dollar. The re-establishment of a free exchange market is indefinite, and probably will take place
gradually. Owing to the difficulty of remitting funds abroad since Oct. 3,a
large volume of debits gas accumulated awaiting the time when foreign
exchange restrictions will be lifted by the Government. In the meantime,
all coffee exporters are obliged to sell their foreign exchange to the Bank of
Brazil, which is attempting to accumulate enough cover so as to be able
to take care of all demands for foreign exchange once a free market has been
re-established.
Singapore merchants are becoming moderately optimistic as accumulated
stocks of general merchandise are steadily reduced and shortages in some
lines are appearing, while dealers' indents show slight increases. Some
importers believe that the majority of weak dealers are now eliminated,
but the credit situation is still very unsatisfactory. Somewhat higher rubber
prices have also caused a slight revival of optimism in Singapore, and the
business depression is now largely centered in interiror districts where
many dealer failures have occured. Construction activities continue unabated. Practically no commercial undertakings are planned, but the Government is going ahead with all announced projects, including a quarters
building for the Federated Malay States Railways.
Nov. 29 1930.]
FINANCIAL CHRONICLE
CANADA.
Manufacturingand trade in the Dominion have shown little improvement
in the week ended Nov.22, business generally being depressed by low wheat
prices. At present market levels, the cash value of all Prairie crops is lower
than last year notwithstanding the heavier yields. There is, however, a
tendency to hold oats and barley on farms for feeding purposes and satisfactory returns for these may yet be realized through livestock marketings.
Collections are reported fair in Saint John (N. B.), Montreal and Toronto;
fair to slow in Halifax and Vancouver;and slow in other commercial centers.
Imports for consumption in October, valued at $76,155,000, were 13%
below the September figure and 34% lower than in October a yera ago. Exports, valued at $82,781,000, were 2% higher than in September, although
30% below October, 1929. The quantity of wheat exported during the
month was higher in both comparisons but the value was less. Shipments
of newsprint, planks and boards, and cheese, advanced during the month
but were lower than last year. Nickel exports gained in value over September but both the quantity and value were lower than a year ago. Wood
pulp, copper, automobiles, fish and meat exports recorded losses in both
quantity and value as compared with September, 1930 and October, 1929.
Leather footwear factories in the maritime provinces and Quebec are still
fairly busy but production shows a tendency to decline. Rubber shoe
production, however, is larger and the demand for rubber sundries is reported to be increasing. Groceries and foodstuffs are moving in satisfactory
volume with prices generally steady except only for seasonal increases in
some lines. The retail clothing trade is quiet but merchants appear to be
purchasing in larger quantities. The demand for transportation equipment
is sluggish but substantial orders are expected from the railways before the
end of the year.
The weakness in the west coast lumber market is being reflected in the
Ontario industry. Woods operations there are about half normal and existing stocks are expected to meet spring demand. The demand for lighter
types of electrical apparatus in the Province shows a decline. Building
hardware and repair items are fairly active, but holiday hardware bookings
are rather conservative. Smaller machine tools are moving slowly but business in the 1 crger units is more active. New automobile sales continue
slow. The automotive sypply trade is well stocked with winter lines but a
change in the weather is needed to stimulate retail business. Dullconditions
prevail in the agricultural implements industry with production and sales at
a low ebb and stocks on hand large. Typewriter and seasonal sporting
goods are the most active lines in a relatively dull specialties market.
There is a fair demand for aeronautical equipment in the Prairies and construction work is being rushed on fourteen emergency landing fields in
Alberta and Saskatchewan. Sales of agricultural implements are at a
standstill. Foodstuffs staples are moving in fair volume;specialty demand,
however, is poor. Sales of heavy chemicals and salts are good, and explosives very good, due to the seasonal demand on the North country.
Recent Vancouver arrivals of fruit include Japanese oranges and Jamaica
oranges and grapefruit. Winter automorive accessories are selling well in
British Columbia. Industrial hardware demand is quiet but seasonal household lines are (arty active. Saw mills in the Provinces are reported to be
operating at 50% of normal;shingle mills at 40% of normal. The Dominion
Bureau of Statistics on Nov. 18 estimated the 1930 potato crop of Canada
2,458,000 tons, or 23% more than the 1929 yield. Sugar beet yield is also
high, the estimate of 486,000 tons being 33% larger than the 1929 yield.
The wheat surplus in Canada on Oct.31 is estimated at 313,000,000 bushels.
The quantity of Canadian wheat in store on Nov. 14 was approximately
197,400.000 bushels.
CHINA.
Shanghai trade in October and thus far in November has evidenced considerable improvement, stimulated by better prospects for the resumption
of normal trading with the interior as a result of the cessation of hostilities.
Shanghai building construction and real estate markets continue active.
Cotton and flour mills and cigarette factories are operating in normal volume, with an increase evident in inquiries for industrial and power plant
equipment. However, new projects in this field are unlikely of immediate
consummation, being dependent upon greater assurances of permanent stability. Low silver values and lack of normal buying demand aborad are
still resulting in declines in both imports and exports. Orders are being
booked for replacements of stocks in many staple lines, although these are
largely limited to requirements for the immdeiate future. Declining commodity prices abroad are causing dealers to exercise considerable caution,
and to await better prices before placing any heavy orders. More assurances
and evidence of political and military stability are also being awaited, and
the present low level of silver still continues an important factor preventing
normal buying in many lines. Chinese dealers are greatly concerned and
uneasy over the Government order to the effect that the usual Chinese lunar
New Year settlement date in February be advanced to Dec. 31. which if
rigorously enforced through pressure on Chinese banks will upset the usual
credit transactions in Chinese trade circles and otherwise restrict many
dealers in using funds morefreely at this season. Trade in Hankow and central China areas she;vs some improvement in both imports and exports, due
to more favorable political outlook. Customs collections during the first
first 9 months of the year at Tientsin indicate that the volume of goods
cleared was approximately 20 to 30% below the volume in the similar period
Of last year. However, import trade in the past two weeks evidenced some
slight improvement, while seasonable exports are beginning to move in small
quantities. Improved rail transport conditions, and prospects for the removal of some of the tax levies on railway shipments by the new North
China regime are encouraging aspects, although general trading thus far
remains much below normal. Import and export trade in Manchuria show
a gradual decline in volume, with no indications of improvement in the near
future. While a slightly more optimistic undertone prevails throughout
South China, trade in general evidences a tendency to discount the prospects for better operating conditions as a result of the possible clarification
of the Kwangsi situation and improved conditions elsewhere in China.
COSTA RICA.
Imports into Costa Rica during the period from January to September.
1930, show a decrease of 41% be weight and 28% by value when compared
With the corresponding period of 1929. Although business in November
usually reacts in preparation for the Christmas holidays, wholesalers and
retailers report that the sales increase over October is almost imperceptible.
Banks report collections as ranging from fair to poor. The unusually dry
weather prevailing may seriously curtail the coffee crop, but any prediction
would be premature.
ECUADOR.
Business conditions in Ecuador during November continued at the slightly
improved position attained in October. Prices and production of leading
agricultural products underwent no material change during the month. The
Central Bank states that the excess of drafts sold over drafts purchased
continues and has amounted to approximately 5.500,000 sucres for the first
nine months of 1930 as a result of the unfavorable balance of trade, considering the exports by foreign owned oil and mining companies. Local press
reports state that conferences are being held in Quito looking towards some
3447
settlement of the foreign debt. The President has placed an embargo on
Imports ofsugar effective Nov. 15. to remain in effect as long as the price in
Guayaquil does not exceed 16 sucres a quintal. If present attempts to have
Congress impose a duty of 12 centavos a kilogram should succeed, local
sugar prices are expected to be raised to 17 sucres a kilogram.
HAITI.
The month of November showed no improvement as regards general
business conditions. A further curtailment of credits was apparent, and
last month's optimism concerning the increased volume of exports was
counteracted by lower price levels. Bank credits are at a very low ebb.
The currency circulation during November was slightly under that of
November a year ago. With no improvement in coffee prices anticipated
for the immediate future, and with unfavorable rumors regarding the size of
the coming coffee crop, no alleviation of the existing depression is expected
at the present time. Credit caution is absolutely necessary. During
November no sugar was manufactured;fourteen tons were refined; twentytwo tons of raw sugar were exported, and 286 tons were locally marketed
Sugar stocks on band Nov, 1 amounted to 4,169 long tons.
HONDURAS.
General business on the North Coast of Honduras continues slow, while
in the central and southern sections it is seasonably fair owing to the approaching holidays in addition to other factors.. Bank collections, although
slow, show a slight improvement. Government revenues amounted to
1,082,224 pesos in October as compared with 1,202,504 pesos in September.
Exports of bananas during October amounted to 2,115.876 bunches as compared with 1,779,870 bunches in September, 1930, and 2,086,333 bunches in
October. 1929. Shipments to the United States during October amounted
to 1.781.785 bunches and to Germany, 334,091 bunches. Shipments
during the first ten months of 1930 totaled 23,833.429 bunches as compared
with 23,990.561 bunches during the corresponding period of 1929.
INDIA.
The Indian government has sanctioned a reduction in rail rates on wheat
to facilitate the movement of a million ton export surplus. Goatskins have
been very dull during the past week due to the absence of demand from the
United States, and practically all other commodity markets have been quiet
to weak.
INDO-CHINA.
Prospects for the new rice crop continue favorable, but there has been no
change in the generally slackened business conditions. With large stocks of
Japanese rice on the market and low prices for Rangoon rice prevailing,there
Is no market for Indo-China's crop, and it is estimated that 300,000 metric
tons of paddy (unhusked rice) are still in the country unsold.
ITALY.
According to a royal decree published on Nov. 21 the Italian government
is authorized to declare from time to time that certain categories of industry
are essential for national defense, and that such industries must have express
previous Government permission for the establishment or enlargement of
their plants. The first list ofessential industries includes arms and ammunition and means of communication and transportation, including radio,
telephones, aeroplanes, ships, and means of land transportation.
JAMAICA.
Jamaica may be cited as the only island in the Carribean where trade and
approaching
normal. The upward trend of business,
industry are rapidly
noticeable in October, continued during November,and the general outlook
is favorable. All banks reported collections as being normal during the
month. The number of building permits granted from Sept. 1 to Nov. 20
was 15% greater than during the corresponding period of last year. Two
of the largest wholesale drygoods merchants are each completing the erection
of an important retail department store. Low prices for Jamaica's leading
exports continue to depress trade to some extent, and, notwithstanding a
heavy increase in the volume shipped, the value of total exports during the
first nine months of 1930 decreased 10% as compared with the same period
of last year. Prices for the leading commodities remain apparently stationary at a low level, and there is no indication of an immediate improvement.
Customs receipts from April 1 to Nov. 8 decreased $300,000 being 8% less
than receipts for the corresponding period of 1929. Sugar statistics for
November, as released by the newly created Jamaica Sugar Board, are as
follows: stocks on hand Nov. 1, 9,500 long tons; receipts, chiefly from
Canada,40 tons; domestic production, nil; deliveries for exportation,chiefly
to Canada, 200 long tons; domestic consumption, 700 tons. Final stocks
ofsugar on hand, as of Nov.30,are estimated at 8,600 long tons.
JAPAN.
Markets in Japan continue dull with little improvement anticipated before
the beginning of next year. The automotive market is particularly quiet.
total sales so far this year probably registering a decline of 40% from 1929
sales. Lumber sales are also dull,reflecting inactivity in construction work.
Stocks are lower and lumber prices are slightly better, but little activity in
this trade is expected during the remainder of the year. An encouraging
feature in the financial situation is the favorable position of banks which
are well prepared to meet demands for year-end settlements. The probability ofeasy settlements is a favorable factor in the stock and bond markets.
MEXICO.
Both sales and collections are hard hit by the heavy discount on silver
pesos as against gold, as all retail and most wholesale business is conducted
in silver currency. Furthermore, wages and salaries are paid in silver and
the decline in silver exchange is equvalent to a reduction in purchasing
power. • Recently the silver peso reached a discount of 15%, but reacted
thereafter to lower rates. However, the future outlook for silver exchange
remains uncertain.
NETHERLAND EAST INDIES.
Increased confidence in the country's economic position is noticeable,
although most commodity markets have quieted down after somewhat
Increased activity during the second half of October. Sugar. coffee,rubber.
tea, kapok. copra, and gum damar are all maintaining the slight price
Increases attained in October. but an erratic movement of prices is anticipated The present firmness of the export market, however,is encouraging.
Stocks, with the exception of sugar, are low and holders are not pressing
sales at lower price levels. Little increased activity is expected before the
first of the year, but the general opinion is one of confidence that the bottom
has been reached and that export markets are on the upward trend. The
credit situation in general is in a more favorable position, with demands for
financial assistance to industry decreasing. Although there has been a20%
increase in bankruptcies in the Batavia district this year over last, most
of the failures have been among small firms operating on long credits
NEW ZEALAND.
Business continues stagnant in New Zealand and little improvement is
anticipated during the holiday season. Luxury lines are practically at a
3448
[VoL. 131.
FINANCIAL CHRONICLE
standstill and hardware, timber and building materials generally are in
little demand. Wool sales are opening this month faced with a large carryover, heavy production and rock bottom prices. There is little forward
buying in any lines of merchandise at present.
Trade reportsfrom various industrial areas of Peru indicate a severe drop
in both retail and wholesale business. In Lima the contraction is 50%
below the levels of January and 10% under that of September. In Chiclayo
trade has declined 30%, in Trujillo 40%. and in Arequipa 50%, the drop
not being quite as severe in the sugar and rice producing sections as in other
areas. Debtors are meeting their obligations with fractional payments
but collections have not improved. The tendency among creditors is to
carry along debtors and thus conserve the mercantile structure in preference
to attempting foreclosures which would ruin business and impair future
buying power. Total protested drafts for the month ending Nov. 21
amounted to Lp. 120,000, confined to long standing obligations and representing little new business. So far in November some twenty firms have
entered voluntary liquidation through arrangements with their creditors
and others are expected to do so. The closure of the Cerra de Pasco copper
mines affecting some 15,000 workers directly and approximately 100,000
dependents will, if continued, greatly reduce commercial activity in the
Callao-Lima district, diminishing Central Railway freight tonnage some
, 60% and Callao port activities by 50%.
SIAM.
The present condition of the rice crop points to an excellent harvest.
Prospects for disposing of the surplus, however,are discouraging,on account
of bumper crops in other Far Eastern countries and considerable unsold
stocks of the old crop in Siam. Trade conditions in general continue unfavorable and there is little indication of early improvement. Credits and collections are difficult and a general shortage in cash is causing some of the
large importers to sell on a cash basis only. Stocks of all imported merchandise are considered heavy, and retail trade is only fair.
SWEDEN.
The number of bankruptcies is steadily declining, totaling 689 for the
third quarter of 1930 against 732 during the same months of 1929. For the
first nine months of 1930 and 1929 bankruptcies numbered 2,298 and 2,439.
respectively.
VENEZUELA.
Some improvement in business conditions in Venezuela is expected during
December and January, as a result of the new coffee crop. The coffee crop
has begun to move to the markets and some shipments were made during
the last part of November. The crop now appears to be larger than last
year and probably will be of a normal size which Is around 1,100,000 sacks.
The quality is reported good and prices are satisfactory, especially for the
better grades. Importations of automobiles are increasing as dealers anticipate increased sales following the coffee harvest. The exchange rate continues unfavorable to the Bolivar with little demand and there is a scarcity
of dollars. Collections remain poor but an improvement is expected when
the coffee movement is well underway.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total.
Countries.
Exports, Imports.
Dollars. Dollars.
SILVER.
Refined Bullion.
Total (Inc. Coin).
Exports. Imports. Exports. Imports.
Ounces. Ounces. Dollars. Dollars.
809
France
Germany
16
198,561
556,276
80,000
149
Italy
605
2,640
Netherlands
320
Norway
1,697
4,162
Sweden
120,491
1,088
United Kingdom_
8,994
169
25,159
Canada
4,019 204,469 306.846
146,281
840,181
9,021.529
Costa Rica
9,500
Guatemala
19,372
107.491
Honduras
298,587
29,683
10.598
Nicaragua
2,626
31,335
Panama
803,000 123.580
87,500
Salvador
20.000
1,808,137
Greenland
3,506,142
1,280,653
Mexico
450
980
Barbados
1,448
1,61'
Trinidad az Tobago
14,772
Other Brit, W.I.
590
900
5,915
Cuba
17,205
15,000
Dominican Repub.
10,000
2,500
Haiti, Republic of,
Argentina
1,217
1,294
3,215
575,000
72.060
Bolivia
Brazil
15,404,873
94,134
Chile
179,389
81
230
Colombia
1,123,681
2,587
Ecuador
113.661
4,377
Dutch Guiana_
412,498
Peru
272,099
52,718
Uruguay
45,831
Venezuela
184,811
506,901
206
British India
2,448,535
6,749,005
China
168,123
68,277
316,553
Java & Madura_
1,067,402
3,650
215,000 946,830 2,953,471
Hong Kong
13,750,000
Japan
3,910
333,299
Philippine Islands,
720
720
kustralla
19
53
29.059
lew Zealand
64,509
2,786
3elgian Congo_
Total
9,266,529 35,635,216 10,944,470 3.979.780 4,421.413 3.098.194
Conversations of Governor Harrison of Federal Reserve
Bank of New York with Governor Moret of Bank of
France and Hans Luther of German Reichsbank,
Governor George L. Harrison of the Federal Reserve
The Department's summary also includes the following Board of New York, whose conversations with Montagu
regarding the Island possessions of the United States:
Norman, Governor of the Bank of England, were noted in our
issue of a week ago, page 3293, has since conferred with
PHILIPPINES.
Slight improvement in Philippine economic conditions occurred during Governor Moret of the Bank of France and Hans Luther of
October, owing to a stronger tone in Manila markets both in demand the German Reichsbank. In a Paris cablegram Nov. 22,
and price for leading export products. Textile business improved somewhat over that done during the previous six months. Although retail trade the New York "Times" said in part:
Is still difficult, seasonal losses were regained and shipment of staple lines
to the Visayan Islands followed increased trading which has resulted from
full activity of the sugar milling season. General import and indent orders
are now running low, especially for mitomobiles.
J. P. Morgan Gets Oxford University Degree.
With regard to the degree conferred onJ.P.Morgan by the
Oxford University we quote the following Associated Press
account from Oxford, Nov.25:
3. P. Morgan, in a flowing scarlet gown and "Beefeater" hat, walked
through narrow,cobbled ways far more ancient than Wall Street to-day to
receive the highest honor of England's oldest university, the degree of
Doctor of Civil Laws conferred by Oxford.
The little procession, headed by four mace-bearers, marched through the
streets without attracting a second glance from shopkeepers and squarecapped undergraduates to whom medieval pageants are everyday affairs.
At the consultation hall Mr. Morgan and the vice-chancellor of the university followed the mace-bearers down a narrow aisle between banked rows
of benches filled with capped and gowned dons and other members of the
faculty and student bodies.
Mr. Morgan stood with solemn face and with his blue velvet cap in his
hand as the university orator read a long address in Latin In which mention
was made of the "recent generosity" of the American financier.
This was a reference to Mr. Morgan's purchase of the Bedford Book of
Hours and the famous Luttrell Psalter for the British Museum. As soon
as the address was completed, Mr. Morgan stepped to the high dais and
shook bands with the vice-chancellor. He broke into a broad smile as the
audience clapped tumultuously.
George L. Harrison, Governor of the Federal Reserve Bank of New York.
whose European visit has caused so much hopeful speculation, left Paris
for Berlin this afternoon after a final conference with Governor Clement
Moret of the Bank of France. In the German capital he will confer with
Dr. Hans Luther, President of the Reichsbank, and on Wednesday he
will sail for home from Bremen aboard the German liner Bremen.
Mr. Harrison arrived In Paris last Monday after a week's stay in London, where he saw Montagu Norman, Governor of the Bank of England,
and other British bankers. In his sojourn here he had numerous meetings
with M. Moret and at informal luncheons and dinners he was able to meet
and chat with many important figures in the political and financial life of
France, and he also had occasion to see officials of the central banks of
Italy and Switzerland. . . .
Important to America.
From information obtained in reliable quarters, however, it can be
stated that Mr. Harrison's visit was important and of very considerable
significance to the United States.
It is the opinion of many American banking minds that a foreign credit
movement must begin right here in France, and it was in contemplation
of the opening of the French market to foreign investments on a scale not
hitherto attempted which occupied Mr. Harrison's discussions with officials
of the Bank of France. From the same authentic sources it is learned that
the French are in complete agreement with the Federal Reserve Governor,
but the political situation and the general uneasiness incident to it will
probably postpone the scheme for at least several months. . . .
The impression left upon French banking minds by Mr. Harrison's
visit is that the official American opinion does not now agree with many
Europeans that readjustments of debts and reparations would start the
world back to prosperity. It does believe that a free flow of capital among
the nations would be a big step toward normality, and in this scheme it
would be willing to play a major role as soon as a measure of tranquillity
is restored to Europe.
Berlin Denies Moratorium Notices.
A Paris cablegram, Nov. 24, to the New York "Evening
Berlin Associated Press advices, Nov. 26, published in the Post" said:
New York "Times" said:
the recent discussions between Governor
Government spokesmen to-day characterized as without foundation
of creditor
reports in London that Germany had notified Ambassadors
reparation payments.
nations of her intention to declare a moratorium on
Gold and Silver Imported into and Exported from the
United States, by Countries, in October.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing tho imports and exports of gold
and silver into and from the United States during the month
of October 1930. The gold exports were $9,266,529. The
imports were $35,635,216, of which $15,404,873 came from
Brazil, $13,750,000 from Japan, $1,280,653 from Greenland
and $1,123,681 came from Colombia. Of the exports of
Below is the report:
the metal, $9,021,529 went to Canada.
One of the principal topics of
Harrison and Governor Moret was the question of France's large gold
imports, it was said to-day. Paris observers are reported to have become
convinced the influx cannot be artificially checked.
According to Associated Press accounts from Berlin,
Governor Harrison on Nov. 24 spent the day browsing
around in the German Reichsbank, looking over the institution's system and facilities. The same cablegram said:
He said his visit here was solely to get acquainted with Hans Luther,
President of the Reichsbank, and had nothing to do with such questions as
reparations and a possible moratorium, which he characterized as out of
his jurisdiction.
It was stated in a Berlin cablegram to the New York
"Times" that Mr. Harrison was guest of honor at a dinner
given by Dr. Luther on Nov. 23, which was attended by
Chancellor Bruening, Foreign Minister Curtius, Ambassador
Nov. 29 1930.]
FINANCIAL CHRONICLE
Sackett, Franz von Mendelsohn, President of the Berlin
Chamber of Commerce; Baron Krupp von Bohlen, Frederick
W. King, President of the American Chamber of Commerce in Germany; Under Secretary von Bulow of the
Foreign Office and other government officials and financial
leaders.
3449
c These amounts are not included in the total since the money held in trust against
gold and sliver certificates and Treasury notes of 1890 is included under gold_coin
and bullion and standard silver dollars. respectively.
d The amount of money held In trust against gold and silver certificates and 'Freer
cry notes of 1890 should be deducted from this total before combining it with total
money outside of Use Treasury to arrive at the stook of money In the Ualted states.
e This total Includes $27,504.343 of notes In process of redemption, $34,756.223
of gold deposited for redemption of Federal Reserve notes, 528,960.195 deposited
for redemption of National bank notes, $1,900 deposited for retirement of additional
circulation (Act of May 30 1908), and 57,731,219 deposited as a reserve against
postal savings deposits.
f includee money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption:silver certificates are secured dollar for dollar by standard silver
dollars held in the Treasury for their redemption: United States Dotes are secured by
a gold reserve of U56.039,088 held in the Treasury. This reserve fund may also
be used for the redemption of Treasury 'lotus 01 1800. which are also secured dollar
for dollar by standard silver dollars held In the Treasury. Federal Reserve notes
are obligations of the United States and a first lien on all the assets of the Issuing
Federal Reserve bank. Federal Reserve notes are secured by the depoelt with
Federal Reserve agents of a like amount of gold or of gold and such discounted or
purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%, Including the gold
redemption fund, which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained In lawful money
with the Treasurer of the United States for the redemption of National bank notes
secured by Government bonds.
Stock of Mon( y in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that
beginning with the statement of Dec. 31 1927 several very
important changes have been made. They are as follows:
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
Transfer of Credit Discussed at Headquarters of Bank
On this basis the figures this time, which are for Oct. 31
for International Settlements—Experts at Six Cen1930, show that the money in circulation at that date (intral Banks Aim at Clearing House for International
cluding, of course, what is held in bank vaults of member
Exchange.
banks of the Federal Reserve System) was $4,492,603,809,
date of Nov. 24, advices from Basle, Switzerland,
Under
as against $4,501,478,377 Sept. 30 1930 and $4,838,184,799
Oct. 31 1929, and comparing with $5,698,214,612 on Oct. to the New York "Times" said:
Experts of six central banks of issue met at the headquarters of the
31 1920. Just before the outbreak of the World War, that Bank
for International Settlements here today to begin negotiations doveis, on June 30 1914, the total was only $3,458,059,755. The tailing with the conversations over world gold distribution begun in London
and Paris by George L. Harrison of the New York Federal Reserve Bank.
following is the statement:
These experts in the next three or four days
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will work out a report to
serve as a preliminary for a series of negotiations tending to permit the
World Bank to begin operations as a clearing house for the international
exchange and transfer of sums of money. Up to the present there has
existed no co-ordination in this matter, and the central bank of each
country has been obliged to carry on operations of this kind completely in
the dark as to what the other central banks were doing. It is complained
now that in many countries the situation with regard to gold has been
aggravated through lack of co-operation.
For example, it is pointed out, the Reichsbank may engage in an operation of changing pounds sterling into dollars without knowing that the
Bank of France is simultaneously performing a similar operation in reverse
fashion, that is, changing dollars into pounds sterling. Through the
World Bank's clearing house these two could balance their operations,
with a stabilizing effect on gold transfer.
Under Article XXIV of the World Bank's statutes in The Hague agreements, the bank is expressly authorized to carry out this work. In this
article it is stipulated that the World Bank may enter into agreements
with the central banks to facilitate the settlement of international transactions between them. "For this purpose," say the statutes, "the Bank
for International Settlements may arrange with the central banks to have
gold earmarked for their accounts and transferable on their orders to
open accounts through which the central banks can transfer their assets
from one currency to another."
The practical details of this system never have been worked out, and
that will be the principal aim of the present meeting. The chief delegates engaged in this preliminary meeting are the heads of the foreign
exchange departments of the central banks of Switzerland, France, England, Germany, Belgium and Italy, presided over by Leon Fraser of the
United States in the absence of President Gates W. McGarrah.
Secretary of Commerce Lamont Opposed to Proposal of
Senator Oddie for Conference on Silver.
In the view of Secretary of Commerce Lamont a silver
conference under the auspices of the Department of Commerce, as proposed by Senator Oddie (Republican) of
Nevada, would be "ineffective." In a telegram to Senator
Oddie (who is Chairman of the Senate Committee on Mines
and Mining) Secretary Lamont has expressed the opinion
that only an international discussion will be of any benefit.
Secretary Lament's telegram, which was made public by
Mr. Oddie Nov. 22, was given as follows in the "United
States Daily" of Nov. 24:
"Telegram received. Fully understand serious widespread effect of low
price of silver, but still believe conference here would be ineffective.
Foreign Selling.
"Low price due largely to foreign selling silver stocks. Unless this can be
stopped by agreement all the measures would be useless. Consumption
India and China alone has been running nearly 200.000.000 ounces annually.
Amount consumed in the arts by England, United States and Canada not
over 40.000,000 ounces.
"I understand movement on foot for international discussion and believe
noticing else will be effective."
The paper quoted also stated:
36.42 123,616,000
40.23 120.264,000
53.01 107,491,000
40.23 103,716,000
34.921 99,027,000
16.92 48,231,000
Senator Oddie stated orally that he believes that Secretary Lamont has
E
.
taken a narrow point of view and will continue to press for such a conference.
03P
Neither
does the Nevada Senator approve a suggestion by Senator Borah
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gold and silver is the solution to the existing problem.
,Mr. Oddie's colleague, Senator Pittman (Dem.) of Nevada, is at present
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working, as Chairman of a Foreign Relations Sub-Committee, on a project
.
for an international silver pool which would make available to the Chinese
Iti 16 .'1
national government a large number of silver ounces, probably 500.000.000,
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6
to be used for rehabilitation and construction work. This project, Mr.
a Includes United states paper currency In circulation in foreign eountrtes and Pittman has said, contemplates an agreement against the dumping
of
Cuban
of
the
Federal
the
agency
by
Reserve
held
amount
the
Bank of AtJanta.
foreign silver stocks and the restoration to a normal basis of the price of
0 Dote not Ins:Nude gold bullion or foreign coin other than that held by the Tres.cry, Federal Reserve banks, and Federal Reserve agents. Gold bald by Pedant' silver.
Reserve banks under earmark for foreign account Is excluded, and gold held abroad
At the same time, the Pittman plan proposes greatly to increase the
for Federal Reserve banks Is included.
purchasing power of China, India and South American countries where
silver
3450
FINANCIAL CHRONICLE
is still the chief monetary unit. The consumption power of these countries.
he says, has been greatly reduced by the low value of silver.
Under-Secretary of Treasury Mills Explains Separate
Agreement on Reparations Between United States
and Germany for Settlement of Claims of Citizens
—History of Costs of Army of Occupation—Address
Before Academy of Political Science.
Before the Academy of Political Science, at the Hotel
Astor, in New York, on Nov. 14, Ogden L. Mills, Under-Secretary of the Treasury, asserted that the negotiation of the
separate agreement with Germany was, for the United
States, a "wise and proper course." Mr. Mills pointed out
that this country's claims were small and modest and said
the United States would not have been justified in "plunging headlong" into the "troublesome European problem."
In observing this, the "United States Daily" prints, in full,
as follows, Mr. Mills's address:
On June 23 1930 the United States and Germany executed an agreement
providing for the settlement of the claims of the United States and its
citizens against the German Government. The agreement may be briefly
summarized as follows:
It provid a that Germany is to pay 40,800,000 reichsmarks for the period
Sept. 1 1929 to Mar. 31 1930, and the sum of 40,800,000 reichsmarks
per annum from April 1 1930 to Mar. 31 1981, in satisfaction of mixed
claims, and beginning Sept. 1 1929 an average annuity of 25,300,000 reichsmarks for 37 years in full liquidation of our Army costs. The combined
annuities equal the annuity allocated to the United States under the terms
of the Young plan.
Germany at its option, upon not less than 90 days' advance notice, 'nay
postpone any payment on account of the principal falling due to any
subsequent Sept. 30 and Mar. 31 not more than two and one-half years
distant from its due date, a provision that accords, generally speaking,
with provisions relating to postponement to be found in our other debt
settlements.
All postponed payments on account of mixed claims are to bear interest
at 5%, the rate provided for in the Settlement of War Claims Act of 1928,
and all payments postponed on account of Army costs are to bear interest
at the rate of 8%%. While the annuities are stated in terms of reichsmarks, payments are to be made in dollars, either at the Treasury or at
the Federal Reserve Bank of New York.
If we would understand the reasons which led up to the making of a
separate agreement with Germany, it is necessary to consider the situation
of the United States as cerrnpared with that of the other creditor powers.
At the time the Young plan came into existence, the claims of the United
States against Germany fell into two limited classes: First, those covering
the reimbursement of our Government for the costs of our Army of Occupation ; and, secondly, those relating to the compensation of our citizens for
damages sustained from acts of war, as adjudicated by a joint tribunal
set up by agreement with Germany and popularly known as "mixed
claims."
On the other hand, our Government had recognized two classes of claims
by German citizens against it: The first comprising the return in cash
or in kind of property of private persons seized by the Alien Property
Custodian; and the second covering compensation for ships, radios and
patents seized by the United States Government for its own use.
[VoL. 131.
since July 31 1914, as a consequence of the war, and including debts
owing to American citizens by the German Government or by German
nationals.
The first meeting of the Commission was held on Oct. 9 1922. Up to
Aug. 31 1929 awards had been certified to the Treasury for payment
which, with interest to Aug. 31 1929 aggregated $172,703,083.71. It was
estimated as of Aug. 31 1929 that the principal amount of awards yet to
be entered and certified, together with interest to that date, amounted
to $53,000,000, and in addition awards to the United States Government,
with interest to Aug. 31 1929, amounted to $64,934,794.41.
In other words, as of Aug. 31 1929 it was estimated that the total
awards of the Mixed Claims Commission, made and to be made, aggregated,
with interest, $290,637,878.12.
No provision for the payment of the awards of the Mixed Claims Commission was made untli the Paris agreement of Jan. 14 1925. The Paris
agreement provided that the United States should receive 214% of all
receipts from Germany on account of the Dawes annuities available for
distribution as reparations, provided that the annuity resulting from this
percentage should not in any year exceed the sum of 45,000,000 gold
marks.
Up to Sept. 1 1929 the United States had received from Germany, under
the Paris agreement for account of mixed claims, $31,831,472.03, which,
with earnings and profits on investments amounting to $2,149.692.70,
made available for distribution $33,981,164.73, and left $256,656,713.39
still to be provided for. It must be understood in this connection that
the figures relating to the total amount finally awarded by the Mixed
Claims Commission were necessarily only in estimate, since all of the
awards had not as yet been made.
Claims of Germany Against the United States.
Turning now to Germany's claims against the United States, our Government, in common with other nations engaged In the Great War, had
sequestered or seized for its own use the property of German citizens.
Once the war was over, it could have elected, as others did, to retain that
property and apply it to the satisfaction of its own claims and those of
its citizens, leaving the German owners to seek compensation from their
own Government.
Had the United States followed this course in the first instance, it
seems probable that at the time of the adoption of the Young plan we
would have been completely out of the picture, and there would have been
no occasion for either a Joint or a separate agreement.
However, in accordance with a time-honored tradition and what we
conceived to be sound public policy, we elected either to return the
property or to compensate the owners, the payments to extend over a
number of years, the total period for final liquidation corresponding in a
general way to that required to discharge the obligations of our own citizens. This is a noteworthy fact, for it results in the transfer of important
sums to Germany during the period of payment to us.
And what is even more significant, in the earlier years dollar payments
to Germany will exceed mark payments to the United States. During the
first three years of the life of the separate agreement, we will receive
some 198,000,000 reichsmarks, or about $47,000,000; whereas we will
place at the disposal of German citizens—I can give you but approximate
figures—about $148,000,000 in cash or property. This, as I understand
it, is not true of other creditor countries.
Positions of Principal Creditors Compared.
Moreover, it must be remembered that, in accordance with the policy
established by President Wilson, who as early as 1919 had said that in his
opinion we should claim nothing under the general reparation clauses,
we had never presented a claim for general reparations; we had not
participated in the fixing of the sums to be paid by Germany or in the
History of Costs of Army of Occupation.
apportioning of those sums among the creditor powers; we had never joined
others in the collection of payments, and we had never been represented
The history of the Army costs and mixed claims items is as follows:
Army coals.—The total costa of the United States Army of Occupation on the Reparation Commission, which, after all, came into existence to
German
the
on
deal with an almost strictly European problem.
amounted to $292,663,435.79. Except for cash requisitions
It appears, then, that at the time the question arose as to whether we
Government for the use of the Army of Occupation aggregating $37,509,605.97, and certain other items, such as provost fines, abandoned should become parties to the Young plan, or rely on a separate agreement
enemy war material, dm., amounting to $7,288,184.33, the United States with Germany, the position of the United States differed in several imGovernment received no payments on account of Army costa up to portant particulars from that of the other principal creditors; first, our
claims were of a limited character and, compared with the total reparation
May 25 1923.
On that date the United States and the principal allied powers signed bill, were comparatively small. We will receive less than 3% of the total
the so-called Wadsworth Agreement, which provided that our Army coats Young payments.
Secondly, by reason of our policy of non-confiscation and compensation of
should be divided into 12 annual installments, and should be, during the
first four of the 12 years, a first charge on cash payments received from German citizens, mark payments to the United &eta] will be offset to
Germany after the expenses of the Reparation Commission and the current some extent throughout the period of payment, and in the earlier years
expenses of the alli,d armies of occupation, but during the last eight more than offset by dollar payments to Germany, which obviously faciliwe had never joined our war
years should be an absolute prior charge on all cash payments, except tates bilateral transfers; and, thirdly,
associates in the assessment, collection and distribution of general reparafor the costs of the Reparation Commission.
Ratifications of the Wadsworth Agreement were never exchanged, but tion payments.
The adoption of the Young plan, by our becoming a party to The Hague
we received a payment under it of $14,725,154.40 in January 1925. The
official approval on our part, not only
agreement was superseded by the so-called Paris agreement of Jan. 14 1925, conventions, would have involved
fairness of the distribution of the amounts
which also covered awards of the Mixed Claims Commission. This latter of the total interest, but of the
as to which we had no knowledge
agreement was concluded at a meeting of representatives of the creditor to be paid as between European creditors,
powers, including the United States, called for the purpose of making and no interest whatsoever.
In addition, we would have had to assume in the future a share of the
distribution of the annuities provided for under the terms of the Dawes
responsibility of collecting and distributing payments, for we could not
Plan, which had been adopted in 1924.
benefits by the Young plan machinery and have declined
Under the provisions of the Paris agreement, the United States was to have accepted the
of the burdens.
receive on account of its Army costs, beginning Sept. 1 1926, the sum of to bear any part
Clearly, our interests were not sufficiently important to Justify our
55,000,000 gold marks, or about $13,100,000 per annum, which paythis troublesome European problem, and reversing
ments were to constitute a first charge on cash made available for transfer plunging headlong into
President Wilson, and followed since his day,
by the Transfer Committee out of the Dawes annuities after the provision the policy laid down by
had we participated, it la probable, should any diffiof the sums necessary for the service of the 800,000,000 gold mark German Particularly since,
the future, that we, as a comparatively disinterested party,
external loan of 1924 and for the costs of the reparation and other culties arise in
would find ourselves in the position of arbiter, called upon to settle and
commissions.
difficult European question.
Under the provisions of the Wadsworth Agreement, our Army costs decide a controversial and
But there is another controlling reason which made it inadvisable and
should have been liquidated by the end of 1935. Under the Paris agreeand become a party to the Young plan. The
ment, the payments would extend over a period of about 18 years, inconsistent for us to accept
plan apparently seeks to link and merge reparation payments by Germany
beginning Sept. 1 1926.
the United States.
Up to Sept. 1 1929 the United States had received on Army costs with allied debt payments to
Here again President Wilson, on the very first occasion that this attempt
account, $39,203,725.89 under the Paris agreement.
that the settlement and payment of the
As of Sept. 1 1929 there was gill due on account of Army costs was made, took the position
obligations to us, incurred by our associates, were entirely independent
$193,936,765.20.
claims made against Germany.
Mixed Claims.—By virtue of an agreement entered into on Aug. 10 1922 and unrelated to the reparation
lie said the United States Government "fails to perceive the logic In a
by the United States and Germany, there was set up a Mixed Claims Comthat the United States shall pay part of Germission, charged with the duty of passing upon the claims of American suggestion in effect either
obligation or that it shall make a gratuity to the allied
citizens arising since July 31 1914, in respect of damage to or seizure of many's reparation
to fix such obligation at an amount within
their property, rights and interests, and upon any other claims for loss governments to induce them
This Government has endeavored heretofore
or damage to which the United States or its nationals had been subject Germany's capacity to pay.
make it clear that it cannot consent to connect
with respect to injuries to persons or to property, rights and interests in a most friendly spirit to
Nov. 291930.]
FINANCIAL CHRONICLE
the reparation question with that of intergovernmental indebtedness." That
policy has been consistently adhered to by our Government.
In short, when the question arose as to whether we should make a
separate agreement with Germany for the satisfaction of our relatively
modest claims or decide to pool them with the infinitely larger claims of
the European creditors, all of the arguments appeared to be in favor of the
first course. It was simple, direct, entirely adequate to protect American
Interests, and in accordance with established policy; whereas the alternative involved not only abandonment of the attitude steadfastly maintained
toward both war debts and reparation problems, but the assumption of
responsibilities on our part wholly disproportionate to the magnitude
of our claims and relating to problems almost strictly European in
character.
While, therefore, we were quite ready to accept the annuities allocated
to us by the Young plan, which involved some sacrifice on our part, it
seems to me that we would not have been justified in becoming participants, and that we followed a wise and proper course in providing for the
satisfaction of our claims against Germany in a separate agreement.
Reports of Great Britain's Loan Conversion Plans—
Chancellor Snowden Believed to be Ready to Put
$9,750,000,000 of 5s into 4%—Issue Matures in 1947
but is Redeemable on Three Months' Notice.
From its London correspondent, Edwin L. James reports
the following London advices Nov. 23:
Since Philip Snowden, Chancellor of the Exchequer, asserted in a speech
In the Mansion HOMO on Oct. 15 that he intended to carry out a laces
conversion scheme with respect to the 5% War Loan of £2,000,000.000
(about $9.750.000.000) when he judged the time favorable, there has been
much speculation as to the conditions he would regard as fitting.
Mr. Snowden has kept his own counsel, but recently there have been
a good many expressions of opinion in financial quarters that the time
seemed to be nearing for the proposed effort by the British Government.
In some quarters one hears it said the stage is being set for the operation.
It is evident that to convert this 5% obligation into a 4% one would mean
a considerable saving on the budget, more than half of which goes in caring
for war indebtedness.
Independent of Paris Talks.
Consideration of this possibility, of course, is quite independent of the
financial negotiations which have been going on between London and
Paris. The latter move is to strengthen the protection of the gold supply
of the Bank of England rather than for any Government conversion operlion.
The £2,000.000.000 5% War Loan matures in 1947, but it is provided
the Government may redeem it at par on three months' notice. This
bas been construed as meaning the Government could retire all of it, but
not part.
It naturally would require some persuasion to get a holder of a 5%
bond to exchange it for a 4% bond, yet this persuasion might well be
supplied by a Government proposal for repayment ahead of maturity
should Mr. Snowden decide he could swing such a large operation. That
this is a factor of influence in the market is shown by the relatively low
price of the 5% War Loan, which is now at 102.
There should be some significance in the apparently changing attitude
et financial leaders. The bulletin of the Westminster Bank, for example,
says:
A short time ago it appeared to be quite outside the bounds of probability that any operation of sufficient magnitude could be launched to
redeem the £2,000.000.000 of the 5% War Loan either by cash payment or
by conversion, but the persistent and steady, rise in the long.-I.-dated seeuritles has brought this operation within the sphere of possibility, and it
may be that a conversion offer on advantageous terms will shortly be made
to the holders of this loan.
This week's "Economist" calls attention to the foreign holdings of this
loan, which it places at more than £100,000,000, and concludes:
There undoubtedly is considerable opinion in the City in favor of an
early attempt to tackle this problem while monetary conditions are relatively favorable.
Of the foreign holdings of the 5% War Loan a considerable part is held
in France, and this is supposed to have been discussed in the recent financial
talks between London and Paris, which also have touched upon the subject
of £53,000,000 (about $258.000,000) in French gold held in London as a
guarantee for French payment of war debts to England. This gold, deposited during the war, is carried on the balance sheet of the Banque de
France, but of course does not figure in the gold reserve of the Dank of
/England. Howeter, it might at some future date.
Falling Off in Company Profits in England—Influence
on Market Partly Offset by Favorable Money
Conditions.
From London, Nov. 21 a cablegram to the New York
"Times" said:
3451
Through admitting the right of the United States to insist on repayment,
Sir Robert said he questioned its wisdom.
"One does not require much argument to be convinced that the economic
conditions of the entire world, including those of the United States, would
to-day be much less depressed and far more satisfactory if the war debts
had been written off 10 years ago and the world had begun a now advance
toward normal conditions," be said.
"Business and economic conditions in every country are so intimately
connected with those of every other country that loss of purchasing power,
depression and reaction in many countries must extend to all, even to one
possessing such abundant resources and endowed with such enormous wealth
as the United States."
Sir Robert, speaking before the Professional Institute of the Civil Service
of Canada, said the allied nations should be grateful to Holland for refusing
to give up the former German Kaiser for trial, because it would have "made
him a martyr and might have led to the restoration of his dynasty."
F. C. Goodenough of Barclay's Bank, London, Says
Time to Deal With War Debts has Arrived.•
F. C. Goodenough, Chairman of Barclay's Bank—one of
England's "big five" banks—told a banquet of the Guild of
Freemen in London on Nov. 21 that the time had come to
bring pressure upon Governments in dealing with war debts.
We quote from London Associated Press accounts which
likewise said:
He added that If the war obligations were not to be canceled outright they
should, at all events, be adjusted to a basis varying with the price levels of
commodities.
"This must have the effect of lifting a great burden off the shoulders of
the world." he said. "Indirectly, England, America and the whole world
would gain enormously by some plan that would deal with war debts under
altered conditions arising out of the fall of world prices."
Gold Production in Canada.
issue of "Agricultural and Industrial
November
From the
Progress in Canada," a monthly review published by the
Department of Immigration and Colonization of the Canadian
Pacific Ry. at Montreal, Canada, we take the following:
Gold Production in Canada.
Canada's gold production again established a new high record in 1929.
while in the first half of the present year a new high figure was also recorded.
The gold production of 1929, according to finally revised official statistics,
was 1,928,308 fine ounces, valued at $39.861,663. This comp red with an
output of 1.890,592 fine ounces in 1928, valued at $39.082,005. For the
first half of 1930 the output, according to preliminary figures, was 976.235
fine ounces, with a value of $20,180,568. The Dominion is now giving the
United States a close run for second position among the gold producing
countries of the world, the increasing Canadian output of recent years
having steadily narrowed the margin between these two countries.
Ontario was the largest producer of gold among the provinces of Canada
last year, as it has been for a number of years. The production in this
province in 1929 was 1,622.267 fine ounces. valued at $33,535,234. British
Columbia came second with 154,204 ounces. worth $3.187.680. with
Quebec third at 90,798 fine ounces, worth $1,876,961. Smaller quantities
of gold were produced in Nova Scotia, Manitoba. Alberta and the Yukon
Dominion Gold Holdings Higher—Canadian Bankers'
President Shows How Country's Stock Has Increased Recently.
Discussing Canada's gold holdings before the Canadian
Bankers' Association, Beaudry Leman, President of the
Association and General Manager of Banque Canadienne
Nationale, said in part, it is learned from a Montreal account
to the "Wall Street Journal" of Nov. 25:
According to an interim report of the Gold Delegation of the Financial
Committee of the League of Nations, Canada stands third among the
gold producing countries of the world, with an annual output of$40.300.000
out of a world production of $405,000,000 South Africa is first, with 52.2%
of the total, United States second with 10.5% and Canada third with
more than 9.9%. This fact leads to the consideration of Canada's present
gold holding as a backing for the country's current and international trade.
The National City Bank of New York, in its October monthly bulletin.
presents a statement of the gold holdings of the principal banks and public
treasuries of the world as of the end of December 1912, and as of June 30
1930, with percentage of change.
Gold Holding Gains Since 1912.
The annual company reports which are now appearing daily in large
"Taking the leading European countries, Great Britain's gold holding
:numbers are depressing. Profits have fallen considerably in all directions, Increased 94%, that of France 179%, Germany 192,% Italy 10%, while
and dividends are either being severely reduced or passed althogether. the average increase for what might be called the chief gold standard counSince this kind of thing will go on for some time to come, no immediate tries of Europe was 149%. Taken altogether the other European counImprovement in general market conditions is expected.
tries aside from Russia had a percentage loss of6, the Russian decrease was
On the other hand, the money market has not been seriously disturbed by 68%.
the drain of gold to France. Unless further forward contracts for open
In the United States, the percentage increase of such gold holding was
market gold are made here by Paris, the present movement should come to 179. while Canada's was, according to this statement, a percentage loss
an end within a week or two. Discount rates have stiffened recently under of 42. While Canada's gold holding is not as great as it should be, there
the influence of gold outflow and because of tighter conditions in the short- was no such comparative loss. In the statement Canada is credited with
loan market are again inclined to recede. Credit conditions have again having as of December 31 1912. in the public treasury and banks $138.000.become easier, and immediately ahead lies a period of abundance which 000 gold and specie. On examination of the records of this country we find
usually follows the Government's extensive interest payments at the that figure to be substantially correct. On that date the gold holding was:
beginning of December.
Minister of Finance. $104.076,000: chartered banks (in specie), $33,780,000: total,$137,856,000.
the above-mentioned Bulletin in its tabulation of gold holdings
America's Refusal to Cancel War Debts—Linked to ofBut
Canada on June 30 1930, places the amount at $80.000,000. This is
Depression in Address by Sir Robert Borden, arrived at as follows: Minister of Finance, $68,227,000: in Central Gold
Reserves $12,630.000: total $80,757,000.
Ex-Premier of Canada.
above ignores altogether the gold held by the banks in Canada and
American's refusal to cancel World War debts was linked theThe
gold held abroad by Canadian banks, both of which were included in
the
in
business
depression
United
as
present
States
of 1912. The gold and subsidiary coin held by the Canadian
figures
the
with
one of its contributing causes in an address by Sir Robert banks on June 30 1930, was: In Canada, $47,066,000; abroad. $17,577.000
total $64,743,000.
Borden, Canada's wartime Prime Minister on Nov. 24. An
Holdings Increased Since June 30, Last.
Ottawa,
Ont.,
from
Press
dispatch
Associated
reporting this
Based on practically complete returns, the amount of silver and other
went on to say:
subsidiary coin in possession of the banks in Canada ado elsewhere on th
3452
FINANCIAL CHRONICLE
[VOL. 131.
date mentioned was 316,500,000, leaving a net amount of gold in the pos- over to the Central Government. All governmental industrial
enterprises
session of the banks of $48,143,000. The $48,000,000 with the $80,000.000 should be given the organization of private concerns, submitting
to the
above referred to makes $128,000.000 as the gold holding of the Minister usual publicity. paying taxes at the same rate as private organizations, and
of Finance and the banks on June 30 1930.
charging the normal sales prices. The aim of this policy should be to restrict
If we deduct from the total of $138,000,000 previously mentioned—gold public enterprises to public purposes.
and specie held by the Minister of Finance and the banks on Dec.311912—
"On the other hand, private enterprises should abrogate all collectivistic
an allowance of $10.000,000 (an estimate within the mark) as the approxi- tendencies and never ask for subsidies, nor any other assistance from the
mate amount of silver and subsidiary coin then held by the banks, we have Government. They furthermore should liberate themselves of at least the
the same amount,$128.000.000, od golf held and controlled by the Minister following three spheres of governmental control; of the restrictions in the
of Finance and the banks at the end of 1912 as we have on June 30 1930. regulation of working conditions and wages; of the restrictions
through
Instead of a loss of 42% as set forth in the National City Bank bulletin, dwelling and housing laws; of the restrictions in the production of coal and
there was actually neither gain nor loss between the two dates. The gold potash. Industrial and commercial leaders should take into their own
holding of Canada has,ofcourse, very substantially increased in the interval hands the responsibility for their enterprises, instead of throwing it upon
between June 30 and Sept. 30 1930, as appears from the following holdings; the State. Social legislation, for instance, protection of workers and
By the Minister of Finance
$95,223.000 women is necessary, but the necessity of working productively seta a definite
In Central gold reserves
14,630.000 limit."
Gold and subsidiary coin held by the chartered banks—
In Canada
47,684,000
Mr. Silverberg concludes that the outlined developments
Elsewhere
24,184,000
Total
$181,701,000
If we deduct from this the $16,500,000 of subsidiary coin, we have a net
gold holding of over $165,000,000, or 28% more than the net gold holding
of $128,000,000, on June 30 1012.
Canada Fifth in External Trade.
Canada has now advanced to the fifth place in the volume of its external
trade among the great exporting countries of the world,so that importance
of an adequate gold reserve as an element in protection and furtherance of
that trade becomes more important from year to year. The Gold Delegation of the Financial Committee of the League of Nations in the report
referrred to comments as follows: "The demand for currency depends upon
the volume of production and trade and the transactions to which trade gives
rise. In the absence of any important changes in currency systems, it may
be assumed that future gold requirements willincrease in proportion."
The total foreign trade of Canada for the 12 months ended June 30 last
was more than double the total foreign trade of Canada for the 12 months
ended June 30 1912, while our gold holdings for the two dates have remained
practically stationary, although there has been an improvement of 28% In
recent months.
have to come gradually, but a beginning has at least to
be made now.
Bank Law Liberalized—German Government Removes
Restrictions on New Institutions.
In its Nov. 24 issue the New York "Times" publif,hed the
following from Berlin, Nov. 20:
The German Government has submitted a new bill regulating the foundation of banks. The law of 1925 imposed many conditions on would-be bank
founders and permitted the authorities to prohibit the enterprise if, in
their opinion, the foundation was unnecessary. The authorities will be
allowed to forbid the establishment of a bank only on three specified
grounds—when the founder is unreliable, when he has not sufficient means,
or when important public interests are threatened.
Although this official right to prohibit bank foundations may doubtless
be arbitrarily abused, the bill in principle restores the pre-war system of
freedom for natives and foreigners to open banks, which was practically
abrogated under the law of 1925.
Canada's Gold Reserve Totaled $107,196,000 on Oct. 31,
Swedish Bonds Up on German Money—Reach Record
Against $61,646,225 on June 30 1929.
High Levels in Final Fortnight of October—React
Ottawa adviees to the "Wall Street Journal" of Nov. 25
After Elections.
stated:
The following from Stockholm appeared in the "Wall
Dominion Government's gold reserve on Oct. 31 totaled $107.196,000.
This compares with only $61,646,225 on June 301929. In addition to what Street Journal" of Nov. 25:
the Government holds, banks on Sept. 30, last, held gold to extent of
$14,630,000 in central gold reserve and $55,348,000 elsewhere.
Of the Dominion holding, $104.754,993 is against Dominion notes in
circulation, which amounts to $142,129,481. In addition $38.700.000 notes
are in circulation against other securities.
G. E. Roberts Sees Foreign Investments Remedy for
United States and France Gold Holdings.
The following from Paris is from the "Wall Street Journal"
of Nov. 21:
The only remedy for the disproportionate gold holdings of the United
States and France is foreign investment, which the Bank of France now
realizes, George E. Roberts, United States member of the League of Nations
Gold Commission, said;
"I am glad to hear that the Ministry of Finance is proposing measures
favorable to introduction of foreign securities," said Mr. Roberts, at an
American Club luncheon. "However, one of the most serious obstacles to
free flow of investments is the double taxation of incomes (which exists in
France), which should be remedied."
Mr. Roberts told the American Club that he disagreed with statements of
British economists that the preponderance of gold in the United States
and France would cause a world-wide economic crisis. "The world benefits
from the free flow of capital between the financial centers," he said.
An appreciable part of the capital which has emigrated from Germany
owing to political uncertainties has found its way to Sweden, mostly into
Swedish bonds. All of these attained record high levels during final fortnight of October. With respect to Norway some sections of her people
feared that the general election which took place on Oct. 20 might result
in increased Socialist-Communist representation in the National Assembly,
and this resulted in a pessimism which found expression in some export
of capital, principally to Sweden.
Since that time the trend has been the other way. The Norwegian
elections showed a substantial movement away from the Labor Party,
funds flowed back into the country and gilt-edged issues appreciated by
as much as 2%. In Germany, the victory of the Bruening Cabinet in the
Reichstag had the same effect. Swedish bonds were sold and the resultant
funds were repatriated to Germany.
The whole movement is clearly reflected in Swedish bond prices. In
the case of two typical securities—Swedish government 4%% of 1927,
and Swedish government 5% of 1923, the former were quoted at an average
of about 100% between January and August, and the latter at about 103%.
In September the 4%s touched a then high record of 102%, moving to
103% on Oct. 20, a new record high and declined to 102% by Oct. 28.
The 5s touched 105% in September and advanced to a record high of 106
on Oct. 17 and reacted to 104% on Oct. 28.
In this connection the Bruening Cabinet was known to be safe early
on Oct. 19, while the first results of the Norwegian election were known
late on Oct. 20 the date on which Swedish bond prices reached their peak.
Dr. Paul Silverberg on the Present Economic Crisis in
Germany.
France to Look into Speculation—Deputies Vote for
Dr. Paul Silverberg, one of the leading industrialists of
Inquiry into Banking Charges.
Germany, who is Chairman of the Board of the Rheinische
Vnited Press advices from Paris Nov. 21 to the New
Braunkohlensyndika,t and of the Harpen. Mining Corp., York "Sun" said:
and who is closely connected with the banking house of
The Chamber of Deputies, after a stormy session interrupted by Socialist
A. Levy, Cologne, recently spoke at the German Trans- outbursts which forced temporary suspension of the sitting, approved a
resolution calling for a parliamentary inquiry into charges of speculation
atlantic Club in Hamburg about the present economic crisis by certain French banking interests.
In Germany, its causes and the possibility of its alleviation.
The vote was 585 for the resolution with ten Communist votes against it.
Our exists has been caused and intensified by capital destruction brought
about by war and inflation coupled with the economic, financial and social
policies of the State as well as of private enterprises. Capital destruction
should be understood in a very broad sense. It embraces the production
of everything that is unproductive, unremunerative, or becomes remunerative only after many years. Destruction of capital is therefore effected by
capitalists when they rationalize and mechanize their enterprises to too
great an extent. While sometimes these investments become productive in
time, this cannot be said of certain extravagant investments of the Government. A building program which is not based on a real paying basis is also
capital destruction. For the German body economic the reparation payment
also amounts to real capital destruction. Germany creates about six billion
Reichsmark worth of new capital annually, of which one third is withdrawn
from Germany through reparation payments. It is a mistake to compare the
amount of reparation payments with the total public expenditures of 30
billion Marks which are necessary to keep Government, judiciary, schools,
public welfare, &c. going.
The sound working of the economic system cannot be reestablished
through a new economic revolution. The political phantasies of the extreme
right parties should not be permitted to disturb the national economy.
Rather is unperturbed progress necessary at the present time, and the discontinuation of all destruction of capital values. Because of the necessity
to privide for the unemployed, most of whom are anxious to work, it is
Particularly important that public finances are definitely and speedily put
in order, by the utmost economy in public expenditures, and that at the
same time the administrative and other functions of the Reich and the
constituent States are reorganized. The control over income and expenses
of all public bodies, in particular of the municipalities. should be turned
A charge that "32 members of Parliament, including several high Government officials," were involved in the recent speculation scandal surrounding
the closing of the Oustric Bank was made by Edouard Daladier of the
radical Socialist party. The charge caused a sensation and the Deputies
demanded Daladier make public the names of the men he said were involved. He refused.
Although Premier Andre Tardieu had previously indicated his intention to make Government opposition to the resolution a vote of confidence, various factions, including his own party, urged him not to risk
the defeat of the Government on the vote and-he heeded to their pleas.
The inquiry, which involves the recently closed Oustric Bank, must
be confined to political and not judicial phases of the speculations. Raoul
Peret already has resigned from the post of Minister of Justice because of
charges that he was indirectly involved.
Minister of Justice Cheron, who succeeded Peret in an effort to strengthen
the Cabinet, formally announced that the Government accepted the resolution calling for an inquiry, and said a vote of confidence would not be
posed.
"We welcome the inquiry in the Oustric affair and similar affairs,"
said Cheron. "We hope it purges the financial market. However, we
oppose any parliamentary meddling in the courts, as first proposed."
Dividend of Banque Beige Pour L'Etranger.
The New York Agency of the Banque Beige pour l'Etranger
has received a cable from its head office in Brussels advising
that at the annual general meeting the same dividend as
Nov. 29 1930.]
FINANCIAL CHRONICLE
3453
last year, 10% exempt of taxes, was declared for the year
$700,000 Polish Bonds Called for Redemption.
ended June 30 1930. Net profit was 29,400,436.42 frs.,
Dillon, Read & Co., as sinking fund trustee, announce
the reserve fund was increased by 10,000,000 frs. and now that $700,000 of the Republic of Poland 25-year sinking
stands at 130,000,000 frs.
fund external 8% bonds, dated Jan. 1 1925, have been
drawn by lot for the semi-annual redemption. Bonds so
French Chamber Approves Loans for West Africa and designated are payable at their New York office on Jan. 1
Indo-China.
1931 at 105% and accrued interest.
In its Nov. 20 issue the "Wall Street Journal" has the
Charles S. Dewey, American Financial Adviser to
following to say in Paris advices:
Poland, Ends Three-Year Term, Reviews Country's
The Chamber of Deputies has approved the Government's project for
colonial loans totaling 4,000,000,000 francs to be issued in Installments,
Stabilization Plan,
including r. 1,570,000,000 for West Africa and fr. 1,250,000.000 for IndoCharles S. Dewey, who on Nov. 19 completes a three-year
China. The Government has introduced additional bills authorizing a
fr. 747,000.000 loan for Equatorial Africa and a fr. 556,000.000 for other term as Financial Adviser to the Polish Government, has
colonies.
issued his final report for the period, in which he states that
Polish program of stabilization, which
Premier Tardieu of France Urges Cuts in Retail Prices— the adequacy of the
has been proved. An esTells Dealers That Prosperity of Country Demands went into effect Nov. 20 1927,
plan was the flotation of
stabilization
the
of
feature
sential
Lower Costs to Consumers.
a $72,000,000 foreign loan, known as the Stabilization Loan
Premier Tardieu of France, according to a Paris cableof 1927, which supplied the necessary funds for the accomgram to the New York "Times" struck a popular note with
plishment of the financial reforms envisaged by the plan
the whole country on Nov. 25, when, addressing the Federand provided the Bank of Poland with sufficient foreign
ation of Retail Dealers, he said:
exchange to protect the currency in the event of a heavy
"It is your duty and it Is in your interest to reduce your prices as much
adverse trade balance or other factors which might drain
as possible."
He admitted that the retail dealer in France was perhaps more heavily unduly its reserves. The program also provided for the
taxed than any other member of the community and that he was suffering
election of Mr. Dewey for a term of three years as a member
from high rents and exaggerated good-will payments. But he reminded
also that the difference between wholesale and retail prices in this country of the Council of the Bank of Poland and as financial adviser
was so marked that the public had begun to boycott shops.
of the Polish Government.
"It is directly and tremendously in your interest to encourage turnover
Reviewing the Polish financial situation, Mr. Dewey
even by reducing prices," he said,"and not to send the buying public away
pointed out that the total public debt of the country to-day
sulking."
Referring to the Bourse situation. the Premier said it should be a warning amounts to $512,139,000, or approximately $17 per capita.
that high prices were not a true index of prosperity. Buyers and investors
foreign borrowings during the
were becoming cautious and thinking more than once before they bought, Of Poland's total long-term
he declared.
10 years of new independence, approximately $250,000,000
"Prosperity," he said, "does not signify easy Money. It signifies work, was for relief supplies immediately following the war, and
perseverance, conscience, order and courage."
is owing to the United States and European countries. An
amount of $36,000,000 was for liquidation of old AustroPortuguese Bank Closes.
Hungarian debts and about $57,000,000 was sued in conFrom the "Wall Street Journal" we take the following nection with the stabilization plan, leaving a balance of
(United Press) from Lisbon:
$118,500,000 available for rehabilitation and construction
The Henrique Figueira Silva Bank of Funchal has suspended operations. work in the country. The balance of the cost has been expended out of the Government's profit, derived from the
of the old Polish marks and out of the normal
nflation
in
Banks
Suspend
Northern
Three
Italy—Closing Declared in Line with Mussolini Policy to Eliminate State revenue which consists of receipts from taxes and
earnings of State monopolies and enterprises. In his reUnsound Institutions.
From the New York "Evening Post" we take the following port Mr. Dewey says:
Although the condition of business to-day in Poland is not satisfactory,
Associated Press cablegram from Rome Nov. 26:
the Government finances are sound, due as much as anything to the policy
Three moderate sized banks with a total capital reserve of $1,200.000
have closed in northern Italy.
Toe largest, the Credit., Benito, has 65 branches. The other two are
the Credit() Polesano of Rovigo, with a capital surplus of $368,000, and
the Banco. Della Venezia Giulia, with a capital surplus of $315,000 All
asked to be liquidated, the Trieste bank proposing a 40% settlement.
Financial circles said the closing of these banks was in the nature of the
house-cleaning recently advocated by Premier Mussolini, to close unsound
institutions.
of the Government in maintaining a balanced budget in the face of declining revenues by reduction in Government expenses, particularly for
Investment purposes. The policy of the Government in meeting the
most pressing needs of economic reconstruction and fortitude of Polish
citizens in bearing heavy taxes for this purpose can only be commended,
but it would appear that the most pressing needs have been met and reconstruction has progressed to that point which, If not complete, nevertheless satisfies the present normal demands of the State.
Poland to Get Loan on Match Deal.
Italian Landlords Cut Rents.
of Nov. 15 the New York "Times" reported
date
Under
United Press advices from Rome, published in the "Wall
following from Warsaw (Associated Press):
the
Street Journal" of Nov. 24, said.
Matuszewsld, Minister of Finance, to-day announced
Rental prices throughout Italy will be reduced about Dec. 1,including the
rents on apartments, houses and offices, the Landlords' Association announced, in connection with Premier Mussolini's recent move to cut the
cost of living by reducing Government-paid salaries.
The reduction of rentals will not have the effect of a law, but members
Of the Association may be expelled if they do not conform.
Colonel Ignaz
negotiations has almost been completed with the Swedish-American Match
Co. for a lean in return for which the Government would grant the company a prolongation of its monopoly rights. It was understood unofficially the loan would amount to £6,000,000 ($30,000,000), and that the monopoly be extended 15 years from its expiration in 1940.
Polish Match Agreement Extended.
Wage and Food Price Cuts in Italy—Business Men to
The "Wall Street Journal" of Nov. 18 carried the followFollow Mussolini Example to Lower Living Costs.
ing United Press account from Warsaw:
The present financial arrangement between Poland and the Rreuger
The New York "Evening Post" in Associated Press acMatch Trust of' Sweden has been extended until 1965, the Ministry of
counts from Rome, Italy, Nov. 20 said:
Finance announces. Poland will be loaned $32,400,000 at 634% interest.
Premier Mussolini's insistence that the cost of living in Italy be lowered
is taking effect in wage cuts and reduced food prices.
Bread, it is announced, will be cheaper shortly in a number of cities,
and authorities throughout Italy are putting pressure on bakers. Their
action is expected to be followed with a similar policy soon toward purveyers
of other foodstuffs.
Taking their cue from the Government's 12% cut in salaries of Government employees Tuesday, newspapermen of Milan last night volunteered
to reduce their own wages on an average of about 10% as an example to
Private industry.
Many businesses are said to be contemplating simultaneous wage cuts
and reductions in prices in conformity with the Duce's declaration that he
would urge business to join the Government in cutting costs.
Rumanian Crop-Moving Credit,
From Paris the "Wall Street Journal" of Nov. 24 reported
the following:
Rumanian banks have accepted 200,000.000 franc crop-moving credit
offered by French banks with American participation through the Rumanian National Bank. Credit, which is redeemable at the latest in nine
months,is understood to be costing about 5%.while farmers are paying 9%•
Old Russian Notes Held by National City Bank of
New York—Bank Answering Suit, Reveals $4,435,000 Debt of Kerensky Regime—Counter Claim
Filed—Judgment Asked After Russian Agents
Demanded $115,333 Balance of Deposits.
From the New York "Times" of Nov. 23 we take the
following:
Since May 11917.the National City Bank has held $4,435.000 in treasury
notes of the old State of Russia. the Kerensky Government, which was
succeeded by the Soviet Republic, the bank, through its attorneys, Shearman & Sterling, revealed yesterday in answering a suit for 8115,333 rued
against it in Federal Court, on June 30 1928, by agents of the defunct
Government.
The notes. according to the defendant, which demands a judgment
against the State of Russia on the amount in question, minus the sum
sued for, were due May 1 1928, but the date of their payment now is described as beyond the realm of conjecture.
The suit against the bank was filed by Coudert Brothers, as attorneys
for the State of Russia. In the complaint, it is stated that B. A. Balkh.
3454
FINANCIAL CHRONICLE
meteff, the representative here of the Government and who was later
succeeded by S. Ughet, deposited $449,125, in three amounts with the
Bankers' Trust Co. in 1917.
On Aug. 13 1918, according to the complaint, the plaintiff had a balance
of $115.333 in that bank which was transferred to the National City Bank.
The latter bank, it was charged, declined to pay this balance on the contention that the old Government no longer existed when it was taken over
by the Soviet.
Until the answer to the suit was pled yesterday the position of the
present Russian Government, it was said, has been that it was the logical
inheritor of the bank's alleged debt to the State of Russia.
The National City Bank In this answer asks the Court to declare that
it holds a lien against the amount of the deposit, with interest which has
brought the total to approximately $155,000. and to permit it to apply
that amount to a set-off against the face value of the bonds, granting
judgment to the defendant for the balance.
Attorneys for the Soviet Government attempted to intervene in the
early days of the suit as claimants for the amount demanded, but it is
not believed now that they would volunteer to play the role of attorneys
for a judgment debtor.
Bonds of Hungarian Consolidated Municipal Loans
Drawn for Redemption.
Speyer & Co. announce that the eighth sinking fund drawing, amounting to $90,000 bonds of the Hungarian Consolidated Municipal 7% Loan of 1926, and the 11th sinking
fund drawing, amounting to $161,500 bonds of the Hungarian Consolidated Municipal 73/2% Loan of 1925, have
taken place and that bonds so drawn will be payable on and
after Jan. 1 1931 at par at their office, 24 and 26 Pine Street,
Now York.
Danish Consolidated Municipal External Bonds Due
Feb. 1 1946 to Be Redeemed Feb. 1 1931.
All Danish Consolidated Municipal Loan 25-year 8%
sinking fund external loan gold bonds, series A and B, due
Feb. 1 1946, and outstanding on Feb. 1 1931, will be redeemed, according to a notice sent to holders by the National
City Bank of New York, fiscal agent. The amount involved
in the redemption is upwards of $10,000,000 and the redemption price will be 1073/2. Payment at that price will be
effected upon presentation and surrender of the bonds, with
subsequent coupons attached, at the head office of the National City Bank of New York, 55 Wall St., on or after Feb.
1 1931, after which date interest on these bonds will cease.
It is pointed out that by virtue of the redemption of these
bonds, Denmark joins the ranks of those European nations
which have made sufficient economic and financial progress
during the past decade to enable them to redeem outstanding high-coupon dollar issues without resort to financing in
the American market. France, Belgium, Czechoslovakia,
Sweden and two Swiss cities already have taken advantage of
improved domestic credit facilities to redeem dollar loans
offered to American investors shortly after the close of
European hostilities when high-coupon rates were necessary
to induce investors to exchange their surplus funds for foreign
bonds.
The Danish Consolidated Municipal Loan was issued for
$15,000,000 aggregate principal amount with the unconditional guaranty of the Kingdom of Denmark in January
1921, when Danish currency was greatly depreciated. The
bonds were offered at that time by a syndicate headed by
the National City Co. at 98 to yield 8% to maturity, but
original holders will have received a return of 8%% on their
investment to the redemption date. The Danish municipalities also have benefitted for in the interval the exchange
value of the Danish currency has steadily improved until
quoted at mint parity. Consequently, considerably less
Danish kroner are required to repay the same amount of
dollars borrowed in 1921. The necessary funds have been
obtained in part through loans from leading Danish insurance
companies, including the State Institution for Life Insurance,
"Hafnia," and the Danish Peoples Insurance Co., at costs
reported to amount to about 5%, against a nominal interest
rate of 8% on the issue about to be redeemed.
A. Iselin & Co. Review Financial Situation in Peru
and Bolivia.
Reviewing the financial situation in Peru and Bolivia, A.
Iselin & Co. in their current Latin American bulletin state
that the present condition of these nations is difficult because
national credit has been used practically to the full in recent
years of expansion. The current decrease in their public
revenues—never more than sufficient for expanding requirements of communities that need much in the way of modern
equipment for communications, education and sanitation—
is said to have faced their governments squarely with the
necessity for drastic retrenchment in expenditures in order
to meet the service on their debts. The review also says:
[VoL. 131.
There is no doubt that a marked financial stringency will be experienced
in Peru before matters can be adjusted to new conditions, but with a
return towards normal world conditions, Peru should enjoy relative
prosperity.
Bolivia is said to face serious economic difficulties, the
solution of which depend primarily on developments in the
tin industry. It is added that in ordinary times tin ticcounts
for nearly 70% of the value of the country's exports. With
the present low price for this metal, few if any mines are
able to do better than choose between the evils of complete
suspension and continued operation on the most economical
basis possible.
Bonds of Mortgage Bank of Chile Drawn for
Redemption.
Kuhn, Loeb & Co. and the Guaranty Trust Co. of New
York, as fiscal agents, announce to holders of Mortgage
Bank of Chile guaranteed sinking fund 6%% gold bonds,
due June 30 1957, and guaranteed sinking fund 63
4
4% gold
bonds of 1926, due June 30 1961, that $133,000 principal
amount of the 6
and $96,000 principal amount of the
63As have been drawn by lot for redemption at par on Dec.
311930. Drawn bonds will be paid upon presentation and
surrender with all interest coupons maturing after Dec. 31,
next, at the office of Kuhn, Loeb & Co. or the principal
office of the Guaranty Trust Co. Interest on drawn bonds
will cease on the redemption date.
Brazil Abolishes Stabilizing Board—Sends London
Gold.
In a London message (copyright) Nov. 28 the correspondent of the New York "Evening Post" said:
The Calxa de Establlizacao of Brazil has been abolished by order of the
provisional Government and the gold it held will be transferred to London,
reports the Rio de Janeiro correspondent of the -Times"who adds that the
Bank of Brazil will assumed the functions of the Caixa. For the purpose
of guaranteeing an emergency note issue, the Government Is said to have
authorized the freeing of £1,000,000 in gold which will be remitted to
London.
Curb on Brazilian Banks is Lifted.
The New York "Times" reports the following (Associated
Press) from Rio de Janeiro, Nov. 26:
All banks, both Brazilian and foreign, to-morrow will resume operations
in exchange, an activity forbidden to them since shortly after the beginning
of the Brazilian revolution last month. Only the official Banco do Brasil
has been handling foreign commercial paper since Oct. 6.
Cuban Censorship Ends.
A cablegram Nov. 27 from Havana to the New York
"Times" said:
All Cuban newspapers and magazines will resume publication to-morrow
morning without censorship. All censorship has also been removed by
President Machado on telephone and cables.
Business Slump Hits Siam—Exports Fall Off, but
Agriculture, Chief Industry, Little Affected.
A dispatch as follows from Washington Nov. 23, is taken
from the New York "Times":
Business depression has extended even to Siam, Prince Amoradat Kridakara, Siamese Minister here, said to-day In telling of the drop in his
country's exports. The effects, he added, have not been as serious as in
some other parts of the world, because of the agricultural nature of Siam.
"Recessions in our exports of rice, rubber, tin and teak and other woods
are reported," he said. "The general effect. however, Is not serious,
because our 11,000.000 people are mostly agricultural. Rice constitutes
70% of our export trade, and, it being perhaps the cheapest food in the
Orient. consumption is steady, regardless of conditions."
Emergency Fund of $250,000,000 for Highway Building
Proposed to President's Emergency Unemployment
Committee by Group of Road Executives—Temporary Departure From Required Matching of Funds
by States Also Suggested.
An emergency appropriation of $250,000,000 by the Federal Government for road construction was recommended
Nov. 21 to the President's Emergency Committee for Employment by the American Association of State Highway
Officials, the Committee announced on Nov. 21.
The Association also urged that advances to the States be
permitted without immediate matching of the funds with
State moneys as has been required in the past the funds to
be matched by future State revenues. The Committee's
statement as given in the "United States Daily" follows:
An emergency Federal appropriation of $250,000,000, to be used immediately for aid in constructing public highways, was urged to-day by a
group of five delegates speaking officially for the American Association of
State Highway Officials at a conference with the President's Emergency
Committee for Employment. This is revealed in a statement Issued by the
office of Col. Arthur Woods, Chairman of the Committee.
This recommendation, offered in view of the existing slackness of work
due to drouth and industrial depression, was accompanied by a further
Nov. 29 1930.]
FINANCIAL CHRONICLE
recommendation that the Federal Aid Act of 1916 be amended to permit the
States to a maximum of 50% of the cost of construction instead of a maximum of $15,000 per mile, as now provided.
The delegation appearing before the Emergency Committee further urged
that the emergency appropriation of $250,000.000 be accompanied by congressional action permitting an advance of funds to the several States to be
used in lieu of the State funds which, under the existing law must be matched
with Federal aid; provided, however, that the respective States agree to
match the funds out of their future revenues and that the Federal advances
be charged against future allocations under the existing law.
If the recommendation of the State highway official were to be accepted
by Congress it would mean that a total of $375,000,000 might be expended
out of the U. S. Treasury for aid in road building, since available balances
up to $125,000,000 per year can be used under the plan of Federal and State
co-operation now in force.
The delegation which came to Washington especially for this conference
with the Emergency Committee had been appointed to the annual convention of the American Association of the State Highway Officials which has
just been held in Pittsburgh.
Heading the group was the President of the Association, Henry H. Blood,
Chairman of the State Road Commission of Utah. The other four delegates
were W. C. Markham, of Washington. D. C., Executive Secretary of the
Association; Grover C. Diliman, Commissioner of Highways of Michigan;
L. H. Wentz. Chairman of the Highway Commission of Oklahoma, and
Samuel Eckels, Chief Engineer of the Pennsylvania Department of Highways.
The recommendations which they presented were based on resolutions
passed Nov. 19 by the American Association of State Highway Officials at its
convention in Pittsburgh.
No official comment on the recommendations was issued by the President's
Emergency Committee, but it is known to regard road construction as a
practical and economical means of furnishing relief through added employment.
National Drouth Relief Conference Asks Emergency
Legislation by Congress—Additional Road Appropriation of $50,000,000 Sought—Loans for Farmers
in Drouth Area Also Asked. •
The National Drouth Relief Conference which met
Nov. 20 at the U. S. Department of Agriculture included
representatives from 20 drouth-damaged States and of the
following organizations: The U. S. Department of Agriculture, the Federal Farm Board, the ,Federal Reserve
Board, the Federal Farm Loan Bureau, the American Red
Cross, and the American Railway Association. In the
closing session of the conference the members adopted resolutions which recommend Congressional legislation, general
enrollment in the Red Cross, and express appreciation of
the contribution to drouth relief which the railways have
made by reducing rates on shipments of feed into and of
livestock out of the drouth-stricken counties.
Recommendations for Federal legislation include provision of crop production loans for next season to be administered by the Secretary of Agriculture; appropriation
of a $50,000,000 special road fund for use in drouth States
and to be repaid by annual deductions from normal Federal
road appropriations; and provision for payment of the
salaries of extension workers in drouth-stricken counties.
The resolutions adopted by the conference follow:
Whereas. the United States during recent months has been visited by
the most widespread and disastrous drouth in our history, extending from
the Atlantic Coast to the Rocky Mountains;
Whereas, production of feed and hay crops over wide areas has been
materially decreased so that cash income of farmers has been depleted and
unusual expenditures for feed and food have been and will continue to be
necessary;
Whereas, although farmers are practicing unusual economies and State
and local agencies are mobilizing their resources to the full to provide assistance, activities which we commend most highly; and
Whereas, notwithstanding the largest possible use of local resources,
credit facilities throughout the drouth area will fall short of the needs
of crop production.
Be it resolved. That the National Drouth Conference urge the Congress
of the United States to enact such appropriate legish don as will authorize
loans to f rmers in the drouth area, for crcp production in 1931, for seed
of suitable crops, fertilizers, feed for livestock, and for such other purposes
of production as may be prescribed by the Secretary of Agriculture that
funds be appropriated by Congress in such amount as may be required for
such loans, and that the Conference urge the Congress to pass the necessary
legislation at the earliest possible date.
For the relief of unemployment in the drouth area we recommend that
Congress enact an additional road approriation cf $50,000.(00 to be distributed to the drouth designated States by the Secretary of Agriculture
without the necessity of matching such appropriation by a State receiving
the same, and to be repaid by each State by an annual deduction from tile
normal Federal road appropriation over a period of ten years.
Whereas, the drouth has brought about widespread suffering throughout
more than one thousand counties; and
Whereas, the need for food, nothing and fuel in rural areas will tax the
charitable organizations; and
Whereas, the American Red Cross has already extended extensive relief,
Be it resolved. That the National Drouth Conference urge the people of
the United States to contribute liberally to the American Red Cross to
enable that organization to meet the relief problems in drouth-stricken areas.
Whereas, the county extension agents are most essential in the development and rehabilitation of agriculture in the drouth-stricken area; and
Whereas, many counties are unable to collect sufficient taxes to meet
current expenses,
Be it resolved, That the Secretary of Agriculture be urged to request
Congress to provide sufficient funds to relieve the drouth-stricken counties
of their share of the cost of maintaining the extension agents to June 30 1932.
Whereas, the rallrotds of the United States have granted reduced railroad
rates on hay and feed into and livestock out of more than 1.000 drouthstricken counties and have moved more than 60.000 cars on these reduced
rates at a great sacrifice of revenue and a material saving to farmers,
3455
Therefore, be it resolved. That the National Drouth Conference express
to the railroads of the United States its appreciation of the very substantial
contribution to the drouth relief work.
Drouth Relief Costs $111,000,000—Expenditures Do
Not Include Agriculture Department's Request
for $125,000,000.
From the "Wall Street Journal" of Nov. 25 we take the
following from its Washington bureau:
Total expenditures for drouth relief requested by the Chairman of the
State drouth relief committees of the coming session of Congress are estimated at about $111 000,000. The figure does not include the request
of the Department of Agriculture already recorded that Congress make
available immediately the $125,000,000 appropriation for Federal aid
roads for the fiscal year 1932. Without specirl legislative authorisation
that sum could not be expended before July 11931. State Chairmen urged
upon Congress that loans to firmers be authorized for seed, fertilizer and
feeding. Although no specific sum was requested, the consensus of opinion
was that $60.000.000 would suffice.
For the relief of unemployment in the drouth area it was recommended
that Congress enact an additional road appropriation of $50,000,000, to
be distributed to designated St-tea without the necessity of matching such
appropri tions at once, doll 1r for dollar, with States funds. The Federal
Government would be repaid by an annual deduction from the ncrmal
Federal appropriation that would be otherwise given, over a period of ten
ye rs.
Following the turn of business for the worse in 1929. Congress raised
the Federal contribution for roads to $125.000,000 annually from $75,000,000. If the latest proposal were enacted. the United States Government
would pay $175.000,000 a ye,r for road building.
In addition, State drouth Chairmen have recommended that Congress
establish a fund for paying local contributions to s..1 ries of extension
agents in agriculture, where revenue prospects of drouth-stricken counties
will not permit State and county support.
The Federal Government pays, in general, about 30 or 35% of their
salaries. The additional cost would not exceed $1,000,000.
Coarse Grains Advisory Committee of Federal Farm
Board Endorses Action of Grain Stabilization Corporation in Re-entering Wheat Market.
In a report submitted to the Federal Farm Board on
No .18 the Coarse Grains Advisory Committee of the Board
states that it (the committee) "strongly endorses the recent
action of the Grain Stabilization Corporation in re-entering
the wheat market to prevent further declines in wheat
prices." The report besides discussing wheat stabilization
also deals with the feed shortage, prices of coarse grains,
tariff considerations, &c. The report was submitted to the
Farm Board during a meeting of the committee in Washington Nov. 17 and 18. In full the report follows:
Washington, 7). C., Nov. 18 1930.
To the Chairman and Members of the Federal Farm Board:
Pursuant to the call of the Federal Farm Board, in accordance with the
provisions of the Agricultural Marketing Act, your Coarse Grains Advisory
Committee met at the offices of the Federal Farm Board in Washington,
D. C., on Nov. 17 and 18 1930.
S. R. McKelvie, Grain Member of the Federal Farm Board, called the
meeting to order for the purpose of organization. There were present the
following, who signified their willingness to serve in accordance with their
appointment;
S. J. Cottington, President of the Farmers' Grain Dealers' Association of
Iowa, Stanhope, Iowa.
Wayland Magee, President of the Nebraska Crop Growers' Association.
Bennington, Neb.
George S. Milner, Vice-President and General Manager of the Farmers'
National Grain Corporation, Chicago, Ill.
James Murray, Vice-President of the Quaker Oats Co., Chicago, Ill.
Sam II. Thompson, President of the American Farm Bureau Federation,
Quincy, Ill.
Two appointees to the committee were absent:
C. E. Huff, President of the National Farmers' Educational and Co-operative Union, Chicago, Ill.
L. J. Taber, Master of the National Grange, Columbus, Ohio.
The committee organized by electing Mr. Thompson, Chairman, and
Mr. Milnor, Secretary.
At this first meeting of the committee the time was too short for adequate
consideration of the many important subjects within its field; but the committee feels justified in making this provisional report.
The Feed Shortage.
The outstanding facts in the feed grain situation are, first, the great
and
of
feed
grains as a group; and second, the low prices
shortage of corn
prevailing in the face of this shortage.
The corn crop is the smallest since 1901; it is 520 million bushels smaller
than last year and only 88% of the 1924-28 average. While crops of oats
and barley are somewhat larger than last year, the supply of the three principal coarse grains is only about 89 million tons as compared with the moderate supply of 100 million tons last year. The less important crop of grain
sorghums is only 84% of last year's small crop and 66% of the 1924-28 average. The position is further accentuated by short crops of hay.
A partial offset to this reduction in feed grains and hay is the existence
of unusually liberal wheat supplies, including carryover and new crop.
Rye supplies also are larger than usual, though very small as compared
with other grains. Even if supplies of wheat and rye are added to the
coarse grain supplies, the total is appreciably below what the country has
been using up in each of several recent years.
Prices of Coarse Grains.
Coarse grain prices in the United States are very low in view of the feed
the great reduction in crop, is cheaper than
despite
corn,
shortage. Even
in corresponding periods last year. This is due in part to unusually low
prices of wheat, for which a number of conditions are presumably responsible, including liberal carryovers, import restrictions in European countries,
Russian shipments, the wcald business depression and a severe decline in
world price levels. The extreme depression in prices of corn and barley in
other exporting countries is due in part to the same factors, in the face of
3456
FINANCIAL CHRONICLE
[VoL. 131.
the fact that world crops of barley and corn outside the United States are not enter this country. Both the Winnipeg and the Liverpool prices are
below those at Chicago.
smaller than the large production in 1929.
Prices of coarse grains, low as they are, are considerably higher here than
Mr. Legge and Secretary Hyde insisted that the only permanent solution
In most foreign countries. The spread between Chicago and Buenos Aires of the surplus wheat problem would be found in acreage reduction to
prices of corn is around 35 cents. The spread between Minneapolis and bring production near a domestic basis. Mr. Legge insisted, it is underWinnipeg prices of barley is around 20-25 cents. The tariff on corn, re- : stood, the Stabilization Corporation did not have as its aim to increase
cently raised to 25 cents a bushel, is effective in restricting imports to small the price of wheat or cotton, but seeks merely to stabilize it. To increase
proportions and to an unusual degree In keeping domestic prices above the price, it was pointed out, tended to increase the surplus in the years
world levels. The tariff on barley, 20 cents a bushel,is not preventing larger following.
Imports than usual from large stocks in Canada, but helps to prevent domesIt is said that Senator Heflin of Alabama, suggested at the conference
tic prices from sinking to the extremely low levels prevailing in Canada. that cotton be stabilized at around 20 cents a pound, or nearly twice the
Duty-paid imported corn is cheaper than domestic corn at points on the present market price.
seaboard. Even small imports of corn, barley, oats and mill feeds exert
The Committee was virtually unanimous in favor of voting large sums
a depressing influence on prices in certain areas probably to a degree to the Board to continue the
stabilization operations indefinitely. However,
greater than actual importations would justify.
no one offered any suggestion as to how the Board would dispose of the
more than 100,000,000 bushels of wheat and the 1,300,000 bales of cotton
Tariff Considerations.
Attention is directed particularly to certain inequalities in our present controlled by the Stabilization Corporation.
In addition to the more than 100,000,000 bushels of wheat held by the
tariff laws. For instance, whereas wheat carries a duty of 42 cents per
bushel or $14 per ton of 2,000 pounds, milifeed carries a duty of 10% Stabilization Corporation, C. E. Huff, President of the Farmers National
Grain Corporation, told the conference that his central co-operative marad valorem, which at present prices amounts to about $2 per ton.
The committee is aware that exhaustive studies must be made by the keting organization had 10,000,000 bushels of wheat.
Tariff Commission before it can take action looking toward readjustment
The Conference of Agricultural leaders was called on
of rates. In the committee's opinion such studies should be started without delay with a view to determining what adjustments and improvements Nov. 17 by Chairman McNary of the Senate Agricultural
may be made in schedules relating to coarse grains, millfeeds, mixed feeds, Committee. Senator McNary invited to the conference
and their substitutes.
The committee recommends that the Treasury Department of the United Secretary Hyde, Chairman Legge of the Farm Board;
States should safeguard the interests of domestic producers of coarse grains L. J. Tabor, master of the National Grange; C. E. Huff
by levying the maximum duty on all mixtures of feedstuffs. In this con- of the Farmer's Union, and S. H. Thompson, President
nection attention is called to the possibility of imports of partly damaged
wheat, entered as unfit for human consumption, which might be dried or of the American Farm Bureau Federation.
otherwise processed so as to be made fit for human consumption after it
In calling the conference he said.
has been imported. In certain instances oats have been designated as
"Discussion concerning the farm problem continues, and many sugges"screenings" so as to evade the payment of full duty. Similar evasions tions have come to me as Chairman of Senate Committee on Agriculture
are possible with other feed grains and feedstuffs. It is suggested that in and Forestry about legislative relief. The subject is so important and the
such cases the inspections and rulings of the Treasury Department should condition of the farmers of the country so distressful that in my opinion
be made so as to protect producers in the United States against such evasion an informal discussion of the subject should be had before Congress
of the tariff laws.
convenes December 1.
"The meeting will be executive in character, not to exceed two days
Adjustments to Feed Shortage.
A number of adjustments are being made to meet the shortage of coarse in duration, called in the confident belief that a conference on this subject
will
be productive of good to the industry and probably determine whether
grains and hay. Wheat is being fed on farms very generally, to an extent
that can not yet be closely ascertained, but that Is known to be very ex- we should press forward with additional legislation."
tensive. Despite the competition of wheat with coarse grains, this supThe conference opened on Monday, Nov. 24. Members
plementary use of wheat in feed rations impresses the committee as sound
national policy in the present juncture. Exports of feed grains will be of the Committee at the hearing, in addition to Senator
small. During the drouth period some reduction in livestock feeding took McNary, were Senators Norris of Nebraska, Capper of
place, and this is expected to persist in some areas; but in the past few week;
Kansas, Townsend of Maryland, Frazier of North Dakota,
the evidence points to increased utilization of total feed supplies. If
the wheat available continues to be adequately utilized, no large reduction Shipstead of Minnesota, Heflin of Alabama, Wheeler of
In feeding operations will be necessary. More stability in the grain markets Montana, Thomas of Oklahoma and Caraway of Arkansas.
will tend to promote normal feeding operations.
Wheat Stalnlization.
The committee strongly endorses the recent action of the Grain Stabilization Corporation in re-entering the wheat market to prevent further declines in wheat prices, under the influence of foreign markets, to an extent
unwarranted by domestic conditions. Declines in wheat prices have carried
down prices of coarse grains. A check to this decline has been essential if
coarse grain prices are to show the strength warranted by the feed shortage this year.
Corn Sugar.
The committee recognizes the extent to which economic evolution and
national policies have restricted certain outlets for coarse grains, and the
importance of developing new outlets for these products. It is advised
that existing regulations under the Food and Drugs Act are unduly restricting a reasonable outlet for corn sugar, a wholesome product made from corn.
The committee desires to express to the Secretary of Agriculture its opinion
that these regulations should be modified so as to remove this restriction.
Respectfully submitted; Sam II. Thompson, Chairman; S. J. Cottington,
Wayland Magee, James Murray, George S. Milner (Secretary).
With reference to the hearing on that day the "Times"
said.
Unanimous agreement of the Senate Agriculture Committee with the
Farm Board's stabilization program through the purchase of wheat for
withdrawal from the market was announced by Senator McNary of
Oregon, chairman, following a meeting of the committee today.
• • •
The Farm Board plans to maintain the price of wheat at about 76 cents
a bushel, Chairman Legge was reported to have testified, this being 22
cents above Liverpool quotations or almost exactly the difference which
would accrue to farmers under the proposed export debenture.
A second phase of the board's plan, Mr. Legge testified, involves a
reduction of wheat acreage by 20% to eliminate the surplus, but to this
plan Senator Norris disagreed, saying:
"Personally I have no faith in that scheme. It appears to me that
with every one limiting crops, a bad season would be a national calamity.
Also, I can see no way to limit wheat acreage outside of a legislative
act, and no legislative body in this country has the constitutional authority
to pass such a law."
Secretary Hyde was said to have advanced proposals for changing the
law relating to trading in wheat futures to obtain more definite Federal
control over the exchanges. The proposal is in line with a pending bill
drafted by Senator Caraway and also with suggestions advanced by Mr.
Legge.
Senator Caraway said he hoped for favorable action on his measure,
under which a buyer or seller of futures would be required to deal only
in contracts involving actual wheat in the field or stored in elevators.
The measure is aimed to check short selling, but permit legitimate hedging
operation.
Senator McNary said that the committee is considering proposals advanced by Senator Capper and William Gibbs McAdoo that 50,000,000
bushels of 100,000,000 bushels of wheat bought by the Farm Board be
given to the unemployed. He said that Mr. Legge had explained that
this could only be done through Congressional action, such as an appropriation whereby the wheat might be purchased from the board by the
government and given to the Red Cross.
Conference on Farm Situation Called by Senator McNary
—Chairman Legge of Federal Farm Board and Other
Agricultural Interests Heard—Board's Paper Loss on
Wheat and Cotton Placed at $65,000,000—Board's
Wheat Holdings and Stabilization Price.
Through its operations in stabilizing the markets during the last year, the Federal Farm Board has incurred
on paper a loss of about $25,000,000 on wheat and $40,000,000 on cotton, it was stated today by some of those who
attended the secret conference on Nov. 25 between farm
leaders and the Senate Committee on Agriculture. The
New York "Times" which states this in special advices
Continuance of the Federal Farm Board's grain price
from Washington Nov. 26 further reported the hearing stabilization activities, centering around the purchase of
on the 26th as follows:
more than 100,000,000 bushels of wheat for withdrawal
The informants gained the impression from Chairman Legge of the
market, was approved on Nov. 25 by
Farm Board, that the 100,000,000 bushels of wheat which the Board from the domestic
no'' controls was brought at prices ranging from 69 cents to $1.25 a spokesmen of three leading farmers' organizations who
bushel, and that Mr. Legge would like to stabilize wheat at between appeared at a hearing of the Committee said the "Times"
73 and 76 cents. The price of wheat at Chicago is now 76 cents. Farm
dispatch of that date, which further indicated the day's
Board representatives today denied that Mr. Legge had fixed any definite
price for wheat, on the theory that to do so would tend to prevent an testimony as follows:
advance.
Senator Thomas of Oklahoma, suggested to Mr. Legge that the domestic price of wheat might be seld at $1 a bushel if the Stabilization
Corporation would buy 25,000,000 bushels more, which, he said, would
enable it to control the market.
The Senator asserted today that by the sale of 3,500,000 bushels by
the corporation last Saturday an upward swing of the market was arrested.
"When the suggestion of $1 wheat was presented," Senator Thomas
said, "Mr. Legge admitted the Board could place the price at $1 at will,
but that he did not think it wise to exercise such power. He stated
that he hoped to keep the wheat price so low as to force the surplus to be
fed to live stock, and to stimulate price through a decrease of the surplus."
At the conference, it is understood, the suggestion was made to increase
by executive order the present wheat tariff of 42 cents to 63 cents, so
that if the domestic price was pushed to $1 cheaper foreign wheat could
The Board's market policy was held to be the best immediate remedy
for the agricultural depression.
During the testimony given in the private hearings, it was learned,
Chairman Legge of the Farm Board asked for further checks on future
selling in wheat, it being pointed out that last year, with a crop of 800,000,000 bushels, 16,000,000,000 bushels were traded in on the domestic
Exchanges.
Mr. Legge's recommendation was in line with the suggestion made by
the Farm Board some months ago that futures sales and buying of futures
be limited to bona fide transaction.
With the backing given today to the Administration agricultural progarm,
it appeared that little, if any, legislation on behalf of farmers may be
expected in the short session of Congress. Senator Caraway of Arkansas
announced, however, that he would work for an immediate program including the farm debenture, more funds for the Farm Board, drought
Nov. 29 1930.]
FINANCIAL CHRONICLE
relief, additional funds for farm loan organizations and legislation curbing short selling of futures in the grain markets.
$150,000,000 Asked in Budget.
Senator McNary, chairman of the Agricultural Committee, announced
that the Committee will meet soon to consider changes that might be made
in the agricultural marketing act, under which the Farm Board operates,
and what amount of money will be recommended for the Board. Under
the act, $500,000,000 was authorized for the Board's use, of which $250,000,000 was appropriated.
Chairman Legge testified today, it was reliably reported, that the Director of the Budget will recommend that the Board receive $150,000,000
in the next appropriation, but Senator McNary said he favored making
all of the remaining $250,000,000 immediately available.
Senator. McNary, who called the hearings held yesterday and today,
was obivously pleased with the results.
"The conference, as I conceived it, ended about as I hoped," he said.
The chief of the agriculture organization spokesmen was L. J. Taber,
Master of the National Grange, which originated the fight for the export
debenture. Mr. Taber presented to the Committee a list of proposals
for which the Grange will fight, but added that those which involve
legislation will be deferred until the new Congress meets a year from
now.
Grange ProPosals Endorsed.
The proposals were endorsed by S. H. Thompson, head of the American
Bureau
Federation, and C. E. Huff, spokesman for the Farmers'
Farm
Union and president of the Farmers' National Stabilization Corporation.
The Grange recommended that Congress immediately make available
the balance of the $500,000,000 Farm Board appropriation, or such
amount as the Board may need. It asked for a ban on short sales by
foreign governments or foreign individuals on the Chicago Board of
Trade, and on all short selling, except the hedging of actual transactions.
Passage of the export debenture plan to complement the tariff was urged.
What the Farm Board plans eventualy to do with its vast stock of
wheat did not develop during the hearings. Members of
Senate
Committee indicated that this problem is considered secondarythe
to the immediate one of withdrawing the surplus from the market to prevent ruin
to the grain growers. Exports are not contemplated now, it was said,
particularly as this would involve enormous losses in cutting
prices to
meet foreign competition.
3457
by the introduction of power machinery, and by the utilization of lands hitherto thought useful only for grazing.
Thirty years ago the average wheat yield of the world, so
far as statistics are available, was 12.7 bushels per acre.
In the last seven years it has averaged 14.1 bushels per acre,
an increase of 1.4 bushels. On last year's wheat area,
outside Russia, this increased yield of 320 million acres
makes a difference of nearly half a billion bushels, or approximately 13% of the world's total production. The Bureau,
under date of Nov. 19 adds:
Already the world's wheat area has been increased by more than the 100
million acres that Sir William set as the outside limit. Unbroken land still
available in the United States, Canada, Argentina, Australia, Russia, and
China might expand the wheat area by many more millions of acres, if
wheat prices warranted the expansion. Acreage in this country has gone
from a low of 44 million in 1909 to a high of 78 million acres in 1919. Acreage dropped after the World War, but since 1924 has been climbing again.
The tractor and the combine are helping this expansiion to semi-arid lands,
just as after the Civil War the invention of the reaper and binder encouraged
wholesale expansion.
The world as a whole now produces 40% more wheat and rye than it did
In 1900. It produces about a third more corn, oats, and barley, considered
jointly, than in 1900.
The world's population, however, has increased only 20% since 1900.
Per capita consumption of wheat has decreased in some of the major wheateating countries, counteracting increases in consumption in Russia. the
Orient, and the Tropics. In the United States per capita consumption has
dropped 1.2 bushels since 1900, which means a reduction of nearly 148
million bushels in this country's wheat requirements.
Use
of Surplus Wheat Proposed for Unemployed—
Senator Capper Says Legislation Asking Such
Action Will be Introduced in Congress.
Senator Capper (Rep.), of Kansas, predicted orally Nov.
21 that legislation will be introduced in Congress and receive
favorable support for using 50,000,000 bushels of the wheat
Chairman Legge of Federal Farm Board Urges Buying of
held by the Federal Farm Board to feed jobless and unemWheat by Millers and Feeders to Cover Grain Re- ployed
persons in the United States. In stating this the
quirements.
"United States Daily" of Nov. 22 added:
Alexander Legge, chairman of the Federal Farm Board, The legislative action contemplated by Senator Capper, a member of the
stated on Nov. 26 that now is a good time for millers and Committee on Agriculture and Forestry, would direct the milling of the
feeders to purchase wheat. The Associated Press dis- wheat into flour and the setting up of a distribution plan for getting the
product to points where it is needed, he explained.
patches from Washington reporting this added:
At the same time, he said, such a plan would go far toward getting the
Addressing
newspaper men at his press conference, the Chairman said:
"If any of you are in the feeding or milling business go
cover your
requirements now."
The Chairman added: "I am not making any promises,
but the stuff
is worth the money and it's a good time to buy it. Go buy
it because
it is cheap."
Asked if that meant the price of wheat was going up, the Chairman
smiled and reiterated he was not making any promises.
The Chairman was of the opinion that the wheat surplus is
being
reduced daily through feeding operations. He estimated that well
over
200,000,000 bushels of wheat would be used for live stock feed this year.
Legge said he had no confidence in estimates of the Russian wheat crop
and the amount that country has for export. All available information,
be said, was "absolutely unreliable."
At the same time, he expressed the opinion Russia was making "quite
a little progress" in wheat production and would restore itself
to its prewar position as a wheat exporter within five years or less.
He again emphasized that this country, so far as wheat is concerned,
should "get on a domestic basis"—domestic production equal to domestic
consumption.
Questioned, he said with Russia restored to her old position as a wheat
exporter "dollar wheat at Liverpool would be unusual."
There was no need, he continued, for the price to go below that level
in this country, provided domestic wheat production was all consumed here.
Legge reiterated there should be some restrictions on trading on the
grain exchanges. What these should be, he declined to say. Any restriction, he continued, should be a matter of discretion and study and should
be left to Congress.
Wheat Shortage by
30 Years Ago Failed
to Materialize.
A prophecy made 30 years ago was scheduled to mature
this year, but all signs indicate that the prophecy just won't
come true. Dr. 0. C. Stine of the Bureau of Agricultural
Economics, U. S. Department of Agriculture, has recalled
that at the turn of the century Sir William Crookes, British
scientist, predicted that unless yields per acre were increased,
the world would have a shortage of wheat by 1931, even if
all the potentially available wheat land were put in use. Sir
William noticed that wheat production in the United States
had increased rapidly after the Civil War. Finally the expansion halted, and exports began to decline. Prices stopped
falling, and began to rise. The world's wheat area, Sir
William thought, could be increased by only about 100
million acres. Of the United States, he wrote, in 1901:
1930 Forecast
wheat held by the Farm Board's stabilization corporation off the market
and removed from the world's visible supply. Such action can be taken at
the short session, Mr. Capper explained, and does not demand an extra
session, to which he expressed opposition.
"We don't want to have in mind at all the possibility of an extra session,"
he said. "Unemployment is the vital question before Congress and everyone here must get behind a relief program at this session.
"I doubt whether the Federal Government will find it necessary to appropriate directly to provide for the unemployed; that is usually done by States
anti cities. If it is found necessary,I will favor it. Certainly we must have
a feed and seed loan to farmers in drouth-stricken areas."
The Kansas Senator said that farmers in his State emphatically approve
the recent step of the Farm Board in purchasing wheat to keep the price up.
This step, he said, has helped the morale of the farmers.
"I would like to see 50,000,000 bushels of the wheat the Board has purchased fed to the jobless and unemployed. Some systematic plan of distribution could be worked out and the wheat could be ground into flour
Without much expense. Because it would greatly increase consumption, 1
do not think such an action would affect the open market price of wheat
much. It would also be the most practical way of getting this wheat off
the market and away item the visible supply.
"Of course, this would require legislative action. I think such legislation
will be introduced and will meet with the favor of Congresss."
Questioned concerning the action of the Secretary of Agriculture, Arthur
M. Hyde, regarding the short-selling of wheat by Soviet Russia. Senator
Capper said "the Board could well have gone further and stopped all short,
selling; something along that line should be done."
300,000 Idle In New York City, According to T. W. Lamont
of J. P. Morgan & Co.—Banker Says Emergency Aid
Committee Has Supplied Jobs for 10,000—Finds Distress Growing.
Thomas W. Lamont of J. P. Morgan & Co., speaking on
Nov. 26 over radio station WJZ in an appeal for funds for
the Emergency Employment Committee, underook to answer the questions as to how long the present business depression will continue, what measures are being taken to
cure it and what is being done to relieve unemployment.
This is noted in the New York "Times" of Nov. 27 which
reports him as follows:
"As to the first question," he said, "the forecasts of the wisest economists or business men are at best mere guesses. This country has been
through many previous periods of depression. And from the experience
gained from them many economists draw the conclusion that just now
we are traveling through the darkest part of the valley; that the next
stage of the journey will mark a turn upward. But as to any time-table
of progress, that is impossible to construct."
Practically, there remains no uncultivated prairie land in the United
Mr. Lamont then told of the efforts of American business men to
States suitable for wheat growing. The virgin land has been rapidly ab- cure
the depression.
sorbed, until at present there is no land left for wheat without reducing the
Trying to Correct His.
area for maize, hay, and other necessary crops. It is almost certain that
"They are hard at work," be said, "trying to help correct the ills of
within a generation the ever increasing population of the United States will
consume all the wheat grown within its borders,and will be driven to import, overproduction, overbuying, overborrowing and overspeculating which,
and like ourselves, will scramble for a lion's share of the wheat crop of the prior to October, 1929, marked the last year or two of the country's
economic life—the sort of overstimulation that has invariably marked
world."
Sir William's prophecy has been battered, Dr. Stine points similar periods in the business cycles of this country."
He maintained that "the fundamental strength of the nation's life canout, by the contributions of science to wheat production, not be questioned," and said that greater
intensive study of industrial
3458
FINANCIAL CHRONICLE
[vol.. 131.
An agressive proponent of imperial preference, Mr. Bennett sustained
and commercial conditions are gradually resulting in a better undera severe disappointment when the Imperial Conference failed to adopt his
standing of economic cause and effect.
suggestions. Had the Canadian Premier's ideas been accepted, Britain
Says Suffering Increases.
probably would have bought more Canadian wheat. What London did not
Touching then on the plight of the jobless, he said:
finally produce, therefore, Mr. Bennett is now trying to obtain on the
"We are entering upon our second Winter of unemployment. Those
who were caught unprepared are suffering most, but even those who Continent. It is not yet known what turn the conversations are taking,
stored up against dull times are beginning to feel more and more the but it is not improbable that in return for augmented wheat purchases
effects of want which comes when there are no wages coming in and Canada would be willing to take more French wines and other products
of this country.
savings have been eaten up.
Due to the partial failure of this year's crop the French probably will
"The suffering due to unemployment is mounting this year. Thousands who were able to weather one Winter without work are unable be forced to purchase between 74.000,000 and 80,000.000 bushels of wheat
in the foreign markets. Much of this would ordinarily be bought from
to care for themselves for a second Winter."
Mr. Lamont put the number of unemployed in New York City at Canada, the tendency being to buy less and less of American wheat.
300,000 and told how the Emergency Employment Committee headed It is conceivable, however, that Mr. Bennett may be successful in
by Seward Prosser. a fellow banker, has already provided work for obtaining some sort of promise from the French to fill nearly all their
10,000 men who have families. He predicted that the committee will 1930 foreign wheat requirements in Canada.
Mr. Bennett was guest of honor today at a luncheon given by the
have provided 12,000 jobs by the end of the year.
French National Association for Economic Expansion, and tomorrow
night he will be the guest of honor at a dinner to be given by Pierre
Flandin, Minister of Commerce. At today's function, which
Ban on Business Gifts at Christmas Urged—New York Etienne
was attended by Philippe Roy, Canadian Minister, M. Flandin and all
Building Congress Suggests that Members Give the important commercial officials of thh French Government, Premier
Andre Tardieu was the chief speaker. Friendship between Canada and
Money to Needy Idle.
France, said the French Premier, was a long-established fact, about which
A movement designed to check the tendency to com- there was no question, and this led to the hope that practical results
mercialize the Christmas gift custom in New York and at the would flow from Premier Bennett's visit.
Mr. Bennett will leave Paris Thursday, and en route to Brussels he
same time provide additional funds for the relief of needy
will make a brief tour of the battlefields. From Brussels he will return
families has been started by the New York Building Con- to
London before sailing for Canada.
gress says the New York "Times" of Nov. 25, which further
says:
Through its Executive Committee, the Building Congress has voted
against the sending of Christmas presents from one concern or individual
to another in the building trades where business reasons alone inspire the
gift, and has asked that. funds set aside for such a purpose be turned ovcr
to unemployment relief agencies. Money usually reserved for such annual
gifts Is said to amount to a considerable sum.
The resolution Is expected to form the basis of a fixed policy for the
future in opposition to what the organization calls "a pernicious and wasteful habit," and the suggestion is made that similar action be taken by other
Industries to check the perversion of the "true Christmas spirit." The
Building Congress is reported to have considered such a move on several
previous occasions, without taking an organized stand.
The resolution reads as follows:
"The Executive Committee of the New York Building Congress recommends that the practice of sending 'business gifts' at Christmas be discontinued. Such gifts are oftentimes embarrassing to the recipient and are
usually costly to the giver.
"It is suggested that those firms and individuals who have set aside
sums in their budgets for 'business gifts' to members of the building industry would serve a higher purpose by contributing such money through
the building industry division to the emergency employment committee,
whereby it will be paid as wages to the heads offamilies In the relief program
"This recommendation is in no way directed toward gifts arising out of
personal friendship."
Gov. Hammil of Iowa Asks President Hoover to Exercise
Flexible Provisions of Tariff to Protect Corn Market.
Des Moines advices to the "Wall Street Journal" of
Nov. 22 state that Governor John Hammil of Iowa has
asked President Hoover to exercise the provisions of the
flexible tariff in order to protect the corn market against
invasion of Argentine products. If prompt steps are
taken under the flexible tariff, it will protect the corn
market from any drop resulting from shipments of Argentine corn now planned, Governor Hammil said. The dispatch adds:
He pointed out that Argentine production costs are much lower than
those of the American farmer and that more advantageous transportation
cost by reason of ocean shipping also made it necessary that the corn
producer in the United States should be protected from foreign competition of this kind.
Argentina should not be permitted to control the American market.
The importance of this matter justifies prompt action. The situation is
serious. With one-third less crop than the five-year average, prices are
now one-fourth less. "Let us have action," the Governor concluded.
Flour Tax Proposed to Solve Surplus Wheat Problem— Freight Rates Reduced by India With View to Securing
Market for Surplus Wheat
Levy of $2 Per Barrel Suggested by Minnesota GovFrom New Delhi, India, Associated Press advices Nov.
ernor With Proceeds to Be Prorated to Growers.
From St. Paul Nov. 20 the United States Daily reported 17 were reported as follows in the New York "Times":
The Government today decided to cheapen rail freight rates to Karachi
the following:
in an effort to find a market for 1,000.000 tons of surplus wheat and
A flour tax of $2 per barrel is proposed by Governor Theodore Christianson as a means to solve the wheat surplus problem.
His plan was proposed in an address before the national convention
of the Farmers' Union here.
Governor Christianson declared the plan would do what had been
sought in the McNary-Haugen bill, without some of the dangers of
that measure„ and with assurance that the farmers would be the ones
to benefit.
His plan is to have the Government levy the tax on all flour milled
for domestic consumption. This tax would go into a fund retained by
the Federal Government, and cost of operation of the plan taken from it.
Benefits Outlined,
At the end of each year he proposes the money in the fund to go to
the wheat growers in ratio to their share of total sales.
His plan for accomplishing this is the issuance of certificates by local
elevators to the farmers as they bring in their wheat, the farmers at the
same time getting the prevailing price as fixed by world market conditions.
The $2 per barrel rate, the Governor explained, wcull mean a tax
of about 42 cents a bushel on wheat, equivalent to the present theoretical
tariff protection.
By this means, he said, the farmer would receive an American price
for his wheat just as industry gets an American price for its tariff
protected products.
The payments to the farmers, he suggested, could be made through
local post offices on the basis of the certificates held, and he said be believed the plant would eliminate the possibility under the McNaryHaugen Bill that speculators might get profits intended for the growers.
to bolster railway earnings. It was expected that a large part of the
surplus would be exported before the large wheat crops of Australia
and Argentina are marketed early next year. The reduced rates became
effective immediately and will continue until February.
123/g-Cent Corn Tariff Rise Proposed by Chairman
Legge of Federal Farm Board—Urges 373'2-Cent
Rate to Meet Foreign Competition.
United Press advices from Washington Nov. 20 published
in the Yew York "Herald Trinune" said:
Alexander Leave, Chairman of the Federal Farm Board, advocated to-day
an increase of 12% cents a bushel in the tariff duty on corn under the flexible
provisions authorizing the President to increase the duty by 50%. The
rate on corn now is 25 cents a bushel, and Mr. Legge said the increase to
37 mmts would cover the spread between the Buenos Ayres corn price
and quotations in the United States.
Tariff revision either under the flexible clause or by Congress to provide
greater protection for other coarse grains would be also desirable, but corn
faces the most r-rinus competition from abroad. Mr. Legge added.
Mr. Legge said the Board would make no recommendation to Congress for
changes in the A-ricultural Marketing Act. Nor will be propose any
changes to the conference of farm leaders called for next week by Chairman
McNary of the Senate Agricultural Committee.
Mexico Removes Cattle Export Tax.
President Ortiz Rubio of Mexico signed a decree on Nov.23
Canada Seeks Sale of Wheat in France—Premier Bennett removing the export tax from cattle shipments, according to
Visits Paris to Discuss Trade Accord Between Two Associated Press advices from Mexico City Nov. 23.
Countries.
A cablegram Nov. 24 from Paris to the New York Prussia Acts Against Berlin Bread Ring in Drive to
"Times" states that Richard B. Bennett, Canadian Prime
Lower Prices.
Minister, who arrived in Paris the night before, will deThe following from Berlin Nov. 22 appeared in the New
vote the greater part of his four-day visit to discussing York "Times":
ways and means of increasing Canadian trade with
The Prussian Government to-day fired the opening gun against the trusts,
France. After a series of conferences with French offi- which are generally regarded as the greatest obstacle toward the success
of
Chancellor Bruening's program of price reduction.
cials, Mr. Bennett will go to Brussels for a similar meetThe Prussian Trade Minister, Doctor Schreiber, informed the ring of
ing of governmental heads, says the cablegram which re- Berlin bread
factories, which thus far has categorically refused to lower
prices, that in the future no bread prices binding for its members must
ports further as follows:
be
fixed
and
largely
be
that no direct nor indirect influence, including the employment
It is hoped that the outcome of these conversations will
Increased purchases of Canadian wheat.
ofeconomic or social pressure, may be exercised by the ring over its members
Nov. 29 19301
FINANCIAL CHRONICLE
Offenders will be severely punished in accordance with the emergency
bill decreed by President von Hindenburg in July, which allows unlimited
fines.
Paris Ascribes Weakness in Wheat Prices to Crop
News and Russian "Dumping."
From Paris Nov. 22 a wireless message to the New York
"Times" said:
The break in wheat prices early in the week was ascribed here to forced
realizing consequent on the general slump in prices, but it was
also associated
with advice, indicating a good Argentine harvest, with the continued
dumping by Soviet Russia and with evidence that the Danube Provinces
have raised excellent crops.
French experts say that there has been a rather general decrease
here
In bread consumption and increase in use of meat.
Soviet Russia Ships More Wheat—London Paper Reports 6,400,000 Bushels on Way to England.
Under date of Nov. 22 Associated Press cablegrams from
London published in the New York "Times" said:
The "Daily Telegraph" said to-day that a shipment
of 800.0110 quarters
(about 6.400.000
bushels) of wheat was on the way to England from
Russia.
following a shipment of 1.000,000 quarters last
week.
Other cargoes of Russian wheat will be started for
England before winter
sets in, the paper said.
Five Hundred and Sixteen Co-Operatives in 12 Northeastern States Placed $313,291,199 of Co-Operative
Business in 1929-167 in New York Studied.
An incomplete survey of co-operatives in 12 Northeastern
States to-day placed the volume of co-operative business in
those States during 1929 at $313,291,199, says an Associated
Press dispatch from Washington Nov. 19, which we quote
from the New York "Times," and likewise contained the
following information:
The survey, covering 516 co-operatives, with 138
yet to report, was
presented before a meeting of the presidents and deans of
State land grant
colleges, together with directors of extension and
experiment stations,
by Charles S. Wilson, Farm Board member.
The survey authorized and financed by the Farm
Board, was undertaken this summer by the State agricultural colleges.
In New York State, where 167 co-operatives were
studied, with surveys to be made of eight others, the total volume
of business was placed
at 8175.170.246.
In Massachusetts. with 34 co-operatives studied
the volume of co-operative business was 356.475.26 and eight to rePort,
0.
Pennsylvania, 102 co-operatives studied, 35 to
be reported, business
volume. 837.546.685.
Maryland, 24 co-operatives studied, 29 to be
reported, business volume,
$15.575.014.
Vermont. 31 co-operatives studied, three to be
studied, business volume.
$12,806,908.
New Jersey, 43 co-operatives studied, six to be studied,
business volume,
0.052.277.
Maine, 30 co-operatives studied, 19 to be studied,
business volume.
$3.753.523.
New Hampshire, 11 co-operatives studied, five to be
studied, business
volume. $2.838.821.
Connecticut and Rhode Island,38 co-operatives studied, 14
to be studied.
business volume, $2,734,912.
West Virginia, 34 co-operatives studied. 11 to be
studied, business
volume. 82,289.656.
Delaware. two co-operatives studied, business volume.
$47.894. The
two Delaware co-operatives are the only ones in that State.
Ruling of New York Stock Exchange on "Good-TillCancelled" and Month Orders—Must Be Confirmed
or Renewed at End of Each Month.
A ruling to the effect that "Good-till-cancelled" orders
must be confirmed, and month orders renewed at the end
of each month in order to retain precedence, was Issued as
follows, Nov. 22, by the Committee of Arrangements of the
New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
IMPORTANT.
Nov. 22 1930.
To the Members of the Exchange:
The following ruling by the Committee of Arrangements
supersedes
previous rulings with reference to the confirmation of G. T.
0. and Month
orders at the end of each month:
"In order to retain precedence O. T. C. orders must be
confirmed and
Month orders renewed at the end of the month with the
Specialists. All
such orders am are properly confirmed or renewed shall
retain the same
order of precedence on the Specialist's book and the Specialist
shall be
responsible for their proper entry. All such orders not
confirmed or
renewed on the last day of the month shall be automatica
lly cancelled,
and if entered later shall be entered in the order of their
receipt Week
orders shall aatomatically expire at the end of the current
entered the following week shall be entered by the Specialist week, and if
in the order
of their receipt."
3459
Class A convertible and Class B stocks of the Allison Drug "Ault% Corp.
were suspended to-day from the Curb, it was announced by the Committee
on Listing of that Exchange. Both securities were very inactive.
It is understood the Exchange took this action because of the fact that
Allison Drug had discontinued its New York transfer office. One of the
requisites for listing on the Curb is the maintenance of mach an office.
Movement Reported for Establishment of Stock
Exchange in Brooklyn for Unlisted Stocks.
A movement has been launched for the establishment of a
stock exchange in Brooklyn, It was learned on Nov. 20. says
the Brooklyn "Daily Eagle" of that date, which also has the
following to say regarding the project:
Invitations have been sent out asking prominent business men of Brooklyn
and Queens to serve on the Board cm Directors and fulfillment of the plan
to organize the exchange will depend on the nature of the response, according to John E. Henry, Brooklyn realtor, who, with Albert R. Wilson, Vice'
President of the Community Collateral Corp. of Jamaica, is sponsoring
the plan.
"The plan has not developed sufficiently to make any definite announcements yet," Mr. Henry said to-day. "We sent invitations to about 100
prominent men of Brooklyn and Queens about two weeks ago.
We have
received many replies, and 60% of them are favorable.
"We incorporated under the name of the Brooklyn Stock Exchange
in
Delaware about two months ago, and that is about as far
as we have
actually gone. Tne plans are still in a developing stage."
To Sell Unlisted Stocks.
The proposed exchange, Mr. Henry said, plans to deal chiefly in
aD
kinds of unlisted or “over-the-counter" securities, and in this respect
it
would be similar to the securities branch of the New York Produce Exchange. A novel feature of the projected exchange, he related, is
that it
would not only seine as a market in which stocks would be treied,
hut
would sell stocks itself. It would function as a corporation, whereas
the
New York Stock Exchange and similar exchanges are unincorporated.
Present plans for establishing the proposed exchange. Mr. Henry
explained, call first for the sale of mom:Lore worth of stock in New
York
City. This stock would later be retired through the sale of 500
seats oa
the exchange in all parts of the country, he said.
Creditors of Bauer, Pogue, Pond & Vivian Form Committee—James Lee Kauffman Named Chairman.
According to the New York "Journal of Commerce" of
yesterday (Nov. 28), a creditors' committee, composed of
James Lee Kauffman, Chairman; George L. Babcock,
Benjamin A. Jackson, Walter C. Mordecai and Frederick
Matthesius, representing claims aggregating more than
$500,000, has been organized to represent customers and
creditors of the suspended Stock Exchange firm of Bauer,
Pogue, Pond & Vivian, of this city. The firm of Rosenberg,
Goldmark & Colin is counsel for the committee.
The committee is awaiting the report of the accountants
for the Irving Trust Co., the receiver, the paper mentioned
said:
The failure of the firm was reported in last week's issue of
the "Chronicle"(Nov. 22), page 3303.
Irving Trust Co. Named Permanent Receiver for Munroe
& Co. of New York.
The Irving Trust Co. of New York was yesterday (Nov.
28) appointed permanent receiver by Federal Judge Coleman
for John Munroe & Co., 100 Broadway, as old private banking house, which closed on Nov. 10. Liabilities are listed
at $5,910,000, against assets of approximately $7,100,000,
says the New York "Evening Post" of last night (Nov. 28),
which added:
The trust company was authorized to retain counsel in Paris if
it is considered necesssry. Nathan CopIan, attorney for the receiver,
complained
that a French law against exportation of money from the country
has stood
in way of arrangements between the French ofifce of the firm
and the
receiver, but he expressed confidence that these difference
s would be
Ironed out in a few days.
A temporary receiver was appointed on petition of Charles W. Greenough
of Boston, a creditor, whose petition stated the firm's assets
consisted chiefly
of industrial securities which had depreciated in mvrket value
and that
forced liquidation at this time would aggravate ti,e situ:Lion.
The appointment of the Irving Trust Co. as equity receiver for Munroe & Co. was noted in our issue of Nov. 15,
page 3130. The closing of Munroe & Co. of Paris was noted
in the same item.
Governing Committee of Chicago Stock Exchange Approves Resolution Providing for Registration of
Customer's Men.
The Governing Committee of the Chicago Stock Exchange
ASHBEL GREEN, Secretary.
approved, on Nov. 26, a resolution providing for the registration with the Exchange of all customers' men of Exchange
New York Curb Exchange Drops Classes A and
B
Stocks of Allison Drug Stores Corporation
member firms. It is provided that the Exchange be notified,
from
Trading List.
in writing, at the time of the termination of the employment
of any customers' men, and shall at the same time be given
The following is from the New York "Evening
Post" of the reason for such action.
Regarding the resolution it is
Nov. 24:
further stated:
3460
[VOL. 131.
FINANCIAL CHRONICLE
Bonds of Two Companies Dropped.
The payment of any compensation or bonus for the adjustment of salary
Bonds of two gas and electric companies were dropped from the New
to customers' men is held to be a violation of the Exchange's Constitution,
and any plans for additional or adjusting compensation shall be submitted York legal list some time ago because they undertook to market natural
gas in conjunction with their other services. Those companies were
to the Exchange for its approval.
Under the new resolution, customers' men and all other employees are the Pacific Gas & Electric Co. and the Los Angeles Gas & Electric
in
power
Discretionary
accounts.
discretionary
prohibited from handling
Corp., obligations of both of which are given a high investment rating.
the handing of an account may be vested only in partners. A partner may The former has bonds outstanding to the amount of $180,800,000, exdelegate such discretionary power to a customers' man to a reasonable cluding assumed issues, which are traded in, with exception of one issue,
extent," provided the consent of the customer in writing is first obtained. on the New York Stock Exchange or Curb. The Los Angeles company
Such delegation of discretionary power by a partner to a customers' man has a total of $47,100,000 outstanding, comprising nine issues, one of
, which is listed on the Curb. Aside from the advantages it is felt would
"does not relieve the partner of responsibility for improper transactions."
accrue from the amendment through broadening the list as well as preventing future possible omissions therefrom, a particular effort to restore
at Meeting of Investments Committee of Savings bonds of the above two companies is seen.
Discussion
Status of Railroad Bonds for Investment of Saving,
Bank Association of New York on Question of Legal
Bank Fund—Gas and Utility Bonds Proposed for
Investment.
On Nov. 20 a meeting of the Investments Committee of
the Savings Bank Association of the State of New York
was held in this city to discuss the legal status of certain
railroad bonds for investment of New York savings bank
funds. The discussion grew out of the fact that the status
of some of these bonds for such investment is affected by
reason of declining earnings. With reference to the
meeting we quote the following from the "Wall Street
Journal" of Nov. 25:
Decision reached at the savings banks meeting that action on the legal
railroad bond requirement of the State banking law was unnecessary at
present was not considered surprising in view of the developments in this
ago
connection since the revision originally was proposed. A few months
it appeared that numerous carrier obligations might suffer omission from
the legal list due to recession in rail earnings this year, and their consequent failure to cover interest requirements by the stipulated one and
one-half times margin.
Since then, however, several rail executives have issued statements of
a reassuring nature, asserting that their particular roads would come
up to the requirement, while in other doubtful cases it was indicated that
the proper margin would be complied with. Omission of a bond from
the list, even though it is the result of temporary conditions and is likely
to be restored within a comparatively short period, has an unfavorable effect
on the market for the bond and for that reason it was thought that
liquidation of various carrier obligations might become widespread on
the basis of unfavorable prospects.
Close students of railroad securities, however, frequently have called
attention to the necessity for scrutinizing carefully the prospects for a
particular road before disposing of its securities. They conclude that but
two roads are dangerously near the border line—Chicago, Indianapolis &
Louisville Railway Co. and Mobile & Ohio Railroad Co. The Monon,
with eight issues on the list, covered its fixed charges 1.89 times last
year, while the Mobile & Ohio, with 11 issues on the list, earned its
charges for 1929 by a margin of only 0.03 above the minimum requirement. A relatively small drop in earnings for those roads might cause
interest coverage to fall below the requirement. However, bonds of those
lines comprise only a small percentage of aggregate amount of legal
issues.
Bond students also draw attention to the fact that where earnings are,
or look as if they will be, close to the minimum coverage, managements
will make reductions in maintenance or cut down expenses in other directions sufficiently to preserve the necessary margin, rather than have the
bonds of their companies fall into the non-legal class. It is only in the
more extreme instances where it cannot be prevented that coverage is
allowed to drop below the requirement.
In any event, the mere fact that bonds of soundly managed roads fail
to sustain the requirement temporarily does not stamp those bonds as
unsuitable for all investment. It is for this reason that revision of the
present requirement—that roads must cover interest requirements 154
times in five of the six years preceding investment, including the year
immediately preceding to be considered legal—is regarded as desirable,
though not essential, at present.
A previous item in the "Wall Street Journal" of Nov.
24 is also quoted herewith:
A suggested change in the New York banking law relative to investment of savings banks' funds in bonds of electric and gas companies
would permit inclusion in the legal list of obligations of concerns which
have found it profitable to sell natural gas either as a substitute for, or
in mixture with, artificial gas. It is not the intent of the proposed revision to permit investment in companies with no other source of earnings
than natural gas, the source of supply of which may be uncertain. The
purpose is to include only companies which have facilities for manufacturing artificial gas or, in other words, are assured of stable earnings.
The recommended change, which it is proposed to frame as an amendment to the present law, is the proposal of F. V. Henshaw, of Wood,
Struthers & Co., and was discussed at a recent meeting of the New York
State Savings Banks Investment Committee. He suggesed inserting after
the words "artificial gas" in the present provision, "or natural gas purchased from another corporation and supplied in substitution for, or in
mixture with, artificial gas."
Natural Gas Distribution Increasing Rapidly.
the marked
Proponents of the alteration feel that it is desirable, due to
growth in distribution of natural gas within the last several years and
the fact that many sound utility enterprises have found it profitable to
market natural gas in place of, or in mixture with, the artificial product,
natural gas being available on a cheaper basis. Expansion of facilities
for making available natural gas in commercially suitable quantities has
encouraged this development. Several long pipe lines have been, and are
being, constructed, making the product obtainable at considerable distances from the fields.
The law now requires, among other things, that to have its bonds legal,
a company must derive at least 75% of gross operating income from
electricity or artificial gas, or both, with not more than 15% derived
from any source other than those two. The 15% margin, while giving
such companies leeway as far as other sources of earnings are concerned, does not allow them to distribute natural gas.
Increased Popularity of Public Utility Shares—Report
by Mutual Benefit Life Insurance Co.
The rapid rise and present popularity of public utility
shares as a prime investment is illustrated by figures from the
current report of the Mutual Benefit Life Insurance Co. of
Newark, N.J., which now holds nearly $50,000,000 in utility
bonds, compared with only about $2,000,000 five years ago.
The bond holdings of the Mutual Benefit Life five years ago
and to-day arc shown as follows:
Jan.1 1925.
$36,940,371
5,077,486
82,734.854
2,378.888
479,229
Government bonds
State,county, municipal
Railroad
Public utilities
Miscellaneous
End Third
Quar.1930.
$5,997,200
8,912.755
100.895,301
46,829,302
4,046,653
$127,610,828 $166,681,211
Total bonds
The company also says:
The utility holdings of all life insurance companies in the country have
shown almost an equal rate of growth, the aggregate as reported by their
association jumping from slightly under half a billion of utility bonds and
stocks at the opening of 1925 to nearly one and one-half billions at the present time, a greater rate of increase than shown by any other class of bonds
purchased by the life insurance companies.
1930 Standard Oil Dividends Establish New High
Record—Disbursements of $286,666,728 Exceed 1929
Payments by $17,020,801—Fourth Quarter Payments Also a Record—Compilation by Carl Pforzheimer & Co.
Cash dividend payments of the Standard Oil group of
companies for the year 1930 will reach a new high record
of $286,666,728, and increase of $17,020,801 over 1929, the
previous record year according to figures compiled by
Carl H. Pforzheimer & Co. Fourth quarter payments of
this group will also establish a new record at $83,047,644,
compared with $75,063,856 in the last quarter of 1929 and
$68,306,015 in the third quarter of 1930. The advices in
the matter also state:
The distribution of record cash payments to stockholders for 1930
Indicates the underlying strength of this group of companies during a
period of general depression. It is noteworthy that none of the leading
Standard 011 units failed to declare their regular quarterly dividends
during the year, while several made extra distributions. Imperial 011,
Ltd., in the final quarter of 1930 declared an extra dividend of 50 cents
a share in addition to the regular quarterly dividend of 123i cents a share,
the extra disbursement aggregating in excess of $13.000,000.
Humble 011 & Refining Co. also declared an extra dividend of 50 cents
a share, payable Jan. 1 1931. This extra distribution, amounting to
nearly $1,500,000, is not included in the 1930 totals. Standard 011 Co.
of New Jersey continued the extra quarterly distribution of 25 cents a
share in addition to the regular quarterly dividend of 25 cents a share
throughout 1930, while Standard of Indiana continued its regular dividend
rate of $2.50 a share per annum on the increased capital resulting from
the exchange of Indiana stock for stock of the Pan American Petroleum
& Transport Co.
Standard 011 Co. of California declared a stock dividend of 2% in the
final quarter of 1930, not included in the figures given above, in addition
to the regular quarterly cash distribution.
Loading Standard Oil units which declared extra distributions in the
final quarter in addition to Imperial 011 and Standard of New Jersey were
Vacuum Oil Co.. Standard 011 Co. of Kentucky. Chesebrough Manufacturing Co. and Prairie Pipe Line Co.
Total cash dividend payments by Standard 011 Co. of New Jersey
for tho year 1930, including the last quarterly declaration, will exceed
$50,000,000, which Is the largest amount paid from earnings by any Standard
Oil unit in a single year.
Dividend payments by quarters and for the fu 1 year compare as follows;
First
Quarter.
1930 --_ $86,722,168
1929 __ 63,101.701
1928 ____ 48,927,760
1927 --__ 55,873,413
1926 _-__ 40,580,317
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Full
Year.
$68.590,901
66,053,389
57,694,206
54,291,615
50,618,451
$68,306,015
65,426,981
50.068,102
47,728,440
46,443,278
$83,047,644
75.063.856
62,050,357
55,804.755
62,685,548
$286,666.728
269.645.927
218,740,335
213,698,223
200,327,594
16 Leading N. Y. City Bank and Trust Companies
Selling on Basis of 4.019 Yield—According to Hoit,
Rose & Troster.
The composite dollar-index figures, compiled by Morris A.
Shapiro of Hoit, Rose & Troster, using the opening prices of
Saturday, Nov. 22, of 16 leading New York bank and trust
companies, reveal only slight changes in yield and book-value
for the dollar, as compared with the figures of a week ago.
Nov. 29 1930.]
FINANCIAL CHRONICLE
Based on opening prices of Nov. 22, 16 leading New York
bank and trust companies, it is stated, are selling 17.1 times
known earnings, against 17.4 a week ago, and 15.3 two weeks
ago. The yield for the current week now stands at 4.019%
against 3.949% a week ago and 4.467% two weeks ago;
while book-value of $0.694 compares with $0.680 a week
ago and $0.771 two weeks ago. The average yield on
Nov. 22 was 4.019% against 3.949 a week ago.
Washington Law Construed on Exchange of Stock.
From the "United States Daily" of Nov. 14 we take the
following, dated Olympia, Wash., Nov. 13:
Before a Washington corporation can legally exchange its stock with
stockholders of another corporation for their stock, it must obtain a permit
qualifying the stock under the provisions of the Securities Act, Assistant
Attorney General Lester T. Parker, advised the Director of Licenses.
Charles R. Maybury, in an opinion Nov. 6.
One corporation proposed to issue its stock in exchange for the stock of
another,thereby effecting a merger of the two. This transaction,according
to Mr. Parker, amounts to a sale as that term is defined in the Securities
Act, the consideration being stock instead of cash.
Similarly,'according to Mr. Parker, the issuance of stock by the first
corporation, which is to survive the merger, in payment of outstanding
bonds or notes of the corporation being taken over requires a permit.
Gold Holdings of U. S. at End of October $4,530,000,000
According to Federal Reserve Board—Increase of
$140,000,000 Over Year Ago—Gain in Gold of Bank
of France—Holdings of Principal Countries.
In a survey of the gold holdings of some of the principal
countries of the world, presented in its November "Bulletin,"
the Federal Reserve Board states that "the total stook of
monetary gold in the United States at the end of October
was $4,530,000,000 an amount $140,000,000 above that of a
year ago, but $150,000,000 below the peak figure of May
1927." It is noted by the Board that "there has been a
large growth in the gold stock of France, the holdings of
the Bank of France amounting now to 50,000,000,000 francs,
or $2,000,000,000." The Board also says:
The increase in the gold stock of the United States and France, however,
has not been at the expense of other European countries. England's losses
of gold to France and to Germany have been more than made up by the
receipt of new gold from South Africa and by imports from Australia,
where the decline in the price of wool and wheat has been largely responsible
for an unfavorable balance of payments leading to a decline in the exchange
value of the Australian pound and to exports of gold. Of the other major
European countries, Germany's gold holdings increased considerably
until
June, but declined more recently to a level somewhat below that of a year
ago. Gold reserves of The Netherlands also declined
somewhat, while
there was a substantial increase in the reserves of Switzerland, Belgium,
and Canada,and a smaller increase in those of Italy.
The Board's survey follows in full:
Recent Gold Imports.
Gold holdings of the United States increased in October, as is not unusual
at this season of the year when exports of American products are in
largest
volume and dollar exchange is at a premium. Recent gold imports, however have not come from Europe. but from the Orient and South America,
where special conditions have resulted in particularly sharp declines of the
exchanges. The total stock of monetary gold in the United States at the
end of October was $4,530,000,000, an amount $140,000,000 above that of a
year ago but $150,000,000 below the peak figure of May 1927. A survey of
gold movements in the past year with some reference to earlier years is
presented in this review,
Gold Movements: 1927-1929.
The chart (this we omit—Ed.) shows the monetary gold stock of the
United States from 1922 to date. Between May 1927, and June 1928, the
United States lost $580,000,000 of gold as the result largely of a lower
level of money rates in this country than prevailed in other parts of the
world. This movement was reversed following the rise in money rates in the
United States, which began early in 1928, and by October 1929, this country's stock of gold had increased by $280,000.000, most of the gold coming
from Canada, England, Germany, and Argentina. Gold imports in the
first 10 months of 1929 were on a large scale and were due to movements of
funds to the United States caused by the prevailing high level of money
rates,the increasing participation offoreigners in the American stock market,
and the diminution in foreign capital flotations in this country. Toward the
end of October 1929, the fall in security prices and the accompanying rapid
decline in money rates was reflected in an outward movement of gold.
particularly to Franco and England, causing a decrease of $100,000,000 in
the monetary gold stock of the United States by the end of the year.
First Half of 1930.
Money rates abroad, which had been kept up largely to protect the
reserves of foreign countries against the attraction of speculative and
high money conditions in the United States, declined rapidly when these
conditions had changed. After the beginning of 1930 there was a cessation
of the outward movement of gold, and during the first half of the year gold
movements between the United States adn Europe were on a small scale.
In the meantime, however, gold flowed into the United States in the
amount of $225,000,000, coming largely from Japan, China, Brazil, and
other Central and South American countries. in the case of Japan the
exports followed upon the return of the country to the gold standard,
which involved removal of all restrictions on gold movements. Decreased
exports of silk to the United States and of cotton goods to China and India
contributed to the weakness of Japanese exchange. Taking the first
10
months of 1930 as a whole, gold imports to this country from Japan
amounted to $140,000.000. China also contributed to the flow of gold
to the United States, but in this case, since the country is on a silver basis.
her exports of gold were in much smaller volume, amounting in all to
about $22,000,000. An important factor in this movement was the drop
in the price of silver, which resulted in an increase to China in the cost of
goods imported from abroad. Gold movements from Central and South
America amounted to about $138.000,000 during the first 10 months of the
3461
year. and reflected chiefly a decline both in the volume and in the pews
of raw materials exported by these countries, following upon a long period
of conditions in the United States unfavorable for the flotation of foreign
bonds. Declining value of exports and the absence of the usual volume of
borrowing from abroad left these countries no alternative other than to
cover their unfavorable balance of payments through the export of gold.
During July and August gold continued to flow into the United States
from the Orient and from South America, but there were at the same time
exports of gold from this country to France and to Canada. The circumstances leading to these movements call for a brief explanation.
Movement to France.
Franco has been the principal taker of gold in the world market since the
spring of 1927, soon after the value of the franc was stabilized at approximately its present level. During the period immediately following stabilization, large foreign balances were accumulated by the Bank of France,
the French commercial banks, and the Government, chiefly in consequence
of repatriation of French capital as the confidence of the French people
in the stability of their currency was re-established. Until the spring of
1929 the Bank of Franco utilized a part of its foreign balances for the
purposes of building up its gold reserves. From that time on, however, the'
bank has kept its foreign balances at an approximately constant level and
has taken no direct part in the importation of gold. Gold movements into
France, however, have continued with little interruption, the imports
being arranged by commercial banks, which have been under the necessity
of meeting a growing demand for currency and have drawn upon their
foreign balances for the purpose of importing gold to be exchanged for notes
at the Bank of France. The increased demand for currency in France has
been due in part to an increase in the country's business activity and its
prosperity, but has also reflected a reduced velocity of circulation such as
usually follows stabilization of a currency.
While the Bank of France has not directly imported gold since the spring
of 1929, about $550,000,000 of gold has been added to its reserves between
that time and the autumn of 1930. French imports of gold during this
period, not being in response to central bank policy, have come from different countries at different times, depending on market conditions. Between June and October 1929. most of the gold came from England, where
money rates at that time were lower than in the United States or Germany.
After the break in the stock market In the United States in the autumn of
1929 and the subsequent decline in money rates in this market there was
a considerable movement of gold to France from this country. There
followed a period of several months during which gold movements to
France ceased altogether, and there was even an export from France to
Germany in response to the higher rates prevailing in that country. The
movement toward France was soon resumed, however, gold once more
being shipped from England. By the summer of this year the amount of
gold imported from England to France was in such large volume that the
Bank of England no longer paid out gold of the degree of fineness required
by the Bank of France (995-1000 fine), but began to exercise its legal
authority to pay out gold of lesser fineness, known as standard gold (916 2/31000 fine). French purchasers of gold from the Bank of England were thus
forced to pay the cost of refining it, and this fact, together with some
tightening of money rates in London as a result of previous gold losses, led
to a diversion of French purchases to the United States,from which $65,000,000 of gold was taken in July and August. Since that time the French
demand for gold has once more turned to England and for a period to
Germany.
From an international point of view, the significance of this movement
is found in the fact that for several years France has had a continuous
demand for gold,first from the central bank and later from the commercial
banks, coupled with the ability to satisfy this demand by the use of large
foreign balances. In these circumstances gold has moved to France in an
almost uninterrupted stream, though the origin of this gold has shifted
from time to time in response to changes in relative money-market conditions.
Canadian Gold Movements.
Gold movements between Canada and the United States are to a considerable extent seasonal in character. In the autumn months, when
Canadian demand for currency is at its maximum, there is usually a movement of gold from the United States to Canada, while after the turn of the
year, when currency returns from circulation, surplus funds are transferred
to the United States,causing an export ofgold from Canada to this country.
Over a series of years the result of gold movements between the United
States and Canada has been a net export from Canada of an amount of
gold not infrequently approximating her annual production of about
$40.000,000. Movements during the past two years, however, have not
followed the usual course. During 1928 the high level of money rates preveiling in the New York market caused Canadian banks, in addition to the
usual exports, to borrow $40,000.000 from the Finance Minister and to
export this amount in gold, so that Canadian gold exports to the United
States during that year were approximately twice as large as usual. In
1929 gold exports from Canada continued, and Canadian reserves declined
to a point where informal measures for the cessation of further movements
were adopted. During the period of high money rates in Now York in 1929
Canadian balances were not withdrawn from this country, and seasonal
requirements were met by the Canadian banks through additional borrowing
from the Finance Minister. In the autumn of 1929, after the stock market
break and the decline in money rates in this country. Canadian exchange
continued to be low, owing to an unusually small volume of wheat exports
and also to a movement of funds from Canada for the protection of margins
in the New York stock m Lrket. After the turn of 1930, currency returning
from circulation was used by the Canadian banks to reduce their indebtedness to the Finance Minister, and consequently the usual flow of funds and
of gold from Canada to the United States did not occur in January of this
year. The banks, Intact, drew upon their dollar funds to meet the unfavorable balance of payments arising from the decline in wheat exports. By
the middle of the year, however, Canadian exchange, owing to the low level
of rates in New York and to the flotation of Canadian securities in this
market, advanced to the gold-import point, and about $20,000.000 of gold
was imported from the United States during the third quarter of the year,an
unusual movement at that season, which in part restored the Canadian gold
reserves diminished by the exceptionally large gold exports of 1928. More
recently there have been additional gold exports to Canada, but in smaller
volume and in accordance with the usual movements at this season.
Summary of Figures.
The following table brings together the figures of gold movements between the United States and other countries for the past year. During that
period the gold stock of the United States increased by $140.000,000, of
which $122,000,000 represented net imports from abroad, the difference
being accounted for by domestic production and a change in gold earmarked for foreign account. The table shows gold movements for the entire
year and for the periods that have been discussed above—(1) November
and December 1929. when gold was exported, chiefly to France and England;(2) January to June 1930, when gold was received largely from Japan
FINANCIAL CHRONICLE
3462
and South America;(3) July and August 1930. when gold was exported to
France and Canada: and (4) September and October 1930. when once more
there were gold imports from Japan and South America.
UNITED STATES GOLD IMPORTS (4-) AND EXPORTS (—).
ffn Millions of Dollars].
Noe.
and
Dec.
Country.
France
England
Switzerland
Canada
Japan
Other Far Eastern countries
Brazil
Other Central and South American
countries
Other countries
TotAl
1929-30.
1930.
1929.
Jan.
to
June.
July
and
Aug.
Sept.
and
Oct.
Nov. '29
to
Oct. '30.
--136
--21
—10-------------10
--7
—15
—13
+16
+5
+140
+18
+8
+114
+27
+8
+2
+15
+2
+83
+17
+6
+59
—62
--8
--65
----
+7
+26
+17
+5
—1
+5.5
--8
—RR
4.222
—20
-1-28
4-122
—8
Concentration in Commercial Countries.
As already stated, the net effect of gold movements during the past
year on the United States has been to increase its stock of gold. The table
below shows goli holdings of some of the principal countries of the world
at the end of S.:pi-ember 1929 and 1930. Total monetary gold holdings of the
44 principA countries of the world, not including Russia. Increased by about
$470,000,000 during the year, as the result of new production and the absorption Into central reserves of gold previously held by commercial banks
and by individuals.
GOLD HOLDINGS OF PRINCIPAL CENTRAL BANKS AND GOVERNMENTS.
[In Millions of Dollars.]
Oct. 31
Country.
1929.
Inc. or
Oct. 31
1930.* Dec.(—).
180
4.183
United States (Treasury and Federal Reserve bank)- 4.023
422
1.992
1,570
France
782
139
643
England
--12
519
Germany
531
6
278
272
Italy
--7
171
178
Netherlands
37
180
143
Belgium
26
129
103
Switzerland
--47
429
476
Argentina
--108
43
151
Brazil
83
--26
109
Australia
418
--123
Japan
541
45
122
Canada
77
* Partly estimated on basis of latest available figures.
In Europe there has been a large growth in the gold stock of France, the
holdings of the B ,nk of France amounting now to about 50.000,000.000
francs. or 22,000,000.000. The increase In the gold stock of the United
States and France. however, has not been at the expense of other European
countries. England's losses of gold to France and to Germany have been
more than m ide up by the receipt of new gold from South Africa and by
imports from Australia. where the decl.ne In the price of wool and wheat
has been largely responsible for an unfavorable balance of payments leading
to a decline in the exchange value of the Australian pound and to exports
of gold. Of the other major European countries. Germany's gold holdings
inffeased considerably until June. but declined more recently to a level
somewhat below that of a ye or ago. Gold reserves of The Netherlands also
declined somewhat, while there was a substantial increase in the reserves of
Switzerland. Belgium and Canada, and a smaller Increase in those of
Italy. A characteristic of the year's gold movements has been a shifting
Of gold from outlying countries producing raw materials, which have felt
the effects of the decline in the value of their exports. to France, the United
States, England, and other import nt commerci. 1 countries.
Analysis by H. L. Rackliff of Banking Situation in
South as Result Suspensions—Group Banking
Prestige Held Not Impaired—Holds Movement Only
Factor Working for Stabilization of Small Unit
Bank.
A close analysis of the banking situation as it now exists
In the Southern and Southwestern States as a result of the
recent small banking suspension supplies evidence of the
strongest kind that American banking has not been adversely
affected, and, furthermore, that the prestige which is attracted to group banking has not been impaired in any way,
according to Herbert L. Rackliff, in an article entitled "Plain
Facts Regarding Recent Small Bank Suspensions," which
appears in "Banking Trends," a weekly review published
by Rackliff & Co., Inc. Mr. Rackliff states that "those who
by inclination or by business interests are opposed to the
further growth of the group system of banking are naturally
eager to seize upon rapid succession of small bank failures
as offering evidence that the group movement is of doubtful
benefit to American banking and to the country in general."
The fact that it had been announced early this year that
Caldwell & Co. was to be affiliated with Bancokentucky Co.,
a group banking organization, which it is reported never
actually took place, is given as a reason by Mr. Itackliff for
the spread of disturbing rumors in Louisville regarding the
latter company following the failure of Caldwell & Co.
These rumors were responsible for the closing of the National Bank of Kentucky and small banks affiliated with
Bancokentucky Co., he says. Subsequently, however, the
bank was placed in receivership by Comptroller of the Currency. The article continues:
"If subsequent events prove the Bancokentucky Co. and the National
Bank of Kentucky to have suffered heavy losses and to be actually insolvent
[VOL. 131.
as it not unlikely, the facts will nevertheless constitute no indictment of
group banking. Group banking does not pretend to be immune from poor
management. The leading exponents of the group movement have always
welcomed the idea of Government supervision over the activities of holding
companies for banks, and they themselves recognize the fact that the
dangers inherent in a lack of supervision of such companies is the only
factor in the movement itself which may be open to justifiable criticism.
"The suspension by 43 banks in Arkansas was entirely voluntary and
in accordance with the State law, which permits voluntary suspension
payments for five days."
Mr. Rackliff ascribes the closing of various small banks
in Missouri, Illinois, Indiana, Iowa, and North Carolina to
the general excitement and to the agricultural and business
conditions. "The remote cause, however," he says, "is the
more important and that originated in an unsatisfactory
condition of the small unit bank throughout the agricultural
sections of the country." He adds:
"Unit banks in the agricultural sections of the country, particularly in
the South and Southwest, have not functioned satisfactorily since the
start of the deflation movement following the World War, and the record
of unit bank failures bears eloquent testimony to the adverse circumstances
under which many of these institutions struggled for existence and finally
fell by the wayside. The merger movement in modern enterprise has
resulted in large chain distributing and manufacturing organizations and
great public utility companies which converge their cash assets with the
larger institutions in adjacent cities.
'In addition, small unit banks as a class have not been favored by either
skilled or experienced management. As a result, therefore, of all of these
unfavorable factors, the present almost panic condition of the grain markets
of the world and the long period of gruelling deflation In the securities
markets, the expected has come to pass.
"Group banking needs no apologies for its existence. From Its birth
three years ago it has grown rapidly and has met with generally popular
approval. Leading group banking organizations in this country have won
notable success in placing the banking of the Northwest and the West on a
stable basis. Prominent groups of the country such as Northwest Bancorporation, First Bankstock Corp., Transamerica Corp., BaneOhio Corp., Detroit
Bankers' Co., Guardian Detroit Union Group, Marine Midland Corp., and
numerous others have contributed in no small measure to the strength and
prosperity of banking in this country. They have preserved the existence
of many small Institutions which otherwise would probably now be out
of business, and they have restored the confidence of both investors and
depositors to a large extent.
"During the past 10 years, out of about 30,000 banks in the United States
6,000—nearly all in agricultural communities—failed and tied up deposits
of $1,500,000,000. This is at the rate of about 1.7% which failed
each year.
"Until such time as more liberal legislation permits the broader functioning of a branch banking system, group banking Is the only factor
working for the stabilization and the prosperity of the small unit banks
of the country. When branch banking is made legal it will function
with the group movement, it will not supersede it, and both will contribute
to the future importance of the banking industry."
Member Banks of Boston Federal Reserve Bank at Annual Meeting Adopt Resolution Asking Appointment by Reserve Board of Committee to Consider
Legislation to Help Business.
Member banks, at the annual stockholders' fleeting in
Boston, on Nov. 21, of the Federal Reserve Bank of Boston,
adopted a resolution requesting the Federal Reserve Board
to appoint a committee to consider what remedial legislation is necessary for the benefit of business. The New York
"Journal of Commerce," in Boston advices indicating this,
also had the following to say,:
The resolution adopted places emphasis upon the credit policies of the
Reserve Banks not only from the national standpoint, but also in relation
to the international financial situation. It has been pointed out that
credit policies of the system in the past have to a large degree been influenced by international considerations,
Unit Chain Banking.
With regard to the domestie situation it Is urged that the present system
of unit banking, leaving free scope for the formation of large hank chains
dominated by holding companies, may not be the best possible system
that can be devised. The question of whether unit or chain banking
Is the more desirable would be a primary consideration for the proposed
committee.
The resolution stimulated particular interest in view of the recent series
of bank suspensions in several parts of the country. There is much conflict
of opinion as to whether or not new legislation can provide a remedy.
It is pointed out that in the Industrial and commercial fields there
have been great changes in recent years. Corresponding changes in the
commercial banking field may be necessary. In local financial quarters
It is noted that these changes to a large extent have been in the direction
of industrial consolidation under investment banking guidance.
Eugene R. Black, Governor of Federal Reserve Bank of
Atlanta Urges Confidence in Soundness of Fundamental Condition of Southern Banks.
The banking situation in the South is fundamentally
sound, in the opinion of the Governor of the Federal Reserve Bank of Atlanta, Eugene R. Black, who issued a
statement at Atlanta, on Nov. 21, as a result of the recent
bank failures. Governor Black's statement, as given in the
"United States Daily," follows in full text:
At this time, by reason of the doming of a number of Southern banks,
it may be well to consider our fundamental situation.
We have just harvested our various crops. All of the crops were large,
and yielded large cash returns. Our tobacco and cotton crope were larger
3463
FINANCIAL CHRONICLE
Nov. 29 1930.]
than last year, and the cash returns from them were very large. The
millions received from these crops are distributed in all the Southern
States from Texas to Virginia.
Our industries are on a sound basis, and their products yield a cash
return as large as our agricultural products. Our problem of unemployment is probably less acute than in any other section.
Our agricultural banks have largely liquidated their indebtedness to us
and to their city correspondent banks. Our city banks have very large
resources and are abundantly able to handle the financial problems of
the South.
With resources of approximately $10,000,000,000 in Southern banks,
there should be confidence that fundamentally our banking situation is
sound, and with our agriculture, our industry and our banking resources
there should be no uneasiness as to our general situation.
den stated he is of the opinion that the stock market has already discounted
any coming events in the near future.
Mr. McFadden is Chairman of Transcontinental Shares, Inc.. depositary
organization for Universal Trust Shares, Inc. He is accompanied by
Paul Brown, President, on his visit to the Pacific Coast.
Condition of Federal Reserve Member Banks on Sept. 24
1930—Classification of Loans.
In presenting detailed figures of condition of all member
banks on Sept. 24, including the detailed classification of
loans, the Federal Reserve Board, in its November Bulletin
says:
During the third quarter of the year total loans and investments of
member banks, amounting on Sept. 24 to $35,472,000,000, decreased
by $180,000,000, reflecting a decrease of $475,000,000 in their loans and
in their investments. In comparison
Federal Reserve Board on Bank Suspensions in October a further increase of $290,000,000
with a year ago—the call date of Oct. 4 1929—member bank loans deFederal
the
October
in
suspensions
banks
In its report of
creased by $1,425,000,000 and their investments increased by 3985.000.000.
The detailed figures for the third quarter of 1930 show the influence
Reserve Board, in its November bulletin gives the number of
the demaad for bank credit of the continued business recession, since
all banks closed during the month as 66, with deposits of on
much the larger part of the decrease in loans was in the further decline
deposits
with
banks
$26,605,000. Of these 10 were member
of $365,000,000 in loans to customers, exclusive of loans secured by stocks,
real estate. Customer loans secured by real estate showed little
of $3,926,000, and 56 were non-member banks with deposits bonds, or
change during the quarter, while security loans to customers (exclusive of
follows:
compilation
Board's
The
of $22,679,000.
loans to banks) decreased by $200,000,000. At the same time the member
BANK SUSPENSIONS.
banks increased by $43,000,000 their total holdings of paper purchased
Preliminary.)
are
Month
Latest
the
for
(1930 Figures
in the open market, including both acceptances and commercial paper,
of
account
$107.000,000. The
[Banks closed to the public either permanently or temporarily on
banks. and increased their street loans at New York City by
financial difficulties by order of supervisory authorities or directors of theand
are open-market portfolio of the member banks at the end of the third quarter
Deposit figures are given for the latest available date prior to suspension,
amounted altogether to $14,000.000,000. including $267,000,000 of acsubject to revision.]
ceptances, 3523,000,000 of commercial paper, $2,472,000 of street loans,
AU Banks.
and $10,734,000,000 of bonds and other securities. The following table
shows the classified loans and investments of all member banks on Sept. 24
Deposits.
Number.
Reserve
District.
Federal
and the changes for the quarter and for the year;
JanuaryJan.ALL MEMBER BANKS—LOANS AND INVESTMENTS.
October. September. October.
Oct. Sept. Oct.
[Preliminary Figures in Millions of Dollars.]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Federal Reserve
District.
Roston
New York.
Philadelphia.
Cleveland_ _
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
'cams City
Dallas
Ban Francisco_
1
1
1
1
2
1
15
8
17
14
4
2
3
6
5
4
33
58
85
196
106
96
108
29
14
22.086.000
184,000 2,157.000
2.881,000
771,000
553.000 1,735,000 39.493.000
450,000 2,571,000 23,767.000
551,000
401.000 51.766,000
8,329,000 12,601,000 78,824,000
3,525.000 1,740,000 26,959.000
2,698.000
533,000 14,806.000
2,877,000 3,203,000 26,633.000
533,000
854,000 13.276.000
1,267,000
271.000 9.771.000
5.051.000
Sept. 24
1930.
Change
from
June 30
1930.
Change
from
Oct. 4
1929.
—442
—183
85,472
Loans and investments—total
—176
—70
468
Loans to banks—total
a
—55
175
On securities
a
—14
291
All others
—2,239
—555
21,010
Loans to customers (exclusive of banks)—total.
—245
—196
7,864
Secured by stocks and bonds—total
—165
—45
774
2
To brokers outside New York City
—79
—151
7,090
To other customers
--5
+1
387
66 740 26,605.000 24.093,000 312,419,000
66
Secured by farm land
+16
+7
2,778
Secured by other real estate
—2,006
—367
9,982
Otherwise secured and unsecured
+987
+149
3.262
Open-market loans—total
Non-Member Banits.b
Member Banks.e
+112
205
+36
Purchased acceptances payable in U. S
—8
—16
62
abroad_
payable
itc.,
acceptances,
Purchased
Deposits.
Number,
Deposits.
Number.
+296
+23
523
Commercial paper purchased
+597
+107
2,472
loans_b
Street
September
Oct.
October.
Sept.
September.
October.
Sept.
Oct.
+985
+292
10.734
Investments—total
+74
+34
4.095
United States Government securities
$
$
$
$
+912
6.639' +258
securities
Other
1
5,051.000
1
184.000
a Figures not available prior to March 27 1930. b Loans on securities to brokers
1
771,000
and dealers in securities in New York City.
1
1
553,000 1,735.000
.
3
1
450.000
2,571.000
1 ..._
2
551,000
401,000
1
Security
20 7.514.000 11,996.000 Federal Reserve Board's Comparison of
3 815.000 605,000 13
2
7
8 3,116,000 1,740,000
409,000
1
Banks to Brokers and Others at
Member
by
Loans
17
114.000
5
419.000
2,698,000
1
...
13 2,321.000 2.683.000
556.000 520,000 11
3
2
Quarterly Intervals, October 1928 to September
3
3
198.000 619,000
235,000
335,000
2
1
1930.
I
1
947,000 82.000
189.000
320.000
1
1
2
23
8
6
15
57 22,679.000 22,153.000
9 3,926.000 1.940.000 56
10
Total
only September figures include
a October figures represent National banks and
2 State bank members with
7 National banks w th deposits of $1,769,000
inc ude 86 National banks with
deposits of 3171,000. January to October figures
members with deposits of 57.415.000.
deposits of $66,365,000 and 12 State bank
b Includes private banks for which deposit figures are not available, as follows:
October, 2 banks; January to October. 5 banks.
L. T. McFadden Reported as Stating That Revision
of Banking Act of 1927 Is Unlikely at Coming
Session.
Revision and further liberalization of the powers given
under the McFadden Branch Banking Act of 1927 are not
likely to materialize in the coming session of Congress, in the
opinion of Louis T. McFadden, Chairman of the Committee
on Banking and Currency of the House of Representatives.
We quote from Los Angeles advices to the "Wall Street
Journal" of Nov. 19; it was further stated therein:
The following compilation bearing on security loans of
member banks in the Federal Reserve System at quarterly
intervals from October 1928 to September 1930 is from the
November Bulletin of the Federal 'Reserve Board:
Security Loans in September 1930.
By combining statistics from the quarterly member bank call report and
monthly reports of the New York Stock Exchange, it is possible to arrive
at quarterly data for aggregate loans secured by stocks and bonds that
are more comprehensive than those available weekly or monthly. This
aggregate, here designated as total reported security loans, includes those
reported on call dates by all member banks and in addition that part of
the brokers' borrowings at New York City reported by the Stock Exchange
arrived at after subtracting the call date figures of member bank loans to
brokers in New York. It includes no security loans for non-member
banks or non-banking lenders except those made at New York to members
of the Stock Exchange. This compilation, now available for quarterly
Intervals from October 1928 to September 1930, is given in the following
table, which shows separately security loans of member banks, by class
of loan, and those of other lenders on securities.
The compilation shows that the total of reported security loans decreased
further during the third quarter, by $500,000,000, and that the total
decrease from October 1929, when these loans were at their peak, to September 1930 amounted to $5,450,000,000. For member banks the decrease in security loans for the quarter was 5150,000.000 and for other
lenders included in the compilation it was $350,000,000.
TOTAL REPORTED SECURITY LOANS.
[In Millions of Dollars.]
during the past months, has been a
The Committee, which in effect,
fact-finding committee, Mr. McFadden said, has been holding many
having reached a point where
hearings and gathering information not yet
definite recommendations can be made. Mr. McFadden declined to say
was as a result of the inforWhat the indicated consensus of committee
mation thus far obtained.
the
Act was not likely
McFadden
that
opinion
his
with
In connection
By Member Banks
Mr. McFadden gave it as his belief
to be revised at the coming session,
election little legislation of an important
By
To
To
Total
that with the coming presidential
Date.
Can
To
as could be ascertained now. There
Brokers Brokers
Other
To
nature was likely to develop as far
in N.Y. Else- Others. LendBanks.a
Total.
said,
for
McFadden
of
extension
powers
the
Mr.
proposals,
have been many
ers.b
City, where.
has not as yet arrived at any definite
of National banks, but the committee
banking.
850 5.796 8.610
1.899
274
8,819
12.429
1928—Oct. 3
Plan for the future of branch
975 6.373 3.890
2,556
organize the House, in his opinion.
269
14,062 10,172
Dec. 31
The Republicans will be able to
1,879 1,014 6.526 4,920
274
9,693
14,613
taken up to a large extent with measures 1929—Mar.27
The current session is likely to be
921 6.813 5.050
2,025
335
10,094
15,144
29
June
and general economic situation, he
939 7,170 6.660
1,885
320
16,974 10.314
for alleviation of the unemployment
Oct. 4
803 7.685 2,330
1.660
357
12,835 10.505
believes. "I would.be in favor for that purpose, of embarking upon a
Dec. 31
706 7.024 2.310
2.344
260
and
building
10.334
new
12.644
road
of
programs
waterways
1930—Mar.27
vast program for extension
819 7,242 1,380
2.365
230
12,015 10.655
June 30
the country," he said. "This
throughout
offices
post
of
construction
with
175
774 7.090 1,010
2.472
10,511
11.521
24
Sept.
might provide the spark which would initiate a return to better conditions."
a Security loans to banks. not available separately prior to 1930, estimated for
Mr. McFadden is opposed to any movement which would bring the
1928 and 1929 at half of total loans to banks. for end of
month by members of
Federal Reserve Bank in affiliation with the Bank for International Settleb Total borrowings at New York as reported
ments. He believes that the Federal Reserve Bank can serve the country Stock Exchange minus loans to brokers in New York as reported for Call dates
in December and June, reflect in
except
figures,
resulting
better
far
by
advantage
being
entirely
banks;
to
situation
member
international
all
by
the
and
these dates.
Ii
independent. Commenting on the general economic situation, Mr. McFad- part differences in
ALL MEMBER BANKS-CLASSIFICATION OF
LOANS AND INVESTMENTS ON CALL DATES. OCT. 3 1928 TO SEPT.
24 1930.
(Amounts In Millions 01 Dollars.]
Date.
Total-All Member Banks1928-0et. 3
Dec. 31
1920-Mar.27
June 29
Oct. 4
Dec. 31
1930-Mar,27
June 30
Sept. 24
New York City d1928-Oct. 3
Dec. 31
1929-Mar,27
June 29
Oct. 4
Dec. 31
1930-Mar.27
June 30
Sept.24
Chicago_d1928-0et. 3
Dec. 31
1929-Mar.27
June 29
Oct. 4
Dec. 31
1930-Mar.27
June 30
Sept. 24
Reserve City Banks1928-Oct. 3
Dec. 31
1029-Mar.27
June 29
Oct. 4
Dec. 31
1930-Mar.27
June 30
Sept. 24
Country Ranks1928-Oct. 3
Dec. 31
1920-Mar.27
June 29
Oct. 4
Dec. 31
1930-Mar.27
June 30
Scot.24
Total Loans
and
Investments.
34.929
35,684
35,393
35,711
35,914
35,934
35.056
35,656
35,472
Secured by Stocks ct Bonds.
Total.
On Securities.
All Other.
Total.
To Brokers
Outside
New York
City.
To Other
Customers.
Farm
Land.
Other Real
Estate.
Otherwise
Secured
and
Unsecured.
Total.
Bills, AcceptAcceptances ances, etc.,
Street Loans.a
Payable in
Payable in
Commercial
UnUed States.
Foreign
Paper.
Countries.
b
Is
b
b
b
b
267
305
291
21,242
21,462
21,903
22,516
23,249
23,194
21.495
21,505
21,010
850
975
1,014
921
939
803
706
819
774
.5,796
6,373
6,526
6,813
7.170
7,685
7,024
7,242
7,090
421
412
403
414
392
388
394
386
387
2,668
2,711
2,720
2,750
2,760
2,303
2,776
2,769
2,776
11,507
10,991
11.240
11,618
11,983
11,515
10.595
10,349
9,982
2,537
3,158
2,494
2,472
2,276
2,243
3,097
3,113
3,262
80
109
146
108
93
212
175
170
205
101
103
93
90
70
80
79
c71
62
7,197
7,051
7,726
8,160
8,150
8,774
8,238
8,798
8,557
287
288
251
314
302
322
199
196
169
b
Is
b
b
b
b
92
78
53
b
b
b
b
Is
b
107
118
116
3,919
3,940
4,253
4,532
4,346
4,964
4,338
4.308
4.276
45
50
52
63
46
55
60
68
86
1.491
1,658
1,692
1,814
1,898
2,145
1,876
1.954
1,945
____
____
____
2
1
----_-_
---____
130
132
148
173
175
169
150
157
157
2,253
2,100
2,361
2,480
2,726
2,595
2,252
2,129
2,087
1,048
1,790
1,250
1.496
1,196
1,397
1,655
2,091
1,912
50
61
59
58
59
128
89
144
148
1.910
1,910
1,793
1,767
1.823
1,757
1,717
1,849
1,934
35
40
62
67
68
88
58
50
41
b
b
b
b
b
b
.50
43
35
b
b
b
b
b
b
8
7
6
1,326
1,339
1.353
1,309
1,374
1,329
1,160
1,257
1,187
252
309
311
242
257
240
194
229
239
.543
598
477
484
504
533
474
487
448
3
3
2
2
2
2
2
2
2
437
440
544
559
592
535
472
521
482
144
91
41
58
68
30
187
176
296
41
39
19
22
19 .
19
18
18
16
Investments.
Purcahsed Paper.
548
b
538
Is
548b
670
Is
640
Is
714
b
527
260
535
230
466
175
Total.
United States
Government
Other
Securities. Securities.
457
390
376
249
228
291
499
507
523
1,899
2,556
1,879
2.025
1,885
1,660
2,344
2,365
2,472
10,604
10,529
10,448
10,052
9,749
9,784
9,937
10,442
10,734
4,386
4,312
4,454
4,155
4,022
3,863
4,085
4,061
4,095
6,218
6,217
5,994
5,898
5,727
5,921
5,852
6,380
6,639
55
61
52
58
33
46
40
29
28
63
29
37
21
8
21
49
35
22
880
1,639
1.102
1,359
1,096
1,202
1,477
1,883
1.714
1,942
1,933
1,972
1,819
1,807
2,091
2,046
2,203
2,198
1,130
1,094
1,135
1,006
939
1,112
1,150
1,147
1,091
813
839
838
813
817
979
897
1.756
1,107
1
1
8
1
1
9
3
2
7
3
1
5
3
4
5
11
19
13
21
14
10
4
5
33
56
42
119
75
18
48
59
11
140
99
233
405
391
337
334
312
309
310
366
407
191
174
164
159
153
116
146
160
157
214
217
172
176
160
193
164
205
250
•
6
12,211
12,156
12,132
12,065
12,161
12.029
11,858
11,852
12,037
179
173
196 .
241
225
258
205
227
193
b
Is
b
b
Is
b
104
99
77
b
b
b
b
Is
Is
101
128
117
7,770
7,878
7,933
8,124
8,401
8,417
7.790
7,770
7,534
435
509
538
511
510
425
360
431
360
2,152
2,318
2,415
2,480
2,598
2,775
3,576
2.663
2,586
124
118
112
119
110
110
113
110
111
1,368
1,387
1.376
1.360
1,360
1,428
1,411
1,394
1,398
3,691
3,546
3.492
3,654
3,823
3.679
3,330
3,172
3.080
732
650
603
423
458
408
757
534
763
5
16
35
16
6
43
55
17
47
27
33
27
22
27
24
24
c19
17
178
136
136
83
71
102
209
c245
295
522
465
405
302
354
239
469
253
409
3,530
3,454
3,400
3,276
3,075
3,944
3,105
3,319
3,537
1,703
1,662
1,732
1,607
1,519
1,368
1,516
1,525
1,628
13,612
13.667
13,741
13.719
13.780
13.375
13.243
13,157
12 944
1,827
1,791
1,668
1,670
1,557
1,576
1,590
1,794
1,909
46
37
39
49
45
45
65
63
62
b
b
b
b
b
b
14
11
11
b
Is
b
Is
Is
b
31
52
51
8,225
8,254
8,364
8.551
8,627
8.481
8.206
8,229
7.999
117
107
114
105
125
83
93
90
88
1.610
1,799
1,942
2,034
2,170
2.231
2,097
2,137
2.112
294
290
289
291
279
276
279
274
275
1,129
1.154
1,176
1.195
1,206
1.186
1,196
1,201
1.205
5,075
4,904
4,843
4,926
4,847
4.705
4,541
4,527
4,318
614
625
598
496
553
409
496
312
286
24
30
44
33
27
33
27
8
4
17
8
8
7
195
211
192
140
144
163
207
171
164
378
376
354
316
376
208
258
120
115
4,727
4,751
4,740
4,623
4,554
4,439
4.475
4,554
4,589
1,362
1,382
1,424
1,384
1,361
1,267
1,273
1,229
1,219
3,365
3,370
3,316
3,240
3,193
3,172
3,202
3,320
3,370
a Loans to brokers and dealers in securities at New York City. b Figures
not available. c Revised. d Central Reserve City banks only.
Open Market Loans.
Secured by Beal Estate.
6
.5
4
4
4
rIVIONVNLI
•
Loans to Customers (Ezclusive of Banks).
arlOINOUHD
Loans to Banks.
0
Nov. 29 1930.]
FINANCIAL CHRONICLE
J. Herbert Case to Resign as Chairman of Board of
Federal Reserve Bank of New York to Become
Head of Institution Created Through Merger of
Four Local Banks.
As we indicate in our items relating to banks and trust
companies in another part of our paper, J. Herbert Case,
Chairman of the board of directors of the Federal Reserve
Bank of New York will join as its head, the enlarged institution to be formed through the merger of the Manufacturers Trust Co., the Public National Bank & Trust Co.,
the Bank of United States and the International Trust
Co. A sketch of the career of Mr.Case is furnished as follows:
3465
Edward H. Cunningham, who would have been sixty-one years old on
the fourteenth of next month, had been engaged in farming in Iowa since
1889. He was born in Burlington, Wis., in 1869, the son of P. H. and
From 1909 to 1913 he served three terms
Hannah (Nagle) Cunningham
In the Iowa House of Representatives and during his last term was Speaker
of the House.
From 1920 to 1923 Mr. Cunningham was a member of the Iowa Farm
Bureau Federation, which position he held at the time of his appointment
in 1923 to the Federal Reserve Board by President Harding.
Besides the vacancy on the Board, created through the
death of Mr. Cunningham, there is also another place on the
Board still to be filled, no successor having yet been named
to Edmund Platt who resigned in September as Vice-Governor of the Board.
Mr. J. Herbert Case was born in Elizabeth, N. J., on Aug. 20 1872. He
attended the public schools and the Langley School in Elizabeth, but his Treasury Said to Plan No Move to Suspend Sinking
education was interrupted at an early age by the death of his father. He
Fund Payments to Enable Continuance of 1% Tax
later completed the course of the American Institute of Banking.
Reduction—Statement By President Hoover.
At the age of 16, Mr. Case obtained his first banking position as clerk in
the City National Bank of Plainfield, New Jersey. Four years later he joined
was stated in Associated Press dispatches from WaahIt
the staff of the Market and Fulton National Bank in New York City where
Nov. 20 that the Treasury plans to make no recomington
organizing
in
was
he
instrumental
1902
In
he soon became discount clerk.
the Plainfield Trust Co. in Plainfield, N. J., which he served as Secretary mendations to Congress on proposals to suspend the operaand Executive Vice-President for eight years. During that period he tion of the sinking fund next year to enable the continuance
organized the Peoples Bank St Trust Co. of Westfield. N. .1. In 1910 he
reduction granted on incomes of 1929. The
returned to New York as Vice-President of the Franklin Trust Co., then of the 1% tax
owned by the Farmers Loan & Trust Co., and two years later became Vice- Associated Press accounts from which we quote likewise said:
President of the parent company. He was largely responsible for building
The law requires setting aside of some revenue each year in the sinking
up the credit department of the Farmers' Loan & Trust Co., and became fund to meet the public debt, which approximates $16,000.000,000. It
paper
commercial
the
on
writing
widely known through his speaking and
developed to-day that high Treasury officials feel the question ofsuspension
market.
will be brought up in the short session of Congress and there would be no
When the United States entered the war in 1917 Mr. Case was induced. need for the Treasury to act until the matter is placed before it by the legisFederal
the
at some personal sacrifice, to become Deputy Governor of
lative branch.
Reserve Bank of New York, a position which he held until the early part
The law says operation of the sinking fund can be suspended only In a
of this year, when he was appointed Chairman of the board of directors national emergency. The position of the Treasury is that no such emergency
of the Bank. In the capacity of Deputy Governor, Mr. Case played exists.
an important part in the war financing operations of the Government.
The debt at its peak amounted to $26,000,000.000.000. Since the war
During the major part of his service with the Bank he had charge, as $10,000.000,000 has been retired, of which $3,200,000.000 came from the
Senior Deputy Governor, of open market operations as well as of fiscal sinking fund. The Government is $7,000,000,000 ahead of the retirement
agency operations. To these duties at various times were added the
.
•
program.
supervision of loans to member banks and of foreign operations. In
Decreasing Government income brought the threat that to continue
as
served
he
of
Strong,
Governor
absence
prolonged
1920, during the
the 1% reduction in income taxes another year might result in a deficit.
Acting Governor of the Bank. Early in 1929, after a visit to London,
On Nov. 21, President Hoover issued a statement as
he made a report to the Secretary of the Treasury on the British method
of issuing Treasury bills, which was the basis for the procedure recently follows, indicating opposition on the part of the Adminisinstituted in this country. When Mr. Gates W. McGarrah resigned the
tration to any move toward the suspension of sinking fund
Chairmanship of the Federal Reserve Bank of New York to become
President of the Bank for International Settlements, Mr. Case was chosen payments:
statutory
as his successor, assuming the duties of Chairman last February.
The Administration is opposed to any trenchment upon the
Mr. Case has maintained a wide interest in philanthropic and social provisions for retirement of the public debt. The sinking fund now amounts
organizations. During the past two years he has served as President of the to something over $430.000,000 a year. Hitherto we have allocated various
National Association of Community Chests and Councils. He is a trustee funds, such as surplus or foreign debt payments, etc., to retirement over
and Chairman of the Committee on Finance and Investment of Elmira and above the statutory provisions, which excess sums would, of course, be
College; he is also a trustee and member of the Finance Committee of the available for current use without trenchment upon the statutory requireMinisters and Missionaries Benefit Board of the Northern Baptist Con- ments. It is sound Government finance to hold to the sinking fund provention. For more than 35 years a resident of Plainfield, N. J.. he was visions of the public debt."
Chairman of its Liberty Loan Committee and is now Vice-President of the
The New York "Herald Tribune" in a Washington disCommunity Chest of Plainfield. He is a member of the Union League Club,
India House. the New York Bond Club, the Chamber of Commerce of the patch Nov.21, relative to the matter said:
State of New York,the Downtown Association, and the Plainfield Country
Has the Annual Requirements.
Club.
only in
The sinking fund law of 1920 provides for its own suspension
emergency. In the ten years since it was passed the Government
national
Treasury Considers Refinancing Plans—Maturity of has not only made the payments required thereunder, equal to 23% of
as of July 1 1920, plus
$2,124,619,000 Falls in Present Fiscal Year.
the face value of Liberty bonds and Victory notes
applied surplus moneys and other funds to steady reduction.
has
but
interest,
Under the above head the "United States Daily" of Nov. As a result the public debt has been reduced in ten years from $26,596.limited to the require000.000 to $16,185,000.000. Had the payments been
22 said:
sinking fund law, the reduction would have amounted to no
Records of the Department of the Treasury, made public Nov. 21,show ments of the
ahead of
is
57,000.000,000
Treasury
Hence the
that it faces the maturity of about $2.124,619,000 during the remainder of more than $3,187.000.000. public debt.
cutting down the
the current fiscal year which ends Juno 30 1931. Consideration is being schedule in
policy was putting
This fact has led to criticism that the Government's
given to the question of refinancing these obligations, it was stated orally
the war burden on the present generation; that the original
In behalf of the Department, but thus far no plans have been formulated. too much of
succeeding genand
this
among
evenly
intention was to distribute it more
The following information was made available at the Department;
nearly a half century.
The first large maturity occurs in the middle of December when certifi- erations for
years,that critiNow,with the Government facing itsfirst deficit in many
cates of indebtedness in the amount of $483,314,000 fall due on Dec. 16
been renewed. It has been protested in the last few days that the
and when two blocks of Treasury bills, one amounting to $61.262,000 and cism has
$16.000,000,000
at
stand
debt
public
could well afford to let the
another amounting to $51,263,000 mature on Dec. 15 and 16. respectively. Government
if necessary, while the money which ordinarily would be
These maturities fall at a time when funds are being received from the for several years
debt could be diverted to current needs, to avoid the tax inthe
to
even
with those receipts the applied
fourth quarterly installment of taxes, but
creases if not to facilitate tax reduction.
Department anticipates that refunding will be necessary.
to keep
President Hoover's assertion that it is sound Government finance
Two blocks of Treasury notes, aggregating about $1.100,000,000, mature
debt was regarded as only one of the reasons behind his
in March as a result of exercise by the Treasury of its option to retire those paying off the public
Administration policy on the point two weeks in adsecurities a year in advance of their final maturity date. These notes bear action in declaring the
his message to Congress.
33 % interest. No announcement concerning reasons for the call has been vance of
Is More for Governmental Economy.
made, nor has the Treasury made public its program for refinancing them.
which, however,is a course that will be followed. Some of those maturities
in part at least to the President's desire to discourage exattributed
was
It
may be retired from the proceeds of the March 15 tax installment, but the travagant expenditures in the name of relief or emergency in the impending
a slight Treasury
Treasury has no definite plan in that direction at this time.
session of Congress. His announcement a week ago that
The last maturities of the fiscal year fall in the middle of June 1931. a deficit was to be expected was regarded partly in the same light.
date also coincident with the receipt of tax payments. Certificates of
indebtedness amounting to about $429,373.000 mature at that time which
Sucperiod will be near the end of the fiscal year when the Treasury will know William N. Doak Named as Secretary of Labor
how much of a deficit it will have and what will be done about the several
Davis.
J.
James
ceeding
Treasury problems in the way of legislation should Congress decide to act.
While the Treasury is not now considering its course with respect to each
President Hoover yesterday (Nov. 28) named William N.
of the issues separately, it has been faced with the necessity of looking at Doak as Secretary of Labor succeeding James J. Davis
the financial structure throughout the fiscal year because of the expectation
Monday Dec. 1 when he assumes the post
that its outgo Is likely to exceed its income during the current fiscal year. who will resign on
of Senator from Pennsylvania. Announcement of the appointment of Mr. Doak was made as follows by President
Death of Edward H. Cunningham of the Federal Hoover:
Reserve Board.
the Brotherhood of Railroad
I have appointed William N. Doak of
of Labor. Mr. Doak has been identified with
of Iowa, a member of the Federal Trainmen as Secretaryadult
Cunningham
Edward H.
years he has been a general
sixteen
For
life.
his
organized labor all
Reserve Board, died at his desk yesterday afternoon (Nov.28) officer of the train men,taking part in a great number of labor negotiations.
from several score of labor
I have received indorsements of Mr. Doak
in the Treasury Department, a victim of a heart attack,
some of whom are members of the American Federation of Labor.
according to Associated Press dispatches from Washington. Iunions,
his public duties, and that
in
labor
all
represent
will
know that Mr. Doak
From the New York "Evening Post" of last night we take he will reinforce the sympathetic attitude of the Administration to the
great problems of the wage earner.
the following:
3466
FINANCIAL CHRONICLE
[VOL. 13L
While President Green has publicly stated that he will oppose Mr. every industrial
and commercial activity in which the citiDoak's appointreent because Mr. Doak's union is not affiliated with the
American Federation of Labor, he informs me that he holds Mr. Doak in zens of this country are engaged. The results of the study
the highest personal esteem.
are further indicated as follows:
I do not feel that I can consent to the principle of debarment of the railMore American capital is employed in Canada than in any other part
way employees, or other labor unions and associations, or any labor man in of the world,
followed, in the order named, by South America, Europe,
the United States, from the opportunity and the aspiration to obtain any and the
West Indies, Cuba accounting for the great bulk of investments
office in this land.
in the last-named area. The distribution of American capital in the regions
I have the highest respect for Mr. Green and the American Federation of
mentioned is as follows: Canada, $1,960,820,000; South America, $1,547,Labor, but Mr. Green's enunciations that appointments must come from
895,000
; Rupee, $1,852,753,000; Cuba and West Indies, $1,058,751,000.
one organization in fact imposes upon me the duty to maintain the principle
Contrary to the general impression, investments in branch plants doss
of open and equal opportunity and freedom in appointment to public office.
not constitute the largest item in the total, being exceeded by that in
public utilities, which amounts to over $1,625,000,000. This is nearly
Under Secretary of Treasury Mills Before National $100,000,000 more than the investment in manufacturing, it is pointed out.
Mines and smelters, valued at over $1,200,000,000, and petroleum properties,
Association of State Auditors Urges Curb on State over
$1,116,000,000, follow in importance. The chief public
properSpending—City Governments Accused Also of ties controlled by American capital are located in Canada,utility
Mexico and
Increasing Public Debt at"Alarming Rate"—Points Central America, and South America.
American branch plants are of the greatest value in Europe, amounting
to Federal Cuts.
to over $628,000,000, according to the study. Canada ranks second in this
Pointing to an "alarming" increase in the public debt of respect, with a total of $540,593,000. This finding, it is pointed out,
State and local Governments in recent years, while the reverses the order usually given in estimates of American investments
abroad.
Federal Government is paying off its indebtedness, Ogden L.
This analysis of direct American investments in foreign countries, Mr.
Mills, Under Secretary of the Treasury, in an address before Dickens points out, shows the extent to which American capital has gone
abroad
to develop resources that are either not available in the United States
the Convention of the National Association of State Auditors,
not available in sufficient quantities to satisfy the demands of American
Controllers and Treasurers at the Hotel Pennsylvania in or
corporations. Among these may be mentioned the wood-pulp and paper
New York on Nov.20, "declared" that little benefit, even in mills in Canada, the banana and sugar plantations in Central America and
the way of relief from tax burdens," could be expected under the West Indies, rubber production in British Malaya and the Netherlands
the present methods of State and local budget systems. East Indies, and various metals essential in the production of alloy steels.
The New York "Times" thus indicates what he had to say
Treasury Department Regulations Prohibiting Imand adds:
portation Into United States of Convict Made
While Federal taxes were reduced from $4,905,000,000 in 1921,to $3,364.000,000 in 1928, or a decrease of $1,541.000.000. State and local taxes,
Goods—President Hoover Says Ban Is Not Directed
he said,increased from $3,933.000,000 to $6,095,000,000. or $2.162.000.000.
Against Russia.
The increase in State and local taxes, he explained, not only offset the
reduction in Federal taxes, but resulted in an increase of $621,000,000 in all
On Nov. 24 the Treasury Department promulgated new
taxes. Federal taxes amounted Co $28.03 per capita in 1928, as compared
with $45.23 in 1921, Mr. Mills said, while State and local taxes were $50.79
per capita in 1928 and $36.27 in 1921.
"Tax receipts are frequently confused with governmental costs," Mr.
Mills continued. "As a matter of fact, they do not by any means correspond. Year in and year out our Governments, with the exception of the
Federal Government, spend much more than their current revenues, the
differences, as a rule, being made good from the proceeds of borrowing.
Total expenditures by Federal. State and local Governments amounted to
$12,179,000,000 in 1927, the latest complete figures available, representing
an increase of $1.257.000,000, or 18.3%. as compared with 1924, in the
disbursements of all State and local Governments, and a net increase of
$1,205,000,000 for all Governments.
Warns States of Borrowing.
"The Federal Government is paying off its indebtedness, while the
States and municipalities are resorting to bond issues to finance additional
expenditures,apparently neglectful of the fact that in the long run borrowing
is the most expensive method of public financing.
"During the seven years, 1922-1928, the net funded or financed indebtedness of State and local Governments increased from $7,264,000.000 to 312.579,000.000, a increase of more than $5.300,000,000. Meanwhile, the
National debt, which by 1922 had already been considerably reduced from
the war peak, was further reduced by nearly $5,400,000,000 by the end of
the fiscal year, 1928.
"It is unquestionably true that the people want, and, theoretically at
least, are willing to pay for, more and better service from their Government.
The real problem, as I see it, is not so much whether we shall decrease or
increase our governmental activities, but whether we could not get what we
are getting to-day from the Government for a good deal less than we are
paying: and,from my experience, that is a very live and real question."
Mr. Mills emphasized the necessity of insuring proper control over
appropriations and expenditures to develop the efficiency necessary to yield
full value for every dollar expended.
Sees Lack of Budget Machinery.
"Considerable progress has been made by certain State Governments
and by certain city Governments in instituting budget systems." the
Treasury official continued. "However, too often in these cases the
budget is merely a collection of the figures of proposed expenditures with
no machinery for bringing expenditures into balance with receipts. for
providing am independent audit of expenditures, or for promoting administrative efficiency and economy.
"Moreover, while Legislative bodies are on occasions, to say the least,
extravagant, year in and year out in our cities and States the spending
agencies are the ones that call for constant supervision, check and control.
Not only do State and local Governments need more businesslike methods
in planning their entire budgets; they also need more systematic and
businesslike planning of the financing of one special group of expenditures,
namely, those which are now paid for from debt issues."
regulations for the carrying out of the provision of the Tariff
Act of 1930, under which importations of convict-made goods
are denied entry to the United States. In the "United States
Daily" of Nov. 26, President Hoover was reported as having stated orally that the regulations are not directed
against Russia. The paper quoted went on to say:
The regulations, the President said, are general and in the ordinary course
of making the enforcement of the law against such imports more effective.
The United States, the President added, has not entered into, nor does
it intend to enter into, any trade conflicts with Russia. He said that, on
the contrary, the United States plans to carry on trade exchanges in the
usual way with all nations.
The new regulations were made public by Secretary of
the Treasury Mellon, who, according to the New York
"Times," declared that statements to the effect that they
form a virtual ban on all imports from Russia were in error.
In thus reporting Secretary Mellon, a Washington dispatch,
Nov. 24, to the "Times," continued:
Officials took the position that instead of making importations, particularly from Soviet Russia, more difficult, it apparently means that the
Importer has an adthel advantage. They insisted that the Treasury contemplates no action against any particular country, but that the regulations
are general in character, and are made because of changes in the convict
labor clause of the Tariff Act.
Importations from Soviet Russia have been Involved in convict labor
agitation in the last few months. Convict labor was used in the production
of certain Russian lumber and pulpwood brought to this country from
the Archangel district, it was asserted, but the Government was unable
to prove that such was the case, and the lumber and pulpwood were permitted to enter.
Regulations Fair, Says Mills.
"Nothing could be more fair than that the Government should require
a certificate that the goods are not convict produced," Under-Secretary
Mills said. "Such certificates could be easily obtained from the mannlecturer or producer.
"Should the Treasury hold the certificate not valid, the importer would
have recourse to the courts. The courts accept affidavits of foreign producers as evidence. Then it would be necessary for the Government to
prove in court that the goods are convict-made.
"The Commissioner must have reasonable evidence before he makes a
finding, which prohibits importation unless the importer establishes that
the goods are not conviet-made.
"Just because a complaint is made against the importation of goods, a
finding will not be certain. The Commissioner of Customs must have
reason to believe that convict labor has been employed. Nor would a
bond be required of importers on a mere complaint. The bond is required
in the case of a finding."
Foreign Investments of American Corporations Reach
Large Total-734 Billion Dollars of United States
The same paper, in further advices from Washington
Capital in Business Enterprises Abroad, Commerce Department Report Discloses.—Canada Chief (Nov. 25), said:
Commenting to-day on the new Treasury regulation with regard to the
Foreign Investment Area With South America
importation of convict-made goods, officials expressed the opinion that
Following.
no action will be
The magnitude of direct investments by American corporations in foreign countries is revealed in a bulletin on this
subject which the Commerce Department made public
Nov. 25. This bulletin, embodying the results of a comprehensive study recently completed by Paul D. Dickens, of
the Department's Finance and Investment Division, shows
that approximately 7% billion dollars of American capital
Is invested abroad in business enterprises, such as branch
factories, mines, sugar plantations, public utilities, &c.
These investments, it is pointed out, include practically
taken as to the application of the new regulations
against the importation of such products for some time, possibly
until
spring.
Assistant Secretary Lowman explained that most of the complaints against
convict-labor goods related to those commodities in the Archangel section
of Soviet Russia, chiefly lumber and pulpwood.
Mr. Lowman understood that the Archangel ports have been closed
for
the winter, and that no shipments were probable for some months.
The
lumber and pulpwood is cut durieg the winter months and floated
down
to seaboard ports when spring opens up the rivers. It is then
prepared
for shipment near Archangel.
The Russians insisted, in Treasury hearings, that convict
labor was not
used in the cutting or preparation of lumber or pulpwood
intended for the
American market. The Customs Bureau was not able to establish
charges
brought that convict labor was employed.
Nov. 29 1930.1
FINANCIAL CHRONICLE
d to the Treasury
Mr. Lowman declared that information already submitte
lumber and pulpand previous hearings relative to convict-labor-produced
which would exclude
wood would not be made the basis for a finding
that new
products from the Archangel district. He took the attitude
Information would be necessary.
it had omitted
Requests that the Department of Commerce explain why
of American
Investments of American capital in Russia from its summary
reply to-day that
"direct" investments in foreign countries, brought the
country.
there were no such investments of American capital in that
investments
The Department's investigation included only "direct"
of foreign bonds
as distinct from "portfolio" investments or holdings
publicly offered.
concerns were
Concerning the statement that more than 40 American
the Departputting millions into Russian development, it was said that
rendering "techment was aware of several American firms which were
nical assistance" to the Russian Government.
The following are the new regulations:
3467
ise shall, unless the
notice of the commissioner's decision the merchand
treated as abandoned and
importer files a protest against the decision, be
shall be destroyed. (Signed.)
F. X. A. EBLE, Commissioner of Customs.
Approved, Nov. 24 1930:
(Signed) A. W. MELLON, Secretary of the Treasury.
Corp. on New
Peter A. Bogdanov of Amtorg Trading
ation of
Treasury Regulations Affecting Import
Trading.
Soviet
on
Effect
Goods—
Convict-Made
ov, Chairman of
In reply to inquiries, Peter A. Bogdan
made
the board of directors of the Amtorg Trading Corp.,
the following statement on Nov. 25:
undoubtedly
Department will
The new regulations issued by the Treasury
ions in this country trading with
prove a surprise to the business organizat
the aims and purposes of
of
ations
the Soviet Union. Various interpret
I can only express my fear
these regulations have appeared in the press.
on the limited Soviet imports
that in an atmosphere of continued attacks
ls, attempts may be made
into this country by certain groups and Individua
to Soviet-American trade to
under these regulations by those opposed
impossible. The absence of norrender its course more difficult, or even
the United States would make
mal relations between the Soviet Union and
sh this aim.
It easier for these groups to accompli
to expand the economic
The Amtorg Trading Corp. has always striven twelve months ending
the
relations between the two countries. During
country amounted to $149,223,000,
Sept. 30 1930 Soviet purchases in this
of Soviet products here made up
sales
while
volume,
ar
pro-w
the
times
six
the war. In other words,
$31.017,000, only about 50% more than before
sold here nearly five dollars'
for every dollar's worth of Soviet products
d for export to the Soviet Union.
worth of American products is purchase
Soviet Union consist principally of
tho
from
imports
while
addition,
In
largely of machinery and other
raw materials, Soviet purchases hero consist
manufactured products.
in favor of the United States, the compleThe heavy balance of trade
the two countries, and the unusually
between
trade
the
of
character
mentary
al relations resulting from the construcbright perspectives for commerci
hese factors have been emphasized
tion program of the Soviet Union—t
same time I have called attention
the
At
.
occasions
of
number
by me on a
.
ping Soviet-American economic relations
handicap
es
difficulti
many
to the
if under the new regulations such diffiIt would be unfortunate. indeed,
culties should increase still more.
TREASURY DEPARTMENT.
Office of the Commissioner of Customs, Washington, D. C.
Nov. 24 1930.
To Collectors of Customs and Others Concerned:
Section 307 of the Tariff Act of 1930 provides as follows:
or manufactured
"All goods, wares, articles, and merchandise mined, produced
. . . shall not be enwholly or in part in any foreign country by convict labor
on thereof
importati
and
the
States,
the
United
titled to entry at any of the ports of
authorized and directed
Is hereby prohibited, and the Secretary of the Treasury is enforceme
of this pront
the
for
necessary
be
may
s
as
to prescribe such regulation
vision. „ „ ."
regulations
Pursuant to the foregoing provisions of law, the following
are hereby prescribed:
complaint
1. Findings of Commissioner.—If, after investigation upon
, repreof American manufacturere, producers, wholesalers, or importers
persons, or
sentatives of American labor organizations, or othe interested
s that
upon his own initiative, the Commissioner of Customs ascertain
mining,
convict labor is used in any locality in a foreign country in the
shall, with
production, or manufacture of any class of merchandise, he
to that
the approval of the Secretary of the Treasury, publish a finding
effect.
directly
Any merchandise of that class imported after such publication,
on proor indirectly, from that locality shall be held to be an importati
importer
the
1930,
unless
of
hibited by Section 307 of the Tariff Act
was not
establishes by a preponderance of evidence that the merchandise
mined, produced, or manufactured, wholly or in part, by convict labor.
ise
2. Bonding of Merchandise Covered by Such Findings.—No merchand
ure Board
on J. C. Gibson Resigns as Chairman of Recapt
of the class specified in such findings, imported after the publicati
be
sion.
shall
Commis
therein,
thereof, directly or indirectly, from the locality specified
of Inter-State Commerce
admitted to entry or released from customs custody (except for exportaRecapture Board
that
an C. Gibson, Chairman of the
ed
a
Jonath
condition
collector
the
bond
with
files
importer
tion) unless the
sion, has resigned to
Commis
after
ce
Commer
-State
Inter
the
he shall return the merchandise to customs custody within three days
of
Glass,
demand of the collector, if (1) the importer fails to submit to the com- become a member of the law firm of Olcott, Holmes,
Former
City.
missioner within three months from the date of entry the certificate or
York
New
Havens of 170 Broadway,
certificates required by Paragraph 4, or (2) the commissioner decides that Paul &
is the head of this firm, it was
the merchandise was mined, produced, or manufactured, wholly or in part, Judge William M. K. Olcott
l" of Nov. 12, which further
labor.
Journa
convict
by
noted in the "Wall Street
Such bond shall be in an amount equal to the estimated domestic value
ise,
said:
(as defined in Section 340 of the Tariff Act of 1930) of such merchand
Nov. 1. He had been ChairMr. Gibson's resignation became effective
been
the full amount to be paid as liquidated damages; shall be a single bond
1929, and previously he had
July,
since
Board
e
Recaptur
e
with
corporate
only
qualified
be
acceptabl
the
shall
of
and
man
Commerce
for each importation,
n Board of Review of the Inter-State
Valuatio
entry
the
the
d
the
and
shall
of
be
of
on
suspende
member
Liquidati
a
sureties.
surety or
of Commission in Washington.
facts reported to the commissioner for decision as to the admissibility
the Washington, D. C., law office
Mr. Gibson will be associated with
the merchandise.
Havens, as well as the New York office.
&
Paul
Glass,
Holmes,
a
Such
Olcott,
colof
the
of
Finding.—When
3. Action of Collector in Absence
prolector has reason to believe that convict labor is used in the mining,
ise
in any locality in a
of
merchand
class
any
of
ure
duction or manufact
Untrue Report That He
that effect has been made by the President Hoover Declares
foreign country, and no finding to
l Laws to Cover
, he shall report to the
Will Seek Extension of Federa
commissioner with the approval of the secretary
Holds—
y,
,
teering—State Laws Ample He
commissioner any merchandise of that class imported directly or indirectl
"Racke
ning"
Awake
Public
d
from that locality, offered for entry in his district, setting forth in detail
-Sprea
"Wide
Declares We Need
s.
the basis of his belief, and hold such merchandise for the commissioner's
Citizen
t
Protec
to
bond
to Failure of Local Government
instructions as to whether there is sufficient ground for requiring the
to
the merchandise shall be released
plans
whether
he
or
that
2,
h
reports
Paragrap
in
for
denied
provided
A statement in which he
of such bond.
from customs custody without the giving
was issued
of merchandise bonded under seek an extension of the Federal criminal laws
4. Certification of Origin.—The importer
25:
from
the
months
entry,
of
date
Nov.
three
on
,
Paragraph 2 or 3 shall, within
as follows by President Hoover
e of origin in the form set forth
any extension of the Federal
submit to the commissioner a certificat
"The report that I am proposing to Congress
State has
of the merchandise under oath
owner
or
seller
foreign
the
by
below, signed
cover racketeering is untrue. Every single
to
laws
criminal
officer, or if the place where
is the enforceor affirmation before an American consular
cover such criminality. What is needed increasing the
that
laws
ample
an
to
from
as
American consulate
the certificate is executed is so remote
not more laws. Any suggestion of
an American consulate officer, ment of those laws, and
on the sovereignty and the
render impracticable its execution before
Federal criminal laws in general is a reflection
of
falsity
he
punishwhich
be
will
for
on,
affirmati
then under an oath or
nt.
governme
State
of
stamina
where it is made.
authorities to overcome a
able under the laws of the jurisdiction
'The Federal Government is assisting local
or manufactured, wholly or in
nts. But I
If the merchandise was mined, produced
corrupt control of some local governme
and
gangster
hideous
which it was exported to the United
way that this can
part, in a country other than that from
on from the reflection that the only
satisfacti
no
get
last
such
the
in
by
or
owners
sellers
failing to pay
States, a similar certificate 60 signed
Federal Government to convict men for
ation from such other country be done is for the
State laws.
against
crime
of
country, substituting the facts of transport
product
financial
the
on
shipment from the country of exporta- income team
awakening to the failure of
for the statements with respect to
"What we need is a more widespread public
racketeering,
tion, shall be so submitted.
to protect their citizens from murder,
nts
governme
local
some
of origin is then given.]
support to the men of
[The blank form of the certificate
n, and other crimes, and their rallying of
corruptio
e.—The ultimate consignee of
us battle to clean up
5. Investigation by Ultimate Consigne
localities that are to-day making a courageo
2 or 3, or held in customs custody these
merchandise bonded under Paragraph
places."
these
h
2
or
3, shall make every
under Paragrap
we quote the
because of failure to file a bond
With reference to the President's statement
of the merchandise, including the
reasonable effort to determine the source
to the New
25,
Nov.
h,
dispatc
the
of
gton
its
in
used
character
labor
Washin
a
ascertain
following from
raw materials therein, and
shall
and
within
from
ure,
three
months
manufact
or
n,
mining, productio
"Herald Tribune":
commissioner a statement, under oath, York
ons on important public policies
the date of entry submit to the
This utterance was one of three declarati
and his belief with respect to
also
setting forth his efforts, the results thereof,
White House to-day. The President announced
the
from
g
emanatin
of
n,
or
processes
the
of
mining, productio
upon the
the use of convict labor in any
regulations of the Treasury Department bearing
new
the
that
se.
manufacture, of the merchandi
by convict labor were not directed at
Action of Collector.—If the commis- importation of articles produced
6. Decision of Commissioner;
United States desired a general extension of its trade
the admissibility of the merchandise and Russia and that the
of
favor
in
is
decision
sioner's
other expression of White House opinion was an
required by Paragraph 4 are submitted within with all nations. The
nt of immigration by a change in Federal
the certificate of certificates
curtailme
stricter
of
ent
indorsem
shall cancel the bond or release the
the time prescribed, the collector
statutes.
was prompted in the first place
merchandise.
Although the statement on racketeering
the admissibility of the merchanrespect to recommended legislaIf the commissioner's decision is against
incorrect reports of his intentions with
by
are
not
es
d
time
the
certificat
within
submitte
or
e
certificat
occasion an opportunity to arouse the puha°
dise, or if such
tion, the President made of the
prescribed, the collector shall, in cases where the merchandise has been
own responsibilities. Once before he had given con.
upon the importer for return of the to a realization of its
released under bond, make demand
problem of the racketeer. Last spring he directed all
the
to
n
sideratio
on.
es in breaking up gangster
merchandise to customs custody for exportati
Federal agencies to co-operate with local authoriti
If the merchandise is not exported within 60 days from date of return,
elements.
from
60
days
within
in
custody,
customs
held
was
ise
or if the merchand
3468
FINANCIAL CHRONICLE
Appeals to Localities to Act.
Now, however, the President called on the localities
to play their full
part, in which, according to his views, the Federal Governme
nt could never
be a complete or proper substitute. In giving voice
to these sentiments
the President returned to a principle of government
to which he has often
showed allegiance, his belief being that efficient
action against evils, social
or economic, must come from the people instead
of being superimposed
upon them.
Between his enunciation of views lad spring and
to-day, it was pointed
out, the President has witnessed the continued
activity of racketeers and
gangsters against whom local governments have in
some oases seemed not
to function. Formation of citizens' committees
in Chicago and New York,
in the latter case, at least, under the auspices of
municipal officers, have
been one result. The President's words are
expected to encourage their
efforts and to arouse public sentiment not only against
crime, but against
the possible connection with it of corruption
in government.
[Vol.. 131.
D. Proper service requirements.
E. Certificates of public convenie
nce and necessity after proper showing.
F. Opportunity for railways to enter
this field of transportation under
proper supervision, but without
handicap as compared with other transportation agencies. The Panama Canal
Act should be modified so as to
permit railroad operation of waterwa
y service in conjunction with rail
service.
G. And, in addition to affirmative
legislative action, the retention of
the flexible character of section 4,
Inter-State Commerce Act, sympathetically administered, with fair
opportunity on the part of rail carriers to
obtain relief after proper showing and
including transcontinental traffic.
As regards commercial highway transport
ation, by,bus or truck, legislation should cover;
A. Extending jurisdiction of the
Regulatory authorities over commerce
carried by such agencies.
13. Certificates of public convenience
and necessity after proper showing.
C. Proper protective requirements for
financial responsibility and
surety bonds or insurance.
D. Adequate requirements for just and
reasonable rates, both maximum
and minimum,with provision for publicati
on thereof and adherence thereto,
and proper inhibition against undue and
unjust discrimination.
E. Proper service requirements.
F. Adequate authority for rail carriers to
operate such facilities, without
discrimination in raver of other transport
ation agencies in the same field.
G. Adequate provision for privilege or license
fee imposed on all motor
vehicles for hire or profit using highways, so
as to properly participate in •
construction and maintenance costs of highways
.
New Attitude by Legislative and Regulative Author
ities
Toward Railroads Urged by Association of Railwa
y
Executives—Respite from Rate Reductions
and
Withdrawal of Governmental Competition Recom
mended.
A request that the legislative and regulat
ive authorities
adopt "a new spirit and attitude" toward
the railroads was
made on Nov. 20 at a meeting at the Biltmo
re Hotel, New
York, by the Association of Railway Executi
ves in unani- Elisha Lee of Pennsylvania RR. on Necessity of Conmously adopting a policy in respect to transpo
structive Attitude of Business Toward Railroads.
rtation. The
following statement was authorized by
Before the Railway Business Association, at the Hotel
the Association of
Railway Executives:
Commodore, New York, on Nov. 19, Elisha Lee, Vice
-PresiWithout referring to or including in
any way the results of the business dent of the Pennsylvania
RR., in an address under the title
depression of 1930, railroad freight traffic
during the 30 years ending in
1920 increased more than 7% annually,
"What
Railroads and Business Should Except from Each
while during the nine years from
1920 to 1929, inclusive, the average annual
increase was less than 1%. At Other," noted that "starvation returns have
the same time passenger traffic showed
been the lot of
an almost steady gain to 1920. the
railroads for years," and he continued with the declarathe annual increase over the preceding
30-year period being more than 6%.
During the nine-year period ending in
1929 there was an annual decrease tion that "the day is at hand when better treatment is necesofmore than 3% per year. From
1920 to 1929,inclusive,there has been an sary
and must be demanded." "Our natural allies," said
increase of more than 181% in the number
of passenger automobile registration and nearly 236% increase in the
number of motor trucks in operation. Mr. Lee, "will be the constructive thinking business men
Reports also show an increase of from
10,000 motor buses in operation in of the country, who do not
need to have it proved to them
1920 to 92,500 in 1929. or an increase
of 825%. Intercoastal tonnage
through the Panama Canal increased from
1,372,388 tons in 1921 to 10.- that they need good railroads." In citing ways in which
119.028 tons in 1929, or an increase of
637%. There also was an increase business could extend the railroa
ds greatly needed help,
from 83,152,182 tons in 1920 to
160,927,
the amount of traffic moved over inland 905 tons in 1928, or 93.5%, in "under our present laws and regulative practic
waterways.
es," Mr. Lee
Contributing factors to the decline that has
taken place in the amount of stated that "a most important one would be be
concertedly
freight traffic handled by the railroads have
been the pipe lines, high-power refraining
from efforts to pull down specific rates for comelectric lines and the newest development
of the piping of natural gas from
the wells to large centresovhich still further
petitive advantage." Mr. Lee's address follows
will reduce coal traffic.
:
In so far as any form of the above service
is
As
media for increasing the country's wealth
legitimate, and a natural
economic development, the railroads have
and the volume of its
no right to complain. The commerce, railroads hold the most importan
t of all places in our national
public is entitled to the beat transportation at
the lowest reasonable cost. economy. Through their treasurie
s annually pass sums so stupendous as
However, where the rail carriers are prevented
through legislation or regula- to exceed even the revenues and
expenditures of the Federal Government
tion from fairly competing with new or old
forms of transportation, or
where the service rendered by the competitor is
a subsidized one,such unfair
In the seven years ended with 1929, our
handicaps should be removed.
railroads spent $5,800,000,000
upon improvements and betterments. The
The above refers to loss of traffic through competit
current year will add another
ive reasons. Traffic billion. In the same period
their services earned 43 billions of dollars.
that remains has produced the following results:
Average receipts per ton They paid out in
operating expenses 32 billions, including 20 billions for
mile declined 15.6% between 1921 and 1929.
resulting in a cumulative loss wages. Practical
ly the entire balance, some 11 billions, also returned
to the railways of $5,769,835,000 in freight
revenue during that period, promptly to general
circulation through taxes, fixed charges, dividends, and
closely approximating what has been spent for
capital expenditures, which improvements.
For materials and supplies about $9,700,000,000 were
have amounted to $6.855.416.000. Operating
expenses per traffic unit spent, partly
from earnings and partly from new capital.
handled were reduced 21.2% between 1920 and
1929.
The mere recital of such figures brings into clear
This reduction in operating expenses per traffic unit
relief the magnitude
has been accomplished of the services
largely through the enormous expenditures for capital
which the railroads render, the part these services
improvements in the sustainin
play in
g trade and employment, and the importance of
nine-year period, which provided improved locomoti
railroad earning
ves and equipment, power
and credit as factors in our general economic
improvement in the physical structure, improvement
well-being.
in methods and done
in conformity with the program of the railroads entered
With this background, I wish to formulate two
very simple questions,
into in 1923.
Notwithstanding this economy and efficiency,
rates have never produced stating for each the answer which, in my personal view, expreeses the
the return on property investment contemplated
truth.
in the Transportation
Act, namely 5%%, for the railroads as a whole. The
The first Is: "What should American business
rate of return on
expect from the
property investment in 1926 was 4.99%, the highest
for any year since the railroads?"
war. The rate in 1929 was 4.84%, while for the
An
answer with which I think no one will disagree Is:
first nine months of 1930
Reliable, dependit was 3.54%.
able, speedy, economical transportation service 365
days in the year, in
Reductions in rates, beginning with the year 1921,
have continued up all weathers, and in all states and conditions of'trade.
to the present moment. These reductions were brought
Is business getting such service? Emphatically,
about by action
yes. American railof the Inter-State Commerce Commission; through reductio
ns made volun- roads in the last six or seven years have given American business
the best
tarily by the carriers to meet competition, including that
transport
ation service, measured by all recognized tests,
of unregulated
that the world
or subsidized transportation; and through reductions
made voluntarily has ever seen.
by the carriers for the development of industrial enterpris
e and comThe second question is: 'What should the railroads
expect from
munities. This is the situation in which the railroads of
the country find business?"
themselves.
My answer to that is: 'United support of policies
both governmental
What the railroads are asking is a new spirit and attitude on the
part and commercial, which will not merely keep the railroads
of legislative and regulative authorities through a recogniti
out of insolvency
on that the but will make them comforta
bly prosperous, stabilize their credit, and
railroads are engaged in a business subject as other business is to
the opera- enable them to continue their
progress and advancement and meet the
tion of economic laws and should accordingly be permitted to
adapt them- ever-rising standards
of service required by public needs.
selves quickly to changes in economic conditions which confront
them,
Has business done this? Generally speaking, I am sure
and through a recognition that railroad operation is a fundamen
that American
tal public
necessity and that the maintaining at all times of an efficient national business men, and particularly the leaders of our great industries, realize
fully the necessity for a constructive attitude toward
system of transportation, adequate to the business needs of the public,
the
railroads, and
is guide their own
conduct accordingly.
necessary, if we are to progress as a nation.
In many important respects, however, I cannot avoid
The railroads at this time make the following recommendations;
the conclusion that
1. A respite from rate reductions and suspension by regulating bodies, there have been very unfortunate exceptions, harmful and unjust
to the
railroads, and in the long run destined
both intra and interstate, and from action that will increase
to injure business itself. I refer
the expenses
especially to what may be termed opportuni
of the carriers.
st policies with respect to
2. A respite from legislative efforts of either the national or the State freight rates ,and the patronage and encouragement
of other media of
Legislatures that would adversely affect rates or increase the expenses transportation engaged in unsound and uneconom
ic competition with the
of the carriers.
railroads.
3. A withdrawal of Governmental competition both through direct operaBefore I go any further let me make
it perfectly clear that American
tion of transportation facilities, as well as indirectly through subsidies.
railroads, though acknowledged to be
the best in the world, have for
4. A fairly comparable system of regulation for competing transporta- many years been given far
more than their share of trouble and rough
tion service by water and on the highways, involvin affirmati legislati
ve
g
ve treatment. We, in the railroads, have made the mistake Of over-meekness.
action as follows;
We have taken too many vicious and evilly
meant blows on the chin with a
As regards water transportation, legislation should
smile. From this time on, if I correctly
cover;
interpret the spirit of my
A. Extending jurisdiction of the Inter-State Commerc Commission over colleagues, there is
e
to be a change in the air. The railroads, their
stockport to port rates, to include—
holders, their employees, and their manageme
nts
have rights, and we are
B. Determination of just and reasonable rates, and prohibition of dis- going to fight for
them with the best that is in us.
criminatory and unduly prejudicial rates.
StarVation returns have been the lot of the
railroads for years. The
C. Publication of and adherence to rate schedules.
day is at hand when better treatment is necessary,
and must be demanded.
Nov; 29 1930.]
FINANCIAL CHRONICLE
3469
hauling, on highways
competition against the railroads, for long distance
built and maintained out of taxes?
of the country, continue
Can the railroads, as the principal taxpayers
against themselves?
indefinitely to support these forms of competition
faced by our business
These and similar problems must be squarely
y expediency and policies
leaders. Business must choose between temporar
faith in the intelliwhich are fundamentally sound. As I have complete
business, I am confident
gence and integrity of the leaders of American
well-being of the entire
that the ultimate choice will be the wise one. The
nation most urgently requires it.
with, against
Meanwhile, the railroads have many things to contend. To mention
complaint
which perhaps they have no effective basis of
motor vehicles, both
some, we have the competition of non-commercial
lines for oil and gasoline;
passenger and freight; the increasing use of pipe
for coal; the possibility
the increased use of water power as a substitute
of transporting it.
of burning coal at the mouth of the mine instead
direction possible
The railroads are attempting to do their part in every
continue to do so with
to inset the situation which exists, and will
ania—and I think our
undiminished vigor and vision. We on the Pennsylv
the railroads are the
views represent railroad opinion generally—hold that
country, and that all
fundamental and basic transportation agencies of the
the airways and the
other forms of commercial transport on the highways, s, in a co-ordinated
mill, or about 8.6%.
, should be grouped around them, as auxiliarie
waterways
rates—
of
attrition
the
was
The chief factor which brought this about
service to provide the kind of transportation the public
of instances all and comprehensive
the results of constant effort, here and there, In thousands
wants in a form best adapted to Its specific needs.
or
rate,
specific
some
in
n
concessio
for instance, with
small
a
obtain
over the country, to
Please note, however, that co-ordination of trucks,
or anticipated,
group of rates, for some competitive advantage, accruing
and deliver freight in terminal areas, or even to
collect
to
railroads,
, or industrial
is one thing.
on the part of some individual industry or group of industries
replace way freight trains on short lines of light traffic,
operated
or commercial district.
ed, uncontrolled, haphazard competition of commercially
Unregulat
railroads
the
fairness,
by
highways almost
Where a proper adjustment of rates is required
trucks that serve no economic need, but use the public
or
advances
l
individua
by
either
unsound,
is
another and very different thing. It
should, of course, meet the situation
y down- free of charge, Is
reductions. Unfortunately, rate adjustments are almost universall
injurious, wasteful and unfair.
.
not
warranted
are
many
and
wards,
that do not pay, and
by
The operation by the Government of barge lines
Nearly every such change forced upon a railroad must be followed um
take traffic from the rails by waterways built
but
will,
never
equilibri
probably
further changes before the adjacent rate structure reaches
rational excuse.
and maintained through taxtion is without
again, so that the evil tends to spread.
in order to preserve their usefulness and
in
railroads,
that
blameless
see
entirely
to
are
easy
is
railroads
It
the
that
I would not have you feel
some their ability to maintain and improve their service, owe it as a duty to
the situation I am describing, as there have been instances where
lowering the public to protect their revenues. The public, on its side, and parIndividual railroad attempted to gain temporary advantage by a
was a ticularly that portion of the public engaged in the carrying on of business,
of a specific rate and then found that all it had accomplished
the has a corresponding duty to aid the railroads in these absolutely necessary
reduction in net all around. But, generally, such action has been
•
the efforts.
of
officers
the
which
bear,
to
result of serious pressure brought
these good friends
g to them,
May I close with an expression of full confidence that
particular road or roads, for reasons which seemed compellin
ght will continue to play their part
to-ni
here
are
resist.
not
who
could
railroads
or
wrongly
the
rightly
of
either
from
perhaps never been more urgently
The decline in the average ton mile revenue in the seven years
of constructive leadership which has
but so
1923 to 1929, considered by itself, seems a very small thing;
needed than now?
great are the figures of ton miles carried that the resulting loss has been
very serious. If the traffic actually carried in 1929 had earned the average
Hour Day
per ton mile of 1923, the railroads would have received about $176,000,000 Heads of Railroad Brotherhoods Endorse Sixnce
onfere
additional freight revenue, which would have all been added to net operatRate—C
Wage
Daily
in
With No Reduction
ing income. Had that been the case, the carryover from last year, together
ed for
Schedul
Others
and
nts
be
d
Preside
would
be
Railroa
year,
this
accruing
would
which
With
revenue
with the additional
furnishing most important aid in a period of great difficulty. It would
December 4.
be a tremendous help in meeting the extremely serious problem of
Endorsement of the basic principle of the six-hour day
sustaining employment.
based on
With the virtually complete concentration of regulative power ove; with no reduction in present daily wage rates
rates in the hands of Federal authority, it used to be thought, especially the eight-hour day, was voted at Chicago on Nov. 22 by
since the passage of the Transportation Act, that competition in rates was
the '700 general Chairmen of the "Big Four" railroad
ended, and that only competition in service remained. Everywhere this
en's Union of America,
was hailed as a healthy condition. But what are we to conclude when brotherhoods and the Switchm
we find pressure brought on a particular railroad to reduce specific rates whose deliberations on the question of a six-hour day were
under threat of diversion of traffic to another railroad or to another medium brought under way on Nov. 12. The General Chairmen
a
of transport? Is not that a reintroduction of rate competition, and in
trainmen, and
represent 375,000 engineers, conductors,
most insidious and dangerous form?
ng in a Chireporti
of
the
instead
pressure,
at
being
in
aimed
"
the
"Times
where
York
also,
New
true,
The
this
Is not
firemen.
of
six-hour
the
of
ement
endors
reduction of existing rates, is directed to prevent the strengthening
the
cago dispatch Nov. 22,
for advancing them?
particular rates when sound reason exists
result of the ten-day
the
follows
as
ed
indicat
of
both
illumine
may
the
process
further
which
day,
Let me cite a single example
ic highway competition
attrition and the nature of unsound and uneconom
conferences:
general principle favoring the
as well.
No method of putting into practice the
s and engineers held
y
A railroad for some time carried a certain commodit from tidewater shorter work day was adopted because the conductor
A year or so ago a local adventurer,
e launching of a united movement
immediat
the
against
last
to an interior manufacturing plant.
the
was upon this rock
d the industry and proposed out to
the six-hour day as soon as possible. It
'with very little working capital, approache
last forty-eight
railroad charges. The industry, to establish
conference almost foundered twice within the
trucking the material for less than the
the
that
an equivalent cut in its rate.
In turn, approached the railroad and asked
hours.
the proposed rate was unreainsisted that the campaign for
This was declined, for two reasons: First,
The trainmen, firemen and switchmen
would upset the entire rate structure
the conductors and engineers
sonably low; second, establishing it
the shorter work day begin at once, while
area.
wide
a
t
throughou
roundabout way, involving a
more
a
on the commodity in question
through
d
approache
to the trucker, who purchased urged that it be
The industry thereupon gave the business
Hoover.
President
by
expected to meet out of earnings. conference to be called
his equipment on installments, which he
built and maintained by taxes
The traffic left the rails for the highways,
Disagree on Excess Mileage.
r.
trainto which the railroad was a large contributo
e
reached on the proposal favored by firemen, servas
was
He
experienc
t
many others.
No agreemen
The truck operator had the same
reduced so that no train
be
mileage
excess
of
his
that
basis
n
the
costs
on
switchme
operating
money
and
men
appeared at first to be making
pay a month. To
however, allowed sufficiently for ice employe should receive more than twenty-six days'
dividing
and installment payments. He had not,
and conductors opposed this method of
engineers
and
he
has,
failed,
the
the
course
business
last
the
due
In
upkeep.
and
depreciation
ly restored to jobs,
that many idle men might be immediate
railroad.
so
the
work,
to
returned
being,
longtime
the
cover
for the
and submitted a similar pro- while the shorter workday proposal was designed to
Meanwhile, another trucker has appeared
program.
than
ment
the
capital
again
more
unemploy
first,
and
range
posal to the industry. He has no
was one important measure,
small down payment, with monthly
Salvaged from the ten days of conferences
draw up
Intends to purchase the trucks on a
a general conference of all interests to idle or
have
will
to
be
What
Is
the
decision
result
final
the
earnings.
from
employes now
Installments to meet
nsive program to protect all railroad
comprehe
a
indicated.
not yet
ment.
course, uneconomic and harmful from threatened with unemploy
chiefs of the five unions
Such competition as this is, of
Announcement was made this evening by the
on
in
is
going
of
what
of
thousands
typical
though
,
e would be broadened to include a future
every viewpoint
conferenc
the
of
scope
the
that
truck operator loses his investment in
in all
Instances all over the country. The
atives of the 1,500,000 railroad employes
and revenues. The gain to the manu- meeting of represent
maintenance of way
the end; the railroad loses business
These include 400,000 shopmen, 300,000
branches.
as
d
any
to
unions.
feet
considere
of
be
e
adequate
to
organized in twenty-on
facturing plant is too trifling
employes and other scattered units
unions, as the total
these far-reaching wrongs.
Unemployment is a serious problem in all rail
of
the
all
to
benefit
advances
real
or eight years has dropped from
entitled
seven
last
American business is justly
of employes in the
number
upon the railroads themselves or in approximately 2,000,000 to about 1,500,000. Of this number the five
in the art of transportation, whether
we say that the country will be
today have lost about 80,000.
unions which ended their sessions
the form of other agencies. But can
program for the future meeting, which
expensive artificial waterways through
the
g
of
scope
subsidizin
the
by
run
g
long
broadenin
the
in
In
helped
union presidents in Cleveland on Dec. 4,
railroads to make through rates with
will be arranged by the five
taxation and then compelling the
the way for inviting all interests involved,
their own revenues?
the conference today paved railway bankers and representatives of the
them, short-hauling themselves and cutting
what justice or reason is there including railroad presidents,
If these waterways are really needed,
rail unions.
whose special business is that of public, in addition to spokesmen for the sixteen other
in a law which singles out the railroads,
of thirty-five, with seven members from each of
ttee
subcommi
in
the
agency
only
country
forbidden
and
one
new
the
A
being
transportation, as
in arranging the general conference, which
the five unions, will assist
as well
to use them?
consider the suggestion for the reduction of mileage
again
of
place
will
economic
vehicle
the
motor
true
the
that
doctrine
conference will have as its task the
If it is sound
additional proposals. The large
as
g
in
co-ordinaauxiliary
services
performin
in
is
shopthe
transport
by
In commercial
ment programs already adopted
to allow wholly unregulated harmonizing of the unemploy
tion with the railroads, then is it sound
thinking business men of
Our natural allies will be the constructive,
that they need good
the country who do not need to have it proved to them
business, of which this
railroads. We want to feel that these leaders of
am confident they
audience is highly representative, are with us, and I
will be, when the situation is fully realized.
or in policies
laws,
Some of our difficulties are inherent in our railroad
in which business
and theories of regulation. There are ways, however,
greatly needed help
Itself has repeated opportunities to lend the railroads
even under our present laws and regulative practices.
from efforts
A most important one would be by concertedly refraining
ve advantage.
to pull down specific rates for temporary competiti
individual rates,
Another would be by acquiescing in efforts to advance
exists.
or groups of rates, where a sound basis for so doing
on against
Still another would be by registering disapproval of competiti
on subsidies.
the railroads which is not self-supporting or depends
respects,
Business cannot be given a full bill of health, in all of these
upon the record of recent years.
, took
The last general reduction in freight rates, by regulative authority the
1923. In
effect the middle of 1922. It became fully operative in
was 11.16 mills.
latter year the average revenue for carrying a ton one mile
s of a
By 1929 this bad fallen to 10.76 mills, a reduction of 40 hundredth
3470
FINANCIAL CHRONICLE
[VOL. 131.
men and the maintenance-of-way
employe
A similar endorsement was made by the five
favoring the five-day week. The shopmes, who have gone on record as
operating brotherhoods,
n saved the jobs of 50,000 of who in this
connection assailed the Federal waterway
their members by voluntarily reducin
transport system
g their week from six and seven as competitive.
days to five days.
"Increased output per man within the last
seven years has greatly
Official Statement Issued.
reduced the number of men employed,"
Mr. Jewell said in the stateThe following statement was issued by
the union officials outlining the ment. "Seventy per cent of the total thus removed came from
this group,
results of the conference:
which represents only 25% of total employe
s. Our proposal is in keep"Representatives of the Brotherhood of Locomot
ive Engineers, Brother- ing with this increased output and will tend to stabilize unemployment
hood of Locomotive Firemen and Enginem
en, Order of Railway Con- attributable to this increased efficiency."
ductors, Brotherhood of Railroad Trainme
Mr. Jewell said that the five-day week proposal
would be submitted
of North America, who have been in sessionn, and Switchmen's Union to the railway executiv
es. Lacking agreement by them, it will be
here to consider the unempressed
ployment situation, shorter work day and
through
the course of arbitration prescribed by the
other subjects affecting railRailway Labor act.
road transportation, adjourned today after
E. K. Hogan, General Vice President
appointing subcommittees of
of the Carmen's Union, said
each organization with the chief executiv
es to arrange a general con- of the plan:
ference of interests involved for the purpose
"We feel the only way to keep up increase
of discussing and, if possible,
d production is to make
agreeing upon measures of relief for
possible increased consumption. The five-day
the
week will increase employhensive program looking to the protecti employes and upon a compre- ment and greatly increase
on of the railroad industry as a
consump
tion.
By
prevent
ing a reduction of
whole.
pay we can keep the consumption of the men
now employed at par."
"The chief executives have been authoriz
He
presente
d
Inter-St
ate
Commer
ed
to take immediate steps
ce Commission figures to show a
to arrange for the proposed conferen
ce, and will meet at Cleveland, 41% decrease in shop employment in the last seven years. The
Ohio, on Dec. 4 for this purpose."
past
year saw a decrease of 16.2%.
The statement was signed by A.
Johnston, grand chief engineer,
Brotherhood of Locomotive Enginee
rs;
the Brotherhood of Locomotive Firemen D. B. Robertson, president of
and Enginemen; E. P. Curtis,
president of the Order of Railway
President Storey of Atchison, Topeka Sc Santa
Conductors; A. F. Whitney, president
Fe Against
of the Brotherhood of Railroad Trainme
Six-Hour Day, Holds It Entirely Imprac
n,
and
T.
Cashen,
0.
president
ticable—
of the Switchmen's Union of North
America.
Brotherhood Opinion Divided.
The arrangement finally reached
was a compromise between the wishes
of the trainmen, firemen and switchm
"The proposition of a six-hour day in
en as opposed to those of the
railroad train
engineers and conductors, who
acted jointly during the entire con- service is not a live question at presen
ference.
t, but in any event
it is entirely impracticable," said W. B. Storey,
The trainmen, firemen and
switchmen had originally sought to win
president
over the engineers and conductors
to the idea of a concerted move of of the Atchison, Topeka & Santa Fe system. We quote
the five brotherhoods for the
six-hour basic day, with no reductions in from the "Wall Street Journal"
of Nov. 26, its Chicago
present daily rates; also the
reduction of
twenty-six days' pay a month, or 2,600 all members making more than dispatch in which Mr. Storey is thus reported continuing:
miles,
down
to
that
figure
to
restore to their jobs 50,000 to 75,000
"It would not increase the number of men employe
d
men now idle, without adding addi- yards
and shops. Train crews would run the same hours except in the
tional expense to the roads.
as before, but
get more overtime pay," he said.
From the beginning the engineers
and conductors balked at this proAthough the ten-day conference of four railroad
posal. They declared that the
brother
sacrifice
hoods and the
was
too
great,
as
it
meant that switchmen's union which finally
men who had worked twenty-f
adjourned on November 22 was stated
ive to forty years, attaining seniority and
to be for the purpose of considering the unemployment
higher pay, would have to lose
20 to 25% of their salaries.
situation, shorter
workday and other subjects affecting railroad
The insistent pleading of the
transportation, apparently
trainmen, firemen and switchmen, who
asserted that their organizations
had made and were still making many little was definitely accomplished aside from the passage of resolutions
sacrifices for the engineers and conduct
ors, proved of no avail. It was expressing opposition to the federal inland waterway program and the
urged upon the engineers and conduct
ors that, while many of their unregulated operation of bus, truck and pipe lines.
men have suffered in being demoted
The important question of changes in working
to
hours in order to relieve
and trainmen, they had not lost their their former positions of firemen unemployment in the ranks of the brother
hoods for which the meeting
jobs, while the seniority system was
has compelled trainmen and firemen
ostensibly called developed considerable differen
to become idle and give up their
ces in opinion and
the vital points in this connection were
places to the former engineers and conducto
referred for settlement to a
rs.
different kind of a meeting to be called later.
As to the six-hour day, the engineers
and conductors approved the will
Brotherhood executives
proposal in principle but insisted that but
meet in Cleveland December 4 to make
arrangements for this conone method be used to attain ference
that goal.
which probably will include besides the
seven committeemen
from each of the five organizations, represen
Insisted on Hoover Conference.
truck, bus, pipe and steamship lines, bankers tatives of the railroads,
, representatives of the 16
That was the recommendation that the
chief executives of the five other railroad labor organizations, security holders and
unions confer with President Hoover and
the public. This
meeting probably will be wider in scope than
ask him to call a conference to
the one just concluded and
discuss unemployment on the railroads. At
such a conference, attended chances are that an agreement will be reached since the
meeting will
by railroad presidents, railway bankers, member
s of Congress and all be less bulky than the gathering of 700 divisional chairmen which recently
rail unions, the entire unemployment situatio
terminated.
n
was
to
be
opened
up
and
the six-hour-day demand discussed.
State 6-Hour Day Was Agreed To.
The trainmen, firemen and switchmen refused
to bind themselves to
On adjournment of meeting here, officials stated
one avenue of approaching the goal of the
six-hour day. It seemed
was agreed to in principle but gave no indicationthat the six-hour day
that any details in
for the last forty-eight hours that the
joint conference would dissolve this connection were worked out. The unemployment
situation
on this point. However, a compromise was
reached this morning whereby shorter workday seemed to have been considered only in their and the
the method of moving toward the
relationshorter workday was for the time ship to each other and action of the conference
in authorizing the execubeing left open for determination at a later
date by the presidents of the tives to call another meeting was construed
as
a
five unions and the new subcommittees chosen
compromise measure
since the delegates could not agree to a program
today.
.
It was felt that in a few weeks when
From reports emanating from the conference
the atmosphere of bitterness
room,
engendered by the present discussion will
it was learned
have been dissipated the that consideration was given to:
smaller group may meet, make a calm and
1—A six-hour day with six-hour pay.
judicious appraisal of the
situation and then perhaps agree upon a method
2—A six-hour day with eight-hour pay.
of approach that will be
ratified by the five organizations.
3—A twenty-six day month.
In the meantime the trainmen firemen and switchm
Adoption of the straight six-hour day would mean
en
will
either the employgo
ahead
and make plans to meet the immediate problem
of unemployment by the ment of more men at a reduced wage per man, an increase in number
of
voluntary reduction of the working day among
workdays per month, an increase in overtime wages
the
member
or a combination
s of their of these
own organizations. Confidence is felt by these
results.
unions that if they
succeed in working out a solution of their
Adoption of the six-hour day with eight-hour
immediate unemployment
pay would mean the
problem the conductors and engineers will be in
a more amiable frame employment of more men with individual wage unchanged, a substantial
increase in overtime or a combination of these
of mind to consider the voluntary reduction of mileage
results.
by those earning
Adoption of the 26-day month would mean an
pay equivalent to thirty-five, forty and fifty days a month.
increase in number of
employes with corresponding reduction in individu
al wages.
The first proposition was rejected almost unanimo
usly by the five
brotherh
the second was favored by all groups, and the third
Rail Shop Crafts Seek Five-Day Week—No Pay Reductions said to oods,
was
be favored by the firemen, trainmen and switchm
en.
in Program Adopted by Executive Council of Railway
26-Day Month Splits Ranks.
Employes Department of American Federation of
It is understood that a relatively greater number
of these latter three
organiza
tions
are
Labor.
employed, and it is believed that their representatives
sought a combination of the six-hour day with eight-ho
ur pay and the
A program seeking a five-day week with no reduct
ion 26-day month as a means of placating both employed and unemployed
in pay as a means of alleviating unemployment
members. On the other hand, engineers and conduct
ors who are workwas
adopted in Chicago on Nov. 24 by the Executive Council ing at present on what is equivalent to as high as a 55-day month,
refused to consider as much as a 29-day reduction
even if at a relatively
of the Railway Employes' Department of the American higher wage.
It was on this point that the confere
nearly broke up
Federation of Labor, representing six shop craft unions without reaching an agreement, and it was because nce
of this that it was
and 400,000 men. A dispatch to the New York "Times" erroneously reported that the engineers had withdrawn from the meeting
and that the conductors were about to do so. Realizin
g, therefore, that
from Chicago Nov. 24 from which this is learned also the meeting
ending in a disagreement would be harmful to efforts
to
said:
obtain their demands, and seeing no signs of
an early agreement, conThe action follows that of the five operating brotherhoods, who last ferees decided to put the Questions involved 111) to
a second meeting.
week adopted a program for a six-hour day with no reduction in pay.
The two groups are the largest of the twenty-one railroad unions.
The shop men compose 28.14% of men employed and the operating Ralph T.
Crane Named Chairman of New York Group
unions 20%. Each group is autonomous and has no agreement with
of Investment Bankers Association.
the other.
A statement issued by B. M. Jewell, President of the Shop Craft
At the annual mooting of the New York Group of the
group, set forth the five-day week plan and another program. The
Investment Bankers Association of America, Ralph
second urges that all character of transportation be operated by one group
T.
of corporations regulated by the Inter-State Commerce Commission, as Crane of Brown Brothers & Co. was elected Chairman, and
railroads now are, and that all Federal and State laws now applying to Harry M. Addinsell of Harris
, Forbes & Co., Vice-Chairman.
lailroads should apply to all carriers.
Frank L. Schaffey of Callaway, Fish
& Co. was selected /14
Nov. 29 1930.]
FINANCIAL CHRONICLE
3471
the late V. Event Macy. The Westchester ComSecretary-Treasurer. The meeting elected its Executive father,
in supervising charitable funds constituting
assists
mittee
Committee as follows:
Welfare Foundation, affiliated with the
Co.
&
ter
W.
Seligman
&
J.
Westches
Henderson,
the
I.
A.
Co.
&
Forbes
Harris.
Harry M.AddInsell.
& Co.
George W. SevenIzer, Kuhn. Loeb & Co. Philip C. Rider, Halsey, Stuart
Other members of it are named by the
Trust.
ty
Fish & Co. Communi
Robert E.Christie Jr.. Dillon, Read & Co. Frank L. Schettey, Callaway,
the Westchester County Court, the County ComRalph T. Crane. Brown Brothers & Co. Francis 'I'. Ward, J. P. Morgan & Co.
of
Judge
John D. Harrison. Guaranty Co.
of Public Welfare and the Chairman of the County
The Executive Committee held its organization meeting missioner
Social Agencies.
and,in accordance with authorization obtained at the annual Council of
Exemeeting of the New York Group, created the office of
Industrial Conference Board Says Railroad
cutive Secretary and Committee Counsel. James C. Shel- National
Indispensable Servant of Business—
Remains
the
to
counsel
as
don, who had served for several years
y of Public Regulation Is to
Tendenc
Declares
Committee, was chosen for this position. He will be in
s.
Starve Railroad
charge of the official headqua0ers of the New York Group
Although public interest in transportation has turned from
at 15 Broad Street. The firm of Breed, Abbott & Morgan
the railroad to the automobile and the airplane, the great
was chosen as General Counsel to the group.'
is
bulk of goods and passengers still passes over the rails, it
The
Board.
ce
Conferen
l
Industria
National
the
by
Course in Security Salesmanship in Philadelphia and noted
remains an indispensable servant of busiBaltimore by L. A. Morgan of Guardian Detroit Co. railroad therefore
of its traffic is an index of business
volume
the
and
Sponsored by Pennsylvania Group of Investment ness,
the significance of railroad freight
ng
activity. Concerni
•
Bankers Association of America.
r of business conditions the
baromete
a
as
statistics
traffic
Leslie A. Morgan, Vice-President, Guardian Detroit Co.,
ce
Board under date of Nov. 23
Conferen
l
Industria
National
is presenting in Philadelphia a six weeks' course in security
states:
salesmanship. The course, attended by representatives of
over the rail"Because a large part of the business of the country passes
Philadelphia banking and brokerage firms, is sponsored by roads the records of freight transportation furnish one of the most satisof business activity. This record is the more
the Eastern Pennsylvania group, Investment Bankers Asso- factory and complete records
d.
when analyzed according to the class of commodities transporte
ciation of America, and the Philadelphia Association of valuable
of the number of cars of
source of information is found in the figures
A
Railway
Security Salesmen. A parallel course is being given by Mr. revenue freight loaded which are reported weekly by the American
of inquiry has not changed since the figures were
Morgan in Baltimore, with the lectures presented alternately Association. The field
series of considerable
issued and thus the records form a continuous
in each city. Mr. Morgan, who was engaged by the educa- first
a guide to the railroads in the
value. They were designed primarily as
measure by busiincreasing
in
to
used
on
tional committee of the Investment Bankers Associati
distribution of cars but they are being
of current
financial agencies throughout the country as indexes
conduct the course, gave a similar course in New York last ness and conditions.
"
business
in
salesmen
es
by
met
difficulti
and
year. Typical problems
no
The distribution of traffic throughout the year is by
selling securities will be presented in the class work and
The peak is reached in October, when the
uniform.
means
The
their solutions will be worked out in demonstrations.
car loadings are 16.3% above the monthly average.
loadings
car
the
when
r,
Decembe
in
minimum traffic occurs
"For
Increase in Savings and Loan Association Receipts in
nearly 12% less than the average for the year.
are
ty
of
Universi
by
Buffalo.
d
Buffalo Reporte
furnish
week
by
week
figures
the
tion
classifica
every freight
In spite of prevailing adverse business conditions, Buffalo the record of activity in those lines of production. When
an
showed
3.4%
of
ons
increase
savings and loan associati
interpreted in the light of the seasonal variation, the figures
in duos collected during October of this year, as compared serve a useful purpose in forecasting probable trends of
with the average month of 1928. This is revealed by a business."
that the
study of 19 associations with assets of over $25,000,000,
It is also pointed out by the Conference Board
monthly dues of $1,190,000, and lending over $205,000 per development of our railroads since 1920 has been "intensive
month on real estate mortgages. The study was made by the rather, than extensive"; that the mileage of lines operated
Bureau of Business and Social Research, of the University of reached its maximum, 259,941 miles in 1920. There has
Buffalo, in co-operation with the Western New York League been no later growth, but rebuilding and enlargement of
progress
of Savings and Loan Associations. The Bureau says:
traffic facilities have proceeded rapidly. Railway
The results show that mortgage loans made in October by these associaby improved roadbed
measured
been
has
years
10
last
the
in
for
monthly
figure
the
average
As
year
1928.
tions were 37% below the
better service rather than
a result of the great Increase in dues collected and the decrease in mortgage and equipment and increased and
loans, due to the decline in building operations and dullness in real estate, by extension of railroad mileage. After demonstrating
these associations lent in October 30% of the dues collected as compared
fundamental importance of the railroads in our economic
with 49% on the average through the year 1928. October, however, Is the
how
and
the
loans,
for
year
for
the
results
month
age
life and the obligations of the railroads to the public and
probably an under-aver
the
of
side
other
the
presents
as a whole will probably be higher.
report
they fulfill them, the
The increase in dues collected is not surprising, in view of the fact that
represented
public,
the
of
n
obligatio
the
namely
whole
a
as
over
increased
1%
in
picture,
1030
savings bank deposits for the country
to the railroads. Re1928. It is natural, therefore, that savings and loan deposits should like- by shippers and legislative bodies,
wise increase. Loans are probably adversely affected by the status of ferring to the serious inroads upon passenger traffic and shortbuilding construction, the value of new contracts awarded in Buffalo in
Conference Board says:
for the same month in 1928 and the value haul freight by motor vehicles the
October being 80% lower than
n is to swallow it.
of building permits being 36% below the figure for the same month of 1928.
"In industry generally, one way of meeting competitio
many cases are not perThe New York League and the Bureau have arranged for the future But this expedient is denied the railroads which in
transportation
complete
a
collection of monthly figures on savings-and-loan associations, so that a mitted by law to absorb these newer agencies into
abandon unprofitable
basis will be afforded for studying the relation between savings-and-loan system, while railroads are seldom permitted to
The tendency
activities and other business barometers, and to enable individual associa- mileage. Railroad charges are subject to public regulation.
make the path to
tions to study their own conditions in comparison with the general condition of public regulation Is to starve the railroads and to
endowed
generally,
of associations in the city as a whole. So far as is known, this is the first dividends a difficult one to follow. Public utilities
of Government itself,
periodical publication of monthly savings-and-loan figures anywhere In through their franchises with some of the powers
If the railroads are to conthe United States.
must as a rule pay dearly for their privileges.
machinery of transtinue to give effective service it is essential that the
judicious charges and an attractive
with
oiled
well
of
be
should
Member
Comtion
portation
as
Distribu
P. A. Rowley Named
return upon capital investment."
mittee of New York Community Trust,
Mayor James J. Walker has named Park A. Rowley, Eastern Roads Ask Revision of Western Rates in PetiVice-Chairman of the Bank of Manhattan Trust Co. and
tion to Inter-State Commerce Commission.
director of the International Acceptance Bank, a member
Associated Press advices from Washington Nov. 18 said:
of the Distribution Committee of the New York Comn to-day
railroads asked the Inter-State Commerce Commissio
Eastern
munity Trust, it was announced on Nov. 12 by Thomas to rescind a decision revising classified rates in Western trunk line territory.
railroad earnings,
While the Commission had sought partly to increase
Williams, Chairman of the committee, which aids in adbe the opposite. The
the argument said, its actual effect will probably
ministering a score of charitable trust funds. Of the com- earnings
year as to
in the East have "fallen so much lower during the current
mittee's 11 members, five are appointed by the 20 financial become a matter of serious concern." the railroad representation concluded.
institutions associated in the Community Trust and six by
public sources, including the Senior Judge of the U. S.
Alabama Live Stock Rail Rates Cut.
Circuit Court of Appeals and the Presidents of the Chamber
From Washington an Associated Press dispatch Nov. 22
of Commerce, Academy of Medicine, Association of the Bar to the New York "Times" said:
Birmingham,
and Brooklyn Academy of Arts and Sciences.
Railroads transporting live stock from Montgomery and
by the Inter-State Commerce
J. Noel Macy, publisher of eight daily and six weekly Ala., to North Atlantic ports were ordered
hogs,
n to-day to lower the rates on or before Feb. 16. On calves,
newspapers in Westchester County, has been appointed a Commissio
to New York City the schedules
sheep,lambs and cattle from Montgomery
ee
ter
Trust's
Committ
ty
Westches
Communi
from Birmingham 63 cents. Jermember of the
were fixed at 64 cents per 100 pounds and
by Judge George W.Smyth of the Children's Court at White sey City got the New York rate and Boston a rate based on the differential
Plains. Mr. Macy will complete the unexpired term of his over New York.
3472
FINANCIAL CHRONICLE
J. J. Cornwell of Baltimore & Ohio RR. on Tax Burdens of Railroads—Loss in Revenues Through
Competing Government-Subsidized Transportation Agencies.
John J. Cornwell, General Counsel of the Baltimore &
Ohio RR., in addressing the National Association of State
Auditors, Comptrollers and Treasurers at the Hotel Pennsylvania, New York, on Nov. 20, drew attention to the increasing tax burdens which railroads have to bear. He declared
that "unless a halt is called on the growth of governmental
expenditures within our States, not only are the railroads,
but all industries as well as individual citizens, going to find
themselves greatly handicapped by the tax-gatherers." In
part Mr. Cornwell's address follows:
[VoL. 131.
dollar split up for all purposes and observe the very small fraction left for
surplus earnings, you will observe that 134% is a tremendous factor.
But that is not the real point, the real difference, for the railroad must
provide and maintain its own highway at a cost of one-third of its total
revenue, while the State provides and maintains gratis the highway for the
motor bus and truck.
Is not that Government-subsidized competition? If not, what is it?
Of course, it is a development of the times; is desirable, if not necessary.
The people want it and they are entitled to it, but the people are fair when
they understand the situation. Often they are slow to get the facts, which
are clouded and confused by propaganda from interested sources.
The fact is that just now the growth of freight handled by motor trucks
is more rapid and devastating to railroad revenues than the motor passenger
bus has been. It is no longer local freight that is being handled by trucking companies on the highways. Heavy freight is being hauled by trucks
hundreds of miles.
I was interested to know that more than 40% of the great Texas cotton
crop was moved to the ports of Houston and Galveston this year by motor
truck, causing a tremendous loss of revenue to the railroads of that State.
At the same time the new Governor, head of a large oil company, was campaigning on a platform for a 8300,000,000 bond issue for more highways.
If or when that program is carried through, the Tbxas railroads, I predict.
will be forced to abandon and tear up many hundreds of miles of their lines.
What has happened in the case of Texas cotton is happening everywhere.
Yet Congress has not brought the inter-State bus and truck companies
under Government regulation. They are free to finance and operate as
they please, to operate where and when they please, and charge what they
please, so far as the Federal Government is concerned.
This, of course, gives those competitors an enormous advantage over
the railroads, whose revenues as well as expenditures in large part are
regulated by the Federal Government and whose obedience to the regulations, laws and orders of the Inter-State Commerce Commission add yen"
considerably to their cost of operation.
Another form of subsidized transportation with which the rail carriers
have to compete is that on inland waterways. There again the highway is
provided by the public. If the bus and motor truck companies and the
waterways operators had to expend one-third of their total revenues for
the maintenance of the highway or the waterway, as the case may be, they
could not compete so successfully with the railroads for necessarily their
rates would be much higher than they now are in order to be able to operate
at a profit.
Not only, therefore, do the State and Federal Governments subsidize
these transportation agencies by furnishing free to them the highways
over which they operate—highways, roads and waterways that have cost
the State and Federal Governments, in the aggregate, many billions of
dollars—but, for the railroads, the hardest part of all is that a very considerable portion of the public funds used in providing these free highways
for their competitors comes from the railroads themselves, in the shape of
taxes.
You gentlemen are State officials, influential in the taxation of the railroads, influential in the shaping of the policies of your respective States
regarding public expenditures. For that reason, I feel justified in inflicting upon you what I have already uttered.
Only one or two things more in conclusion.
I do not think you or your constituents want to destroy or dispense with
the railroads. Certainly the time has not come, if it ever does, when the
people can get along without them. You not only want them to continue
to exist and operate, but you will not want to see them become less efficient
in their service. You do not want to go back to the day offrequent enginefailures, car-shortages and blockades that cost the people more than their
total bill for freight and passenger service.
If a reversion to those conditions is to be avoided the carriers must earn
enough money to maintain their credit so as to command new capital at
reasonable interest rates.
They cannot do that if subsidized competition and Government operation
of river barge lines are to be expanded recklessly and unnecessarily, and
if an undue proportion of the tax burden is laid upon the carriers to provide,
in part, the funds for these subsidies.
A way must be.found to lighten the general tax burden and to avoid
shifting more and more of it onto the carriers, as is the tendency to-daY.
Competitors must be required to pay a fair proportion, based on the business done rather than on property values, for, as I have reminded you, the
highway is furnished them by a tax-burdened public.
Again and finally, with a pre-war standard for commodity prices, and
property values increased, efficiencies and economies in governmental
affairs and expenditures are, it seems to me,among our greatest needs.
It is part of my work to supervise the tax department of the Baltimore
and Ohio Railroad, which pays taxes to the amount of a dozen millions
of dollars annually, in nearly a score of States, and I have looked in vain
for any real or general decrease in levies for the year of 1930.
When business is bad the individual or corporation meets the situation
by reducing expenditures. They do it generally out of necessity rather
than from choice, but the States and the local taxing and spending units
cannot do this so easily if they desired and, unhappily, often they are not
so inclined.
Generally the cry of distress that comes up from the small taxpayer is
met not by the strictest economy in public expenditures but by an attempt
to shift the tax burden onto someone apparently more able to bear it.
In this shifting process the railroads have been coming in for a most
generous share. They have been able to bear it because, thanks to more
economic and efficient operation, up until this year their net revenues
had increased, though at no time have the railroads, as a whole or by rate
groups, earned the 5!4% on the value of their properties to which, under
the provisions of the Transportation Act and the order of the Inter-State
Commerce Commission, they are entitled.
However, their tax payments have increased much faster than their net
revenues, total tax payments having almost doubled in the past decade.
In only three years out of the last 10 have the owners of the railroads
received as many dollars in dividends as a return on their investment in
the railroads of the country as the public has received from the carriers
in the shape of taxes.
But the picture has now changed. Railway revenues have slumped in
proportion to the slump in all other kinds of business. If dividends are
suspended the credit of the carriers will be impaired and they will be unable
to raise the new capital necessary to maintain and expand their properties.
And incidentally, partially in response to the appeal of the President of
the United States to help in sustaining business, the capital expenditures
of the rallraods for the first six months of this year were approximately
two hundred millions of dollars greater than for last year and will exceed
three-quarters of a billion dollars for 1930.
But, to keep paying interest on these ever-increasing expenditures; to
pay reasonable return to their owners so as to maintain their credit and
to pay increasing tax assessments, they are forced not only to use the most
efficient methods possible, including the substitution of machinery for
men wherever practicable, but also to reduce expenditures for maintenance
of way and equipment, which, if continued very long, will cause the properties to deteriorate and that, of course, would ultimately impair their
efficiency and render impossbile the continuance of the splendidly efficient
rail transportation service they have given since their rehabilitation following Government control and operation.
I am not here to make a plea for favoritism to the railroads. I do think
you will agree with me, however, that they are entitled to a fair deal. It
is a part of the work of some of you, at least, to value railroads in your
respective States for tax purposes and to fix the levies for State purposes.
While the systems vary in the different States, all of you are potential in
matters of taxation—a matter of increasing importance to the carriers
for many reasons, a few of which I hope to give you very briefly.
Please understand what I have just said—that I am making no plea
for favoritism, only for fair play. The railroads must pay their fair share
of taxes, but they have a right to expect that governmental extravagance
will not be indulged in; that efficiency and economy will be practiced by
governmental taxing and spending bodies from the top to the bottom;
from the State Legislature to the smallest district and municipality. Further, they have a right to expect that, in this process of shifting the tax Banking Situation
in the South and Middle West
burden, something always indulged in but made necessary now by the
Gradually Improving—Period of "Hysteria" Now
distressed condition of agriculture, they will not be the "goat"—certainly
not the only "goat." Unless a halt is called on the growth of governmental
Thought to be Practically Over.
expenditures within our States not only are the rialroads, but all industries,
That normalcy in banking activities in the South and
as well as individual citizens, going to find themselves greatly handicapped
by the tax-gatherers.
'Middle West Is gradually returning is disclosed by the press
That statement is warranted by the fact that the figures for 1928, the
dispatches from those sections of the country which have
last available show that the cost of operating the 48 States, including the
smaller taxing units therein, was more than twice as great as in 1917; appeared this week in the daily press. According to Little
that it had more than doubled in a decade.
Rock, Ark., advices on Nov. 24, printed in the New York
Perhaps it may be said that the carriers will feel the tax burden more
this year because their business is off temporarily, as is that of all industries "Journal of Commerce" of Tuesday, Nov. 25, eight of the
due to the depression from which the country is suffering; that, as soon Arkansas banks which closed for a five-day period last week
as business has become normal, their net revenues will rise and taxation
(taking advantage of the State law which permits a fivewill no longer be a disturbing factor in their expenditures.
That statement cannot be wholly true for a considerable part of the day period of grace) were reopened on that day. They
business of the railroads is lost to other modes of transportation and, in were the
Bank of Waldo, People's Bank of Waldo, Bank of
all probability, cannot be regained. The question staring the rail carriers
in the face to-day is: "How much more of their business will go to these Harrisburg, Bank of Manilla, Bank of Corning, Citizens'
new competitors?"
Bank of Monette, Bradley County Bank at Hermitage, and
You may say; "The carriers have no right to complain of competition;
every industry has it. They must adjust themselves to meet it." That is the Bank of Leachville. Associated Press advices from
true except where competition is subsidized by the Government, State Little Rock on Tuesday, Nov. 25, appearing in the New
and National, as is much of the railroad competition.
York "Times" of Wednesday- Nov. 26, reported that three
Railroad passenger revenues have declined almost 50% since 1920 in
the face of greatly improved service. Of course, a great deal of this is other Arkansas banks had resumed business on that day,
due to the use of the private motor car but the local and long-distance namely, the Bank of Ozan, the Bank of McNeil,
and the Bank
motor bus has taken a terrific toll, a toll that is growing larger day by day.
You may say they are entitled to this business becasuse of their lower of Stamps. This dispatch said that the Arkansas Banking
rates, but what enables them to give the lower rates? Because the States Department had stated that reports indicated that several
have provided them with the road-bed upon which their vehicles are
others would be able to reopen within a day or two.
operated. I know that It is said they pay taxes, gasoline tax, license tax
According to Washington advices on Wednesday (Nov.
and Property tax. They do, but according to the best estimates available,
thaw taxes, in the aggregate, are only 5% of the total earnings of the bus 26) to the "Wall Street Journal,"
the Bank of Knobel,
companies while railway taxes take 63,5% of the gross earnings of the railroads. That 13,5% does not sound large but when you see the railway Knobel, Ark., the Viola State Bank at Viola, Ark., and the
Nov. 29 1930.]
FINANCIAL CHRONICLE
Arkansas National Bank at Heber Springs, Ark., have reopened (the last named institutions several days ago),
of
while three small Arkansas banks have posted notices
d,
suspension for five days. They are the Bank of Maynar
Bank
the
and
at
Wynne,
Bank,
County
Cross
d;
at Maynar
of Glenwood, at Glenwood.
Still again three more Arkansas banks, which suspended
ted
last week, reopened Wednesday, according to Associa
Knob
Bald
the
are
banks
These
26.
Nov.
on
Press advices
and
State Bank and the Citizens' Bank, both of Balk Knob,
Ida.
Mount
at
County,
mery
Montgo
of
Bank
the
A dispatch by the Associated Press on the same day (Nov.
26) from Bauxite, Ark., reported that the only bank in that
place had closed a few days previously, and the only store
of the village burned on that day, leaving 1,500 citizens
without a pace to save or spend their money.
With reference to the banking situation in Kentucky, a
,
Louisville dispatch by the Associated Press, on Monday
Nov. 24, printed in the New York "Evening Post," stated
that with the reopening on that day of the Security Bank,
Louisville took the first step in its work of rehabilitating
its financial structure. We quote from this dispatch as
follows:
3473
ed
Laurent, Louisville attorneys, late Monday was appoint
receiver for the Bancokentucky Co. by Judge Lafon Allen,
of
In answer to a petition filed by the executive committee
directors. The dispatch went on to say:
Bank & Trust
The defendants, the Bancokentucky Co. and the Chemical
to the receiverCo. of New York, entered their appearance and consented
the petition. H. H.
ship, accoordng to David R. Castleman, who prepared
tive of the
Nettleroth, Louisville attorney, signed the petition as representa is under(who, it
Chemical Bank & Trust Co., and Henry Vogt, President
W. T. Zurschiestood, has succeeded James B. Brown as President), and
Bancokentucky Co.
mede, Secretary-Treasurer, signed as representatives of
statement to the
As attorney for the receiver, Mr. Castleman issued a
e of Bancoeffect that the action was brought by the executive committe
n under court
kentucky Co. for conservation of assets and dispositio
for best results for
supervision to avoid litigation and fix responsibility
stockholders and creditors.
tucky Co., other
The petition stated that the only creditors of Bancoken
Co., New York, and
than its stockholders, are the Chemical Bank & Trust
that BancokenNational Bank of Kentucky, of Louisville. It was stated
Co. in the sum of
tucky Co. is indebted to Chemical Bank & Trust
National Bank of
$1,600,000, subject to a credit of $390,000; and to
Kentucky to the extent of approximately $181,000.
hampered in
The petition set forth that Bancokentucky Co. had been
s arising through
conducting its business since Nov. 17 because of condition
Louisville
and
suspension of operations by National Bank of Kentucky
ucky, and which
Trust Co., institutions included in holdings of Bancokent
s.
concerns had been placed in the hands of public authoritie
tucky will have comThe statement added that stockholders of Bancoken
prosecution of
mon and general interest in questions involved in further
the business of the company.
each.
with
The first two deposits at the Security Bank to-day were for $25,000
The Bank of Fern Creek, Ky., a small institution
and
The first was made by the "Courier-Journal" and Louisville "Times,"
in Louisville
closed
d
reporte
was
,
expres$200,000
of
as
made
es
were
resourc
They
Co.
the second by the Liberty Bank & Trust
Trust
journaL"
sions of confidence in the reopened institution. The Liberty Bank &
advices Wednesday (Nov. 6) to the "Wall Street
Co. has no connection with the Security Bank, which was acquired Saturday
National
First
the
banks,
ky
Kentuc
more
Trust
two
Again,
(Nov. 22) by Percy H. Johnston, President of the Chemical Bank &
Fulton, Ky., and the Farmers' Bank of Fulton,
Co., New York, and his assistants.
of
Bank
n
The Security Bank closed Monday (Nov. 17) following the suspensio
by their respective directors,
Co. were temporarily suspended
of business at the National Bank of Kentucky and the Louisville Trust
from Fulton, on Wed-
A Louisville dispatch, on Nov. 24, regarding the taking
over of control of the Security Bank by interests connected
with the Chemical Bank & Trust Co. of New York, printed
In Wednesday's New York "Journal of Commerce," contained, in part, the following:
Security Bank here has been reopened under the control of Percy Johnston,
President of the Chemical Bank & Trust Co. of New York. The Chairman
had
of the bank, Charles H. Bohmer, announced that the Chemical Bank
purchased 2,633 shares of the Security Bank, the remaining minority stock
being held locally. Harold H. Helm, a Vice-President of the Chemical
Bank, took a position on the Board. . . .
The sale of the stock was approved by 0. S. Denny, State Banking
Commissioner. The bank was taken over by the State Department when
it was closed Monday morning (Nov. 17). It was said at the time the
bank was solvent, the closing .being necessary because of deposits held
by the National Bank of Kentucky.
Mr. Johnston and Mr. Helm arrived in Louisville Friday and immediately
went into conference with the officers and directors of the Security Bank.
The sale of the controlling interest of the bank to the New York capitalists
will make the local institution stronger than at any time in its history,
it was said by President Gutig.
according to Associated Press advices
the City
nesday, Nev. 26. The only other bank in the place,
it had plenty
National Bank, announced, it was stated, that
h went on to
Of money to meet all demands. The dispatc
say:
showed capital stock
The First National Bank's September statement
deposits $165,047. The Farmof $50,000, total assets $285,922, and total
tion of $50,000, assets
ers' Bank's statement of last June showed capitaliza
of $546,148, and total deposits of $395,564.
MiddlesStill later, a dispatch by the United Press from
the Citizens'
boro, Ky., yesterday, Nov. 28, reported that
open on that
Bank & Trust Co. of Middlesboro had failed to
heavy withdate. A notice posted stated there had been
drawals, it was said.
Dyersburg,
That the Mercantile Bank & Trust Co. of
capitalized
Tenn., an institution organized 25 years ago, and
its doors
closed
had
8,
$656,90
of
es
resourc
with
at $100,000,
reported in a
on Nov. 22, after the day's business, was
that place on Nov. 22, printed in the
According to the Louisville "Courier-Journal" of Satur- press dispatch from
the following day. The dispatch
of
l"
"Appea
a
city
s
of
Columbi
Trust
that
Co.
&
Memphi
Fidelity
day, Nov. 22, the
say:
le
to
of
the Louisvil
went oh
the previous day took over the affairs
banks to extend credit
Frozen assets and reluctance of correspondent
Trust Co. after having been named receiver by Chancellors
no official statement to that effect was
although
e,
responsibl
reported
Is
tion
on
acting
an
applica
Litton Allen and Alex. G. Barret,
available to-night.
'
to-day (Nov. 22).
filed by Attorney General J. W.Cammack and 0. S. Denny,
Withdrawals of cash were slightly heavier than usual
on Saturday night out
coned,
paper
The
mention
Dyersburg banks usually remain open two hours
State Banking Commissioner.
appeared
and business
of courtesy, but the Mercantile was closed to-night,
house, the First Citizens'
tinuing, said, in part:
about normal at the city's only other banking
by Lee P. Miller, Vice-President,
A staff from the Fidelity Co., headed
was entered. Menefee Wirgman,
took possession shortly after the order
Co., said his concern would
Trust
President of the Fidelity & Columbia
for further procedure. An audit
make a survey of conditions as a basis
be completed under direction of
started by Humphrey Robinson & Co. will
the receivers, it was announced.
his request for a receiver, said
Mr. Denny, in explaining to the Court
other than to liquidate its
he could not administer the trust company
because the company could
move
bad
a
be
affairs. He added this would
in full, in his opinion.
be reorganized and its creditors paid not mean
liquidation of the trust
The appointment of a receiver does
"Ita assets will be held intact," he
company, Mr. Cammack declared.
so
that
on
it can reopen. The
continued, "and its trust business carried
orders of the Court, until permanent
receiver will remain in charge, under
arrangements can be made."
Trust Co., consisting of Nicholas H.
A committee for the Louisville
Garnett, appeared before the Court
Dosker, T. Kennedy Helen, and James
nt. Mr. Cammack, in asking
and signified their assent to the appointme
nt of a receiver would permit the
for the court action, said the appointme
now
estates
controlled by the Louisville
trust
prompt administration of the
Trust Co.
Capital stock of the Fidelity Co. was put up as security on a bond of
$3,000,000 required by the Court.
Meanwhile audits of the affairs of other banks in the hands of the State
Banking Department were being made as rapidly as possible, it was said by
ner. Mr. Dicken reiterated
W. A. Dicken, Deputy State Banking Commissio
.
his expression of confidence in the banks now operating
Several weeks are expected to be required for completion of an audit of
by Paul O. Keyes, receiver,
the National Bank of Kentucky, it was said
who was appointed by John W. Pole, Controller of the Currency. The audit
was started Monday (Nov. 17).
National.
TennesIn addition to the closing of the above-mentioned
closed
were
State
that
in
banks
see bank, four more small
Press dison Wednesday, Nov. 25, according to Associated
Tenn., on
patches from Dresden, Tenn., and Maynardsville,
three Weakthat
d
reporte
h
dispatc
Dresden
The
date.
that
the Mayley County banks had closed their doors, while
sville
nardsville advices stated that officials of the Maynard
been
had
ion
institut
the
that
ed
State Bank had announc
and slow colwals
withdra
"heavy
of
account
on
closed
lections."
&
With reference to the affairs of the Liberty Bank Trust
on Nov. 14,
Co. of Nashville, Tenn., which closed its doors
Associated Press advices from Nashville, on Nov. 20, appearing in the New York "Times" of Nov. 21, contained the
following:
went into a receiverAn inventory of the Liberty Bank & Trust Co., which
to-day (Nov. 20), and
ship a week ago, was filed in Chancery Court
54.
$354,707.
showed deposits of the State of Tennessee totaling
have been announced
State deposits in this and two other closed banks
0.
by Attorney General L. D. Smith as about $5,700,00
According to a dispatch by the United Press from Martin,
Tenn., on Nov. 26; printed in the "Wall Street Journal,"
,
Nov.
25,
New
the only two banks In that place, the Martin Bank and the
to
the
,
Tuesday
From Louisville advices
State Bank, were closed by their respective directors.
J.
&
S.
,
City
of
ce,"
Gordon
Laurent
Commer
of
l
"Journa
York
3474
FINANCIAL CHRONICLE
[Vot. 131.
Heavy withdrawals of deposits, the dispatch said, was Nov. 25.
The advices in this case stated that the closed
given as the cause of the closings.
bank was capitalized at $30,000 and had deposits of $360,000.
Regarding the North Carolina banking situation, an Associated Press dispatch from Asheville, on Nov. 22, printed in
the Raleigh "News and Observer" of Nov. 23, said, in part: ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
With State and National bank examiners in charge of the 15 banks
Arrangements were reported completed this week for the
which have closed during the past three days, Western North Carolina's sale of two New
York Stock Exchange memberships for
financial disturbance was rapidly clearing to-day, leading business men
$250,000 each. The past preceding sale was for $231,000.
of the area agreed.
Only three small banks closed to-day, and withdrawals from remaining
institutions in this section were reported to be normal. Officials of the
majority of banks in the mountain section announced that deposits had
shown a healthy increase, reflecting the passing of the hysteria that swelled
up and subsided late Friday.
Banks closing to-day were the Bank of Black Mountain in Buncombe
County, with deposits of $135,000; the Bank of Murphy, in the extreme
western part of the State, and the Polk County Bank & Trust Co., at
Columbus, with deposits of $45,978. . . .
John Mitchell, Chief State Bank Examiner, announced that a thorough
survey of tne situation in Western North Carolina conclusively showed all
remaining banks to be in sound condition. He ascribed the closing of 11
banks solely to public hysteria.
Officials of the Wachovia Bank & Trust Co., and of the National Bank
of Commerce (both of Asheville) announced at the close of business to-day
(Nov. 22) that deposits had been heavier than usual.
No other banks in Western North Carolina reported other than a
normal day's business.
A dispatch from Henderson, N. C., on Nov. 22, printed
in the above-mentioned Raleigh paper, concerning the three
Henderson banks which closed on Nov. 20, said:
The first audit completed here following the closing of the Citizens'
National Bank and the American Bank & Trust Co., on Thursday morning,
to conserve the assets of these firms for their depositors, when runs were
apprehended following the failure of the First Bank & Trust Co., to open
has been completed by the National Bnk Examiner for the Citizens' National Bank, and C. E. Brooks, active Vice-President of this bank, Saturday (Nov. 22), made public a statement of condition at close of business
Thursday, showing that it is solvent. Total deposits on hand after the run
were shown to be $997,752.06.
The other two banks were taken over by the State Saturday. J. Mack
Rhodes, President of the First Bank & Trust Co., made a statement for the
first time, declaring tnat the decision of his bank not to open Thursday
morning had been entirely contingent on whatever action was taken by the
Central Bank & Trust Co. of Asheville.
Mr. Rhodes said be is confident that an audit will reveal assets far in
excess of liabilities.
Two Missouri banks closed during the week. The failure
of one, the State Bank of Brashear, Mo., on Nov. 24, was
reported in advices from Jefferson City, appearing in the
"Wall Street Journal," which said:
The bank had resources of $191,023, capital stock of $25,000, loans
of $148,713, deposits of $138,909, and bills payable of $25,306. State
Bank Examiner F. A. Guiles was sent to take charge of the bank.
The other institution, the First National Bank of Caruthersville, Mo., was closed Tuesday, Nov. 25, according to
Associated Press advices from Caruthersville on that date.
Its suspension followed withdrawals amounting to $100,000
during the last few previous days, it was stated.
Closing of the Knox County Savings Bank at Edina, Mo.,
was reported in a dispatch by the United Press from Jefferson Oity, yesterday (Nov. 28), which, continuing, said:
The institution was the second to close in Edina in the last two weeks,
and leaves only one bank open in that city. The savings bank had loans
of $201,606, capital stock of $20,000, surplus cit $10,000, and deposits of
$276,398.
In Illinois, the Scotia State Bank, Scotia, was reported
closed in a dispatch Monday, Nov. 24, to the "Wall Street
Journal." The dispatch stated that a notice posted on the
door of the bank said the closing was taken "for a State
audit."
Two more Illinois banks were closed yesterday (Nov. 28),
according to United Press advices on that day from Westfield, Ill., and Benton, Ill. The banks were the First
National Bank of Westfield, an institution which bad been
in operation for 25 years, and which had deposits estimated
at $895,000, and the First National Bank of Benton, which
had deposits of approximately $1,000,000. Depositors of
the First National Bank of Westfield, the dispatch from
that place said, would be paid in full, according to its
officials.
In Indiana two banks were reported closed in advices
by the Associated Press this week. On Monday, Nov. 24,
the Paoli State Bank at Paoli failed to open its doors and a
notice posted on the door said the bank was closed by resolution of the directors pending an audit by the State Banking Department. It was furthermore stated that the directors expressed the belief that the bank was solvent, but said
time would be, required to perfect plans to restore the cash
reserve and take other steps to protect depositors.
The second institution, the Citizens' State Bank of Orleans, Ind., failed to open for business Tuesday morning,
Arrangements wore reported made this week for the sale
of two New York Curb Exchange memberships for 8100,000
and $105,000 respectively. • The last preceding sale was for
892,000.
Six new memberships on the Detroit Stock Exchange
were approved by the Board of governors this week. The
six new members are Hilbert Wulf, R. S. Merriam, U.
Stanley Allen, R. C. Wallace, Aaron A. Ellwood and Arthur
W. Rudel.
Announcement was made on Nov. 24 that the proposed
merger of the Manufacturers Trust Co., the Public National
Bank & Trust Co., the Bank of United States and International Trust Co., all of this city, took definite form over
the week-end, when a tentative plan and basis of merger
was agreed upon, subject to ratification by the respective
boards of directors and stockholders of the institutions.
Upon such ratification becoming effective, ,J. Herbert
Case, now Chairman of the board of directors of Federal
Reserve Bank of New York, will join the enlarged institution as its head. Mortimer N. Buckner, Chairman of the
board of trustees of the New York Trust Co.; Walter E.
Frew, Chairman of the board of Corn Exchange Bank Trust
Co., and George W. Davison, President of Central Hanover
Bank & Trust Co., and Park A. Rowley, Vice-Chairman
of the board of directors of the Bank of Manhattan Trust
Co., will become members of the board of directors. Nathan
S.Jonas and Henry C. Von Elm, now respectively Chairman
of the board and President of Manufacturers Trust Co.,
will remain in important positions. E. Chester Gersten,
now President of Public National Bank & Trust Co., will
become President of the new institution. Goldman, Sachs
& Co. have two representatives on the board of the Manufacturers Trust Co. at present, and it is understood that this
representa.tion will be continued. The Goldman Sachs
Trading Corp. is the largest stockholder of the Manufacturers Trust Co. Application will also be made for membership in the New York Clearing House Association, and on
the basis of the individual statements of the four institutions, the new bank, with deposits of over seven hundred
million dollars and resources of nearly one billion dollars,
will, it is stated, rank fourth in size among the banks in
New York City.
Tho proposed merger was referred to in these columns
Nov. 1, page 2836. From the New York "Times" of Nov.
25 we take the following:
Case Swayed by Bankers.
Mr. Case has not yet determined when his resignation from the Reserve
Bank will take effect. It was understood that his decision to accept the
new post was a sudden one, arrived at after representations had been unexpectedly made to him over the week-end by bankers interested in assuring
the success of the merger ...
On the basis of their latest statements the four banks in the merger
had combined resources of 8993.737,372,combined deposits of $716,961,351.
combined capital of 864.200.000 and combined surplus and undivided
profits of about $98.500.000 Total capital resources of the four banks
amount on the present basis to $162.766,067. It is understood that in
the Interests of extreme conservatism, which is expected to mark the policy
of the new bank's administration, this amount will be written down to
a smaller figure.
The following table shows the deposits and total resources which each
of the four banks will contribute to the merger:
Bank—
Deposits.
Resources.
Manufacturers
$328.675,252 $463,709,125
Public National
171,863,527 246,122,827
Bank of United States
202,972,469 254.043,942
International Trust
13.450.103 29,861.478
Combined total
$716.961,351 $993.737,372
A sketch of the career of Mr. Case appears elsewhere in
our issue of to-day.
The new building of the Bank of Manhattan Trust Co.
at 74-03 Metropolitan Ave., Middle Village, was formally
opened on Saturday, Nov. 22. The bank officers, led by
E. S. Macdonald, Executive Vice-President, in charge of the
offices in the Borough of Queens comprised the reception
committee which showed the public through the modern
banking quarters. Above the bronze entrance doors,is a
Nov. 29 1.00.]
FINANCIAL CHRONICLE
placque depicting Oceanus, the God of Water, the trade
mark chosen for the bank by its founders in 1799. The
interior of the building is conveniently arranged with public
space in the centre, surrounded with a bank screen of walnut
and marble, with eleven tellers windows. The new bank
building will be in charge of John E. Marshall who has been
manager of the Middle Village office since the bank was first
opened there. This office of the Bank of Manhattan Trust
Co. will serve the growing banking needs of residents of
Middle Village and will make available the investment, trust
and banking services of the bank. It also will provide
facilities for handling mortgages, mortgage certificates and
title insurance through the following units of the Manhattan
group: International Acceptance Bank, Inc., International
Manhattan Co., Inc., New York Title & Mortgage Co. and
National Mortgage Corp.
It was announced Nov. 24 that Harry A. Kahler, former
President of the American Trust Co., has been elected
Vice-Chairman, of the board of directors of the Bank of
Manhattan Trust Co. Mr. Kahler is also Chairman of the
board of directors of the New York Title & Mortgage Co.
It was announced on Nov. 21 by William S. Irish, VicePresident of the Bank of Manhattan Trust Co. that the
following who were formerly associated with the American
Trust Co., have been added to the Brooklyn Executive Committee of the Bank of Manhattan Trust Co.; Wm. Obermayer, G. Wm. Rasch, Peter J. Smith and Robert M.
Catharine.
Announcement was also made Nov.21 by E.S. Macdonald
Vice-President of the Bank of Manhattan Trust Co., that
the following, who were formerly associated with the American Trust Co., have been added to the Queens Executive
Committee of the Bank of Manhattan Trust Co.: A. C.
Horn, Solwin W. Smith, Walter Roberts, Frank B. Lasette,
Harry Snyder, Henry Merkel, Armand Brunswick and
Charles W. Froessel.
Charles S. Shaw has been appointed trust officer of the
International Trust Co. of New York. He is an instructor
in the American Institute of Banking, supervising one of
the educational courses.. He was formerly head of the
reorganization division of the investment department of
Farmers Loan & Trust Co.
Percy S. Straus, Vice-President of R. H. Macy & Co.,
was elected a director of the Corn Exchange Bank Trust
Co. of New York at a meeting of the directors this week.
The election of Mr. Straus marks the first entrance on the
board of the Corn Exchange Bank Trust Co. of an uptown
merchant. The move is understood to be in accordance
with the bank's growth in the branch banking field. Mr.
Straus is also a director of L. Bamberger & Co. of Newark,
La Salle & Koch Co. of Toledo and Davison-Paxon Co. of
Atlanta.
W. Tresckow, Assistant Vice-President of Central Hanover Bank & Trust Co. of New York, addressed the meeting
of the Home Life Insurance underwriters at the Hotel
Pennsylvania on Nov. 21 on the subject of "Insurance
Trusts." He placed special emphasis on the selling and
stressed the value to life underwriters of using the trust
approach in selling life insurance.
3475
Our last reference to the closed institution appeared in
the "Chronicle" of Oct. 4, page 2170.
Wilmer A. Cadmus, President of the National Bank of
America of Paterson, N. J., and at one time acting Mayor
of that city for several months, died at his home in Paterson
on Nov. 23 after a prolonged illness. Mr. Cadmus, who
was 53 years of age, was born in Paterson and received his
education in the public school and Hill Preparatory School.
Later he joined the Jacob Levy Co., makers of workmen's
garments, where he rose from a bookkeeper to Vice-President
of the concern. In 1920 Mayor Van Noort appointed him
a member of the Board of Education. In 1916 and 1917 he
served on the Passaic County Jury Commission. In the
spring of 1928, while he was President of the City Board of
Finance, he became acting Mayor on the death of Mayor
Raymond G. Newman. Mr. Cadmus had a long record of
service in the National Guard and the Army. He enlisted
in June 1897 in the National Guard, and in 1916 served on
the Mexican border. From March 1917 to March 1919, he
was a Lieutenant Colonel, second in command of the 5th
New Jersey Infantry and acting chief of staff• for the 8th
and 29th Divisions. He also served with the 113th and
114th United States Infantry regiments.
Effective Nov. 14, the B- ituminous National Bank of
Winburne, Pa., with capital of $50,000, was placed in voluntary liquidation. The institution was taken over by the
County National Bank of Clearfield, Pa.
On Nov. 19, the First National Bank of Decatur, Ind.,
capitalized at $100,000, went into voluntary liquidation. It
has been succeeded by the First State Bank of Decatur.
The American National Ba-nk of Gillespie, Ill., with capital of $50,000, was placed in voluntary liquidation on Oct.
14 1930. The institution was absorbed by the Gillespie
National Bank of the same place.
Two Port Huron, Mich., banks, the First National Bank
& Trust Co., capitalized at $300,000, and the Federal Commercial & Savings Bank, with capital of $400,000, were
consolidated on Nov. 22 under the title of the First National
Trust & Savings Bank. The new organization, which is
capitalized at $600,000 and has resources of over $15,000,000, will operate four branches in the City of Port Huron,
all former branches of the Federal Commercial & Savings
Bank. Dan C. Brown, formerly President of the First
National Bank & Trust Co., will be Chairman of the Board
of the new institution, while Stephen A. Graham, formerly
President. of the Federal Commercial & Savings Bank, will
be President. Officials of the new bank state that every
employee of both banks will be retained. Both banks will
open for business under one roof on Dec. 1 in the present
home of the Federal Commercial & Savings Bank at Water
and Military Streets, Port Huron. Officers of the new bank
in addition to Mr. Brown and Mr. Graham will be: ViceChairman of the Board; A. D. Bennett, Chairman of executive committee, W. L. Jenks; Vice-Presidents, F. E. Beard
L. A. Weil, D. MacTaggart, W. D. Smith, S. L. Boyce,
F. H. Coward; Cashier, R. T. Jackson; Asst. Vice-President,
A. C. Lassen; Asst. Cashier, A. D. Adams, G. F. Collins,
Loy R. Morton, E. N. Branagan, H. N. Thomas, H. W.
Maitland, F. C. Wellman; Trust Officer, Ira Bricker and
Asst. Trust Officers, E. J. McMannu,and D. W. Hostetter.
Joseph F. Felton, President of the Lynbrook National
Bank & Trust Co. of Lynbrook, L. I., since 1912, died of
The Bank of Orleans, at Orleans, Neb., has been closed
pneumonia on Nov. 22 at the age of 73 years. Mr. Felton
was born in the Foster Meadows section of the Borough of by its directors and its affairs taken over by the State
Queens, now known as Rosedale, and was educated in Banking Department, according to Linroin adviees by the
Pennsylvania and Canada, where he was graduated from United States Press on Nov. 25, printed in the "Wall Street
the Grand Seminary in Montreal. The late banker began Journal."
his financial career in Valley Stream, L. I., where he started
Closing of the Bank of York, Benson County, N. D., was
a grocery business from which he retired in 1909.
announced on Nov. 19 by Gilbert Semington, State Bank
Further referring to the affairs of the failed Vineland Examiner, according to Associated Press advices from BisTrust Co., Vineland, N. J., a dispatch from Atlantic City, marck, N. D., on that day, printed in the St. Paul "Pioneer
Press" of Nov. 20. The closed bank had combined capital
N. J., on Nov. 21, contained the following:
Petition for the appointment of a receiver for the defunct Vineland and surplus of $23,000 and deposits of $115,000,it was stated.
Trust Co. was dismissed by Vice-Chancellor Robert Ingersoll to-day
(Nov. 21), thus leaving the way open for the State Department of Banking
and Insurance to liquidate the insolvent bank's assets. An application
made by three creditors of the batik to intervene as complainant parties
In the original bills was also dismissed.
The Vice-Chancellor left the way open for any possible future filing of
an application for receivership by refusing to dismiss the original bill of
Miss Rose Sternberg of Vint-land, and ordered that the bill be retained, so
that any interested party could make such application,
Twenty-five hundred holders of stock in the Bank of
Commerce Liquidating Co., St. Louis. received a pre-Thanksgiving Day dividend through the distribution of $500,000.
The dividend, which was $5 per share, was made payable
the day before Thanksgiving at the Stock Transfer Department of the Mercantile-Commerce Bank & Trust Co. of
3476
FINANCIAL CHRONICLE
St. Louis. "This payment," said It. L. Hedges, President of
the Liquidating Co., "makes a total of $3,500,000 paid out
in liquidating dividends, including distribution in liquidation of assets of the Federal Commerce Trust Co. since consolidation of the National Bank of Commerce and the Mercantile Trust Co. on May 18 1929. Additional dividends
will be paid by action of the Board of Directors as assets
are converted into cash."
Failure of the Bank of Sallis, at Sallis, Miss., was reported
in the following press dispatch from Jackson, Miss., on
Nov. 22, printed in the Memphis "Appeal" of Nov. 23:
The Bank of Sails, at Sallis, Attala County, closed its doors to-day,
according to information reaching J. S. Love, State Superintendent of
Banks. The capital is $10,000, deposits $75,000, and resources $4,000,
states Mr. Love. No details for the closing have been received by Mr. Love
and no reason for the action was contained in the notice he received
to-night.
Advices by the United Press from La Follette, Tenn.,
printed In the Indianapolis "News" of Nov. 24, reported that,
according to an announcement, the respective directors of
the First National Bank and the People's National Bank,
both of La Follette, have agreed to merge the institutions,
forming a bank with resources of more than $1,000,000.
The closing for reorganization of the Bank of Commerce
of Winnfield, La., a small State institution capitalized at
$25,000, was announced by its directors on Nov. 24, according to Associated Press advices on that date from Winnfield,
printed in the New York "Times" of Nov. 25.
An application to convert the Bank of Commerce, Charleston, W. Va., into the National Bank of Commerce, was approved by the Comptroller of the Currency on Nov. 22.
The institution is capitalized at $200,000.
In accordance with plans under consideration since last
spring, when the commercial banking properties of the West
Coast Bancorporation of Portland, Ore., were transferred to
the United States National Corporation of that city (the
holding company of the United States National Bank), the
stockholders of the West Coast Bancorporation have voted
to dissolve. A letter in the matter sent to the stockholders
of the West Coast Bancorporation said:
A special meeting of the Class A and Class B stockholders of West Coast
Bancorporation was held in the City of Portland, Oregon, on the 12th day
of November, 1930. At this meeting the sale by West Coast National Bank
of its assets to United States National Bank and the sale by West Coast
Bancorporation to United States National Corporation of all bank stocks
owned by West Coast Bancorporation, except stock of the West Coast
National Bank, were explained in detail. The stockholders were informed
that West Coast Bancorporation is now the owner of approximately 25,000
shares of stock of United States National Bank, which the directors deemed
It advisable to distribute among the Class A stockholders of West Coast
Bancorporation by a liquidating dividend. The recommendation of the
Board that West Coast Bancorporation be dissolved, stock in the United
States National Bank distributed to the Class A stockholders of West Coast
Bancorporation, and the liquidation of West Coast Bancorporation thereafter
he accomplished as speedily as business conditions will warrant, was discussed in detail.
Thereupon the following resolutions were adopted by the vote of the
stockholders present in person or represented by proxy at the meeting with
but one dissenting vote:
Be It Resolved, that in the judgment of the stockholders of this company
it is advisable for this company to be dissolved.
Bt It Farther Resolved, that the stockholders of this company do hereby
authorize the immediate dissolution of this company and do hereby empower
and direct the directors and officers of this company to take such steps
and perform such acts as may be necessary to effect the dissolution thereof.
Be It Resolved, that the directors of this company are hereby requested
to effect the liquidation of the company through the payment of its debts
and the distribution of its assets among its stockholders as speedily as is
consistent with good business.
Be It Further Resolved, that the directors of this company be and they
hereby are requested to declare a liquidating dividend to the Class A stockholders of this company by distributing among them ratably and in kind
shares of stock of the United States National Bank of Portland (Oregon)
on such basis of distribution and with such provision for the issue, purchase
and sale of rights to fractional shares of said stock as to the Board of
Directors may seem advisable.
Be It Further Resolved, that the said Board of Directors be requested
to declare and cause to be paid from time to time as funds may be available
for that purpose, additional liquidating dividends in cash.
A meeting of the Board of Directors of West Coast Bancorporation was
held on the 17th instant, at which the action taken by the stockholders at
the special stockholders' meeting was discussed, as a result of which the
following resolutions were adopted by the unanimous vote of the directors
present:
Whereas, this company is now the owner of 25,563 shares of stock of
the United States National Bank of Portland (Oregon); and
Whereas, the dissolution of this corporation has been authorized by vote
of its stockholders and directors and such dissolution is now under way; and
Whereas, by resolution of its stockholders, the directors of this company
were requested to declare a liquidating dividend to the Class A stockholders
of this company by distributing among them ratably and in kind shares
of stock of the United States National Bank of Portland (Oregon) and in
[VOL. 131.
the opinion of the Board of Directors it is wise that such distribution be
effected;
Now, Therefore, Be It Resolved, that this corporation hereby declares
liquidating dividend No. 1, to be payable on the 15th day of December,
1930, to Class A stockholders of record on he 28th day of November, 1930,
by payment of $1.00 per share in cash and by causing to be issued to the
Class A stockholders of this company a certificate for one share of stock
in United States National Bank of Portland (Oregon) for each seven shares
of Class A stock of this corporation.
Resolved, Further, that whereas said United States National Bank of
Portland (Oregon) will not issue certificates for fractional shares, that this
corporation issue to holders of shares of its Class A stock in any number
from one to six, and to holders of shares of its Class A stock with respect
to any number of shares from one to six in excess of the largest number
thereof which may be equally divisible by seven, scrip certificates for
sevenths of shares of said United States National Bank of Portland (Oregon)
equal to the number of said shares of Class A stock from one to six or
from one to six in excess of the largest number thereof equally divisible
by seven, as the case may be.
Resolved Further, that the rights represented by such scrip certificate
shall terminate on the 15th day of January, 1931.
Resolved Further, that the title to said scrip certificates pass by delivery.
Resolved Further, that this corporation, through its secretary, assist the
holders of said scrip certificates in making sales, purchases or exchanges
thereof so as to permit the grouping thereof into units of seven-sevenths.
Resolved Further, that this corporation create and maintain a market for
said scrip certificates until the date of expiration of the rights represented
thereby, and that this corporation purchase from any A stockholders the
scrip certificates issued to him, or sell to any A stockholder a scrip certificate which, added to the one originally issued to him, will represent sevensevenths of a share of stock of the United States National Bank of Portland
(Oregon) on the basis, whether for purchase or sale, of the value of stock
of the United States National Bank of Portland (Oregon) as that value
may be determined by the Board of Directors to have existed on Nov. 28,
1930.
Resolved Further, that shares of stock in the United States National Bank
covered by unsurrendered scrip certificates shall be sold by this corporation
not later than the 25th day of January, 1931, and that the net proceeds
resulting from the sale of said shares shall be distributed ratably among
the Class A stockholders of this corporation to whom were issued such scrip
certificates not surrendered by the 15th day of January, 1931.
Whereas, the A stockholder of this corporation, upon liquidation, are
entitled to receive $25.00 per share for each share of Class A stock held by
them before the B stockholders of this corporation are entitled to receive
anything; and
iVhereas, a liquidating dividend has been declared and will be paid in
stock of the United States National Bank of Portland (Oregon) to the A
stockholders of record on Nov. 28, 1930, and the value of said stock on
said date will be a factor entering into the determination of the amount
received by the A stockholders of this corporation in liquidation;
Now, Therefore, Be It Resolved, that from all sources of information
available to them this Board of Directors determine and make a matter of
record the value of stock in the United States National Bank of Portland
(Oregon) on said date, and that they thereupon cause to be entered in the
books of this company as having been paid in liquidating dividends upon
its Class A stock, such amount of money as shall represent the cash value
received by its respective Class A stockholders in stock of the United Slates
National Bank of Portland (Oregon), or scrip certificates, as the case may
be, based upon the determination of value of stock of said United States
National Bank of Portland (Oregon) on said date.
Resolved Further, that the value of said stock when so determined, shall
be the price at which this corporation will buy or sell scrip certificates
representing rights to receive fractional shares of stock of United States
National Bank of Portland (Oregon).
As a result of the foregoing action taken by the Board of Directors, as a
Class A stockholder of this corporation there will be mailed to you on the
15th of December, 1930, a check for $1.00 for each share of Class A stock
of which you may be the owner on Nov. 28, 1930, and a certificate for one
share of stock in the United States National Bank for each seven shares of
Class A stock of which you may be the owner on Nov. 28, 1930, and a
scrip certificate covering fractional shares, all as provided for by the
resolutions of the Board declaring liquidating dividend No. 1.
The scrip certificates will contain complete information of the rights
created thereby. The officers of the corporation will extend their fullest
cooperation in assisting the holders of these certificates to realize the
greatest possible value therefrom.
It is believed that the resolution adopted by the stockholders and by the
Board of Directors, hereinbefore set forth, and the scrip certificates which
will be hereafter issued, will inform the stockholders fully as to all action
required to be taken by them in order to protect their interests. Should
any additional information be desired the secretary of the corporation, Mr.
George W. Sensenich, whose office is in the Porter Building, in the City of
Portland, Oregon, will be available to serve the stockholders in any respect
that they may request.
Yours very truly,
WEST COAST BANCORPORATION,
By Edgar 11. Sensenich,
President.
*
prDespite the widespread business depression in Canada and
the world at largo during the past year, the 56th annual report
of the Imperial Bank of Canada (head office Toronto) just
recently issued, makes a very satisfactory showing. Interest
centres in the Imperial Bank's report, says the Toronto
"Globe" of Nov. 22, because it is the first for the past year
to be issued by the Dominion banks and can likely be taken
as a criterion of what the rest will show. "The previous
year showed the largest profits and the greatest assets in the
history of the company, and despite the readjustment period
through which the country is passing, profits for the past
year were only down $137,480 from the high record of the
previous year; the total assets are only off a little over
$6,000,000 and the deposits down approximately $8,600,000.',
The report, which covers the fiscal year ending Oct. 31
Nov. 29 1930.]
1930,shows net profits for the period (after deducting charges
of management, auditors' fees and interest due depositors,
and after making provision for bad and doubtful debts and
for rebate on bills under discount) of $1,424,081, making
with $718,964, the balance to credit of profit and loss
brought forward from the preceding year, $2,143,04 available for distribution. This amount, the statement tells
us, was allocated as follows: $910,000 to pay four quarterly
dividends at the rato of 12% per annum ($840,000), 'together with a bonus of 1% per annum ($70,000); $42,500
representing donations and subscriptions; $300,000 written
off bank premises and $150,000 to take care of Dominion
Government and other taxes, leaving a balance of $740,545
to be carried forward to the current year's profit and loss
account. Total assets are given in the report as $148,170,468, of which liquid assets amounted to $73,519,851, while•
total deposits are shown at $114,291,244. The paid-up
capital of the Imperial Bank of Canada is $7,000,000 and
its reserve fund $8,000,000. Frank A.Rolph is President
of the institution and A. E. Phipps General Manager.
Striking evidence of the soundness of underlying conditions in Canada is presented by the strong statement which
rs
the Bank of Montreal has forwarded to its stockholde
this week, covering operations for the fiscal year ended
Oct. 31. The report shows net profits of $6,519,031, as compared with $7,070,892 in the previous year.
The profits, added to the balance carried forward from
the preceding year, made the sum of $7,254,612 available
for distribution. This was appropriated as follows: Dividends and bonus, 85,047,586; provision for Dominion Government taxes, $459,979, and reservation for bank premises,
$800,000; leaving a balance of $947,047 to be carried forward to the current year's profit and loss account as against
$735,582 at the end of the previous fiscal year. The general
statement of assets and liabilities is an unusually strong
one. Total assets are reported at $826,069,537, up from
$822,599,648 at the end of the first six months of the year.
Of this total, liquid assets amount to $438,192,479, at which
level they are equivalent to 59.32% of total liabilities to
the public, and compare with $373,450,296 on April 30. Included among them are cash and Dominion notes of $100,047,419, or 13.54% of total public liabilities.
The latest return of the Canadian Chartered Banks to the Minister of
Finance, as of Sept. SO, shows total assets of Barclays Bank (Canada) at
$8,179,749.
At yesterday's meeting the following directors were elected for the
ensuing year: Right Hon. Sir Robert Laird Borden, G.C.M.G., P.O., LL.D.,
K.C.; Hon. Louis Alexandre Taschereau, LL.D., LC.; Arthur Blaikie
Purvis, liemian Poe Alton, Julian Stanley Crossley, Walter Osborne Stevenson, Allan Angus Magee, B.C.. Charles Strange Macdonald, M.A., and at a
subsequent meeting of the directors, Sir Robert Borden was elected as
President, and A. B. Purvis as Vice-President J. R. Bruce, who occupied
the position of Manager during the past year, has tendered his resignation,
which has been accepted.
The 101st semi-annual statement of the Yokohama Specie
Bank, Ltd.(head office Yokohama), covering the six months
ending June 30 1930, and presented to the shareholders at
their 101st half-yearly ordinary general meeting on Sept. 10,
has just recently been received. The statement shows net
profits for the period, after providing for all bad and doubtful debts, rebate on bills, &c., of yen 13,353,667, inclusive
of yen 6,231,848 brought forward from the preceding halfyear. Out of this sum the directors propose to pay a dividend at the rate of 10% per annum,calling for yen 5,000,000,
and to add yen 2,000,000 to the reserve fund, leaving a
balance of yen 6,353,667 to be carried forward to the current
half-year's profit and loss account. The bank's total resources are given in the statement as yen 1,135,651,125, of
which cash in hand and at bankers amounted to yen 82,654,338, while total deposits are shown at yen 585,113,881. The
paid-up capital of the institution is yen 100,000,000 and its
reserve fund (including the yen 2,000,000 mentioned above)
yen 113,500,000. Kenji Kodama is President.
Due to the general market conditions, there has been a
substantial reduction in call loans and marked gains in the
holdings of Dominion and Provincial Government securities
and in Canadian municipal securities and British, foreign
and colonial securities. As a result, call loans in Canada are
$17,840,690, down from 827,460,856 at the end of the first
half year, and call loans in Great Britain and the United
States have declined to $60,921,712 from $68,028,615. At
the seine time, Dominion and Provincial Government securities have increased to $131,107,484 from $96,081,964, and
Canadian municipal securities and British foreign and colonial public securities total $46,477,441, as compared to
$21,830,527. The somewhat smaller volume of business
being done throughout the country is reflected by a reduction in current loans in Canada to $290,872,423 from $335,301,194, while current loans outside of Canada are $42,
547,341 as against $43,188,318. Loans to cities, towns and
municipalities stand at $24,246,054 as compared with $37,451,194. A constructive feature is shown by the tendency
of deposits to record increases. Total deposits now amount
to 8697,395,742, up from 8688,067,754 on April 30 last.
The annual general meeting of the shareholders of Barclay (Canada), a subsidiary of Barclays Bank, Ltd., of
London, was held in Montreal on Nov. 18, according to the
Montreal "Gazette" of the next day, which said:
At the conclusion of the annual general meeting of Barclays Bank
(Canada), held at its office here yesterday, Sir Robert Borden, President,
bank since its opening about a year
stated that the progress made by the
and bearing out this is the
ago had quite fulfilled all expectation,
proposal to open branches in the important centers in Canada. Commence.
ment will be made, it was announced, of a branch in Toronto early in
January next. In view of this decision to expand the bank's facilities
In this country the Board of Directors have established a general managership, and F. H. Dickinson has been appointed to the newly created
position.
Barclays Bank (Canada), which first opened its doors to the public on
Sept. 3 of last year, is the first affiliate of one of the larger British
Institutions to locate in Canada, and is a wholly-owned subsidiary of Barclays Bank, of London, one of the "Big Five" of British banking houses.
The establishment of this branch in the Dominion has been with a view
to the cementing of the Imperial business tie, and to afford additional
financial facilities to the Canadian public.
3477
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
Curb Exchange this week was exceedingly
the
on
Trading
quiet with stocks generally registering small losses. Utilities
and oils were most affected. Amer. & Foreign Power warrants eased off from 23 to 20%,the close to-day being at 21
Amer. Gas & Elec. com. dropped from 943/i to 883I and sold
4. Eastern States Power corn. B after an
finally at 883
advance of 3 points to 20 sank to 16%. Electric Bond Sr
3
%
Share corn. lost over 5 points to 45 and closed to-day at 46.
was
off from 28% to 26%, the
A
United Light & Power corn.
final transaction to-day being at 26%. Among the oils,
Chesebrough Mfg. sold up from 113% to 125. Humble Oil
& Ref. moved down from 71% to 68%,the close to-day being
at 68%. Indiana Pipe Line lost 3 points to 20. Standard
Oil (Ohio) sold down from 58 to 54%. Gulf Oil declined
from 79% to 743 and finished to-day at 75. Industrials
were heavy. Aluminum Co. of Amer. dropped from 185 to
160% and recovered finally to 162%. Armstrong Cork on
a single transaction sold at 25, a loss of 15 points from the last
% to
preceding sale. Deere & Co. corn. sold down from 523
but
56%
from
to
58%
off
eased
Coal
Alden
47%. Glen
58.
to
finally
recovered
A complete record of Curb Exchange transactions for the
week will be found on page 3511.
.
DAILY TRANSACTIONS AT THE NEW YORE CURB EXCHANGE
Bonds (Par Value).
Week Ended
Nov. 28.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
Rights.
Foreign
Domestic. Government.
Total.
$229,000 31,273,000
900 $1,144,000
297,000 2,523,000
200 2,226,000
208,000 2,322,000
700 2,114,000
308,000 3,852,000
1,800 3,544,000
Holiday- Thanksgivi ng Day
470,000 3,140,000
1,300 2,670,000
473.900
4,900 311,698,000 31,412,000 313,110,000
2,144,100
288,400
401,400
489,800
510,600
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements on the New York Stock Exchange have
been decidedly reactionary the present week. The market
generally has been heavy and trading has been comparatively
light, with a considerable amount of realizing during most
of the week. Merchandising stocks have shown considerable
activity, due to rumors of a possible merger of two of the
largest mail order houses, and amusement shares have had
spasmodic periods of activity, but aside from those there
has been little in the way of special interest. The weekly
statement of the Federal Reserve Bank of New York, issued
after the close of the market on Friday, showed a further
reduction of $63,000,000 in brokers' loans in this district.
3478
FINANCIAL CHRONICLE
[VOL. 131.
Call money renewed at 2% on Monday, and remained un- the industrial section were also off, United
States Steel closing
changed at that rate throughout the entire week.
at 1443i with a loss of 13/ points. Westinghouse was down
On Saturday the market was slightly lower at the start, 2% points, American Can 134 points, General Electric
13,1,
but there were occasional exceptions to the trend, especially points, and Allied Chemical & Dye
3X points. Public
the mail-order stocks, which were unusually strong, following utilities were weak and many issues lost from
2 to 3 or more
the favorable earnings report of Montgomery Ward, the points. The list included such active issues
as Amer. Tel.
latter moving up to 23%, with a gain of 3S points. Sears, & Tel., Amer. Water Works & Electric, and Detroit Edison.
Roebuck also shared the improvement and advanced 2% Peoples Gas & Electric was off about 9 points on the day.
points to 555. Hahn Department Stores were a point or Oil shares wore off and copper stocks were down. The
final
two higher, but R. H. Macy sold off. Railroad shares tone was weak.
failed to maintain the advances of the preceding day and
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
most of the active issues were down a point or more from
DAILY. WEEKLY AND YEARLY.
the previous close. Copper shares continued to display a
Stocks,
Railroad,
Slate,
United
Total
Week Ended
heavy tone and sold off during most of the day. Steel inNumber of
Municipal &
States
Bond
Bonds.
Poen Bonds.
Bonds.
Sales.
dustrial stocks also gave ground as a result of profit taking, Nov. 28 1930. Shares.
988,490 $2,382,000 $1,418,000
together with the rumors of contemplated reduction !of Saturday
8359,000 $4,159,000
Monday
1,630,820
4,037.000
2.712.500
288.500 7,038,000
2,152.930
production schedules next week. The principal losses up Tuesday
4,457.000
3.502,000,
8,483,250
Wednesday
1,950,040
7.168,000
2,995.000
10,538,000
375,000
to the closing hour were, Allied Chemical & Dye 33' points Thursday
Holiday-T hanksgIving Day
Friday
1,743,790
6,828,000
2,048.000
336,000 9,210,000
to 207%, Atchison, Topeka & Santa Fe 33 points to 195,
Total
8,466,070 824,870,000 $12,675,500 81,882,750 639.428,250
Worthington Pump 2 points to 85, Union Pacific 2 points to
192 and J. I. Case Threshing Machine Co. 33, points to
Sales at
Week Ended Nov. 28.
Jan. 110 Nov. 28.
New York Stock
114%.
Exchange.
1930.
1929.
1930.
1929.
The market continued heavy on Monday and reactionary Stooks-No, shares.
of
8,468,070
8,086,570
679,504,094 1,041,131,280
tendencies were in evidence throughout the day, the modest
Bonds.
Government bonds.... 81.882,750 $2,516,000
8100.403.350
$126,244,000
rally that occurred near the close making very little change State
& foreign bonds. 12,675.500 13,405,000
644,002,400
594.293,650
in the final prices. The turnover was the smallest in three Railroad & misc. bonds 24,870,000 37,286.000 1.750,374,400 1.989,009,800
Total bonds
839,428,250 853,207,000 82,494,780,150 82,709.547,450
weeks or more, the total sales reaching 1,630,820 shares
Merchandising stocks were again the market leaders and
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
BALTIMORE EXCHANGES.
moved briskly ahead under the guidance of Sears-Roebuck
which scored a net gain of 33'3 points as it closed at 58%.
Boston.
Philadelphia,
Baltimore.
Week Ended
Montgomery Ward was higher and so was May Department
Nov. 28 1930.
Shares. Bond Sales. Shares. 'Bond Sales. Shares. Bond Sale,.
Stores, R. H. Macy, Abraham & Straus, Oppenheim &
18.790
$2.000 a24.8681 $19.000
1.318
86.000
Collins, and Best & Co. Railroad shares were down, Balti- Saturday
Monday
22,073
8.000 a40.332
46.000
1.192
6,000
28,494
15,500 a40.669
more & Ohio, for instance, dropping 3 points to 76, while Tuesday
127.000
1.847
6,000
Wednesday
27,323
15,000 a48.8071
65.000
2,293
18,100
numerous others were off from fractions to a point or more. Thursday
•
•
•
•
•
8,752
1.000
12.036
,1879
7,000
Public utilities were also down and losses ranging from 1 Friday
Total
101.432
841.500 166.712 $257,000
to 2 points were recorded by American & Foreign Power,
8,529
836,100
Consolidated Gas,American Power & Light, North American Prey. wk. revised_ 180,139 889,000 250.230 8322,700 11.839 $208,200
a In addition sales of rights: Wednesday, 100.
and American Water Works & Electric. Copper stocks were
Sales of warrants were: Saturday. 300; Monday. 200; Tuesday,
600.
neglected and specialties were without noteworthy move- •
Holiday.
ment.
Prices moved forward quite vigorously for a brief period on
COURSE OF BANK CLEARINGS.
Tuesday, but were lower when the market closed. There
Bank clearings this week will again show a decrease as corn"
were a few stocks that moved against the trend, Detroit pared with a year ago. Preliminary
figures compiled by us
Edison for instance held its gain of 2 points and closed at based upon telegraphic advices from
the chief cities of the
187, and Ingersoll-Rand moved ahead 6 points to 184. country indicate that for the week ended to-day
(Saturday,
United States Steel sold up to 1493
4 at its top for the day, Nov.29) bank exchanges for all the cities of the United States
but lost part of the gain before the close. Westinghouse and from which it is possible to obtain weekly returns
will fall
General Electric were up about 2 points in the early trading, 32.2% below those for the corresponding week last
year,
but again sold off in the final hour. The day's net losses in- which were of phenomenal extent because of the
upheaval in
cluded, Air Reduction 25 points, Worthington Pump 23 the stock market at that time. Our preliminary total
stands
points, Woolworth 2 points, New Haven 2 points, R. H. at $6,917,121,541, against $10,205,554,999 for the
same
Macy & Co.2 points, and J. I. Case 2% points.
week in 1929. At this centre there is a loss for the five days
Prices were somewhat irregular on Wednesday, and while ended Friday of 38.1%. Our comparative summary
for the
there were occasional indications of strength in some special week follows:
issues, the intermittent selling throughout the day was too
Clearings-Returns by Telegraph.
much for the general list, which had begun to sag ,rather
Per
Week Endirg Nov. 23.
1930.
1929.
Cent,
sharply as the market closed. Declines in the active leaders New York
$3.337.000.000 65.392.000.000 -38.1
ranged from 1 to 3 or more points and in some special issues Chime°
312.038.018
423.883.443 -26.4
Philadelphia
289.000 018)
5118,000.000 -49.8
the recessions were somewhat larger. Merchandising shares Boston
241.0o0 000
4411.000.000
-46.0
Kansas City
71.958.127
83.534.957 -18.7
were again in demand and during the early trading displayed St.
Loull
72.200.0(141
98.801)
000
-26.9
Francisco
considerable strength, especially Montgomery Ward and San
105.047.000
-25.2
1.m. Angeles
Will no longer re port 140.510.000
clearings.
Sears, Roebuck, both of which showed sharp gains for a Pittsburgh
120.819.520
132.116.922
-8.6
Detroit
87.689.535
133.213.135 -34.2
brief period and then turned downward. United States Cleveland
73.082.025
109.200.294 -28.2
Baltimore
80.487.024
62.228.188
Steel was off more than a point at the close and so were New Orleans
-2.8
34.767.552
43.817.139 -20.7
American Can, Westinghouse and General Electric. The
Twelve cities, 5 days
54.802.984.931 117.529.302.058 -37.0
sharpest declines of the day were Allegheny Corp. prof., Other cities. 5 days
711.283.020
804.248.258 -11.6
which broke about 20 points and New York & Harlem, Total all cities. 5 days
115.514.297.951 58.433.550.314 -34.8
All
cities.
1
day
1.402.853.590
which dropped back 13 points. Other noteworthy reces1.772.004.685 -20.8
Total all cities for week
sions included such active stocks as Allied Chemical & Dye
,
38.917.121.541 510,2115 554.0110 -59.9
5 points, Allegheny Steel 5 points, Public Service of New
Complete and exact details for the week covered by the
Jersey 4 points, Diamond Match 20 points, Union Pacific foregoing will appear in our 'ssue of next week.
We cannot
4% points, Missouri Pacific 4 points and Fairbanks Morse furnish them to-day, inasmuch as the week
ends to-day
5 points. The New York Stock Exchange, the Curb Market (Saturday) and the Saturday figures will
not be available
and the commodity markets were closed on Thursday in until noon to-day. Accordingly, in the
above the last day
observance of Thanksgiving Day.
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
The stock market was generally reactionary on Friday,
and while a considerable volume of business was transmitted present further below we are able to give final and complete
during the day the main body of stocks displayed a heavy results for the week previous-the week ended Nov. 15.
For
tone and closed at lower levels. Railroad shares were under that week there is a decrease of 38.4%, the aggregate of
pressure, Illinois Central dropping to a new low for the year clearings for the whole country being $8,652,589,444,
as a result of the poor earnings statement. New York Cen- against $14,055,844,986 in the same week of 1929.
Outside
tral, Atchison, and Baltimore & Ohio were down and lost of this city there is a decrease of 31.3%, while the
bank
most of their previous gains. Most of the active leaders in clearings at this centre record a loss of 42.5%. We
group
Week End. Nov. 22 1930.
1930.
1929.
1928,
11
1927.
$
$
$
$
%
443.324,097
558.114,724
889,531358 -49.0
641.702,531
5,318,427,953 8,182,465,010 -42.1 9,347.791.575 5,636.908.798
496,165.612
521,489.542
903,105,150 -45.1
725,355,026
418,888,479
473,115,704 -11.9
463,490,149
360.082.197
183,953,335
199.664,955 -7.9
192,608.981
172,084.240
155,590.147
177,725.547
201,885,1940 -22.9
216,090,755
829,453,350
748,583.073 1,094,298358 -31.8 1,162,097,259
113.793,792
178.221,846
143.354,551 -26.8
281.257.638
131.084.793
118,633,179
148933.928 -18.7
154.419.159
176,991,022
118.988.997
194,528.658
225,934.171 -13.9
63,709.633
91,726,394 -30.5
107,510,930
80.378.815
424,827,487 -23.3
338.584,832
447.959.033
374.334,592
cities
797491 967
676 050 913 -312
498.431.215
9,233,041,412
3,732,256,920
Agri 212 1178
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended November 22.
Clearings at1930.
1929.
$
First Federal Reserve Dist riot-Boston
klalne-Bangor._
608.615
586.085
Portland
3.587,187
3,137,642
Mass.-Boston- 395,908,724 806.000.000
Fall River____
1.485.493
1.544.893
1.138,04
568.291
Lowell
956.813
New Bedford.1.182.586
Springfield.__
4.398,150
5.541.877
3.674,820
2,740,732
Worcester
12.539.601
18.709,203
Conn.-Hartford
7.380,144
8,652.007
New Haven
R.I.-Providence
18,245,200
12,953.000
610.022
N.11.-Manchest.
708,316
Total (12 cities)
Inc.or
Dec.
-3.7
-12.5
-50.9
+4.0
-50.1
-19.1
-20.6
-25.4
-33.0
-14.7
-29.0
-13.9
1928.
623.185
4,002.608
577.000.000
2.422,006
1.177.936
1,157.596
5.822.073
4.056.993
18,030.600
9.143.407
17.5:10.500
735.927
1927.
620,784
3.019.733
508.000.000
2.048,343
1,051.533
1.1,15,310
4.573.352
2,635,105
14.401.328
6,878,775
12,91)6,2)0
784.252
443.324,097 809.533.358 -49.0
Second Feder al Reserve D 'strict-New
6.215,504
6.640.054
N. Y.-Albany _
1.333 923
1,145.387
Binghamton
65,100.892
46,234.594
Buffalo
985,2.4
Elmira
.006,1651,292.745
Janier4town
5.170.138.946 8.990.248.381
New York_
13.398.182
9.691,770
Rochester
5.553,345
6.628.870
Syracuse
5.611.364
Conn.-Stamford
3,679.043
1.000,000
621,781
N. J.-Montclair
39.053.701
36.090.999
Newark
51.648.599
Northern N J
34.640.537
641,702,831 558.114.724
York
+6.8
5.683.415
4.530,825
-14.1
1,519.446
968.100
-29.0
64.860.0.58
45.899.914
+5.6
1.032,743
862.355
-22.2
1.293,869
1,243.504
-42.5 9.167.807.077 5.500.784.492
-27.7
15.223.335
11.457.415
-16.2
9.995.367
5.310.4,44
-34.4
4,532.067
4.141.979
-37.8
980,334
798.366
-7.6
30.228.678
21,054,042
-32.9
44.635,201
38.957.012
Total(12 dile)) 5.316,427,953 9.182.465,010 -42.1 9.347,791,575 5.636,908,798
Third Federal Reserve Dist rict-Philad elphla
1.560.821 -23.5
1.194.223
Pa.-Altoona
5.293.430 -19.7
Betti tem _ _
4,249.041
1.250.965 -26.6
915,091
Chester
1.927.009 -10.0
1,734.605
Lancaster
Philadelphia__ 4704400.000 870.000.000 -46.0
Reading
4.241.408 -30.1
2.964.072
Scranton
7.075.120 -33.4
4,711.211
4.042.69* -11.5
3.579.272
N liken-Barre
1,973.939 +9.0
2,157017
'York
5.739.768 -18.8
4,6583)00
N.J.-Trenton_ _
1.506.308
4.573.724
1.339.479
1,797.865
694.000.000
3.989.253
6.211.120
4.747.088
1,862,974
5,327.217
1.566.298
4.676446
1.304.966
1,933.897
494.000.000
3.521.135
4.740.883
2.999,518
1,611.142
5.135.357
903.105,150 -45.1
725.355.026
521,489.642
Total(10 cities)
496.165.612
6.503.000
3,1)03.862
73.826.436
139.812,212
15.206.100
2.089.708
5.447.013
214,701.818
473.115.704 -11.9
463,490.149
Fifth Federal Reserve Dist rict-RIchm ond1.412,993 -19.4
1.139.469
W.Va.-Hunt Wu
3.912.158
4.767.131 -17.9
Va.-Norh ilk
60.0114.000
57.499.000 -12.9
Richmond _ _
2,448.285
2.481.1145 -1.4
S.C.-Charleston
_ 103,196.409 106,298,770 -2.9
23.173.014
27.205,116 -14.8
D.C.-W astilugM
1.169,622
5.243.567
52,762.000
2.565,156
102.187,238
28.641,398
Total (8 cities).
416.888.479
183.953.335
-7.9
192.608,981
Sixth Federal Reserve Dist rict-A lent a-•1,700.000
Tenn.-KnoxvIlle
2.904.000 -41.5
20.711.240
Nashville
23,599.136 -12.2
Oa.-Atlanta. _
45.111.326
63.449.562 -28.5
1.657.017
Augusta
2.311,334
28.3
1.204.043
f Macon
1.563.796 -23.0
12,864.184
Fla.-Jack
14.516.842 -11.3
Miami
1,713.000
2.728.000 -37.2
Ala.-Birmingta
19.443.578
27.282.865 -28.7
1.822.445
Mobile
2,190.989
18.8
2.130.121
Miss.-Jackson_ _
1,981.000 +7.5
151.746
Vicksburg
213.836 -29.0
La.-NewOrleans
47.081.407
59.550,580 -20.9
3.200.000
20.165,615
61,095.237
2.268.602
2,871.129
16.880.397
2.240.000
29.266.530
2.142.752
2.245.000
406.138
73.309.355
Total(0 cities).
Total(12 Cities)
155,590,147
199,664,955
201,885,940 -22.9
216,090,755
5.063.000
3,1131 .671
71.730.628
104.6.8,419
14,070.000
1.265.466
2.731,721
157,571,289
Inc. or
Dec.
1928.
1927.
229.421
618.241
144,453.959
6.469.972
2.076,482
2,856.989
18,688.000
2429.100
5,200.566
34,496,869
2,223.385
7.508.076
4,886.258
1,217,035
1,300,938
584.828.999
1,148.348
3,972.501
2.989440
1,858.771
746,562,073 1,094,298,358 -31.8 1,162,097,259
829.453.350
Eighth Federa I Reserve Din trict-St. Lo 01s-4.631.498 --16.2
3.882,364
Ind.-Evansville_
Mo.-St. Louis.- 117,900,000 153,000.000 --22.9
35,186.633 --32.1
23,895.520
Ky
337.991 --11.3
291).747
Owensboro _30.563.006 --29.4
21.600.616
Tenn.-Memphis
17.946,328 --45.1
9,860,237
Ark.-Little Rock
307,948 --48.5
158,527
1,351,147 --53.8
624,635
Quincy
6,322,696
182.200,000
37.153.474
343,291
33.442.582
20.137,721
300.954
1.356,940
5,550,628
131,900,000
34.392,826
259,046
24.576.018
15,585.183
329,507
1,250.584
243.354,551 -26.8
281,257.638
213,793,792
Ninth Federal Reserve Ms trice- Minn eapolis
6,728.153 -0.9
6.669,699
Minn.-Duluth..
73,545.505 102.025,150 -27.9
M inneapolls._ _
28.386,965 +7.2
30,424,270
St. Paul
2,000,000 +7.7
2,154,549
N. Dak.-Fargo
1.409.951 -21.2
1,111,335
S. D.-Aberdeen
851,404 -0.7
845,821
Mont.-Billings
4,532.305 -14.3
3,882,000
Helena
10,610,053
96.880.362
37.496.254
2.185.539
1,536.200
1,025,751
4.705,000
10,110.818
79.020.381
34,899.378
1,678.333
1.240,079
784.804
3.351,000
Total(8 cities) _
178,221.646
145.933,928 -18.7
154,419459
131,084,793
Tenth Federal Reserve Din trict-Kens as City
298.004 -19.6
239,682
Neb.-Fremont
420.361 -7.6
388.531
Hastings
3,113.407 -5.5
2,943.486
Lincoln
48,219,493 -7.3
44,718,406
Omaha
3,199.040 +5.1
3.362.725
Kan.-Topeka
6,943,168 -14.0
5.969,545
Wichita
Mo.-Ican. City. 129,192,985 154.576.793 -16.4
8.080,428 -12.9
5,297.017
St. Joneph
1,242,854 -16.0
1,043445
C,o1.--Col. Bogs_
a
a
a
Denver1,834.623 -25.2
1,372,836
Pueblo
370,403
610,580
3.722,500
44,798.442
3.359,5.58
8.719.318
147.853.570
6.427.031
1,447,399
a
1,660,196
306,913
364.656
3,521,073
36.715.986
2,548.897
6.653,574
119,100,739
5,096.627
1,287.706
a
1,396,851
225,934,171 -13.9
Total(7 cities)
Total(10 cities)
118,633,179
194.528.658
218,988,997
176,991.022
las--35.7
--27.2
--38.3
--33.8
--35.9
1.737.625
70.361.830
20.785.53
7,855.000
6.770.940
1.483.875
54.545.071
12.854.292
6.435.000
5.060.377
91.728.394 --30.5
107.510.930
80,378.615
Eleventh Fede cal Reserve District-Da
1.784.629
1.147.827
Texas-Austin__
59,955,612
43,633,200
Dallas
17,976.903
11.094,207
Fort Worth
5.995,000
3,978.000
Galveston
6,014,250
3,856,399
La.-Shreveport _
Total(5 citles) _
83.709.833
Twelfth Feder al Reserve D strict-San Franc sco49.169.523
44.121,183 -14.0
37.960.332
Wash.-Seattle14.216.000
13.940.000 -18.1
11.417.000
Spokane
1.803.000
2.177,020 -37.6
1.358.192
Yakima
48.246,724
47.019,753 -18.0
38.542,073
Ore.-Portland._
21,825,221
26.342.584 -11.6
23,275.896
Utah-8. L. City
5,018.300
6.229.072 -39.3
3,782.487
Calif.-Fresno.
9.521.486
9.647,763 -26.9
7.053.530
Long Beach...
1
report
clear
longer
wit
No
ngs.
Los Angeles.
20.771.757
21.730.249 -32.0
14.767,878
Oakland
6.999.057
6,706.405 -22.0
5,230.567
Pasadena
8.011.637
-20.7
8.006.593
6.347.635
Sacramento6.048.439
6.712,409 -20.9
4.909.557
Ban Diego...
San Francisco_ 174430.471 220.011,659 -20.7 246.274.000
4.089,134
4.595.865 -29.5
3,241,385
San Jose
23185.275
2,264.122 -4.2
2,169.533
Santa Barbara.
2,194.890 -10.8
2.019.570
1,956.796
Santa Monica_
3,127.900 -31.6
2.857.900
2.140.900
Stockton
42.430.029
12.309.000
1.671.063
38.675.920
17.375.083
5.253.018
8.745.288
14.386.482
5.457.019
6.259,731
4.248.214
211.643.000
2,748.000
1479.539
1.627.727
2.625.500
Total(18011166) 338.584.632 424.827.487 -20.3 447.959.023 374.934.592
ra,at total
8 652.589.444 14055,844.986 -38.4 131159.252,323 9.233.041,412
cities)
Outside NewYork 3,482,450.498 5,065.596.605 -31.34.781.445.2483.732.256.920
Week Ended Novemots 22.
cd
1930.
Fourth Feder al Reserve l) strict-Cie. eland
3.701.000
4.634.000 -20.1
_
Oh lo-A kron
4,977.248 -35.8
3.193.653
Canton
74.588,318 -17.3
65.022,313
Cincinnati_
_
1 15.005,193 152.1417.828 -24.8
Cleveland
12.894.500
13.842.000 -18.8
C010011,09
1.857,326
2445.680 -24.1
Mansfield
3.872,772
4,773.914 -18.9
Youngstown_ _
211,3310320 208.896.616 +1.2
Pa.-Pittsburgh
1929.
Seventh Feder at Reserve D istrict-Chi Cag0278,942
Mich.-Adrlan _ _
308.073 -36.0
197,045
703.224
759.404 -17.1
629,731
Ann Arbor_
139,251.766 228.755,768 -39.1 254.000.000
Detroit
8,410.205
6.022,560 -14.0
5,179,969
Grand Rapids_
3,1139,402
3.517.001 -20.4
2,801,114
Lansing
3,369,595
4,343,013 -18.8
3.525.793
Ind.-Ft. Wayne
23,706.000
24.026,000 -16.4
20.079,000
Indianapolis_ _ _
2,831.644
1,812,182 +53.0
2.772.195
South Bend_ _ _
5.939,489
4.788.247
5,775,363 -17.
Terre Haute.
41.456.855
25,628,140
33.800,829 -24.2
Wis.-kIllwaukee
2.823.577
2,914,148
3.110.763 -6.
lowa-Ced. Rap_
9.024.000
7,932,265
10,575,000 -25.
Des Moines_ _
5,994.427
5,576.964
5.976,100 -6.
Sioux City. _
1,364,649
1,389.243 --6.
1,204,674
Waterloo
1,902,317
1,549,809
1.653,373 -3.
10.-Bloomington
784,137.646
-31.
749,146.680
512,219,295
Ch.cago
1.313.147
1,066,782 -8.
979,112
Decatur
5.661,286
5,768.174 -30.
3,993,964
Peoria
3.638,518
3,954,091 -27.
2,862,080
Rockford
2,500,334
2,386,762
2,537.899 -6.
Springfield.
Total(20 cities)
Inc.or
Dec.
Total
129010166 8.852,589,444 14,055.844.986 -38.4 13.959.353,323
Outside N. Y. City
3,482,450,498 5,065.596.605 -31.3 4,781,445,248
Canada
1930.
Canadag
127.643.747
Montreal
113,421.671
Toronto
61.900.889
U 1111,11,eg
19.161.800
Vancouver
8,818.049
Ottawa
7.048.096
Quebee
3,900.028
Halifax
5,920.114
Hamilton
360.082,197 Calgary
9.401.347
2,300.017
St. John
2.108,851
Victoria
1.069.815 London
3,181.511
4,886.917 ' Edmonton
6,383,102
52.017.000 Regina
6,981.532
2.035.165 Brandon
609.805
89.076.150 Lethbridge
607.009
22.999.193 Saskatoon
2,900.493
1,135.414
hloose Jaw
1,233.955
172.084,240 Brantford
910.550
Fort N illiam___.
7611.470
New N entininster
381.192
2,751.437 Medicine Hat_ _ _
20.401.034 Peterborough....
1,120.737
922,424
52,228,756 Sherbrooke
1.353.182
1,716,018 Kitchener
3,669.872
1,523.615 Windsor
494.965
15,836.649 Prince Albert
858.592
2.684.000 Moncton..
789,074
23,889,245 Kingston
903,942
1.232.027 Chatham
660,532
1.552.522 Sarnia
340.678
53.569.666
Total(31 cities) 397,491,962
1929.
$
194.113.679
177.44.1.862
83,313,492
24.372,861
10,067,967
8.953.289
3,063.468
7.768,887
15.410.814
3,239.997
2.871.196
3.927.474
7,445.135
8,154.395
787.002
907.469
3,865.877
1.780.783
1.589425
1,609,798
943.382
635.394
983.852
1,194.829
1,627,664
5.955.853
666.727
1.344.630
1.095.364
1,123,277
987.071
Inc. or
Dec.
1928.
%
-34.2
-36.1
-25.7
-24.4
-25.4
-21.3
+27.3
-23.8
-39.0
-29.0
-26.6
-19.0
-14.3
-14.4
-22.5
-33.1
-23.8
-36.2
-22.4
-43.4
-18.4
-40.0
+13.9
-22.8
-16.9
-38.4
-25.8
-36.2
-28.0
-19.5
-33.1
$
188.254,157
181,786.122
96,201.216
24.728.465
10.786,127
9.713,524
3.758.807
7.565.460
16,2930.38
3.136.061
2,956.874
3.768.167
8.511.914
9.184.286
1.057.927
966,976
3.681.369
2.024.537
1.379,988
1,590.484
904.761
814.594
1.107.381
1,201.517
1,347,534
7,513.804
734.400
1.125.187
1.062.156
1463.760
870,926
578,050,913 -31.2
495.431.219
177,725.647
a No longer reports weakly clearings. •Estimated.
1927.
LWWCOMO.-C-K,C400C.,
CO%114.000-4C4.-0.,
..-COcCWW
.W....0,-400WWOO,OWC.*.M#P.000.2410.4WWW..Cm
SUMMARY OF BANK CLEARINGS.
Week Ended November 22.
Clearings al
..www
Pw
, g2ron4n4SSV841MttitC CC irAitiM
the cities now according to the Federal Reserve Districts in
which thoy are located, and from this it appears that in the
New York Reserve District, including this city, the totals
have diminished by 42.1%, in the Boston Reserve District
by 49% and in the Philadelphia Reserve District by 45.1%.
In the Cleveland Reserve District the totals show a loss of
11.9%,in the Richmond Reserve District of 7.9% and in the
Atlanta Reserve District of 22.9%. In the Chicago Reserve
District the shrinkage is 31.8%, in the St. Louis Reserve
District 26.8% and in the Minneapolis Reserve District
18.7%. The Kansas City Reserve District registers a
decrease of 13.9%, the Dallas Reserve District of 30.5% and
the San Francisco Reserve District of 20.3%.
In the following we furnish a summary of Federal Reserve
districts:
Federal Reserve Discs.
1st Boston.. _12 cities
2nd New York_11 "
3rd Philadel:la_10 "
4th Clevelaad__ 8 "
5th Richmond _ 6 "
6th Atlanta.___13 "
7th Chicago --.20 "
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th KansasCity 12 "
11th Dallas
5 "
12th San Fran 17 "
3479
FINANCIAL CHRONICLE
Nov. 29 1930.]
493,219.878
1
[Vol.. 131.
FINANCIAL CHRONICLE
3480
Condition of National Banks Sept. 24 1930.-The statement of condition of the National banks under the Comptroller's call of Sept. 24 1930 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Oct. 4 1929 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON OCT. 4, DEC. 31 1929, AND MARCH 27,
JUNE 30 AND SEPT. 24 1930.
Oct. 4 1929
7.473 Banks.
Resources-
Loans and discounts (including rediscounts)_a
Overdrafts
United States Government securities owned
Other bonds, stocks, securities, &c., owned
Customers liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Due from banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Securities borrowed
Other resources
Dec. 31 1929
7,408 Banks.
Mar. 27 1930
7,316 Banks.
June 30 1930
7,252 Banks.
.mpe. zq Lust)
7,197 Banks.
$ '
8
$
Ed
i
14,961.877.000 1.5,150,046,000 14,648.753.000 14.887,752,000 14,653,078,000
11,128,000
9,452,000
9.943,000
10.181.000
15,533,000
2.704.874.000 2.612,087.000 2,722,843.000 2,753,941,000 2,817,155,000
3,741.014.000 3.845,756,000 3,832,829,000 4.134,230,000 4,307,096,000
475,549,000
509,433,000
519.530.000
484.728.000
617,515.000
793,808,000
787,750,000
765,866.000
746,419.000
766.193.000
129,471,000
124,584,000
125.823.000
123,613.000
121,684,000
1.320.427,000 1.348,046.000 1.363,651.000 1,421,676,000 1,432,892,000
339,839,000
342.507,000
347.362.000
350,641.000
393.330,000
2,970.190.000 3,413,047.000 2,507,770.000 3,579,892,000 2,888,481,000
36,741,000
71,264.000
69.921.000
45,106.000
93,034,000
32,768,000
32.821.000
33,025.000
32.854.000
32,928,000
188.925,000
21,929.000
196,573.000
230,961,000
26.985.000
218,761,000
203.966,000
18.000.000
200,752,000
244,100.000
17,596.000
199,541.000
228,527,000
16,505,000
21.5,645,000
27,924,310,000 28,882,483,000 27,348,498.000 29,116.539,000 28,378,683,000
Total
Liabilities1,671.274.000 1,704.473,000 1,704.408,000 1,743.974,000 1,745,125,000
Capital stock paid in
1,515,241.000 1,548.376.000 1,553,544,000 1,591,339.000 1,592,814,000
Surplus fund
586,430,000
545,873.000
541,195,000
555,873,000
497,043,000
Undivided profits-net
83,813,000
94,962.000
79,467.000
61.759,000
91.911,000
Reserves for dividends, contingencies, &c
95,619.000
88.759,000
79,129,000
71.931,000
86,475,000
Reserves for interest, taxes, and other expenses accrued and unpaid
652,260.000
652,339,000
649.703,000
641,104.000
646,420.000
National bank notes outstanding
3,184,949,000
3,418.148,000
2,762,093,000
2,829,960.000
3.146,301.000
Duo to banks_b
10,568,012,000 11,089,432,000 10.163,225,000 10,926.201.000 10,334,688,000
Demand deposits
8.301,751.000 8,434,442,000 8,514,864,000 8.752.571.000 8,798,252,000
Time deposits (including postal savings)
163,428,000
171.964,000
200,796,000
103,318.000
202,274,000
United States deposits
21,901,997,000 22,773,493,000 21,640,978,000 23,238,834,000 22,481,317,000
Total deposits
11,954,000
8,173,000
10,123,000
31,981.000
41,690,000
sold
securities
other
or
Government
United
States
Agreements to repurchase
219,850,000
229.033,000
225.654.000
545,587,000
65'7,572.000
Bills payable and rediscounts
Acceptances of other banks and bills of exchange or drafts sold with In228,527,000
244,100.000
203,966,000
230,961,000
188,925.000
dorsement
487,102,000
523,194.000
511,007.000
626,497,000
479.931.000
Acceptances executed for customers
15.544.000
11,304.000
9,830.000
20,618.000
12.538.000
Acceptances executed by other banks for account of reporting banks
18,000,000
17,596.000
16,505,000
26,985.000
21.929.000
• Securities borrowed
114.586,00e
98.203.000
167,537.000
74.287.000
79,922,000
Other liabilities
27,924,310.000 28,882,483.000 27,348.498.000 29.116,539.000 28,378,68.3,000
Total
Details of Cash in Vault14,762,000
15,273,000
15,572.000
Gold coin
32,695,000
32,612.000
37,847,000
Gold certificates
303,184.000
340,210,000
299,178,000
All other cash in vault
Details of Demand Deposits9,382.903,000 9,839.311,000 8,844,610.000
Individual subject to check
133,641.000
140,268.000
147.229,000
Certificates of deposit
882,509,000
963,389.000 1,060,117,000
State, county and municipal deposits
124,857.000
162,332.000
139,503,000
Other demand deposits
Details of Time Deposits388,178,000
325,965.000
458,441,000
State, county and municipal deposits
1.297.944.000 1,308,242,000 1.334.398.000
Certificates of deposit
5,978,300.000 6,024.199,000 6,041,194.000
Deposits evidenced by savings pass book
496.996,000
499.517.000
416.676,000
Time deposits, open accounts, Christmas saving accounts. &c
94,336.000
100,880.000
96.767.000
Postal savings
78,200.000
84,762,000
76,381,000
Deposits of other banks and trust companies located in United States I
1
30.010.000
65.935.000
53,736,000
Foreign countries
Percentages of Reserve11.05%
10.99%
11.23%
Central Reserve cities
7.24%
7.15%
7.19%
Other Reserve cities
8.52%
8.46%
8.62%
All Reserve cities
4.93%
4.87%
4.93
Country banks
6.74%
6.854,
6.72%
Total United States
credit.
a Includes customers liability under letters of
b Includes certified and cashiers' checks, and cash letters of credit and travelers' checks outstanding.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Nov. 22.
Mon.,
Nov. 24.
Tues.,
Nov. 25.
Wed.,
Nov. 26.
Thurs.,
Nov. 27.
Frt.,
Nov. 28.
16 746
16 9-16
1631
1631
Silver, p. oz_d. 1654
1631
85s.1j4d.
Gold, p.fine oz. 858.13id. 853.13jd. 85s.154d. 85s.1546. 85s.1
58%
58%
58%
5851
Consols, 2%s__ 589j
5831
102 15-16 10231
102
102%
British 5s.._______103
100%
100%
100%
10014
100%
British 4%s__
French Rentes
'In Paris).fr. ____
French War L'n
(in l'aris)_fr. __-
86.00
86.30
86.40
86.35
86.30
101.00
101.10
101.10
101.05
101.00
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(cts.):
3531
3531
Foreign
3531
3531
3531
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Nov.22 Nov. 24 Nov. 25 Nov. 26 Nov. 27 Nov. 28
1930. 1930. 1930. 1930. 1930. 1930.
Francs. Francs. Francs. Francs. Francs. Francs.
20,100 20,400 20,500 20,500 20,400
20,300
Bank of France
1,340
1,328
1,324
1,334
1,300
Banque Nationale de Credit
2,320
2,310
2;i65
2,250 2,320
2,290
Bas
Pays
Banque de Paris et
1,355 1,335 1,375 1,359 1,350
Banque de UnMn Parlslenne
1,120
1,140 1,110 1,120 1,130
Canadian Pacific
16,440 16,250 16,400 16,455 16;WL
Cana,de Suez
2,145 2,120 2,150 2,175 2,185
Cie Distr. d'Electricitie
2,670
2,660
2,630 2,660
2,590
2,640
Cie Generale d'Electricitie
541
536
537
545
560
Cie Ole Trans-Atlantique
519
640
520
470
478
492
Citroen B
1,670
1,680
1,670
1,680
1,670
Compton. Nationale d'Escompte 1,690
810
782
780
810
810
810
Coty, Inc
1,260 1,230 1,260 1,290 1,290
Courrieres
1,205
1,210
1,209
1,206
1,214
Credit Commerciale de France
2,670 2,650 2,690 2,700 2,700 2:ao
Credit Lyonnais
2.410
2,450
2,420
2,360
2,390
Emu Lyonnais
950
935
931
923
950
Energie Electrique du Nord
1,264
1,265
1,252
1,250
Energie Electrique du Littoral._ 1,265
235
240
221
214
215
Ford of France
555
536
532
537
555
French Line
145
147
148
145
147
Gales Lafayette
730
-735
735
724
697
731
Kuhlmann
1,250
1,210
1,250
1,220
1,180
1,210
L'Air Liquide
1,575
1,590
1,580
1,580
1,581
Lyon (P. L. M.)
Nord Ry
Orleans Ry
Pathe Capital
Pechiney
Rentes 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 5% 1915
Rentee 6% 1920
Royal Dutch
Saint Cobin, C.& C
Schneider & Cie
Societe Lyonnais
Societe Marseillaise
Tubize Artificial Silk, pref
Union d'ElectrIcitie
Wagons-Lila
14,748.000
34,373,000
293,386,000
14,963.000
33,505,000
291.371,000
9,455.422.000 9,135,670,000
149,036,000
143.511,000
907,183,000
1,153.701.000
173.567.000
102,799.000
434,178,000
437,849,000
1.357,461,000 1,375,493,000
6,070,683,000 6,048,765,000
627,940,000
574,847,000
116,172,000
107,980.000
88,405.000
74,252,000
121,452,000
115,346.000
10.93%
7.14%
8.57%
10.91%
7.12%
8.52%
4.83%
4.87%
6.86%
6.640Z.
Nov.22 Nov. 24 Nov. 25 Nov. 26 Nov. 27 Nov. 28
1930.
1930. 1930, 1930. 1930.
1930.
Francs. Francs. Francs. Francs. Francs. Francs.
2,180 2.170 2,190 2,180 2,225 2,210
1,409
1,405
1,400
1,407 1,415
188
180
180
180
184
2,200
2,150
2,230 2,240
2,245
2,190
86.20 86.00
86.30 86.40 86.35 86.30
132.60 132.60 132.70 132.60 132.85 132.80
102.10 102.00 102.20 102.40
102.70
101.00 101.00 101.10 101.10
101.00
104.90 105.00 105.00 105.00
105.00
3,020
2,950
3,010
3,120
3,070
3,995 3,980 3,980 3,960 3;s175
1,890
1.875
1,860
1,850
1.860
1,980
1,965
2.000
2,040
2,020
1,064
1,060
1,050
1,049
1,045
218
212
220
223
230
___
1,090
1,060
1,080 1,080 1,088 1,070
369
360
368
370
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Nov. Nov. Nov. Nov. Nov. Nov.
22.
24.
08
99
125
109
147
Deutsche Bank u. Disconto Ges.(10)
107
Dresdner Bank (10)
108
Reichsbank (12)
213
Alig
ge.
rrn
Ee
leiknterKG
uns
est
.(
zlideE.G
.1 n.
)
1e(
(
9
A
)ku)(18)---- 95
104
Ford Motor Co. Berlin (10)
171
Gelsenkirchen Bergwerk (8)
83
Gaduerel (10)
111
Hamburg-American Lines(1161)ag)(7)
68
Hamburg Electric Co.(10)
103
Heyden Chemical (5)
44
IIarpener Bergbau (6)
77
llotelbetrieb (12)
101
I. G. Farben Ind.
132
us (Dye Trust)(14)
Kali Chemie (7)
118
Karstadt (12)
83
Mannesmann Tubes (7)
65
North German Lloyd (8)
70
Phoenix Bergbau (631)
60
144
Polyphonwerke (20)
Rheln-Westf. Elektr. (R.W.E.) (10)
141
Sachsenwerk Licht U. Kraft (731)
80
Siemens & Halske(14)
165
Stoehr & Co. Kammgarn Spinneret(5)
66
Leonhard Vets (10)
113
var. Stalhwerke (United Steel Works) (6) 64
125
109
145
107
107
211
Allg. Deutsche Credit(Adca)(8)
Berlin Hendels Ges.(12)
Commerz-und-Privat Bank (11)
Darmstadter U. Nationalbank (12)
65
100
171
81
109
66
102
44
75
101
130
117
81
64
67
58
143
140
25.
26.
26
9
7.
9
28
7.
Per Cent of Par
99
126
124
124
110
109
109
144
147
145
107
107
107
107
108
107
125
111
149
109
109
210
59
214
62
217
65
17
5g --ii
78
164
62
111
63
66
114
65
212
63
103
171
82
110
67
103
43
78
101
132
116
82
64
68
59
144
143
77
78
159
65
112
63
161
65
113
64
101
103
107
170
169
169%
82
83
85
109
109
115
67
67
69
102
103
106
44
43
44
74
75
76
100104
in -iii 134
116
117
118
81
83
85
64
64
67
68
68
70
58
59
61
143 ---152
140
141
145
64
112
63
FINANCIAL CHRONICLE
Nov. 29 1930.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov.12 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £160,372,970
on the 5th instant (as compared with £159,503,672 on the previous Wednesday), and represents an increase of £14,412,886 since Jan. 1 last.
Recent movements in the French exchange accentuated the demand
for gold for France and in addition to purchases in the open market there
has been a resumption of withdrawals from the Bank of England of gold
for dispatch to France after refining. Of the £467,000 of South African
bar gold available in the open market yesterday £430,000 was taken for
France at the high price of 85s. lhd. per fine ounce. India took £15,000
and the home and Continental trades £22,000.
Movements of gold at the Bank of England during the week show a net
efflux of £1,457,057. Receipts totalled £565,129, of which £500,000 was
In sovereigns from South Africa and E65.000 in sovereigns from Australia.
Withdrawals consisted of £141,000 in sovereigns and £1,881,186 in bar gold.
of the latter about £1,700,000 was for France after refining while the bulk
of the sovereigns was for Spain.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3d instant to mid-day on the 10th instant:
Exports.
Imports.
£1,103,227 France
British South Africa
Germany
65,000
Australia
Switzerland
Straits Settlements and
Dependencies
33,600 Spain
Other countries
INTEREST-BEARING DEBT OUTSTANDING.
InterestSept. 30 1930. Sept. 80 1930.
payable.
5
Title of Loan599,724,050
Q.-J. 599,724,050
2s Consols of 1930
48,954,180
48,954,180
Q.-F.
28 of 1916-1936
25.947,400
25,947,400
Q -F
2. of 1918-1938
49,800.000
49,800,000
Q.-M.
Si of 1961
28,894,500
28,894,500
-J.
Q.
Si conversion bonds of 1946-1947
J.-J. 1,246,925,000 1,659.267,000
Certificates of indebtedness
J.-J. 1,392,250,350 1,397.683.700
334s First Liberty Loan. 1932-1947
5,155,450
5,004,950
4.9 First Liberty Loan converted, 1932-1947-- _J.-D.
532,810,000
43.s First Liberty Loan, converted, 1932-1947-J.-D. 532,798,300
3,492.150
3,492,150
434s First Liberty Lean, 2d cony., 1932-1947 J.-D.
A.-0. 6,268,241,150 8.288,303,400
434s Fourth Liberty Loan of 1933-1038
758,984,300
758,984,800
430 Treasury bonds of 1947-1952
1,036,834,500 1,038,834,500
4s Treasury bonds of 1944-1954
489,087,100
489,087,100
1946-1956
of
bonds
Treasury
34s
493,037.750
493,037,750
3%s Treasury bonds of 1943-1947
359,042,950
359.042,950
345 Treasury bonds of 1940-1943
18,053,860
20,491,620
214s Postal Savings bonds
2,657,121,550
2,344.841.500
bonds
Treasury
534s
5145 to
c120,000,000
Treasury bills, series maturing Nov. 17 1930
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
£2,398,803
45.600
41.060
20,000
22,033
£2,527,496
£1,201,827
The Transvaal gold output for the month of October last amounted to
926,561 fine ounces, which is the highest monthly total yet recorded and
compares with 903,176 fine ounces for September 1930 and 888.690 fine
ounces for October 1929.
SILVER.
The market has been quiet during the past week and prices have shown a
tendency to ease slightly. China selling has predominated but some support has been forthcoming from the same quarter, as well as from the Indian
Bazaars, in the form of purchases to cover bear sales. America has only
offered occassionally, showing no inclination to press the market.
Sales have been mostly made forward, while demand has been for near
delivery to adjust bear commitments, and this caused a widening of the
difference between the cash and two months' quotations, silver for prompt
delivery being quoted at a premium of )0.since the 10th instant.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3d instant to mid-day on the 10th instant:
Imports.
British India
British West Africa
Australia
Canada
Other countries
£110.439
8,648
10,000
8,025
5,331
Exports.
China (Incl. Hong Kong)_
New Zealand
France
British India
Other countries
E142.443
3481
£30,380
11,300
9,470
10,129
10,885
£72,164
INDIAN CURRENCY RETURNS.
Nov. 7.
Ocl. 31.
(In Lacs of Rupees.)
Oct. 22.
17032
17014
Notes in circulation
17306
12298
India
In
12310
Silver coin and bullion
12235
--Silver coin and bullion out of India...... ------3228
3228
Gold coin and bullion in India
3228
---____
Gold coin and bullion out of India
1296
_
1273
Securities (Indian Government)
1640
210
203
Securities (British Government)
203
The stocks in Shanghai on the 8th instant consisted of about 95,700,000
ounces in sycee, 150,000,000 dollars and 3,720 silver bars, as compared with
about 95,700,000 ounces in sycee, 150,000,000 dollars and 4.000 silver bars
on the 1st instant.
Quotations during the week:
-Bar Silver per Or. Std.Bar Cold
2 Mos.
Cash.
per Or. Fine•
11-16d.
16
163id.
85s. 3id.
Nov. 6
16 1146d.
16,id.
Nov. 7
85s. hd,
1644d.
16 11-16d.
Nov. 8
16 9-16d._
8
16 11-16d.
5s. 1%d
888
Nov. 10
d.
16d.
1654d.
85s. lad'
Nov. 11
16 746(1.
16 0-16d._
Nov. 12
16.583d.
16.677d.
8rs.
Average
. id.
'i
The silver quotations to-day for cash and two months' delivery are
respectively Hd. and 3-16d. below those fixed a week ago.
15,824,351,750 16,432,193,340
238,082.843
231,874,175
49,698,605
24,311,045
a16.080,536,970 16,719,974,588
Total debt
Deduct Treasury surplus or add Treasury deficit-- +216,257.275 +291,528,088
815,884,279,895 18,428,451,520
Net debt
a Total gross debt Sept. 30 1930 on the basis of daily Treasury statements was
318.080,512,702.25 and the net amount of public debt redemption and receipts In
transit. &c., was 524,267.75.
b No reduction is made on account of obligations of foreign governments or other
Investments.
Maturity value.
Tomtnerthaland Pittscellaittonsnews
-----National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH
TITLE REQUESTED.
Capital.
$200.000
Nov. 19-The First National Bank of Brookline, Mass
Correspondent, Arthur P. Crosby, 124 Dean Road,
Brookline, Mass.
APPLICATION TO CONVERT APPROVED.
200,000
Nov. 22-The National Bank of Commerce of Charleston, W.Va
Conversion of the Bank of Commerce,Charleston, W.Va.
VOLUNTARY LIQUIDATIONS.
50.000
Nov. 17-The First National Bank of Linn Grove,Iowa
Effective Aug. 25 1930. Liq. Comm.,0. E. Anderson,
N.P. Nelson and L. F. Pingel, care of the liquidating
bank.
Succeeded by First State Bank. Linn Grove, Iowa.
50.000
Nov. 19-Bituminous National Bank of Winburne, Pa
Effective Nov. 14 1930. lAq. Committee: R. H. SomGeorge
H.
R.
and
Jones,
G.
H.
Kirk,
merville, G. B.
Walter Stewart, care of the liquidating bank.
Absorbed by the County National Bank of Clearfield,
Pa., No. 855.
100.000
Nov. 20-The first National Bank of Decatur,Ind
Effective Nov. 19 1930. Liq. Agent, J. M. Vigard,
Decatur, Ind. Succeeded by the First State Bank of
Decatur. Ind.
50,000
*Nov.22-The American National Bank of Gillespie, Ill
Effective Oct. 14 1930. Liq. Committee: G.W.Schmidt,
T. W. Stehlin and W. E. Schmidt, Gillespie, Ill.
Absorbed by the Gillespie National Bank, Gillespie, Ill.,
No. 7903.
CONSOLIDATION.
Nov. 22-First National Bank & Trust Co.of Port Huron, Mich- 300,000
Federal Commercial & Savings Bk.of Port Huron,Mich- 400,000
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of First
National Bank & Trust Co. of Port Huron, No.4446,
and under the corporate title of"First National Trust
& Savings Bank of Port Huron," with capital stock
of $600,000.
The consolidated bank has four branches, all located in
the City of Port Huron, which were branches of Federal
Commercial & Savings Bank of Port Huron, Mich.,
and which were in lawful operation on Feb.25 1927.
Auction Sales.-Among other securities, the following,
Public Debt of the United States-Completed Returns not actually dealt in at the Stock Exchange, were sold at auction
Showing Net Debt as of September 30 1930.
in New York, Boston, Philadelphia and Buffalo on WednesThe statement of the public debt and Treasury cash hold- day of this week:
ings of the United States, as officially issued Sept. 30 1930,
By R. L. Day & Co., Boston:
delayed in publication, has now been received, and as interest Shares. Stocks.
per M.
$ per Sh. Shares. Stocks.
4 Springfield Fire & Marine his.
10 Federal Nat. Bank, par $20-- 95
attaches to the details of available cash and the gross and 25
113
Co., par 525
3.5-3614
Associated Textile Cos
The Breach Mfg. Co., par 810-$1 lot
net debt on that date, we append a summary thereof, making 9 Naumkeag Steam Cotton Co-- 84 63
50 Schletter & Zander. Inc., pre!_._ 9
um
Ludlow Mfg. Associates
20
comparisons with the same date in 1929:
100 Heywood Wakefield Co. corn -734
4 U. S. Worsted Corp. let pref.:
$3 lot
23 common
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
8914
10 West Point Mfg. Co
$3 lot
Sept. 30 1930. Sept. 80 1929. 25 Lancaster Mills common
1851
Mills
Arlington
25
$
$
1%
7 Narragansett Mills
Balance end of month bpdally statement, &c
331,183,-294
407,837,380 5 H. F. Staples dr Co., Inc., rights
18
Add or Deduct-Excess of deficiency of receipts over
on
10 Boston Metropolitan Bldg. 7%
or under disbursements on belated items
5,387,447
8,424,870
45
preferred
210 Incorporated Investors capital
Deduct outstanding obligations:
3534-36
325,795,847
stock trust ctfs
404,212,490
Trust-- 4734
Matured interest obligations
22,866,748 • 26,407,761 51 Counsellors SecuritiesAssociation
1 East Boston Athletic
Disbursing officers' checks
80,058,084
79,120,525
100 Bay State Film
Club;
Boat
Discount accrued on War Savings Certificates-5,084,245
5.567,555
Co., common, par 51; 100 OnonSettlement warrant checks
daga Copper Co., par $25; 250
1,549,515
1,593,582
Coeur d'Alene Mining Co., Par
$1 lot
Total
109,538,572
$10
112,889,422
500 Florence Stove Co.,common- 15
Balance, deficit(-) or surplus(+)
+218,257,275 +291,523,088 341 United Securities Trust Assoc 2534
890 McLeod Pulp & Paper Co., Ltd.,
31,500101
pref.; 1,719 common
10 units First Peoples Trust___20-20H
900 McLeod Pulp & Paper Co.,
Ltd., pref.:1.739 common_ _51,5001ot
834
20 Robert Gair & Co., class A
890 McLeod Pulp & Paper Co.,
Ltd., pref.:1.719 common-31,5001ot
40 Snowmobile Co., pref.: 100 corn-82 lot
100 Robert Gait & Co., class A--834
50 Rolls-Royce of Amer.,Inc., pref.:
30 Meteor Crater Exploration &
Mining Co., 7% pref.; 30 Meteor
Crater Explor. & Min. Co., 7%
common: 32 Ratheon Inc.: 162
Raytheon Mfg. Co. mm. v.t.c.,
29-20 Raytheon Mfg. Co. common v.t.e
$900 lot
5 H.F.Staples & Co.. Inc., rights on 1634
62 National Service Co., pref-27-34
3482
FINANCIAL CHRONICLE
Shares. Stocks.
$ per M. Shares. Stocks.
3 per SA.
2 Naumkeag Copper Co.; 7 Granite
650 Jim Butler Mining Co., par $1:
Gold Mining Co.; $200 Mrs. of
10 Middle West Gas dr El. Co.,
Int. New England Invest. Recurpref.; 5 Middle West Gas & Elec.
ity Co., pref
$5 lot
Co. common
$8 lot
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per AS.
$ Per Sh. Shares. Stocks.
12 Associated Textile Cos
35
150 General Implement Co., corn..
1,000 Davenport Hosiery Mills.
40 preferred
$1 lot
12
Inc., common
38,000 note of Stanley G. Smythe
18 Lancaster Mills. pref
614
dated Feb. 1 1928, secured by
35
10 Associated Textile Cos
mtge. on 50-52 Clinton St..
514
19 Ipswich Mills pref
Maiden; $1,400 note of Abraham
$2.50 lot
5 Orswell Mills, common
Richman dated June 7 1928, sec.
364
5 Associated Textile Cos
by 2d mtge. on 50-52 Clinton
98
10 Esmond Mills. pref
Malden (bal. due $1,300) _ __St..
_5100 lot
614 31,500 note of Eva M. Cann dated
20 Lancaster Mills. pref
115
5 Royal Weaving Co
Nov. 10 1926, sec. on 76 Lincoln
37 Fitchburg & Leominster St. Ry..
St., Brighton
$6 lot 53,500 note of Eva M. Cann dated
common
205 lot
30 Holyoke Street Ry. Co , corn.-- 1
Sept. 13 1926, sec. on 32-34
16
60
5 H. F. Staples Co.. rights on
Nashua St., Somerville
214 Quincy Mining Co.. par $25-- 9
33,500 note of E. Beatrice Sprague
100 North Boston Lighting Prop's.
dated Aug. 24 1926, sec. on 15
7514
common v. t. c
Atwood Square.Jamaica Plain.$160lot
300 Goodyear Tire & Rubber Co..
$2,500 note of Eva M. Cann dated
60
Common
Feb. 4 1927, sec. on 66 Heath
5
274 Hyannis Airport Corp
St., Roxbury
30
$
lot
8 South Street Trust
$5.000 note of John Didlo dater
10 Washington G.& E. Co.,7% pt. 80
June 30 1927, sec. on 33-35 Kent
dated$100 10t
5 H. F. Staples Co. carrying 50 rte. 164
St., Roxbury
60 Moxie Co. of Amer.. common__ 1
$800 note of Eva M. Cann
60 Oliver Farm Equipment Co.,
N
,10
Bri
l9
g26
htd
,dsec. on 7 Lincoln
214
prior preferred class A
il25 lot
Place,
Gt. Nor. Paper Co., par $25.35 ex-div. $4,500 note of E. Beatrice Sprague
104
200 Farms Co.. class A
dated Nov.24 1923,sec. on 80-86
10 Shawmut Bank Inv. Tr., par $50 94
Canal St., Medford: $2,160.13
50 Quincy Market Cold Storage &
note of Roscoe A. Stevens dated
Warehouse Co., common
2234
Sept. 10 1928, sec. on 80-86
10 Lackawanna Coal & Land Co..
.
1111A151,ti. Medford (balance due
2
$3321xot
$750 lot
Common
100 Eastern UM. Associates, com
Mortgage note for 320,000, 311.250
5 Ohio Bo li & Blower Co
$2.50 lot
still unpaid, dated Nov. 111927.
400 Atlas Plywood Corp
103.4
signed Abraham J. Marks. Pay.
10 United Contractors Corp.of N..3.
to the order of Barnard Isenberg.
$3 lot
5% Trust Fund shares
pay. $250 monthly, balance in 3
10 Public Utilities Comm'. Corp..
years from date,6% per ann. Int.
$2 lot
common class B
pay. monthly sec. by a 2d mtge.
254 Quincy Mining Co., par $25
9
on 143-147 Columbia Road. Dor$7,000 lot
600 Newlife Mining & Milling
cheater
250 $5,000 correspondent's certificate
Corp., pref.. par $25
100Southwestern Stores. Inc.. com..51 lot
issued by United Contractors
$10 lot
1.042 Yak Mining, Milling & TunCorp. of New Jersey
Per Cent.
nel Co., certif. of dep.. par $1.....51 lot
Bonds.
26 1-6 Northway Guaranty & Meet.
$13,000 East. Mass. St. Ry. 4145,
2514 & int.
Corp.; 26 1-6 Northway Motors.
Jan. 1948
pref.; 3 2-3 Northway Motors
$5,000 Ft. Lauderdale, Fla.. 65,
20% flat
$10 lot
Sales Co., pref
Jan. 1946
$800 note of Eva M. Cann dated
$1,000 Shawmut Bank Inv. Trust
80 & intNov. 10 1926, see. 6 Lincoln
513. March 1952
$25 lot $1,000 James River Bridge 78,
Place. Brighton
20% flat
$1,500 note of Eva M. Cann dated
June 1943
Nov. 10 1926, sec. on 74 Lincoln
$1,000 Terra-Marine Co. 1st 55.
$50 lot
au)lot
Bt., Brighton
Dec. 1929
By Adrian H. Muller & Son, New York:
$ per 55, Shares. Stocks.
Shares. Storks.
$ per A.
168 Amer. Forwarding Co.(N.J.)$50 lot
20,000 Shenandoah Life Ins, Co.
310 30 Peel Gilder Boat Corp., no Par;_
(Va.), par $10
500 Talon Mines, Inc., par 55....57 lot
100 Sterling Scour. Corp., corn., cl.
24 500 Broadway Nat. Bk.& Trust Co. 40
B
29 Combustion Engineering Corp.,
100 Bertan Service Corp., no par- 1
$65 lot
15 Internat. Madison Bk. & Tr.
46nRetail
Co.. stpd.; 25 Madison State Co.,
roteptaar Dealers Protective Assn..
130
37 lot
Inc..stpd
corn
10 Pondera Corp.of Cleveland, Ohio
25 Cornstalk Products Co., Inc.,
$10 lot
el. A, no par: 170 com., no par.5105 lot
202 Cleveland Secur. Corp., pr.
100 Western States 011 Corp., par
$5 lot
$375 lot
lien, no par
$10
110 B. B. & R. Knight Corp.,
5 Printing House William Edwin
24
Rudge, Inc
5100 lot
pref., v.t.c
28 New Rochelle Coal & Lumber Co150
175 Ry. Equities Corp., corn,, no
1
par
50 Overman Cushion Tire Co., prof. 10
35
450 Ry. Equities Corp.. pref
100 59th St.& 5th Ave.Corp., pref.;
$1.050 lot 500 Mid Sun 011 Corp.. no par.....580 lot
100 corn., no par
SI 1 lot 1,000 Vitamin Food Co., Inc., corn.
526 United Aviation. corn
310101
$50 lot
v.t.c., no par
250 United Aviation. el. A
1,000 Vitamin Food Co.,Inc.. corn.,
100 Direct Control Valve Co..
$500
:ot
$50 lot
no par
el A no par
15 Vitamin Food Co., Inc.. Orel
706.211 McMillan Gold Mines, Ltd.
$5 lot
par $1:$19.133.33 demand note of
v.t.e.. par $10
McMillan Guild Mines. Ltd....550 lotf331 Vitamin Food Co., Inc.. pref..
$100 lot
par$10
66.000 NI cNillian Gold Mines. Ltd..
50 Eloridale Townsite Corp., pref.
par $1, 519.133.33 demand note of
$6101
A:50 cont
McMillan Gold Mines. Ltd_ _ _150 lot
$90 lot
10 Com pania Territorial
51.000 McMillan Gold Mines, Ltd.,
$50 lot Ctf. of dep. of Pa Co. for Insur. on
par $1
Lives Si Granting Annuities for
500 Industrial Banking Corp. of
9
Amer., prof par S50
396.000. Marion Center Coal
6
Mining Co. 1st mtge. is Aug. 1
201 White Tar Co. pref
$900 lot
1940
25 Cornstalk Products Co.. Inc.,
cl. A. no par; 130 corn., no par $135 lot Ctf. of dep. of Ps. Co for'InsUr. on
Lives & Grunting Annuities for
20-40th Bk. of Amer. Nat. Assn.:
$21.000. Ernmon• Coal Mining
2 20-40th Bk. of Amer. Nail
64
Cu. of West Va. 1st 78 Aug. 1 1941
Assn
144
$100 lot
140 Transamerica Corp.. dep. rec
144
rec.400
dep.
Bank of Phila. & Tr. Co., par
Corp..
200 Transamerica
1200 lot
510
100 Transamerica Corp.. dep. rec..- 14 14
10 Transamerica Corp.. dep. rec._ 1414 200 Reynolds Investing Co.$6 pref.
54,200 lot
A, no par
3.000 Bk, of the U. S. units_ _Fruits 1214
to 1214 per sh. 300 Rey barn Co., Inc.. pall 10.... N
1.200 Reynolds invest. Go..com.,
790 Musical Publications, Inc.. el. A
134
$160 lot
no par
Security Title & Tr. Co.. Phila.,
105 N. J.. Bankers Secur. Co., no
$131 lot
Par $10 as billows' (17 at 550 lot:
par
575 at 550 lot: 750 at 550 lot:
200 Clarence Saunders Stores, Inc.,
6.250 at $50 lot* 1,865 at $50 lot:
corn. A. no par; 200 Clarence
333 at $50 lot. 210 at 350 lot.
Saunders Stores, Inc., 7% cum.
2.005 Bk. of Phila. & Tr. Co.(new)
pref. with sub. warr. for el. fl
‘100 lot
par $10
$155 lot
• atached
$100.000 demand note of Wilbur
50 Hartman Tob. Co.. corn., par
dated
Co..
Chocolate
Suchard
lot
$65
$10
$500 lot
July 29 1930
60 Hartman Tob. Co., corn., par
560 lot 3100.000 demand note of Wilbur
310
dated
Co..
Chocolate
Suchard
par
corn.,
60 Hartman Tob. Co.,
5500 lot
Sept.9 1930
360 lot
SIO
50 Hartman Tob. Co., COW.. Par
Per Cent.
Bonds360 lot
$10
$28.000 Martin Trailer Co. lots, f.
$7,000 convert. particip. crfs.
5240 lot
is coup bonds
repres. Interest in an underwriting
$3,000 Park Central Apartment
synd. of Lorraine Petroleum Co.
75., Dec. 1
m.
2d
Annex
Hotel
&
lot
$11
(Del.)
1935, 12 Park Central Apartment
90 Silver King Products Corp..
$125 lot
Hotel & Annex. corn
$2 lot
corn. B. v.t.c
J. H Sears & Co.. Inc..6%
510.000
$1,000 El Dorado Ref. Co. 6-Yr.
demand note, dated May 51028.530 lot
$50 lot
B.f. 7% note
$12.000 Mayhew Steel Products,
50 Asbestos Corp., Ltd., 7% non
5600 lot
Inc., let 75, Nov. 1 1937
$100101
cum. pref
Chem160 Alpine Forwarding Co.(N. J )536 lot $24,000 Stand. Agricultural
lot
1913
$1,200
Sept.
1
7s
1st
Corp.
ical
2724 Eastern Forwarding Co.
350 lot $100.000 Jessup & Moore Paper Co.
(N.J.)
5-yr red. 7% gold notes. June 1
2 City Federation Hotel. Par $5:
$500 lot
1932
10 Scientific Housekeeping. Inc.,
874.000 Broad & Walnut Corp. 10Par $10:6 Minn. dr St. Louis RR.
5100 lot
yr.648Deo.1 1937
$46 lot
corn
[you 131.
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh. Shares. Stocks.
S per 371:
1 Market Street Nat. Bank
524
Lots 27 & 28, block 2: lots 1 dr 2.
15 Phila. Nat. Bank, par 320
111
block 18; lot 5, block 66; lot 15,
5 Atlantic City(N. J.) Nat. Bank.1000
block 74; lot 25, block 112: lot 22,
35 Tradesmens Nat. Bk. & Tr. Co.330
block 113- lot 17, block 118, lot
7 Olney Bk. & Tr. Co., par 350_ __ _165q
27. block 297, Hollywood Hills,
30 Bankers Tr: Co.. par 350
65
Hollywood, Fla. Taxes paid up
4 Phila. Bourse, corn., par 550
to and incl. 1927
19
510108
100 Brock dr Weymouth, Inc., 1st
100 Universal Services Motor Co..
pref
600.
prof
$20 lot
Si) Brock & Weymouth, Inc.. 2d pt. 45c. 100 Universal Services Motor Co.,
900 Brock & Weymouth,Inc.. corncommon, no par
$4 lot
mon v. t. c., no par
15c. 21 Northern Central Trust Co
25
100 Nat. Bank of Olney
1234
50 Brotherhood of Locomotive EnBondsPer Cent
gineers Secur. Corp. of Pa., Cl, A,
$5.000 Southwest Mo. Elec. Ry.
(with 25 shs. cl. B) ctf. of dep_5200 lot
1st 65, ctf. of deposit
$8101
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
per Sh.
$125.000 Terminals dr Transporta'n
Corp. of Amer., 10-yr. cony. 7s,
March 1 1937, coupons duo May
1930 attached
$50 lot
2,500 Porcupine Davidson Gold
Gold Mines, Ltd., ordinary,
Par $5 shillings
$1.25 lot
Shares. Stocks.
$ per M.
300 A. J. Chestnut Lumber Co_ __ _$5 lot
1.000 Porcupine Davidson Gold
Mines, Ltd., pt., par 5 shillings_ _51 lot
12 Buffalo Steel Car Co.. Inc., no
160
par
1.000 Baldwin Gold Mines, par $1_ 1340
DIN IDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
•234 Jan. 1 *Holders of rec. Dec. 12
Atlanta Birmingham dr Coast, pref
*1
Dec. 31 *Holders of rec. Dee. 12
Boston dr Maine. corn. (quar.)
Prior preference (guar.)
•13-4 Dec. 31 *Holders of rec. Dec. 12
.
134 Dec. 31 *Holders of rec. Dec. 12
6% preferred (quar.)
'
134 Dec. 31 *Holders of rec. Dec. 12
First preferred, class A (quer.)
.2
Dec. 31 *Holders of rec. Dec. 12
First preferred, class B (quar.)
First preferred, class C (quar.)
'13-4 Dec. 31 *Holders of rec. Dec. 12
•214 Dec. 31 *Holders of rec. Dec. 12
First preferred, class D (quar.)
•134 Dec. 31 °Holders of rec. Dec. 12
First preferred. class E (quar.)
234 Jan. 2 Holders of rec. Dec. 20
Boston & Providence (quar.)
•75c. Jan. 1 *Holders of rec. Dec. 8
Chesapeake Corporation (quar.)
'
6234c Jan. 1 *Holders of rec. Dec. 8
Chesapeake & Ohio, corn. (quar.)
*2
Dec. 20 *Holders of rec. Dec. 10
Grand Rapids & Indiana
.
31.10 Dec. 10 *Holders of rec. Nov.26
Little Miami, orig. guar. (quar.)
Special guaranteed (quar.)
*50c. Dec. 10 *Holders of rec. Nov.26
Mobile & Birmingham, pref
2
Jan. 2 Holders of rec. Dec. lit
N. Y. N. H.& Hartford. corn,(quar.)... '114 Jan. 2 'Holders of rec. Dec. 5
Preferred (quar.)
•IN Jan. 2 'Molders of rec. Dec. 5
Pere Marquette. corn. (quar.)
'1.4 Jan. 2 *Holders of rec. Dec. 8
Preferred and prior preferred (quer.)
'134 Feb. 2 *Holders of rec. Jan. 2
Pittsburgh & West Va.. corn. (quar.)._
1 4 Jan. 31 Holders of rec. Jan. 15
Reading Company. 20 pref. (quar.)__
•50e. Jan. 8 *Holders of rec. Dec. 18
St. Louis Southwestern, preferred-Div! dend o mated
Public Utilities.
Bangor Hydro Electric, 7% pref.(quar.) s15,1 Jan. 1 'Holders of rec. Dec. 10
Ian, 1 'Holders of rec. Dec. 10
6% preferred (quar.)
Bell Telep. of Canada (quar.)
Jan. 15 Holders of rec. Dec. 23
Bell Telep. of Pa..64% pref.(quar.)
ran. 15 'Holders of rec. Dec. 20
)cc. lb 'Holders of rec. Dec. 1
Birmingham Water Works.6% pf. (qu.)
Jan. 2 •Holders of rec. Dec. 15
Brazilian Tr., Lt. dr Pow., pref. (quar.)
3ee. 15 •Holders of rec. Dec. 1
Butler Water Co.. 1st pref.(guar.)
Jan, 26 Holders of rec. Dec. 31
Canada Northern Pow. Corp.. com.(qu )
Jun. 15 Holders of rec. Dec. 31
7% preferred (quar.)
Canadian Western Natural Gas-Light.
Heat & Power, let preferred (guar.)._ '14 Dec. 1 'Holders of rec. Nov. 16
Central Mass. Light & Power. Win, WO •50c. 13cc. I •Holders of rec. Nov. 15
•
Nov. 15 *Holders of rec. Nov. 6
Preferred (quar,)
51.75 Jan. 2 •Holders of rec. Dec.
Central States Power ee Light. Pt. (qu.) .
Central State, Utilities. pref. (guar.)--- *51.75 Jan, 2 'Holders of rec. Dee. 5
51.50 Nov. 15 •Holders of rec. Oct. 31
Central Vermont Pub, Serv., $6 pf.(q11.).
Cities Service Pr. & Lt., $7 pt, (nthlY.) 58 I-3e Jan. 15 Holders of rec. Dec. 31
50c, Jan, 15 Holders of rec. Dec. 31
$6 preferred (monthly)
41 2-3e Jan. 15 Holders of rec. Dec. 31
35 preferred (monthly)
Coast Counties Gas & Electric•134 Dec. 15 *Holders of rec. Nov.26
1st and 2d preferred (quar.)
Consolidated Gas of N. Y.. pref.(quar.) .31.25 Feb. 2 *Holders of rec. Dec. 27
Continental Gas & Elec.. corn. (guar.)._ 31.10 Ian. 2 Holders of rec. Deo. 121
134 Jan. 2 Holders of rec. Dec. 12a
p r prefere re (quar.)
2
Jan, 15 Holders of rec. Dec. 20
Detroit Edison Go.(quar.)
4 Jan. 1 Holders of rec. Dec. 15
East. Gas Si Fuel Associates, pr. Pf.(qu )
134 Jan. 1 Holders of rec. Dec. 15
6% preferred (guar.)
Electric Power & Light, $13 pref.(quar.)_ •51.50 Jan. 2 'Holders of rec. Dec. 8
$7 preferred (quar.)
.31.75 Jan. 2 Holders of rec. Dec. 8
*31.75 Dec. I llohlers of rec. Nov. 20
El Paso Natural GM,$7 Pref.(guar.)134 Jan. 15 Holders of rec. Dec. 31
Federal Public Service, pref.(quar.)_ _'
•10
Dec. 1 'Holders of rec. Nov. 21
Harrisburg Traction
Havana Eleetrie Ry., preferred-Divide nd 01111 ted
.2
Dec. 31 *Holders of rec. Dec. 30
Illinois Bell Telephone (quar.)
lilluuuis Power & Light. 6% Pref. (guar ) lit Jan. 2 Holders tif rec. Dec. 10
Indianapolis Pow. & Lt., 614% Pl. ((lu ) •1% Jan. 2 *Holders of rec. Dec. 5
.33
13cc, 15 *Holders of rec. Dec. 1
Ito ernat. Power Securities. $6 pref
ilnterslale Plower ('o., 57 KM.(quar.). •$1.75 Ian, 2 `Holders of rec. Dec. 5
.31.50 (an. 2 •Ilidders of rec. Dec. 5
56 preferred polar.)
Kings (*minty Lighting, com.(quar.)... .51.50 Jun. 2 •Iloiders of rec. Dec. 18
•1
an. • 2 *Ho(ders of rec. Dec. 18
5% preferred (quar.)
•IN Jon, 2 *Holders of rec. Dec. 18
7% preferred (umar.)
Memphis l'ower Si Light, $7 pref.(quar.) *31.75 Jan, 2 .1 folders of rec. Dec. 13
$6 preferred Omar.)
.51.50 Jaut, 2 •Ilidderi of rec. Dec. 13
,Holders of rec. Nov. 16
Milwaukee Elec. Ry. Si Lt., 7% pl.(qu.) •I % 3ec. 1 '
6% preferred (quar.)
•114 )ec. 1 *Holders of rec. Nov. 15
1X17
04ionlifir,OfieerlariedwrItjaPre
.)nn Public Service
43 N c Jan, I Holders of rec. Dec. 15
Nassau & Suffolk Ltg., pref. ((oar.).... 13-4 Jan, 1 holders of rec. Dee. 16
.831
>cc. 1 '
,Holders of rec. Nov. 21
New Brunswick Power. 1st pref
New England Gas & El. Assn., pf.(qu.)' 31.375 Jan. 2 •Holders of rec. Nov. 28
of rec. Dec. 31
15
*Holders
New
•
50e
an.
dl.
• Eiriirgeltreirriri
de(Power tss
corn. (q u.)
n
1 ,, Jan, 2 Holders of rec. Dec. 1 a
50c Jan. 2 Holders of rec. Dec.31 a
$2 ',referred (quer.)
Newport Elec, Corp., 6% pref. (quar.)_ •134 Jan. 2 *Holders of rec. Dec. 1
50c. Jan. 26 Holders of rec. Dec. 3
Northern Ontario Power, corn. (quar.)
1 4 Jolt. 26 Holders of rec. Dec. 3
Preferred ((uar.)
Ohio Edison. $6 pref. (quar.)
.31.50 Jan. 2 *Holders of rec. Dec. 1
Parifie Northwest Pub. Serv.,56 pf.(qu.) .51.50 Dec. 1 *Holders of rec. Nov. 2
•I 4 Dec. I *Holders of rec. Nov. 2
Second preferred (quar.)
Penn Illuminating, Scranton, el A (qu.) •12 tic Dec. 1 *polders of rec. Nov. 1
Perinsyhania It arer & Power (QUar.1.75c. Jan, 2 Holders of rec. Dec. I
Philadelphia Electric Co., pref.(quar.).. •50e. Jan. 1 *Holders of rec. Dec. 1
85c, Dec. 31 Holders of rec. Dec.
Public Service corp. of N.J.. corn.(qu.)
8% preferred (quar.)
2
Dec. 31 holders of rec. Dec.
7% preferred (quar.)
134 Dec. 31 Holders of rec. Dec.
$1.25 Dec. 31 Holders of rec. Dec.
$5 Preferred (quar.)
6% preferred (monthly)
50e. D.s.. 31 Holders of rec. Dec.
2
Jan, 2 Dec. 21 to Jan,
Public Service Co. of Okla., corn. (qu.)_
7% prior lien stock ((uar.)
134 Jan. 2 Dec. 21 to Jan.
14 Jan. 2 Dec. 21 to Jan.
6% prior lien stock (quar,)
Public Service Elec. & Gas, 7% PI. (q11.) 134 Dec. 31 Holders of rec. Dec.
1% Dec. 31 Holders of rec. Dee,
6% preferred (quar.)
Rocky Mountain Motor, class A-Divl dend 0 tiultted
.51.75 Dec. 1 'Holders of tee. Nov. 1
Preferred War.)
Nov. 29 1930.]
Name of Company.
3483
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Public Utilities (Concluded).
Savannah Elec. & Pow., deb. A (guar.). *2
Jan. 2 "Holders of rec. Dec. 10
Debenture stock. series B (guar.)
•114 Jan. 2 "Holders of rec. Dec. 10
Debenture stock. series C (quar.)
- •114 Jan. 2'Holders of rec. Dec. 10
South Carolina Power.$6 pref.(guar.)._ $1.50 Jan. 1 Holders of rec. Dec. 20
Southern Natural Gas, $7 pref.(quar.) "81.75 Dee. 1 *Holders of rec. Nov.20
Tacony-Paimyra Bridge, corn. & cl. A. 75c. Dee. 31 Holders of rec. Dec. 10
United Gas & Elec. (Conn.), pref. (gu.) *134 Jan. 1 *Holders of rec. Dec. 16
United Gas & Elec. Corp., prof.(guar.). 134 Jan. 1 Holders of rec. Doe. IS
Utilities Power & Light, corn.(guar.)
z25c. Jan. 2 Holders of rec. Dec. 56
Common (extra)
12340. Jan. 2 Holders of rec. Dec. 56
Class A (guar.)
z50c. Jan. 2 Holders of rec. Dec. fia
Class A (extra)
115e. Jan. 2 Holders of rec. Dec. 56
Class B (quar.)
z25e. Jan. 2 Holders of roe. Dee. 56
Class B (extra)
z2Sic. Jan. 2 Holders of rec. Dee. 541
Preferred (guar.)
13( Jan. 2 Holders of tee. Dee. 56
Wt Penn Electric Co.. el. A (guar.).- $1.75 Dec. 30 Holders of rec. Doe. 17
West Va. Water Service. 28 pref.(quar.) •$1.50 Jan. 1 *Holders of rec. Dec. 19
• Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Harnischfeger Corp.. common-Dividen d omit ted
Preferred (guar.)
•134 Jan. 1 *Holders of tee. Dec. 15
Heinne (George W.) Co., corn. (qua?.).. $1.25 Jan. 2 Holders of rec. Dec. 11
Common (extra)
$2
Jan. 2 Holders of rec. Doe. 11
Preferred (guar.)
134 Jan. 2 Holders of rec. Dee. 11
Hercules Powder. corn. (guar.)
75c. Doe. 24 Holders of rec. Dec. 12
Holland Furnace, corn,(guar.)
'6234c Jan. 2 *Holders of rec. Dec. 15
Common (extra)
•25c. Jan. 2 *Holders of rec. Doe. 15
Honolulu On Corp.(guar.)
*50c. Dec. 15 'Holders of rec. Dec. 5
Hooker. lectrochernIca I(guar.)
•I44 Nov.29 *Holders of rec Nov.22
Humble Oil & Refining (guar.)
50c. Jan. 1 Holders of rec. Doe. 2
Extra
50c Jan. 1 Holders of rec. Dec. 2
Huron & Erie Mtge.(guar.)
*32 Jan. 2 *Holders of rec. Dec. 15
Illinois Brick (guar.)
•300 Jan. 15 *Holders of rec. Jan. 3
Quarterly
*300 Apr. 15 'Holders of rec. Apr. 3
Quarterly
*30c July 15 *Holders of rec. July1 3
Quarterly
•300 Oct. 15 *Holders of rm. Oct.1 3
Imperial Tobacco of Canada,ord (qu.)
854e Dec. 31 Holders of rec. Doe. 3
Trust Companies.
Improved Glass Process. corn. (guar.).- *2
Dec. 1 *Holders of rec. Nov.21
Irving (guar.)
Internat. Business Machines (qua?.).... •$1.50 Jan. 10 *Holders of rec. Dee. 20
40e. Jan. 2 Holders of rec. Dec. 2
Stock dividend
"e5
Jan. 10 "Holders of rec. Dec. 20
Miscellaneous.
Internat. Cement, corn.(guar.)
411
Dec. 31 *Holders of rm. Dec. 11
Internat. Mtge. dr Invest., pref. (guar.) "1% Dec. 1 *Holders of rec. Nov.20
Abitibi Power & Paper. 8% Pf. (qua?.). 134 Jan. 20 Holders of rec. Jan. 10
Internat. Proprietaries. Ltd., cl. A (gu.) 650 Dec. 15 Holders of rec. Nov.27
p 7% preferred (guar.)
1% Jan. 2 Holders of rec. Dee. 20
150 Doe. 15 Holders of rec. Nov. 27
Class A (particpating dividend)
Acme Glove Works. Ltd.. 1st pref(qu.)_ •13134c Dec. 15 *Holders of rec. Nov.30
Internat. Silver. pref. (guar.)
1% Jan. 1 Holders of rec. Doe. 126
p Second preferred-Dividend passed.
Johns-Manville Corp., corn. (qua?.)....
75c Jan. 15 Holders of rec. Dec. 25
Agnew-Surpass Shoe Stores. Pref. (qu.)- 1% Jan. 2 *Holders of rec. Dec. 15
1% Jan, 1 Holders of rec. Doe. 11
Preferred (quar.)
Allied Chemical & Dye,cont.(quar.)-$1.50 Feb. 2 Holders of rec. Jan. 15
Kentucky Rock Asphalt, pref. (guar.)._ •134 Dee. 1 *Holders of rec. Nov.15
Common(payable in cont.stock)
Kilburn Mills-Dividend omitted
5 Jan. 8 Holders of rec. Dec. 11
Preferred (guar.)
"2
Kllgen (Geo.) & Sons, pref. (guar.)
Doe. 1
1% Jan. 2 Holders of etc. Dec. 11
Alpha Portland Cement, corn. (quar.)
Knox Hat,com.& corn. A-Dividend om Med
*50c Jan. 24 *Holders of rec. Doe. 31
American Bakeries, class A (guar.)
$1.10 Dee, 1 Holders of rec. Nov.24
Koplar Co.. pref.(guar.)
•75c Jan. 2 *Holders of rec. Dee. 18
Preferred (guar.)
•750 Jan. 1 *Holders of rec. Dec. 20
Laboratory Products (quar.)
Jan. 2 'Holders of rec. Dec. 18
American Bank Note, corn.(guar.)
"e3
Stock dividend
Jan. 15 "Holders of rec. Dec. 20
*50c, Jan, 2 *Holders of rec. Dec. 10
*$1.
Common (extra)
50c Jan. 1 Holders of rec. Dec. 12
Lane Bryant, Inc., corn. (quar.)
Dec. 30 'Holders of roe. Dec. 10
Preferred (quar.)
Leader Mercantile, Prof. (guar.)
•154 Dee. 1 *Holders of rec. Nov.22
'75c. Jan. 2 *Holders of rec. Dec. 10
American Can, prof.(quar.)
•350 Doe. 31 *Holders of rec. Doe. 11
Leasing's, Inc. (quar.)
1% Jan. 2 Holders of rec. Dec. 16
American Factors, Ltd., corn. (mthly.). •150. Doe. 1 *Holders of rec. Nov.29
'1734cDoe, 1 *Holders of rec. Dee. 10
Lindsay Light, pref. (guar.)
Amer.Home Products(monthly)
750 Dec. 31 Holders of rec. Dec. 13
Holders of reo. Dec. 156 Loew's, Inc., common (guar.)
35e. Jan.
Monthly
$1
Dee, 31 Holders of tee. Dec. 18
Common (extra)
35c. Feb. 2 Holders of roe. Jan. 14a
American Locomotive, corn,(guar.)---- *50c. Dec. 31 *Holders of tee. Doe. 12
•750. Jan. 1 *Holders of rec. Doe. 15
Loudon Packing (guar.)
•1% Dee. 31 *Holders of rec. Dec. 12
234 Jan. 2 Holders of rec. Dec. 170
Preferred (quar.)
Lord & Taylor.common (quar.)
Amer. Maize Products,corn.(qua?.).
Jan. 2 'Holders of rec. Dec. 20
Madison Mortgage,8% 1st pref.(quar) *2
•500. Dec. 81 *Holders of too. Dec. 12
Preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 20
7% 1st preferred (guar.)
*13i Dec. 31 *Holders of rec. Dec. 12
American Royalty (131-monthlY)
.0194 Jan. 2 'Holders of rec. Dec. 20
7% 2d preferred (guar.)
'NW Dec. 15 *Holders of rec. Nov.29
American Safety Razor (guar.)
•134 Dee, 31 'Holders of reo. Doe. 24
Magor Car Corp., pref.(guar.)
•$1.25 Dec. 31 *Holders of rec. Dec. 10
American Tobacco, pref.(guar.)
•134 Doe. 1 *Holders of rec. Nov.25
Malextio Royalty Corp.(monthly)
134 Jan. 2 Holders of roe. Dec. 10
Armstrong Cork (guar.)
"75e. Jan. 1 'Holders of roe. Dee. 15
Mapes Consol. Mfg., corn. (guar.)
*25c Jan. 2 *Holders of roe. Dec. 18
Associated Oil (guar.)
*256. Jan. 1 *Holders of rec. Doe. 15
Common (extra)
•50c Dec. 31 *Holders of rec. Dec. 12
Atlas Diesel Engine, class A & 13-Divi dend p assed
*21
Dec. 1 *Holders of rec. Nov.24
Marsh (M.)& Son, class A (guar.)
Autoear Co., pref.(quar.)
50o Jan. 2 Holders of roe. Dec. 12
Deo. 1 5*Holders of roe. Doe. 5 Mathleson Alkali. corn.(guar.)
*2
Automotives Gear Wks, prof.(guar.)
•413jc Deo. 1 *Holders of rect. Nov.20
1% Jan. 2 Holders of rec. Doe. 12
Preferred (guar.)
Automobile Finance Corp.. pref
Mayer(Oscar) dr Co., 1st pref.(guar.)
•8734c Jan. 15 *Holders of rec. Dec. 31
•134 Dec. 1 *Holders of rec. Nov.24
Backstay Welt Co., com.-Dividend om Med
*2
Second preferred (quar.)
Dee, 1 *Holders of roe. Nov.24
Baldwin-Dickworth Chain
Jan.11 2 Holders of rec. Dec. 15
•$1.50 Dec. 1 *Holders of rec. Nov.21
MCKeesport Tin Plate, corn.(quar.)____ $1
Baldwin Rubber,class A (guar.)
•3734c Dec. 31 *Holders of rec. Dec. 20
50c Jan. 2 Holders of rec. D.
Common (extra)
ec 15
Beigo-Canadian Paper, pref.(guar.).- *1% Jan. 2 *Holders of rec. Dec. 3
Mesta Machine (qua?.)
*50o Jan. 1 *Holders of rec. Dec. 15
Bentley Chain Stores, com.-Dividend passed .
*50c Doe. 15 *Holders of rec. Dec. 4
Midland Royalty Corp., pref. (qua?.)
Preferred (guar.)
$1 Dee. 1 Holders of rec. Nov.20
Midwest Rubber Reclaiming, pref
'$1
Deo. 1 'Holders of rm. Nov.29
Bishop Oil Corp
8c. Dec. 81 Holders of rec. Dec. 15
Monighan Mfg., class A (quar.)
.450 Jan. 1 *Holders of rec. Dee. 20
Bohn Aluminum dr Brass(guar.)
•3734c Jan. 2 *Holders of rec. Dee. 15
Monsanto Chemical Works (quar.)
3154 Jan. 2 Holders of rm. Dec. 10
Bohn Refrigerator, pref.(guar.)
*2 Dec. 1 *Holders of rec. Nov.25
Stock dividend
el% Jan. 2 Holders of rm. Dee. 10
4.1,‘ Jan. 2 *Holders of roe. Dee. 1
Brandram-Henderson,Ltd.(guar.)
Morristown Securities. corn.(guar.).
- 250. Jan. 2 Holders of rec. Dee. 15
Bridgeport Machine, pref.(guar.)
•134 Jan. 1
Briggs & Stratton Corp.(quar.)
50c. Dec. 81 Holders of rec. Dec. 20
234 Jan. 2 Holders of rec. Dec. 15
Preferred
Brillo Mfg.,cora.(guar.)(No.1)
15e. Jan. 2 Holders of rec. Dec. 1541 National Breweries, corn.(Qum.)
•400. Jan. 2 *Holders of rec. Dec. 15
Class A (guar.)
50c. Jan. 2 Holders of rec. Dec. 156
•430. Jan. 2 *Holders of rec. Doe. 15
Preferred (guar.)
British Amer. Royalties, Ltd..class A
63$0. Dec. 1 Holders of rm. Nov.28
National Industrial Bankers, pref. (gu.)
75c
30. D
No
eov.
.25
1 *Holders of rec. Nov.10
Bunker Hill Mining & Concentrating
National Industrial Shares (No. 1)
(monthly)
*25c. Dec. 5 *Holders of rec. Nov.26
National Surety (guar.)
$1.25 Jan. 2 Holders of roe. Dec. I6a
Extra
*25c. Dee. 5 *Holders of rec. Nov. 28
New Haven Clock (guar.)
*250 Jan. 1 *Holders of rec. Dec. 24
Dec. 15 *Holders of rec. Nov.20
Canadian Bakeries.2d pref.(guar.)
New Method Laundry,634% pref.(gu.) •154 Dee. 1 *Holders of rec. Nov.26
Canadian Brewing, corn.(guar.)
•25c. Jan. 2 *Holders of rec. Dec. 15
Nichols Copper Co. (guar.)
*4354c Doe. 31 *Holders of tee. Dec. 20
44c. Jan. 10 Holders of rec. Dec. 26
Canadian Car dr Fdy., pref.(quar.)
Northland Greyhound Linea, corn
*90c. Jan. 1 *Holders of rec. Dec. 20
Canadian Fairbanks Morse(guar.)
*50c. Dee. 15 *Holders of rec. Nov.29
Nova Scotia Shipping, pref.(qua?.).... •134 Dec. 1 *Holders of rec. Nov.29
Canadian Silk Products. class A (guar)•37 Sic Dec. 1 *Holders of rec. Nov. 15
Osgood Co., preferred (guar.)
•134 Dec. 1 *Holders of rec. Dee. 1
Catelli Macaroni Products, class 4-DI vidend Passed
Otis Steel, common-Dividend omitted
Central States Invest. Tr.,corn.(guar.)- •15e. Doe. 1 *Holders of rec. Nov.24
•134 Jan. 1 *Holders of rec. Dec. 19
Preferred (guar.)
Preferred A (guar.)
'3754 Dec. 1 *Holders ot roe. Nov.24
Pacific Southwest Disc., el. A dr B (gu) •100. Deo. 15 *Holders of rec. Dec. 1
st Jan, 2 *Holders of rec. Dec. 15
Century Electric Co..coin.(guar.)
*2
8% preferred (guar.)
Dec. 4 *Holders of rec. Dec. 1
City & Suburban Homes
•300. Doe. 4 *Holders of rec. Dec. 3
Page-Hershey Tubes, Ltd., corn. (cm ). 111.25 Jan. 2 *Holders of rec. Dec. 20
Clark Equipment Co.(guar.)
50o Doe. 15 Holders of rec Nov. 28a
Preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 20
Coats(J.P.), Ltd.
Parke, Davis & Co. (guar.)
•250. Jan. 2 *Holders of rec. Dec. 22
Jan. 7 *Holders of roe. Nov. 21
Am.dep. rota ord. reg.9 pence per sh "35c. Jan. 2 *Holders of rec. Dec. 22
Special
Coca-Cola International Corp..co m.(gu)
3 Jan. 2 Holders of rec. Dec. 12a Penn-Federal Corp., corn.(guar.)
*6540 Nov.29 *Holders of rec. Nov.21
31
Holders
Doe.
of rec. Dec. 11
Commercial Credit Co., corn.(guar.)
500
Preferred (guar.)
*134 Jan. 2 *Holders of rec. Dec. 20
1% Dec. 31 Holders of rec. Dec. 11
634% first preferred (guar.)
Penn-Mex Fuel Co
Doe. 15 *Holders of rec. Dee. 6
$1
43% Dec. 31 Holders of ree. Dec. 11
7% first preferred (guar.)
Peoples Drug Stores, Inc., corn.(guar ). •250. Jan. 2 *Holders of rec. Dec. 8
50c Dec. 31 Holders of too. Dec. 11
8% class B preferred (quar.)
*154 Deo. 15 *Holders of rec. Dec. 1
Preferred (guar.)
750 Dec. 31 Holders of rec. Dec. 11
$3 class A cony. stock (guar.)
Perfect Circle Co.(guar.)
*500. Jan. 1 *Holders of rm. Dec. 20
Consolidated Gold Fields of So. Africa
734
Reliance Grain, Ltd., pref. (guar.)
•19,1 Doe. 15 *Holders of rec. Nov.29
*Holders of rec. Dec. 15
*25o. Jan.
Consolidated Laundries.corn
Reliance Mfg., Ohio,corn,(guar.)
'500. Jan. 1 *Holders of rec. Dec. 15
*Holders of roe. Jan. 15
*1% Feb.
Roo Motor Car (guar.)
Preferred (guar.)
*200. Jan. 2 *Holders of reo. Dec. 10
*Holders of rec. Nov.20
•62340 Doc.
Consolidated Service. pref.(guar.)
Republic Portland Cement. pref.(guar.)
red
of rec. Nov.„20
•Holders
Holders of rec. Dec. 11
30e. Jan.
Container Corp. of Amer., cl. A (gu.) qact
Republic Steel Corp., preferred-Divide nd
U 1 opne°ciefer1
Holders of rec. Dec. 11
1% Jan
Prior preferred (guar.)
Revere Copper & Brass, class A (qua?.). *31
Jan. 2 *Holders of rec. Dec. 10
Continental Diamond Fibre, coin. (OIL) •25o. Dee. 31 *Holders of rec. Dec. 15
Preferred (guar.)
•134 Feb. 1 *Holders of rec. Jan. 10
Co ksville Co.. Ltd., pref.(guar.)
1 Doe. 15 Holders of rec. Nov.28
Reynolds Metals (guar.)
*50e. Dec. 1 *Holders of rec. Nov. 15
Crowell Publishing Co.(guar.)
*75c. Dec. 24 *Holders of rec. Doe, 13
Rogers Majestic Corp. Ltd.Curtis Publishing(monthly)
•500. Jan. 2 *Holders of rec. Dec. 20
Class A and B (guar.)
'
*300. Doe. 1 *Holders of rec. Nov. 20
Cutler-Hammer,Inc.(guar.)
•1380. Dec. 15 *Holders of rec. Dec. 5
Royalties Management, A & B (mthly.)'
334c Doe. 1 *Holders of rec. Nov. 20
Decker (Alfred) dr Cohn,common-Div' dend o milted
Ruberold Company(guar.)
'$1
Dec. 15 *Holders of rec. Dec. 1
Doe. 15 *Holders of rec. Dec. 1
Delaware Lack. dr West. Coal (qua?.)
Russek*s Fifth Ave.. Inc.-Dividend pas lied
*Holders
of
2
Jan.
rec.
Dec. 15
Detroit & Cleveland Navigation (guar) *20o.
Scott Paper, corn.(guar.)
350 Dec. 31 Holder, of rm. Dec. 17
*20e. Doe. 15 *Holders of rec. Nov.29
Detroit Motorbus (guar.)
Common (payable In stock)
e2
Dec. 31 Holders of rec. Dec. 17
•150. Doe. 1 *Holders of rec. Nov. 24
Domingues Oil Fields (monthly)
Security Invest. dr Internat. Exchange-. •e2
Doe. 20 *Holders of rec. Nov. 30
•15c. Dee. 1 *Holders of rec. Nov. 24
Pszgal Lock & Hardware (gnarl-- •..... 1234c Jan. 6 Holders of rec. Nov.26
Extra
31 Jan. 1 Holders of roe. Nov.29
Draper Corporation (quar.)
Shattuck (Frank G.) Co.(guar.)
*250 Jan. 10 *Holders of rec. Dee. 20
Eastern Mfg., pref. (guar.)
Extra
'8734c Jan. 1 *Holders of rec. Dec. 10
*50c. Jan. 10 'Holders of rec. Dec. 20
Shepard, Niles. Crane & Hoist (guar.)... '21.25 Dec. 1 *Holders of rec. Nov. 20
Electrographic Corp.,common-Dividen d omit ted
'114 Dec. 1 *Holders of rec. Nov. 24
Signal Oil & Gas, class A & B (qua?.)... *50c• Dee. 10 *Holders of rec. Nov. 30
Preferred (quar.)
250. Dee. 15 Holders of rec. Dee, 1
Signal Royalties,class A & B
Employers Group Association
*500. Dec. 15 "Holders of rec. Nov. 20
Sinclair Consol. 011 Corp.. COM.(quay.)_
Equitairle Mtge. & Title Guarantee.
*2% Dec. 31 *Holders of rec. Dee, 1
250. Jan. 15 Holders of rec. Dec. 15
*7% Dee. 31 *Holders of rec. Dec. 1
Extra
Southern Acid & Sulphur. corn.(guar.). •750. Dec. 15 *Holders of rec. Dec. 10
*Holders
of rec. Nov.10
Fageol Securities. 7% pref. (guar.).-- •17340 Nov. 15
South Penn Oil (guar.)
•500. Dec. 31 *Holders of rec. Deo. 15
•40c. Dec. 31 *Holders of rec. Dee. 12
Fairbanks, Morse & Co.. corn.(qua?.)
South Texas Cotton Oil (Quiz.)
•250. Dec. 1 "Holders of rec. Nov.20
•500. Feb. 1
Fashion Co.,corn
Sparta Foundry (guar.)
•750. Dec. 22 *Holders of rec. Dee. 15
•200 Jan. 2 *Holders of rec. Dec. 17
Federal Motor Truck (guar.)
Standard Brands, Inc., corn.(guar.).
*300. Jan. 2 *Holders of rec. Dee, 8
•250 Jan, 2 *Holders of tee. Dec. 15
Federal Screw Works (guar.)
Preferred (guar.)
"154 Jan. 2 *Holders of rec. Doe. 8
FIrstbrook Boxes, Ltd., pref.(gnarl-. •1% Dec. 15 *Holders of rec. Dec. 1
Standard 011(Ohio), corn.(guar.)
•62340 Jan. 2 *Holders of rec. Dec. 12
"I% Dec. 30 *Holders of rec. Dec. 20
First State Pawners Society (guar.)
Standard Oil Export Corp., prey
234 Doe. 31 Holders of rec. Dec. 10
Flintkote Co.-Dividend omitted.
Steel Co. of Canada, corn. & Prof. (gu.) •4394c Feb. 3 *Holders of rec. Jan. 7
*500 Dec. 1 *Holders of rec. Nov.20
Florence Stove,corn.(guar.)
Steinberg's Drug Stores, pref.(qua?.)... 8734e Des. 1 Holders of rec. Nov.201
'154 Dec. 1 *Holders of rec. Nov.20
Sterling Securities Corp.. pref. (guar.)._ '300. Deo. 1 *Holders of rec. Nov.28
Preferred (guar.)
500 Jan. 2 Holders of roe. Dec. 12
Foster Wheeler Corp.,coin.(guar.)
$3 first preferred (guar.)
'750. Dec. 1 *Holders of rec. Nov.28
$1.75 Jan. 2 Holders of rm. Dec. 12
Stewart Imo Board, let pref. (monthly) 58 1-30 Deo, 1 Holders of tee. Nov.115
Preferred (guar.)
Dec. 15 *Holders of ero. Nov.28
Foundation Inv. Co.. pref.(guar.)
Swift & Co. (guar.)
50o. Jan, I Dec. 11 to Jan. 8
*Holders
of rec. Nov.20
Garner Royalty Co., Ltd.,cl. A (mthly). •1234c Nov.29
Texon Olt& Land (guar.)
250. Deo, 31 Holders of rec. Dee. 10
Jan. 1 *Holders of rec. Dec. 13
General Amer. Tank Car, corn. (guar.). *21
Extra
Deo, 31 Holders of rec. Dec. 10
21
General Fire Extinguisher,corn.(qua?.). *20c Doe. 10 *Holders of rec. Nov.24
Thatcher Manufacturing, corn.(guar.)__
400. Jan, 2 Holders of rec. Dec. 20
General Railway Signal,cont.(guar.) _ $1.2 Jan. 1 Holders of rm. Dec. 10
Thompson-Gibb Eleo. Weld,corn. A(gu.) *500. Dec. 1 *Holders of rec. Nov. 25
1% Jan, 1 Holders of rec. Dec. 10
Preferred (guar.)
Common A (extra)
•21
Dec. 1 *Holders of rec. Nov. 25
Globe Discount & Flnan. Corp., pf.((lu.) *8754 Dec. 15 *Holders of rec. Dee, 1
Thompson-Starrett Co.. prof.(guar.) •-8734c Jan, 1 Holders of rec. Dec. 11
*1St Dec. I 'Holders of rec. Nov.24
Grangers Mfg.Co.(guar.)
Tide Water Associated Oil, coin.(guar.) •200. Dee, 31 *Holders of rec. Dec. 12
Grier(S. M.) Stores, Inc.. common-Div Wend omitted
•134 Jan. 2'Holders of rec. Dec. 12
Preferred (guar.)
154 Doe. 15 *Holders f tee Dec. 1
Preferred (guar.)
Tobacco Products, class A (guar.)
200. Feb. 16 Holders of tee. Jan. 23
100. Jan. 2 Holders of tee. Dee. is
Habirshaw Cable& Wire(guar.)
15o. Feb. 16 Holders of rec. Jan. 23
Clam A (extra)
•10c Dec. 16 *Holders of rec. Dec. 1
Hall(C. M.) Lamp (guar.)
Todd Shipyards (guar.)
"21
Deo. 2 *Holders of rec. Dee. h
*15c Dec. 31 *Holders of rec. Dec. 10
Hamilton Watch,corn.(monthly)
Trio° Products Corp.((Mar.)
•6234e Jan. 2 *Holders of rec. Doe. 10
0111 Dee, I *Holders of roe. Nov.20
Hathaway Mfg
Tudor City Eight Unit, Inc.. pref
Dec. 15 Nov.30 to Dee. 15
8
4
3484
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
4154 Dec. 1 *Holders of rec. Nov. 20
Tyre Bros. Glass Co., pref. (guar.)
65c. Jan. 1 Holders of rec. Dec. 4
Union Carbide & Carbon (guar.)
Union Utilities. Inc., class A (guar.).-- 410c. Jan. 1 *Holders of rec. Dec. 20
United Aircraft & Transp.. pref.(guar.) •75e. Jan. 1 Holders of rec. Dec. 10
60c. Mar. 1 Holders of rec. Feb. 16a
United Biscuit of America (qua?.)
*144 Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
United Dyewood Corp., pref.(guar.)... 4,144 Jan. 2 *Holders of roe. Dec. 12
134 Jan. 2 Holders of rec. Dec. 10
U.S. Leather, prior pref.(qua?.)
42244c Jan. 2 Holders of rec. Dec. 10
U.S.& Overseas Corp
Dec. 31 *Holders of rec. Dec. 21
•51
Vanadium Alloys Steel (guar.)
•37He Jan. 2 *Holders of rec. Dec. 20
Waldorf System, corn.(guar.)
*20e. Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
Dec. 15 Holders of rec. Doe. 1
.11
Walker Coal & Ice, pref.(guar.)
500. Jan. 15 Holders of roe. Dec. 31
Warner Co.„ common (guar.)
First and second preferred (guar.)---- 134 Jan. 1 Holders of rec. Dec. 15
•50e. Jan. 2 Holders of rec. Dec. 15
Warren Foundry dv Pipe(guar.)
Webster-Eisenlohr, Inc., pref. (guar.).- •134 Jan. 2 Holders of rec. Dee. 20
25e, Nov.29 Holders of rec. Nov. 15
(guar.)
corn,
Welch Grape Juice,
25e. Nov.29 Holders of ree. Nov.15
Common (extra)
Preferred (qua?.)
194 Nov.29 Holders of rec. Nov.15
*5e. Dee. 15 Holders of roe. Nov.29
Wellington OU (guar.)
'Sc. Dec. 15 Holders of roe. Nov.29
Extra
Wesson 011 & Snowdrift. corn.(guar.).- 60e. Jan. 1 Holders of roe. Dec. 15
•144 Jan. 5 Holders of reo. Dec. 26
West Coast 011, pref.(guar.)
4144e Dec. 20 Holders Of roe. Dec. 15
Western Exploration (guar.)
*50e.
Westmoreland Coal, corn.(No. I)
*30e. Jan. 2 *Holders of reo. Dec. 18
Westmoreland, Inc. (guar.)
•80e. Jan. 2 *Holders of rec. Doe. 18
Extra
Wood (Alan) Steel, pref.(guar.)
134 Jan, 1 Holders of rec. Dee. 10
Young (L. A.) Spring az wire (guar.)
*75e. Jan. 2 *Holders of roe. Dee. 15
25e. Dee. 10 Holders of rec. Dec. 2
Bonito Products Corp.(guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Nam of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Dec. 30 Holders of roe. Dee. 1
$2
Alabama Great Southern.ord
$1.50 Dee. 30 Holders of roe. Doe. 1
Ordinary (extra)
Dec. 30 Holders of res. Dec. 5
Ordinary (special)
$6
Feb. 13 Holders of rec. Jan. 9
Preferred
$2
$1.50 Feb. 13 Holders of rec. Jan. 9
Preferred (extra)
Dec. 30 Holders of rec. Dee. 1
$8
Preferred (special)
oaura we. corn.(guar.).- 234 Dec. 1 Holders of rec ()cl. ha
Aten.1 oo
*82.50 Dec. 10 *Holders of reo. Nov.29
Atlantic Coast Line Co.(anal.)
3% Jan. 10 Holders of reo. Dec. 120
Atlantic Coast Line RR., corn
134 Jan. 10 Holders of ree. Dee. 12a
Common (extra)
Holders of rec. Oct. ha
1% Deo,
Baltimore & Ohio corn.(guar.)
Des 1 Holders of rec. Oct. I la
1
Preferred (guar.)
87o. Jan. 1 Holders of rec. Nov.29a
Bangor & Aroostook, corn.(guar.)
14( Jan. I Holders of rec. Nov. 296
Preferred (guar.)
244 Dec. 31 Holders of reo. Nov.29
Boston az Albany (guar.)
Canadian Pacific new corn.(No. 1)(gu) 62340 Dec. 31 Holders of roe. Dec. la
334 Jan 1'31 Holders of rec. Dee. 8a
Chesapeake & Ohio. pref.(guar.)
750. Dec. 4 Nov.21 to Dec. 3
Chestnut Hill RR.(guar.)
Jan. 7 *Holders of rm. Doe. des
1
•
prof
Western,
Great
Chicago
250. Dec. 31 Holders of reo. Dec. la
Chicago North Western common
1% Dec. 31 Holders of rec. Dec. la
Preferred (guar.)
1% Dec. 31 Holders of rem. Doe. Sc
Chic. It. I. & Pacific, corn.(guar.)
3% Dec. 31 Holders of roe. Dee. 5a
7% preferred
Dec. 31 Holders of rec. Dee. 5o
3
8% preferred
•4
Dec. 2 *Holders of reo. Dee. 5
Cm.N.0.& Texas Pacific, corn
•54)
Dec. 26 *Holders of rec. Dec. 5
Common (extra)
Cleveland az Pittsburgh. guar. (guar.).- 87)4c Dec. 1 Holders of rec. Nov. 10
500 Dec. 1 Holders of rec. Nov. 10
Softie! guar. (ouar.)
411 Dec. 10 *Holders of rec. Nov.25
Columbus & Xenia (guar.)
•10e. Dec. 10 *Holders of rec. Nov. 25
Extra
Consolidated RR.'s of Cuba, pf.(gu.)...... 134 Jan, 2 Holders of rec. Dec. 10a
$1.20 Dec. 29 Holders of rec. Dec. 296
Cuba RR., common
Feb211 Hold, of roe. Jan.1511a
3
Preferred
234 Dec. 20 Holders of rec. Nov.260
Delaware & Hudson Co.(guar.)
Jan. I *Holders of rec. Doe. 15
411
Delaware RR
8744c Dee. 1 Holders of rec. Nov.290
Erie & Pittsburgh (guar.)
Dec. 81 Holders of roe. Dee. 13a
2
Erie RR. let and 2nd preferred
•134 Jan. 2 *Holders of rec. Doe. 20
Gulf Mobile & Nor., pref. (guar.)
134 Dee. 1 Holders of roe. Nov.150
Hudson & Manhattan. common
194 Dec. 1 Holders of roe. Nov. 70
Illinois Central. corn. (guar.)
Dec. 1 Holders of roe. Nov.20
3
Kansas Okla.& Gulf, pref. A,B &
134 Jan. 2 Holders of req. Dec. 15
Maine Central, common (gum.)
Dec. 1 Holders of rec. Nov.15
134
Preferred(gum)
$1.25 Dec. 1 Holders of roe. Nov.22
Midland Valley, preferred
Dee. 31 Holders of rec. Dec. 50
51
Mo.-Kansas-Texas, common (guar.)
134 Dec. 31 Holders of roe. Dee. 56
Preferred A (guar.)
134 Dec. 31 Holders of roe. Deo. 15a
Missouri Pacific preferred (qua?.)
New Orleans. Texas & Mexico (guar.).- 154 Nov.29 Holders of roe. Nov.140
N.Y.Chic.& St. Louis,corn and prf(au) 134 Jan. 2 Holders of rec. Nov. 150
244 Dec. 19 Holders of roe. Nov.290
Norfolk at Western, cons. (guar.)
Doe. 19 Holders of roe. Nov.290
2
Common (extra)
Dec. 1 *Holders of reo. Nov. 1
•3
Ontario & (Quebec Ry
•21,4 Dec. 1 *Holders of roe. Nov. 1
Debenture stock
Nov.29 Holders of rec. Nov. 10
$1
Pennsylvania (guar.)
Phila. Germantown & Norristown (gu.)_ 51.50 Dec. 4 Nov. 21 to Dec. 3
Pittsburgh Bessemer & Lake Erie, prof.. 81.50 Dec. 1 Holders of res. Nov. 15
194 Dec. 1 Holders of rec. Nov. 200
Pitts. Young,. & Asbtab.. pref.(gu.)
- 50e. Dec. 11 Holders of roe. Nov.205
Reading Company, first pref.(guar.).
2
Jan, 2 Holders of rec. Dec. la
Francisco
(qn.)..
common
St. Louis-San
13.4 Feb. 2 Holders of rec. Jan. 2a
6% preferred (guar.)
144 May 1 Apr. 12 to May 12
8% preferred (guar.)
144 Aug. 1 Holders of rec. July la
6% preferred (guar.)
144 Nov. 2 Holders of rec. Oct. la
6% preferred (guar.)
134 Jan. 2 Holders of rec. Nov. 28a
(guar.)
Pacific
Co.
Southern
'
234 Jan. 1 *Holders of rec. Dec. 1
Southwestern RR.of Georgia
134 Dec. 31 Holders of rec. Dee. 156
Texas & Pacific common (guar.)
234 Jan. 2 Holders of rec. 1)e0.1 la
Union Pacific common (guar.)
United N.J. RR.& Canal Co..(gu.)-- - '234 Jan 1'31 *Holders of rec.Dec.2010
•$1.50 Dec. 1 *Holders of roe. Nov. 15
West Jersey & Seashore
Public Utilities.
$1.75 Jan 2 Holders of rec. Dec. 15
Alabama Power, 57 pref.(guar.)
$1.50 Jan. 2 Holders of roe. Dee. 15
$6 preferred (guar.)
$1.25 Feb. 2 Holders of rec. Jan. 15
$5 preferred (guar.)
Alabama Water Serv $6 pref.(guar.)._ •$1.50 Dee. 1 *Holders of rec. Nov. 20
Amer. Electric Power. VS Prof. (guar.)._ $1.50 Dec. 1 Holders of rec. Nov. 20
$1.76 Dec. 15 Holders of rec. Nov.28
$7 preferred (guar.)
250. Dec. 1 Holders of rec. Nov. 200
Amer.Power & Light. common (guar.)._
Dee. 1 Holders of roe. Nov. 200
12
Common (payable in corn.stock)
(special)
Dec. 1 Holders of rec. Nov.200
stock)
110
corn,
Common (pay, in
Amer.Superpower Corp. corn.(annual). 40c. Doe. SO Holders of roe. Doe. 1
134 Doe. 1 Holders of rec. Nov.200
Amer. Telegraph & Cable (guar.)
Amer. Telephone & Telegraph (guar.)__ 2% Jan. 15 Holders of roe. Dec. 200
Amer. Water Works & Electric$1.50 Jan. 2 Holders of rec. Dec. 120
56 first preferred (guar.)
Arkansas Power & Light. $7 pref.(gu.)- $1.75 Jan. 2 Holders of rec. Doe. 15
$1.50 Jan. 2 Holders of rec. Dec. 15
5,6 preferred (guar.)
Associated Gas & Elec.,original pf.(gu.) 8734e Jan. 2 Holders of rec. Nov.280
$1.50 Dec. 1 Holders of rec. Oct. 3Ia
$6 preferred «mar.)
51.625 Dec. 1 Holders of reo. Oct. 316
$8.50 preferred (guar.)
$1.25 Dee. 15 Holders of rec. Nov.d15a
$5 preferred (guar.)
Jan. 2 Holders of roe. Nov.250
$4
$8 allotment certificated
$1.75 Jan. 2 Holders of reo. Nov.28a
$7 preferred (guar.)
12 Jan. 15 Holders of roe. Doe. 31
Assoc. Telep. Coil., corn.(guar.)
$1.75 Doe. 15 Holders of rec. Nov.29
$7 prior preferred (guar.)
$1.50 Dee. 15 Holders of roe. Nov.29
$6 prior preferred (guar.)
$1.50 Jan. 2 Holders of roe. Dec. 15
$6 cony, pref. ser. A (guar.)
•154
Doe. 1 *Holders of roe. Nov. 14
(guar.).
Baton Rouge Elec. Co.. prof. A
Birmingham Elec. Co.. $6 pref.(rm.)... $1.50 Jan, 2 Holders of Teo. Dee. 13
$7 preferred (guar.)
$1.75,Jau. 2 Holders of reo. Dec. 13
(Vox.. 131.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days levelustes.
Public Utilities (Continued).
Dec. I Holders of Teo. Nov. 140
Blackstone Valley Gas & Elec.. prof..... 3
14, Jan, 2 Holders of rec. Dec. 10
Boston Elevated Hy., coin.(guar.)
344 Jan. 2 Holders of rec. Doe. 10
Preferred
Jan. 2 Holders of rec. Dec. 10
$4
First preferred
Brazilian Tr. L. & Pow., ord. On Mock) (0 Dec. 1 Holders of rec. Oct. 31
Dec. 1 Holders of roe. Nov.140
2
Brooklyn Edison (guar.)
Brooklyn-Manhattan Transit, pref.(lu ) $1.50 Iy 1511 Holders of roe. Dee. 310
$1.50 4p15'31 Hold of roe. Apr. 1 1931a
Preferred. series A (guar.)
$1.25 Jan. 2 Holders of roe. Dec.
Brooklyn Union Gas(guar.)
Buff. Niagara & East Pw., corn.(guar) •400. Dec. 31 Holders of rec. Nov.2
•40e. Dec. 31 Holders of rec. Nov.2
Class A (guar.)
•40e. Jan. 2*Holders of rec. Doe, 1
Preferred (guar.)
•51.25 Feb. 2 *Holders of rec. Jan. 1
$5 first preferred (guar.)
1% Dec. 1 Holders of rec. Nov. a
pref.
let
(auar.)Hydro-Elec..
Canadian
Canadian Western Natural Gas L.Et.&
*250 Dee. 1 *Holders of roe. Nov. 1
Pow., preferred (extra'
•250 Mr,2'31 *Hold,of reo. Feb. 14'3
Preferred (extra)
•250 Jun111 *Hold. of roe. May 15'3
Preferred (extra)
Cent. Ark. Public Serv., pref.(qua?.)... 154 Dec. 1 Holders of rec. Nov. 1 a
•141 Dec. 1 *Holders of roe. Nov. 1
Central GCS & Elec.. pref.(guar.)
•$1.50 Jan. 15 *Holders of roe. Dec. 3
Central Ills. Pub. Sere., pref.(qua?.)
155 Dec. 1 Holders of rec. Nov.2
Central Indiana Power.7% pref.(en,)
Cent. Miss. Val, El. Prop., prof.(W.) •134 Dee. 1 *Holders of MC. NOV. 1
Cent. Public Service Corp., el. A (gu.)-• it43%0 Dec. 15 *Holders of reo. Nov.2
Jan. 1 *Holders of roe. Dee. 1
.51
$4 preferred (guar.)
•51.50 Jan. 1 *Holders of roe. Dee. 1
$6 preferred (guar.)
•$1.75 Jan. 1 *Holders of rec. Dec. 1
$7 preferred (guar.)
10e. Jan, 1 Holders of ree. Deo.
Cent. States Elec. Corp., common (gu.).
1234 Jan. 1 Holders of rec. Dec.
Common (payable in corn.stook)
1,4 Jan, 1 Holders of rec. Dec.
7% preferred (guar.)
1,4 Jan. 1 Holders of rec. Dee.
6% preferred (guar.)
Cony. pref. opt.series 1928 (guar.) _or $1.50 Jan. 1 Holders of roe. Dee.
Jan. 1 Holders of roe. Dec.
$1.50
_in
(guar.)
Cony. pref. opt. series 1929
Chicago Rapid Tran., pr. pf. A (mtb15.)- •650. Dec. 1 *Holders of rec. Nov. 1
•600. Dec. 1 *Holders of reo. Nov. 1
Prior pref.series B (monthly)
Chic.South Shore & South Bend B.R.1% Dec. 1 Holders of roe. Nov. 1
Preferred A (guar.)
581-3o Dec. 15 Holders of roe. Dec. a
Cities. Serv Pr.& Lt. 57prof(mth15)
500. Dee. 15 Holders of rec. Doe.I a
58 preferred (monthly)
412.30 Dec. 15 Holders of ree. Doe. la
$5 preferred (monthly)
Dee. 1 *Holders of roe. Nov.20
1%
•
Citizens Gas (Indianapolis) pref.(p.).1% Dec. 1 Holders of ree. Nov. 14
Cleveland Elec.III., pref.(guar.)
Commonwealth & Sou. Corp..eom.(111) 15o. Dec. 1 Holders of reo. Nov. 30
$1.50 Jan. 2 Holders of rec. Dec. 8a
Preferred (gum)
Commonwealth Utilities, pref. C((M.).- 51.625 Dec. 1 Holders of rec. Nov.20
Community Water Service, $7 pref.(qt1.) 51.75 Dec. 1 Holders of rec. Nov.20
$51.25 Jan211 Holders of roe. Dee. 15
Consumers Power Co.,$5 prof.(qua:.)
134 JanT31 Holders of roe. Dec. 15
6% preferred (guar.)
$1.65 Jan2'31 Holders of rec. Dee. 15
6.6% preferred (quar.)
154 Jan211 Holders of res. Dec. 15
7% preferred (guar.)
50o Deo, 1 Holders of roe. Nov.15
6% preferred (monthly)
500. Jan211 Holders of rea. Dec. 15
8% preferred (monthly)
550 Dee. 1 Holders of rec. Nov.15
6.6% preferred (monthly)
Jan2'31 Holders of roe. Deo. 15
55o
6.6% preferred (monthly)
•75e. Jan. 1 *Holders of rec. Dec. 15
Connecticut Electric Serv.,(guar.)
Connecticut Light & Power. COM.(q1.)- •141 Dec. 1 *Holders of rec. Nov. 15
•144 Dec. 1 *Holders of rec. Nov. 15
54, preferred (guar.)
*1% Doe. 1 *Holders of roe. Nov. 15
634% preferred (guar.)
Dec. 1 *Holders of roe. Nov. 15
•62340
(guar.)
Power
Connecticut
Doe. 1 *Holders of rec. Nov.14
Connecticut River Power. preferred-- •3
Consol. Gas El,L.& P., Balt.. coM.(q11.) *Mk. Jan. 2 *Holders of rec. Dee. 15
1.134 Jan. 2 *Holders of rec. Doe. 15
5% preferred, series A (guar.)
•114 Jan, 2 *Holders of rec. Doe. 15
6% preferred, series D (guar.)
•144 Jan. 2 *Holders of roe. Doe. 15
544% preferred, series E (guar.)
Doe. 15 Holders of roe. Nov.146
$1
Consolidated Gas of N. Y., corn.(qu.)
Me. Doe. 1 Holders of rec. Nov.15
Consolidated Gas Utilities. cl. A (guar.).
Dec.
$2.50
30 Holders of rec. Nov.29
Continental Pass By., Philo
•50o. Dec. 1 *Holders of roe. Nov.20
Dayton Power dr Light, pref.(mthly.)
East Kootenay Power, pref. (guar.).- 134 Dee, 15 Holders of roe. Nov.29
Eastern Minnesota Power.$8 pf.(go.)- $1.50 Dec. 1 Holders of rec. Nov. 15
Eastern Shore Pub.Ser.$834 pf.(gu.) $1.625 Dec. 1 Holders of rec. Nov.15
$1.50 Doe. 1 Holders of rec. Nov.15
$6 preferred (guar.)
Eastern Texas Elec. Co., pref.(guar.). •1% Jan. 1
Electric Bond & Share Co., corn.(guar.) 113.4 Jan. 15 Holders of roe. Dec. 5
$1.50 Feb. 2 Holders of rec. Jan. 8
$6 preferred (guar.)
51.25 Feb. 2 Holders of rec. Jan. 8
$5 preferred (guar.)
•1
Deo, 1 *Holders of reo. Nov.20
Empire & Bay State Teleg.(guar.)
Empire District Elec. Co., pref.(Mth15) 500. Dec. 1 Holders of rec. Nov. 15a
Empire Gas & Fuel Co.,8% pf.(mthly)_ 66 2-3c Dec. 1 Holders of roe. Nov.150
662-30 Jan. 1 Holders of rec. Dec. 150
8% preferred (monthly)
58 1-3e Dec. 1 Holder, of tee. Nov.15a
7% preferred (monthly)
58 1-3e Jan. 1 Holders of rec. Doe. 15a
7% preferred (monthly)
54 1-60 Dec. 1 Holders of reo. Nov.150
634% preferred (month's')
54 1-6c Jan. 1 Holders of roe. Dec. 15a
634% preferred (monthly)
50o. Dec. 1 Holders of rec. Nov.15a
6% preferred (monthly)
50e Jan. 1 Holders of rec. Doe. 15a
6% preferred (monthly)
60e Jan. 2 Holders of rec. Dee. 17a
Engineers Public Service. corn.(qua?.)
$1.25 Jan. 2 Holders of ree. Dee. 17a
$5 convertible pref.(guar.)
$1.375 Jan. 2 Holders of roe. Dec. 17a
$5.50 preferred (guar.)
51.50 Jan. 2 Holders of rec. Dec. 17
$8 preferred (guar.)
Dec. 1 *Holders of rec. Nov.22
•4
Essex & Hudson Gas
Federal Light & Tree., corn.(guar.).- 37140 Jan. 2 Holders of roe. Dee. 13a
Jan, 2 Holders of roe. Doe. 13a
11
Common(pay.In cons stook)
11.50 Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
600. Dec. 1 Holders of rec. Nov. 8a
Federal Water Serv.. el. A (1U.)
Florida Power Co.7% of.(par $5030011.) 87He Dec. 1 Holders of rec. Nov. 15
1,( Dee. 1 Holders of roe. Nov. lb
7% clan. prof.(Oar $100)(guar.)
Frankford &Southwark Phila.Pase.(gu.) 11.50 Jan, 2 *Holders of roe. Dee. 1
1.8 Dec. I Holders of rec. Nov. 20
Gary Railways prof. A (guar.)
Gas& Elec.Securities. cons.(monthly).. 50e. Dec. 1 Holders of Teo. Nov. 154
50e. Jan, 1 Holders of rec. Dee. 15
Common (monthly)
N Dee. 1 Holders of roe. Nov. 16a
Corn.(pay,in corn.stock)(mtillY.)--Common (pay, in corn. stk.) (mthly) ,ffi Jan. 1 Holders of rec. Dee. 15
581-3c Dee. 1 Holders of rec. Nov. 15a
Preferred (monthly)
68 1-30 Jan. 1 Holders of roe. Dee. 15
Preferred (monthly)
114 Jan. 1 Holders of rec. Dec. 15
Gas Securities Co.,com.(monthly)
Me Deo. 1 Holders of reo. Nov. 15a
Corn.(Pay.In corn.stock)(mthly
50o. Deo. 1 Holders of rec. Nov. 15a
Preferred (monthly)
600. Jan. 1 Holders of rec. Dee. 15
Preferred (monthly)
General Gas az Mee.. corn. A & B (gu.)- 77)40 Jan. 2 Holders of rec. Nov.28a
Jan. 2 Holders of rec. Nov.28a
$2
58 preferred (guar.)
$1.75 Jan. 2 Holders of rec. Nov.28a
$7 preferred (guar.)
81.50 Dec. 15 Holders of tee. Nov. 14a
$6 preferred A & B (qu.)
Green Mountain Power.$6 pref.(QU.)-- $1.50 Dee. 1 Holders of rec. Nov. 15
411.50 Doe. 15 *Holders of reo. Doe. 1
Gulf States Utilities, $6 pref. (qua?.)
• 81.375 Doe. 15 *Holders of rec. Doe, 1
$5.50 preferred (guar.)
75e. Dec. I Holders of rec. Nov.144
Hackensack Water, common
Hawaiian Cons. fly., Ltd.. pref. A (01) *15e. Dee. 31
Huntington Water.7% pref.(guar.).- 4,154 Dec. 1 *Holders of rec. Nov. 20
4.144 Dec. 1 *Holders of rec. Nov.20
Houston Gulf Gas, pref. A (guar.)
Preferred B (guar.)
•134 Dec. 1 *Holders of rec. Nov.20
Illinois Power Co.,6% pref.(guar.)---- 144 Jan. 2 Holders of rec. Dec. 15
1,1 Jan. 2 Holders of rec. Dec. 15
7% Preferred (guar.)
$1.50 Dec. 31 Holders of roe. Nov.20
Illinois Water Service, pref. (qua?.)
Indiana Hydro-Elee. Power, prof. (Qu) 1% Doe. 15 Holders of rec. Nov.29
1% Dec. 1 Holders of roe. Nov.15
Indiana Service Corp.7% pref.(qua?,)
1% Dec. 1 Holders of rec. Nov.15
6% preferred (guar.)
1% Jan. 1 Holders of rect. Dee. 12a
Indianapolis Water Co., pref. A (gu.)
Intercontinents Power CO., COM.MIN.)- b50e. Deo. 1 Holders of roe. Nov. 1
Dee. 1 Holders of rec. Nov. 15
$1.75
$7 preferred (guar.)
Ironwood & Bessemer Ily..4( L., pt.(gu) •154 Doe. 1 *Holders of roe. Nov. 15
Kansas City Pow.az Lt., let MB(gu.) 81.50 Jan. 1 Holders of ree. Dee, 156
Dec. 1 Holdera of roe. Nov.20
Keystone Telephone, $4 pref. (qua?.)
$1
*1% Doe. 1 *Holders of roe. Nov.14
Key West Electric Co., pref.(guar.)
Doe. 15 Holders of reo. Dee, la
2%
Gas
Laclede
Light, corn.(guar.)
234 Dec. 15 Holders of reo. Dee. la
Preferred
Dec. 1 *Holders of reo. Nov.15
Lake Superior Dist. Power,6% pt.(en)
•1,4 Doe. 1 *Holders of rec. Nov. 15
7% preferred (guar.)
Lexington Water Co..7% Pref.(qua?.).. 1% Dee. 1 Holders of rec. Nov.20
Hold of reo. Feb.2 1931
00
LoneStar Gm.eom.(in corn. Mk.)
Louisville Gas az Elec.. el. A & B (guar.) 43340 D80. 24 Holders of reo. Nov.296
Nov. 29 1930.]
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
150. Dee. 31 Holders of rec. Dec. 15
Memphis Natural Gas,corn.(qu.)(No.1)
100. Dee. 31 Holders of rec. Dee. 15
Common (extra)
$1.75 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 *Holders of rec. Nov.28
Metropolitan Edison Co.. corn. (guar.). '$1
*$1.75 Jan. 2 *Holders of reo. Nov.28
$7 preferred (guar.)
•$1.50 Jan. 2 *Holders of rec. Nov. 28
$8 preferred (quar.)
081.25 Jan. 2 *Holders of rec. Nov.28
$5 preferred (guar.)
Dec. 1 *Holders of rec. Nov.20
Middlesex Water (qua?.)
*43Si Dec. 15 *Holders of rec. Dee. 5
Middle Western Telep. core. A (ESL)
Midland United Co.. corn. (guar.)
f114 Dee. 24 Holders of rec. Dee. I
u75c. Dee. 24 Holders of rec. Dec. I
Convertible pref.. series A (guar.)
Minneapolis Gas Lt.,7% pf.(quar.). •155 Dec. 1 *Holders of rec. Nov. 20
'14 Dec. 1 *Holders of rec. Nov. 20
6% Preferred (guar.)
Mississippi Val.Pub.Serv.,7% pt.(au) •1% Dee. 1 *Holders of rec. Nov. 20
'Sc. Dec. 1 *Holders of rec. Nov. 17
Mutual Tel.(Hawaii)(monthly)
National Gas & Elec., Prof.(quar.)- •-• $1.825 Jan 1'31 *Holders of rec. Dec. 20
250. Dec. 1 Holders of rec. Nov. 58
National Power & Light,cow.(quar.)..
400. Dec. 15 Holders of reo. Nov.28
Nat.Public Service common A (qua?.)..
40o. Dec. I Holders of rec. Nov. 15
Common B (guar.)
750. Dee. 1 Holders of tee. Nov.15
$3 turn. Pref. (attar.)
8740 Dee. 1 Holders of rec. Nov. 15
23.60 cum. pref.(guar.)
1% Dec. 1 Holders of rec. Nov. 15
Nebraska Power, 7% pref.(guar.)
154 Dec. 1 Holders of rec. Nov. 15
8% preferred (guar.)
•$1 Dee. 10 *Holders of rev. Nov.80
Newark Telephone (awe.)
New Eng.Pub.Ser.$7 pr.lien pf.(oil.).•$1.75 Dee. 15 *Holders of roe. Nov.29
•$1.50 Dee. 15 *Holders of rm. Nov.29
$8 prior lien pref.(guar.)
2 Dec. 31 Holders of rm. Dec. 10
New England Telep. & Telex.(guar.)._
Dec. 1 Holders of rec. Nov.20
New Rochelle Water. Prof. (guar.)
N. Y. Central Elec. Corp., pref.(guar.) *1% Jan. 2 *Holders of rec. Nov. 28
N.Y.& Queens El. L.& P., corn. (oil.) •$1.50 Dee. 13 *Holders of rec. Nov.28
•1ti Dee. 1 *Holders of rec. Nov. 21
Preferred (guar.)
Dec. 16 Holders of rec. Dec. 5
New York Water Service. pref.(qua?.)
Niagara & Hudson Pow.Corp.,com.(qu)
100. Dee. 31 Holders of rec. Dec. 1
North American Co.,corn.(in corn. stk.) 12% Jan. 2 Holders of reo. Dec. 5a
750. Jan. 2 Holders of reo. Dee. to
Preferred (quar.)
North American Edison Co.. pref.(qu.) $1.50 Dec. 1 Holders of rec. Nov. 15a
North Amer. Util. Secure., let Id.
$1.50 Dec. 15 Holders of reo. Dee. 1
Northern States Power (Wis.). Pf. (qu.) 1% Dec. 1 Holders of rec. Nov. 20
Northwestern Pub. Secy.7% of.
•185 Dec. 1 *Holders of rm. Nov.20
6% preferred (guar.)
-Dec. 1 *Holders of rec. Nov.20
Nova Scotia L.& P., Ltd., pref.(qu.)..... *134 Dec. 1 *Holders of rec. Nov. 15
Ohio Bell Telephone, pref.(guar.)
51 Jan. 1 *Holders of rm. Dec. 20
Ohio Power Co.,6% pref.(guar.)
0154 Dee, 8 *Holders of rec. Nov. 9
Ohio Pub. Serv.7% pref.(monthly)._ 58 1-3c Dec. 1 Holders of rm. Nov.15a
7% preferred (monthly)
58 1-30 Jan. 1 Holders of rec. Dec. I5a
6% preferred (monthly)
500 Dec. I Holders of rec. Nov. 150
6% preferred (monthly)
50c Jan. 1 Holders of rec. Dec. 150
5% preferred (monthly)
41 2-3c Dec. 1 Holders of rec. Nov. 15a
41 2,3 Jan. 1 Holders of rec. Dec. 150
5% preferred (monthly)
Ohio Telep Service, prat.(guar.)
•185 Dee. 31 *Holders of reo. Dee. 24
Oklahoma Gas & El.6% pt.(qu,)(No.1) 154 Dec. 15 Holders of rec. Nov. 30
7% preferred (quar.)
1% Dec. 15 Holders of rec. Nov. 30
Oregon-Washington Water Service*21.50 Dec. 1 *Holders of rec. Nov. 15
$6 preferred (guar.)
0E2.25 Dec. 1 *Holders of reo. Nov. 15
Otter Tail Power (Del.), corn.
*3.5o Jan 1'$1 *Hold, of rec. Dec. 15 '80
Peninsular Telephone corn.(guar.)
Pennsylvania Gm dr El. Co..corn. A (qu) *3714c Dec. 1 *Holders of rem Nov. 20
7% pref. and no par pref.(guar.)
•$1.75 Jan. 1 *Holders of rm. Dec. 20
55c Dec. 1 Holders of rec. Nov. 20
Pennsylvania Power,$6.60 Prof.(mth12.)
$1.50 Doe. 1 Holders of rec. Nov. 20
26 preferred (guar.)
Pennsylvania State Water CorP..14.(3n.) $1.75 Dem 1 Holders of rec. Nov.20
Peoples Light & Power,class A (qua?.).- *800. Jan. 2 *Holders of rec. Dec. 15
$1.50 Jan. 2 Holders of rec. Dec. 10
Philadelphia Co.. 88 pref. (guar.)
Phila. suburban Water Co.. pref. (qu ) 14 Dec. 1 Holders of rec. Nov. 12
Ponce Electric Co., Prof.(guar.)
Si,' Jan, 2 *Holders of rec. Dec. 15
'154 Dec. 1 *Holders of reo. Nov. 19
Public Elec. Light Co., pref.(qua?.)
Pub.Serv.of Col.7% pref.(mthly.)--• 58 1-3 Dec. 1 *Holders of rec. Nov. 15
58 1-3c Jan. I Holders of rec. Dec. 15
7% preferred (monthly)
•50o Deo. 1 *Holders of rec. Nov. 15
6% preferred (monthly)
50o Jan, 1 Holders of rec. Dec. 15
6% preferred (monthly)
5% preferred(monthly)
•412-3 Dec. 1 *Holders of rm. Nov. 15
41 2-3c Jan, 1 Holders of rm. Dec. 15
5% preferred (monthly)
Public Service Corp.of N.J.,01.(mth19) 50o Nov.29 Holders of rec. Nov. la
10
Holders of coup. No. 6
Rhine Westphalia Electric Power
Rochester Central Power, 6% pt.(qu.) •1ti Jan. 2 *Holders of rec. Nov. 28
Rochester Gas & Elec..7% of., ser B(gu) 15( Dec. 1 Holders of rec. Oct. 31
1M Deo. 1 Holders of rec. Oct. 31
8% preferred, series C (guar.)
Dec. 1 Holders of rec. Oct. 31
8% preferred. series 13 (guar.)
'435(0 Dec. 1 *Holders of rec. Nov.29
Savannah Gas Co. (guar.)
500. Dec. 1 Holders of rec. Nov. 10
Seaboard Public Service common (qu.)
81)(c Dee. 1 Holders of rm. Nov.10
$3.25 cony. pref. (guar.)
$1.50 Dec. 1 Holders of rec. Nov.10
$8 turn. pref. (guar.)
Jan. 1 *Holders of reo. Dee. 1
2d & 3d ins. Pass. Ay.. Phila.(guar.).- •83
'18( Jan. 16 *Holders of roe. Jan. 1
Sedalia Water. prof.(qua?.)
13214o Jan. 10 Holders of rec. Dec. 18
Shawinigan Water dr Power(qu.)
•2 Dec. 1 *Holders of reo. Nov. 15
Somerset. Union & Middlesex mg
Southern Calif. Edison. pref. A (guar.) 43,50 Dee. 15 Holders of reo. Nov. 20
371.4c Dec. 15 Holders of rm. Nov. 20
Preferred B (guar.)
•25c. Nov.29 *Holders of rec. Oct. 31
Southern Calif. Gas. corn.(guar.)
• 81.825 Nov.29 *Holders of rec. Oct. 31
Preferred (guar.)
Southern Colo. Power Co.. pref. (guar.) 1m Dee. 15 Holders of rm. Nov.30
Dec. 15 Holders of reo. Nov.290
Standard Gas & Elec., $4 pref.(qua?.).. 21
50c. Deo. I Holders of rec. Nov. It
Standard Pow.&
& com.B(au.)
Tennessee Elec. Power. 5% let pf.(111.) 1)4 Jan 2'31 Holders of reo. Dee. 15
134 Jan2'31 Holders of ree. Dee. 15
8% first preferred (quaff.)
1% Jan2'31 Holders of rec. Dec. 15
7% first preferred (guar.)
$1.80 Jan2'31 Holders of reo. Dec. 15
7.2% first preferred (guar.)
50o. Doe. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
500. Jan2'31 Holders of rec. Dec. 15
8% first preferred (monthly)
600. Dee. 1 Holders of ree. Nov 15
7.2% first preferred (monthly)
(100. Jan2'31 Holders of reo. Deo. 15
7.2% first preferred (month's,
)
$1.50 Dee. 1 Holders of rec. Nov. 15
Tide Water Power $6 pref. (guar.)
Toledo Edison Co..7% pf.ser.A(mthly.)- 581-3c Dec. 1 Holders of rec. Nov. 15a
500. Deo. I Holders of rec. Nov. 15a
8% preferred (monthly)
41 2-3c Dec. I Holders of rec. Nov. 15a
5% preferred (monthly)
'Fri-State Toles).& Teleg.. Pref.(quar.)-- •150. Dec. 1 *Holders of roe. Nov.15
Union Natural Gas of Canada (guar.).-- .835c. Dec. 10 *Holders of rec. Oct. 15
•o5c. Dec. 10 *Holders of rec. (let, 15
Extra
750. Jan, 2 Holders of rec. Dec, 5a
United Corporation, $3 pref. (qua?.).
$1.75 Dec. 1 Holders of rec. Nov.20
United Gas Corp.,$7 pref.(guar.)
30c. Dee. 31 Holders of rec. Nov. 290
Improvement.
com.
(guar.)
United Gas
$1.25 Dec. 31 Holders of rec. Nov.29a
Preferred (guar.)
United Light & Railways*58 Mc Dec. 1 *Holders of rec. Nov. 15
7% prior Prof. (monthly)
•530. Deo. 1 *Holders of rec. Nov. 15
8.38% prior pref.(monthly)
*500. Dec. 1 *Holders of rec. Nov. 15
preferred
(monthly)
6% prior
Jan15'11 *Holders of rec. Dec. 31
4.$2
United Tel.(Kansas) coin. (guar.)
•$1.75 Tn15'31 *Holders of rm. Dec. 31
Preferred (guar.)
Virginia Elec.& Power $8 prof.(guar.)._ $1.50 Dec. 20 Holders of rec. Nov.258
Dec. 1 *Holders of reo. Nov. 15
Washington Ry.& Elec.5% pref.(mum.)
Washington Water Pow..64% Pt.(qu.) *pi Dec. 15 *Holders of rec. Nov.25
*31.50 Dec. 15 *Holders of rec. Nov.25
$8 preferred (guar.)
Western Continent. Utll., el. A (oil.).._k '3254c Dec. I 'Holders of rec. Nov. 10
15( Dec. 1 Holders of ree. Nov. 15
West Ohio Gas Co.. pref. A (quar.)
•3734e Dec. 1 *Holders of rec. Nov.20
Want Coast Telep.(guar.)
24.25 Jan. 1 Holders of rec. Dec. 15
West Phila Passenger Ry
Wheeling Elec. Co..6% prof.(guar.).- •154 Dec. I *Holders of rec. Nov. 8
$1.50 Dee. 1 Rollers of rec. Nov. 20
Williamsport Water,:a pref. (Qua?.)
1% Jan. 1 Holders of rec. Dee. 6
Winnipeg Elec. Co., pref.(guar.)
Wisconsin Power & Lt.6% Pf.(quar.). •1H Dec. 15 *Holders of rec. Nov.30
•Iyi
Dec. 15 *Holders of rec. Nov.30
7% preferred (guar.)
154 Dec. 20 Holders of rec. Nov.30
Wisconsin Pub. Serv., 8% pref. (rm.)
1% Dec 20 Holders of rec. Nov.30
64% preferred (guar.)
1% Dec. 20 Holders of reo. Nov.30
7% preferred (guar.)
SM./-
Trust Companies.
Continental Bank & Trust (guar.)
Fire Insurance
Importers'de Exporters (guar.)
New Brunswick Fire
North River (quar.)
3485
FINANCIAL CHRONICLE
30o. Dec. 15 Holders of rec. Dec. 5
Dec. 1 Holders of roe. Nov.22
*E1
900. Jan. 2 Holders of reo. Dec. 16
*500. Doe. 10 Holders of reo. Dec. 1
Name of Company.
When
Per
Cent. Payable.
Rooks Closed.
Days Inclustre.
Miscellaneous
Abbotts Dairies, Ina., corn. (quad)_ -- *50o. Dec. 1 *Holders of rec. Nov.15
First and second preferred (guar.)... 0194 Dec. 1 *Holders of rec. Nov. 15
400. Dec. 31 Holders of rec. Dec. 150
Adams Express. corn.(guar.)
155 Doe. 31 Holders of reo. Dec. 150
Preferred (guar.)
Administrative & Research Corp. A(on) 250. Dec. 18 Holders of rec. Dee. 5
100. Dec. 18 Holders of rec. Dec. 5
Class A (extra)
Ainsworth Mfg. (guar.)
0250. Dec. 1 *Holders of rec. Nov. 20
150. Dee. 18 Holders of eel. Nov. 290
Allegheny Steel(montage)
Extra
25c. Dee. 18 Holders of rec. Nov.290
Monthly
15c. Jan. 17 Holders of rec. Dec. 31a
Monthly
15c. Feb. 18 Holders of rec. Jan. 31a
•154 Dot. I *Holders of reo Nov 15
Preferred (guar.)
Allen Industries. Inc., pref.(guar.)
*75c. Dec. 1 *Holders of rec. Nov. 20
Alliance Realty. pref. ((juar.)
154 Dec. 1 Holders of roe. Nov.20
Alpha Portland Cement pref.(quasi_- .0154 Dec. 15 *Holders of rec. Dec. 1
Aluminum Industries, Inc. (guar.)
*37 Mc Dec. 15 *Holders of rec. Nov. 29
•154 Dee. 1 *Holders of rec. Nov. 15
Aluminum. Ltd.,6% pref. (guar.)
Aluminum Mfrs., Inc.. onto
*500. Ilse. $1 *Holders of rm. Dec. 15
•58 I-3c Doe. 15 *Holders of reo. Nov. 15
Laundries, pref. (mthly.)
American Arch (guar.)
*75c. Dec. 1 *Holders of rec. Nov. 21
Amer. Brown Boverf Elec.. pref.(quar.) 1,' Jan. 2 Holders of rm. Dee, 200
Amer. Capital Corp., T. pref.(guar.). $1.375 D. I Holders of rec. Nov. 15
1)( Dec. 31 Holders of rec. Dec. 2012
American Chain, Prof.(guar.)
American Chicle. corn.(guar.)
*50c. Jan. 1 *Holders of rec. Dec. 12
*25c. Jan. 1 *Holders of rec. Dec. 12
Common (extra)
American ColortyPe, common (guard._
60c. Dec. 31 Holders of rec. Dee. 1212
1)( Dec. 1 Holders of rec. Nov.15
Preferred (guar.)
American Dock, pref.(guar.)
Dee. 1 *Holders of rec. Nov.20
*2
rAmer. Elec.Securities, pref.(bi-mthly) 25c. Dec. 1 Holders of rec. Nov.20
*250 Dee, 23 *Holders of rec. Dec. 9
Amer. Encaustic Tiling, corn.(quar.)
12340 Dec. 1 Holders of roc. Nov. 15
Amer. & General Secur.. corn. A
750 Dec. 1 Holders of reo. Nov. 15
$3 first Preferred (guar.)
111 Jan 1'31 *Holders of reo. Dec. 18
American Hardware (guar.)
350 Dec. 1 Holders of roe. Nov. I40
American Home Products (monthly)._ _
Amer. Investment Trust met.(quar.).. 134 Del. 1 Holders of reo. Nov. 16
Amer. Laundry Mach.,corn.(guar.)...- .51 Dec. 1 *Holders of rec. Nov. 20
Amer. Machine dr Foundry20c Dec. 1 Holders of rec. Nov. 15a
New common (extra)
Dec. 81 Dec. 18 to Dec. 30
American Manufacturing. oom.(qum). 1
Dee. 30
154 Dec. 81 Dec. 18 to
Preferred(gum)
250 Dec. 1 Holders of rem Nov. 200
American Metal, corn. (guar.)
114 Dec. 1 Holders of reo. Nov.20a
Preferred (guar.)
*50c Dec. 1
Amer. Milling Mach.(quar.)
Amer. Radiator & Standard Sanitary
250 Dec. 31 Holders of rec. Doe. 1111
Mfg., corn.(guar.)
154 Dec. 1 Holders of me. Nov.15a
Preferred (guar.)
500 Jan. 15 Holders of rec. Dec. 15a
Amer. Rolling Mill.. cons.(guar.)
Jan. 1 *Holders of rm. Dec. 15
Preferred B (guar.)
6% preferred (guar.)
'154 Jan. 15 *Holders of rec. Doe. 31
134 Dee. 1 Holders of rec. Nov. 70
Amer.Smelt.& Refg., pref.(qua?.)
154 Dec. 1 Holders of rec. Nov. 1412
Second preferred (guar.)
50o Jan. 1 Holders of ree. Dec. 13a
American Stores. common (guar.)
50o Dec. I Holders of rem Nov. 14
Common (extra)
American Sugar Reg.. corn.(qua?.).... 134 Jan. 2 Holders of rm. Dec. 50
134 Jan. 2 Holders of rec. Doe. 5a
Preferred (guar.)
$1.50 Dec. 31 Holders of rec. Dm. 130
American Surety (guar.)
'1240 Jan. 1 *Holders of rec. Nov.29
American Thread,preferred
Amer Tobacco.. com. corn.B (qu.)... $1.25 Dec. 1 Holders of rec. Nov.10a
Amer.Utilities & Gen.Corp.el. A (go.). '32540 Dec. 1 *Holders of rec. Nov.22
'Sc.Dec. 1 *Holders of rm. Nov.22
Class B (guar.)
*75c Doe. 1 *Holders of rm. Nov.22
$3 Preferred (guar.)
Anchor Post Fence(qu.)(pay in stk.). *e2)i Jan. 1 *Holders of rec. Dec. 15
Dm, 15 Holders of rm. Doe. 2
El
Andian National Corp., reg.share
Dee. 15 Holders of coup. No. 4
$1
Bearer shares
*50c Dec. 1 *Holders of rec. Nov.24
Annapolis Dairy Products(No. 1)
Anticosti Corp.. prof.(guar.)
*154 Dee, 1 *Holders of rec. Nov. 14
Apex Electrical Mfg., prior pref.(qu.).. *1% Jan. 1 *Holders of rec. Dec. 20
Dec. 1 *Holders of rec. Nov.22
Appleton(D)dr Co.,corn.(guar.)
*21
Dec. 1 *Holders of rec. Nov.22
Common (extra)
•$1
Armour & Co.(III).. pref.(quar.)
194 Jan. 2 Holders of rec. Dec. 10
Armour & Co. of Del., pref.(guar.).- 151 Jan. 2 Holders of rec. Dec. 10
Arnold Print Works,7% partio. Pt.(111.) *137340 Dec. 1 *Holders of rec. Nov.20
First preferred (guar.)
*21.75 Jan. 1 *Holders of rec. Dec. 20
Artioorn Corp., prof.(guar.)
$1.75 Dec. 1 Holders of reo. Nov. 1711
40o. Dec. 1 Holders of rec. Nov. 15
Associated Co.(Newark, N.J.)
A isoclated Dry Goods, 1st pref. (qua?.) 114 Dec. 1 Holders of rec. Nov. 50
134 Dec. 1 'Holders of rec. Nov. Fla
Second preferred (flue?.)
Associated Quality Canners, corn.(gm.). *3734e Dec. 1 *Holders of rec. Nov. 15
Associates Investments Co. corn. (cm.). •$1 Dec. 3 *Holders of reo. Dec. 20
• 1% Doe. 3 *Holders of rec. Dec. 20
Preferred (guar.)
21 Nov.29 Holders of rm. Nov.10a
AU.Gulf & West Indies 8.8.Lines(qu.)
154 Doe. 81 Holders of reo. Dee. 11
Preferred (guar.)
250. Deo, 15 Holders of rec. Nov. 210
Atlantic Refining, corn. (guar.)
250. Dec. 15 Holders of rec. Nov.210
Common (extra)
750. Dec. 1 Holders of rec. Nov.20
Atlantic Securities Corp.. pref.(guar.)._
Dec. 10 Holders of rec. Nov. 28a
Atlas Powder, common (guar.)
$1
Doe. 1 *Holders of rec. Nov.17a
•250.
(guar.)
Stores.
tom.
Atlas
flM Doe. 1 Holders of rem Nov.17a
Coin. (payable in corn. stook)
1154 Mm 13 1 Hold of Tee Feb.16 lit
Corn (payable in corn. stook)
750. Dee. 1 Holders of rec. Nov.20
Atlas Utilities, pref. A (guar.)
Austin Motors Co., Ltd.Amer. dep. receipts ord, reg. shs
• rr60 Dec. 5 *Holders of rec. Nov. 7
Balaban & Kats Corp., corn.(guar.)
*756. Dec. 2 *Holders of reo. Dec. 15
•114 Dec. 27 *Holders of rec. Dec. 15
Preferred (guar.)
Baldwin Locomotive Works, common__ 8734e Jan. 1 Holders of rec. Derr. 611
Preferred
334 Jan. 1 Holders of rec. Dee. 60
Baldwin Rubber, pref. A (guar.)
*3735c Dec. 31 *Holders of rec. Dec. 20
Bomberger (L.) & CO.. prof.(oUsr.)...-- 154 Dee. 1 Holders of reo. Nov. 14a
Sandhi'Petroleum (monthly)
*10e. Dec. 20 *Holders of rec. Nov. 29
Beacon Participations, Inc.part.pf.A(qu) *25c. Deis, 1 *Holders of rec. Nov. 15
Barker Bros.,common (guar.)
50c. Jan. 1 Holders of rec. Dec. 1312
Preferred (guar.)
194 Jan, 1 Holders of rec. Doe. 13a
Bastian Blessing Co., corn.(guar.)
115c. Dee. 1 *Holders of rec. Nov. 15
Bawif(N.) Grain Co..Ltd., peel.(qu.).. •I14 D. 1 *Holders of rec. Nov. 15
Bostondr Caldwell Mfg.(monthly)
*250 Doe. 1 *Holders of rec. Nov.29
Monthly
.0250 Dee. 31 *Holders of rec. Nov.30
Beech-Nut Pooling (guar.)
The Jan. 1 Holders of reo. Dee. 12a
Belding-Corticelli. Ltd.. Pref. (quar.)-134 Dee. 15 Holders of roe. Nov. 29
Bendix Aviation (guar.)
250. Jan. 2 Holders of reo. Dec. 10a
Best & Co.(guar.)
500. Dec. 15 Holders of rm. Nov.25a
Bethlehem Steel. corn.(guar.)
$1.50 Feb. 18 Holders of rec. Jan. 12a
Preferred (guar.)
134 Jan, 2 Holders of rec. Doe. 50
Bigelow Co., preferred
*3 Dec. 1
Black & Clawson Cm.tom.&
*13.4 Dec. 1 *Holders of rec. Nov. 26
Blaw-Knox Co.(quar.)
37 Sirs Dec. 2 Holders of rec. Nov. 1211
Blayney dr Murphy Co., pref.(guar.)._
*154 Dec. 1 *Holders of reo. NOv.15
Bloch Bros.. pref. (guar.)
*114 Dec. 31 *Holders of reo. Deo. 36
Blue Ridge Corp., prof. (guar.)
aa75c Dec. 1 Holders of rec. Nov. 5
Blumenthal(Sidney)& Co.. met.(qu.)._
151 Jan. 2 Holders of rec. Dec. 1501
Blum's, Inc.,cony. pref.(guar.)
•8734o Dec. 1 *Holders of rec. Nov.24
Bobbs-Merrill Co.(guar.)
•583.40 D. 1 *Holders of rec. Nov.20
Boback (H. C.) Co.. corn.(extra)
"8254c Doe. 15 *Holders of rec. Nov.29
HorrIen Co (guar.)
The. Dec. I Holders f rec. Nov. Ma
Boston Wharf Co
334 Deo, 31 Holders of rec. Dec. 1
Boston Woven Hose & Rubber corn (qu)
134 Dee. 15 Holders of rec. Dec. 1
Preferred
3 Dee. 15 Holders of rec. Dec. 1
Bower Roller Bearing (guar.)
*25c Dec. 1 *Holders of rec. Nov. 14
Brach (E. J.) & Sons,(guar.)
*500 Dec. 1 *Holders of rec. Nov.15
Brill Corp., pref.(quar.)
*31.75 Doe, 1 *Holders of rm. Nov. 17
25e Jan. 1 Holders of rec. Dec. 31
British & Foreign Invest., common
82340 Jan. 1 Holders of rec. Dee. 81
Preferred (guar.)
Preferred (guar.)
'82340 Apr. 1 *Holders of rm. mar. 15
tle. Dec. 1 Holders of rec. Nov. 1
Brit. Type Investors, ol. A (1/1-mth17.)
Brown Fence dr Wire, class A (guar.)... *800 Nov. 30 *Holders of reo. Nov. 15
•15c. Nov.30 *Hoiden of rec. Nov. 15
Class B (guar.)
750 Dec. 1 Holders of rec. Nov. 20a
Brown Shoe, common (guar.)
•81.75 Jan. 1 *Holders of rem Dee. 21
Bruce(E. L.) Co., pref.(guar.)
$1
Dec. 15 Holders of rec. Nov.21
Buckeye Pips Line (guar.)
250. Jan. 2 Holders of rec. Nov. 280
Bucyrus-Erie Co.,corn.(guar.)
6230. Jan. 2 Holders of rec. Nov.258
Convertible Preferred (guar-)
7% preferred (guar.)
194 Jan. 2 Holders of rec. Nov.2811
3486
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
75c Dec. 1 Holders of rec. Nov. 15
Bulova Watch. corn.(qar.)
874c Dec. I Holders of rec. Nov. 15
Preferred (guar.)
•25o Jan. 1 *Holders of rec. Dec. 15
Burger Bros.. corn.(guar.)
*$1 Jan. 1 *Holders of rec. Dec. 15
8% preferred (quar.)
•$1 Apr. 1
8% preferred (guar.)
•$1 July I
8% preferred (guar.)
*$1 Oct. 1
8% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 151
Burns Bros.. pref.(guar.)
25e Dee. 5 Holders of rec. Nov 104
Burroughs Adding Maeh (quar.)
Bush Service Corp.. pref. A (qua?)....•$1.75 Dec. 1 'Holders of rm. Nov.24
Bush Terminal Bldgs.. pref. (guar.).- '134 Jan. 2 *Holders of rec. Dec. 2
*62 ttc Feb. 2 *Holders of rec. Jan. 2
Bush Terminal Co.,corn.(guar.)
•134 Jan. 15 *Holders of rec. Jan. 2
7% debenture stock (guar.)
•250. Dec. 1 *Holders of rec. Nov. 15
Byron Jackson Co.. corn.(guar.)
I Dec. 16 Holders of roe. Nov. 29/
$1
Califoreia raemes Corp (guar.)
Campbell. Wyant & Cannon Foundry50e. Dec. 1 Holders of rec. Nov. 15a
Common (guar.)
4 Dec. 81 Holders of rec. Nov.30
Canada Cement, preference(guar.)
In Deo, 1 Holders of rec. Nov. 15/
Canada Paving & Supply Corp.. pf.(qu.)
Jan. 2 Holders of rec. Dec. 15
Canada Permanent Mtge. Corp.(qu,)._ $3
400. Dec. 1 Holders of roe. Nov. 15
Canada Vinegars (guar.)
Dec. 15 Holders of rec. Nov. 30
II
Canada 51 ire & Cable. class A (qua?,)
434e. Dec. 15 Holders of rec. Nov 30
Class B (No. 1)
44c. Nov.29 Holders of rec. Nov.lb
Canadian Car & Fdy.. ord.(guar.)
Caned. relanraw. ltd.. mirth. pf.filo 11 314 Dee. 31 Holders of ree Dee li
134 Des, 1 Holders of rec. Nov.15
Canadian Internet% Invest. Tr.Pt.(qu.)
•$1 Dec. 15 Holders of rec. Dec. 2
Canadian Nat.Corp., Ltd
.2
Jan. 1 Holders of rec. Dee 20
Canadian OIL lad pref (altar.)
111 Dec. 1 Holders of rec. Nov.15
Capital Management.corn.(guar.)
Cameo & Co.. ernes A and H (duar.)--- •60o Nov. 29 Holders of red Nov. ID
•el
Jan 2'31 Holders of reo Deo 20
Carnation f"o (extra in stoek)
14 Dec. 15 Holders of rec. Dec. 10
Carter(William) Co., pref.(guar.)
14 Jan, 1 Holders of rec. Dec. 12
Case(J. I.) Co.,corn.(guar.)
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 12
75o. Nov.29 Holders of rec. Nov 15/
Caterpillar Tractor, corn. (guar.)
25e Nov.29 Holders of rec. Nov. 15/
Common (extra)
Celluloid C(rp 1st pref & $7 pref.(qu) $1.75 Dec. 1 Holders of rec. Nov. 10
Central National Corp.,Ltd
•$1 Dec. 15 *Holders of rec. Dec. 2
Cerdoorv Moho. \iii14. pref. (rluar.)134 Dec. 1 Holders of rec. Nov. 200
Champion Coated PaperPreferred and special pref.(quar.)
'134 Jan. I *Holders of reo. Dec. 19
Chartered investors, Inc.. Pref.(guar.). $1.25 Dec. 1 Holders of rec. Nov. 1
35e Dec. 1 Holders of rec. Nov. 20/
Checker Cab Mfg.(monthly)
$1 Dec. 30 Holders of rec. Dec. 10a
Chesebrough Mfg. Consul.(qua?.)
Extra
$1 Dec. 30 Holders of rec. Dec. 10a
Chicago Cold Storage Whim.,Pref.(q.)- /1134 Des, 1 *Holders of rec. Nov.25
•750 Dec. 1 *Holders of rec. Nov. 15
Chicago Corp., preference (guar.)
Chicago Investors Corp., pref.(qu.).... •715e Dec. 1 *Holders of rec. Nov.20
Chicago Pneumatic Tool, pref.(qua?.).. 874c Jan, 1 Holders of rec. Dec. 201
Chicago Rivet & Mach., corn.(extra).- *500 Dec. 15 *Holders of rec. Dec. 1
25, Dee. I fielders of ree Nov 200
Chicago Yellow Cab (monthly)
•250. Jan. 2 *Holders of rec. Dec. 19
Monthly
•250. Feb. 2 *Holders of reo. Jan. 20
Monthly
*250. Mar. 2 *Holders of rec. Jan. 20
Monthly
50e Dec. 29 Holden of rec. Dec. 3/,
Chile Copper Co.(guar.)
60e. Dec. 10 Holders of reo. Nov.210
Childs Co..corn.(guar.)
14 Dec. 10 Holders of roe. Nov.21^
Preferred (guar.)
25e. Jan, 2 Holders of reo. Dec. la
Chrysler Corp.(guar.)
24c Dec. 1 Holders of rec. Nov. 130
Cities Service condi:ten (monthly)
2I40. Jan. 1 Holders of rec. Dec. 15
Common(monthly)
Common (payable in common stock)
/IS Dec. 1 Holders of rec. Nov. 130
Common(payable in corn,stock)
/X Jan. 1 Holders of reo. Dec. 15
Sc' Dec. 1 Holders of rec. Nov. 13a
Preference (((monthly)
Sc. Jan. 1 Holders of rec. Dec. 15
Preference B (monthly)
Ber Dec. I Holders of rec. Nov. 13a
Preference and pref. BB (monthly).Preference and pref. BB (monthly).- 50e. Jan. 1 Holders of rec. Dec. 15
Cities Service bankers' shares (rothly.) 28.7k. Dec. 1 *Holders of rec. Nov. 13a
Citizens Finance Co.of Lowell. pf.(qu.) •$1 Dec. 1 *Holders of rec. Nov. 15
•3
Dec. 81 *Holders of rec. Dec. 31
City Housing Corp
900. Nov.80 Holders of rec. Nov. 15a
City Toe & Fuel (Cleveland) coin. (qu.)
Dec. 1 Holders of rec. Nov.15a
134
Preferred (guar.)
'134 Dec. 1 *Holders of rec. Nov.15
City Ice (Kansas City) (guar.)
Jan. 2 Holders of rec. Dec. 18/
5
City Investing Co., corn
Common (payable in common stock) f331-3 Feb. 2 Holders of rec. Jan. 2a
134 Jan. 2 Holders of rec. Dec. 18
Preferred (qua?.)
•35c Janl'Ill *Holders of rec. Dec. 20
Claude Neon elec. Prod..corn.(qua?.)
Jan 1'81 *Holders of reo. Dec. 20
'12
Common (payable in corn. stook)
•350 Jan 1'31 *Holders of rec. Dec. 20
Preferred (guar.)
1 *Holders of rec. Nov. 15
Deo.
(guar.)._
.75c
corn.
Co.,
Quarries
Cleveland
41250 Dec. 1 *Holders of rec. Nov. 15
Common (extra)
Holders of rec. Nov.26
el0
Coca Cola Bottling stock dividend
250. Jan. 15 Holders of rec. Jan. 5
Quer erly
250. Apr. 15 Holders of rec. Apr. 4
Quer orb(
250. July 15 Holders of rec. July 3
Quer erly
25e. Oct. 15 Holders of rec. Oct. 10
Quer erly
$1.50 Jan. 2 Holders of rec. Dec. 12a
Coca-Cola Co., corn. (guar.)
Jan. 2 Holders of rec. Dec. 120
$1.50
Class A
134 Dec. 1 Holders of rec. Nov. 204
Collins & A Ikman Corp., peel. (qua?.)..
•3 Dec. 1 *Holders of rec. Nov.30
Columbia Building & Loan Assn
750. Dec. 2 Holders of rec. Nov. 190
Columbia Pictures Corp.. pref.(qua?.)..
- 50e. Dec. 1 Holden of rose. Nov. 16
Columbus 'uto Parts. pref. (guar.).
(qu.)...
400. Jan. 1 Holders of rec. Dec. 54
corn.
Trust.
Invest.
Commercial
Corn(payable In corn.stock)
I' 154 Jan. 1 Holders of rec. Dec. ba
134 Jan. 1 Holders of rec. Dec. ba
7% first preferred (guar.)
134 Jan. 1 Holders of rec. Doe. 50
% first preferred (guar.)
MI5 Jan. 1 Holders of rec. Dec. ba
Cony. pref. series of 1929(guar.)
250. Dec. 31 Holders of rec. Dec. 101
Commercial Solvents Corp.,corn.((PO Commonwealth Secure., cony. pf.(111.). •$1.50 Jan. 2 *Holders of rec. Dec. 15
Community rit.tte Corp..clam A (guar.) •12)-ke Dec. 81 *Holders of red Dec. 26
'1234c 331 '31 *Hold, of rec. Mar. 2631
Class B (guar.)
•12144e Dec. 31 *Holders of ree. Dee. 211
Class B (gear.)
Compressed Industrial Gasses (qua?.).. *500 Dec. 15 *Holders of rec. Nov. 29
•250 Dec. 15 *Holders of rec. Nov. 29
Extra
•131 Jan. 1
Conduits Co., Ltd., pref.(qua?.)
(guar.)._
*1%
Dec. 1 *Holders of rec. Nov.15
pref.
Inc.,
Congoleum-Nairn.
Dec. 30 Holders of rec. Dec. 150
$1
Congress Cigar (guar.)
Dec. 1 *Holders of rec. Oct. 31
$1
Conservative Credit System, corn
•4
Dec. 1 *Holders of rec. Oct. 31
Preferred
15a
Consolidated Cigar Corp.. corn. (qua?.) $1.25 Jan. 7 Holders of rec. Doe,
134 Dec. 1 Holders of roe. Nov. 160
Prefeared moo,
Consolidated Gold Fields of So. Africa,
sw7I4 Dec. 17 *Holders of rec. Nov.20
Amer.dep.ratsfor ord.shs
.1 $1.7: Dec. 20 'Holders of ree. Dec.. Ill
Consolidated toe edteo I,ref _
15
Consol.Invest. Corp. of Can..Pf.(13u.). '134 Dec. 1 *Holders of rec. Nov.
•10c. Dec. 1 *Holders of rec. Nov.20
Consolidated Paper. corn.(guar.)
•$1.50 Jan. 1 *Holders of rec. Dec. 15
Consumers Corp., prior pref. (qu.).
rec. Nov. 15
Continental Chicago Corp.. prof.(guar.) 75c. Dec. 1 Holders of
25e Jan. 2 Holders of rec. Dec. 16/
Continental Shares, Inc.,corn.(qa.)- (qu.)
14 Dec. 15 Holders of rec. Dec. 1
6% pref., pref. ser. B & cony. pf.
of rec. Dec. 18
Continental Steel Corp., pref.(guar.).-- •1I4 Jan. 1 *Holders of
rec. Nov.20
50o. Dec.I 1 Holders
Corno Mills (qua?.)
rec. Nov.20
Oorporation Securities of Chic.,Oom.(flu) ol 4 Dec. 20 Holders of
rec. Dec. 1
of
Holders
16
Dec.
43340
Crane Co.,corn.(guar.)
134 Dec. 15 Holders of rec. Dec. 1
Preferred (qua?.)
of rec. Nov.20
*Holders
1
Dec.
•87.4c
(qua?.)..
Peer.
Inc..
Blackwell,
Crosse &
80e. Dec. 18 Holders of rec. Nov. 29a
CrownCork & Seal, Inc., tom.(qua?.)..
88e. Dec. 15 Holders of red Nov.290
Preferred (guar-)
Dec. 1 *Holders of rec. Nov. 14
*2
(qua?.)
Crown Overall Mfg., Pref.
$1.75 Jan. I Holders of rec. Dec. 130
Crown Willamette Paper, 1st Pf. WO
1 Holders of rec. Dec. 13
Jan.
$1.50
(guar.)
preferred
Second
•& B (4103 $1.50 Dee. 1 Holders of ree. Nov. 13
.
Crown-Zellerbach Corp.. pf.
54 Dec. 81 Holders of rec. Dec. 15a
Crucible Steel, pref.(gum.)
Dec. 31 Helder, of rec Dec. 20
1
Crum & Forster, pref. ,tinar.)
*Holders of rec. Nov. 19
Crum & Forster Ins. Shares, A & B (ge.) *250. Nov.29 *Holders of rec. Nov. 19
•250. Nov.29
A and B (extra)
Holders of roe, Nov 59
29
Nov.
134
Preferred (guar.)
Dee. 15 Holders of rec. Nov.29
$1
Cumberland Pipe Line (guar.)
of rec. Dec. 1
*Holders
15
Dec.
'62340
((fuer.)
Cuneo Press, pref.
50e. Dee. 2 Hold= of rm. Nov.200
Curtis Publishing. corn.(monthly)
$1.75 Jan1111 Holders of roe. DM. 200
Preferred (guar.)
[Vou 131.
FINANCIAL CHRONICLE
Naas of C0110621.
When
Per
Cent. Payable
Boots Cloud.
Days Imhoff,.
Miscellaneous (Continued).
624c Jan. 2 Holders of rec. Dec. 15
Curtis Mfg.(guar.)
Dec. 1 *Holders of rec. Nov.14
Cushman's Sons. Inc., corn. (quar.)---- •61
1% Dec. 1 Holders of rec. Nov.144
Preferred
(guar.)
7%
Dec. 1 Holders of rec. Nov. 144
2
8% preferred (guar.)
Daniels ,k Fisher Stores,64% Pref.(qu) •14 Dec. 1 *Holders of rec. Nov.20
Dec. 1 *Holders of rec. Nov. 10
*1
Dartmouth Mfg.(guar.)
•IM Dec. 1 *Holders of rec. Nov. 10
Preferred (guar.)
56e. Dec. 15 Holders of rec. Nov.28
David de Frere, Ltd.. class A (guar.).Decker (Alfred)& Cohn,Inc..Pref.(qu.) •134 Dec. 1 *Holders of rec. Nov.20
30e. Jan. 2 Holders of rm. Dec. 15
Deere & Co.. new corn (guar.)
1114 Jan, 15 Holders of rec. Dec. 15
New corn.(payable in new corn.)
14 Jan. 2 Holders of rec. Dec. 15
Old common (guar.)
35c Dec. I Holders of ree. Nov.150
eded
)
r.
a)
u.
(ugar
Niedworperfeefrerrr
O
(q
Ift Dec. 1 Holders of rec. Nov.15
Dennis Bros., Ltd.Dec. 13 Holders of roe. Nov.21
Am.dep.rcts.ord.shs.(2 MAL.2 pence)_
Denver Union Stock Yards, corn.(qu.)- •$1 Jan 1'31 Hold. of rec.Dec.20 '30
'Si 8p.1 31 Hold. of roe. Mar. 20'81
)
Prefer
'ltd Dec. 1 Holders of rec. Nov.20
m4 (Outer.)((illar
C°m
11134 Doe. 10 Holders of roe. Dec. 1
Detroit-Mich.Stove, pref.(guar.)
*35e. Dec. 1 Holders of rec. Nov.15
Dexter Co., oom. (guar.)
Dec. 15 Holders of rec. Nov.19a
$2
Watch,
old
Diamond
(guar.)
.75e Dec. 1 Holders of rec. Nov.14
Dictaphone Corp., corn.(guar.)
Sec. I Holders of rec. Nov.14
*2
Preferred Pinar.)
*50c. Dee. 1 *Holders of rec. Noe.21
Dinkier Hotels. class A (guar.)
12 1-, oec. 1 Hololers of rec. Nov. 16
.,,..ruaer,rs(Plow, Inv Muir.)
25c. Dec. 1 Holders of rec. Nov. 15
Doctor Pepper Co. (guar.)
Dominion Glass, Ltd., corn.(guar.).- 134 Jan. 2 Holders of reo. Dec. 15
1I4 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
*87 Hc Dec. 1 *Holders of rec. Nov. 21
Dresser (S. it.) Mfg., class A (quar.)
•50c Dec. 1 *Holders of rec. Nov.21
Class B (guar.)
Dec. 1 Holders of rec. Nov.140
$1
Drilg Incorporated ((111ar3
DuPont(E.I.)de Nem.& Co.,corn.(q11.) $1 Dec. 15 Holders of rec. Nov.280
14 Jan. 24 Holders of rec. Jan. 101
Debenture stock (guar.)
60c. Dec. 1 Holders of rec. Oct. 81
Eastern Theatres (Toronto).corn.(qu.)
$1.7t Dec. I Holders of rec. Oct. 31
Eastern UtII. Investing, $7 pref. (qu.)$1.50 Dec. I Holders of rec. Oct. 31
id preferred (guar.)
•$1.2- rn.2131 *Holders of rec. Nov. 28
Prior preferred (gum)
$1.25 Jan. 2 Holders of roe. Nov. 290
Eastman Kodak. corn.(guar.)
750. Jan. 2 Holders of reo. Nov. 290
Common (extra)
14 Jan. 2 Holders of rec. Nov. 290
Preferred (guar.)
134 Deo, 15 Holders of rec. Nov.29
Edison Bros. Stores, Inc., pref.(guar.).37e. Dec. 15 Holders of rec. Nov.29
El Dorado Oil Works(guar.)
Electric Controller & Mfg., corn.(guar.)•$1.25 Jan. 1 *Holders of rec. Dec. 20
Electric Shareholdings Corp., corn.(qu.) 125c Dec. I Holders of rec. Nov. 5
$1.541 Doe. 1 Holders of rec. Nov. 5
16 Preferred (guar.)
Electric Stor. Battery, coin. & pref.(q11.) $1.25 Jan. 2 Holders of rec. Dec. 90
Dec. 1 Nov. 16 to Dec. 2
3
1140 Fifth Avenue, Inc., pref
50e. Dec. 1 Holders of rec. Nov.18
Ely & Walker Dry Goods,corn.(guar.)
/134 Jan. 15 *Holders of rec. Jan. 3
First preferred
43 Jan. 15 *Holders of rec. Jan. 3
Second preferred
575e Dec. 1 *Holders of reo. Nov.10
Empire Corp.(guar.( (in cash or stock)
Equitable Office Bldg., corn.(guar.).- 624c Jan. 2 Holders of rec. Dec. 150
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
500. Dec. 1 Holders of rec. Nov. 15
Equity Investors Corp., corn
75e. Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 12
$3
Essex Co
Dec. 1 Holders of roe. Nov. 12
$2
Extra
Ever Ready Co.. Ltd.•to10 Dec. 6 *Holders of rec. Nov.20
Amer dep. Ma,ord. reg
•$1 Dec. 1 *Holders of rec. Nov.20
Faber. Coe& Gregg
1 Holders of rec. Nov.120
1
Dec. 16
alirlbta
Fa
l'
.1(quar.).- 821'414. Dec.I /l
el.
iar
nbr
(clif
"
rn.
akshNi
less
coCo
e*
er,
Federal Compress & W'house,coin.(qu.) •40e. Dec. 7 *Holders of rec. Nov.22
134 Doe. 15 Holders of rec. Nov.250
Federal Mining & Smelt.. pref.(guar.).Felt,eon & Curme Shoe Sta.. Pf.((W.).- 154 Jan. 412 Holders of rec. Dec. 1
•40e Deo. 1 *Holders of rec. Nov.15
h leld & Co., common (guar.)
Dec. 1 Nov. 18 to Dec. 1
8
15 Park Ave., Inc., preferred
•160. Dec. 27 *Holders of rec. Dec. 15
Fifth Avenue Bus Securities(gum)
20o. Dec. 1 Holders of reo. Nov.16
Marn:Td
Service
ros. corn. A & B(fn.).C
(gua
174e Dec. 1 Holders of rec. Nov.16
Preferred
Finnell system, Inc.. pref. B (quar.)_-. *174. Dec. 15 *Holders of rec. Dee. 1
Firestone Tire & Rubber. pref. A 0111.1-- 114 Dec. 1 Holders of rec. Nov.150
1014 Dec. 1 *Holders of roe. Nov.20
First.Holding Corp.(Calif.) prof.(qu.)
Nits Simons & Connell Dredge & Dir(411) •50e. Dec. 1 *Holders of rec. Nov.20
Stock Dividend (one-fortieth share).- *lin Dec. 1 *Holders of rec. Nov.20
75c Dec. 1 Holders of rec. Nov.150
Florsheim Shoe, corn. A (gear.)
374e Dec. 1 Holders of rec. Nov.15
Common B (guar.)
134 Jan. 2 Holders of roe. Deo. 170
Preferred (guar.)
25c Dec. 15 Holders of rec. Nov.290
Follansbee Bros., corn. (guar.)
134 Dec. 15 Holders of rec. Nov.29
Preferred (guar.)
Food Mach.
C
i.Coo.
,6 % pref.(qua?.).. '$1 Dec.15 *Holders of rec. Dec. 10
•1350. Dec. 15 *Holders of rec. Dec. 5
(qua?.)
Foote-Burt
60e. Dec. 22 Holders of rec. Dec. 1
Ford Motor of Canada, cl. A & B
'6th Jan F31 *Holders of roe. Dee. 15
Formica Insulation,corn.(guar.)
Dec. 15 Nov. 30 to Doe. 15
34
prof
French (Fred. F.) Invest..
Fuller(George A.)Co.,partio.pr.pf.(qu ) 14 Jan. 1 Holders of rec. Dec. 100
1 4 Jan. 1 Holders of rec. Dec. 100
Panic,second pref.(guar.)
Galland Mercantile Laundry (guar.).--- •874c Dec. 1 *Holders of rec. Nov.15
$1.25 Dec. 15 Holders of rel. Doe. ba
Gamewell Corp.,corn.(guar.)
14 Dec. 15 Holders of rec. Dec. 5
Preferred (guar.)
'114 Ian. 31 *Holders of rye. Jan. 20
(lordlier Denver CO- pref (quer.)
SOc. Jan. . 2 Holders of rec. Dec. 15
Garlock Packing,corn.(guar.)
•174c Dec. 1 *Holders of reo. Nov.20
General Alloys, pref. (guar.)
General Amer. Invest., 6% pref. (riti.)-- 14 Jan. 1 Holders of rec. Dec. 19a
Jan l'31 trousers of rec. Dec. His
Gen Amer. Tank Car, stone deo.(tu.)-- .1
75o. Dec. 15 Holders of rec. Dec. la
General Asphalt, common (guar.)
General Candy,clam A (acct.accum.div) *Pabo Dec. 15 *Holders of rec. Nov. 26
,:own,I Cigar Co Inc., pref.(guar.).- 114 Doe. 1 Holders of rec. Nov.210
25e. Dec. 1 Holders of rec. Nov.20
General Emp're Corp
75e. Dec. 12 Holders of roe. Nov.164
Deneral Motors, corn. (qua?.)
$1.25 Feb. 2 Holders of reo. Jan. 54
$5 preferred (guar.)
Dec. 31 Holders of rec. Dec. 2a
General Pub.Service, corn. On corn.stk.) e3
$1.375 Feb. 2 Holders of rec. Jan. 9
$5.50 preferred (qua?,)
.n.
Ja
.ar
20.9
$1.513 Feb. 2 Holders of recm
$6 preferred (guar.)
General utilities, 7% pref.(monthly)..'58 1-3c Dec. 1 *Holders of rec. Nov.25
Nov.20
roe.
of
n
/Golde
I
Dec.
•65,3
11:11:11 (guar.)
(Meson An,00011
51
•65e Apr l'a i '(told, of rm.
Common (guar.)
Jan. 62 Holders of rec. Dec. d8
$1
Gillette Safety Razor,coin.(Qum.)
rec.
Nov.20
of
Holders
Globe-Democrat Publishing. pref. (BI) 1I4 Dec. 1
liunagr,.c
i(ig
&ektll
)orn.(guar.).- •50c. Jan. 2 'Holders of rec. Dec. 20
Firs Gprraelfnerr
GIobet
•4334r Jan. 2 *Holders of rec. Dec. 20
•50e Jan. 2 'Holden of rec. Dec. 20
Second preferred (guar.)
Godman(H.C.) Co.,2d pref.(guar.).- •$1.75 Dec. 10 *Holders of rec. Dec. 1
40o. Dec. 10 Holders of rm. Nov. 30
()olden Cycle Corp. (qua?.)
134 Jan, 2 Holders of rec. Deo. 100
Goodrich (B. F.) Co., 7% pref.(qu.)
Jan. 1 Holders of rm. Deo. 1a
1M
(qu.).
.
r
t
,u,rbm
.
.
r
l
fg
Tire
(a er
Iltrnbl
loorizearmT
.1 Pf
.st
tar)
50e Dee. 1 Holders of rec. Nov. 15
Grand Rapids Varnish, corn. (guar.).- 111250. Dec. 31 *Holders of rec. Dee. 20
Grand (F. W.)-SlIver stores. Inc.
*el Deo. 30 *Holders of rec. Dee. 4
Common (In stock)
750. Dec. 1 Holders of rec. Nov.17a
Grand Union Co.. prof. (guar.)
*Holde of rec. Dec. 18
*50e. Jan. 2 'Holders
Gray Processes Corp
•506 Jan. 2 *Holders of rec. Doe. 18
Extra
*Holders of rec. Nov. 3
1
D.
•$1.25
Great
)
co
Tes, cont.(quar.)--Dec. 1 *Holders of rec. Nov. 3
2.5
(extra)
*1% Dee. 1 *Holders of ree. Nov. a
Preferred
•14 Dec. 31 *Holders of roe. Dee. 15
Great Lakes Towing,
ing, corn,(guar.)
•13( Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
81 Dec. 29 Holders of rec. Dec. 6a
Northen
E t Northern
Great
Iron Ore Properties
50c. Dec. 29 Holders of rec. Dec. 50
075c. Dec. 1 *Holders of rec. Nov.20
Great Northern Paper (guar-)
Great Western Eleo, Chem., 1st Pl.(qu.) $1,6 Jan. 1 'Holders of rec. Dee. 20
134 Jan. 2 Holders of rec. Dee. 15a
Great Western Sugar, pref.(guar.)
Greenfield Tap & Die Corp.,6% pt.(qu ) 14 Jan. 2 Holders of rec. Dec. 15
Jan, 2 Holders of rec. Dec. 15
2
8% Preferred (guar.)
•50e Dee. 1 *Holders of rec. Nov. 20
Gruen Watch, common (guar.)
Marl 81 *Hold,of rec. Feb. 20'31
'54)0
Common (guar.)
•I M Feb 1 81 *Hold. of roe. Jan. 20 31
Preferred (guar.)
0374c Jan 1'31 'Horn,of roe. Dee.20'30
Gulf MCorp.(guar.)
Nov. 29 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cenl. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Gulf States Steel let corn. pref.(guar.)._
14 Jan rill Holders of rec. Dee. 150
Hale Bros. Stores (guar.)
0250. Dec. 1 *Holders of rec. Nov. 15
Hamilton United Theatre, Ltd.(guar.). *14 Dee. 31 *Holders of rec. Nov.29
Hamilton Watch. corn.(no par)(mthly.)
150. Nov.29 Holders of roe. Nov.101
Common($25 Par)(monthly)
25e. Nov.29 Holders of rec. Nov. 110a
Preferred (guar.)
114 Dee. 1 Holders of reo. Nov.105
Hancock Oil of Calif., cl. A & B (qua
•250. Deo. 1 *Holders Of roe. Nov. 15
Hanes(P. H.) KnittingCommon & oommon B (guar.)
•150. Deo. 1 *Holders of roe. Nov.20
Preferred (guar.)
'134 Jan. 1 *Holders of roe. Dee. 20
Hanna (M. A.) Co.. pref. (quar.)
11.75 Dee. 20 Holders of roe. Dec. 60
Harbison-Walker Remo.. corn.(guar.).
50o. Dec. 1 Holders of roe. Nov. 21.1
Preferred (guar.)
14 Jan. 20 Holders of rec. Jan. 10a
Hart-Carter Co., pref. (guar.)
•500. Dec. I *Holders of rec. Nov.15
Hartford-Aetna Realty (guar.)
Dec. 2 *Holders of roe. Oct. 15
oil
Hartman Corp., class A (quar.)
50o. Deo. 1 Holders of rec. Nov. 17a
Hart, Schaffner & Marx. Inc. (guar.)... 22
Nov.29 Holders of rec. Nov. 145
Hathaway Bakeries, Inc., ohms A (guar.) 75o. Dee. 1 Holders of reo. Nov. 15
Preferred (guar.)
14 Dec. 1 Holders of reo. Nov.15
Hawaiian Can(monthly)extra
•400. Nov.30
Extra
•400. Nov.30
Hawaiian Pineapple (guar.)
500. Nov.29 Holders of rec. Nov.150
Hazeltine Corp. (guar.)
•500. Dec. 1 *Holders of roe. Nov. 15
Hecht Mining (quar.)
•25o Dec. 15 *Holders of rec. Nov.15
Helena Rubinstein. Inc., 53 pt.(qu.)-..
75e Dec. 1 Holders of rec. Nov.15
Hayden Chemical, corn.(No. 1)
50o Dec. 5 Holders of rec. Nov. 24
Hibbard.Spencer. Bartlett as Co.(mthly)
250 Dec. 26 Holders of rec. Dee, 19
Higbee & Co., second pref. (guar.).
*2
Dec. I *Holders of roe. Nov. 21
Hires (Charles E.) Co., oom. A (guar.).
50.1 Dec. 1 Holders of roe. Nov.15
Class B and management stock
Dec. 1 Holders of rec. Nov. 15
31
Hobart Manufacturing. corn. (guar.)
•1324c Dec. 1 *Holders of roe. Nov. 17
Hollinger Consol. Gold Mines(mthly.)._
Sc.Dec. 2 Holders of rec. Nov. 18
Holt (Henry) & Co.. class A (guar.).- *45c Dec. 1 *Holders of reo. Nov.10
Hooven & Allison, pref. (guar.)
*14 Dee. 1 *Holders of rect. Nov. 15
Horn & Hardart of N. Y.. pref. (guar.) 14 Dec. 1 Holders of rect. Nov. 12
Hudson Motor Car (guar.)
75o Jan. 2 Holders of rec. Dec. 11
Hydro-Elec. Securities Corp.(quar.)
500 Dec. 16 Holders of roe. Nov. 15
Imperial Oil, Ltd., bearer shares
1240 Dec. 1 Holder, of coup. No.27
Bearer shares (special)
50c Dec. 1 Holder of coup. No. 27
Registered shares
1234c Dec. 1 Nov. 16 to Nov.29
Registered shares (special)
50o Dec. I Nov. 16 to Nov.29
Imperial Royalties Co., pref. A
180 Nov.29 Holders of rec. Nov. 25
preferred (guar.)
(quar.)Old
14o Nov.29 Holders of roe. Nov.25
Imperial Sugar common
'11.75 Jan. 1 *Holders of rec. Dec. 20
Preferred (quar.)
'11Th Jan. 1 *Holders of rec. Dec. 20
Impervious Varnish (guar.)
•50o Doe.
*Holders of reo. Sept. 20
Income Shares Corp.(monthly)
033c Dec. 1 *Holders of rec. Nov.25
Independent Packing, pref.(guar.)
7 Dec. 1 Holders of rec. Nov.18
Industrial Finance Corp.
Common (payable In common stook).. 12
Febl'Ill Hold. of roe Apr 18 11,0
Industrial Rayon (guar.)(No. 1)
Jan. 51 Holders of ree. Doe. 18a
al
Ingersoll-Rand Co.,corn.(guar.)
$1 Dec. 1 Holders of reo. Nov. 30
Common (extra)
1 Holders of roe. Nov. 30
Dec.Si
Inland Steel (quar.)
Deo. 1 Holders of roe. Nov. 140
$1
Instill Utility Invest.. $6 pref.(guar.).- $1.50 Dec. 1 Holders of reo. Nov. 15
Insuranahares Ctfs., Inc.(guar.)
15o Dec. 15 Holders of rec. Nov.29.1
Inter Island Steam & Nay., Ltd.(mthly) .0100 Nov.30 *Holders of reo. Nov.24
Interlake Iron Corp.(qua?.)
•250 Dec. 24 *Holders of rec. Dec. 10
Internat. Agrioul. Corp., pr. pi.(guar.). 14 Doe. 1 Holders of roe. Nov.150
Internat. Cigar Mach.. new (extra)
50c Dee. 1 Holders of roe. Nov. 15
Internat. Harvester, corn.(guar.)
14 Dee. 1 Holders of rec. Nov. 5a
Preferred (guar.)
14 Doe. 1 Holders of reo. Nov. 50
•1,4 Dec. 1
International Milling,7% pref.(guar.)
Holders of rect. Nov.20
6% lot preferred (guar.)
Dec. 1 Holders of roe. Nov.20
International Nickel of Canada (quar.)_
250. Dec. 31 Holders of rec. Dec. la
Internat. Petroleum bearer abs. (guar.).
250. Dec. 15 Hold, of coup. No. 27
Reastered shares (guar.)
250. Dec. 15 Dec. 1 to Doe. 15
International Safety Razor, cl. A (guar.)
60c. Dec. 1 Holders of roe. Nov. 140
Class B (quar.)
50o. Dec. 1 Holders of rect. Nov 140
Class B (extra)
250. Dec. 1 Holders of rec. Nov. 14a
International Salt (quar.)
750. Jan. 2 Holders of ree. Doe, 15.1
Intl Secure. Corp.. corn. A (guar.)
300. Dec. 1 Holders of rec. Nov.15
7% preferred (guar.)
14 Dec. 1 Holders of rec. Nov.15
64% preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 15
6% preferred (guar.)
14 Dec. 1 Holders of roe. Nov.15
International Shoe. pref (monthly)
50c Deo. 1 Holders of roe. Nov 1 a
International Silver (guar.)
Dec.
1
Holders of rec. Nov. 15a
Investment Co.of Am.,64% pf.(mthlY) *54o. Dee. 1 *Holders of rec. Nov.25
Investors of Am.,Ltd..6 % pf.(mthly.) *54c Dec. 1 *Holders of rec. Nov. 25
Iron Fireman Mfg. (guar.)
•250. Dec. 1 *Holders of rec. Nov. 15
Irving Air Chute (quar.)
•250. Jan. 2 *Holders of rec. Dec. 15
Ivanhoe Food. Inc., pref.(guar.)
'87(4c Jan 2'31 *Holders of rec. Dee. 20
Jackson (Byron) Co. (guar.)
•250 Dec. 1 *Holders of rec. Nov. 15
Jaeger Machine (guar.)
•3140 Deo. 1 *Holders of rec. Nov. 14
Jantzen Knitting Mach.
Common (payable In corn, stock).... *1100
Auth.at meeting Nov.12
Jewel Tea, corn.(guar.)
750. Jan. 15 Holders of rec. Jan. 2a
Common (extra)
Dec. 15 Holders of rec. Dee. la
Johnson-Stephens-ShInkle Shoe (guar.). 6240. Dec. 1 Holders of rec. Nov. 15
Jones Bros. of Canada, corn.(qUar.).--- •30c. Jan. 2 *Holders of rec. Dee. 24
64% preferred (guar.)
*14 Dec. 1 *Holders of rec. Nov.24
Jones & Laughlin Steel. corn. (qua?.)
•$1.25 Dec. 1 *Holders of rec. Nov. 13
Preferred (quar.)
14 Jan. 1 Holders of rec. Dec. 120
Kalamazoo Veg. Parchment (qua?.).... •150. Dee. 31 *Holders of rec. Deo. 22
Hats Drug (qua?.)
•500 Dec. 15 *Holders of rec. Nov.29
Kaufmann Dept. Stores, pref. (quar.).. 134 Jan. 2 Holders of rec. Dec. 10
Kellogg (Spencer) & Sons, Inc.(guar.)... •20c. Dec. 31 "Holders of rec. Dec.
15
Kelsey Hayes Wheel Corp.,corn.(guar.) 50c. Jan. 2 Holders of rec. Dee. 19a
Kendall Co., pref. A (guar.)
81.50 Dec. 1 Holders of rec. Nov.100
Kennecott Copper Corp.(guar.)
500. Jan, 2 Holders of rec. Dec. 5a
Kidder Participations, Inc., prof
112.25 Dec. 1 *Holders of rec. Nov. 14
K. W. Battery Co.(quar.)
•100. Dec. 24 *Holders of rec. Dec. 19
Extra
*15c. Dec. 24 *Holders of rec. Dec. 19
Kimberly-Clark Corp.,corn.(guara__ 624c Jan. 1 Holders of reo. Dec. 12a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 12
Kinney (G. R.) Co., corn.(qua?,)
25c. Jan. 2 Holders of rec. Dec. 154
Preferred (guar.)
2 Dec. I Holders of reo. Nov. Ha
Kirby Lumber (quar.)
'134 Deo. 10 *Holders of res. Nov. 29
Klein (D. Emil), corn,(guar.)
*25c. Jan. 2 *Holders of rec. Dec. 20
Kleinert(I. B.) Rubber, com.(guar.).250. Dec. 1 Holders of rec. Nov.25
Kobacher Storm, 7% pref. (guar.)
014 Dec. 1 *Holders of rec. Nov. 15
Romp Film Laboratories, pref.(mthly.).
•10. Dec. 1 *Holders of rec. Nov.25
Kroger Glocery nt Baking, corn,(guar.).
25c. Dec. 2 Holders of rec. Nov. loa
Kuppenhelmer (B)& Co.. corn
Jan. 2 Holders of reo. Doe. 24.1
al
Dec. 1 Holders of rec. Nov. 22s
Preferred (guar.)
Lake of the Woods Milling, corn.(qu.)800 Dec. 1 Holders of rec. Nov. 15
14 Deo. 1 Holders of rec. Nov. 15
Preferred (guar.)
Lake Shore Mines, Ltd.(qua?.)
300. Dec. 15 Holders of rec. Deo. 1
Land & Royalty Corp.(mthly)
*8 1-3c Dec. 1 *Holders of rec. Nov.25
Land Title Bldg. con..(Nola.>
Dec. 31 Holder,, of rec. Dec. 10
it
Lanston Monotype Machine(quar.)
14 Nov.29 Holders of rec. Nov. 19,1
Extra
25e Nov.29 Holders of rec. Nov. 191
Laura Secord Candy Shops (guar.)
*75c. Dec. 1 *Holders of rec. Nov. 15
14 Blond-Schacht Truck, pref.(qua?.) •31.75 Dec. 1 *Holders of rec. Nov. 24
Lee & Cady Co.(q tar.)
*150. Dec. 23 *Holders of rec. Dec. 15
Legare(P.T.) Co., Ltd., pref.(guar.).- 134 Dec. 1 Holders of rec. Nov. 15
750. Jan. 2 Holders of rect. Dec. lie
Lehigh Coal Corp., prof. (guar.)
Lehigh Coal & Navigation. corn.(no par)
35c Nov.29 Holders of rec. Oct. Ill
14 Jan. 2 Holders of rec. Dec. 13a
Lehigh Portland Cement, pref.(guar.)._
Lehigh Valley Coal Sales (guar.)
900. Dec. 31 Dec. 12 to Dec. 31
Leh n & Fink Products Co.(guar.)_
_
750 Doe. 1 Holders of rec. Nov. 15a
Leonard Customs Tailors (guar.)
'4334c Dec. I *Holders of rec. Nov. 15
Lerner Stores Corn.(guar.)
50o. Dec. 16 Holders of rec. Doe. 4
Libby McNeil & Libby.$6 prof.(No. 1). $3
Jan. I Holders of rec. Dec. 19
$7 preferred
43.50 Jen. 1 Holders of rec. Dec. 19.
Liggett & Myers Tob.00m.& oom.B(qu.) $1 Dec. 1 Holders of rec. Nov. 12n
Prefe.red (guar.)
14 Jan. I Holders of rec. Dec. 10.1
Lilly Tulip Cup, corn,(guar.)
*3740 Dec. 15 *Holders of rec. Dee. 1
•1,‘ Dec. 31 *Holders
Preferred (guar.)
of rec. Dec. 1
Limestone Products. 7% pref. (guar.)._ •6240 Jan. 1 *Holders of rec. Dec. 15
7% preferred (guar.)
•6240 Apr, I *Holders of roe. Mar. 15
Name of Company.
3487
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Lindsay (C. W.)& Co.,common(qua- 250. Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 15
Lindsay Nunn Publishing. pref.(quar.). *50o. Doe, 1 *Holders of reo. Nov. 20
Link Belt Co., corn. (guar.)
135c Dec. 1 Holders of rec. Nov. 155
Loblaw Groceterias, class A & B (guar.). •20c. Dee. 1 *Holders of rec. Nov.12
London Canadian Invest., pref. (quiz,). 134 Doe. 1 Holders of too. Nov. 15
Loose-Wiles Biscuit. pref. (guar.)
14 Janl'31 Holders of rec. Dec. 184
Lord *Taylor, coin.(extra)
Deo. 10 Holders of rec. Nov.170
5
First Preferred (quar.)
1)4 Dee. 1 Holders of ree. Nov.175
Ludlow Mfg. Associates(guar.)
$2.50 Dec. 1 Holders of reo. Nov. 8
Lunkenhelmer CO.. corn.(quiz.)
•374o Dec. 15 *Holders of rec. Dec. 5
•1% Jan 1'31
Preferred (guar.)
Lyons (J) & Co., Ltd.
Am,dep. rots. A, ordinary
•111.8d .Doe. 6 *Holders of rec. Nov. 13
Macy(R. H.)& Co.(guar.)
*50o. Feb. 16 Holders of rec. Jan. 23
•1)
Stock dividend
Feb. 16 Holders of rec. Jan. 23
Mandel (Henry) Devel. Corp., pref.- 3
Dee. 1 Holders of rec. Nov. 154
Mange!Stores Corp..Preferred(qua?,)
134 Dec. 1 Holders of rec. Nov. 20
Manhattan Shirt, corn. (guar.)
25o. Doe. I Holders of rec. Nov. 15a
ManischewIts(B.)& Co.,corn.(guar.).- *450. Dec. 1 *Holders of rec. Nov.20
Common (payable in common stook) •11
Dec. 1 *Holders of rec. Nov.20
Marine Midland Corp.(guar.)
30o. Dec. 31 Holders of rec. Dec. la
Marshall Field & Co., corn. (quar,).... 6240 Dec. 1 Holders of rec. Nov. 154
Material Service Co. (guar.)
•50o. Dec. 1 *Holders of rec. Nov. 15
May Department Stores, corn.(qua?.)
50o. Deo. 1 Hernias of rec. Nov. 155
Common (payable In common stook). 114 Dee. 1 Holders of roe. Nov. 154
May Hosiery Mills, pref.(guar.)
El
Deo, 1 Holders of rec. Nov.25
Mayflower Associates (guar.)
Dec. 15 *Holders of rec. Dec. 3
Stock dividend
*el
Jan. 16 *Holders of rec. Dec. 30
McC than (N. J.) Sag. Refg. & Molasses
Preferred (guar.)
la( Deo, 1 Holders of rec. Nov.21
McClatchy Newspaper, pref.(guar.).- '134 Doe. 1 *Holders of rec. Nov.28
McColl-Frontenao 011 (guar.)
150. Dee. 15 Holders of coo. Nov.15
McCrory Stores Corp., com.5.01. B (qu)
500 Dec. 1 Holders of rec. Nov.200
McIntyre Porcupine Mines, Ltd.(guar.)
250. Dec. 1 Holders of roe. Nov. 15
McKesson & Robbins, Ltd.,com.(qui._
250. Dee. 15 Holders of rec. Dee. 54
874c Dec. 15 Holders of rect. Dec. 55
Preferred (quart)
•Iy.5 Jan. 2 *Holders of rec. Doe. 20
McLellan Stores, pref. (quar.)
McWilliams Dredging
'37340 Dec. 1 *Holders of rec. Nov.20
*8100 Dec. 1 *Holders of tee. Nov.20
Stock dividend
$1.50 Dec. 1 Holders of rec. Nov.21
Mead Corp _Pref. (guar.)
'Si
Dee. 1 *II Iders of re.. Nov. 20
$6 preferred (guar.)
Medart (F.) Mfg.(guar.)
500 Dec. 1 Holders of rec. Nov. 19
Mengel Co., pref. (guar.)
154 Dee. 1 Holders of roe. Nov. 155
Merck Corp.. pref.(mar.)
Jan 2'31 holders of fee. Dec. 17
2
Mergenthaler Linotype (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 8a
Merritt. Chapman & Scott, corn.(guar.) •40o Dec. 1 *Holders of rec. Nov.15
Preferred (guar.)
*14 Dec. 1 *Holders of rec. Nov.15
Metal Textile Corp., Dania. pref.(qu.)-* 8140. Deo. 1 'Holders of rec. Nov. 20
•25c Dec. 1 *Holders of rec. Nov.20
Meteor Motor Car (guar.)
Ntetro-Goldwyn Pictures. pref.(guar.)
4734c Dec. 15 Holders of rec. Nov.295
Metropolitan Paving Brick,corn.(qu,).. *50o Dec. 1 *Holders of roe. Nov. 15
Jan. 1 *Holders of rec. Dec. 15
Preferred (quart)
Midvale Co.(guar.)
Jan. 1 Holders of rec. Dec. 13
$1
Miller & Hart. Inc., pref.(guar.)
*8740 Jan. 1 *Holders of roe. Dec. 15
500. Jan, 2 Holders of rec. Dec. 20
Miller (I.) & Sons, common (quiz.)....
14 Dec. 1 Holders of rec. Nov.20
654% preferred (quar.)
Minnesota Val. Can.. pref.(quar.)
•11.75 Feb. 1 *Holders of rec. Jan. 20
Mississippi Val. Util.Invest..$7 of.(q1.) $1.75 Doe. 1 Holders of see. Nov.15
Mohawk Mining (quar.)
250. Nov.29 Holders of rec. Oct. 31
Montgomery Ward & Co., el. A (qu.).. *$1.75 Jan. 1 *Holders of rec. Dec. 20
Montreal Cottons, corn.(guar.)
14 Dec. 16 Holders of rec. Nov.30
Preferred (guar.)
134 Dec. 15 Holders of rec. Nov.30
Montreal Loan & Mtge.(guar.)
750. Dec. 15 Holders of roe. Nov.30
Moorehead Knitting. prof
Dec. 1 *Holders of rec. Nov.24
*53
Moreland 011. class A (guar.)
•25o. Nov.29 *Holders of roe. Nov. 14
Morison Electrical supply
•25o Dec. 1 *Holders of rec. Nov.17
Morrell (John) & Co.(guar.)
$1.10 Dec. 15 Holders of rec. Nov.22a
Motor Finance Corp.(guar.)
*25o Nov.29 *Holders of roe. Nov.22
Extra
•25o Nov.29 *Holders of reo. Nov.22
Motor Wheel, common (guar.)
75e Dec. 10 Holders of rec. Nov. 20a
Mt. Diablo 011 M.& Der.(guar.).
slo Doe. 1 *Holders of rec. Nov.24
•$1.161 Doe. 1
pMunsingwear Corp., preferred
See note (ii).
Munsingwear. Inc.corn.(quar.)
75o Doe. 1 Holders of rec. Nov. 120
Murphy (G.C.) Co.corn. (guar.)
40o Dee. 1 Holders of reo. Nov. 20
Muskegon Motor Specialties. cl. A (qu.) *50o Doe. 1 *Holders of roe. Nov.20
Muskogee Co., corn. (No. 1)
Dec. 15 Holders of rec. Doe. Sc
$2
14 Dec. 1 Holders of rec. Nov.205
Preferred (guar.)
National Baking, pref.(guar.)
*14 Dee. 1 *Holders of reo. Nov.10
250 Dec. 1 Holders of rec. Nov.20
National Bearing Metals, cons.(qua?.).
National Bellas-Hess. pref.((TAO
14 Dec. 1 Holders of too. Nov.206
National Biscuit. corn.((wax.)
70c Jan. 15 Holders of rec. Dec. 194
Preferred (quar.)
134 Nov.29 Holders of rec. Nov.144
National Bond & Share Coat
250. Dec. 15 Holders of rec. Dec. 1
National Brick, pref. (guar.)
134 Dec. 15 Holders of rec. Nov.29
National Casualty (Detroit) (quiz.).... •30c Dee. 15 *Holders of reo. Nov.28
National Container Corp., $2 pref.(OIL) 500 Deo, 1 Holders of rec. Nov. 15
National Dairy Products, corn.(qua?.).. 650. Jan. 2 Holders of roe. Dec. 33
Preferred A & B (guar.)
'134 Jan. 2 *Holders of rec. Dec. 3
National Dept. Stores, 2nd pref. (qu.). •1
ilee. 1 "Holders of rec. Nov.15
Nat. Family Stores (qua:.)
'1254 Dec. 1 *Holders of rec. Nov.20
Preferred (guar.)
•50o Dec. 1 *Holders of rec. Nov.20
National Lead, corn. (guar.)
134 Dec. 31 Holders of rec. Doe. 120
Preferred A (guar.)
14 Dec. IS Holders of rec. Nov.280
Preferred B (quar.)
134 Jan. 31 Holders of roe. Jan. 1110
National Short Term. Seam.
Common A (Payable in stook)
Deo. 15 Holders of reo. Nov.30
13
National Steel Corp. (guar.)
500. Deo, 10 Holders of rec. Nov.305
National Sugar Refining (guar.)
50o. Jan. 2 Holders of rec. Dee. 1
National Transit (quar.)
260. Doe. 15 Holders of reo. Nov.29
Nehl Corp., coin.(guar.)
3240 Dec. 1 Holders of rec. Nov. 15
Nelsner Brno. Inc., common.(guar.)._
40o. Jan l'31 Holders of rec. Dec. 150
Neptune Meter, A. & B., (guar.)
50o. Doe. 15 Holders of rec. Dec. I
New Bedford Cordage. corn.(quiz.)
*Holders of roe. Nov. 19
•3740 Dec.
•15‘ Dec.
Preferred (qua?.)
*Holders of rec. Nov. 19
Newberry (J. J.) Co.,common (guar.)._ .2740 Jan.
*Holders of rec. Dee. 16
•14
Preferred (quar.)
*Holders of rec. Nov. 16
Dec.
Newp rt Co., common (guar.)
50o. Doe,
Holders of rec. Nov.24
Class A (guar.)
750. Dec.
Holders of roe. Nov. 240
yew England Grain Products,$7 Pf.(qu) •$1.75 Jan. 2 *Holders of rec. Dec. 20
N
Jersey Zinc (extra)
500. Dec. 1(1 Holders of rec. Nov.20
New York Transit Co. (quar.) '
400. Jan. 15 Holders of rec. Doe. 23
New York Transportation (qua?.)
•50c. Doe. 29 *Holders of rec. Dec. 15
Niagara Share Corp.. corn.(guar.)
100. Jan. 15 Holders of rec. Dec. 24
Preferred (guar.)
81.50 Jan. 2 Holders of rec. Dec. 20
Niles-Bement-Pond.corn.(quar.)
•50c Dee. 3 *Holders of rec. Dec. 28
Northam Warren Corp., pref. (quar.)___ •75c. Dee, 1 *Holders of rec. Nov.15
North American 011 Consol.(monthly)__ •10o. Doe. 1 *Holders of rec. Nov.20
North American Provision. pref. (guar.) '134 Jan. 1 *Holders of rec. Dec. 10
Nor. Amer.Securities. com.(1n oom.stk.)
Dee. I *Holders of rec. Nov. 1
North Central Texas Oil. pref.(guar.) _ _ 31.625 Jan. 2 Holder's of rec. Doe. 10
Northern Diacrotin pref. A (mthly.)..• 68 2-3c 1a o. 1 *Holders of roe Nov 15
Northern Pipe Line
$2
Jan, 2 Holders of rec. Doe. 15
O'Connor & Moffert. class A (guar.).- .3734e Dec. 1 *Holders of rec. Nov.15
Ogilvie Flour Mills, Prof.(guar.)
134 Dec. 1 Holders of rec. Nov.20
Ohio Elec. Mfg., corn.(guar.)
•40c. Dec. 15 *Holders of rec. Doe. 10
Ohio 011 (guar.)
500. Dec. 15 Holders of rec. Nov. 18a
6% Preferred (guar.)
'134 Dec. 16 *Holders of reo. Nov. 15
Ohio Steel Foundry. 1st & and pr. (qu.) •154 Dec. 1 *Holders of rec. Dec. 1
Omnibus Corp., pref.(guar.)
$2
Jan. 2 Holders of rec. Dec. 1511
•25c. Doe, 15 *Holders of tee. Nov.29
Oneida Community, corn. (guar.)
Preferred (guar.)
*434c Dec. 15 *Holders of tee. Nov.29
Oshkosh Overall. pref.(guar.)
*50o. Dec. 1 *Holders of roe. Nov.22
Otis Elevator, pref. (guar.).
an15111 Hold of roe. Dee.311100
Owens-Illinois Glass. pref. (quar.)
$1.50 Jan, 1 Holders of rec. Dec. 16
Pacific Amer. Fisheries (guar.)
*500. Dec. 1 *Holders of rec. Nov. 15
Pacific Commercial Co
70c. Dec. 31 Holders of rec. Dec. 15
Package Machinery, coin.(guar.)
*$1.50 Doe. 1 *Holders of rec. Nov.20
Common (extra)
Dee, 15 *Holders of rec. Nov.20
*$1
Packard Motor Car, corn.(guar.)
.15c. Dec. 12 Holders of rec. Nov. 150
Paraffin° Cos. Jim., corn.(guar.)
21
Dec. 27 Holders of reo. Dee. 17
3488
Name of Company.
Form 131.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
40e. Dec. 15 Holders of reo. Nov.210
Standard OH of N.Y.(guar.)
Paramount Pubfix Corp., corn.(guar.).- $1 Doe. 27 Holders of rec. Dec. 50 Standard Oil (Ohio). pref.(guar.)
134 Deo, 1 Holders of rec. Nov. 7
- *30e. Dee. 1 *Holders of rec. Nov.15
Parker Trading. class A & B (guar.).
Dec. 1 Holders of rec. Nov.20
1234e
5e. Dec. 10 Holders of rec. Nov.293 Standard Utilities, Inc.,common
Parmelee Transportation (monthly).-*75c. Jan. 1 'Holders of rec. Dec. 15
Starrett Co., pref.(guar.)
Patterson-Sargent Co..common (guar.). *50c. Dec. 1 *Holders of rec. Nov. 15
Nov.29 *Holders of reo. Nov.20
'SO
•16
(mthly.)_
corn.
Co.,
&
(Freder'k)
Stearns
• $1.625 Dec. 1 *Holders of rec. Nov. 14
Peerless Woolen Mills,6% pref
*134 Doe. 1 Holders of rec. Nov. 20
Stephens Fuel, 2nd pref. (guar.)
Peuder (1).) Grocery Co., el. A (qu.)--- 87%0 Dec. 1 Holders of rec. Nov. 20
Dec. 1 Holders of rec. Nov.d264
75e.
(guar.)
1st
pref.
Securities.
15
Sterling
Dec.
reo.
250. Dec. 15 Holders of
Penick & Ford. Ltd.. cam.(guar.)
30e. Dec. 1 Holders of rec. Nov4260
Preferred (guar.)
50o. Dec. 15 Holders of reo. Deo. Ia
Common (extra)
3734c Dec. 1 Holders of roe. Nov. 15
1)4 Jan. 1 Holders of rec. Dec.'151 Stlx, Baer & Fuller, common (guar.).Preferred (guar.)
Jan. 15 Holders of rec. Doe. 170
$1
(guar.)
Inc.
Webster.
dr
Stone
Penn Bankshares Sr Securities. pf.(qu.).'6234c Dec. 1 *Holders of rec. Nov. 15
Strawbridge & Clothier. pref. A (guar.). '134 Dee. 1 Holders of rm. Nov. 15
Pennsylvania Investing. class A (guar.). 6234e Dec. 1 Holders of reo. Nov. la Stromberg-Carlson Telep. Mfg.(quar.)- •250. Dee. 1 *Holders of roe. Nov.17
la
Nov.
rec.
of
1
Holders
50c. Dec.
Class B
*1% Dec. 1 Holders of rec. Nov.17
Preferred (guar.)
37140. Jan. 1 Holders of rec. Doe. 112
Pet Milk Co., corn, (guar.)
75c. Dec. I Holders of rec. Nov.100
Studebaker Corp. common (guar.)
It( Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 100
(guar.)
Preferred
30
Nov.
Petroleum Landowners Corp.(monthly) *25e. Dec. 15 *Holders of rec.
25e. Dee. 15 Holders of rec. Nov.254
Sun Oil,corn.(guar.)
Petroleum Royalty, pref.(monthly).- 'le. Dec. 1 *Holders of rec. Nov.25
/9 Doe, 15 Holders of rec. Nov.250
Pay. In eom. stock)
0134 Dec. 1 *Holders of rec. Nov. 20
Pfaudler Co., preferred (guar.)
Dec. 1 Holders of rec. Nov.100
134
(guar.)
Preferred
20
Nov.
75e. Deo, 1 Holders of rec.
Philadelphia Inquirer. corn. (guar.)---•2734c Dec. 1 *Holders of rm. Nov.23
500. Jan. 2 Holders of reo Dec. 163 Superior Portland Cement el. A (mthly)
Phillips Petroleum, corn.(guar.)
D. 1 *Holders of roe. Nov.18
•4334e
(guar.).
pref.
Corp.,
011
Swan-Finch
170
Nov.
rec.
of
Holders
1)4 Dec. 1
Phoenix Hosiery. 1st & 2d pref.(qu.)
2c, Doe. 20 Holders of rec. Doe. 5
Sylvanite Gold Mines, Ltd
Photo Engrav.& Electrotypers,Ltd.(q11) 500. Dec. 1 Holders of rec. Nov. 15
•20e Heo. 1 *Holders of rm. Nov.20
Telephone Corporation (monthly)
Pierce-Arrow Motor CarDec. 15 Holders of rec. Nov.29a
25e.
Chemical
&
(guar.).Copper
Tennessee
100
Nov.
50e. Deo. 1 Holders of rec.
Common A (guar.)(No. 1)
•25c. Ja 10'31 *Holders of reo. Des. 81
134 Dec. I Holders of rec. Nov. 100 Tennessee Products Corp.. oom.(qua?.) •215e 4-10-31 *Holders of rec. Mar.Si
Preferred (guar.)
Common (guar.)
50o. Dee. I Holders of rec. Nov. 154
Pillsbury Flour Mills, corn. (guar.)
75e. Jan. 1 Holders of reo. Dee. fid
Texas Corp.(guar.)
*25e. Dec. 1 *Holders of rec. Nov. 17
Pines Winterfront Co.(guar.)
Dec. 15 Holders of reo. Dec. la
$1
Texas Gulf Sulphur (guar.)
10
Dec.
rec.
of
31
Dec.
*Holders
*50c.
(guar.)
Glass
Plate
Pittsburgh
.31.75 Dm. I *Holders of reo. Nov.15
(qua,.).
pref.
Flour
Mills,
-Ban
0
Tex
18
Nov.
rec.
of
i3 Dec. I Holders
Pitt-burgh Steel, preferred (guar.)
15 *Holders of rec. Dee. 10
Dm.
'134
Thew
Shovel,
pref.
(guar.)
Pittsburgh Steel Foundry, pref. (guar.) •1M Jan. 2 *Holders of rec. Dec. 19
Doe. 1 Nov. 16 to Dec. 1
3
50c. Dec. 1 Holders of reo. Nov. 154 89 Broadway. Inc., preferred
'Poor & Co.. corn. A dr B (guar.)
1 'Holders of roe. Nov.20
Dee.
*134
(guar.).
pref.
Inc.,
Products,
Thompson
20a
Porto Rican Amer. Tob., class A (qu.)__ 8734c Jan. 10 Holders of rec. Dec.
134 Dec. 1 Holders of rec. Nov.205
Timken Detroit Axle. pref.(guar.)
15
Powdrell & Alexander. Inc., prel.(guar.) '1)4 Jan. 1 *Holders of reo. Dec. 292
75e. Dec. 5 Holders of rec. Nov.200
(guar.)
Roller
Bearing
Timken
Nov.
tee.
of
Holders
500. Dec. 31
Prairie Oil & Gas (guar.)
See note (e)
Dec. 8
13
Securities Trust, ordinary
750. Dec. 31 Holders of rec. Nov4291 Tobacco
Prarie Pipe Line (guar.)
8.229 Doe. 8 J
Deferred capital
50e. Dec. 31 Holders of rec. N0v429a
Extra
$1.625 Doe. 1 *Holders of rec. Nov.20
pf.
pr.
(qu.)_'
$6.50
Shares,
Tonawanda
20
Nov.
rec.
Prentice-Hall, Inc., common (guar.).- •700 Dec. 1 *Holders of
•$1.75 Dec. 1 *Holders of rec. Nov.20
First and second pre/.(qua?.)
•750 Doe. 1 *Holders of rec. Nov. 20
$3 preferred (qua?.)
& Lithograph. GI. A (qu.). '37)4c Dec. 16 *Holder, of reo Deo. 1
134 Dec. 31 Holders of rec. Dee. 161 Priming Label
Pressed Steel Car, pref. (guar.)
8 1-30 Dec. I Holders of reo. Nov.15
corn.
Corp.,
Royalty
Trlstate
25a
Nov.
Procter & Gamble.5% pref.(guar.).- 1)4 Dec. 15 Holders of rec.
10o Dec. 1 Holders of rec. Nov.15
(mthly.)Pref
erred A (mohthly)
*10c Dee. 15 *Holders of rec. Nov.30
Producers Oil Royalty (monthly)
30c Jan. 15 Holders of reo. Doe. 260
(guar.)
cons.
Steel,
Truscon
150
Nov.
rec.
of
Holders
25e Deo, 15
Public Investing, common (guar.)
Mar.10 Holders of rec. Jan. 60
/6
stock)
eon).
in
(payable
Corn.
200 Dec. 15 Holders of reo. Nov.154
Common (extra)
'154 Dec. 1 *Holders of rec. Nov,21
Preferred (guar.)
Public Utility Holding Corn.
*50e. Dec. 16 *Holders of rm. Dec. 4
(guar.)
Corp.
Storm
Turner
10
Nov.
rec.
1234e Nov.30 Holders of
Common (Qua?.)(No. 1)
40c. Jan. 15 Holders of rec. Dee. 31a
Ulen & Co., corn. (guar.)
12Lk' Nov.30 Holders of rec. Nov. 10
Class A (guar.)(No. 1)
Underwood Elliott Fisher Co..corn.(qu.) $1.25 Doe. 31 Holders of rec. Dec. 12a
•75o Jan. 1 *Holders of rec. Dec. 10
$3 preferred (No. 1)(guar.)
Dec. 31 Holders of rec. Doe. 12a
1%
Preferred
(guar.)
lg Jan. 2 Holders of rec. Dec. 10
Nov.15
Pure 011 Co., 5)4% pref. (guar.)
Underwritings& Parties., class A (guar.). •750 Dee. 1 *Holders of rec.
134 Jan, 2 Holders of rec. Dec. 10
0% preferred (guar.)
1734 Dec. 1 Holders of rec. Nov.20
(qua?.)'
Mfg.
Corp.
Unexcelled
102
Dec.
roe.
of
Holders
2
Jan.
2
of rec. Nov. 15
*Holders
8% preferred (guar.)
1
Dec.
*50e
common
(guar.).
Inc.,
Mills,
Union
Dec. 1 Holders of rec. Nov.144
$1
Purity Bakeries, corn. (guar.)
*$1.50 Doe. 1 *Holders of reo Nov.15
Preferred (guar.)
*31 Jan. 15 *Holders of Teo. Dec. 31
Quaker Oats, eon).(guar.)
40e Dec. 1 Holders of rec. Nov. 154
Union Tank Car (guar.)
*134 Nov.29 *Holders of reo. Nov. 1
Prefer.ed (guar.)
•250 Doe. 31 'Holders of rec. Dec. 20
(qua?.)
common
Drill,
Union Twist
.1,1I4 Feb. 28 *Holders of reo. Feb, 2
Preferred (guar.)
*I.K Dec. 81 *Holders of reo. Doe. 20
Preferred (guar.)
la
Radio Corp. of America, pref. A (guar.). 87M0 Jan, 1 Holders of rec. Dec.
132!4c Dec. 1 Holders of rec. Nov.10
$1.25 Jan. 1 Holders of rec. Dec. la United Amer. Utilities, class A (qu.).--Preferred B (guar.)
Dec. 15 *Holders of rec. Dee. 1
(qu.)
*134
350 Jan. 1 Holders of rec. Dec. 10 United Artists Theatre Circuit. pl.
Original preferred (annual)
40e Dec. 1 Holder.; of rec. Nov. 15a
United Biscuit, common (guar.)
12340 Dec. 15 Holders of rec. Nov.25
Railroad Shares Corp.(guar.)
1 *Holders of rec. Dee. 20
Jan.
•lti
(guar.)
pref.
Publishers,
Business
United
Railway Equip.& Realty. 15t pref.(qu.) *3730 Dec. 1 *Holders of ree. Nov. 1
*250. Dee. 15 *Holders of rec. Nov.30
United Cap Cod Cranberry (extra)
Railway & UHL Inc.Corp..7% PLA(q11) 8734e Dec. I Holders of rec. Nov.15
1 'Holders of rm. Nov.15
Dec.
*75o.
pref.
(twar.)
United
Inc..
Chemicals,
15
Nov.
rec.
of
75e Dec. 1 .Holders
6% preferred (guar.)
40e. Doe. 24 Holders of rec. Dec. 12
United Elastic Corp.(guar.)
Rainier Pulp & Paper, class A (guar.).-- *500. Dec. 1 *Holders of rec. Nov. 10
Jan. 5 Holders of rec. Dec. 64
Si
United Fruit (guar.)
•500 Dec. 15 *Holders of rec. Doe. 1
Rapid Electrotype Co., corn.(guar.)
2 Holders of rec. Dec. 3
650 Dec. 15 Holders of rm. Nov.293 United Founders Corp.,corn.(stk.dlv.). 1-70 eh Jan. 10
Raybestos-Manbattan. Inc. (quar.)
*Holders of rec. Doe. 1
'Sc. Dec.
United MU Co.(San Fran.)(mthly.)
•250 Dec. 1 *Holders of rec. Nov.25
Rea I Estate Mtge.Guar.(Phila.)(qu.)
Deo. 1 *Holders of reo. Nov.15
•500.
A
class
(guar.)
Crate,
United
Milk
29
Nov.
rec.
of
*Holders
15
Dec.
*3730
(guar.).Reeves(Daniel) Inc., common
of rec. Nov. 15
*Holders
1
Dec.
(gu.)_
*400.
prof.
United Nat'l Corp.(Seattle).
•1% Dec. 15 *Holders of reo. Nov.29
6g% preferred (qua?.)
1)4 Jan2'31 Holden of rec. Dee. 20a
Muted them Dye Works, pref.(guar.)..01.% Dec. 15 *Holders of rec. Nov.29
Reliance Grain Co., pref. (guar.)
Holders of rec. Nov.254
15
Dec.
623.4c
pref
Corp.,
United
Stores
20
Nov.
rec.
of
1
Holders
75c Doe.
Reliance International, pref.(qua?.)_..__
*Holders of rec. Nov. 20
40e Jan. 1 Holders of rec. Dee, 8a United Wall Pap.Factories, pr. pfd.(gu.) '134 Dee, 1
Remington-Rand, Inc., common (qu.)__
*$1.75 Doe. 1 *Holders of rec. Nov. 20
Preferred (guar.)
134 Jan, I Holders of rec. Dee. 8a
First preferred (guar.)
Holders of reo. Nov.20
1
Dec.
$1.25
A
corn.
.
8a
Products,
(guar.)
U.S.
Dee.
Dairy
2
Jan, 1 Holders of rec.
Second preferred (guar.)
*S1.76 Dee. 1 *Holders of rec. Nov.20
First preferred (guar.)
750 Jan. 15 Holders of reo. Jan. 1
Republic Supply Co. (guar.)
Dec. 1 *Holders of rec. Nov.20
412
(qua,.)
1
Second
preferred
Apr.
rec.
of
Holders
15
Apr.
750
Quarterly
*400. Doe. 31 *Holders of reo. Dec. 15
U. S. Gypsum,coin.(guar.)
75c July 15 Holders of rec. July 1
Quarterly
*500. Dec. 31 *Holders of rec. Dec. 15
Common (extra)
75e Oct. 15 Holders of rec. Oct. 1
Quarterly
Dec. 31 *Holders of rec. Dec. 15
0154
.
(guar.)
15
Preferred
Nov.
roe.
of
75o. Dec. 1 Holders
Research Inv. Corp., corn.(guar.)
Nov. 30 *Holders of rec. Nov. 10
'634c
U.8. de Overseas Corp
750. Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
234 1a20'31 Holders of reo. Doe. 810
50o. DUO. 1 Holders of rec. Nov.150 U.S. Pipe & Foundry. corn.
Holders of roe. Dec. 311
Reynolds Metals Co. (guar.)
Ja20'31
300
First
(guar.)
16
preferred
1)4 Dec. 1 Holders of rec. Nov.
Rolland Paper. 6% pref.(guar.)
Jan. 1 *Holders of reo. Doe. 20
U.S.Playing Card (guar.)
•8734c Dec. 1 *Holders of reo. Nov. 15
ROXy Theatres, class A (guar.)
750 Doe 15 Holders of rec. Nov.144
Improvement
&
U.S.
Realty
31
Dec.
rm.
of
*Holders
15
Royalty Corp. of Amer., part. pf.(au.)_ *300 Jan.
134 Deo, 30 Holders of rec. Dec. la
United States Steel Corp.. corn.(qua?.)
*15e Jan. 15 *Holders of rm. Doe. 31
Participating pref.(extra)
134 Nov.29 Holders of rec. Nov. 3a
Preferred (guar.)
•650. Feb. 1 *Holders of rec. Jan. 15
Ruud Mtg.(qua?.)
$1.75 Doe. 1 Holders of rec. Nov. 17a
pref.
(guar.).
1st
S.
U.
Corp.,
Stores
21
Dec.
to
500 Deo. 2b Deo. 10
Jan. 15 *Holders of rec. Dec. 30
St. Joseph Lead Co.(Qua?.)
•300.
1)
(No.
Universal Trust Shares
250 Dec. 20 Doe. 10 to Dec. 21
Extra
•340. Jan. 15 *Holders of rec. Dec. 30
Extra
25
Louis Screw & Bolt,corn.(guar.)---- 3730 Dec. 1 Holders of roe. Nov.
Doe. 1 *Holders of reo. Nov. 15
•433(e
(guar.).
pref.
'Tr.,
Invest.
Canada
Iba
Upper
Nov.
50e Dec. 1 Holders of rec.
of reo. Nov.15
°evade Arms Corp., eon). (guar.)
Utility Equities Corp.. Priority stock-- $2.75 Doe. 1 Holders of roe. Nov. 29
•$1.50 Feb. 16 *Holders of rec. Feb. 2
Dec. 20 Holders
Second preferred (qum.)
$1
Vacuum
oil
29
Nov.
(guar.)
reo.
of
*Holders
Sehettler Drug. pref. A (monthly) ----• 112-30 Dec. 15
Deo, 20 Holders of reo. Nov.29
25c.
Extra
50e. Doe. 15 Holders of rec. Nov.29
Schiff Company,common (guar.)
1M Dec. 17 Holders of rec. Doe. tha
Valvoline 011, corn.(guar.)
1)4 Dec. 15 Holders of reo. Nov.29
Preferred (guar.)
Jan. 2 Holders of re3. Dec. 19a
2
Preferred (gum.)
8
&lathe Chain Theatres. pref.(guar.) - •750. Dec. 1 *Holders of me. Nov.16
Dec. 10 *Holders of roe. Dec. 1
0154
(guar.)
pref.
Vapor Car Heating,
Schlesinger (13 F ).4 Sons. pref.(guar.). '1)4 Jan 1'31 'Holders of rm. Dec.
•1M Dec. 1
ss Underwear. prof.(qua?.)
Vassar-Swi
10
Jan.
rec.
of
*Holders
1
(qu.)_
Feb.
*el
Sears. Roebuck & Co.,stock dlv.
Doe. 15 *Holders of rec. Nov.30
*60e.
(gear.)
pref.
Pump.
Viking
*el
May 1 *Holders of rec. Apr. 10
Stock dividends (qua?.)
134 Deo. 1 Holders of rec. Nov.144
Va.-Caronna Chem., pr. Prof.(guar.)
Second Investors Corp. of R.
234 Jan. 2 Holders of rec. Dec. 15a
Virginia Iron, Coal & Coke, prof
Cony, prior pref. and cony. pref.(qu.) 134 Dec. 1 Holders of rec. Nov.lb
10
Jan. 2 Holders of rec. Dec. 153
'80)
&
'29
July
&
Jan.
due
(div.
Pref.
Selfridge Provincial Stores. Ltd.
50o. Jan. 2 Holders of rec. Doe. 15
Vogt Mfg.(guar.)
'w3!.4 Dee, 1. *Holders of rec. Nov. It
American deplsit receipts
Jan. 2 *Holders of reo. Dee. 2
*6234c
(guar.)
A
class
Co.,
Cup
Vortex
20
•33.50 Nov.80 *Holders of reo. Nov.
Seven Baker Broe., prof
500. Jan. 2 Holders of reo. Dec. 2
Common (guar.)
1% Jan. 2 Holders of roe. Dec. 93
Jan. 20 Holders of reo. Jan. 50
Shell Union 011, pref.(guar.)
1
Vulcan DetInnIng, corn. (guar.)
15
Nov.
reo.
of
1
*Holders
'1)4
Dec.
Sherwin-Willlarne, pref (guar.)
154 Jan. 20 Holders of reo. Jan. 50
Preferred (guar.)
Dec. 153
Sherwin-Williams Co.of Can.,com.(qu.) 40e. Dec. 31 Holders of rec.
Doe. 1 Holders of rec. Nov. 15a
3734c
Sc. Doe. 81 Holders of rec. Doe. 152 Wagner Elec. Corp., earn.(guar.)
Common (extra)
•600. Nov.30 *Holders of rec. Nov.20
(guar.)
134 Dec. 81 Holders of rec. Dec. 153 Walalua Agricultural
Doe. 1 *Holders of rec. Nov.15
Preferred (guar.)
*50e.
(guar.)
A
class
Waitt dr Bond.
50c. Nov.29 Holders of reo. Nov. 14
Shippers' Car Line Corp.,elms A (qu.)..
*300. Doe, 30 *Holders of rec. Dec. 15
Class B (guar.)
1M Nov.29 Holders of ree. Nov. 14
15 Holders of rec. Nov.128
Dee.
Preferred (guar.)
25o.
Worts(qu)
&
erham
Walker(Hiram)Good
of rm. Nov. 22
50e. Dec. 15 Holders of reo. Doe. ba
Simmon Boardman Pub., corn. (guar.). *50c. Doe. I *Holders of rec. Nov. 22
Walworth Co., common (guar.)
•75c. Dec. 1 *Holders
*75e. Dec. 31 *Holders of reo. Dm. 20
Preferred (guar.)
(guar.)
Preferred
172
Nov.
rec.
of
Holders
1
Dec.
1K
reo. Nov.100
Simon (Franklin) & Co., pref.(guar.)._ _
Warner Bros. Pictures. Inc.. Prof.(qu.) 963jo Dec. 1 Holders of
1 Holders of rec. Nov. 25
750. Jan. 2 Holders of reo. Dee. 15a
Simon (H.)& Sons, Ltd.,corn.(guar.).- 6230 Dec. 1 Holders of rec. Nov. 25
WarrenBros. Co.: corn.(guar.)
134 Dec.
Jan. 2 Holders of rec. Dec. lba
750.
Preferred (guar.)
(guar.)
pref.
Convertible
22
Nov.
•500. Dee. 1 *Holders of rm.
25o. Jan, 2 Holders of rec. Dec. lba
Sivyer Steel Castings, corn.(gum.)
First preferred (guar.)
Dec. 1 Nov. 16 to Dec. 1
8
29 1-6e Jan. 2 Holders of rec. Dec. 15a
16 Park Ave., Inc., preferred
Second preferred (guar.)
50c. Dec. 15 Holders of rec. Nov.140
Dec. 1 Holders of rec. Nov. 20
•8714c
Skelly Oil, corn. (guar.)
(guar.)
pref.
Wayne Pump,
Dec. 1 *Holders of rec. Nov.15
Nov. 15
Smith Alsop Paint & Varnish (guar.).- *12340
Weber Showcase & Fixture, let pfd.(qu,) *50o. Doe. 1 *Holders of rec.
*87340 Dec. 1 *Holders of reo. Nov.15
Dec. 1 Holders of roe. Nov.15a
$1
Preferred (gum.)
(qua?.)..
pref.
Snowdrift,
&
011
Wesson
21
Nov.
rec.
of
Dec. 1 Holders
Nov.20
reo.
of
Holders
1
Doe.
750.
(qu.)
B
&
A
Smith (Howard) Paper Mills. pref.(qu.) 134 Dec. 1 Holders of res. Nov.15
corn.
Supply,
Western Auto
31
$1 Dee. 1 Holders of res. Nov.10a
Southern Pipe Line (guar.)
Western Dairy Prods.. el. A (guar.)
Dec. 81 Holden of rec. Dec. 15
11
of rec. Nov. 10
Holders
1
Dee,
91.50
South West Pa. Pipe Lines (guar.)
(guar.)
A
Preferred
31a
500. Jan. 15 Holders of reo. Des.
*3)i Jan 1'31 'Holders of rec. Dee. 20
Spalding(A.G.)& Bros., corn.(qua?.)
134 Dec. 1 Holders of rec. Nov. 170 Western Grocer, preferred
*50o. Dec. 5 *Holders of rec. Nov. 25
First Preferred(guar.
Western Pipe & Steel (guar.)
)s
Dec. 1 Holders of reel. Nov. 17
2
Doe. I *Holders of reo. Nov. 21
n5
Second preferred (guar.;
Trustees
Estate
Real
Western
•134 Jan. 1 Holders of ree. Dec. 15a
of rec. Dec. 15
Spam, Chalfant Co.. pref. (guar.)
of rec. Nov. 150 Western Reserve Invest.6% Pr. pf.(qu.) •$1.50 Jan. 2 *Holders of rec.
Holders
1
Dec.
la/
Nov. 17
1 *Holders
•4334e
Dec.
pref.
(qu.)_.
Spear & Co.. 1st 2nd pref.(quar.)
Fdy..
Steel
Michigan
West
20
1 Holders of tea. Nov.
Dec.
*750.
of ree. Dec. 19
.
Holders
(guar.)
B
&
A
pref.
2
Jan.
250.
corn.
Shares,
(Oil)
Specialized
Weston Electrical Instrument.
.500. Jan. 1 *Holders of rec. Dec. 20
50o. Jan, 2 Holders of reo. Dec. 19
Standard Coosa Thatcher,eon).(au.)
A
Class
(guar.)
15
Jan.
rec.
of
*Holders
*134 Jan. 15
50e. Dm. 1 Holders of reo. Nov.150
7% preferred (guar.)
Westvaco Chlorine Prod. (gum.)
15e. Dec. 1 Holders of rec. Nov. 15
250. Jan, 2 Holders of roe. Dee. 20
Standard Dredging, common (quar.)
Wheatsworth,Inc..common (guar.)____
1 Holders of tee. Nov.15
250. Jan. 2 Holders of rm. Dec. 20
Common(1-80th share corn.stock)... (I) Dec. 15 Holders of rm. Nov. 150
(extra)
Common
(52)40 Deo.
Dec. 1 Holders of reo. Nov.15
32
Standard 011 (Calif.), COM.(guar.)
Preferred (guar.)
Dec. 15 Holders of rm. Nov. 154
12
*50e. Dee. 1 *Holders of rec. Nov.12
Common (Pay. in Mtn. stock)
Wheeling Steel Corp.. eon).(guar.)
•6234c Dee. 15 Holders of reo. Nov. 15
4234
prof...,
Dec. 1 *Holders of rec. Nov.29
7%
Co.,
&
Standard 011(Indiana) (guar.)
D.)
(Geo.
Wetherth
500. Dec. 15 Holders of rec. Nov. 22a
134 Dec. 1 Holders of rec. Nov.15
Standard 011 (Kansas)(guar.)
White (J. G.)& Co.. prof.(guar.)
*400. Dee. 81 *Holders of roe. Dec 15
Dec. 1 Holders of rec. Nov.15
Standard 011(Kentucky)(guar.)
pref.
1.34
Engineering.
(guar.)White
(JO.)
15
Deo.
reo.
of
*200. Dec. 81 Holders
500. Dec. 31 Holders of reo. Dec. 120
Extra
white Motor Co. (guar.)
623-4c Dec. 20 Nov. 30 to Dec. 20
Standard 011 (Nebraska)(guar.)
pref.(guar.)._ •134 Dee, 30 *Holders of rm. Dec. 12
Securities,
Motor
White
154
Nov.
reo.
of
Holders
250. Doe. 16
Jan. 2 Holders of reo. Dec. lga
Standard 011(N. J.), $25 par (guar.)--Rock Mineral Springs,corn.(qu.)_ 31
250. Dec. 15 Holders of rec. Nov. lba White preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 195
325 par (extra)
First
Doe. 15 Holders of rec. Nov. 150
1
Jan. 2 Holders of rec. Dec. 19a
$100 par (guar.)
5
preferred
Second
(guar.)
160
Nov.
re0.
of
Doe. 15 Holders
1
$100 pm (extra)
Nov. 29 1930.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Wilcox Web Corp. class A (quer.)
62%0 Dec. 31 Holders of rec. Dec. 200
Will & Baumer Candle, pref.(quar.)._
2
Jan. 2 Holders of rec. Dec. 15
Wilson-Jonew Co.(quar.)
75c Dec. 1 Holders of rec. Nov.24
Windsor Hotel. 6 % pref. (guar.)._ _ _
1% Dec. 1 Holders of rec. Nov. 15
Wolverine Tube, Pref. (guar.)
.1.% Dec. 1 *Holders of rec. Nov.
Wood Newspaper Mach.,$7 pr. pf.(go.)•$1.7 Dee. 1 *Holders of rec. Nov.14
20
Woolf Bros., Inc.,7% pref.(guar.)
*1% Dec. 1 *Holders of rec. Nov.20
Wool Growers Gen. Storage (annual)
.$10 Dec. 31 *Holders of rec. Dec. 31
Woolworth (F. W.) Co., corn.(quar.).
60e Dec. 1 Holders of rec. Nov. 103
Worthington Pump.& Mach., pf.
. A (cm) 1% Jan. 2 Holders of rec. Dec. 100
Preferred A (acct, accumulated dim) hl% Jan. 2 Holders of rec. Dec. 103
Preferred B (guar.)
134 Jan. 2 Holders of rec. Dec. 103
Preferred B (acct, accumulated dive.) hl% Jan. 2 Holders of rec. Dec.
10a
Worumbo Mfg., pref.(quer.)
*$1.7 Dec. 1 *Holders of rec. Nov.20
Wrigley (Wm.) Jr. Co.(monthly)
50e Dec. 1 Holders of roe Nov. 203
Monthly
250 Jan. 2 Holders of rec. Dec. 203
Monthly
25e Feb. 2 Holders of rec. Jan. 203
Monthly
500 Mar. 2 Holders of rec. Feb. 200
Monthly
250 Apr. 1 Holders of rec. Mar. 203
Wright-Hargreaves Mines (quer.)
5c. Jan. 2 Holders of rec.
29
Wurlitzer (Rudolph) corn.(monthly)_ _ _ •50c Dec. 25 'Holders or rec. Nov.
Dee. 24
Preferred (gear.)
*1% Jan 1'31 *Holders of rec. Dec. 20
Preferred (quar.)
'134 Apr131 *Hold,of rec. Mar 20'31
Preferred (guar.)
•154 Jul l'31 *Hold.of rec. J1113020 '31
Yale & Towne Mfg. (quer.)
50c Jan. 2 Holders of rec. Dec. 100
•From unofficial sources. t The New York Stock Exchange
stock will not be quoted ex-dividend on this date and not until has ruled that
further notice.
j The New York Curb Exchange Association has ruled that stock
will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Interoontlnents Power corn. A dividend
7 1-40th share, unless holders notify transferwill be paid in corn. A stock at rate
agent prior to Nov. 15 of desire to
take cash.
Correction. e Payable In stock.
IPayable in common stock. g Payable in scrip. h On account
of accumulated
dividends. I Payable in preferred stock.
United Amer. Utilities class A dividend will be applied
to
the
purchase
of additional class A stock at the rate of $16.25 per share unless
Instructions to the contrary
are received on or before Nov. 10.
k Western Continental Utilities dividend
is payable in cash or 1-40th share of
Class A stock.
I Electric Shareholdings dividend will be paid In stock-1-20th
holder notifies company 10 days after record date of his election share corn.—unless
to take cash.
m Central States Elec. cony, pref. dividends payable as
Series of 1928,
3-32ds of one share of com, and series of 1929, 3-64ths offollows:
one
share. If holders
desire cash they must notify company on or before Dec. 15.
n Central Public Service Corp. dividend will be paid in
class A stock at rate of
I-40th share unless stockholder notifies company
on or before Dec. 10 of ids desire
to take cash.
o Corporation Securities Co.of Chic, dividend Is payable in
cash or common stock
at rate of 3-200ths of a share.
P Preferred stock of Munsingwear Corp., subsidiary of Munsingwear,
Inc., called
for payment Dec. 1 1930, with accrued dividend.
17 Union Natural Gas dividend payable in cash or stock at rate of 1-50th
share.
r General Gas & Elec. corn. A & B dividends are payable In class
A stock at the
rate of $5 per share unless written notice is received prior to Dec.
2011
the
holders
desire to receive cash.
a Commercial Investment Trust cony. pref. dividend will be paid in
common stock
at rate of 1-52d sh. corn, for each share of pref. unless stockholder
notifies company
on or before Dec. 16 of his desire to take cash.
I Brazilian Tr., Lt.& Power dividend is one share for each 50shares held
on Oct.31.
u Midland United Co. pref. dividend payable in cash or one-fortieth
stock,at option of holder, company to be notified fifteen business days share common
before Dec.24.
V Transfers received In London up to Nov. 19 will be In time to
enable transferees to receive dividends.
to Less deduction for expenses of depositary.
z Unless holders notify company of their desire to take cash,
Utilities Power &
Light dividends will be paid as follows: Corn., 11-400th share COM,
13-400th share class A stock; class B, 11-400ths share common stock.stock; class A,
V Lone Star Gas dividend is one share for each seven held.
aa Blue Ridge Corp. dividend will be paid at rate of 1-32d share
corn,
each share Pref. stock unless holders notify company on or before Nov. stock for
15 of their
desire to take cash.
Weekly Return of New York City Clearing House.—
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. NOV. 22 1930.
Clearing House
Members.
Bank of N.Y.& Tr. Co_
Bk.of Manhattan Tr. Co
Bk.of Amer. Nat'l Ass'n
National City Bank_ _
Chem.Bk.& Trust Co__
Guaranty Trust Co
Chat.Ph.Nat.B1S.&Tr.Co
Cent.Ilan. Bk.& Tr. Co
Corn Exch.Bank Tr. Co.
First National Bank _ __ _
Irving Trust Co
Continent'l Bk.&'Tr. Co.
Chase National Bank _ _ _
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland 'Tr. Co.
Lawyers Trust Co
New York Trust
Com'l Nat. Bk.&Co_'Fr. Co
Harriman Nat.Bk.& Tr.
Clearing Non-Members;
City Bank Farm,Tr,Co.
Mech. Tr. Co., Bayonne
*Capital.
•Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
6
6
6
6,000,000
15,045,800
65,070,000
22,250,000 e53,928,200
238,566,000
36,775.300
41,331,600
185,870,000
110.000,000 f114,017,100 a1,052,501,000
21,000,000
44.039,700
230.460,000
90,000,000 207,391,300 b970,418,000
16.200,000
19,621,400
157.441.000
21,000,000
84,165,400
406,903,000
15,000,000
35,356,600
177,747,000
10,000,000 112.282,500
250,289,000
50,000.000
85,182,900
388,263.000
11,341,100
6,000,000
11.968,000
148,000,000 213,397,300 e1,462,493,000
500,000
3,823,800
23,296,000
25.000.000
87.280.600 d480,277,000
10,000,000
24.901,900
31,997,000
10,000,000
11,435,600
48,795,000
3,000,000
4,804,000
18,964.000
12,500,000
36,081.000
202,993.000
7,000,000
9,711,800
44.082,000
2.000,000
2,566,800
30,486,000
10,000,000
500,000
13,698,000
905,600
qnn
I 9/9 /In Ann
A19 79A
4,938,000
3,397,000
Time
Deposits
Average,
i
16,580,000
53,518,000
57,541,000
212,157.000
29,479,000
128,337,000
38,998.000
72,218.000
40,338.000
29,182,000
59,193.000
431,000
210,208,000
2,219,000
71,644,000
1,865.000
5,225,000
1,925,000
42,835,000
5.458,000
6,280,000
5,335,000
A AAA 99/Ann 1 ACM nate nnn
• As per official reports: National. Sept. 24 1930; State. Sept. 24 1930;
Trust
Companies, Sept. 24 1930. f As of Sept. 30 1930. e As of Nov. 17 1930.
Includes deposits In foreign branches as follows:(a) 1315,298,000:(b) $15049,000; (e) $156.958.000; (d) $63,437,000.
3489
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov.20:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
BUSINESS FOR THE WEEK ENDED THURSDAY, NOV. 20 1930.
NATIONAL AND STATE BANKS—Average Figures.
Loans
Disci. and
!vest.
0th. Cash Res. Dep., Dep. Other
Gold. Including N. Y. and Banks and
Gross
Bk.Notes. Elesewhere. Trust. Cos. Deposits.
Manhattan—
Bank of U.S._ 197,678,000
Bryant Park Bk_
2,542,600
Grace National_ _ 19.642,571
Port Niorris
2,856,900
Public National. 154,580,000
Brooklyn—
10,001,100
Brooklyn Nat'l
People's Nat'l. _ _
7,200,000
$
$
$
18,000 5,236,000 27,939,000 5,867,000 197,024,000
61,600
75,000
2,142,800
1.000
82.698 1,739,885 1,024,792 16,665,344
7,500
00,500
244,200
2,606,400
27,000 3,361,000 9,933.000 23,392.000 162,387,000
31.000
5.000
130,300
117,000
626.700
530,000
758,000
157,000
7,719,100
7,200,000
TRUST COMPANIES—Average Figures.
Loans,
Disci. and
Invest.
Cash.
Res, Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Manhattan—
American
x50,248,900 112,497,800
x781,600
Bank of Europe & Tr 15,444,900
770,600
186,900
24,087,120
Bronx County
613,340 2,350,510
20,131,000 1,183,000 2,165,000
Chelsea
Empire
73,726,900 .3,906,100 9.138,300
Federation
15,939,520
116,230 1,150,501
Fulton
19,063,200 *2,478,100 2,296,200
Manufacturers
352,804,000 2,903,000 44,957,000
70,548,485 4,000,000 9,888,050
United States
Brooklyn—
Brooklyn
126,689,000 2,233,000 25,691.000
26,078,376 1,882,340 7,004,607
Kings County
Bayonne, N. I.—
Mechanics
8.656.297
317,979 1,181,872
Gross
Deposits.
x23,300 x50,237,700
14,674,900
25,670.398
18,968,000
3,678,100 74,541.800
104,277 16.053.790
18,785,100
4.086,000 326,811,000
55,054,815
589.000 129,325,000
28,285,296
361,731
9,153.601
•Includes amount with Federal Reserve Bank as follows: Empire. $2,408,800;
Fulton, $2,368,000. x American Trust figures are for the week ended Nov. 13:
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.
1Veek Ended.
Changesfrom
PreviouslVeck.
Nov. 26
1930.
Capital
94,700,000
Surplus and profits
99,144,009
Loans, disc'ts & invesrts_ 1,063,751,000
Individual deposits
635,932,000
Due to banks
160,724,000
305,555.000
Time deposits
United States deposits.- 3.699,000
18,331.000
Exch. for Clearing House.
Due from other banks_ _ - 107.855,000
85,363,000
Res've in legal depositles_
5,425,000
Cash in bank
3,803,000
Reeve in excess in F.R.Bk
Nov. 19
1930.
Nor. 12
1930,
Unchanged
94,700,000
94,700,000
Unchanged
99,144,000
99,144,000
—14,657,000 1.078,408,000 1.093,234.000
—37,068.000 673,000,000 676,103.000
—8,450,000 169,174,000 171.494.000
—1,648,000 307,203,000 304,099,000
—869,000
4,568,000
5.755.000
—2,267,000
20,598,000
24.868,000
—27,623,000 135.478,000 121,226,000
—3,856,000
89,219,000
88.787,000
—161,000
5,586,000
5,780.000
—1,435,000
5,238,000
4.447,000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended.
Nov. 22
1930.
Changesfrom
PreviousIVeek.
Nov. 15
1930.
Nov. 8
1930.
87,410.000 +2.000,000
Capital
85,410,000
85,410.000
Surplus and profits
271,973,000 +4.974,000 266,999.000 266,999,000
Loans, Meets. and invest_ 1,505,171,0W +22,016,000 1,483,155,000 1,473,450,000
31,161,000 —6,360,000
Each, for Clearing House
37,521,000
36.107.000
Due from banks
147.802,000 +3,842.000 143,960,000 1 37,562,000
Bank deposits
220,950,000 —5,324,000 226,274,000 220,033,000
Individual deposits
748,772,000
+8,858,000 739,914,000 739,795,000
448,457,000 +11,791,000 436,666.000 430.941,000
Time deposits
Total deposits
1,418.179.000 +15,325,000 1,402,854,000 1,390,769.000
Reserve with F. R. Bank_ 121,286,000 +3,222,000 118,064,000
116,392,000
[VOL. 131.
FINANCIAL CHRONICLE
3490
Weekly Return of the Federal Reserve Board.
condition
The following is the return issued by the Federal Reserve Board Friday afternoon, Nov.28 and showing the
for the System
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results week
last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondingReserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the
for gni
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns
latest week appears on page 3445, being the first item in our department of "Current Events and Discussions."
26 1930.
COMBINED RESOURCES AND UABILMES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV.
Nov.27 1929.
1930.
8
Oct.
Nov.26 1930. Nog. 19 1930. Nov. 12 1930. Noo.51930. Oct.291930. Oct.22 1930. Oct. 151930.
1
1
RESOURCES.
1,549.606.000 1,629,465,000
1,592,508,000 1,589,056,000 1,598.251,000 1,583.416.000 1,590,116.000 1,571,706,000 1,546,206.000
Gold with Federal Reserve agents
76,287,000
34,868.000
34,868,000
34.821,000
34,755.000
34.255,000
34.255,000
35,082,000
35.085,000
Gold redemption fund with U. B. Trees.
1,705.752.000
1,581,074.000 1,584.474,000
JoICI held exclusively eget.F. R. note. 1,627.591,000 1.624,138.000 1,632.506.000 1,617.671,000 1,624,871,000 1,606,527,000
544.854,000 593,449,000
474,745,000 500,471.000 492.364.000 520.541.000 504,365,000 516,204,000 538.443,000 847.200,000 688,227,000
Gold settlement fund with F. It. Board
8.59.820.000
Gold and gold certificates held by banks_ 922,634.000, 916,373,000 903,626.000 861.180,000 907.957.000 893.878.000
2,976,528.000 2,987,428,000
3,024.970,000 3,040,982,000 3,028,496,000 2,999.392.000 3,037.193.000 3.016,609.000 2,979.337,000
Total gold reserves
149,625,000 147,192,000
138,832.000 150.302.000 148,764.000 146.174.000 154.581,000 151,674.000 146,751,000
Reserves other than gold
3,134,620,000
3,126.153,000
3,126.088,000
3,168,283,000
3,163,802,000 3,191,284.000 3,177,260,000 3,145.566.000 3.191.774,000
79,097,000
Total reserves
65.757,000
66.054.000
70,690,000
71.364,000
63,295.000
68,752.000
61,210,001 68,395,000
Non-reserve cash
discounted:
463,173.000
55,011,000
89.024.000
70,259,000
71,572,000
85,068.000
66.064,000
76,357,000
87,419,000
[Secured by U.S. Govt. obligations
121.415.000 118.155.000 449,176,000
146,433,000 128,680,000 125,593,000 127,699,000 130,031.000 121,725.000
Other bills discounted
173,166.000 912,349,000
210.439,000
233,852,000 205,037,000 191,657.000 212.767,000 201,603,000 191,984,000
Total bills discounted
185.492.000 211,023.000 257,315,000
176,106,000 178,273,000 207,342,000 185,602,000 165,658,000 176,590,000
Bill, bought in open market
62,791,000
U. B. Government securities:
38,253.000
38,400,000
38,840,000
38,195,000
38,183,000
38,137,000
39.110,000
45,742,000
Bonds
283,717.000 289,772,000 289,756.000 134,649.000
258,151,000 257,037,000 281.730.000 280,695,000 287.827.000
128,658,000
Treasury notes
272.430.000
273.442,000
279,472.000
275,416,000
291,741,000 299,626,000 281.423.000 282.653,000
Certificates and bills
602,029,000 601,614,000 600,439,000 326,098,000
595,634.000 595.773,000 601,290,000 601,531.000 601,438,000
Total U.S. Governmeot
18,698,000
6,272,000
6,272,000
6,297,000
6,322,000
6,297,000
6.297.000
6,297,000
6.348,000
Other securities (see sole)
Foreign loan, on gold
975,021,000 976.900,000 1,003.817.000 990,900,000 1,514,460.000
Total bills and securities(us eels)...,. 1,011,940,000 985,380.000 1.006,586:000 1.006.197.000
723,000
(1010 held abroad
702.000
2.160.000
2,159,000
701.000
70.5,000
705,000
705.000
707,000
Due from foreign banks (see sot.)
659,402,000 648,888,000
531,631,000 613,143,000 *619,296,000 533,003,000 526,697,000 586.317.000 816.436.000
28,031,000
Uncollected Berns
18.040,000
18,841,000
18.880,000
17.091,000
17,373,000
18.839,000 *19,780.000
14,067.000
59,157,000
Federal Reserve noted of other banks..
59.674.000
59,637.000
59,831,000
59.632,000
59.632.000
59,700.000
59,702.000
59,702,000
11,637,000
Bankpremium
12.475,000
11,752,000
12,124,000
13,903.000
14,712,000
16,043.000
21,564,000
24,388,000
All other resources
5,476,613,000
4,833,103,000
4,867,447,000 4,959,012,000 4.968,122,000 4,840,483,000 4.856,183,000 4,894.984.000 5,104.785,000
Total resources
LIABILITIES.
1,365.398.000 1,930,181,000
1,421,868.000 1.383.604,000 1.371,148,000 1,366,554.000 1,354,881,000 1,368,512,000 1,372,211,000
Ft R. notes in actual circulation
2,375,650,000
Depoeits:
2,407,758,000
2.440,364.000
2,437,095,000
2,468,280.000
2,409.700,000
2,409,929,000 2,448.746,000 2,490.289,000
35,847.000
Member banke-reeirve account
33,233,000
23.737,000
27.581,000
26.674,000
37.659.000
24,196,000
37,137,000
29.384.000
Government
5,021,000
6,696,000
4.970,000
5.321.000
5,261.000
5,014,000
5,419,000
5,433.000
5,377,000
20,519,000
Foreign banks(Cu sae)
18,425,000
22,801,000
19,423.000
26,725,000
19,443,000
22,879,000
19,757,000
18,723,000
Other deposits
2,437,037.000
2,463.413,000 2,514,195,000 2.539,661,000 2,479.345.000 2.519,411,000 2,489,420.000 2.491,872,000 2,466,112.000
Total deposits
641,594,000
516,493,000 595,772,000 592,135,000 529,683.000 517.004,000 573.784,000 778.027.000 538,588,000 168,321,000
Deferred availability items
170,493,000 170.555,000
170,408,000
170,424,000
170.444,000
170.455,000
170,464,000
170,468,000,
In
Capital paid
254,398,000
276,936.000
270,936.000
276,936,000
276.936,000
276,936.000
276.936,0001 276,936.000 276.936.000
45,082,000
Surplus
15.514.000
15,246,000
15.928,000
17,541.000
18,050.000
17,778,000
17,507,000
18,269,000
All other Ilabilltlee
4,867,447,000 4,959,012,000 4,968,122,000 4,840.483,000 4.856,183,000 4.894,984.000 6,104,785,000 4.833,103,000
Total liabilities
Ratio of gold reserves to deposits and
77.6%
77.1%
78.1%
78.0%
77.4%
77.9%
77.8%
combined
78.3%
F. It. note liabilities
Ratio of total reeerves to deposits and
81.6%
80.9%
81.9%
81.2%
81.8%
82.4%
81.4%
82.1%
combined
liabilities
note
It.
F.
Contingent liability on bills purchased
428,938,000 428,561.000 426.541.000 431.670,000 .433.259,000 437.289.000 439.103.000 835.198.000
for foreign correepondente
Distribution by Maturities1-15 day bills bought In open market._
1-15 days bills discou. ted
1-15 days U. B. certif. of indebtedness
1-16 days municipal warrants
16-80 days bine bought in open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtednees_
16-30 days municipal warrants
$1 60 days bills bought in open market_
81-60 dye bills discounted
111-60 days U. B. certif. of indebtedness_
31-60 days municipal warrant.
51-90 days bill. bought In open market__
01-90 days bill. discounted
61-90 days U. B vertif of Indebtedness_
81-90 days municipal warrants
Over 90 days bill, bought in open market
Over 90 days bilks discounted
Over 90 day, certif. of indebtedness_
Over 90 Clays municipal warrants
5,476,613,000
68.4%
71.8%
509,380,000
65,854,000
152,715,000
61,282.000
131.427,000
78,168,000
120,509,000
31,214,000
60,380.000
139,185.000
29,714,000
48.200.000
128,309,000
61,537,000
122,054.000
96,922,000
137,051,000
125.273.000
101,788.000
74,963,000
692,626,000
490,009
44,203,000
21,725,000
73,765,000
41,242.000
19,799,000
79.765,000
43,344,000
20.462,000
38,346,000
19.247.000
43,774,000
19,559,000
25,714,000
43,822,000
19,523,000
28.214,000
31,889.000
72,563,000
29,878.000
22,880,000
53,802.000
30,117,000
55,766,000
29,428,000
56.358.000
29,015.000
79,766,000
56.123,000
31.428.000
81,395,000
42,236,000
30,871.000
82,322.000
44.435,000
28,522,000
85.370.000
41.671.000
28,482.000
33,214,000
46,679.000
27.566 000
25,214,000
76,510,000
65,415,000
58,250,000
100,000
99,086,000
92,360,000
64.000
12.088.000
16.958.000
38,707.000
10,000
159,000
12,337,000
179.269,000
24,000
47,000
19,865,000
14,089,000
43,707.000
29,447.000
12.951.000
30.642,000
15,071.000
31.333,000
18,234,000
26.586.000
16,589,000
9.084.000
16,730.000
83,320.000
47,000
25.000
8,720.000
170.443,000
47,000
111,000
72,000
115,000
6.630,000
167.480,000
47.000
230.000
5,296.000
165.888.000
14,753.000
17.637.000
75,361.000
22,000
257,000
4,706.000
164.867.000
118,000
10,294,000
176.154.000
7.8.36,000
171,544,000
109.000
4,202.000
163.896.000
22.000
481,000
6,058,000
43,954,000
17.000
698,000
17.994,000
69,918,000
3,601,128,000
1,172,108,000
I.It. notes received from Comptroller .._
F.R. notes held by F.R.Agent
1,851.713,000 1,814,878,000 1,813,434,000 1,788,411,000 1,781,147,000 1,7(19,114,000 1,799,896,000 1,796.482,000 2,429,020,000
Issued to Federal Reserve Banks
==
How Secured482.250,0001 473,800,000 463,695,000 460.560.000 450,760.000 449.350.0001 449,350,000 449.550.000 355.695,000
By gold and gold certificate.
Gold redemption fund
1.096.858 000 1.100,056,000 1.273.770,000
Gold fund-Federal Reserve Board__ 1,110.256.000 1,115.256.000 1.134,556,000 1.122.856,000 1,139,356,000 1,122.358.000
358.944,000 333,811,000 337,099.000 354,528.000 329,316.000 346,358,000 375.845.000 352,417,000 1.125,269,000
By eligible paper
-1,951,450,000 1,922,900.000 1,035,350.000 1,937.944.000 1,919,132.000 1,918,064,000 1.922.051,000 1.902.023.000 2,754,734.000
Total
Iwo new item, were added in order to show separately the amoun of °mance. held abroad and amounts due
NOTE.-BeginnIng with the statement of oet. 7 194,5,other
earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
caption, ..All
of the total of
10 foreign correspondents. In addition, the
assets" to "Total bills and securities." The latter item was adopted as a more accurate description
"Other seourIties." and the caPtIon. "Total earningunder
of sections 13 and 14 of the Federal Reserve Act. which. It we. stated, are the only items Included
provision
the
acquired
and
securities
acceptances
She discounts.
therein.
OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 26 1930
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Dears.. San hag.
Two Ciphers (00) Giattio4Baste*, New Yerk. Phila. ICZeeeiond. Richmond Atlanta. Mimeo. St. Loris. Afinneop Kon.City.
Total.
ledIffal R688718 Bank el-
1 I I
RESOURCES.
355,636,0 139,600,0 180.550,0 63,000,0 118,000,0 169,000,0 72,395,0
(Sold with Federal Reserve Agents 1,592.506,0 149,917,0
14.226,0 1,750.0 2,035.0 1,436,0 1.818,0
. 1,142,0 1,620.0
35,085,0 1,583.0
Gold red'n fund with U.S. Treas.
141,350,0
369,882,0
182,585,0
170.142,0 74,015.0
151,500.0
64,436,0
119,816,0
1,627,591.0
notes
F.R.
apt
evil
Gold held
170,008,0 42,305,0 53.691.0
5,775,0 48.661,0 37,534,0
Gold settle't fund with F.R.Board 474,745,0 11,493,0 558,824,0 25,459,0 60.522,0, 13,454,0
8,899,0 8,115.0 164,179,0 14,051,0
922.634,01 38,003,0
Gold and gold ctfs.held by bank"
I
1
I
1
1
3,024.970.0 200.996.0 1,098,694,0 209,114,0 298,798.0, 86,789,0 133.706,0383.282,0 125,600.0
Total gold reserves
34,970.0 8,458,0, 8,524,01 6.885.0 8,835,0 19,642,0, 10,273,0
12,274,0
1
138.832.0
gold
than
other
Reserve
II
135.873,0
3,163,802,0 213,270,0 1,133,664,0 217,572,0 305,322,01 93,674,0
Total meow
8,949,0
3.176,0
.14.446,0
3,109.0
9,375,0
3,021,0
3,773,0
9,603.0
61,210,0
Non-reeerve cash
Bill. discounted:
19,132,0 9,447,0 18,975,0 10,485,0
660.0 8,855,0 5,615,0
87,419.0 8,926,0
Ben. by U.S. Govt. obligation.
19,073,0 12,007,0 13,674.0, 18,876,0 28,982,0 10,258.0 9,093,0
146,433,0 7,132,0
Other bills discounted
1
38,205,0 21.454,0 30,649.0 29,341,0 29,612,0 19,113.0
16,058,0
233,852.0
discounted
Total bills
18,211,0 2,945,0 17,687,0 9,340,0 9,853,0 1
176,106,0 14,553,0
Bills bought in open market
U. B. Government securities:
500,0
4,503,01 1,273,0 1,044,0 1,452,0
113.0 21.059.0
45.742,0 1.518,0
Bonds
75.979,0 24,223,0 31,500,0 7,343.0 4,745,0 27,718,0 8,125.0
258,151.0 20,299,0
VON= notes
291,741.0 25,930,0 106,888,0 28,513,0 27,483,0 9,377,0 2,835,0 35,410,0
Certificates and bill.
142.541.0L02.924.0
1:22:S
Total U.IL Gov't stanultles
•Revised
595,634,0 47,747,0
187,370,0 54,009,0 60,007.0 18,172,0
7,693,0 84,187,0
46,595,0 65,000,0 27,050,0 205,763,0
817.0 1,470,0 1,117,0 6,073,0
47.412,0 68,470.0 28,167,0 211,836,0
14,377.0 22.555,0 10,540,0 44,352,0
4.866,0 6,889,0 10,995,0 21,532,0
66,655,0 95,914,0 49,702.0 277,720,0
4,037.0 7,019,0 8,407,0 9.508,0
70.692,0 102,933.0 58.109,0 287,228,0
1,459,0 1,621,0 •3,139,0 4,539,0
729,0 2.910.0
3,083,0 11,909,0
1,314,0
6,972,0
3,812.0 14,819,0
4,753,0 8,189,0
8,286,0 7,765,0
6,107,0 28,610,0
2,391,0
5,374,0
552,0
528,0 8,168,0
5,032.0
11,254,0 12,933.0 10.866,0 23,166.0
10.430,0 16,521.0 11,101,0 17,273,0
8,625,0 26.716,0 29.982,0 30,135,0 40,991,0
Nov. 291930.]
FINANCIAL CHRONICLE
.esSSOURCES (ConCludect)Two ciphers (00) infuse.
Total.
Other eecuritles
Foreign loans on gold
Boston.
6,318,0
Total bills and securities
Due from foreign banks
Uncollected Items
F. R. notes oi other banks
Bank premises
All other resources
Ckveland. Richmond
New York.
$
4,250,0
1,000,0
1,011,910,0 79,358,0
52,0
707,0
531,631,0 58,680,0
14,067,0
238,0
59,702.0 3,580,0
24,338.0
478,0
Am.
3491
Si. Louts. MinneaP. Kan.City. Dallas. San Fran
Chicago
3
1,000,0
93,0
278.036,0 79,403,0 108,343,0 56,853,0 47,183,0 122,244,0 30,247,0 35,379,0 52,990.0 44,528,0 77,366,0
16,0
30,0
25,0
25,0
23.1,0
71.0
94.0
68,0
144,211,0 45,780.01 51,656,0 39,608,0 15,273,0 63,703,0 22,709,0 11,458,0 30,571,0 17,634,0 30,426.0
345,0 1,351,0
736,0 1,493.0 1,574,0
744.0 1,395,0
267,0
3,781,0
909,0 1,231,0
15,664 0 2,614,0 7,064,0 3,339,0 2,659,0 8,295,0 3,811,0 2,018.0 3,972.0 1,877,0 4,810,0
448,0 1,310,0
642.0
436,0
681,0 7,726,0
929,0 4,057,0
279,0 1,167,0
6,235,0
Total resources
4,867,447,0 365,259,0 1,596,305,0
198,588,0 216,251,0 608,809,0 205,914,0 122,202,0 194,145,0 126.101,0407.070.0
349.153.0I477.841.0
LIABILITIES.
F. R. netts In actual circulation_ 1,421,868,0 128,127,0 259,03k,0 123,249,0 188,563,0 73,701,0 123,403,0 141,173,0 83,929,0 47,823,0 66,430,0 31,955,0 154,477,0
Deposits'
Mernner bank-reserve emit- 2,409.929.0 143,577,0 1,033,202,0 136.748,0h190,008.0 62,627,0 56,937,0 337,019,0 71,899,0 51,306,0 84,344,0 58,820,0 183,442,0
Government
29,384,0
717,0
949,0 2,040.0 1,029,0
3,309,0
838,0 1,593,0 4,242,0 2,236,0 4,655,0 6,532,0 1,244,0
Foreign bank
5,377,0
192,0
160,0
123,0
715,0
395,0
224,0
368,0
160,0
192,0
1,798,0
533,0
517,0
18,723,0
Other deposits
22,0 5,755,0
504,0 1,243,0
191,0
69,0
8,578,0
40,0
289,0
149,0
223,0 1,660,0
Total deposits
Deferred availability Items
Capital paid In
leurplus
All other liabilities
Total liabilities
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspond le
2,463,413,0 144,880,0 1,046,887,0 138,326,0 193,794,0 67,162,0 59,654,0 342,893,0 79.866,0, 52,822,0 85,493,0 61,042,0 190,594,0
516,493,0 53,277,0 138,113,0 43,341,0 48,889,0 38,426,0 14,779,0 62,016,0 24.573,0 10,488,0 28.213,0 19,112,0 30.266,0
170,463,0 11,874,0
66,230,0 16,792,0 15,913,0 5,795,0 5,354,0 20,159,0 5,259,01 3,060,0 4,314,0 4,353.0 11,366,0
276,936,0 21,751,0
80,001,0 28,965,0 29,141,0, 12,496.0 10,857,01 40,094.0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
18,269,0
1,411,01
866,0
350,0
862,0
704.0
533,0
6,036,0
480,0 1,341.01 1.008.0 2.204,0•
•
4.867,447,0365,259.0 1,596,305,0 349,153,0 477,641,0 198,588,0 216,251,0 608,809,0 205.914,0,122,202.0 194,145,0 126,101,0 407,079,0
81.4
78.1
86.8
428,938,0 31,719,0
79.9
83.2
66.5
77.9
83.2
83.0
141,325,0 41,577,0 42,863,0 18,003,0 15,431,0 57,437.0 15,431,0
70.2
67.8
62.5
83.2
9,850,0 12,859,0 12,859,0 29,576,0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent at-
Total.
Boston.
asgo. St. Louis. Mloneap Kan.City. AWOL Sas Fret
3
3
400,048,0 140.943,0 218,753,0 90,524,0 154,973,0 185,297,0 91,300,0 53,342,0 78,927,0 38,162,0 234,727,0
141,010,0 17,699,0 30,190,0 16,823.0 31,570,0 44,124,0 7,371,0 5,519,0 12,497.0 6,207,0 80,250,0
In actual circulation
1,421,868,01128,127.0
Collateral held by A gt. as security
for notes issued to bank.
Gold and gold certificates
482,250,01 35,300.0
Gold fund-F.R.Board
1,110.256.0 114,617,0
Eligible paper
358,944,01 28,363,0
Total collateral
Cleveland. Richmond Atlanta.
New York.
Two Ciphers (00) omitted$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt_ 1,851,713,0 164,712,0
Held by Federal Reserve bank_ 429,845,0 36,585,0
259,038,0 123,249,0 188.563,0 73,701,01123,403,0 141,173,0 83,929,0 47,823.0 66,430,0 31,955,0 154,477,0
11,595,0 11,895,0
14,300,0 65,000,0
277,010,0 39,500,0 15.550,0 5,000.01 7,100,0
78,626,0 100,100,0 165,000.0 58.000,0 110,900,0 169,000,0 60,800,0 34.700,0 65.000.0 12.750,0 140,763,0
61,734,0 19,749,0 44,618,0 36,326.0 38,256,0 33,863,0 19,697,0 7,271,0 21,933.0 13,331.01 33,803,0
417,370,0 159,349,0 225,168,0 99,326,0 156,256,0 202,863,0 92,092,0 53,366,0 86,933,0 40,381,0239,566,0
1,951,450,0 178,280,0
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 mlources
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 Dee. 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 3446. immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans hold by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U.S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank in the San Francisco district with loans and investments of $135.000,000 on Jan. 2 which recentlY
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS NOV. 19 1930 (In millions of dollare)•
Total.
Federal Reserve DistrictAnna and Investments-total____
1.,aans-total
On securities
All other
nveetments-total
U.8. Government securities
Other securities
711 with F. R. Bank
1531%
,
Dash In vault
Set demesne! demisits
rime deposits
3overnment deposlq
One from banks
Due to banks
Borrowings from F. R. Bank
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mintssop. Kan.City. Dallas. San lyran.
_
S
$
$
$
$
$
S
$
$
3,388
2,252
646
454
363
654
658
595
1.989
$
23,494
$
1,517
S
9,682
16,690
1,127
6,910
887
1,489
466
451
2,553
484
240
411
336
1,337
7,838
8,852
451
676
3,748
3,162
442
445
721
768
174
293
140
310
1,244
1,309
203
281
77
164
110
301
92
243
437
899
6.804
390
2,772
406
763
188
144
835
162
127
246
118
652
3.105
3,699
159
231
1,318
1,454
124
282
365
398
77
111
66
73
380
456
39
125
70
58
104
143
69
49
339
315
1,830
222
107
13
890
64
85
13
139
29
40
11
39
11
264
31
42
11
27
5
56
10
33
7
110
18
13,974
7,486
34
912
540
3
6,579
2,000
10
737
369
2
1,086
1,021
4
344
254
3
310
237
4
1,904
1,318
2
355
233
233
146
475
199
1
282
153
3
759
1,015
2
1,658
3,499
121
141
162
1,254
118
227
133
329
79
116
74
102
280
494
77
122
104
90
190
231
103
117
213
277
62
2
10
2
10
in
14
a
a
4
2
1
S
1,292
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 26 1930
In comparison with the previous week and the corresponding date last year:
Noe. 26 1930. Nov. 19 1930. Nov. 271920.
ResourcesGold with Federal Reserve Agent
Gold redeinp. fund with U.S. Treasury_
355.636.000
14,225,000
355,636,000
14,225.000
430,671,000
16,814,000
Gold held exclusively eget. F. R. notes
Gold settlement fund with Y. It. Board_
Gold and gold certificates head by Dank_
369,861.000
170,008,000
558,825,000
369,861,000
165.721,000
564,329,000
447,485,000
162.359,000
422,905,000
Total gold reserves
Reserves other than gold
1,098 604.000 1,099.911,000 1,032,749.000
34.970,000
38,512.000
43,368,000
1,133,664.000 1,138,423,000 1,076,117,000
Total reserves
14,446.000
Ron-reserve cash
15,628,000
32,149,000
Bills discounted19,132,000
17,103,000
Secured by U. B. Govt. obligations69,225,000
19,073,00
discounted
14,443,000
Other bills
59,752,000
Total bills discounted
Mils bought In open market
B. Government securities/lends
Treasury notes
Certificates and bills
38,205,000
48,211,000
31,546,000
45,897,000
128.977.000
73,447,000
4,503,000
75.979,000
106,888.000
3,194.000
74,918.000
107,332,000
25,155,000
78.408,000
55,796,000
Total U.S. Government securities.Other securitios (see note)
liercixn loans on gold
187,370,000
4,250,000
278,036,000
185,444,000
4,250,000
159,359,000
9,350,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks...
Bank premises
Al, other resources
Total resources
Nov. 26 1930. Nov. 19 1930. Nov. 27 1929,
g
S
3
220,000
235.000
234.000 173.606.000
144.244.000 162,671,000
10,570,000
5,551.0(10
3.781.000
16.087.000
15,664.000
3,382.000
15,664,000
5,616,000
6,235,000
1,683,264.000
1,596,305,000 1,610,924,000
Ltavifluies242.174,000
Peal Reserve notes In actual circulation. 259.038.000
Depoelta-Member bank, reserve acct._ 1,033.202.000 1,035.836.000
Government
3.309.000
12,713.000
Foreign bank (See Note)
1,798,000
1.854.000
Other deposits
8.578.000
9.096.000
Total deposits
Deterred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fedi Res vs note Rah:Mies combined_
Contingent liability on bills purchased
for foreign correspondence
354,243,000
986,239.000
6,341.000
955.000
8.745,000
1,046.887.000 1.059,499.000 1,002,280.000
138.113.000 157.061.000 177,192,000
66.230,000
66.2:10.000
64,887.000
80.001.000
80.001.000
71,282.000
5,959,000
6,036.000
13,380.000
1,596,305.000 1,610,924.000 1,683,264,000
86.8%
87.5%
79.3%
TOtal bills and securities (See Note)__ 288.834,000 267.137,000 371,133,000
141,325,000 140,948.000 155.440,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately tile amount of balances held abroad and amounts
due to
foreign correspondents. In addition, the caption "All other earning assets," previous y made up of Federal Intermediate Credit Bank debentures, was changed
to
securities." and the caption. "Total earning =coy to -Total bills and securities." The latter term was adopted he a more accurate description of the total of Um "Other
discount
neceptances and securitlee acquired under the provisions of sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items Included
therein.
[VOL. 131.
FINANCIAL CHRONICLE
3492
New York City Banks and Trust Companies.
Gazeitt.
Vankers'
---
(All Prices dollars per snare.)
Wall Street Friday Night, Nov. 28 1930.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 3477.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Nov. 28.
Sales
for
Week.
Range for Week.
I
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
1
Highest.
Par. Shares. per share. 3 per share. 3 per share.S per share.
Railroads—
Fell 4134 Sept
10 4034 Nov 26 4034 Nov 26 35
50
Beech Creek
Caro Clinch & Ohio—
Oct
Jan,105
30 101 Nov 2 103 Nov 22 96
Ctfs stamped_ _ - _100
Feb
300 212 Nov 14212 Nov 14 20034 Sept 315
Central RR of N J__100
Jan 10934 Oct
10 105 Nov 26 105 Nov 26 98
C C C & St Louis pf 100
81
11
10
77
55
3%
Nov 26 713.4 Jan 8334
Nov 3234
Nov 22 9
Nov 29
Nov24 9
Feb 83
Nov 26 75
Nov 25 4634 Sept 75
Nov24 234 Sept 6
Sept
Jan
Feb
June
Sept
Feb
Nov 129
Nov 3%
Oct 29.35
July 1934
Nov 14034
July 16034
Mar 14734
Nov 1353-4
Apr
Feb
Mar
Mar
Nov
Oct
Sept
Mar
111 Cent leased line_100
lot Rys of Cent Am_100
Certificates
Hudson & Manh pf _100
Manhat Kiev guar_ _100
Market St Ry 2d pf..ill
10
70
150
200
190
300
New On Tex & Mex 100
NY State Rys pref _1
Pacific Coast 1st pf_100
100
2d preferred
Pitts Ft W & Chic_ _100
100
Preferred
Rensellaer&Saratoga100
South Ry M&O ctfs 100
60 115
20 1
30 12
30 10
014034
10115034
10 143
100 7834
Nov 2 118 Nov 22 115
34
Nov 26 1 Nov 26
Nov 28 13 Nov24 11
Nov25 10 Nov 25 10
Nov 25 14034 Nov 25 14034
Nov 25 15034 Nov 25 150
Nov 26 143 Nov 26 136
Nov 28 7834 Nov 28 75
100 40
10 70
200 1
Nov 26 40
Nov 24 70
Nov 22 1
Indus. & Miseell
Allegheny Steel
Alliance Realty
Amalgamated Leather•
Am Agricultural Chem
Preferred ate_ ___100
Amer Chain pref _ _100
Amer Colortype____100
American Ice pref _ _100
•
Amittens
A880 Dry Gds 2d pf 100
Austin Nichols prior A •
Austrian Credit Anstalt
•
Barnet Leather
Budd (E G) pref _100
California Petroleum 25
Calotex Co pref_ _ _ _100
•
Certificates
City Investing
100
City Stores cl A
•
Cola Gas 6z El pf B _100
Comm Cred pref (7)_25
Cora Inv Tr pf (634)100
Consol Cigar pf (7)I00
Crown Cork & Seal pf_•
Cr Williamette 1st pf •
Cuban Dom Sugar__ •
Nov 26
Nov24
Nov 26
Nov 26
Nov 2
Nov 2
81
13
11
77
6434
33-4
Nov 26 40
Nov 24 70
Nov 22 1
Apr
Nov 72
Apr
Oct 104
Nov 334 Mar
2034
7534
1934
77
4834
85
1734
51
I%
53
Nov 2334
Jan 101
Nov 22
Nov 8731
July 8034
Jan 1004
Nov 30
Nov 60
Nov 734
Nov 68
Nov
Mar
Oct
Jan
Mar
Apr
May
Feb
Apr
Apr
100 21 Nov 26 22 Nov 26 21
300 273-4 .Nov 28 3034 Nov 22 25
500 6% Nov24 8 Nov25 6%
30 160 Nov 28 175 Nov 22 140
60 27 Nov24 273-4 Nov24 20
200 9134 Nov24 913-4 Nov24 91
290 22 Nov 22 25 Nov 22 2034
400 101 Nov 26 102% Nov 28 89
40 6434 Nov25 65 Nov 25 6434
300 3234 Nov24 33 Nov 26 3134
10 7933 Nov25 7934 Nov 25 72
%
% Nov24
% Nov_26
300
Nov 35
Oct8434
Nov 12
Nov 175
Oct 42
Jan 100
NovI 2631
en 102%
Nov 9374
Nov 35
Oct 9834
June 234
July
Apr
Sept
Nov
May
Oct
Sept
Nov
May
Oct
Apr
Jan
1,200
100
100
100
10
800
100
200
200
130
21 Nov25
88 Nov 28
20 Nov 28
78 Nov 2
52 Nov 2
86 Nov 26
1831 Nov24
5234 Nov 28
134 Nov 28
53 Nov 25
2234 Nov 26
88 Nov 26
20 Nov 28
78 Nov25
52 Nov24
8634 Nov 26
2034 Nov24
5231 Nov 26
134 Nov 28
56 Nov 28
Diamond Match ctfs_ Elk Horn Coal pref_ _50
Fashion Pk Asso pf_100
Federal Mn & Smelt 100
Federal Screw Wks_ _ _•
Franklin Simon pref 1
Fulier Co 2d pref
•
1,300 190
10 434
70 1934
100 90
600 13
70 8134
60 70
Nov26 212 Nov24 190
Nov25 4% Nov25
234
Nov24 20 Nov22 1934
Nov 24 90 Nov 24 80
Nov 22 1434 Nov 24 1234
Nov 25 813 Nov 25 8133
Nov 24 73 Nov 28 70
Nov 219
Oct 14
Nov 80
Nov 185
Nov 253-4
Nov 99
Nov 86
Nov
Jan
Mar
Mar
Sep
Mar
Feb
*
Gen Baking pref
Gen Ry Signal pref.100
Glii Safe Raz cony pt.*
•
Gold Dust pref
Gotham Silk Hosiery—
preferred ex-warr.100
Guantanamo Sag pf 100
10 112 Nov 22112 Nov 22 100
50 111 Nov 25111 Nov25 10031
1.500 6634 Nov 28 70% Nov 221 6634
100108% Nov 26 108% Nov 26 100
Aug 125
J 115
Nov 7034
Jan 111 34
Jan
Sept
Nov
Aug
Nov 79
Nov 27
May
Mar
100 54
130 15
Nov 2 54
Nov 26 20
Nov 25 54
Nov 26 12
300 4134 Nov 2 43 Nov 25 4134
•
Hamilton Watch
•
100 69 Nov 26 59 Nov 26 55
Hercules Powder
Houston Oil new___25 9,840 934 Nov 26 1034 Nov 22 7%
1 25 Nov24 25 Nov24 20
Indian Motocycle pf 100
50 95 Nov 26 95 Nov 26 95
Internet Silver pref_100
Kansas City Pr & Lt90 114 Nov 21114 Nov25 108
*
1st pref series B
33
% Nov 28
1,300
% Nov 28
Kolster Radio ctfs
30 110 Nov 26 110 Nov 26 10834
Kresge(SS)Co pf__100
500 1834 Nov25 20 Nov 25 1834
•
Lane Bryant
10121 Nov 22 121 Nov 2211834
Loose-WilesBislstpf100
Nov 4734
Nov 85
Nov 11%
Sept 8734
Nov 11234
July
Jan
Oct
Mar
Feb
Jan 116
Nov 3
Jun 115
Nov 2334
Jan 126
Nov
July
June
Oct
Mar
Nov 28 9934 Nov 25 93
Nov24 2534 Nov 22 2334
Nov25 2134 Nov25 1834
Nov 24 76 Nov 24 75
Nov 28 109% Nov 26 10634
Nov 26 26 Nov 26 24
Feb 100%
Jan 26%
Nov 82
Nov 90
Aug 116
Nov 54
Nov
May
Jan
Jan
July
Apr
400 6834 Nov 281 70 Nov 22 65
Omnibus Corp pref _100
OppenhelmCollins&Co• 1,000 2834 Nov 24 31 Nov24 25
50104 Nov 25 104 Nov25 102
100
Outlet Co pref
400 2734 Nov24 28 Nov25 24
Peoples Drug Stores_ _•
300 98 Nov 28 98 Nov 28 98
Phila Co 6% pf new_ _•
Pitts Terminal Coal.100 1.400 434 Nov 26 4% Nov25 3
20 13% Nov 22 14 Nov 26 113-4
25
Pitts United
120 9731 Nov25 9934 Nov24 973-4
100
Preferred
Produc & Refiners Corp
390 15 Nov 24 1634 Nov 25 15
50
Preferred
34
% Nov 25, 1 Nov 26
Punta Alegre Sug ctfs 50 20,500
Nov 85
No 56
M 110
Nov 6034
Nov 104
Nov 1534
Nov 1934
Nov 103
June
Apr
Apr
Apr
Oct
Jan
Oct
Oct
Rhine Westphal El Pow
Scott Paper
100
Skelly Oil pref
Sloss-Sheff St& Ir p8100
Southern Dairies cl A_*
•
Spear & Co
100
Preferred
So Porto Rico Sug pf100
Stand Gas & El pf (7)_*
200 3334 Nov25 34 Nov 28 3334
30 4634 Nov24 4634 Nov 24 45
600 6134 Nov 28 62 Nov25 603-4
110 40 Nov25 41 Nov25 34
200 1334 Nov24 1334 Nov24 93-4
220 334 Nov 24, 4 Nov 25 3
100 71 Nov 261 71 Nov 26 70
40 108 Nov 28 110 Nov 25 103
100108 Nov 28 108 Nov 28,104%
Oct 4534
Mar 5534
Nov 9934
Nov 82
Nov 27
Oct 10%
Nov 85
Aug 121
Nov 11434
Jan
Apr
June
Mar
Mar
Feb
Sept
Jan
Sept
100
United Dyewood
US Tobacco pref__ _100
Vadsco Sales pref_ _100,
Vanrealte 1st pref_ _1001
10 2% Nov-24 2% Nov 241 134 Oct 11
130 140 Nov 25140 Nov 261224 Mar 140
4001.20 Nov,24 20 Nov 24 1934 Nov 797-4
30, 26 Nov 24 26 Nov 24 2234 Nov 5434
Feb
Sept
Apr
Jan
MacAndr&Forbes pf100
Metro Goldwyn Plc pf27
Nat Bell Hess pref _100
NatDep Stores 1st p8100
Nat Supply pref___ _100
•
Nelsner Bros
110 99
500 2534
100 213-4
10 76
16010734
200 2434
Mar
No 40
Aug 114 June
•No par value.
New York City Realty and Surety Companies.
(All prices dollars per share.)
Part
Bond & Mtge Guar ____20
Home Title Inzurance__ 25
20
Lawyers Mortgage
Pari
Bid 1 .455
Lawyers Title & Guar_ _100
91
89
53 Lawyers Westchest M&T10(
48
3912 4112 Westchester Title & Tr__.
lild !Ask
247 257
190 220
105 120
Banks.
New York—
Par
America
25
American Union*
100
Broadway Nat Bk & Tr_ LA
Bryant Parke
20
Chase
20
Chat Phenix Nat Bk & Tr 20
Commercial Nat Bk Pc Tr 100
Fifth Avenues
100
First
100
Grace
100
Harriman Nat Bk & Tr_100
Industrial_
100
Liberty Nat Bk & Tr__ -100
National City
20
Penn Exchange•
100
Port Morris*
10
Public Nat Bk & Tr___.25
Seward Nat Bank & Tr_ WO
Sterling Nat Bk dz Tr__ 25
Strauss Nat Bk & Tr___100
United States*
25
Yorkville
100
Yorktown*
100
Brooklyn—
Brooklyn
50
Peoples
100
Trust Companies.
Ask
New York (Coed.)— Par Bid Ask
67 Bank of N Y & Trust_100 590 610
10 1071z 1084
110 Bankers
52
20 47
Bronx Co Trust
Cent Hanover Bk & Tr___20 249 254
24
10012 10112 Chelsea Bank lk Trust___25 22
84 Chemical Bank & Trust__10 481z 494
81
290 300 Continental Bk & Tr_ __10 164 174
450 2650 CornExch Bk & Trust---20 133 137
1404 434
875 3950 County
58
20 55
Empire
600
100 450 500
510 1610 Fulton
100 481 484
150 170 Guaranty
100 130 140
55 65 Hibernia
33
20 28
10412 1051i International
23
19
__25
Tr..
&
Bk
Mad
90 100 Internal
10 36
304
20 Irving
15
100
80 83 Lawyers
20 -164 -1612
74 Manhattan
69
54
25 52
32 Manufacturers
27
350 400
_100
(Westohes(er)_
Mutual
215
200
25 170 173
14 N '(Trust
13
14
100 10
95 105 Times Square
36
20 133
140 Title Guar & Trust
200
100 3000
United States
100 925 1026
78 Westchester
73
350 450
Bid
65
100
Trust Companies.
New York—
Par
American
100
Amer Express
210
Banat Commerciale Ital_100 255
•State banks.
Brooklyn—
100 605
Brooklyn
Globe Bank & Trust__ _100 135
100 2600
Kings Co
100 130
Mid wood
230
275
15
150
800
140
New Moot, s Ex-dividend. e Es-stork liv. te Es-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
MatstrUy.
Int
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
Dec. 15 1930._ 834%1
Sept. 16 1931-32 834%' 10011 n 100n.,
June 15 1931...... 234% 1001413 10014n Mar. 15 1931-32 3%% 100143 1001133
'Pt. 15 1931 _
234% 1001113 100143 Dee. 15 1930-32 84'7, 1011,3 101113
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.
Daily Record of U. S. Bond Prices. Nov.22. Nov.24.1Nov.25.1Nov.213.1Nov.27. Noo.28.
——
- —
102
First Liberty Loan
High 10114n 1012433 1012131 101243
101223,
34% bonds of 1923-47- _{Low- 1011133 101103: 101"31 101U11
101213z
(First 334)
Close 1011133 1011131 1011131 1011131
66
61
1261
Total sales In 51,000 snits.-27
232
Converted 4% bonds of(High
--__
---1932-47 (First le)
---------Low---------Close
Total sales in $1,000 min..--103
---- 10-3-137 10-343Converted 43X% bondlHigh 102113; 103
10212n
1021133
of 1932-47 (First Cie) Law- 102
"1023131 1021133 103233
1021131
103
Close 1022133 103
4
80
5
4
7
Total salsa in 31,000 units-_—
---Seoond converted 43,(% High
_
---_-__
bonds of 1932-47(First Lew---Second 43(s)
Close
Total sales in $1.000 snits—
;
1657
Fourth Liberty Loan
{High 10-37aL 10-3=i; Icisw; 1013;
1031411
4%% bonds of 1933-33
Low- 1031133 1032133 1031233 10321t, Holl
103123,
0 1031,as 103"as 103"33 day
(Fourth 44s)
clime 1031113z
252
54
256
98
Total sales in $1,000 snits— 113131
Treasury(High 1131133 1131233 113ht 113,as
11313,
41,141, 1947-53
iLow.. 1131131 1139gs 113sas 113,as
113133
, 11310as 1138., 113,as
claw 113",,
3
13
37
6
Total sales is 31.000 snits-10811n
108"as
High
-108"as
1082133
109
4s. 1944-1964
Low _
--1081133
109
108"as
Close
24
25
1
Total sales In $1.000 snits.--107
107
107
High
3
10(111at 1013 at 106"as
33‘s. 1948-1958
{Low_
10610at 106"as
107
Close
76
51
14
Total sales is $1,000 units-1021111
High
1021133
331s. 1943-1947
fLow- 1022133
Close 1022133 1022233
76
10
Total sales In 111,000 *nits1021133
Illigh
102"as
834s, 1940-1943
Low- - 102"as
Cse
25
Total sales in 51.000 rens.—
-1-
-1—
-1—
-
Note.—Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
38 lst 4%s
24 4th 434s
103 to 1034,
10324as tO 10324,
3
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.85 S-18@
4.8534 for checks and 4.85 17-3204.85 9-16 for cables. Commercial on
banks. sight, 4.85 1-16(4)4.85%:sixty days, 4.833-4: ninety days. 4.82 5-16 ®
4.82%. and documents for payment, 4.82%04.83%. Cotton for payment. 4.84 13-16, and grain for payment. 4.84 13-16.
11-16
To-day's (Friday's) actual rates for Paris bankers' francs were
@3.92 13-16 for short. Amsterdam bankers' guilders were 40.23340
40.24g for short.
week's
range.
123.60;
123.62
francs
Exchange for Paris on London.
high and 123.60 francs low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling. Actual—
4.85%
4.8534
High for the week
4.85 17-32
4.85 5-16
Low for the week
Paris Bankers' Francs—
3.92 15-16
High for the week
3.927-i
3.92 13-16
3.92%
Low for the week
Germany Bankers' Marks—
23 85
High for the week
23.8434
23.81%
Low for the week
23.8334
Amsterdam Bankers' Ganders—
40.2534
High for the week
40.2434
40.23
40.21
Low for the week
3.9.2
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3477.
A complete record of Curb Exchange transactions for the
week will be found on page 3511.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For males during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 22.
Monday
Nov. 24.
Tuesday ' Wednesday
Nov. 25.
Nov. 26.
Thursday
Nov. 27.
Friday
Nov. 28.
per share $ per share j $ per share' per Share
per share $ per share
195 196% 194 194 I 1927 19713 19018 193
18412 190
10638 10639 "10612 107 ,•10612 107
*10638 107
•10612 107
121 121 I 12414 12414 *11912 129
*119 126
122 122
79
7714 754 77131 7312 7614
7912 76
7012 7312
798 *78
7912 *78
•77
7934 *79
79
78
78
6073 60% *57
•58
61
61
*5712 61
x60
60
"11012 113 *11012 113 "110 113 *11013 113
*11013 113
65 '56
64
*56
62
•56
56
56
*53
62
*914 12
*94 12
'94 12
*94 12
9
914
6412 "56
61/
1
4 *56
6412 '56
*56
6412
6412
*56
6514 6614 6533 658 6512 6733 6512 67
64% 65
"87
8912 *8733 8912 8712 8712 *8712 8912
•8712 8912
78
*714 7,
4 *714 734
712 839
8
7% 734
4312 43
44
4312 43% 43
4239 438
42
43
4318
43
3
4
43
4334 44,
44
42
4
43
4112 4212
I%
I%
4
15. 134
134 1,
112 113
*112 134
114
15
138 134 ..1 15. 2
"114
112
*118 112
*5
18
20
18
18
*___ 18
30
30 "10
*10
•10
30 .10
30
•10
30
718 733
838 8%
7/
1
4 714
7
739
7
713
285s 2518 2739 2434 2634 2478 25
28
24
24%
734 738
/
4 833
784 778
7
81
712
712 734
1333 143s 1258 1313 1218 1318 12
1233
11% 1218
4278 4314 40
44% 4514 4313 44
43
3914 40
*105 125 '105 125 "105 125 .105 120
114 114
65
/
4 66
65
66
64
6634 641
6414
62
63
*9713 100
100 100
*9734 100
*99 101
97% 99
90
93
*8912 93
92 '90
90
*89
90
90
60
60 '52
*50
5912 .50
*52
59
46
49
70 "6512 70
*6512 70
*65
*6513 70
'6512 70
•_ 67
67
*---- 67
;3812 3879 3712 3812
39
40
39
;55
3712 3712
148 14912 1464 148 x14313 14334
149 150
14113 143
9333 9338 90
9234 9012 9212 8812 9012
8614 8812
40
*35
40 .36
36
3712 *35
36
35
35
32
3234 31
3214 3114 3239 2912 31
2734 28%
"44
4412 4412
4614 '43
4614 4314 4314
4214 4113 4214 *3812 4214
4214 *40
*39
Stock
*3812 4214
6412 6518 64
66
65
65
6212 64
62
6278
2012 20
2012 2138 20
22
1818 20 Exchange
16
1714
*75
___
80
*70 ____ *65
•70
75
73
77
*4112 4212 4034 41% 4033 4112 4134 413
Closed
40% 4114
85
8612 834 83% 827 83
80
82
76
79
"62
66
66
•62
66
•62
*62
66
Thanks- *62
66
29% 2812 303g 2812 2938
29
28
28
"27
28
43 •4014 43
*40
1,40
48
giving
*40
43
*40
42
*5914 62
6134 62
*6014 62
6178 618
6113 6134
•52
53
5412 *51
53
55
Day
5312 5312
4973 5014
10312 10312 103 10412 9934 100
•104 105
10034 1003
36
3758 36
3633 3614 3812 37
3818
35
36
•18
1912 *18
1912 *18
19
1912 *18
•1812 19
*32
12
832
12
*14
%
*14
%
*14
33
*5
15
*5
*5
15
15
"5
15
'5
15
*4212 49% *4214 4973 •4214 497 *4213 49%
43% 433
24
2412 23
2334 2218 2218 21
2218
2014 207
•73
78
•72
76
•73
74
76
73
74
74
37
37
3518 3514 35
34
3518 31
25
30
102 10314 '102 104
10218 10213 101 102
99 1001
*84_ '84
•84 - -*84
*88 -1
*88 -90
90
90
88
88
•88 10
13
12
12
1
.12
52
442
52
'
12
58
13513 137
13313 13533 13112 136
128% 132
126% 129
•84
87
8634 86% 86
84
884 82
8114 82
*83
85
*83
88
11434 115 '83
86
83
83
179 187
18812 18812 .166 186
175 175
17012 17012
8812 8812 88
88
86
881
84% 85%
8112 84
11434 11434 11414 1148 11434 115
11434 11434
•11434 116
7/
1
4 714
6% 6%
618 61
/
4
512 6
*512 71s
178 212 *113 21
•1
178
233 239
•113 214
*14
.14
11
*14
114
114
14
14
*14
114
712 714
*7
712 *7
712 87
71
7, 733
212 21214 21134 21134 211 211
210 21012
x2021 20212
89
90
*89
89
*89
90
*89
90
•89
90
5534 5678 56
56
57
561
5512 55%
5212 54%
8512 6
*5
6
6
6
4.513 612
•513 613
6114
6158 6318
62
60% 617
5973 61
5838 6012
4.614 713 *314 10
*4
61
•5
10
*5
10
*10514 109 "105 109 *10634 109
105 105
'103 109
941 *.--- 95
95
-- 03
•.._ __ 93
•_ _ _ _ 83
83 •-..- 83
83
•_
83
6312 61
61 '53
•55
6312 '60
63
"&ii3 63
9212 921
95
*93
*9312 96
92
9212
90
9012
471 *47
47
*47
*47
474 47
4712
*47
4712
471 *47
4712 *47
*47
4712 *47
4712
47
47
1
4 66% 6612 661
651s 6614
6718 6713 66/
6313 6518
761
77
7614
•76
76
7612
76
76
7513 7614
3112 311
31
31
32
'27
3012 3013
31
31
49
49
49
46
48
*35
5412 *45
45
45
1
118
1
113
11
/
4
118
1
Ps
1
118
212 21
21
/
4 2%
22 2% *212 2%
2
2
10258 104
10412 10614 105 10514 104 106
59812 10012
5
6518 66
67
6818 67
674 6712 67
621
/
4 6418
83
83
8214 8214 8212 8212 *8214 841
82
8234
105 105
10572 108 *105 110 *105 115
"105 140
*8
g
9
9
*813 9
'9
914
*813 94
912 93
*9
10
9% 973
*9
10
•912 10
50
50
5038 5038 4912 4912 *4913 50
50
50
18834 194
18812 192
192 19414 18912 192
18313 18734
86
"86
87
85% 8534 86
*8534 87
86
86%
18
20
20
21
1814
2034 2114 21
17% 1753
46
4412 45
46
50
*47
48
44
48
44
14
1514 1434 15% 1313 1412
1438 16
1278 1414
1513
151
1512
15
15
15
15
1334 1334
15
11
11
1034 11
*913 1134
104 1012 10% 11
301
30
3012 30
3018
2914 2933 29
3018 3018
1113 1112
39% 40
*32
45
*102 104
. 2014 20%
*86
87
21% 21%
*28
3012
312 312
1613 165s
1133 1034
11
4113
•4012 50
39
40
38
102 102 "102
20% 2014
20
*8612
87
*86
*2112 2212 2214
30
30
313 312
358
18
•1714
•16
an
1133 10
411
41
39
*32
104 *10214
20% 2013
8812 •8612
2214 •2158
31
30
3% *3%
18
18
11
4112
39
10512
20%
8812
2212
30
3%
18
•Bid and asked prices; no sales on this day,
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares
Railroads
Par
9,000 Atch Topeka at Santa Fe_ _100
100
100 Preferred
300 Atlantic Coast Line RR_ _100
100
7,665 Baltimore & Ohio
100
100 Preferred
50
125 Bangor & Aroostook
Preferred
10
100
100 Boston & Maine
200 Brooklyn & Queens Tr_No pa
Preferred
No pa
12,200 Bklyn-iManh Tran v t o No pa
100 Preferred v t o
eco_ 1
pa
2,400 Brunswick Term & Fly SN
00
25
17,700 Canadian Pacific new
17,700 Chesapeake & Ohio new_ _ _ _2
100
1,100 Chicago & Alton
100
800 Preferred
Chic & East Illinois R11.-100
Preferred
100
100
2,400 Chicago Great Western
100
4,600 Preferred
6,300 Chicago Mllw St Paul & Pao.
16,100 Preferred new
6,100 Chicago & North Western _100
100
200 Preferred
3,000 Chicago Rook lel& Pacific _100
100
500 7% preferred
400 6% preferred
100
200 Colorado & Southern
100
First preferred
100
Second preferred
100
1,100 Consol RR of Cuba pref. _ _100
1,600 Delaware & Hudson
100
5,400 Delaware Lack & Western 100
800 Deny & Rio Or West pref.100
11,900 Erie
100
300 First preferred
100
600 Second preferred
100
4,200 Great Northern preferred_ _100
3,800 Gulf Mobile & Northern_ I00
100
600 Preferred
2,200 Hudson & Manhattan
100
5,900 Illinois Central
100
RR See stock certificates5,700 Interboro Rapid Tran v t o_100
Kansas City Southern
100
1,800 Preferred
100
2,200 Lehigh Valley
so
1,100 Louisville & Nashville
100
9,500 Manhat Elev modified guar100
Market St sly prior pref_100
Minneapolis & St Louis.. 100
Minn St Paul & SS Marle_100
1,000 Leased lines
100
3,100 Mo-Kan-Texas RRNo Par
500 Preferred
100
100
1,900 Missouri Pacific
4,400 Preferred
100
...... Morris & Essex
50
20 Nash Chatt & St Louis_ ___100
200 Nat Rya of Mexico 2d pref_100
27,700 New York Central
100
500 N Y Chic & St Lo1115 CO---100
100
100 Preferred
50
220 N Y & Harlem
100
5,900 N Y N LI & Hartford
900 Preferred
900 N Y Ontario & Western_ __100
1,000 N Y Railways pref.__ _No par
100
100 NY State Rye
100
400 Norfolk Southern
100
1,300'Norfolk & Western
100
201 Preferred
100
7,000 Northern Pacific
100
100 Pacific Coast
28,600 Pennsylvania
50
Peoria & Eastern
100
100 Pere Marquette
100
Prior preferred
100
Preferred
100
100 Pittsburgh & West Virginia 100
2,000 Reading
50
100 First preferred
50
100 Second preferred
50
4,500 St Louts-San Francisco__--100
1,500 First preferred
100
1,10081 Louis Southwestern.,......100
500 Preferred
100
15,000 Seaboard Air Line
100
1,800 Preferred
100
6,400 Southern Pacific, Co
100
8,700 Southern Railway
100
1,000 Preferred
100
1,800 Tease & Pacific
100
100 Third Avenue_
100
300 Twin City Rapld Transit_100
130 Preferred
100
4,900 Union Pacific
100
1,400 Preferred
100
3,600 Wabash
100
1,600 Preferred A
100
13,400 Western Maryland
100
800 Second preferred
100
1,200 Western Pacific
100
3,800 Preferred
100
PER SHARE
Range Since Jan. I
On basis of 100-share lots.
Lowest.
per share
182 Nov 10
10233 Jan 3
113 Nov 12
70 Nov 11
75 Oct 28
5312 Nov 11
109 Feb 28
51 Nov 18
9 Nov 28
53 May 3
5833June 18
844 Nov 10
514 Nov 11
3912Nov 10
3818 Nov 12
138Nov 21
1 Nov 11
1414 Jan 7
29 Sept 25
618 Nov 8
2238 Nov 10
633 Nov 10
11 Nov 11
3414 Nov 28
114 Nov 28
62 Nov 28
9758Nov 28
86 Nov 5
46 Nov 28
68% Jan 3
60 July 11
3512 Oct 28
134 Nov 10
8512Nov 19
3012Nov 11
2612 Nov 13
43 Nov 13
4112Nov25
6112Nov 11
10/
1
4 Nov 11
5538Nov 1
40 Nov 8
76 Nov 28
63 Nov 7
2038 Jan 3
40 Nov 19
60 Nov 11
40 Nov 12
993 Nov 26
24 June 28
16 Oct 23
14 Oct 16
1412 Oct 1
41 Nov 10
184 Nov 11
70 Nov 13
25 Nov 28
9514 Nov 13
8134 Jan 19
88 Nov 12
13 Oct 11
12658 Nov 28
8114 Nov 28
83 Nov 28
15514 Nov 11
76'2 Nov II
112 Nov 10
5 Nov 17
1 Oct 16
Is Aug 27
412Nov 7
19514Nov 11
83 Feb 3
504 Nov 10
47 Oct 10
5534Nov 12
5 Nov 11
98 Nov 12
9434 Jan 31
9112 Oct 9
5812Nov 8
874 Nov 10
444 Mar 11
47 Oct 30
6314 Nov 10
70 Nov 10
27 Nov 12
45 Nov 28
1 Nov 7
114 Nov 13
9618Nov 12
62 Nov 12
82 Nov 28
105 Oct 24
612June 18
7/
1
4 Oct 25
4873 Nov 3
17313 Nov 12
8214 Jan 17
1434 Nov 12
42 Nov 12
104 Nov 10
1112Nov 10
913 Oct 22
26 Nov 12
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest
Highest.
$ per share $ Per shore $ Per 'hen
24212Mar 29 1954 Mar 2982 Aug
99 May 10472 Dec
10834Sept 29
17512 Mar 18 161 Nov 20912 July
12238 Mar 31 10514 Nov 1454 Sept
8458July 25
75 June 81 Dec
8412 Mar 29
55 Oct 90% Sept
11614June 4 y10314 Oct 115 Sept
112 Feb 8
85 Apr 145 July
1572May 22
7 Nov
15 Dee
6612May 29
44 Nov 65 Sept
783 Mar 18
40 Oct 81% Feb
985s Sept 25
,
8 Feb
7611 Nov 92
3358 Apr 23
413 Oct 444 Jan
5214May 14
6138Sept 9
10 Apr 2
4 Nov
19* Feb
31 Nov 254 Feb
1058 Apr 11
28 Mar 26
15 Dec 43 Feb
5278Mar 26
3634 Dec OEN FeO
1733 Mar 31
7 Nov 23,
7 Feb
5238May 16
1713 Nov 6358 Jan
2638 Feb 7
16 Nov 44% Aug
4614 Feb 10
2813 Nov 1385
,Sept
897 Feb 8
75 Nov 10812 Aug
14034June 3 134 Apr 145 Feb
125% Feb 14 101 Nov 14312 %It
11038 Mar 20 100 Nov 109 Oct
108 Feb 7
947k Nov 1034 Nov
95 Feb 13
8614 pee 135 July
80 June 19
654 Oct80 Jan
75 Apr 23
64 Apr 7232 Mat
62 Apr 10
45 Nov 703$ Jan
181 Feb 8 14112 Oct 226 July
153 Feb 8 12014 June 16934 Sept
80 Mar 28
49 Oct 7738 Feb
6334 Feb 14
4112 Nov 9312 Sept
678 Feb 19
5512 Nov 6614 July
6212 Feb 19
52 Nov 637k July
102 Mar 29
8514 Nov 12814 July
4612 Feb 17
18 Nov 59 Feb
9814Mar 10
70 Nov 103 Jan
5338Mar 25
34's May 5838 Jan
13634 Apr 22 116 Nov 15312 July
77 May 13
70 Nov 8013 Feb
3912Mar 18
2 Feb
15
Oct 58.
8538Mar 29
60 Oct 10878 July
70 Apr 16
83 Nov 7012 Jan
8478Mar 31
65 Nov 1024 Ftll
188% Apr 4 110 Oct1541 Sep;
42128ept 27
24
Oct5712 Jan
2512 Feb 13
1412 Nov 3913 Jan
218 Apr 5
14 Nov
334 Jan
35 Feb 7
35 May 61% Sept
5912 Feb 21
51 Dec 66
Jan
6658 Apr 14
274 Nov 6534 July
10838 Mar 27
9378 Nov 10712 Apr
9812Mar 6
46 Nov 10138 July
14512 Mar 6 105 Nov 149 Oct
87 Oct 2
751 Oct 86% Jan
132 Mar 25 173 Nov 240 Aug
35 Jan
112July 29
1
Oct
1928, Feb 14 160 Nov 25612 Aug
144 Feb 10 110 Nov 19233 Aug
11034May 14 100 May 110 Dec
324 Feb 3 155 Oct 379 Jan
12818Mar 29
807* Jan 13212 Oct
13512Mar 21 11438 Jan 134% Aug
1714 Mar 31
8 Nov 32 Feb
41s Jan 16
112 Dec
973 Feb
212 Feb 6
1
Oct1414 Mar
3312 Feb 14
1412 Dec 4812 Feb
265 Feb 18 191
Jan 290 Sept
92% Oct 14
82 Nov 874 May
97 Feb 21
75/
1
4 Nov 11871 July
47 Dec 43 Feb
1972 Apr 9
86,
8 Mar 31
7212 Mar 110 Aug
2412Mar 31
17 Dec 35 July
16412 Apr 10 140 Nov 260 Aug
94 Nov 101 Mar
101 May 17
99 Apr 15
90 Nov 97 Jan
121% Feb II
90 Nov 14838 Jan
14112 Feb 6 10112 MAY Mai Sept
53 Feb 21
4112 Apr 50 Sept
43% May 6034 Sept
57 Feb 6
11878 Mar 27 101 Nov 133% Aug
101 Apr 2
87 Nov 9613 Feb
7614May 16
, Feb
50 Nov
158
94%July 24
84
Oct94 Apt
918 Dec 2134 Mar
1212 Feb 15
1614 June 413 Oct
28 Feb 7
127 Feb 10 105 Nov 15712 Sept
Nov 16218 Sept
Jan
13
109
1363
101 Mar 20
93 June 100 Dec
145 Apr 24 115 Nov 181 May
1512Mar 20
612 Nov39 Feb
2014 Dec 5814 Jan
3113 Jan 29
75 Dec 100 Jan
79 Feb 8
24234 Mar 29 200 Nov 2975. Aug
8833Sept 30
80 Nov 8512 Sept
40 Nov 8139 Jan
6738 Apr 1
82 Nov 10478 Jan
8914 Apr 8
36 Mar 29
10 Oct54 Feb
38 Mar 28
143 Nov 5312 Feb
15 Oct417
3012Mar 29
,Mar
5312Mar 19
3712 Nov 6714 July
Industrial & Miscellaneous
3,400 Abitibi Power & Paper_No par
812 Nov 12 421$ Apr 9
3414 Dec 571e Aug
2,100 Preferred
100 36 Nov 17 86% Apr 8
69 Nov 8818 Jan
600 Abraham & Straus__ No par 33 Nov 14 66 Apr 21
43 Dec 15912 Jan
100 102 Nov 24 11012 Aug 25 10012 Nov 11212 Oct
70 Preferred
7,000 Adams Express
No par
1713 Nov 10 3738 Mar 31
20 Nov 34 Nov
Preferred
100 851s Nov 10 94 Sept 10
84 Nov 98
Jan
200 Adams Millla
No par 21 Oct 20 32 Mar 31
19 Nov 3578 Jan
600 Addressograph lot Core No Dar 2814 Nov 11 3434June 13
1,300 Advance Rumely
100
312 Oct 30 234 Jan 24
7 Oct 1047 May
100 1412 Nov 11 4114 Jon 29
300 Preferred
15 Oct 119 May
c 60% stock dividend pal4
a Ex-dividend.
4 Es-dividend and ex-right&
y Ex-rights.
10
1018
42% 4518
•30
40
•10214 10512
1914 20
•8612 8812
'21% 2212
*2934 31
373 3%
•18
19
3494
New York Stock Record -Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 22.
Monday
Nov. 24.
Tuesday
Nov. 25.
Wednesday
Nov. 26.
Thursday
Nov. 27.
$ per share $ per share $ per share $ per share $ per share
*3
12
12
*h
38
33
*38
1
10112 1044
105 10738 104,4 107
10414 108
114
104 1134 1114 Ilh 1154 118 11
84
5
a
54
h
h
h
h
6
618
6
612
632 68
6
612
*8
9
*7
9
712 712 *7,2 812
1012 1178 10/
1
4 1034 10
113
934 1014
80
6312 6312
*60
80
*60
*60
80
*60
6712
*60
80
*60
80
*60
80
80
*56
6712
*60
80
*60
*60
80
207 210
202 20734 205 21134 19912 20614
*12234 12332 *12234 124 *12278 124 *12238 124
38s 3914 384 3912 388 404 38
3914
*1634 17
1634 1678 16% 16% 1678 7
22
22
*2158 22
*2158 22
2138 21%
212 24
218 2,2 *2
.212 2/
1
4
214
21
21
22/
1
4
23
22
22
22
*21
*53
5434 5234 5234 5312 5312 5414 5414
•6018 6314 *6014 63
*57
63,4 63
63
4
4
*412 5
4
4/
1
4
*41g 5
1
4 2534 *1934 26
*22
2614 *20/
2312 2313
3734 37
3718 *3612 37
*37
38/
1
4 37
12312 12312 *119 12312 *11912 12312 11912 11912
1134 1218 1112 1134 11
ills 10
1013
5412
*52
5514, *5114 5914 52
*55
60
11718 11958 11712 12038 11534 1181
11818 120
/
4
*147 148 *147 148
147 147 I*14718 149
3612 36
36
3718 3934! 348 3812
36
1
*80
90
*81
84
84
8512 8214 8212
3838 3832 •3712 38
38
3812, *374 3834
40
40
40
4034 398 40s', 397 40
1118 12
1112 1112 1134 12121 *1114 1152
*11
1212 *11
1334 *1012 12121 101
/
4 1012
•2512 2534 *25
2514 2414 2538 24
2414
40
411
/
4 384 4072' 39
415& 3758 3914
0712 9712 9712 9712 *9712 98
*9734 98
78
78
*7718 7714' *7718 8012 7718 7718
*85
86s *85
86
8632 *8432 86 I *85
834 84
812 8341
832 872'
853 838
*2
4
*2
15
4 I *214 4 I *2
4
*15
18
15
*14
16s *14
163s
5214 52,4 514 5178 5212 5213 5134 5214
2934 2934 2912 2934 2912 3034 30
3012
2212 2312 22
2272 2212 233a 211
/
4 2212
34
34
34
72
78
78
%
*978 10
978 978
978 978 *912 934
3212 33
32
3214 3214 3514 3112 33
84
*7978 82
*81
82
81
8312 *81
1
4 3512 36
367s 3672 3534 3612 3638 36/
414 414
434 511
358 352
334 48
2114 2114 2078 2072 21
2114 201
/
4 2012
*50
9718 *50
9712 *50
9718 *50
9712
*35
40
3618 3612 *37
394 *35
397
5312 5338 5112 5312 534 5412 50/
1
4 5234
99
Stock
99
99
99
99
99/
1
4 9838 99
*79
8272 *7912 8278 *7912 83
7912 7912
*82
82
82
82
8218 Exchange
8332 82
82
2032 2034 20
2014 1934 2034 1914 20
*1058 11
*1034 111
/
4
912 11
*9
1034 Closed
3412 3434 3312 347
3412 3538 3334 35
Thanks*5812 5912 .584 5912 59
59
6012 59
1
4
64 634
6/
1
4 612
.
634 712 *634 7/
78
1
giving
*1
112 *1
1
1
112
40
40
*39/
1
4 40
*3914 40
*3914 40
Day
51
52
5012 5114 507s 52
5012 5138
13272 13278
•13274 13414 *13278 134 *13238 134
5
9812
97
9812
*97
/
1
4
9812
*98
9812 9812
*3612 3713 *3612 37/
1
4 364 3634 37
37/
1
4
•100 107 *100 110 *100 110 *110 110
37
37
4/
1
4 *4
4/
1
4
4
4
4
*814 9/
1
4
10
714 734
gr 8/
1
4 858 *8
P 294 31 30 304 3012 3112 30 32
*11012 11034 11034 11034 11012 11152 •111 11134
1
4 39
39
3812 3812 *3812 3912 3912 39/
/
4 5138
49
5134 4958 5134 5112 53 I 511
•10018 102 *10212 10558 *102 10552 *103 10312
8
1038 *8/
1
4 10
858 938
94 914
*18
19
19
*18
19
19
*18
•18
18938 19134 18918 19114 18818 193,2 18614 18934
1
4 10814 10638 10714
1064 166-4 ioila 167-12 107/
109 f jai" 1-661
4 1(-A13
128 126 *12538 128
•12512 12712 *12534 127
10912 10912
107 107
*100 110 *101 110
106 106
*106 11012 *106 109 *106 107
683 69
6618 6812 68
7038 65,2 681
/
4
98
*98 100
99 100
99
99
98
712
6
6
618 618 *6
*6
6/
1
4
9812 1812 1812 1834 18
*1812 21
18,4
1
4
1
4 3/
234 234 *212 312
*214 3/
1
4 *2/
22
2312 22
2134 2212
*22
2312 *22
1
4 6
534 534
5,2 534 *5/
534 6
45
*25
45
*25
45
*25
45
*25
36s 3618 3712 347 3612
3514 3618 35
*241
/
4 25
*2412 25
2413 25
27
*25
3134 3212 3234 32
3212
/
4 31
3114 311
1734 1614 1614 1612 1612
*16
•1572 18
1714
1714 1738 1712 1712 17,4 *17
17
*7334 7434 7312 7334
754 *7314 75
75
4/
1
4 45
412 438
438
4
4
435
234 314
234 3
234 27
258 234
5212 5112 53
51
50
50
5018 51
512
*512
512 *5
538
512
513 512
7
6%
672 678 *5
•5
672 *5
2832 2714 2312
28
2814 2734 2812 28
2838 29h 2812 3012 2712 281
*28/
1
4 29
44
*35
42
*35
44
*35
44
*35
50
4512 48
*48
4512 4512 *4612 50
*5234 53,2 5234 5234 *5234 53 *5234 53
2158 224
22121 214 2214 2172 22
22
54
55
54
55
55
55
56
*55
9912
100
9912
*9912
100 100
*9912 100
1112 1118 1118
/
4 11
*1112 1138 1114 111
4
*3
4
*3
4
*3
4
*3
77,4
7638 8014 74
8018 7614 79
78
3
218 214 *2
3
*2
4
*2
212
212 212
212 212
*2
2
2
•612 9
*612 7
*612 12
*612 12
*6812 70
6812 6812
70
7014 70,4 *69
414
4
438
4
4
4
412
4
/
4 2758
2514 2534 254 2738 2613 2734 251
100 103
100 100,2
100 100
*97 100
10712 10712 10712 10711 107 107 *10712 10834
912 912
934
*9
*fih 10
*834 10
73 *60
68
*60
75
*60
68
*60
1434 15
1438 15
144 15
1458 15
30
30
30
30
30
30
30
*28
90
*90,8 93
904 *9018 94
*9018 93
75
75
77
75
75
7612 7612 *75
106 106 *106 107
*106 107 *106 107
*52
53
5234 524
511
/
4 52
53
53
*31g 4
338 338
4
*3
•764 7712 *7652 7712 764 7678 *7675 7712
Friday
Nov. 28.
Sales
for
the
Week
$ per share Shares Indus.& Miscell.(Con.) Par
*38
1
200 Ahumada Lead
12
27,900 Air Reduction Ins
No par
100 103
2,700 Air-Way Eleo ApplianoeNo par
11
11
*58
3
5,400 Ajax Rubber Inc
No par
6
614 4,400 Alaska Juneau Gold Min_ __10
100 A P W Paper Co
No par
*712 9
NO pa
94 1014 42,800 Allegheny Corp
63
6412 1,000 Prof A with $30 warr____100
Pref A with $40 warr____100
6872
*60
Pref A without warr____100
65
*56
1961
/
4 20014 30,300 Allied Chemical & Dye_No Pa
200 Preferred
100
12272 12312
8,000 Allis-Chalmers Mfg_ ___No pa
3534 38
1678 1672 2,000 Alpha Portland Cement No pa
No par
2114 2134 2,300 Amerada Corp
800 Amer Agricultural Chem.._100
134 2
500 Preferred
100
/
4
211
/
4 211
600.American Bank Note
10
55
55
60 Preferred
50
6018 604
600 Amerioan Beet Sugar__No par
418
4
100 Amer Bosch Magneto.-No Par
*21
25
700 Am Brake Shoe & Fdy _No par
3612 3612
30 Preferred
100
*11912 12312
91
9% 4,400 Amer Brown Boyer!El_No par
70 Preferred
100
*5112 55
25
11418 11614 145,500 American Can
100 Preferred
100
*14718 149
3778 6,200 American Car & Fdy--No Par
36
100
700 Preferred
90
*82
900 American Chain
No par
3718 3712
No par
2,100 American Chicle
3934 40
1114 111s 3,900 Am Comml Alcohol_ _ _No par
300 Amer Encaustic Tiling..No par
1034 1034
500 Amer European Seo's No par
*2334 2412
65,100 Amer & For'n Power
No Par
3634 38
No par
300 Preferred
*9734 98
No par
200 2d preferred
*7618 78
No par
200 $6 preferred
/
4
851
/
4 851
10
900 Am Hawaiian 8 El Co
7% 812
American Hide & Leather_100
4
*2
100
100 Preferred
1618
*14
3,200 Amer Home Products_ _No par
5112 52
4,800 American Ice
No pa
2914 30
204 2134 14,900 Amer Internet Corp-No Pa
FoamIte.1
AmperrefLa
err
d
rance
&
1,300
72
*34
100
Preferred
*912 934
3018 3014 12,100 American Locomotive_No pa
100
82
8212 1,300 Preferred
35
2,800 Amer Mach & Fdy new_No pa
35
312 338 9,600 Amer Mach & Metals__No pa
o%L
)td__ _No Po
700 Amer MetalCo
2012 2012
Preferred
100
*50
9718
10 Amer Nat Gas pref.__ _No pa
3978
*35
49
5034 8,000 Am Power & Light__ -No Pa
No par
9818 9812 1,200 Preferred
100 Preferred A
par
*7914 83
1,200 Pref A stamped
No par
81%82
No
1858 1935 30,700 Am Rad & Stand San'y _No par
2,900 American Republics_ __No par
8
9
3358 3412 8,600 American Rolling Mill
25
59
59
1,500 American Safety Razor_ No par
gh 634
400 Amer Seating v t 0
No par
58
78 3.700 Amer Ship & Comm
No par
3914 40
80 Amer Shipbuilding new _No Par
5018 5138 13,900 Amer Smelting & Reig_No par
13114 13114
300 Preferred
100
9818 9838
600 6% cum 2d peel
100
3678 3718
700 American Snuff
25
•100 110
Preferred
100
5334 4
2,600 Amer Solvents& Chem-No Par
7
7
860 Preferred
No par
30
304 4,100 Amer Steel Foundries No Par
40 Preferred
111 11118
100
400 American Stores
39
39
No par
4912 5114 4,400 Amer Sugar Refining
100
200 Preferred
102 103
100
858 858 1,900 Am Sumatra Tobacco_ _No par
•18
19
Amer Teleg & Cable Co___100
18538 18738 54,100 Amer Telep & Toles
100
American
c°m
50
New w i Tobacco
25
ia" fg" --3:ioo
Common class B
50
25
10614 1673:1 20.800 Class B new w 1
100
500 Preferred
*12558 128
200 American Type Founders...100
•105 10912
100
10 Preferred
•106 107
19,500 Am Water Wks Sz Eleo_No par
65
63
200 let preferred
*99 100
100
58
900 American Woolen
100
1713 1713 1,100 Preferred
600 Am Writing Paper etts_No par
21
/
4
21g
100
50 Preferred certlficatee
21
21
1,200 Amer Zino Lead & Smelt_ __25
*534 6
25
Preferred
45
*25
3458 3512 81,425 Anaconda Copper Mining 50
400 Anaconda Wire& Cable No par
*2312 24
No par
3058 314 3.100 Anchor Coo
300 Andes Copper Mining _ _No par
16
16
•17
174 2.000 Archer Daniels MidI'd_No par
73
7314 1,300 Armour dc Co (Del) pref...100
7,600 Armour of Illinois class A__25
418 43
25
234 278 15,30n Class B
100
30,600 Preferred
53
*50
800 Arnold Constable Corp_No par
478 5
100 Artlootn Corp
No par
*5
7
27
2734 2.000 Associated Apparel Ind_No Par
4,100 Assoc Dry Goods
271
/
4 277
No par
25
*35
44
Associated Oil
4212 45
4,100 Atl0& WI58 Line___No par
500 Preferred
5234 5234
100
21
2158 12,130 Atlantio Refining
25
600 Atlas Powder
x53
53
No par
40 Preferred
100
*0912 100
No par
11
1112 1,700 Atlas Stores Corp
Atlas Tack
4
No par
*3
No par
7212 7712 25.700 Auburn Automoblle
*2
3
1.100 Austin Nichols
No par
2
400 Autosalee Corp
2
No par
*612 10
50
Preferred
400 Autostrap Sat Razor A_No par
*6518 68
,
3% 4
Aviation Corp
No par
2518 2634 47,900 Baldwin Loco Works _No par
99%
430 Preferred
98
100
390 Bomberger (L)& Co pref 100
107 10712
8
11% 1,210 Barker Brothers
No par
*60
75
Preferred
100
1438 1458 15,300 Barnsdall Corp class A
25
2914 2934
690 Bayuk Cigars ins
No par
*9012 94
50 First preferred
'100
74
74
700 Beatrice Creamery
50
107 107
500 Preferred
100
900 Beech-Nut Packing Co___-20
*5018 53
*3,4 312 1.960 Belding Hem•way Co__No par
100 Belgian Not Rye part pref_
*7678 78
•Bid and flaked prices: no sales on this day. x Ex-dividend. y Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
$ Per share $ per share
%Nov 13
158 Mar 28
9158Nov 10 15638June 2
934 Nov 14 38 Mar 24
24 Jan 9
12 Oct 11
412June 18
51: F
1a
e°
b 17
7
64 Aug 13 1°
734 Nov 12 3514 Mar 31
63 Nov 28 10712 Feb 11
80 Oct 11 9934 Apr 11
14
7
Atb
,2
4614
3 F
8434 Oct 7 39
18558 Nov 8
121 Jan 2 12614 Apr 1
3212Nov 12 68 Mar 11
1634Nov 21 4214 Mar 27
18 Jan 16 314June 3
134 Nov 11
19%
3M
Auagr 3
11
6
2014 Nov 11 3
4512 Nov 11 9738Mar 27
6014 Nov 11 6634 Jan 31
3 Nov 7 12 Jan 16
2018 Nov 10 5478 Feb 14
35 Nov 10 5458 Mar 20
118 July 17 128 Feb 13
64 Oct 31 2134 Apr 25
38 Oct 31 84 Sept 18
1074 Nov 10 1564 Apr 16
Oct
14014 Jan 27
2
30 Nov 11 18
5°7
21
:Fob 6
75 Om 23 116 Jan 4
32h Nov II 6978 Apr 10
361z Oct 10 3114 Apr 3
9 Nov 19 33 Jan 16
8 Nov 11 307sMar 31
2238 Nov 11 5912Mar 31
3138 Nov 11 101% Apr 16
934 Nov 10 1114 Apr 29
75 Nov 11 10034June 11
80 Nov 8 101 May 17
778 Nov 28 3358 Mar 19
7 Apr 10
24 Nov 12
11 Nov 7 3478 Apr 11
48 Nov 11 6934 Mar 20
2712 Oct 23 4178 Mar 27
17s Nov 12 5538 Apr 2
4 Apr 2
h Oct 20
938 Oct 25 85 Feb 14
2814 Nov 12 105 Jan 6
79 Nov 18 11812Mar 1
3034 Nov 12 45 Sept 6
318 Nov 13 1412July 8
1812 Oct 21 5112 Feb 7
96 Nov 14 116 Feb 18
35 Nov 11 95 Mar 27
4712 Nov 10 11938 Apr 1
97% Nov 14 107 Mar 24
75 Jan 8 8738 Sept 19
80 Jan 8 8912Sept 27
18 Nov 10 3934 Apr 7
8 Nov 28 37 Mar 25
29 Nov 14 10078 Feb 17
5212June 18 6738 Apr 26
51, Oct 29 2612 Feb 18
338May 6
Nov 28
3814 oet 29
4512 Nov 12 794 Apr 2
13114 Nov 28 141 Apr 8
543
3W
8 Aug
u ne 14
5
9758 Nov 25 10
36 Nov 14 4378 Jan 27
8
mep
art 17
1213S
10018 Jan 3 12
318 Oct 10
534 Oct 23 3314 Mar 5
24 Nov 10 5214 Mar 20
11018 Jan 7 116 Feb 25
38 Oct 27 5512 Apr 16
40 Oct 1 6978 Mar 26
95 Nov 10 110 Apr 24
5 Nov 10 2634 Feb 10
16 June 14 271z Feb 8
17812Nov 12 27414 Apr 17
197 Jan 8 26414May 23
99 Nov 12 127 Sept 10
197 Jan 8 26912May 23
1004 Nov 12 13078Sept 10
120 Feb 3 129 Sept 25
95 Nov 17 14134 Apr 1
10312 Nov 7 1144July 24
5832 Nov 10 12478 Apr 23
98 Nov 25 1084 Oct 6
532 Nov 11 2014 Feb 17
15h Nov 11 444 Feb 18
9 May 29
218 Nov 8
20 Oct 23 4434 Feb 27
412 Nov 11 1778 Feb 3
49 Oct 8 7978 Jan 20
33 Oct 22 8112 Apr 2
20 Sept 27 5314 Feb 6
28 Nov 7 51% Apr 21
1414 Nov 11 374 Apr 2
1612 Nov 20 294 Apr 5
61 Nov 10 8278June 5
818 Mar 26
234 Nov 11
438 Mar 28
112 Nov 10
2514 Nov 10 65 June 4
4 Nov 20 1334 Apr 21
5 Nov 12 2018 Apr 28
20 Nov 3 4618 Mar 10
2518 Nov 10 5012 Apr 15
304 Oct 24 51 June 2
4212 Nov 28 80% Jan 30
50 June 27 6514 Feb 26
1852 Nov 10 51% Apr 7
53 Nov 7 10434 Mar 21
97 Nov 10 106 Mar 22
1038 Nov 19 37 May 15
818Mar 5
2/
1
4 Oct 10
60h Nov 5 263% Apr 1
May
178 Nov 10
738Mar 13
4
112 Nov 13 10
6 Aug 18 25 Mar 4
37 Jan 2 814July 31
972 Apr 15
334 Oct 7
1938June 17 38 Feb 18
93 Nov 10 116 Jon 21
10878 Aug 15 11012 Feb 4
8 Nov 28 2034Mar
68 Oct 27 91 Mar 31
1258 Nov 10 34 Mar 28
4
8 Feb 14
23 Nov 7 962
90 Nov 5 101 July 24
Apr
6712 Jan 18
10114 Mar 20 10914llept 22
46% Nov 10 7018 Jan 28
6% Jan 17
212 Aug 6
7612 Nov 10 854Mor 19
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
3 Per share $ per share
4rs Feb
h Dec
77 Nov 22338 Oct
1818 Dec 484 May
1 Dec 1114 Jan
1014 Jan
414 Nov
5 Oct 25 Jan
17 Nov 5612 Sept
90 Nov 11854 July
Nov197
11812 Nov
3512 Nov
23 Nov
1712 Oct
4 Oct
18 Nov
65 Nov
57 July
514 Dec
27 Nov
404 Nov
113 Nov
418 Oct
4934 Jan
88 Nov
1334 Nov
75 Nov
11012 Oct
3545 Aug
125 Apr
7512 Sept
23 Nov
4258 Jan
2358 Jan
73% Jan
157 Oct
6534 June
2012 Jan
7612 Sent
62 Feb
1264 Mar
3434 June
104 June
18418 Aug
145 Dec
1064 Jan
120 Jan
27 Nov
20 Oct
1814 Nov
23 Nov
50 Oct
10113 Nov
8614 Oct
94 Dec
1712 Dec
34 Dec
2314 Nov
40 Nov
29 Oct
2912 Nov
Ott
2718 Nov
90 Nov
11114 Nov
811 SepI
55 May
4734 Feb
984 Bent
19914 Sept
1084 Feb
103 Feb
100 Feb
42 Apr
10
Jan
524 Aug
8558 Jan
534 Aug
9634 Sept
878 Jan
75 Feb
136 July
120 Dee
315 Nov
106 Nov
58 Nov
6414 Nov
9214 Oct
70 May
7272 Nov
28 Oct
1212 Nov
80 Nov
44 Nov
17 Dec
35 Oct
-17i1
)
135 Feb
9814 Jan
17534 Sept
105 Feb
80 Feb
8418 Feb
5532 Sent
6434 Jan
14438 Sept
74% Jan
414 Mar
7 Feb
pi
13814118Nov62
12318 Nov 138 Jan
38
98
Oct 49
Nov 112
July
Jan
355 Oct
110 June
40 Oct
56 Nov
99 Nov
18 Nov
17 Jan
19314 Jan
160 Mar
797k Feb
114 Mar
85 Apr
94% Jan
111 Feb
60 Jan
3278 Feb
31014 Sept
23212 Oct
160 Oct
_
1144 Nov
115 Nov
103 Nov
50 Nov
97 Jan
578 Oct
1518 Nov
4 Nov
28 Nov
7 Nov
4934 Nov
674 Dec
46 Dec
25 Oct
30 Oct
1818 Nov
75 Oct
54 Oct
24 Nov
57 Nov
64 Dec
1658 Nov
84 Nov
25 Nov
3411 Dec
324 Feb
4534 Feb
30 Oct
67 Nov
90 Nov
iiis"
12114
5
120
Oct
Jg
181 Sept
112 Apr
199 Sept
104 Jan
2778 „fan
5838 Jan
164 July
46 mar
494 m88
11114 max
140 Mar
8934 Sept
80 Oct
684 Mar
494 Mar
95 Jan
1818 Jan
1014 Jan
36 Jat
4078 Jan
30 Fat
5854 June
7034 Jan
4714 Apr
861
: Oat
6278 Sept
7778 July
140 Bev.
;
1084 Jan
---- -Nov
177j
177
8 July
Oct 514 Sept
4 Dec
13 Dec
34 Nov
5412 Dec
15 Oct
10912 Nov
9318 Nov
16 Dec
70 Nov
20 Oct
55 Nov
95
Oct
69 Dec
100 Dec
45 Nov
44 Dec
75 Nov
"airs Aug
45
,
11 Aug
50 Jan
20 Aug
66% Aug
12b Apr
11012 Feb
33% Jan
97 Jan
494 May
1134 Jan
10634 Jon
131
Oct
1084 Aug
101
jail
1754 Apr
8478 ;an
New York Stock Record-Continued-Page 3
3495
For sales dori no the week if stock* not recorded here, see third page preceding.
PER SHARE
PER SH ARE
STOCKS
Range for Precious
Sales
Range Since Jan. 1
Year 1929.
NEW YORK STOCK
100-share lots
for
On basts
EXCHANGE.
the
Friday
Thursday
Saturday 1 Monday 1 Tuesday , Wednesday
Ilightst.
lityrkst.
Lowest.
Lowest.
Nor. 28. I Week
Nor. 24. I Nor, 25. I Nor. 28. i Nor. 27.
Nor. 22.
per share
Par $ re, ,hare
$ Per share $ per share
(Con.)
Miscell.
&
Indus.
Shares
per
5
share
share
per
share
$
per
5
5 per share $ per share $ per share
25 Nov 10411 July
14% Nov 10 575i Apr 7
No par
1718 1712 23.400 Bendix Aviation
19
1834 2018 18
1914 2018 1834 197
Sept
12312
Nov
25
25
Aor
8
5614
31 13 Jan
No par
39,3 4018 16.500 Best & Co
41% 421g 4012 4213 x4114 424 4013 4134
Apr I
7814 Nov m434 Aug
603 62's 104.200 Bethlehem Steel Corp.,._100 58% Nov 10 11014
6312 66,4 6214 633
6313 65
64,4 657
128
Sept
22
Mar
116%
115
Mar
Nov'12
134
100
Preferred(7%)
400
11912 11914
0117 119 .118 11912 11934 11934 119 119
23 1)1 23 4114 Apr 24
No par
2618
1.900 Blaw-Knox Co
26
2713 2634 2719 26% 26%
2733 2712 26
22r4 Dec 613 Apr
,Apr 24
297
17 Oct 21
70 Bloomingdale Brothers_No par
•1712 20 I
.1712 20
20
20
20 1 20
*17% 20
Jan
Oct 111
100 99 May 12 104 Oct 10 100
Preferred
•-__ 100
100 •. - 100 ._ _ 100
100 •
•
Jan
703 Dec 118
74 Feb 7 90 Apr 7
_100
_
pref.
Co
&
Blumenthal
I
•75
8312
8312
8312 '75
;gifa 8312 *8213 8312 .ii
Nov
138%
7
37
Apr
15%
12
69
Nov
par
Mar
Br__No
&
Aluminum
2034 2034 5,900 Bohn
2034 2134
23
21 2 224 22
2358 21
Oct 8912 Jut
70
6913 Oct 24 78 Apr 5
No par
class A
Am!
Bon
I
61
100
61
63
.61
1
6014
•60
6014
60 4 .60
*80
11% Jan
3 Dec
Oct 31
1
5 Mar 26
No par
Booth Fisheries
3
134
•1,
134
14 .13 14 •133
1% •13
*114
, Jan
Dec 533
18
10 Oct 30 3314 Jan 3
100
ist Preferred
.518 10
"518 10
10 I .513 10
.5
10
*5
Oct 13013 July
53
25 603 Jan 8 9033May 29
Co
Borden
67
683
14.200
4
683
67
6942 6834 89%
6834 6912 68
28 Nov 143% May
27
Mar
10
Nov
15
50,2
10
Corp
Borg-Warner
17,3 18 I 6.800
17,3 18
1931 1834 19
187 1953 18
1512 Feb
312 Dec
5 Mar 27
178Sept 3
300 Botany Cons Mills class A. _50
313 33
3
3
3141
*313 314
*3
314
*3
833 Jan
312 Nov
1213 Oct 10 25', July 23
1534 1614 51.800 liriggs Manufacturing.No par
16% 1713
18
16% 1734 1 17
17% 18,4
4312 JUIY
Dsc
173
4
par
Apr
3511
Nov
1514
10
__No
...
Stratton
1712 173 2.700 Briggs &
1712 18
18
1814 1814, 18
19
.18
73% Jan
14 Nov
4 Oct 9 2214May 19
413 414 2.100 Brockway Mot Truck..No par
414
414
41, 434
434
414
411 412
Jan
713 Dec 145
100 29 Nov 24 85 Apr 24
Preferred .7%
90
•13
29 .
29
•13
30
30 I •13
30 I 29
'13
09 Nov 2463 Aug
Nov 1
17814Mar 3
' 2.300 Brooklyn Union CloA___No par 99,2
106 10812
11014 11212 109 11212 .10812 112
.111 113
,
511
Sept
Oct
36
1
33%
42
18
Nov
par
Feb
No
300 Brown Shoe Co
"3513 36 1
3533 3533 3.1•3512 36
*35
3512 .35
5514 Jan
1614 Nov
11 Nov 25 3033 Mar 31
2.700 Bruns-Balke-Collendar_No par
12
11
11
II I 11
Ills 1112 11
II% 1153
Oct 4234 Jan
14
3173 Mar 24
13 Oct 1
10
Z1334 1334 2,400 Bucyrus-Erie Co
IF 15 1513 1433 14% 1414 1473 1418 141
263 Oct 50 Feb
13 Mar 25
10 2513 Nov I
Preferred
2.000
1
x26%
27
2712
2814
3
2814 2834
3 2773 2773 2734 273
Apr
117 Sept 11 10734 Dec 117
100 10734 Jan
30 Preferred (7)
•11313 114 I
*11312 11511312 113,2 011312 114 .11311 114
Oct
81, Dec
4 Nov 10
1638 Apr IS
No par
60f3 Budd (KG) Mfg
512
5% 533
*514
8
553 5,
*512 6 I "553 6
1213 Dee
73 Dec
1433 Feb 8
634 Oct 3
No par
Wheel.
Budd
7.700
912
F1014 101 1018 1012 10 1053 912 10
Dec
34
14 Nov
16% Nov 2
43
31
par
21
Mar
No
Watch
Bataan
163 1634 13.000
16% 1918 1653 171
193
18
1914 20
54% July
25 Nov
1534 Nov 12 74 Apr 2
No par
1734 1812 5.200 Bullard Co
1912 214 1814 201
20
21
20
.20
Jan
par
88 Nov 127
74 Nov 21 1103 Apr 2
300 Burns Bros new cl A °on, No
7418
74
80
80
*74
.74
80
.74
85
.74
Jan
39
10
2
35
Nov
223June
Apr
1312
pa
No
own__
B
I New class
14 1
•11
141
"1012 18 I "11
*1013 15
•1012 15
88 Nov 10514 Jan
119.42one 17 100 Feb 19
100
Preferred
I
I
95
14
•91
99
•9114 95
*91
99
*01
•91,4 99
29
Oct 329% Jan
Nov 10 5173 Mar I
pa
18%
No
Mash_
Add
Burroughs
223 2'312 8.400
233 23
243 2234 231
2312 2414 23
8918 Feb
304 Nov
23.4 Oct 28 4813 Mar 5
No pa
850 Bush Terminal
254 26 I
2612 2613 263 2578 261
*26
27
26
91,3 Nov 11012 May
100 97 Nov11 110 Mar 15
Debenture
90
100,8 100,3
9812 9812 "9834 102 , 102 103
*9712 102
Nov 1181: Feb
Apr
105%
21
Oct
118
108
100
7
pref.
Eildgs
Term
109 Bush
•109 11012
10918 1093
•109 114 •109 114 "109 111
12% Jan
44s Dec
514 Jan 6
1 Nov 10
103 Butte & Superior Mining-10
118
1 13
11
14 "1 18
*1 13
*1 13
1%
134 *I%
Ort
912 Jan
2
414 Feb 20
1,2 Nov II
6
14 1,203 Butte Copper & Zinc
1 12
2
17
2
134 2
13 "134
134
Jan
41
,
171
Dec
24
Feb
14
29%
Nov
10
100
100 ButterIck Co
1012 1012
•1012 11
•1012 11% •1012 113 510,2 II
50 Nov 1927, Jan
3734Nov 10 1123, Apr 26
No pa
(A
Co
NI)
&
Byers
17.300
7
7
4434
42's
45
47
463 4934 44,4 47
1211, Jan
4634 48
Jan
105
20
Apr
25
Nov
114
4
1063
100
Preferred
70
10334 105%
10634 10634 .10634 10834 .10634 1093 '10634 1083
6313 Oct 84% Au
4934 Nov 13 77.3 Mar 5
No par
Si I 3.900 California Packing
X51
5218 53 , 51 12 51 1
52
5113 53
52
23
4
54 Nov 61
Oct
1
213 Feb 3
10
Lead
Z1110Callahan
300
3
7
4
*3
7
"4
34
34 343
54
34
*34
78
733 No2 13634 Aug
32 Nov 7 891 Jan 9
3,6t
3.700 Calumet dr Arizona Mlning _20
35
35
36
3434 35
34 I 34
,
34
617
Mat
25
Oct
II
3
33
Nov
3
7
814
Jar
25
10i
10
1012 2,700 Calumet & Recta._ _
10,3 11 , 1033 1034 10
' 1012 11
Dec 4912 Aug
19
par
10 Nov 8 30 Mar 25
1254
700 Campoell W & (7 Fdry.No
•12
1212
1212 1212 '12
1318 1314
1313 1318
Oct 98% July
45
3458 Nov 10 753 Mar 10
4114 4212 30.200 Canada 1)ry Ginger Ale No Par
4112 41 14 442 4134 44
4134 40
4834 Sept
41
10
Dec
3414
Nov
27
Mar
18
18%
par
700 Cannon Mills _____ _..No
1912 1913
1912 1934
r 1912 197 "1934 1973 "1934 197
65,8 Oct
17 Nov
par
8 Nov 10 2834 Aur 4
_No
A_
ci
Adminis
Capital
900
11
1012
1012
11
1034 11
"1014 11
, *1014 11
3973 Oct
Nov
29
5
42
19
Nov
Mar
2973
_50
Preferred A.
400
35
36
35
*34
36
3512 36
3512 *35
*35
36234 Apr 23 130 Nov 467 Sept
107% 11113 56.600 Case Thresh Machine ctf3_100 1033 Nov 10
11214 11612 10912 11378
113 116
' 114 118
25 113 Nov 1233 Dec
132
Mar
19
114%
Nov
_100
.
certificates
Preferred
I
•117 122 ,
*11412 122 .116 122 *117 122 '117 122
Dec
7054 Apr 28
5014 Dec 61
2934 Nov II
32
3273 4,600 Caterpillar Tractor._ .No par
3334
333 3412 33
3412 3.112 333 34
13% Jan II
6,4 Dec 423 Feb
3 '1,1 14
3 I
•218
100 Cavannagh-Dobbs Ine_No par
3
3
*3
312
312 *3
312 *3
May
Dec
10512
18
58
Jan
2912
75
Nov
28
.100
Preferred
Stock
400
2912 2912
3212 3212 3212 3212
34 •____ 34
_
10' I /el 14 2n38 Oct 25
144 15 I 1.500 Celanese Corp of Am..No par
*143 153
L 15 15 '15 1512 .133 1512
Oct 7934 Feb
31
718 Nov 24 60 Mar 10
No par
73
900 Celotex Corp
Exchange
754
7,2 812 .712 8
714
8,2
, 734 8%
203
4834 Jan
Oct
21
1
ort
30.2N1ay
31
par
.No
At180.
2312 2312 1.600 Central Aguirre
E 24 243 2333 24 233 243 "2313 2312
Oct 20ie Jab
3
814 Mar 27
313 Nov 10
Closed
414
400 Century Ribbon NIllis_No par
*334
354
4
4
434 .334
334
433
*334
Jan
Dee
16
82
,
501
1393July
27
Feb
51
100
-----------Preferred
•5614 59 I
10
*5614
*5614 69
69
•57
69
69
521, Nov 120 Mar
6538 Jan 6
28
29 I 7.800 Cerro de Paseo Copper _No par 2512 Nov II
: 30
59I Thanks, 28% 30 I 2834 2912 2913 30 I 291
107, Dec 32 July
15 Feb 6
par
318 Nov 11
Products.No
312
312
2
,
Certain-Teed
3
1.300
33
312
33
4%
313 33
I *4
, Jan
39., Dec 623
49 Feb 4
355 Oct 21
No par
giving
.37
3734
700 City Ice & Fuel
•3712 38 I 3712 3712 373 378 37,14 3734
9f1 Sept 10514 Jan
.100 79 Oct 23 98% Feb 11
82,
8 8253
Preferred
8212 83
200
83
83
83
82 1 82
82
Oct 8034 Sept
27
18
Mar
6772
Nov
6
16
par
No
Day
Cab
1
14
Checker
21
23
2212
8
17.200
225
2414
2334 2434 2234 244 2318
42.4 Nov 112 July
41 Nov 121 8'213 Mar 20
No Pa
4312 4514
5.700 Chesapeake Corp
47
4412 453
4512 4612 4513 4513 46
, Oct 471,Sept
217
733 Nov 11) 37 Mar 31
1
13
.2
15
13
2
s 8,400 Chicago Pneumat Tool No 0a
,8
1253 12
12
1214
1213 1333
1212 137
61 Sept
47 Nov
22,3 Nov 11
5573 Mar 14
Pa
No
39
Preferred
I
•34
rr
39
400
"34
,
33
33
3
31,
33
37
•33
Jan
,
217
()et 38
20
1
Mar
32
Feb
14
16.
Po
.No
_
Cab_
23
20 Chicago Yellow
2312 2312 2312 23
2312 .23
*22
Jan
25
Dec 50
14 Nov 26 32,2 Apr 10
10
14
•I3
14 I
800 Chickasha Cotton Oil
1514
.14
16
*14
15
15
7572 Sept
4413 Nov
6
Nov
12
29.2
675nJune
32
Co
Childs
30
31%
"31
I
2.4110
3134 3112 31% •311,4 32
31
Jan
135
Nov
Apr
11
43
26
8
1412Nov
o
n
a
p
P
o
:s
1634 1712 72.700 Chrysler Corp
1814
18% 1933 171 193 17
1834 19%
Feb
7,4 Oct 27
1314 Apr 25
31: Oct 22
No pa
9,2 24
.14
438
23 4.900 City Stores new
4%
413 414
413 433
413 413
Nov
Oct
8
21
617
Apr
2
44,
25
31
On
17
nt
,
Foul
22
Clark
•20
.20, 22
22
•20
22
"20
7234 Jan
343 Dre
25 Oct 10 60 Apr 5
_1No pa
29
"26
500 Cluett Peabody & Co.
27
2634 2634 27
.1.26
27
Jan
003 Dec 119
2 105 Apr 8
Jan
0
14
91
9
2
.
4
6
102
Preferred
2
26
10
•94
I
*94 102
.94 102
•94 102
13314 Jan 8 19133June 4 101 Nov 15412 Aug
No Da
155 15613 9.000 Coca Cola Co
156 15712
: 15614 158
15712 15814 15113 1561
Feb
, Oct 50
443
48 12 Jan 8 53 Mar 21
No pa
--I
14
---•51
A
5134
Class
52
14
*51
52
'Si
52
*51
•51 13 52
473 Nov 12 647,May 2
a
.4918 50
50
600 Colgate-Palmolive-Peet No 1p00
50% 5038 50
50
50
50
50
97 Mar 13 10373 Nov 13
"103 104
. 6% preferred
•103 104 "103 104 *103 104 "103 104
10 Nov
12 Oct 18 3534 Feb 13
11811
A110
14
&
.7813
:
161
5
15
8
Collins
1512
1712
13.400
16
15% 16
1511 16%
65 Dec 10313 Feb
73 Jan 3 92 May 24
a1
No.1p0
Preferred non-voting..
100
"7414 85
85
85 L •78
"80
80
80
2033 Aor 28
934 Nov 11
Beacon 011Co.No pa
10
Colonial
10
912
10
3.700
10
10
1
10
10
I
10
7gI Mar
10
2734 Nov
21't Nov 10 77 Apr 8
2412 2434 8.300 Colorado Fuel de Iron _ ...101
26,4
3 25% 2733 25
2634 2512 25,
I 26
Oct
8134 Nov 11 199 Mar 11 105 Nov 344
9312
10.203 Columbian Carbon vt .3 No pa
89,4 92
9014 9212 9214 96 I 91
9213 94
3233 Nov 10 87 Apr 10
-Mumble Gas & Eleo_ No pa
(
3613 56,300
35
37% 393 36% 373
3833 393 3712 38%
July
100
Nov
II
110
r
,
A.
11
Nov
99
100
104
104700 Preferred
102 102 •1033 134 1 104 104
103 103
884, Jan
163 Nov
934Nov 10 37% Apr 28
1053 11 I 30,600 Columbia Graphophone
11 14 1134 10% 1134
1153
1134 12 I II
52% Jan
18 Nov
'
1634 Nov 10 4014 Apr I
Credit____No par
19
.2
1,4
2
Commercial
0
2
20
,21
5
2.200
20
2034
20
3
203
8
203
41
214 213
Si'. Sept
28 Nor
3134 Nov 10 443 Apr I
50
35
Class A
35
3518
1,600
3512 351 2 35
35
3512 3512 35
28 Jung
203 Nov
21 Nov 10 28 Apr 29
25
Preferred B
20
2512 .2314 2534 •2314 2512 2314 2314
*23
Oct 10534 Jan
70
.100
76,4 Jan 18 9512Sent It
,
).r
4.4%
*8634
ifi
preferred
88
12
1s1
8612
40
86
90
*86
•8512 90
86
86
79
Oct
Nov
6
2813
Mar
55
Nov
ar
8
u
p
2512
preferredNo
Crust
Invest
Com
28
27's
277
1.100
2834 2834 28
283
2734 28% 28
)o 80 June 18 87 Mar 28
,r
No par
83
500 Cone
8312 83
83 , .83
83,2 8312 83
9 Dec (sift Sept
4 June 18 2314 Mar 5
, Warrants
Oct
203 Oct 63
143 Nov 10 38 AP1' II
No par
1612 1733 55.900 Comm Solvents
4 17i 18's
-1-9-118%
18
is -19-18
Oct
24% Oct
10
734 Nov 8 2014 Apr 7
5
.39
7,4 87.600 C,ornmonwitti & Sou'rn No par
39
013 93
93 10 I
913 97
934 978
6
10
4June
Nov
1043
par
9013
_.No
series
preferred
96
$6
8
957
9113
9515 2.000
9573 95% 96
9658 9634 95
Jan
93
35 Nov
57 Mar 27
34 Oct 31
37
200 Conde Nast Publioa._.No par
,
37 •35
.35
37
35 , *35
35
35% Jan
75 Oct 20
Oct
11
1934 Mar 24
813 8141 8,6011 C.mgoleutu-Nairn Ina .No par
83
814
WE
814
8,4 834
9 ,
834
Feb
Nov
923
43
11
Mar
56%
29
Sept
4
18,
•23
.
cigar
25
26 1 1.100 Congress
2573 258 26% 28 I 2613 2612 25
Oct 9614 Jan
40
27 Oct 23 595 Mar 17
ipar
N" 'a
'30
31
31
"28
1.203 Consolidated Clgar._ No
31
29
31
*2834 2914 29
Jan
06
63 Nov
80 Mar 25
100 6014 Nov 21
62
62
Prior preferred
62
140
623 62
6213 62
62
62
62
Oct 253 Sept
10
Mar
3
11
273
14
Oct
12
par
!4o
13
1312
1.700 Consul FM, Indus
1334 13% 133 133 1312 13,2
135 1334
3033 Apr
1512 Oct
1614 Oct 10 2814 Jan 10
par
No
18
18
18's
1,500
Preferred
18
18
18
18
IS
18
18
803 Nov 1831,Sept
Nopar
81.2 Nov 12 136% Apr 26
85% 8714 77.700 Coneol Gas (NI Y)
92% 8714 89,2
893 90% 8833 9034 89
923 Nov 10012 Dec
par
9912 fan 28 10512Sept 26
•1023 103,4
3.400
Preferred
102% 103
3 1023 103
1023 10273 10253 102,
63 Jan
5, Dec
2 Jan 27
f.
el
'
8
No
No
Oct
12
Textlle
34
Consolidated
900
5
5*
4
3
4
3
54
*53
%
%
2312 Jan
12 May
24
Feb
par
19
2212
1153.1une
_No
.
1234
vot
1314
:
1.000 Container Corp A
0133 1312 1313 131
14
*133 1334 13
Ills Jan
314 Nay
812 Feb 20
3 Nov 10
7
_No Par
Class B
4 I
400
354
*354
4
3
3
3
4
*334
4
33
353
2514 Oct 90 July
par
1733 Nov 8 5213 Feb 17
21 12
1912
votiug.__33
9
Bak'it Cl
:
4.40f) Continental
2014
223 215* 213 21 13 224 20
•22
1514 July
4% Oct
7 Feb 17
212Nov II
No par
27
CLAMS B
21
3.104
234
273
273
234
2%
2%
Jun
17
79.2 Nov 100
Feb
943
7013 7134
.... ____ _ - -100 86,4 lone 25
"7013 72
630
"7114 72
73,2 7312 .71,2 72
40, Ort 92 Sept
Mar 31
703
par
10
Nov
443
_No
48,2
50
(no_
49,8
Can
49.8
Preferred__14.200
Continental
3
51,
5034
5234 5012 51,3
51
Nov
3312
2034
Des
21
Apr
373
par
1014
10
Nov
Fibre.No
13
•1214
13 1 3.600 Cont 1 1)iamond
1234 13 , 1278 13 I 12%
13.3
•13
4013 Nov 11014 Sept
45
46 , 4.103 Continental Ins _____ _ _ .10 393 Nov 12 7733 Mar 31
4614 45's 46
tp. Der
45% 4553 4512 46 I 46
2844 Jan
2,rNov 5
81,Feb 19
31
334
334 4
414
4
8.700 Continental Motors_ ,,,.,.No par
413
4
413
4
37% Aug
18 Nov
24
Apr
10
3012
Nov
10
No par
11;8 12
12%
24.803'COntinental Oil..
123 123 1214 1212 12
1234 13
45% Dec
263 Dec
No par
Nov 10 4073 Apr 1
10
Snares_
133
1214
Continental
8
143
1212
3
117
1314
33.403
14%
133
1334 14
Nov
125%
Oct
70
23
Apr
3
II13
II
723
/Nov
5
.2
Refining__
Pnucts
al
9.200 Corn
80,1, 8214 8112 818 78% 8012
82
81
100 140 Feb 10 1514 Oct 16 137 Nov 144%
'
76
14
% 15(1
150
'146
1453
Preferred
145'3
60
77834
14512
:
1451
*145 14512
Dec 8214 Jan
18
3
1
03
Feb
Nov
10
r
33
,
a
pa
p
o
No
N
9%
1018
Inc_
103
Ills
Coty
10
10,200
1034
ON 10,2
93 953
31 Nov
24 Nov
2513 Jan 6 353 Mar 20
•2814 30 1
.2814 30
29
20' Cream of Wheat
2873 28% 2814 29
•28
Dec 57
15
Apr
100
9 Jan 22 29,4 Mar 5
•1534 18
____ _ Ores Carpet
9534 18 I *154 18
*153 IS
"1534 18
125
Dec
2
15
Jan
Feb
22
II
Nov
6
Par
714
Radio
Corp--No
•612
.
1
-0
7
20
'rosley
7
1,11 612
*612 8
37., Nov
Aug
79
34 Ocf 14 593 Apr 7
24
)1I2 417
*(6
Cork & Seal __No par
04
4234 3934 4133
Crown
2
3.200
40
43
*39
413
•39
Oct 25% Jan
17
18.2 Feb 19
106 12 106
6 Nov 8
511 24 1
7 I .6,2 634
300 Crown Zellerbach _ .- _No Par
7 I *634
7
7
*634
71
Nov 121114 Aug
57
57,8
62
5813 59
1.000 Crucible Steel of America.100 52 Nov 10 933 Mar 25
6173 •58
.57
62
•58
100 10312 Nov 8 117 Mar 13 103 Nov 11634 Feb
107
.10614
107
Preferred
50
'10614
10614
10614
•106 107
43 Nov 20
5 Nov
1912May 29
241z Jan
•43 5 I
5 I •43 6
200 Cuba (Jo
5
512
5
*638 6
7 Mar 3
Oct 2
I
par
No p
I%
l's
138
2
134
1 58 2.800 Cuba Cane Products_ _ _il
173 2
2
2
9 Feb 4
17
87* Dec
33Sept 30
Jan
__10
_
8
4
43
_
Sugar
434
4
Cuban-American
43
4,600
4
4
4
33
373
358
1
45
4313 12
.
58
0 6
J8
34 4
35
Dec 95
832 F
,, 2
4,3
100 30
*35
Jan
39
39 ,
250
39'35
"37
Preferred
36
35
1.34 14 39
38 Nov
6773 Jan
.50
1
4133 4134
909 Cudahy Porting
41% 4133 4112 41,2 41 2 42 I 4133 4133
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
r
• Bid and asked prices: no sales on tots days
x Ex-dividend,
y Ex-divIdend and ex-r1ghtss
3496
New
York Stock Record -Continued-Page 4
For gales during the week of stocks not recorded here. see fourth page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Noe. 22.
Monday
Nov. 24.
Tuesday !Wednesday
Nov. 25.
Nov. 28.
Thursday
Nov. 27.
Friday
Nov. 28.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On harts of 100-share lots.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
Lours:.
Highest.
ZS per share 5 per share $ per share! $ per share 5 per share $ per share Shares Indus. f4 kflacell.
(('on.) l'ar g per share
per share $ per shore $ per share
*9914 100
99
99
987 9918! 9634 9712
•96
98
700 CurtLe Publishing Co___No par 051sNov 11 12612May 29 100 Nov 132 Oot
•11612 117 *11612 117
117 117 i*116 11613
11678 11678
500 Preferred
No par 1147s Jan 29 12112'Mar 19 11218 Nov 12134May
37g
33
35
334
3% 334
314
318 312 28,000 Curtiss-Wright
334
No par
318 Nov 28 1418 Apr 7
638 Dec 30ls Aug
512 512
514 5%
514
53*
418 5 • 10,200, Class A
5,8
514
47 Nov 28 1934 Apr 2
100
1314 Dee 377 Aug
*46
4834 *46
47
47
48
45
46
800:Cutler-Hammer Mfg__No par 40 Nov 11 9012251ar 31
45
043
1818 1853 18
188 18
18
17
17
1614 164 1,700,Davison Chemical
No Par 15 Noy 12 435 Mar 31
21
-6;961: Jan
*14
19
*14
19
*14
18
15
15
15
151*
850 Debenham Securities
58 14 Oct 22 30 Apr 14
20 Dec
Jan
*2134 2173 *2134 218 2113 22
22
2212
2212 2212 1,200:Deere & Co pref now
20 20 June 18 2412May24-*182 18314 18334 185
187 187 ,•180 185
180 180
800 Detroit Edison
100 17313Nov 10 25534 Apr 23 151- Nov 385- Aug
*1812 1914 *1812 1914 19
19141 1812 1812
•18
1812
700 Devoe & Raynolds A._No par
1714
Nov
13
42%
Mar
4
24 Nov 64% Feb
*212 214 *211 212 *209 211 *188 200
*190 228
Diamond Match
100 139 Jan 13 25412Sept 8 117 Nov 164 13 Jan
*818 814 *818 814
84 814 *814 812
*814 83s
300 Dome Mines Ltd
No par
634 Jan 3 1032Sept 10
6 Nov
114 Aug
3114
15
15
15
15
15
1413 1412
1,60011)ominion Stores
15
16
No
12
par
Nov
19 3058 Apr 5
12 Oct 5414 July
67-7
. 68
6714 68
68% 70
6738 68
67
6733 10,9001 Drug Inc
No par 63 Nov 12 8738 Mar 10
69
Nov 12618 Feb
73
73
735
*7
712
7
•718 714
8
500 Dunhill International_.No par
*7
7
Nov
17
4312
Apr
7
25 Oct 92 Jan
14
14
1414 1414 *1334 1414 1414 1414
*13
14%
300 Duplan Silk
No par 13 Oct 9 19 Sept 0
10 Nov 2872 Jan
•10414 105 *10418 105 *10414 105 C310414 105
Duquesne Light let pref__ _100 100 Jan 7 1e634 Oct 17
.10418 10434
4912 Jan 1001s Mar
*912 1053 *913 10% *912 10% *9
*9
10%
Pastern Rolling MIII
105
8
No
par
Nov
73
12
4
2512 Jan 31
19 Oct 3912 Sept
169 17034 16512 1684 166 17034 16.522 16714
x16138 16412 11,100 Eastman Kodak Co_No par 15514 Nov 10 25514 Apr 25 150 Nov
264% Oot
*13014 132 *13014 131 *13014 130131'313014 1304
130 130
10 6% cum pref
100 12074 Feb 14 134 Nov 5 117 Nov 128 May
1638 1778 1534 1638 1614 16341 1534 17
1513 16
6,000 Eaton Axle & Spring__ _No par
1134
Nov
10
3714
Feb
20
18 Nov 7634 Feb
9258 9432 91
9313 917* 944*2 x8918 9114
8912 69,700 E 1 du Pont de Nem
86
20 83 Nov 10 14514 Apr 10
80 Oct 231 Sept
11714 11714 11734 11734 1173* 1173* *11613 118
300 6% non-vot deb
*11612 118
100 11412 Feb 4 123 Sept 25 10713 Nov 11934 Aug
*412 5
*412 5
*132 5
*412 5
412 412
Eitingon Schild
200
par
No
218
Oct
2
1018
Feb
4
4 Dec 3934 Jan
*35
36
*35
36
*35
36
*35
36
Preferred 614%
36
*35
100 35 Nov 11 62 Feb 5
39 Dec 113 Jan
5312 5638 53
5514 534 5658 5114 535
484 5214 57,200 Electric Autolite
No par 33 Oct 1111 11418Mar 29
50 Oct 174 July
*105 100 *105 106 .3'105 106 *105 106
Preferred
•I05 106
100
10313
Oct
20
11014 Jan 7 102% Nov 115 Apr
*3
314 *3
318
3
3
3
3
1,100 Electric Boat
3
3
No par
214 Sept 30
934 Mar 31
314 Oct
1838 Mar
4518 463* 44% 47 1 4514 4713 4314 453
4112 435* 87,900 Electric Power & Lt_ _.No par 3712Nov 10 103 Apr 23
4
2918 Nov 8658 Sept
*1023* 105 *103 106
103 10413 10418 10418
10234 10358
600 Preferred
par
No
100
Nov 12 112 Apr 25
98 Nov 10914 Feb
91
91
90% 90% 91
91
9113 9113
9012 91
800 Preferred (6)
No par 87'!Nov 13 101 Sept 23
59
59
59% 5918! 5914 60
58
1.700 Elie) Storage Battery_.No par 4712 Nov II 7914 Feb 10
5712 571
58%
64 Nov 10412 -Oct
•72 2
Elk Horn Coal Corp_ __No par
5I Mar 24
%Nov 7
318 June 1013 Oct
28
Ferson-Brant
*118 218
m
"118 24
Cl A_ _ _No par
75 Jan 24
118 Oct 9
314 Oct 2213 Feb
454 4514 *45
46% 4434 454 4413 4512
Endicott-Johneo
4512
4512
1,600
n
Corp__
5
38
_
_50
Oct
10
59 Jan 22
4914 Nov 8332 Jan
8114 118 *115 118 *115 118 *115
Preferred
118
*115 118
100 10713 Jan 7 116 Nov 21 10814 Sept 12414 Feb
*38
45
*38
44
*38
44
*38
Engineers Public Sere...No par 3073 Nov 8 6712 Apr 7
44
•3814 44
31
Oct 702 AUS
*804 91
*8018 91
*8018 91
08618 91
*8012 91
25
5342
ed(
No par 90 NOV 1 10718May 26
80 Nov 12314 Aug
*9014 93
*9014 93
*9014 93
9014 9014
Preferred
93
*89
No par 8914 Nov 19 10-17 Apr 21
8414 Oct 109 Oct
*33
34
33
33
33
33
*33
34
3212 3314 1.400 Equitable Office Bldg_ No Par 32 Nov 12 5034June 4
3114 Jan 41 May
9
12
1214 13
1234 144 12
1118 11% 5,200 Eureka Vacuum Clean_No par
13
Vs Oct 9 4352 Mar 5
3412 Dec 54 Feb
514 514
524 514
514 514
514 514
514 514
900 Evans Auto Loading
4 Oct 0 3034 Feb 18
5
15 Nov 7334 Mar
•22
2312 23
25122
23
23
23
Exebange Buffet CorD_No Par 22 .11111 2 2712sept 17
*23
*23
40
'
25%
2214 Jan 274July
434 212
.34
*34 212
212
*34
213
*34 21
Fairbanks Co
97 Jan 6
25
134Joly 31
334 Nov
1334 Doe
8
8
*7
8
638 7
612 634
1101 Preferred
638 734
638 Nov 25 3034 Jan 20
100
11
Apr 35 Jan
*27
2914 29
29 .28
29
24
2312 1,400 Fairbanks Morse
*21
28
No 1pa
00
r 22 Nov 10 5012May 17
2934 Oct 5474 Sept
*105 110 *105 110 8105 110 *105 110
*105 110
I preferred
102 Jan 7 11112May 16 101 12 Dec 11014 Jan
6
6
*514 6
6
6
512 612
614 614
600 Fashion Park Assoc_ _..No par
512 Nov 26 2714 Feb 27
22 Dec 725* Mar
*53 04% *50
55
*48
54% *50
*50
'Federal Light & Trao
55
5412
15 4514 Nov 10 9014 Mar 18
604 Nov 109 June
94
94
*90
94
•90
94
*90
*90
94
04
10 Preferred
No par 90 Oct 14 984 Apr 22
90
Nov 104 Feb
614
*618 74
634 *614 612 8618 614
•614 614
3(8) Federal Motor Truck„No par
512 Nov 10 1214 Feb 26
5 Oct 2253 Feb
26
2612 2612 2612 2612 2614 26
2614
2518 2578 2,100 Fed'I Water Sere A _ __.No par 241s Nov 12 43 Mar 19
28
Nov
5614 Sept
*1834 1913 1912 21
19
21
*18
1714 1714 1,900 Federated Dept 8tores.No Par
207
17 Nov 11 38 Apr 16
2512 Dec 33 Deo
5114 52
51
53
5234 53
52,4 5214
5213 3,300 Fidel Phen Fire Ins N Y _ _10 46 Nov 12 8934 Mar 31
51
47.3 Nov 123 Sept
*714 812 *712 812 *712 812 *712 812
*718 812
Stock
!Fifth Ave Bus
No par
7 Feb 11
1012 Apr 4
6 Oct 1334 Mar
•__ _ _ 3414 •____ 3414
Filene's Sons
No par 31 June 10 4012 Jan 22
811 Dec 9812 Feb
*9214 93
*9214 93
9214 9214 *9214 94 Exchange .
1:1
!9
-12
-801-4
2 3
10 Preferred
100 9014 Oct 20 10014Sept 6
84
Dec 107
*1812 1912 1858 19% .1812 1912 19
Jan
1912
900 Firestone Tire & Rubber_ __10 1538 oid 8 3341 Jan 7
2413 Dec 37 Dec
68
6838 83
6714 64
64
6212 63% Closed
62
3,2441 Preferred
643
100 5338 Oct 18 87% Mar 24
833* Dec 8958 Dec
4334 437
43% 44
4334 4413 4314 4414
425* 437
5,400 First Na'ional Stores_ No Par 393 Nov 11 6138 Jan 30
4412 Nov 90 Sept
118
14
114
13*
it. 114 Thanks14 114
1111
1 13 13.500 Flak Rubber
No par
1 Oct 10
514 Apr 2
24 Dec 20 e Jan
3% 378
312 312
33
344 334
3%
1601 11 preferred
3,4 34
214 Nov 13 21 Apr 2
8 1)ec 7213 Jan
4
4
*378 7
*3% 4
4
4
4
4
giving
140 1. "ref convertible
100
3
21
Oct
21%
Apr
II
8
Dec 8213 Jan
•36
3812 *353 38
*3538 38
*3514 38
•3514 38
Floreneirc Shoe elms A_No par 35 Nov 10 52% Mar 21
88 Nov 54 Jan
*99 100
*99 100
*99 100
*99 100
98
Day
99
300. Preferred 6%
100 95 Nov 5 10013 Oct 3
90,8 Oct 10214 Jan
1614 1634 1614 1614 1612 1612 16
16
*15
17
500 Follansbee Bros
No par
14 Oct 18 507 Mar 25
328 Nov 8234 Aug
56
57
5418 56
5412 57
5134 55
4912 524 17,600 Foster-Wheeler
No par 47 Nov 10 10412.hine 4
33 Nov 95 Sept
*712 7% *712 734 *712 772 *712 734
24
300 Foundation Co
712
7
N 4,44r
54Nov 11 2834 Apr 14
1234
824
24% 23% 24
2418 2412 24
2314 24
2458
3.800 Fourth Nat Invest w w_No par 22,8 Nov 8 50 Apr 12 ____ Nov 6958 Apr
33% 3518 3353 35
3112 34% 3018 32
2914 31% 151.600 Fox Film class A
No par
161s Jan 3 5734 Apr 25
1918 Nov -10553 Sept
3334 34
3358 3358 33% 33% 324 3338
3238 3212 4,500 Freeport Texas Co_ _No par 2018 Noe 12 5512 Apr 11
2334 Nov 5472 Jan
*DO
91
90
90
90
90
90
•90
90
9012.
110 Fuller Co prior pref...No par 85 Feb 14 9512Mar 6
8212 Nov 10712May
*4
412
414 4% *4
412
4
*4
44
4
700 Gabriel Co (The) Cl A_No par
24 Nov 11
1134 Apr 9
5 Oct 3372 Feb
*5812 59
*58
59
59 •5818 5812
59
*5818 5812
100 Garnewell Co
No par 50 Oct 21 80 Mar 23
6518 Nov 8312 July
•158 178
1% I%
134 134
I%
112
•Da
500 Gardner Motor
112
5
1 Nov 8
7% Feb 18
3 Dec 25 Jan
6,4 612
6
638
614 614 •6
6
7
2,200 Gen Amer Investors_ ..No par
6
43
4NoV
12 1613 Feb 18 ___
*7712 81
79
79
•79
81
*7834 81
*7713 81
100 Preferred
100 78 Nov 13 105 Apr 25 ____
6718 6712 67
671z 6712 68% 6714 68
12,600 Gen Amer Tank Car_ .No Par 63 Nov 7 11172 Apr 4
65% 67
75 Nov -12312 -Oct
3073 30% 3012 3034 3012 31
30
3018 2.500 General Aephalt
30
3014
100 384 Not 11 7112 Apr 7
4214 Nov 9434 Aug
8% 9
9% 10
9
914
8% 9
2,700 General Bronze
*812 9
No par
Nov
75*
21
384
Feb
IS
24
Nov 6924 June
*1118 1112 •1118 1112 •1118 1112 *114 1113
600 General Cable
1112
11
No par 10 Oct 23 3412Mar 7
23 Nov 61 Feb
28
1323
28
25
2814 2814 28
28
2,800 Class A
2714 28
No par 27 Oct 27 7414 Feb 6
6318
Dec 12012 Feb
70
70
70
70
6614 70
*66
70
•66
140 7% cum pref
70
100 we Oct 24 10934 Apr 7 102 Nov 10712 Jan
38
3818 3714 3734 38
3314 3734 37%
3734 1,600 General Cigar Inc
•37
No par 36 Nov 10 61 Mar 7
42 Oct 74 Feb
5013 51% 4914 51
4934 52
4413
48% 5014
No par
Nov 12 9532 Apr 10 16818 Nov 408 Aug
478 484 236.100 General Electric
1134 1134 11% 1134 1178 1173 11% 1178
115* 1114 4,600 Special
10 114 Oct 22 12 Aug 27
11
Jan
1114 Feb
5112 52
51
52
514 53
51% 521
.5052 5112 23,300 General Foods
No par ICs Jan 17 6114klay 1
85 Oct 7774 July
628
6
5% 6
6
614
5% 6
3522 534 9,60) Gen'l Gal & Elee A__ _No par
5 Oct 10 183* Apr 10
62
6114 6134 6012 8112 60
*61
61
59
5912 1,100 Cony pref set A
No par 5473 Nov 13 10812 Apr 16 ____
83434 3518 *3314 3418 3312 33% 33%
53314 3414
33%
500 Gen Hal Edison Elm Corp... 3324 Oct 14 443 Feb 10 ___
848
4873 487
49
4818 4914 4813 4318
4712 2,800 General killis
47
No par 4018June 25 5938 Apr 12
50 Ott
*973
4 98
*9734 98
9734 9734 98
98
•98
300 Preferred
9812
100 89 June 30 98 Nov 26
8734 Dec 100
Jan
357 365
3512 3638 3538 3634 35
3534
344 3514 167,000 General Motors Corp
10 3112Nov 10 5414 Apr 10
334
Oct 9104 Mar
957 9614 96
*957 96
9618 96
9614
9614 9634 3,200 35 preferred
No par 9252June 23 10074 Sept 18 _
___
•2812 2934 *2778 294 *2812 30
*2812 30
*2812 30
Gen Outdoor Ad', A _No par 22% Oct 14 4118 Apr 14
30 Oct ---52 JaB
•812 93*
834 8% *84 9
83* 84
*834 9
400 Common
5 Sept 24 2114 Apr 3 ____
No par
1834 1934 20
2038 19% 20
*1914 195
1812 195* 4,300 Gen Public Service_ ...No Par
1512 Nov 10 527k Apr 7
20 Nov 98 Aug
7012 7114 683 7012 704 724 67
71%
70
6.000 Gen lty Signal
71
No par 56 Oct 20 1067s Mar 28
70 Oct 12613 Aug
7
7
714
6% 718
618 7
3,800 Gen Realty & Utiliths_No par
512 Oct 14 1934 Apr 10 ____
*6312 6818 65
65
68
*63
65
6938
138
68
2,000 $6 preferred
No par 61 Nov 12 100 Apr 14
49
48% 4878 474 49
48
4714 4814
4514 4634 3,900 General Refractories_ _No par 40 Nov 12 90 Mar 28 -;5-4- -45-ci
-881* ,Grz
*884 90
90
*88
90
*88
88
88
•87
8912
100 Gen Steel Cast $6 pret_No par 88 Nov 26 101 Mar 12
174 1954 1714 1812
1914 20
1912 20
17
18
17,400 Gen Theatres Equip_ No par 1414 Oct 10 5114 Apr 10
324 33,4 3258 34
3334 3434 32% 3312
3113 3314 21,500 Gillette Safety Razor_ _No par 254 Nov 3 10613 Jan 16
4-3 -0731
80 Nov 175g
77 35,197 Gimbel Bros
7% 8
734 8%
714 734
78 734
No par
1013 Nov 481, Jan
51 Nov14 2073 Apr 14
53
53
53
53
*5118 57
5418 5413
.54
545* 3,100 Preferred
100 5112 Oct 31 8212 A pr 25
66 Dee 94 Oes
914
2
9
5
8
934
*912
9,8 98
912 9,2
9 4 914 5,100 Glidden Co
No par
8 Nov 10 38 Mar 20
28
Oct 641s July
703* 70,4 *70
•7014 78
78
•7014 78
70
71
40 Prior preferred
100 70 Nov 21 10518 klar 27
95 Nov 10614 Ayr
512 534
512 5%
553 534
512 513
512 512 1,500 Gobel (Adolf)
No par
Feb
Oct
19
5
7
0
012
Nov
66 Feb
3
5
5
7
34
34
33
35% 3314 34'*
34
33
3318 34
36,400 Gold Dust Corp v t e_ _No par 295*Nov 12 47% Apr 2R
314 Oct 82 Jan
2058 2134 20% 213* 2038 22
1918 2114
194 194 13,400 Goodrich Co(B F)
No par 1514 Oct 10 58 Mar 25
8814 Dec 10584 Jan
7474 7478 87312 74 I 7338 73341 7312 7312
74
571
300 Preferred
100 6714 Oct 29 10412Mar 25
9513 Dec 11512 Feb
5034 5134 483* 50% 50
5314 4914 5112
4734 4914 28,600 Goodyear Tire & Rub__No par 354 Oct 22 967 Mar 31
60 Oct 15412 Mar
87
87
87
88 I 86
*86
87
87
*8612 89
400 lat preferred
No par Mg Oct 22 10214 Apr 30
87 Nov 104% Feb
713 718 *7
7
74
7
7
712
*74
714
500 Gotham Silk 1108
No par
64 Nov 8 287 Mar 8
14 Nov 80 Apt
50
54
•50
58
50
5212
50 Preferred
100 50 Nov 25 824 Apr 4
68 De,. 10114 Jan
453 484
5
5
*434 514 *434 5
434 434
600 Gould Coupler A
No par
54Nov 8 151s Apr 23
4
4
Oct 14 May
412
414 414
414
414
438
4% 438 2,100 Graham-Paige Motors_No par
414 412
4 Oct 7 1338 Apr 1
733 Oct 54 Jan
*4
5
*4
412 *4
84
4
5
412
4
100 Certificates
No par
312Nov 7 1034 Apr 1
7 Nov 4912 Jan
1634 17
2
17
1712 1734 1714 18
17
1,800
1718
17 4
Granby Cons M Sm & Pt.100 12 Nov 12 597s Apr 2
4814 Nov 10274 Mar
30
3014 *2834 30
2933 *2814 30
29
2812 2812
800 Grand Silver Stores__ No par 26 Nov 12 52 Apr 2
32.2 Dec 444 Dec
1312 133* 1212 1318 1213 1312 1214 1212
1114 1218 4,300 Grand Union Co
No par 10 June 17 2058 Feb 13
918 Nov 337* Jan
*38
40
38
38
3814 3714 373*
*374 3934
38
900 Preferred
No par 3434June 18 44 Aug 4
Oct 5482 Jan
30
*2334 2412 *23
•22
400 Granite City Steel
2314 2314 23
24
2314
2314
No par 22 Nov 12 5038 Apr 3
32 Nov 6334 Sept
31
31
3114 3.900 Grant(W T)
313* 3053 3112 3113 315* 318 313*
No par 28 Nov 10 43 Jan 9
Dec
14453 Feb
3213
2258 2234 2234 23
2212 22% 22% 2234
2212 2234 3,500 Ot Nor Iron Ore Prop_No par
18 June 23 254s Mar 25
19 Oct 394 Feb
1114 14
11% 12
1278 1318 12
7,200 Great Western Sugar_ _No par
1213 1134 1118
10,4 Nov 13 3412 Jan 16
28 Nov 44 Jar
9953 9953 9934 10012 100 100
220 Preferred
9914 9913
*9912 100
100 08I4Nov 14 120 Mar 14 105 Nov 111112 Feb
4
414 43*
3% 413 16,200 Grigsby.Grunow
412
414 422
4
43*
No par
3 Nov 7 28 June 2
1414 Nov 70 Sept
•72 118
114
34
•78
118
12
*14
*12
lls 3,500 Guantanamo Sugar._ No par
4Mar 7
4 Feb 4
1 Nov
54 Jan
25
*23
•23
24
2412
25
2738 *24
'
324
2412
900 Gulf States Steel
No par 20 Nov 11 80 Feb 19
42 Nov 79 Mar
*85
93
*80
93
93
*86
*86
93
93
*86
Preferred
100 95 Oct 1 109 Apr 30
994 Dec 109 Feb
2 .7, 2 1 .7, 2
.1.78 212
*11, 212 *118 112
*7, 28,
•131d and asked priers: no tales on thLi day.
z Ex-dividend.
b Ex-dividend: ex-rights.
y Three additional shares for each share held,
3497
inued-Page 5
New York Stock Record-Cont
here, see fifth page preceding
For sales during the week of stocks not recorded
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday 1 Monday 1
Nov. 24.
Nov. 22.
Tuesday 'Wednesda y
Nov. 26.
Nov. 25.
Thursday
Nov. 27.
Friday
Nov. 28.
STOCKS
NEW YORK STOCK
EXCHANGE.
Sales
for
the
Week
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Milhat•
PER SH A RE
Range for Previous
Year 1929.
Lowest.
Highest.
Per share
per share
per share
Misceil.(Con.) Par 5 Pm' share
35 Aug
$ per share! $ per share ! $ per share $ per share $ per share $ per share Shares Indus.& Water
2312 Nov
25 26 Jan 4 88 July 29
100 Hackensack
*25
30
2834 2834
.2834 3014 *2834 3012 *2834 30
30 Aug
Jan
26
6 30 Aug 27
Jay
26
25
A
Preferred
*281.3 '30
*2818 30
*2818 30
Oct 56% Jan
*2818 30 I *2818 30
12
728 Oct 9 23,4 Apr 17
Ns par
20,600 Hahn Dept Stores
84 9
918 10
958 1138
958 11
918 1012
Jan
714 Dee 115
Oct 17 8612 A pr 17
59
100
Preferred
1,600
62
62
62
6034
6412 65
64
6212 6234 64
27 Dec 2978 Dec
1734 Nov 12 3134 ?star 25
10
Hall Printing
*1714 18
*1714 18 .1714 18
*1712 18 .1714 18
Jan
106%
Nov
9
oct
99
100 99 Jan 7 1054
Ilamilton Watch pref
*103 104
*103 104 *103 104 *103 104 *103 104
No par 85 Jan 16 98 Apr 14
60 Ilanna pref new
91
91
91
91
92
*91
92
*91
92
Oct
Jan
a
7
87
*91
54
21
Apr
724
28
Nov
41
par
_No
800 Harbison-Walk netrae
41
41
4214 4214 4214 *414 4214 4118 4158
*42
13 Oct 4178 Aug
44 Nov 20 20 Feb 5
528 513
3,600 Hartman Corp class B_No par
414 5
534 534
578 638
458 5
Oct 31 Sept
1678
24
21
Nov
2314Niay
12
par
No
A
Class
•11
124
1214
*104 1214 *1034 1214 *1134 1214 *11
512 Nov 684 May
1734 Apr 4
27s Nov 11
No par
800 Hayes Body Corp
413 413
412 434
*458 5
478 5
.458 5
84 Nov 11812 Jan
25 7713300e 19 9233 Feb 19
'
100 lieltne(G W)
88
85
*81
85
87
*82
87
*82
87
*82
Dec 334 Oct
2112
11
Apr
31
23
Oct
15
par
No
700 Hercules Motors
*1512 17
1778 1778 1734 1734 1612 1612 1613 1612
Oct
Dec 121
50 Hercules Powder $7 cuin p3100 11612 Nov 26 12334JuDe 4 11218
11612 11612
•__ 11612 •____ 11612 ..... 11612 11612 11612
46 Nov 1434 Oct
28
May
109
2
Jan
par
70
No
_
Chocolate_
ilersbey
87
86
8612 1,200
*86
88
87
874 88
88
87
Oct
14314
Nov
6058
3
43011e
1083
2
Jan
8312
par
No
400 Preferred
9338 9334 9334 *9212 95
93
*9338 95
Jan 1064 Oct
100 13414 Feb 21 1088* Oct 18 104
Prlor preferred
1
Aur
83
1234
Dec
27
14
Feb
Oct
2514
par
6
No
Hoe (It) & Co
9
*7
*712 9
7
7
*712 112
7
7
21 Nov 51 Meg
No par 2614 Jan 14 4114 Mar 28
40011Iolland Furnace
*3018 32 I
32
*30
32
.31
31
31
32
32
1312May 2432 Aug
124 Jan 29
5 June 1
No pa
(A)
Sons
&
Hollander
100
1
6131
6
4
*553
*53
4
6121
612
*58
64
*534 6121
83 Sept 26
65 Nov 93 Aug
100 72 July 1
200 Homestake Mining
*7612 84
80
*7612 84
7812 7812 *7612 80 I 80
13 Nov 525 May
8
43
It
Feb
Nov
29
5
pa
6
6
534 54 3,900 Houdaille-Hershey el B No
6
6
578 64
614 614
45 Aug 5214 Sept
684 Oct IC
200 Household Finance part 1)1_50 49 Mar 1
6458 65
6458
6453 *64
6458 *64
6458 *64
.64
Oct 109 Apr
26
25
Apr
8
Nov
1167
334
10
ctfs
tetn
Tex
4112 9.200 Houston 01101
40
4178 4312 4238 4412 4018 4218
4312 45
344 Nov 8212 Mar
41% Feb 7
No par 20 Nov 1
2,600 Howe Sound
224 23
2314 24 I 2314 2412 2212 234
25
*24
Nov 9312 Mar
6
1
Jan
38
8
Nov
627
18
par
No
Car___
Motor
Hudson
234 25,350
23
2638 2678 2573 2612 2512 2633 2334 2538
18 Nov 82 Jan
734 Oct 10 26% Apr 11
10
918
9
912 934
84 913 10.600 Hupp Motor Car C0111
912 934
934 10
174 Oct 3933 May
1113 Nov 11 32 Apr 7
•1413 1412 2,000 Independent Oil & Ges_No par
1434 1478" 1434 1434 1418 1438
1478 15
4
312 Oct 3212 Jan
Mar
17
2
Nov
par
No
Siotocycle
3I
318 1.300 Indian
313 313
328
3
312 312
338 338
1318 Oct 59 Aug
314 Oct 29 284 Mar 22
10
414 44 23,000 Indian Refining
414
438 412
438
438 412
438 458
Jan
8812 Nov 135
Oct 1
124 Jan 10
31
par
No
Rayon
Industrial
2,3001
GO
60
55
62
60
59
GO
60
62
60
No par 14714 Nov 1 239 Apr 24 120 Jan 22312 Oct
1,300,Ingersoll Rand
180 184
17412 175
178 179
180 180
184 184
71 Dec 113 Aug
No par 58 Nov 11 98 Mar 11
Steel
Inland
900
03
6212
64
*6314 64
63
6212 6212 *63
6314
22 Oct 6612 Mar
8 Oct 21 304 Feb 7
Copper_ __20
038 958 5,000 inspiration Cons
1058
953 978
978 1018 10
958 1014
_
134July 81
par
6 Nov 11
*612 714 1,100 Insurausharee Ctei Ino_No
712 7*41
734 734
8
713 738
8
12 Dec 16 Nov
512 Nov 11 174 Mar 10
Par
No
Corp
lasuranshares
1
2,200
2
P712
8
75
634 718
634 634
714 7 4
714 7 4
144 Jan
Nov
2
1
Apr
12
7
30
213Sept
par
No
_
_
400,Interoont'l Rubber
*212 3,8
34
258 258
3
318
318 *3
*3
12 Nov 11 284 Apr 2
No par
1318
124 1318 1,800 Interlake Iron
1312 13
*1318 1312 1338 1338 *13
Oct
177± Jan
8% Apr 7
10
Oct
8
33
par
No
Agricul
Internet
1.800
4
4
4
418
*34 4
*4
373 4,8
414
40 Nov 8812 Jan
100 4214 Oct 10 6714 Apr 9
Prior preferred
*51
54
52
*51
56
*49
55
*48
54
*51
par 131 Oct 18 1971251ay 28 109 Nov 255 Oct
Machines_No
Business
Int
1.900
14514
146
14812 150,4 147 150
145 147 .146 148
10 Sept 30 194 Mar 29
1018 1053 8,200 Internet Carriers Ltd__No par
1018 1012 1014 1058 1014 1034 10,4 1034
48 Nov 10234 Feb
55 Oct 9 7533 Apr 2
*5812 5912 1,300 international Cement...No pa
5834 591
6014 601
5973 6012 *5913 60
414 1)ce 10312 Feb
l7sNovll 1413 Mar 26
91
22
21
21
218 214 2,700 Inter Comb Hog Corp-No Pa
*238 212
214 214
1812 Dec 121 Feb
1
Apr
78
20
Nov
29
100
Preferred
1001
.29
31
31
31
31
34
31
3014 3514 34
Nov 142 Aug
65
Apr
11534
16
1
/Nor
543
5814 5934 11,1651Internet Harvester _ - _No Pa
594
6113 6258 594 6138 5912 6112 59
Jan
100 1404 Feb 10 14612Sept 25 137 Aug 145
4002 Preferred
•13818 1404
14112 14112 141 141
14314 14314 *14112 143
Nov 591r Sept
23
11
Apr
54
10
Nov
23
pa
A_No
Cl
Sys
6,400 Int Hydro-El
26
27
2812 2914 2858 29181 2718 28
2834 29
Jan
Nov
10212
47
24
Apr
92
10
Nov
6212 6278 3,100 International Match pref._ _35 Ws Nov 10 33 Apr 17
6214 6278 6214 624 6218 6278 6278 6278
1818 Nov 8918 Oct
16,
8 164 4,900 tot Mercantile M %rine ctfs_100 15
1714 17
17
1773
1612 1634 1612 17
Jan
4
723
Nov
25
4
Apr
4438
18
Oct
181s
pa
1738 18 109,900 lot Nickel of Canada_ _No
1838 1778 1812 1813 1834 1773 1838
18
77 Nov 9412 Jan
37 Nov 14 86 Apr 29
120 letenlat Paper pref (7%)_10
47
4013 42
47 .42
*42
47
*40
40
40
4414 Oct
Nov
20
22
elar
3118
14
Nov
4
3
8
pa
.No
A.
el
Pow
&
2,600 Inter Pap
7
758 738
8
814
8
*8
7
818 9
12 NOv 3378 Oct
514 Oct 8 2238 Apr 14
No pa
512
*5
0
*5
Class It
512
*5
6
*5
*512 0
9 Nov 2674 Oct
334 Nov 26 18 Apr 14
No Pa
*312 5
*334 5
Stock
4
334 4
9,900 Class C
*312 5
*3
Nov 95 Oct
213
77
Mar
811
23
Nov
38
10
41
2,4001 Preferred
41
38
4234 4134 4134 41
393
4214 43
40 Nov 6838 Oct
13 Nov 10 5834 Apr
1534 1612 1612 *1712 1912 Exchange .1678 194 2,100 lot Printing Ink Corp__No pa
1434 1434 15
Nov 106 Mar
914
13
Apr
101
21
Nov
65
10
70
Preferred
.66
70
10
*66
*66
65
65
70
*6412 70
100 31 Oct 10 4514June 20
3833 Closed
3714 3778 5,100 International Salt new_
3838 3838 3758 3858 3812 3854 33
64 Oct
10 62 Jan 15
par
Nov
60
__No
_
Shoe_
*5112
53
62
International
52
51
100
*5012
53
52
2
,
51
.
*51
95 Nov 15912 Aug
100 55 Oct 31 119 Feb 1
*42
56
55 .42
Thanks55
55
*42
I International Sliver
*42
56
•42
53 Nov 1494 Sept
2814 2912 2738 284
2618 2714 84,200 Inter Tele')& Teleg__.No par 2518 Oct 10 7738 Apr 24
2878 304 2838 29
4
Feb
25% Oct9311 Jan
40
18
Oct
174
giving
8
Par
195
Dept
1912
Btores_NO
2018
4
203
Interstate
183
2014
4
2,800
1914
1958 1958 1912
74 Dec 97 May
29
Aug
80
16
Aug
80
_100
*63
65
63
65
63
65
63
60 Preferred ex-warrants__
*6013 6612 63
17 Nov 3878 July
No Par 18 Nov 10 82 Apr 9
Day
*1514 20
•1514 20
*15
Intertype Corp
20
*16
20
20
*15
1212 Nov72% Aug
29 Feb 19
8Nov 1
53
No
712
712
8
4
Equity
73
818
8
75
6,5001Investors
8
73
712
7
718
39 Oct69 Mar
43 Mar 19
25 02.42
32
*30
31
35
600 Island Creek Coal
32
32
2934 30
*2812 30
39 Nov16214 Feb
fifilt Apr 30
par 38 Nov
451
*45
45
47
4558
800 Jewel Tea Ine
45
4538 4512 4513 *45
90 Nov242% Feb
1484 Feb 5
No par 6134Nov 1
6618 683
114 16
25
*16
26
334 9,900 Johns-Manville
9938 6712 6858 6752 70
69
Nov129 May
12
2
118
8Nov
reb
1233
11814
100
I Preferred
•121 1234 *121 12338 •121 1234 *121 12338
Oct
12312 Apr 11 117 June 126
12038 121
80.JOnes & Laugh Steel pref-100 1184 Jan
121 121 *11934 121 .12014 121
*11934 121
9
Oct 1612 Jan
112
Apr
512
14
2
Oct
par
No
Car
38
900IJordan Motor
4
53
58
*13
38
53
*11
38
*12
Nov
1373
Nov
1078
16
Jan
26
Nov
1312
.
4
5..s
7
.
74
14007978
712 758
1,400 Karstadt (Rudolph)
8
S's 858
8
8
8
174 Dec 3713 Feb
7
181
•1714 1814
NO Kaufrnann Dept Storee_S12.50 16 Oct 23 2012?Aar
1834 1714 1714 *17
18
1713 171
30 Nov5812 July
41.4 Jan 2
16 Oct 1
18
1618 1638 3,600 Kayser (37 Co v t e_ -No par
17
19
18
1858 19'4 1834 19
1512 Nov46 Jan
23
Apr
45
40
Keith-Albee-Orpheum _No par 21 Jan
•____ 40 *____ 40 *____ 40
70 Nov138 Jan
150 Apr 24
100 86 Jan
Preferred 7%
*90 109 .90 109
*90 109
*90 109
8 Dec 2378 Jan
10
10
Apr
Nov
64
113
178 16
*16
218 21
234
3 13,700 Kelly-Springfield Tire_.No Par
218 238
24 24
214 214
16 Dec 9473 Jan
100 11 Oct 10 42 Jan 24
163
20 8% preferred
15 .15
1412 1418 1413 15
*14
Dee 100 Feb
26
25
Jan
55
Jan
29
100
347
31
31
3478 .31
100 8% preferred
3478 *31
*31
36
*31
1838 Nov 5934 May
1918 Oct 22 3918 Apr 11
2212 22,
8 1.800 KeLsey Hayes Wheel___No par
2234 2314 2311 2334 2238 2238
23
23
5 Oct 1914 Feb
Nov 1
264 Apr 25
8
73
par
No
11
04
8
1
3
4
7
9
3
0
4
,
7
p
r
o
C
1014
1112
KelvInator
8
105
978 1078 1014 1034
75 Nov 96 Feb
par 34 Nov 11 89 Mar 21
38
38
60 Kendall Co pref
38
•37
38
38
38
*37
4938 Nov 10472 Mar
6234 Feb 7
o par 244 Nov
No
N
264 2738 67,950 Kennecott Copper
2714 2812 2718 2778 274 2812 264 2712
451 May 5738 Oct
31
Mar
69
20
Oct
42
par
No
Clark
142
4
2
4
8
3
2
3
1
4
*
'Kimberley•4033 4412 *4338 4413 *4338 4412 *4338 44,2
2112 Nov 4412 July
par 19 Nov 13 4012June 4
No 100
prneelyerCgdi
21,2
2112 *19
1001 KIn
2113 *19
2112 2112 *19
80 Oct10934 Mar
Nov 14 97 Apr 17
614
4
683
•
9114
*614
6834
70
*614
70
86114 682* *6114
812 Dec 7858 Jan
812 Apr 14
1 Nov 7
Ds
138
138
700IKolster Radio Corp-No Dar
114
133
114
112
114 114 *114
28 Nov 5712 Mar
I" 264 Ott 21 864 Jan 2
7
24
*4
26
6
714 10,800I Kresge (S13) Co
2834 2714 294 2712 28
27
2712 28
Jan
5314 Nov 114
No par 39 Nov 10 70 Jan 24
434
43
40011Crees Co
44
44
45
*43
4512 45
4933 Mar
2218 Nov
224 Nov 12 354 Apr 10
2314 2358 44.700.Kreuger & Toll
2318 2312
2378 2418 2314 234 231t 24
Jan
Nov
12212
38%
23
12
Jan
Nov
484
18
2314 24
2412 2578 2334 254
30,400 Kroger °roc & Bak_ _ _No par
241
2312 25
24
3833 June
1612 Nov
Lago 011 & Traniport._No par 2114 Jan 11 2912July 17
Mar
1574
Nov
8014
1
Apr
113
11
par
4Nov
3
70
i8-;
be Co
8018 3,30011.amrt
8228 82s 811, WI; "rig: 8224 "80i2
Jan
6 Oct 95
34 Nov 12 11 Mar 25
No par
*334 4
4
4
500'I.ee Rubber & Tire_ ... _No
414 414
*412 5
30 Nov 65 Feb
Cement__ _50 1312Nov 12 42 Apr 1
10011-ehh Portlandig
*1511 18 •1512 18
18
•15
19
•17
Nov
11038
May
100
24
2May
1081
99
7
Nov
100
16
10
:
3
0
4 10452
2
14
60 Preferred 7%
101722 *10024 101 *10014 101 *10014 1017
*og
Oct 82 Oct
10
612 Nov 10 1712e1ar 17
(31k*1
24 1,5001Lehigh Valley Coal-No Par
6
92
*7
678 738 •973
712
*7
81 Dec 4434 Jule
50 184 Nov 25 871251ar 19
19
19
9001 Preferred
1858 19
1938 •1818 19
•17
571z
15
Apr
Nov 12 9714
59
5758 584 21,9001Lehnian Corp (The)__ _No par
5914 59,4 5858 6014 5912 60,2 5818
8 Nov kr* Feb
No par 21 Oct 10 86 Apr 14
2612 2612
27
27
400:Lehn & Fink
27
*2612 2714 *2624 2612 27
Oct 48 Aug
17
1013Nov 11 3112M8r 29
No par
13
1378 1,7001Libby Owens Glass_
1312 144 1378 143
14
1312 1312 14
Oct
8014 Nov 106
85
79 Nov 10 11334 Apr 1
8312
_25
Tobacco_
Myers
&
834
60011.12fgett
8353
85
85
8412
*84
86
*84
Nov 101314 Oct
80
1
Apr
8
1145
10
Nov
7912
25
8313
851
8234
8
B
Series
835
8,500
84% 8512 8434 86,4
86
86
July
4
573
Nov
80
16
Feb
20
494
181s Oct
2278 23
2514 2212 23
1,500,Lima Locomot Works__No par
2214 2214 24
*2212 23
3752 Nov 61 Feb
No par 33 Nov 19 4538 Feb 21
34
83
33
33 .33
500 Link Belt Co
33 1 33
33
33
33
40 Oct 11372 Jan
501
No par 42 Nov 12 8178Mar 28
434 4858 2.000.Liquid Carboni°
51114 49
494 504 50
5058 61
Oct 8411 Feb
32
4218 Jan 2 95.11451ay 14
5878
614 56
54
*0
92,
2 102.500,Loewei Incorporated_No pa
11
6038 (3238 6038 6214. 5712 6138 66
80 Oct 1104 Jan
No par 855* Jan 17 11238June 3
•97 100
Preferred
*95 160 I *96 22 100
*9614 100
95 Mar
Nov
8034
3
Oct
294
No par 784May 5
Z9533 9538
94
9518
95
800 Pre( ex warrents
95
*9154 9512 *9134 95
34 Dec 1112 Art
64 Feb 19
3 June 18
No par
324 314
324 338
313 312
34 34 1,500,Loft Incorporated
333 312
12 Dec 8212 Jan
4 Nov 25 1534 Mar 22
418
5
*4
500 Long Bell Lumber A._No par
414
*424 412
8918 Nov 8773 Sept
7014 Apr 2
25 4778 Nov 11
51
5112 3,800 Loo2e-Wiles Biscuit
52382 5112 52
524 5218 5234 52
52
1414 Oct 8112 May
25 1078Nov 8 2818 Mar 8
1258 1338 12.400 Lorillard
1438 1338 1373
1412 1358 1414 14
14
18
Jan
7 Oct
28
Apr
12
18
Oct
1
43
par
No
Oil
518
*514
553
512
Louisiana
1,900
514 538
514 514
80 Nov 1004 Fee
100 7838 Oct 1 90 Sept 4
71
**
1 1, 75114
55
57 .51
*51
Preferred
71
*50
71
*40
28 Oct 7253 Sept
5114 Apr 26
10
Nov
29
par
_No
3112
A__
El
31
5
9
1
&
31121
:2
0
8
307
LotdivIlle
31
4
3.100
31
,
3500
3112 314
22 Nov 10372 July
1418
No par 11 Nov 10 44': Mar 12
1214 13
1414 1418 15141 13
7,600 Ludlu m Steel
1434 1512 14
76 Nov 18 June
No par 56 Nov 12 9234 Mar 18
50
60181 *45
Preferred
6018 *45
*45
62
*45
Jar.
Oct 46
804
3
Apr
3034
13
Nov
21
oar
Frbes_No
24
.23
I
24
*2318
*23
8
247
24
*2328 2512 .2328
661c Nov 11444 Feb
No par 38l2Nov 12 8812 Met 27
44
acA nederueewkss Inc
ts
Mack
M
4533 7,300 I'
4712 4833 4072 4712 4612 477e 4513 4614
9712Nov 10 16914 Feb 3 110 Nov 25514 Sept
par
N,
10912
11214
107
HA
111
Co
4
Macy
1133
109
11,400
110
4
1103
11014
1112 Nov 24 Feb
724
6 Oct 23 154June 6
deti_-_N. par
p4
4
4
74
74 *7
*7
35 Nov 8212 May
No par 20 Oct 22 624 Jan 7
738 22
22
14
2312 2313 2333 224 2314
73
2 3,00
71 lira:ruanteSogplGiearr
22
2358 24
,8
6 Nov 394 Jan
3 Nov 10 13 3013
par
Co_No
4
314
&
It)
(11
•314
3
4
4
*314
,
Malleion
314
300
4
3
*314 4
3 Dee 26
Jan
8 Jan 29
Ilauly 8
100
3
3
*214 3
4
10 Mental Sugar
*3
.234 278 *24 3
1278 Dec 504 Jan
534 Nov 11 60 Jan 28
100
14
11
13 •1018 1438 •10
1114
220 Proferred
13
144 15
14
14 Oct 334 Mar
Jan
15
1
Nov
7
*
par
No
74 74
Bros
712 7,2 *738 712 *735 712
Mandel
714
400
714
194 Dee 354 Jas
814 Nov 11 2438 Jan 10
25
834 84
812 812 1,400 Manhattan Shirt
84 9
*34 10
*818 9
54 Dec 1812 Apr
2 Orr 18 1033 Mar 18
•233 278 1,000 Maracaibo oil Explor__No par
234 234
234 3
234 3
*213 234
3211
6
28
Aug
2112Nov
10
Corp
24
4
223
2312
2113 2258 18,940 Marine Midland
2318 2312 2313 2312 2312
80 Oct 897 May
No par 214Nov 12 56 Feb 28
2478
.24
*24
254 2434 25
2438
700 MarlIn-Rockwell
*2412 264 25
19 Nov 104 Mar
673 Oct 22 304 Ayr 9
74 758
712 778
*712 778
64 634 2,800 Marmon Motor Car-No yar
758 8
I
•Bid and alkyd Prieeei no salee 03 this day. 12 Ex-dividend. ex-rights.
3498
New York Stock Record-Continued-Page 6
For sales ,luring the week of stocks not recorded here,
see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE.
NOT PER CENT
PER oRARE
Sales
PEO 411,1106
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
Range for Previous
On
basis
of 100-share lots.
the
EXCHANGE.
Year 1929.
Week
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ Per share 3 per share $ per share ki per share
$ Per share Shores Indus. Sr Miseell.(Con.) Par
3314 3414 34
Per share
3413 3418 3413 3353 3434
Per share
$ per share $ per share
334
3412
Marshall
7.000
Field
dt
Co_
*7
.No par 3113 Nov 12 4813 Apr 24
733 *7
733 *7
74 *7
733
*7
738
Martin-Parry'Corp_ .._ _No par
364 374 37
3 Jan 0
3714
3613 3778 364 363.1
8 Oct 11
21, Nov
Jan
18
36
3618 4.500 Mathieson Alkali 1,VorkeNo
*123 13212 125 125 .124 13213'124 132
3233June 25 514s Mar 28
Par
29 (let 218 Feb
0124 132 I
10
Preferred
3533 38
100 115 Jan 24 136 Oct 7 120
3412 384 3553 3614 344 3512
Jan 125
Jan
34
3433 14,800 May Dept Storee
614
8
614 638
25
334
Oct
14
612 812
614
Jan
31
4513 Dec 108.4 Jan
812 634
634 631
700 Maytag Co
17
17 ; 117
No par
5 Nov 10 23 Mar 26
1812 101734 1812 •1734 1812
1534 let 2912 Aug
•17
1812
100
Preferred
•69
No par
70 ' *69
144 Nov 13 4013 Apr 7
70
69
89
*69
2814 Dec 441.4 July
6913
•69
6913
100
Prior preferred
*34
par
No
3413 *33
69
Nov
34 I *33
25
84't Mar 26
3514 35
7512 Nov
35
9013 Jan
•33
35
McCall
400
clam
A
•4113 48
No
r
3373 Oct I
14112 46
*4113 48
50 Apr 1
.4113 48
3914 Dec 108
Oct
*4112 46
*4113 42
par
44 Nov 12 74 Jan 2
4112 4113 •41 13 48
*4112 48
74
Dec I1374 Feb
*4112 48
10 Class B
par
No
*82
85
4112Nov
*82
85
24 70 Jan 18
•82
85 .82
70 Dec 1154 Feb
85
85
85
20
Preferred
0291s 30
100 78 Oct 1 97 Mar 24
*293 30 1 *2912 30
02912 30
8613 Nov 120 Feb
•2912 30
IMcGraw-Hill Publica's No par
•17,
3 1813 •1753 18
29,4 Nov 11 44 Apr 7
174 1753 *174 174
30
1,et 48 Feb
1753 174
400 McIntyre Porcupine Mines. _5
7212 73 1 7212 73
144 Jan 2
7234 7333 71 12 724
18112 Apr 23
1213 Nov
334 Jan
723
3.400
723
4
4
McKeespo
rt T13 Plate.No par 61
1153 1214
Jan 2 8912.1the 4
1153 1234 1213 1212 1218 14
54 Nov
Jan
82
1212 134 6.200 McKesson & Robbins_.No
31 12 3113 31
11313Nov
3112 3113 3173 32
17
Par
373
3 Apr 12
214 Get 59 Max
334
32
3213
3.100
Preferred
913 913
50 2534 Oct 28 401,Ayr S
914
934
913 1012
40
9
oct
July
9
63
•9
1.100
10 I
73,1431.ellan Stores
*2813 2918 2713 28
No Par
9 Nov 21
•2614 27
2014 Jan 7
•2614 27
1813 Dec
5913 Aug
2512 2614'
500 Melville Shoe
No par 254 Nov 28 42 Atr 16
I
264 Dec
Jan
72
*833 re •8321
913
84 84
814
873
Mengel
813
800
813
Co
(The)
par
No
1353 1413
6,2 Nov 10 234 Mar lit
13
1334
9 Oct 3473 Jan
1314 144 124 1314
1214
Niegican
15,400
124
Seaboard
Oil_ _No par
10
1013
934 Nov 10 37 Ayr 7
934 10
934 10 I
912 913
94
Get
694
Jan
*9
O's 5.600 Miami Copper
5
48
48
•45
733 Nov 10 334 Feb 6
4713 3454 4712 *4312 474
Oct 5412 Max
20
.43
4813
100 Michigan Steel
174 1714
41 14 Oct 20 77 May 13
17
17,4
1714 1753 164 17
44 Dec 12273 July
1653 17
6,900 Mid-Coot Petrol
1512 Nov 10 33 Apr 7
224 Nov
3972 Jan
. Middle-State, Oil Corp NN
-244 25- 024- -2-4-4 -23rt4 2 -1 -23
ctoofsp
p_ aa
_ r_
%seta 22
24 Mar 17
323 July
a, Nov
-1.2 23-78
-ilis 13
-3-.400 Midland Steel Prod__.No par
*83
1512Nov 12 53 Feb 28
87
•83
87
8678 87
.80
87
•83
87
200 8% cum lot met
42
100 74 Nov 10 110 Feb 28
42
*40
4412 *40
4413 •40
4134
•40
41 13
10)
Minn-Honeyw
ell
393,
Rego.
No
par
634 64 '6
Nov
12 7634 Mar 19
7
678 678
59 Nov 1234 SepI
613 634
633
613 3,400 Minn-Moline Pow Hopi N. par
•50
618 Nov I
60
10
•50
2872 :Mar 17
60 I .50
60 1 .50
Oct 4333 July
60
.50
Preferred
60
No
112
54 Nov 13 0214May 28
13 I 11 12 12
11 12 12 I Ills 114
65 Nov 102 July
•113,1 12 I 1.500 Mohawk Carpet Mille
parr
2613 2612 2634 2634 2634
11 12 Nov 15 40 Jan 27
Nov
81114 Mar
35
2634 2634 2634
26
27
2.200 Mon,anto Chem Wks No par
204Sept 29 633, Apr 21
2133 234 233, 254 2318 254
8014 008
47 Nov
2212 24,4
214 2313 158.700 Mont Ward Co III Corp No par
1613 Nov 10 4973 Jar 2
34
1,
7s
34
4252 Dee 15072 Jan
34
7
8
3
4
Moon
7
8
7,100
Motor
11
31
Car___.
7
8
N. par
*5014 54 I 51
34 Nov 17
181/ Apr 2
51
*5012 54
1 12 Oct
Oct
5
*51
5213
51
51 I
300 %forret) (.11 & Co
4973 Det 9 72 Feb
No par
*34
4
5
4
42
4
1.ct, 8113 Oct
78
73
34
53
34 2.300 Mother Lode Coalition No par
31
•233 213
%Nov 7
213 212
2 Jan 2
24 234
Get
Mar
112
*213 233
613
214
41otoMet
253
1.900
er flauge&Eti No par
•32
113 Oct 1
35 , .2934 34
114 Apr 10
*3218 35 , 31
34 OIL
3134 Aug
31
•2912 33
400 Motor Products Corp_ . No par
*1613 1834, 1012 1613 16
2614 Oet 22 81 Apr 7
1612 1512 16
36 Nov 206 Mat
15
1513 1,500
0 lo
N otmoor,sW
‘
hiee
rg lco
No par
1412 Nov 10 34 Mar 19
10
10 I 10
1014
21
1012 10'2 *10
Nov
5514 Aug
10
1013
10
par
No
45
Nov
10
614
45 I .42
2034
Feb
14
45 , 042
48 1 *44
8172 Jan
45
42
44
170
Preferred
No par
38 Nov 13 6473 OM 31
*33
3312 33
33 I 33
68
Dec 10214 Jan
33 1 *32
032
3313
3312
20.) MunsIngwe.ar too
No par
33 Nov 12 531t Feb 10
6134 Mar
38 Nov
134 1434 1313 14 I 1314 14131 13
14
12
11,800IM
41
123
urray Body
No par
4073 4073 04073 41
9 Nov 11
2514 Apr II
1472 Nov 10078 June
404 404 *39
40
•39
40
3081 Myers F & E Bros
No par
34 Oct 24
304 31 1 204 3078 30
4912 S.1 ar 25
30
'et
6711 Oct
3034 2918 294
2714 29
14.600 Nash Motors Co.
par
8
24 Nov 12 5812 Jan 0
8
74 8 I
40
Oct 11874 Jan
8
814
773
8
8
773 1.900 National Acme stamped.
No
1()
...
r
'
64 Nov 12
318
11
264 Feb 4
*812 11 1' *914 11 • •9
140a Nov
4172 July
11
•9
912
Nat
Alr
Transpor
t
438
par
r
473
8 Nov 8 394 Apr 14
433 533
10 14,4
434
484 May
518
434 5
413
4'! 434 13.300 Nat Hellas lie,,
7812 7934 7714 7878 7718 7913 763
No par
4 Nov 20 20 Apr 7
11 Mar
s 7834
7612 78 I 16.500 National Biscuit new
•14612 130 *14613 149 *14613 149 .14612
10 684 Nov 121 93 May 211
6514 Dee
73 Dec
14813
•14613 14834
I 7% cut!, prof
3214 3312 3133 3214
100 i424 Jan 23 .52 Oct 8 140 AMC i 46
31
3312 31 78
Oct
31
32 , 9.700 Nat Cash [twister A w INo par
433, 443,. 4314 4414 4314 4412 4213 3212
284 Nov 7 834 Feb 3
59 Not 14834 Mar
4334
4214 4314 32,500 Nat Dairy Prod
Nov
734 734 *773 87s
4
383
12
62 June 2
36
04
, 864 Aug
84 878 •84 834
•8
8
3
4
500
Nat
Departme
24
nt Stores No
24 I 2414 2414 2313 254 2312 244
No par
7 Nov 10 2412 Feb 27
3724 mar
20 Dee
24
244 4,600 Nat Distil Prod etre_ .No par
204 2114 21
2112 Nov 10 3912 Feb 6
21
21 14 21 14 *2114 24
15 (let
58 Jung
Stock
'21 14 25
700 Nat Enan. & Stain ping__ _100
12014 12014 12012 12012 12113 12113 120
1714June )4 334 Mar I
2512
Dee
Jam
6214
120
•118
120
700 National Lead
•141 143 *141 . 143 *141 143
100 115 Nov 10 1894 Feb 7 12914 Nos 210
141 141
Exchange •141 143
Oct
10
Preferred A
41118 120 I 119 119
100 .384 Jan 3 144 [1.-0 5 138 Nov 14112 Feb
119 119 *119
120 120
400
Preferred 13
3634
@FedFRASER