The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 129.
SATURDAY, NOVEMBER 30 1929.
NO. 3362.
or if the President's well meant efforts were construed as implying a purpose to bolster failing enterPUBLISHED WEEKLY
prices or to check the tendency to a return to normal
Terms of Subscription—Payable in Advance
in
the case of over-stimulated undertakings which
Including Postage-12 Mos. 6 Mos.
Within Continental United States except Alaska
810.00
are
86.00
as much inflated as the stock market itself was
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75 before the recent collapse. As one illustration we
The following publications are also issued. For the Bank and Quotation Record the subscription price is 86.00 per year; for all the
others Is may note a disposition to promote real estate specu85.00 per year each.
lation, and to stimulate still further building operaCOMPINDIOU8—
MONTHLY PUBLICATIONS—
Pusuto trvitirr—(semi-annually)
B•NIC AND QUOTATION RaCORD
RAILWAY & INDUSTRIAL—(fOW a year) MONTHLY EARNINGS RIOORD
tions, already of such phenomenal proportions as to
STATE AND MUNICIPAL—(10MI-61W1.)
furnish occasion for the deepest solicitude. Flaming
Terms of Advertising
Transient display matter per agate line
45 cents headlines feature the pages of the daily papers, readContract and Card rates
On request ing
after this fashion: "Break in stock market will
CHICAGO Orrics—In charge of Fred. H. Gray, Western Representative,
208 South La Salle Street. Telephone State 0613.
LONDON Orrtcs—Bdwards & Smith. 1 Drapers' Gardens. London,B. C. help realty"; "Market crash will benefit building
co-operatives"; "Business leaders see only benefit
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
to real estate operations from stock decline," and
Published every Saturday morning by WILLIAM B. DANA COMPANY. much more to the same effect.
•
President; and .Editor, Jacob Seibert: Business Manager. William D.
Treas., William:Dana Seibert;See.. Herbert D.Seibert. Addresses of all. OfficeRiggs;
Now one has only to consult the evidences of his
of Co.
senses to be convinced that building has already
The Financial Situation.
been greatly overdone—and right here in the finanThe President has continued his laudable efforts cial center of the Western Continent. Thirty-story,
to minimize the effects of the collapse of values on 40-story, 50-story, and even 60- and 70-story buildthe Stock Exchange. He has held some further con- ings meet the eye on every side in the downtown
ferences with leaders in the various fields of the section of the city, and ethers are in contemplation;
country's activities and has found everywhere an and the same is true of the Central Terminal district,
earnest desire to co-operate with him in his deter- the Times Square district, the Pennsylvania Termimination to prevent, as far as possible, any break- nal district, Central Park West, and various other
down in the country's industrial machinery, with parts of the city. In all conscience these are sufresulting widespread unemployment to which this ficient to supply the needs of business, as well as the
would inevitably lead.
needs of a growing population, for a long time to
Slowing down of trade and business is already in come without engaging in attempts to divert more
evidence in many quarters, and there is no way in money into the same channels.
which this can be avoided. Stress is laid upon the
And there is reason to believe that a much worse
fact that there has been no inflation of commodity situation prevails in some other parts of the country.
prices, and we are told that this constitutes one of It is not necessary to advert,for illustration, to what
the strong features in the situation. The accuracy happened down in Florida. In the close-by city of
of the statement is not to be denied. At the same Philadelphia things have come to such a pass that
time, however, it is equally true that the gigantic it has been found necessary to propose a moratorium
inflation of the stock market,so long continued, and on instalment payments of real estate mortgages.
attended, as it was, by the flotation of security issues In our issue of Nov. 2 we reproduced a telegraphic
of most astounding magnitude, acted as an inordi- dispatch from Philadelphia, dated Oct. 31, to the
nate stimulus to trade, raising it to unnatural and New York "Times," stating that every trust comfictitious proportions, and now that that stimulus pany in Philadelphia had on that day received from
is gone, trade must be expected to settle down to Philip N. Arnold, President of the Real Estate
normal proportions, which means nothing more or Board, a letter requesting its co-operation in the
less than a lessened state of activity.
establishment of a six months' moratorium on first
To attempt by any device or scheme to maintain mortgages. Mr. Arnold declared that the suspentrade at the old unnatural levels would not only be sion of calls for first mortgages or instalments
futile, but be the height of folly. The only thing that thereof during this period would reduce Sheriff sales
the President can do, and the only thing we are of real estate and adjust the real estate market to
persuaded he aims at doing, is to prevent men, at a an extent that would fully justify the action. Small
time like the present, when confidence in the ordi- house owners, it was stated, had been the principal
nary course of affairs is so deeply disturbed, from sufferers in the increasing number of foreclosures.
yielding to unreasoning fear and cancel orders and The letter followed a meeting of trust company
scale down production to such an extent as to bring officials held the previous week at Mr. Arnold's sugtrade to an almost complete standstill, thereby gestion to discuss the increased number of Sheriff
paralyzing all the energies of the entire population. sales as well as real estate conditions in general.
It would be deplorable if any attempt were made, In his communication, he said:
finantial Thr°nide
3362
FINANCIAL CHRONICLE
"In line with what appeared to be the general
thought at the meeting of trust company officials,
held at this board last Friday, we desire to ask
your company to fix a definite period, about six
months, during which time calls for payment of first
mortgages or installments thereon be suspended except in those cases wherein the circumstances are
such as to show that the mortgages are entirely
irresponsible—in other words, the establishment of a
moratorium. This request is made in consequence
of a conference of some of our members and in the
belief that such co-operation on the part of your
company will react decidedly and favorable to mortgagees, property owners and business generally.
"Immediately upon the receipt of your reply and
in accordance with plans we have completed, we will
place before every building and loan association in
this city the intention of your company to co-operate
in this most important matter and to impress upon
these •associations the necessity for immediate
arrangements by them to afford prompt attention
to any notices of delinquencies furnished by first
mortgages, pointing out that such co-operation by
the associations will be in support of your company's efforts and greatly aid toward relieving the
situation without delay.
"Further than this, we plan to take similar action
in reference to every real estate broker in the city,
irrespective of his membebrship in this or any board,
so that additional co-operation in support of your
c.ompany's efforts will be extended."
This was followed by another dispatch from Philadelphia to the New York "Times," dated two days
later, namely Nov. 3, and which we reproduced in
our issue of Nov. 9, page 2944. This stated that 12
leading trust companies of Philadelphia had agreed
to co-operate with the Philadelphia Real Estate
Board in its plan to declare a six months' moratorium, during which no calls would be made for
the payment of first mortgages or installments on
them. Philip N. Arnold, the Board's President, was
quoted as saying: "This, of course, does not represent all the companies we have communicated with,
but we feel sure that word from most of the remaining companies will reach us very shortly."
In all efforts to continue and promote building
operations, the utmost care must be exercised lest an
unhealthy state of activity be created, such as has
evidently developed in our neighboring city. Peter
Grimm, President of the Real Estate Board of New
York, was prompt to declare that New York City
neither needs nor wants a six months' moratorium
on first mortgage payments, in commenting on the
letter sent out by Mr. Arnold, which, of course, is
in the highest degree gratifying, but the situation
would obviously quickly change should money flow
into real estate investment in unlimited amounts in
a desire to maintain building activity on the scale
witnessed in the recent past.
It would seem, too, as if the President's purpose
of maintaining existing scales of wages might well
be modified in the case of the employees in the building fields. Wages in the building industry are
notoriously high—bricklayers here getting $15 a day
and making $75 a week by working only five days—
and if building construction everywhere is to be furthered, so that these highly paid employees may not
lose their jobs, would it not be a good idea for these
workers to make a concession on their part and
agree during the period of distress to be more moderate in their demands and. accept a scale of wages
more befitting the times?
[VoL. 129.
Advices from Washington tell us that Government building projects everywhere are to be expedited and municipalities all over the country are
being urged to pursue a similar policy and push
municipal building undertakings to the utmost in
like fashion. This can only be done by the use of
the money of taxpayers, and why should not these
taxpayers get a full dollar of work for every dollar
spent, instead of being called upon to pay the inordinately high wage scale, especially as builders have
been coerced into paying these high wages through
labor union pressure?
William Green, President of the American Federation of Labor, in his statenAnt issued on Nov. 22
indicating labor's co-operation with President Hoover, pointed out that the representatives of labor
who had conferred with the President had "announced their uncompromising opposition to any
reduction in wages, or any lowering of the living
standards of the masses of the people." At the same
time, Mr. Green expressed the opinion "that it would
be unwise to aggravate the situation by demanding
increases in wages for the immediate present." It
seems almost satirical to allude to "increases in
wages for the immediate present" at a time when
the endeavor is to prevent unemployment and when
the call plainly is, at least in the building trades,
as a mere matter of equity and justice, for a lower
level of pay. Mr. Green took pains, too, to indicate
that the agreement to refrain from demanding,
through union coercion, still higher pay, was meant
to be merely temporary, declaring himself to the
following effect: "Within a few months industrial
conditions will become normal, confidence and stability in industry and finance will be restored, and
labor, strong and aggressive, will be prepared to
demand and secure higher wages and a greater degree of leisure, so that the use of the products of the
mill, mine and factory will balance with the facilities of production." For ourselves, we have no hesitation in saying that nothing helpful is likely to
come out of an attitude of that kind.
Another point is worth bearing in mind. Circumstances are certain to control the situation for the
immediate future, and it is quite possible that
large bodies of wage earners will be reduced to idleness, notwithstanding most loyal co-operation on the
part of everyone to prevent anything of the kind.
What is happening just now at the Ford plants is a
case in point. Mr. Ford is the staunchest advocate
of continued employment and has announced his
purpose of increasing wages rather than decreasing
them, and yet we find news dispatches saying that
many of the Ford plants have shut down temporarily. Associated Press advices from Detroit,
Mich., Nov. 22, appearing in the New York "Times"
the next day, said that "readjustments that must be
made in preparation for next year's production will
bring about a shutdown of from 10 days to two weeks
in each Ford assembly plant throughout the country,
it was learned to-day at the executive offices of the
Ford Motor Co." The Associated Press accounts
further said: "Some of the plants have already
closed, and others will follow suit as their stocks
of materials are worked up, it was explained in
emphasizing that the plants will not close simultaneously. All the material on hand in each assembly plant is to be worked up before that plant closes.
Under this arrangement many of the assembly units,
with large stocks on hand may not close until after
Nov. 30 1929.]
FINANCIAL CHRONICLE
other plants have reopened. A shutdown will not be
necessary in the Detroit area, it was said, because
the workers can be shifted from one line of work to
another pending completion of the readjustment of
plant equipment."
There is only too much reason for fearing that
"readjustments," as they will be called, will necessitate extensive shutdowns elsewhere from time to
time, notwithstanding the unqualified assurances
now so freely given that employment is to be maintained without diminution.
The Federal Reserve returns this week are colorless and reveal no striking changes. Brokers' loans
show a further contraction, but in a relatively small
amount, the total of these loans to brokers and dealers by the reporting member banks in New York
City standing this week at $3,450,000,000, against
$3,587,000,000 last week, making the new decrease
for the week $137,000,000. This new decrease extends to the loans under all the different headings or
categories, the loans for own account having been
reduced from $853,000,000 to $831,000,000; those for
account of out-of-town banks from $704,000,000 to
$638,000,000, and those "for account of others" from
$2,04,000,000 to $1,982,000,000.
This week's reduction of $137,000,000 in the grand
total of the loans follows $585,000,000 reduction the
previous week, $710,000,000 reduction in the week
ending Nov. 13, $656,000,000 reduction in the week
ending Nov. 6, $1,096,000,000 reduction in the
last week of October, and $167,000,000 reduction in
the week ending Oct. 23, making a shrinkage for
the six weeks in the huge sum of $3,351,000,000 and
reducing the total from $6,801,000,000 Oct. 16 to
:$3,450,000,000 Nov. 27. The present total at $3,450,000,000 is $1,840,000,000 less than at the corresponding date a year ago, the amount on Nov. 28 1928
having been $5,290,000,000.
The Reserve Banks themselVes in their own statements also show no very important changes for the
week. Borrowing on the part of the member banks
is somewhat larger than a week ago, the discount
holdings of the 12 Reserve institutions having risen
from $899,558,000 Nov. 20 to $912,349,000 Nov. 27.
Of this increase of $12,791,000, $3,037,000 occurred
at the Federal Reserve Bank of New York. On the
other hand, the holdings of acceptances purchased
in the open market have fallen from $283,831,000 to
$257,315,000 during the week. With acceptance
rates ruling so low and the demand for acceptances
so active, there is little occasion on the part of dealers to turn to the Reserve institutions to find a
market for acceptances, and, accordingly, the acceptance holdings of the Reserve institutions are diminishing week by week. Even the total of the bills
which the Reserve banks have purchased for account
of foreign correspondents has diminished the present
week, though only slightly, the amount for Nov. 27
being reported at $509,380,000 against $510,172,000
on Nov. 20. In their holdings of United States Government securities, the 12 Reserve Banks show
scarcely any change at all this time, the amount the
present week being $326,098,000, which compares
with $326,528,000 last week. In the final result the
total of the bill and security holdings of all kinds,
and Will ch represents the amount of Reserve credit
in actual use, stands at $1,514,460,000 the present
week against $1,530,265,000 last week.
3363
The stock market this week has been dull and
apathetic, with prices most of the time sagging.
Trading has been confined, in accordance with previous announcement, to the first three days of the
week, the Stock Exchange on these days remaining
open the full customary time, namely,from 10 A. M.
to 3 P. M. Thursday was Thanksgiving Day, besides
which the Exchange was closed yesterday and is also
to be closed to-day. In 'Monday's session a drive
was made against the copper shares on rumors that
the copper companies were finding it difficult to
maintain the price of the metal at the prevailing
level of 18c. a pound for domestic delivery. As a
consequence, Anaconda,Kennecott, American Smelting & Refining, Nevada Copper and several other
copper shares suffered sharp losses. As a matter of
fact, however, the market was lower all around, good
sized declines taking place in such prominent speculative favorites as U. S. Steel, General Electric,
American Can, American Tobacco, International
Tel. & Tel., and quite a number of others.
On Tuesday stocks worked to still lower levels,
U. S. Steel, General Electric, American Can, being
again conspicuous instances, besides which railroad
stocks were again weak, the same as on Monday. A
number of leading corporations increased their dividend rates or announced special payments, New
Haven RR., Allied Chemical & Dye, and International Business Machines being among the number,
but this had no effect in checking the downward
trend. On Wednesday Pennsylvania RR. was a weak
spot in the railroad group on the announcement of a
huge new offering of stock, but on which rights to
subscribe at par were to accrue to existing shareholders. Nevertheless, the market evinced a tendency to rally, due, in the main, to dhort covering by
traders who were unwilling to leave their commitments outstanding on the eve of a four-day holiday,
the Exchange not reopening until next Monday. The
net changes for the day were generally in the shape
of increases, most of these, however, being of relatively small extent. Next week the Exchange will
remain open during the regular trading hours and
also for the half-day session on Saturday.
The volume of trading has been extremely light
on the three full days during which business was
done. On Saturday last the Exchange was closed,
the same as on the two previous Saturdays. On
Monday the sales on the New York Stock Exchange
were 3,030,130 shares; on Tuesday,2,634,110 shares;
on Wednesday, 2,432,330 shares; Thursday was
Thanksgiving Day and a holiday, and the Exchange
was also closed on Friday. On the New York Curb
Exchange the sales on Monday were 1,104,500
shares; on Tuesday, 973,900 shares, and on Wednesday, 972,200.
Prices are irregularly changed for the week, but
mostly lower. United Aircraft closed on Wednesday at 401/
4 against 47 on Friday of last week;
American Can at 113 against 116½; United States
Industrial Alcohol at 136/
1
2 against 1461/
4; Commercial Solvents at 27% against 29; Corn Products
at 88% against 91; Shattuck & Co. at 38 against 37;
Columbia Graphophone at 281
/
4 against 235
/
8; Brooklyn Union Gas at 131 against 136; North American
at 89/
1
2 against 927
/8; American Water Works at
7978 against 833
/
4; Electric Power & Light at 42
4 against 56;
against 42½;Pacific Gas & Elec. at 531/
Standard Gas & Elec. at 1097
/8 against 112½; Consolidated Gas of N. Y. at 97 against 1003
/
4; Columbia
3364
FINANCIAL CHRONICLE
Gas & Elec. at 69/
1
2 against 74; Public Service of
N. J. at 781/
8 against 82; International Harvester at
81 against 82; Sears, Roebuck at 947
/8 against 98;
/
4; Wool1
2against 583
Montgomery Ward &Co.at 56/
4
worth at 76/
1
2against 767
/8; Safeway Stores at 1201/
against 120/
1
4; Western Union Telegraph at 185
against 194%; Amer. Tel. & Tel. at 223 against 223,
1
4.
1
2against 73/
and Int. Tel. & Tel. at 70/
Wednesday at
Dye
closed
on
Chemical
&
Allied
243/
1
2 against 250 on Friday of last week; Davison
1
2; E. I. du Pont de
/
8 against 30/
Chemical at 283
1
2; Radio Corp. at 33%
Nemours at 111 against 114/
1
2 against 221;
against 36; General Electric at 215/
National Cash Register at 78 against 82; Interna/
8; A. M. Byers at
tional Nickel at 30% against 317
1
2
68% against 7317
8; Timken Roller Bearing at 71/
against 77%; Warner Bros. Pictures at 42% against
45/
1
2; Mack Trucks at 70 against 71; Yellow Truck
& Coach at 10y8 against 12; Johns-Manville at 117
4
against 121/
1
2; National Dairy Products at 513
against 52; National Bellas Hess at 15 against 16/
1
2;
Associated Dry Goods at 35 against 39; Lambert Co.
at 100% against 104½; Texas Gulf Sulphur at 567
/
8
/
8.
against 57/
1
4, and Kolster Radio at 6 against 77
A few stocks have dropped to new low levels for the
year. The more important of these are shown in the
following:
STOCKS MAKING NEW LOWS FOR THE YEAR.
Indus. ct Miscell. (Concl.)—
Inland Steel.
Kaufmann Dept. Stores.
Kelly-Springfield Tire 8% pref.
Industrial and Miscellaneous.
Maytag pref.
Abraham & Straus.
Rhine-Westphalia Elec. Power.
Am. La France & Foamite pref.
Am.Radiator& Stand.Sanitary pref. Mullins Mfg. pref.
Pierce-Arrow pref.
Anaconda Wire Sr Cable.
Shubert Theatre.
Barker Bros. pref.
Spiegel
-May-Stem.
Booth Fisheries.
United Cigar Stores pref.
Bucyrus-Erie pref. (7).
U.S. Cast Iron Pipe & Fdy. 2d pref.
Cannon Mills.
U.S. Hoffman Machinery.
Eureka Vacuum Cleaner.
U.S. Leather prior pref.
Fashion Park Association.
Utah Copper.
Federal Mining & Smelting.
Van Raalte.
Grant (W. T.).
Van Raalte 1st pref.
Hamilton Watch pref.
Willys-Overland pref.
Howe Sound.
Railroads—
Wabash.
The steel shares have been weak on the falling off
in steel production. United States Steel closed on
Wednesday at 162% against 167 on Friday of last
week; Youngstown Sheet & Tube at 100/
1
2bid against
108; Bethlehem Steel at 89% against 91, and Re1
2. The motor
1
2against 77/
public Iron & Steel at 70/
stocks have also lagged. General Motors closed on
1
4 against 40% on Friday of last
Wednesday at 39/
week; Nash Motors at 51% against 54%; Chrysler
8 against
/
8; Packard Motors at 151/
at 33 against 337
157
/8; Hudson Motor Car at 47 against 47%, and
Hupp Motors at 20 against 22. In the rubber group
Goodyear Rubber & Tire closed on Wednesday at
1
4 on Friday of last week; B. F.
66/
1
2 against 69/
1
4 against 46%; United States RubGoodrich at 45/
1
4, and the preferred at 50
ber at 26% against 29/
against 54Y8.
Railroad stocks have been lower with the rest of
the list. Pennsylvania RR. has been especially depressed on the news of a prospective big increase in
the amount of stock. It closed on Wednesday at
82% against 857
/
8 on Friday of last week; New York
1
4 against 181; Erie RR. at
Central closed at 174/
1
2
54% against 56; Delaware & Hudson at 166/
1
4 against
against 172; Baltimore & Ohio at 117/
118½; New Haven, on which the dividend has been
increased from 5% per annum to 6%, at 110%
1
4;
against 110½; Union Pacific at 225 against 225/
Southern Pacific at 119 against 123; Missouri Pacific at 69 against 70/
1
4; Kansas City Southern at
[VoL. 129.
1
2
/
4; St. Louis Southwestern at 60/
78% against 821
1
4
against 62/
1
2; St. Louis-San Francisco at 111/
1
2
against 1127
/
8; Missouri-Kansas-Texas at 37/
1
4 against 119%;
against 40; Rock Island at 117/
1
4, and Northern
Great Northern at 971/
2 against 97/
/8.
Pacific at 91% against 937
The oil shares have been apathetic. Standard Oil
of N. J. closed on Wednesday at 64 against 65 on
8
Friday of last week; Simms Petroleum at 231/
/
8 against 34/
1
2; Atagainst 23/
1
2; Skelly Oil at 337
lantic Refining at 41 against 42%;Pan American B
at 61 against 62/
1
2; Phillips Petroleum at 38 against
1
2; Richfield Oil at
36; Texas Corp. at 56 against 56/
8
29 against 29/
1
4; Standard Oil of N. Y. at 351/
/
8 against 23%.
against 357
/
8,and Pure Oil at 227
The copper group has been quite conspicuously
weak on fears of a break in the price of the metal.
Anaconda Copper closed on Wednesday at 7734
against soy8 on Friday of last week; Kennecott Copper at 571
/
4 against 62%; Calumet & Hecla at 333
/
4
against 37/
1
2; Andes Copper at 34 against 36%;
Inspiration Copper at 28% against 31%; Calumet &
Arizona at 89% against 92; Granby Consolidated
Copper at 53/
1
2 against 58; American Smelting &
Refining at 707
/
8 against 76%, and U. S. Smelting &
Refining at 36/
1
2 against 39.
Stock exchanges in the important centers of
Europe were heavy in most sessions of this week,
with some spells of pronounced weakness in the
Continental markets. The London, Paris and Berlin
exchanges have all been listless throughout most
of this year, but in recent weeks business has faded
still further. Since the American stock market
crash began late in October, little interest in securities of any kind has been displayed by the European
public and the steady dwindling of business is causing genuine concern. The situation, moreover, has
been made worse by local troubles in the several
markets. The Hatry affair in London some weeks
ago had distinctly unfavorable effects, while the
current week has brought a further unfortunate development. Henry S. Horne, financier of the socalled "Horne group" of cement and newspaper
properties, resigned all his directorships Wednesday
and was compelled to seek a receivership for his
own affairs. Depreciation of his holdings in the
Horne companies was the direct cause of this step.
A number of recent bank failures in Germany and
Austria have had serious effects on the Berlin
market, and the current week has brought another
instance of this kind to light. A small institution, of
which the political agitator, Dr. Alfred Hugenberg,
was chairman, suspended payments Thursday, and
will probably be taken over by the Dresdner
Bank.
Prices sagged slowly on the London Stock Exchange in the opening session of the week, with business of very small proportions. Gilt-edged securities,
Anglo-American descriptions and home rails all
eased off in an idle market. Shares in the tin producing companies furnished an exception to this trend,
owing to reports that the tin producers' association
was on the point of formulating a scheme for regulating production. Weakness again prevailed at London, Tuesday, with British funds particularly
affected. These issues were marked down as the
result of a speech by Tom Shaw, Secretary of State
for War, in the House of Commons, in which he
protested against the interest rate on the 5 per cent
Nov. 30 1929.]
FINANCIAL CHRONICLE
3365
loan. The prospect of increased taxation also caused
Official statements on naval limitation, issued in
unsettlement. Leading issues in the tobacco, oil several quarters this week, gave further evidence
and steel groups all went to lower levels. The de- that the course of the five-power conference which
pression at London continued in Wednesday's deal- is to begin in London Jan. 21 will be anything but
ings, with considerable liquidation evident in copper smooth in some respects. The statements now made
stocks. All the important Anglo-American shares concern the most difficult of the remaining points
slumped, and most other issues also were easier. at issue among the conferees. These are firstly, the
Gilt-edged stocks recovered some of their previous Japanese demand for a 70 per cent ratio of American
losses. Nervousness regarding British funds was strength in 10,000 cruisers armed with 8-inch guns,
allayed Thursday by a statement made by Chancellor and secondly, the Italian demand for parity in naval
of the Exchequer Snowden, who said that the Gov- strength with France. Preliminary negotiations are
ernment had no intention of varying contractual proceeding on these and other matters in the hope
obligations entered into with holders of Government that tentative agreement may be reached before the
bonds. The gilt-edged list steadied under this pro- real conference begins. It was thought fOr a time
nouncement. The dealings were dull otherwise, with that the preliminary accord reached between Britain
the tone slightly firmer. Renewed liquidation was and the United States on cruisers gave virtual assurcaused in the Horne group of companies by an- ance of a general agreement to supplement the Washnouncement of the personal difficulties of Henry S. ington Treaty of 1921, as the cruiser issue between
Horne, but some recovery was seen later in the day. these countries is the most prominent of the outDealings were again very small yesterday, but the standing naval questions. Equally great importance
general price structure was steady.
now attaches, however, to the Japanese and Italian
The Paris Bourse was weak and extremely dull requirements, since adjustment of these questions
in Monday's session. Buying orders were virtually must be reached if an accord of any kind or scope is
absent and the liquidation that developed resulted in to result from the London conference. This was imsteady lowering of prices. Some deliberate drives plied in the statements made in Washington Nov. 15
were said to have been made on certain stocks, which by Acting Secretary of State Joseph P. Cotton,
tumbled rapidly in the absence of support. Selling wherein it was made clear that there will either be
gained momentum in Paris Tuesday, and many of a treaty embracing all five powers or no accord of
the best French stocks went to lower levels than had any kind.
previously been recorded this year. Short selling
From present indications it appears that the
was continued, dispatches said, and the market was Japanese demands will prove particularly difficult
demoralized. The depression on the Bourse deepened to surmount. Britain has accepted, tentatively, a
Wednesday into a slump that verged on a crash. smaller number of heavily armed 10,000 ton cruisers
Selling was general and the resultant losses were than would be allotted to the United States, but the
the most important in a long time. Attempts at a calculations were apparently based on the expectarally were unsucccssful, so that the closing prices tion that Japan would demand only 60 per eent of
were far below the previous levels. The liquidation the American strength in these vessels, since such
dwindled Thursday, and many stocks began a slow a percentage would accord with the 5-5-3 ratio of
upward movement. Short sellers were obliged to the Washington conference. The current Japanese
cover their commitments on the eve of settlement, stipulation for a higher ratio would bring Britain
and the support thus extended was effective in bring- and Japan close to parity in such ships, which the
ing about improvement. The gains, however, were British Government is not likely to concede. Japanfar from wiping out the losses of the preceding days. ese insistence on the point, therefore, might make
Prices improved further in yesterday's dealings, necessary a recasting of the present tentative agreewith transactions on a moderate scale.
ment between Britain and America. There is, moreThe Berlin Boerse also was quiet and weak in the over, no present indication of a relaxation of the
initial session of the week, with prices declining all Japanese demands. It was officially announced in
along the line. Mining shares, electrical stocks and Tokio on Nov. 22 and again on Nov. 26 that Japan
potash issues suffered losses of two to seven points. would ask a 70 per cent ratio in large cruisers and
The downward movement on the Boerse was con- parity in submarines on a basis of 80,000 tons. Intinued Tuesday, with the exception of Reichsbank structions to this effect were approved Tuesday by
shares, which improved substantially. Offerings the Cabinet, sanctioned by the Emperor, and handed
were heavy otherwise, and the general price level was to the Japanese delegates to the conference. It was
materially lower at the close. Further pronounced admitted in Washington that a lively debate on these
weakness at the opening Wednesday was followed by demands is assured in the forthcoming conference
the intervention of the German banking consortium unless Japan modifies its stand in the meanwhile.
formed some time ago for the support of prices. Been interest was expressed, for this reason, in the
After heavy losses in the first hour, stocks began to conversations which are to take place in Washington
recover and most of the early losses were regained. in December when the Japanese delegates arrive on
The sentiment at the close was better than at any their way to the London gathering.
previous time of the week. After an uncertain beAlmost equally embarrassing is the Italian insistginning Thursday, prices on the Boerse began to ence on parity with France in all classes of ships.
move upward and this developed into a powerful France is unwilling to concede such equivalence,
recovery that took in almost all of the list. Exten- maintaining that her double coast on the Atlantic
sive covering purchases by bears helped the price and the Mediterranean necessitates superiority. A
structure. Reichsbank shares led the recovery with statement on the question was made before the Cabian advance of ten points, and Dye Trust shares also net Council in Paris, Monday, by Foreign Minister
were very active. The recovery was continued in yes- Aristide Briand, who recounted his conversations
terday's session of the Boerse.
on the subject with Count Mazoni, the Italian Ambassador to France. The outstanding point in the
3366
FINANCIAL CHRONICLE
discussion, it was indicated, was the Italian demand
for parity with France. Count Mazoni gave assurances, reports said, that Italy was prepared to take
French needs into special consideration. No notes or
documents were exchanged between the two governments, the French Minister stated, Count Mazoni's
indications having been confined to the general
lines Italy proposed to pursue in the naval conference.
A statement of considerable interest in its bearing
on the conference was made in the British House of
Commons Monday in behalf of the Labor Government of Premier MacDonald. The Government was
interpellated by Commander Southby as to whether
the Prime Minister could give assurances that no decision had been taken to close the minor naval bases
at Bermuda and Jamaica. A. V. Alexander, First
Lord of the Admiralty, answered by saying that no
such decision had been reached and that there is no
intention to take such a decision. There Was again
much discussion this week regarding the date of the
conference, as the opening of the meeting on Jan. 21
will conflict very decidedly with the League of Nations Council session, scheduled to begin Jan. 20.
It is considered incumbent upon the highest officials
of England and France to attend both meetings, but
this would clearly be impossible if the League session
is held in Geneva as usual. An informal suggestion
has been advanced by Italian authorities for holding
the League session a week earlier, but this is strenuously opposed by important member States and also
by the League authorities. An alternative proposal
is that the League meeting be held in London on
this occasion, which would permit attendance of
the Ministers at both gatherings alternately.
Widespread interest was occasioned late last week
by an address on the Kellogg-Briand treaty, read
before the Pilgrim Society of England by its chief
author, Frank B. Kellogg. The initial suggestion for
this pact for the renunciation of war as an instrument of national policy was made by Foreign
Minister Briand of France, who advocated such an
agreement between France and the United States.
Mr. Kellogg, in turn, acting as Secretary of State
under President Coolidge, proposed that the treaty
be made world-wide in application and he conducted
the long and difficult negotiations that led to its
acceptance by all but one or two countries. In his
address before the Pilgrim Society an Nov. 22, Mr.
Kellogg spoke of the treaty in an impersonal vein
with particular regard to means by which it could
be made more effective. The accord, he said, was not
the work of any one man, or of any two or any half
dozen men, but a project which had been launched
in response to the appeal of all mankind for peace.
"A mighty tide of public opinion has set in," he
declared, "which is sweeping through the world
toward the goal of peace." He then traced the
progress of this tide up to the adoption of the multilateral treaty, for the original conception of which
he gave due credit to M. Briand.
"I have often been asked how I would supplement
the treaty to make it more effective," Mr. Kellogg
continued. "I would not change one word of this
unconditional declaration. I would not weaken it by
any exceptions or attempt to strengthen it by sanctions. I would leave it to be impressed in all its
solemn meaning upon the minds and vision of the
coming generations. I do not mean by that that
[voL. 129.
nothing more can be done in the world to maintain
peace. Much is being done and much more can be
done. First, the advancement of these ideals by the
education of the people. Second, the advancement
and extension of conciliation and arbitration. Third,
disarmament or limitation of armament so as to
prevent competitive building which ultimately might
lead to war." One of the greatest steps which have
been taken, Mr. Kellogg pointed out, is the establishment of the World Court. Proposals for the establishment of such a tribunal were discussed at The
Hague and at other conferences for many years
before the great war, he said, but it was never accomplished. Final creation of the court in recent
years, he maintained, is another evidence of the
growth of the sentiment for judicial settlement of
disputes and maintenance of peace. The former
Secretary of State remarked in this regard that he
is "strongly in favor of the adoption of the so-called
Root Protocol for the admission of the United States
as a member of this tribunal." He expressed the
opinion, moreover, that the sentiment of the United
States is growing in favor of such action.
Trustee functions of the new Bank for International Settlements relating to the receipt, management and distribution of German reparations
payments are carefully and specifically described
in the draft trust agreement signed at Baden-Baden
Nov. 13 by the delegates of the Bankers' Committee.
The full text of the instrument, as prepared by the
Committee, is revealed in a Paris dispatch of Tuesday to the New York Herald Tribune. The Committee drew up at the same time the charter and
statutes of the institution, which were promptly
released for publication and reprinted in full in the
Nov. 16 issue of the Chronicle. The text of the draft
trust agreement was withheld, since it is subject to
the approval of the interested governments at the
second Hague conference, which is to be held in
January. Failure to publish the agreement promptly
led to reports that it contained some unexpected
provisions, according to the Paris correspondent of
the Herald Tribune. In a Berlin report of Wednesday to the Associated Press, Walter Lichtenstein of
Chicago, general secretary of the Baden-Baden conference, was represented as saying that the text as
agreed upon by the expeits was a mere draft containing many blanks. "Had it not been for its
incomplete character I think there would not have
been any objection to giving it publication," he said.
The possibility was not precluded, Mr. Lichtenstein
added, that the coming Hague conference of governments may change the agreement radically.
Nineteen articles, with the customary preliminary
statement, make up the draft trust agreement as
revealed in the Herald Tribune report from Paris.
The first eleven articles are devoted to provisions
for the receipt and disbursement of annuities in precise accordance with the new Young plan. Article
XII makes important specific provision for the
issuance and marketing of the reparations bonds
which are to be based on the unconditional annuities.
Exclusive authority is conveyed to the Bank by the
creditor governments to act as agent for these governments in operations relating to the mobilization
of the German annuities. The Young plan is again
referred to as the guide in such transactions. The
Bank is to inform the creditor powers whenever it
appears "practically possible" to issue such bonds.
Nov. 30 1929.]
FINANCIAL CHRONICLE
Upon the request of the creditor governments, or any
one of them, for the creation of bonds, the trustee
shall if it sees fit "give to all the creditor governments having a share in the non-postponable annuities opportunity to ask for the creation of such
bonds for their part severally." Of importance to
the United States is the provision that "if one or
more of the governments concerned propose an international issue on other markets than their own
respective markets, the trustee, if it considers after
examination that market conditions justify such
operation, shall take measures to proceed with the
issue of these bonds and determine, after making
sure that the central banks concerned have no objections, the markets on which such offers may be
made." Succeeding articles of the trust agreement
provide for the creation of special trust accounts,
monthly reports to the creditor governments and
other matters of routine nature.
3367
Clemenceau's death, Mr. Hoover said, "is deeply
regretted by men of good-will in all nations."
French banks will shortly enter the international
acceptance field on a large scale, through a new
institution, to be called the French Acceptance
Bank, now in process of organization by five of
the most powerful French banks with the approval
of the Bank of France. Plans for operating the new
bank are maturing rapidly, and the date for opening the institution has been tentatively fixed for
early in the new year. The bank, according to a
Paris report of Wednesday to the New York Times,
is to play an important part in the Government program to make Paris one of the three greatest financial centers of the world. Capital of 100,000,000
francs has already been subscribed by the five
French financial institution — Credit Lyonnais,
Societe Generale, Banque Union Parisienne, Banque
Nationale de Credit, and Banque Commerciale et
of
Mobiliere de Credit. Charles Sergent, President of
Georges Clemenceau,"Tiger" of France and one
Banque Union Parisienne, will head the acdied
War,
World
the
the
of
the great political figures
at his home in Paris last Sunday after a valiant ceptance bank, the purpose of which is to give Paris
struggle against illness. His death at the age of 88 a broader financial field in which to work and to
was occasioned by the slow spreading of uremic increase facilities for trade. Another intention is
poisoning through the body. Lengthening periods of said to be to make the present huge gold reserve in
coma induced by this poisoning finally deepened the Bank of France more productive for French
into the last sleep early Sunday morning after a business. "It is realized here," the Times dispatch
period of five weeks in which his resistance gradu- said, "that until now London and New York have
ally diminished. With him at the end were his two had a practical monopoly in the use of liquid funds,
daughters, his son and several good friends. His compelling France to keep her large gold holdings
death was not unexpected, in view of the hopeless- in an unproductive state. With the operation of the
ness of his affliction, and many of his old associates French Acceptance Bank, it is hoped France will be
were able- to call and pay their last respects to the able to play a leading role in financing world inwar-time leader of France while he was yet alive. dustry. Before this ambition can be realized, experts
All of France watched in painful anxiety as the aged here explain, the present French fiscal system must
statesman fought his last great battle, and regret be changed. The point has been made that the scope
and resignation were expressed on every hand when of action of the new bank will tend more toward
his death was finally announced. In recognition of New York than London, since the latter market is
his own approaching death he had left explicit in- more thoroughly organized by virtue of the long
structions that no national funeral be given him, and successful tradition of the London acceptance
and he was interred quietly and privately Monday house." It was indicated in the report that demands
at his ancestral home in Vendee, in a grave beside have been made for abolition of the Government
that of his father.
stamp tax of 60 centimes, which at present must be
The moment of M. Clemenceau's burial was affixed in each transaction. Repeal of this tax would
solemnized in France by a salute of 101 shots from place operating costs in France on an equal basis
guns in Paris and other cities, from fortresses on with New York, the dispatch added.
the frontier and on the coast. In the natiOnal Parliament, M. Ferdinand Bouisson, President of the
Overthrow of the Belgian coalition Cabinet headed
Chamber of Deputies, and M. Andre Tardieu, Pre- by Premier Henri Jaspar was occasioned Monday
mier, eulogized the dead leader and honored his as the culmination of a long and bitter dispute rememory. "He made this tribune glorious," M. garding the question of using the Flemish or the
Bouisson said. "His tremendous eloquence, so French language in the University of Ghent. Behind
feared, so clever in criticism, drove down to essential this specific question is the larger one of the French
truth irrespective of men. In all his 60 years of and Flemish speaking groups in Belgium. In acpolitical life M. Clemenceau's will never bowed cordance with promises made several years ago,
before hostile or superior forces. That was his Premier Jaspar introduced a bill in the Brussels
greatness. He who in a unique moment of our Parliament providing for the conduct of regular
history made his appeal to the whole soul of our classes in the University in Flemish, but offering
nation often accepted isolation; he sought it even, optional courses in French. The important Liberal
as a secret, rare and bitter satisfaction. He waited. group declined to support the measure, and Premier
In the day of action he had the whole people behind Jaspar announced the resignation of his Governhim." In Britain and the United States, also, emo- ment late Monday. Feeling is strong on this language
tions were stirred at the news of M. Clemenceau's question in Belgium, and the Government has condeath. Ramsay MacDonald, Prime Minister of sistently refused to draw any sharp lines of deBritain, sent a message to Premier Tardieu expres- marcation for fear that a separation in the Lansing the profound sympathy of the entire British guages might lead to separation of the Flemish from
nation. President Hoover sent a message of regret the Walloon provinces. King Albert promptly began
to President Doumergue of France in which the conversations with party leaders in the country,
sympathy of the American people was expressed. M. in order to make possible a reconstitution of the
3368
FINANCIAL CHRONICLE
Cabinet, but progress has been slow as the question
involves a whole program of social and fiscal reforms, as well as the conduct of the forthcoming
international conferences. M. Jasper remains in a
strong position in Belgium, and he is thought to be
"the man of the hour." He is, moreover, the Chairman of The Hague Conference of Governments on
the Young plan, and the Belgian Cabinet crisis thus
assumes international importance, as any change in
the councils of governments at this time would
prove awkward.
[Von. 129.
Chinese leaders. The Mukden Government in Manchuria, which recognizes but small allegiance to the
Nanking central regime, instituted definite steps
in settlement of the controversy with Russia and
Moscow and Tokio reports of Wednesday and Thursday made it plain that the matter was well on the
way toward settlement. Mukden agreed, the dispatches said, to the re-establishment of the status
quo and the reinstatement of Russian officials of
the railway line. Some dispute between Nanking
and Mukden appeared likely yesterday regarding
this action. The capitulation of the authorities more
directly concerned apparently satisfied the Moscow
regime, as all Russian troops were said to have been
withdrawn from Manchurian territory by Thursday.
Further negotiations for adjusting the dispute between Manchuria and Russia are provided for in an
exchange of telegrams.
Threats of this foreign invasion of China had the
instantaneous effect of bringing some of the opposing factions together. Hostilities in Honan and
Hupeh provinces ceased with a suddenness that surprised observers, a Hankow dispatch of Wednesday
to the Associated Press said. Negotiations, however, had been going on for some days between the
leaders, the report added. Japanese sources, always
best informed on China, indicated that the cash settlements customary in China were the chief reason
for the rapid disintegration of the opposition.
The difficulties in the South have proved more
stubborn, but the abrupt armistice in the central
provinces enabled Nanking to rush thousands of
troops to the Canton area, and observers were of the
opinion that the friction here also will shortly be
resolved—at least for a time.
The speed with which Russia acted in this last and
most effective of the series of border raids left little
time for the crystallization of opinion in other countries, and by the time it was realized that a serious
penetration was under way, the whole thing was
over. Officials in Tokio, Washington and London
maintained a strict and exceedingly calm reserve.
Tokio reports indicated "official confidence" that
the Russians do not intend a permanent occupation
of Manchurian territory or even an extension of the
raid to the important center of Harbin. The London
Government, in reply to questions put in the House
of Commoris, Wednesday, merely stated that consideration was being given to joint action with the
United States and other signatories of the Kellogg
pact. In Washington Secretary of State Stimson
conferred early in the week with the Japanese Ambassador and indicated thereafter that a close watch
was being maintained on the situation. It was
revealed Thursday, however, that the world powers
were in communication on the Manchurian developments, with the possibility being considered of joint
action to avert further hostilities. "It is an undertaking," a Washington report to the New York
"Herald Tribune" said, "to avert a repetition of the
situation that has existed since last July in Manchuria." Throughout all the stir on Manchuria,
little was said in Moscow and no excitement of any
kind was manifested, which was in itself very significant. Moscow regarded the raid as nothing more
than a "lesson to the White Guard and Chinese
bandits."
Swift and drastic action has been taken by Soviet
Russia during the past 10 days in an attempt to force
settlement of the protracted dispute with China
regarding the Chinese Eastern Railway through
Manchuria. The railway, built and owned by Russia, was suddenly seized by Chinese authorities on
July 11 of this year, and Soviet officials of the line
were arrested on charges of conducting Communist
propaganda. Russia countered by cutting diplomatic relations and massing Red troops on the Manchurian border. Soviet forces have since conducted
frequent raids into Manchurian territory, Moscow
proclaiming that such steps were necessary to protect Siberia against the inroads of Russian White
Guard forces with the Chinese armies. Both Russia
and China were reminded last summer of their obligations as signatories of the Kellogg Treaty for the
renunciation of war as an instrument of national
policy, and both proclaimed their intention of adhering to the provisions of that pact. Desultory
negotiations between Nanking and Moscow were
instituted shortly after the diplomatic break in an
attempt to solve the difficulty, with Berlin acting as
mediator. The Nanking Government of China, meanwhile, has been beset with internal struggles and dissensions and has been unable to set its own house
in order. Factional strife has appeared in the interior provinces of Honan and Hupeh, and threats
of secession also have been made by the Southern
leaders in Canton. This combination of circumstances has provided in recent months one of the
most complicated and inflammable sets of international relations that the world has seen in recent
years.
Reports from Mukden, Manchuria, began to indicate on Nov. 18 that Russian troops were again
assuming the offensive on a border expedition. A
bombardment of some hours resulted in the destruction of part of the railway line, and additional incursions were made in airplane raids. Manchuli on
the border, and Dalainor, a city nearby, were reported captured by Soviet troops on the following
day. This initial penetration of Manchurian territory was followed by a steady push forward to
Hailar, on the western side of the Khinghan Mountains, 125 miles from the Siberian frontier. Hailar
was taken Monday of this week, and Mukden reports
stated that it was in flames. Although much apprehension was expressed regarding the Soviet advance,
Hailar remained the limit of the punitive expedition
on the West. A smaller and less spectacular raid
was staged at the eastern end of the Chinese Eastern
Railway. Chinese troops simply melted away before the well-armed and disciplined Red forces, and
thousands were disarmed. China, much alarmed by
the invasion, could do little about it in a military
National balloting in Mexico on Nov. 17 having
sense, and reports from Shanghai early this week
began to indicate that a truce was sought by the resulted in the relatively peaceful election of Pascual
Nov. 30 1929.]
FINANCIAL CHRONICLE
3369
Ortiz Rubio as the next President, attention was 293,206,950 pesos, while expenditures are estimated
turned this week to the larger problems that will at 293,092,484 pesos, leaving a surplus of 114,466
confront the new executive after he takes office pesos. Passage of the budget is recommended by the
next Feb. 5. Conditions, dispatches from the Mex- Finance Minister, who declared in submitting the
ican capital said, seem to be propitious for solution figures that they had been "co-ordinated in such a
of the problems that still confront Mexico, as great manner that the proportions allotted would be seristrides have been made in the last year or two. ously affected if any change is made." The estimated
Settlement of the religious coaroversy and attain- expenditures for public indebtedness are placed at
ment of political stability are hopeful signs of im- 26,000,000 pesos, but the portion of this sum to be
provement, a report of last Sunday to the New York assigned to foreign payments is not disclosed. Prin"Times" pointed out. The chief outstanding prob- cipal among the economies, in comparison with last
lem from an international viewpoint is that of year's budget, is a. reduction of 11,000,000 pesos in
Mexico's external debt, and it is believed that Senor the appropriation for the Department of War and
Ortiz Rubio will begin negotiations with the inter- Marine. Education will benefit most from this
national committee of bankers on Mexico for re- saving, provision being made for opening 2,000 new
funding this debt as soon as possible after inaugura- rural schools. The Ministry of Communications also
tion. Studies are being continued, meanwhile, to will benefit considerably next year as compared with
determine the economic capacity of the country, so former budget periods, for national road constructhat payments can be arranged which Mexico might tion will be greatly intensified, port work will proreasonably be expected to meet. By this means it is ceed without interruption and hydrographic work
hoped to avoid such failures as followed the compacts throughout the Republic will be augmented. A subnegotiated by de la Huerta and Alberto Pani. Mex- stantial increase also is made in the grant to the
ican financial circles are said to feel that the gov- Department of Public Health.
ernmental economies begun by General CaIles, which
have enabled Mexico to make prompt payment of
Still another reduction in discount rates by a cencurrent liabilities, including Federal wages and mer- tral bank in Europe has occurred the present week.
chandise supplies and even to take up considerable On Nov. 25 the National Bank of Rumania reduced
arrears, give promise of furnishing a solution of its discount rate from 9/
1
2%, the figure in effect
the international debt problem.
since May 14 1929, to 9%. Other than this there
A second important problem from an interna- have been no changes in Central Bank rates. Rates
tional viewpoint is that of Mexico's agrarian policy, continue at 7% in Germany and Italy; at 5/
1
2% in
which is of importance to all foreign and Mexican England, Denmark, Sweden, Norway and Spain; at
land owners in the Republic. No question is raised 4/
1
2% in
1
2% in Holland and Belgium, and at 3/
of the right of the government to expropriate the France and Switzerland. In the London open marholders of large tracts, but a considerable dispute ket discounts for short bills yesterday were 43
/
4%
has arisen over the form and amount of payment against 4/
1
2% on Friday of last week, and for long
made by the Federal regime. Mexican bonds, unsup- bills 44(4)4 25/32% against 4/
78@5 1/16% the preported by any capital fund in payment, have hereto- vious Friday. Money on call in London yesterday
fore been offered for the land, but they are not forced was 4%7
0. At Paris open market discounts remain
on the owners who, in most cases, have preferred to at 3/
1
2%,but in Switzerland are down from 3 5/16%
wait in the hope that more adequate payment will be to 3/
1
4%.
arranged. The new President, it is indicated, will
be faced with the problem of including in his budget
In its statement for the week ended Nov. 23, the
such a sum as will at least cover current expropria- Bank of France shows an increase of 78,714,488
tions and leave a margin for payments on bonds francs in gold holdings. Total gold now amounts to
already issued. Senor Ortiz Rubio is reported to 40,618,246,475 francs which compares with 31,213,have decided that any lands expropriated during 823,770 francs the corresponding week last year.
his term of office will be.paid for in cash. Another Credit balances abroad have decreased 10,000,000
problem that is expected to come up in the coming francs while bills bought abroad have increased 5,Administration is that of labor legislation. Indus- 000,000 francs. A decrease appears in note circulatrialists, particularly foreigners, are said to object tion of 340,000,000 francs, reducing the total of the
strenuously to the proposed code for regulating the item to 66,242,824,615 francs, as compared with
relations of capital and labor, asserting in some 60,997,660,420 francs at the corresponding week last
cases that it would force them out of business. The year. French commercial bills discounted and
present Congress is making such slow progress with creditor current accounts record increases of 770,the measure that passage of the bill before next 000,000 francs and 469,000,000 francs, while adFebruary is considered very unlikely. Of much sig- vances against securities dropped 119,000,000 francs.
nificance from the international viewpoint are Below we furnish a comparison of the various items
numerous rumors that Senor Ortiz Rubio plans a of the Bank's return for the past two weeks and also
trip to the United States before assuming office. for the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Important also is the fairly definite assurance, given
Changes
Status as of
the correspondent of the New York "Herald TriNov. 23 1929. Nov. 16 1929. Nov.24 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Tuesday,
that
Ambassador
Washington
bune" in
Gold holdings_ _
78,714,488 40,618,246,475 40,539,531,987 31,213,823,770
bals. abr'd Dec. 10,000,000 7.126,985,964 7,136,985.964 13,608.600,070
Dwight W. Morrow will continue at his post in the Credits
French commercial
bills discounted Inc. 770,000,000 9,540,202,138 8,770,202,138 2.786,757,157
Mexican capital for another year at least.
Bills bought abr'd Inc. 5.000,000 18,691,984,042 18,686.984,042 18,807,888,301
Adv. nat. seems_ _Dec. 119,000,000 2,498,873.113 2,617,873,113 2,122,417,739
Budgetary estimates of Mexican income and ex- Note circulation __Dec. 340 non non 06,349 894 si fifi.F82.894.615 60,997.660.420
Ored. eurr. seets.-Ine. 469.000.000 21.530.489,139 21,061.489.139 2).067,945,126
penditure for the year 1930 were sent to the Chamber of Deputies Tuesday by Luis Months de Oca,
The statement of the Bank of England for the
Minister of Finance in the present Cabinet of Presi- week ended Nov. 27 shows a gain in gold holdings
dent Portes Gil. Probable income is placed at in the large sum of £2,551,268. This together with
3370
FINANCIAL CHRONICLE
[VoL. 129.
a contraction of £530,000 in circulation brought
about an increase of £3,081,000 in reserves. The
Bank now holds £135,381,905 of bullion compared
with £159,845,986 a year ago. Public deposits increased £2,093,000 while other deposits decreased
£670,058. The latter consists of bankers accounts
and other accounts which fell off £325,475 and £344,583 respectively. The reserve ratio is now 35.85%,
last week it was 33.57 and a year ago 43.67%. The
discount rate is at 532% which rate was inaugurated
the previous week. Loans on government securities
fell off £4,795,000 while those on other securities increased £3,192,109. Other securities included "discounts and advances" and "securities". The former
increased £7,155,660 whereas the latter decreased
£3,963,551. Below we furnish a comparison of the
various items in the Bank's return for five years:
statement of the Federal Reserve Bank for the week
ended Wednesday that such repayments were still
in progress. A decrease of $137,000,000 in the loan
total is shown in the statement. The drop of virtually 50% recorded in these loans in less than two
months represents the release of an enormous
amount of credit from securities speculation, and a
substantial part of the funds is still on hand seeking
employment. In the three days to which the Stock
Exchange money market was confined this week, call
money was quoted at 4/
1
2% in all official transactions. Supply, however, was much greater than the
demand, and funds which overflowed into the unofficial "street" market were available as low as 3%
Monday, and 3/
1
2% Tuesday and Wednesday. Preparations for the heavier month-end requirements were
thus made with no appreciable effect on the market.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Time loans were lowered early this week to 4/
3
4(4)5%,
1928.
1929.
1926.
1927.
1925.
as
against
the
previous
quotations
of
5(4)51
4%.
Nov. 27.
Dec. 1.
Nos. 30.
Dec. 2.
Nov. 30.
Much
interest
was
aroused
in
the
money
market
by
Circulation
2354,557,000 367,002.000 136,904,860 139,693.905 143,283.450
Public deposits
17,433,000 21,452,000 18,371.801
9,191.372 8,525,449 the preliminary announcement
of
quarterly
TreasOther deposits
96.419.773 99,565.000 95,182,732 117,827,262 129,923,749
Bankers' accounts 58.219,448
ury financing, issued Monday, which indicated that
Other accounts._. 38,200,325
Governm't securities 57,703,855 52.180,000 41,275,179 42.257,539 62,437,794
Other securities_ _ _ _ 33.144,227 33,801,000 57.355.259 69,672,926 71,894.738 the Treasury may utilize for the first time on this
Disct. Sr advances 15.263,821
occasion the authority granted last summer for the
Securities
17,880,406
Reserve notes A: coin 40,823,000 52,844,000 32,783,905 32,032,174 22,126,507
Coln and bullion _ 135,381,905 59.845,986 149,918.765 152,876,079 145,859,957 issuance of Treasury bills at a discount. Gold moveProportion of reserve
to liabilities
35.85%
43.67%
28.85%
25.93%
16% ments through New York for the week ended WedBank rate
434%
5.54%
414%
5%
5%
nesday, as reported by the Federal Reserve Bank,
•On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues, adding at that time 1234,199,000 to the amount of Bank of England consisted of exports of $6,200,000 and imports of
notes outstanding.
$1,110p0. Gold ear-marked for foreign account
increased
.4,004,000.
The German Bank statement for the third week of
November shows another increase in gold and bullion, this time of 2,184,000 marks. Total gold now • Dealing in detail with the call loan rates on the
stands at 2,236,223,000 marks, as compared with Stock Exchange from day to day, all loans all
2,573,480,000 marks the corresponding week last through Monday, Tuesday and Wednesday were at
1
2%, this including renewals.
year and 1,855,999,000 marks in 1927. A decrease the single figure of 4/
The
rest
of
the
Rxchange was closed. Time
the
week
of 134,943,000 marks appears in bills of exchange and
money
noteworthy feature.
was
dull
without
and
checks, while deposits abroad remain unchanged.
5%
were
Monday
for all dates, and
Quotations
on
Reserve in foreign currency and silver and other coin
on
Friday
/
4@5%
were 43
Wednesday
and
Tuesday,
register increases of 20,652,000 and 9,786,000 marks
respectively. A decline of 183,868,000 marks has for all dates. Commercial paper in the open market
occurred in note circulation, reducing the total of remained inactive, with rates unchanged. Rates for
the item to 4,837,025,000 marks, which compares names of choice character maturing in four to six
with 4,043,265,000 marks for the corresponding week months have ruled all week at 5%, while names less
New Englast year. An increase is shown in notes on other well known have commanded 5%%, with
at
51
/
4%.
land
quoted
mill
also
paper
German banks of 5,543,000 marks and in other assets of 20,465,000 marks, while the item of investPrime bank acceptances have continued in sharp
ments remain unchanged. Advances decreased 82,demand
with only moderate offerings during the
041,000 marks and other liabilities 38,369,000 marks,
fore
part
of the week, although a more liberal supply
whereas other daily maturing obligations have inwas
in
evidence
on Friday. Rates have remained
creased 63,883,000 marks. A comparison of the
now uniform with all dealers,
unchanged
are
and
various items of the Bank's return for the past three
the few houses which the previous Friday were quotyears is shown below:
ing one-eighth below the general level having since
fallen in line with the rest. The posted rates of the
REICHSBANICS COMPARATIVE STATEMENT.
Chances for
American Acceptance Council continue at4% bid and
Week.
Nov. 23 1929. Nov. 23 1928. Noy. 23 1927.
/8 asked for bills running 30 days, and also for 60
Relehtasarks.
Reichststarks. Reichsmarks. Retchsmasks. 37
Assets—
Inc. 2,184,000 2,236,223,000 2,573,480,000 1,855,999,000
Gold and bullion
and
90 days; 4/
1
2% bid and 4% asked for 120 days,
Of which depos. abed_ Unchanged
149.788,000
85,626.000
71,931,000
Res've in for'n curecy.Inc. 20,652,000 389,912,000 190,462,000 285.673,000 and 41
/
4% bid and 4/
1
4% asked for 150 and 180 days.
Bills of exch. Ac checks.Dec. 134,943,000 2,504.670,000 1,759,053.000 2.116,128,000
The
Council
no longer gives the rates
Acceptance
Silver and other coin_ _Inc. 9,786,000 121,635,000 106,401,000
68.116.000
26,657,000
Notes on oth.Ger.bks_Ine. 5.543.000
29,083.000
25,199.000 for call
acceptances,
the rates varyloans
by
secured
49,920,000
Advances
36,552,000
Dec. 82.041,000
27,114,000
92,562,000
92,311.000
Unchanged
Investments
92.080.000 ing widely. Open market rates for acceptances also
Other assets
Inc. 20,465,000 611,828,000 524.778.000 604.140.000
continue unchanged.
Notes in circulation_ _Dec. 183,868,000 4,837,025,000 4,043,265.000 3,583.253,000
Oth.dally matur.oblig.Ine. 63,883,000 558,927,000 550,186,000 767.176.000
Other liabilities
Dec. 38.359.000 332,053,000 273,148,000 357,841,000
Funds were in plentiful supply in the New York
money market this week, and rates continued to
tend downward. Although repayments of brokers'
loans against stock and bond collateral were less
heavy than In earlier weeks, it was indicated in the
Prime eligible bills
SPOT DELIVERY.
—150 Days—
—180 Days—
Bid. Asked.
Bid. Asked.
414
4%
414
414
Primo eligible bine
—90Days—
BM. Asked.
314
4
,
—60Days—
Bid. Asked.
3%
4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
—120 Days—
Bid. Asked.
434
4
—30Days-Bid. Asked
4
334
414 big
434 bid
Nov. 30 1929.]
FINANCIAL CHRONICLE
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Rate in
Effea on
Nov. 29.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
43.5
5
5
5
5
4.t5
5
5
5
5
5
Date
&stab/faked.
Prertota
Nov. 21 1929
Nov. 15 1929
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
Nov. 23 1929
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
5
5
455
4h
4'5
4 l,5
5
435
4;5
43,5
Rate.
431
414
Sterling exchange this week has been relatively
firm, though extremely dull. While trading has
been in small volume, an undertone of firmness has
developed on every appearance of demand. Better
rates are regarded by foreign exchange traders as a
logical development. The spread between money
rates prevailing in New York and those in London
and on the Continent is sufficiently unfavorable with
respect to New York to warrant appreciation of nearly
all important currencies against the dollar. This
firmness in exchange has been awaited for some time
and bankers report that only the occasional recurrence of demand for dollars by foreign investors
seeking bargains in New York stocks has prevented
a further appreciation of the foreign currencies.
The dulness in exchange this week was further emphasized by the fact that there was no market here
on Thursday, Thanksgiving Day. The range for
sterling this week has been from 4.873 to 4.87 9-16
for bankers' sight, compared with 4.863
% to 4.873
4
last week. The range for cable transfers has been
from 4.87 29-32 to 4.87 31-32, compared with 4.873
%
to 4.87 11-16 a week ago.
In all leading aspects foreign exchange trading is
on a more nearly normal basis since the reduction
in money rates in the world's chief centres following
the collapse of the world-wide speculative boom in
the security markets. The reduction last week in
the Bank of England rate of discount to 532% has
helped the normal course of exchange, so that with
the revision of the technical position of traders
transactions have become largely of a routine character. The Bank of England continues to increase
its gold holdings, although there has been no diminution in gold takings at London for French account.
The greater part of this week's increase in gold holdings at London has come from heavy shipments from
Argentina and Australia and from open market supplies. An indication of the improved outlook for
the replenishment of the Bank of England's gold reserves is to be found in the reports from Buenos Aires
of additional metal shipments now being arranged.
Gold to the amount of $3,600,000, according to a
dispatch dated Saturday of last week, has been
withdrawn from the Conversion Office of Argentina
for export to England, Germany and France. Of
this amount one million pesos are definitely consigned
to London and 1,800,000 pesos are to go in unspecified
amounts to London and Hamburg. It is believed
in banking quarters that imports of gold from foreign
banks to London will total approximately L10,000,000 in the course of the next month or so. Of
this amount at least £4,000,000 are known to be on
the way to London from Australia.
3371
This week the Bank of England shows an increase
in gold holdings of 0,551,268, the total standing at
£135,381,905, which compares with £159,845,986 a
year ago. On Monday the Bank of England sold
£137,419 in gold bars and received £125,000 in sovereigns from abroad. On Tuesday the Bank bought
21,600 in gold bars of the total £800,000 avaliable
in the open market and sold £113,481 in gold bars.
This sale of Tuesday's gold by the Bank was believed by London bullion dealers as for French account. In addition, French interests bought 070,000 of the open market supply. On Wednesday the
Bank received £1,544,135 in sovereigns from abroad,
sold 086,153 in gold bars and bought 0,737 in
foreign gold coin. On Thursday, £526,152 was withdrawn from the Bank for shipment to Paris. On
Friday the Bank sold £464,552 gold bars and exported
0,000 gold sovereigns; bought £3,220 in gold bars,
and £51,216 in foreign gold coin.
At the Port of New York the gold movement for
the week Nov. 21-Nov. 27 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,110,000, of which $1,002,000 came
from Argentina and $108,000 chiefly from other
Latin American countries. The exports were $6,200,000, of which $5,999,000 was for France,$100,000
for Germany and $100,000 for Mexico. In addition,
$4,004,000 more gold was earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended Nov. 27, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK,NOV.21-NOV.27,INCLUSIVE.
Bzporte.
Imports.
$5,999,000 to France
$1,002,000 from Argentina
to
Germany
101,000
oth.
Latin
108,000 chiefly from
100,000 to Mexico
American countries
$1,110,000 total
$6,200,000 total
Net Change in Gold Earmarked for Fenton Account.
Increase $4,004,000
Canadian exchange continues at a heavy discount,
although more in favor of Montreal than in recent
weeks. On Friday and Saturday of last week Montreal funds, which had already developed improvement, were at a discount of 1 3-16%. On Monday of
this week the rate was 1% discount; on Tuesday it
was 1 1-16% discount; on Wednesday 13/8% discount;
Thursday (Thanksgiving Day) was a holiday in New
York, but on Friday the rate was down again to 1%
discount. The comparative strength in Montreal
funds is attributed largely to the withdrawal of shortterm funds from the New York market and to the
purchase of Canadian bills to finance the wheat
movement. As it is, however, Montreal funds
remain extremely low. So long as the official embargo
on gold exports is observed by Canadian banks a
weak rate must be expected. There is some disposition among bankers to look for a comparatively
firmer rate for Canadian dollars throughout December.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm in a quiet half-day market.
2; cable transfers
Bankers' eight was 4.873'@4.873/
4.87 11-16@4.87%. On Monday the market was
firmer. The range was 4.87 3-16@4.87 for bankers' sight and 4.87 13-16@4.87 15 16 for cable transfers. On Tuesday the market was dull. Bankers'
sight was 4.87 5-16@4.873/
2; cable transfers
4.87 11-16@4.87 15-16. On Wednesday the market
was dull. The range was 4.87 5-16@4.87 for
3372
FINANCIAL CHRONICLE
bankers' sight and 4.87 13-16@4.87 15-16 for cable
transfers. On Thursday, Thanksgiving Day, there
was no market in New York. On Friday sterling
was still firmer; the range was 4.87 5-16@4.87 9-16
for bankers' sight and 4.87 29-32@4.87 31-32 for
cable transfers. Closing quotations on Friday were
4.873' for demand and 4.87 15-16 for cable transfers.
Commercial sight bills finished at 4.873j, sixty-day
bills at 4.83, ninety-day bills at 4.81, documents for
payment (sixty days) at 4.83, and seven-day grain
bills at 4.86 9-16. Cotton and grain for payment
closed at 4.8714.
The Continental exchanges. are firmer, although
extremely dull. French francs are steady. The
franc is in an exceptionally strong position. This week
the Bank of France shows an increase in gold holdings of 78,714,488 francs, the total gold reserves
standing at 40,618,000,000 francs, compared with
31,213,000,000 francs a year ago. Present gold
holdings are the highest in the history of the Bank.
As noted above, French private banks have continued
to take gold from England in large amount. France
is also withdrawing gold from New York. Much of
the gold earmarked for foreign account at the Federal
Reserve Bank in New York in recent weeks has been
for French account. On Wednesday the Mauretania
carried $5,350,000 in gold for France. This brings
the present New York exports of gold to France to
approximately $17,000,000 on the present movement.
According to Paris cables the Bank of France is selling sight balances abroad. If the Bank continues to
follow this course it will have the effect of discouraging gold imports and will be of some assistance to the
Bank of England in building up reserves at London.
German marks are firm and exchange on Berlin
is slightly more active than sterling or the other Con
tinentals. The trend of mark exchange points to the
probability of gold exports from New York to Berlin.
The prevailing rate for mark cable transfers this week
has been around 23.94, which compares with dollar
parity of 23.82. Although there has been some de
mand in the German centres for dollars during the
week on the part of interests seeking bargains in
American securities, the flow of American funds to
Berlin has been sufficiently great to cause an offset,
as the German money market is more attractive to
foreign funds. Bankers expect the flow of American
credit to Berlin to increase steadily, although there
is every prospect that these credits will not again
reach the high volume attained a few years ago, inas
much as home capital in Germany is accumulating
to such an extent as to supply eventually the greater
volume of German needs. The German money markets, while relatively easier than at any time in several years, are nevertheless the most attractive of the
major European markets for both short and long term
credit. There has been some talk of a probable further reduction in the official Reichsbank rate of rediscount and foreign exchange traders are shaping
their policy on this probability. Traders differ on
this point, however, and there is a strong body of
opinion which is inclined to accept the present 7%
rate as fixed for some time to come, however rates
may decline at other centres. The Reichsbank is
in a particularly strong position. The Bank's statement for the third week of November shows an increase in gold holdings of 2,184,000 marks, the total
standing at 2,236,200,000 marks, which compares
with 2573,400,000 marks on Nov. 23 1928.
[Vol,. 129.
Italian lire have been more irregular than most of
the Continental exchanges and seem not to reflect
to any extent the improved condition of the Continental currencies. This is due in some measure to the
discouragement of foreign borrowing, especially by
municipalities, on the part of the Italian Government
and to the fact that there is very little demand for
lire, with the minimum of transfers from this side and
little or no demand for transfers in connection with
Italian securities which was very strong something
more than a year ago. Of the minor Continental
exchanges interest attaches to Bucharest this week
owing to the fact that the Rumanian Bank rate was
lowered on Saturday last from 93/2% to 9%.
The London check rate on Paris closed at 123.85
on Friday of this week, against 123.88 on Friday of
last week. In New York sight bills on the French
center finished at 3.93%, against 3.93 5-16 on
Friday a week ago; cable transfers at 3.94, against
3.93 9-16; and commercial sight bills at 3.933/2,
against 3.93 1-16. Antwerp belgas finished at
13.983/
2 for checks and at 13.993/b for cable transfers,
against 13.98 and 13.99. Final quotations for
Berlin marks were 23.93 for checks and 23.94 for
cable transfers, in comparison with 23.903/ and
23.913/
2 a week earlier. Italian lire closed at 5.233
%
for bankers' sight bills and at 5.23% for cable transfers, against 5.2331 and 5.233/ on Friday of last
week. Austrian schillings closed at 143 on Friday
of this week, against 143.L on Friday of last week.
%,
Exchange on Czechoslovakia finished at 2.965
against 2.963/2; on Bucharest at 0.603, against
0.60; on Poland at 11.25, against 11.25; and on
Finland at 2.52, against 2.52. Greek exchange
closed at 1.30 for checks and at 1.303. for cable
transfers, against 1.30 and 1.3034.
The exchanges on the countries neutral during the
war are all showing firmness with the exception of
Spanish pesetas. The firmness is due largely to
sympathetic relation to the better tone of the leading
Continental currencies. It does not arise so much
from a demand for exchange on the European centers
as from the practical cessation of demand for dollars
in Europe. Holland guilders have been exceptionally
firm at rates which increase the probability of gold
exports from New York to Amsterdam. Spanish
pesetas have been ruling lower, contrary to the trend
of the entire European list. The movement of the
peseta is governed entirely by the uncertainty of
financial interests with respect to the probable
attitude of the Spanish Government in the matter of
peseta stabilization. The unit has fluctuated rather
widely this week owing to speculative operations.
Now that Japanese yen have been restored to the
gold basis, the peseta is the only major currency
offering opportunity for extensive speculative trading.
Bankers' sight on Amsterdam finished on Friday
at 40.333, against 40.313/i on Friday of last week;
cable transfers at 40.353/2, against 40.333/i and commercial sight bills at 40.293/2, against 40.27. Swiss
francs closed at 19.403
4 for bankers' sight bills and
at 19.419,1 for cable transfers, in comparison with
19.393/
2 and 19.403/ a week earlier. Copenhagen
checks finished at 26.78 and cable transfers at 26.80,
against 26.763/ and 26.783/2. Checks on Sweden
closed at 26.89 and cable transfers at 26.91,against
26.86 and 26.88; while checks on Norway finished
at 26.79 and cable transfers at 26.81, against 26.763/i
and 26.783/2. Spanish pesetas closed at 13.90 for
Nov. 301929.1
FINANCIAL CHRONICLE
3373
checks and at 13.91 for cable transfers, which corn
Owing to a marked disinclination on the part of
pares with 13.87 and 13.88 a week earlier.
two or three leading institutions among the New
York Clearing House banks to keep up compiling
The South American exchanges are practically the figures for us, we find ourselves obliged to disunchanged from the past few weeks. Exchange on continue the publication of the table we have been
Buenos Aires is dull but steady and, while little change giving for so many years showing the shipments and
is noted this week, the peso is much firmer than it receipts of currency to and from the interior.
was some weeks ago. This is due in large measure
As the Sub-Treasury was taken over by the Fedto the heavy gold exports from Argentina to London eral Reserve Bank on Dec. 6 1920,, it is also no longer
and New York. As noted above, London continues possible to show the effect of Government operations
to receive Argentine gold and further heavy transfers in the Clearing House institutions. The Federal
of gold have been arranged at Buenos Aires for both Reserve Bank of New York was creditor at the ClearEnglish and German account. Small amounts con- ing House each day as follows:
tinue to come from Buenos Aires to New York. DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Brazilian milreis are firmer, due in part to the $10,
Aggregate
Wedissad4, Thursday. Friday.
Tuesday,
Monday.
000,000 loan to the State of Sao Paulo, which is Saturday.
for Week.
Nov. 23. Nov. 25. Nov. 26. Nov. 27. Nov. 28. Nov. 29.
intended to bring about improvement in the coffee
situation. Argentine paper pesos closed on Friday 152,000.000 110.000,000 160.003,000 149,000.000 Holiday. 188,060,000 Cr. 759.000.000
-The foregoing heavy credits reflect the huge mass of checks which come
at 41 9-16 for checks, as compared with 41 5-16 on toNote.
the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large ciedit balances,
Friday of last week, and at 41% for cable transfers, however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
against 41%. Brazilian milreis finished at 11.75 the daily
balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
for checks and at 11.78 for cable transfers, against not pass through
the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
11.74 and 11.77. Chilean exchange closed at 121
%
for checks and at 12 3-16 for cable transfers, against
The following table indicates the amount of bul121% and 12 3-16; while Peru closed at 3.99 for checks lion in the principal European banks:
and at 4.00 for cable transfers, against 3.99 and 4.00.
Nov. 29 1929.
Noe. 30 1928.
Banks of
Gold.
Silver.
Total.
Gold
Silver.
Total.
The Far Eastern exchanges have been dull and inE
£
E
E
135,381,905159,845.986
159,845,986
135,381,905
clined to ease. Japanese yen are firm. The present England_1324,945,971 249,710,590
d
249,710,590
d
France a-- 324,945,971
Germany b 104,321,750 c994.600 105,316,350124,392,700 c994.600 125,387,300
weakness in yen,if it can be called such,results chiefly Spain
102.595,000 28,179,000 130,774,000 102,356,000 27,714,000 130.070,000
54,527,000
56.017,004
from overbuying a few days before official announce- Italy
Nethlands 36.885,000
36,885,000 36,321,000 1.834.000 38.155,000
Nat.Beig- 30.494,000 1,300,000 31,794,000 23,660,000 1,266,111 24,926.000
ment was made of the credits arranged for the pur- Switzland 21,763.000 1,133.000 22,896,000 18,768,000 1.939,111 20,707,000
13.162,000
13.388,000 13,162,1 1 1
13,388,000
pose of establishing yen on a gold basis. The Chinese Sweden___
519.III 10,121,000
379.000 9,961,000 9,602,000
Denmark _ 9,582,000
8.151,000 8.162,000
8,162,000
Norway __ 8,151
units are off owing to the easier prices for silver.
Total week 843,524,626 31,985.600875,510,226300,007.276 34,266,600834.733.876
Closing quotations for yen checks yesterday were Prey. week 839,820,442 31,867,600871,688,042799,317,257 34.130,600833.477.887
These are the gold holdings of the Bank of France as reported in the new form
487
/
8@49%, against 48.85@49%. Hongkong closed Ofastatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £7,499,400. c As of Oct. 7 1924
at 42%@43.00, against 43@43 13-16; Shanghai at d Silver is now reported at only a trifling sum.
54 8, against 55@55%; Manila at 50, against 50;
Singapore at 563/
2@56%, against 563/2@56%; Bom- Clemenceau and the Transformation of Public
Opinion in France.
bay at 36 7-16, against 36 7-16; and Calcutta at
It would be difficult to find a more striking il36 7-16, against 36 7-16.
lustration of the changes which time works in public
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
opinion than is afforded by the reaction of the
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
NOV. 23 1929 TO NOV. 29 1929, INCLUSIVE.
French public to the death of Georges Clemenceau.
The "Tiger," as he was familiarly known, had for
Noon Buying Rate for Cable Transfers to New York
Country and Monetary
Value to United States Money.
two generations played a conspicuous part in the
Unit.
Nov. 23. Nov. 25. Nov. 26. Not'. 27. Nov. 28, Nov. 29.
history of France. Long before the World War he
EUROPEs
s
s
s
$
s
.140511 .140520 .140583 .140558
Austria,schilling
had
established his reputation, many thought an
.140529
9
Belgium belga
.139861 .139851 .139868
.139876
Bulgaria, lev
007237 .007230 .007237 .007232
reputation, as the maker and unmaker of
unenviable
.007230
Czechoslovakia, krone .029631 .029633 .029635 .029643
.029645
Denmark, krone
.267815 .267902 .267984 .268025
political careers, and as an uncomministries
.268021
and
England, pound ster4.877798 4.878541 4.878792 4.878494
ling
4.878803
promising
and
often unscrupulous fighter for the
025175 .025165 .025167 .025160
Finland, markka
.025165
039372 .039377 .039386 .039387
France, franc
.039389
causes
which
he
espoused. Probably no man in
relchsmark
.239220
Germany,
.239358 .239341 .239347
.239330
.012984 .012982 .012984 .012986
Greece, drachma
.012983
France
enemies
had
in 1914 than he, and none,
more
.403441 .403579 .403590 .403529
Holland, guilder
.403500
.174776 .174807 .174826 .174828
Hungary, pengo
.174778
certainly,
took
pleasure in riding
more
apparent
.052347 .052355 .052344 .052338
Italy, lira
.052353
.267814 .267902 .267968 .267972
Norway, krone
.267978
.111977 .111921 .112011 .111955
roughshod over such political opposition as he
Poland, zloty
.111977
.045050 .045120 .045120 .045166
Portugal, escudo
.045133
.005975 .005973 .005969 .005969
Rumania,leu
stirred up. During the final stages of the war, on
.005969
138192 .137334 .136584 .138752 HOLI- .138072
Spain, peseta
.268759 .268926 .268992 .269022
Sweden,krona
the other hand, he was a popular hero, the idol of
DAY
.269023
Switzerland, tram,- .194051 .194076 .194072 .194095
.194099
Yugoslavia, dinar._ .017687 .017677 .017686 .017690
soldiers
and civilians alike, and to his leadership,
.017666
ASIAChinamore than to any other single influence, France
.572706 .574375 .570625 .568958
Chefoo tael
.569375
.562187 .562812 .562500 .561562
Hankow tael
.561250
owed the spirit and determination which in the end
548750 .548571 .547982 .546607
Shanghai, tael
.546517
.578750 .578750 .578333 .577083
Tientsin tael
.577083
brought victory. Yet the announcement of his death
.425357 .425357 .425089 .424553
Hong Kong dollar
.423928
Mexican dollar
.395000 .395000 .394375 .390625
.393437
did
not produce so much as a ripple of excitement
Tientsin or PelYang
397083 .396666 .396666 .392083
dollar
.395418
on
the
surface of French politics. The Government
.393750 .393333 .393333 .388750
Yuan dollar
.392083
.362482 .362587 .382896 .362785
India, rupee
.362214
felt
no
to look to its defenses, and no party with
need
.488181 .488493 .488916 .488543
Japan, yen
.488881
Singapore (ELS.) dollar .561250 .561250 .561666 .561458
.561458
which he had ever been identified took on a new
NORTH AMER.Canada, dollar
.987864 .989800 .989670 .988914
.989507
lease of life as the striking part which he had taken
999393 .999393 .999422 .999422
Cuba, peso
.999485
Mexico, peso
.481475 .481275 .481175 .481350
.481475
Newfoundland, dollar .984749 .986625 .987281 .986062
in
the greatest crisis in the nation's history was re.986960
SOUTH AMER.Argentina, peso (gold) .937781 .938591 .938870 .938778
called.
.939330
.117360 .117350 .117309 .117490
Brazil, milrels
.117520
120810 .120816 .120827 .120827
Chile, peso
The explanation is not to be found merely in the
.120827
964754 .064954 .964891 .964439
Uruguay, peso
.962664
Colombia, peso
.963900 .963900 .963900 .963900
.963900
fact that Clemenceau, dying at the ripe age of eighty.
3374
FINANCIAL CHRONICLE
eight, had for some years lived in retirement and
consistently refrained from expressing his opinions
about current political issues. Clemenceau was one
of the men who do not attract a permanent personal
following. _From his first entrance into politics, as
far back as the eve of the Franco-Prussian war, he
rarely played anything but a lone hand in the political game. He formulated his own programs, followed his own course, and fought his way to his own
ends, leaving those to accept his leadership who
chose to do so. Except for occasional and brief
intervals, no political party or faction owed any.
thing important to his support. He was a unique
example of a leader whose immense influence in
critical times was almost wholly individual, and who
took no pains to elaborate and impress political
doctrines or policies which should continue to affect
the course of national affairs after his own personal
agency had ceased.
The World War, while it offered to Clemenceau
his great opportunity, brought sharply into relief
his qualities of extreme individualism and aggressive, masterful temper. He himself would probably
have been the last to affirm that his political course
had been in any marked way constructive, or that
political enmities were anything to be ashamed of.
From the outset of the World War he was himself
openly at war with the French Government in his
outspoken criticism of the way in which the war
was conducted. The recently published "Memoirs"
of M.Poincare throw a strange light upon the bitter
hostility which existed between M. Poincare, then
President of the Republic, and Clemenceau, and they
record a number of sharp personal clashes between
the two men. His opinion of President Wilson was
embalmed in a quoted saying—"I never knew a
man who could talk so much like Jesus CMst and
act so much like Lloyd George"—whose substance
he never saw reason to change; he disliked and distrusted the British; he frankly hated the Germans.
Policy dictated important concessions to Wilson and
Lloyd George in the formslation of the peace terms,
his most notable yielding being in regard to the
League of Nations, for which he had only the slightest respect, but we know now that the harsher provisions of the Treaty of Versailles had his approval,
and that his determination to crush Germany once
and for all was never relaxed.
It would be idle to affirm that Clemenceau's uncompromising attitude in the Peace Conference did
not represent the prevailing public opinion of France
and the Allies at the time. The war had been a horrid
nightmare, and the one thought of those who imposed the terms of peace was to punish the Central
Powers so drastically as to make a repetition of war
impossible. The only Allied Power that refused to
sign the Versailles Treaty was China, and China's
refusal was due to what it regarded as a grave injustice to itself. Yet the death of Clemenceau, the
"Father of Victory," has been accompanied by no
revival of war hatreds or suspicions, no glorification
of the peace terms, no reminder to Germany that
only ten years ago it was a defeated Power stripped
of valuable territory and economic resources. The
great, one may perhaps say the incomparable, services of Clemenceau in a supreme crisis have been
gratefully recalled, but his tempestuous career as
a politician and statesman has been recounted only
as a tale that is told, a part of the history of France
and the world which is written, which cannot now
[VoL. 129.
be changed, and from which one passes on to other
things.
For this striking transformation of the French
spirit a great deal of credit, aside from that which
may be ascribed to the mere lapse of time, is undoubtedly to be given to Clemenceau's political
enemy, M. Poincare. A good deal has been written
about the remarkable achievements of M. Poincare
during the years in which he was Premier, and the
record of those years will always remain a distinguished one in the political and economic history
of France. Very much less attention, on the other
hand, has been directed to the change which took
place during that period in M. Poincare's personal
and official attitude toward Germany and post-war
problems, and its reflection in the attitude of the
French public.
1 ! 41.
When M. Poincare became Premier he was, to all
appearances, as bitter an enemy of Germany in his
own way as Clemenceau was in his. He had, apparently, no faith in the German Government or
the German people, and in his speeches and writings,
as well as in his official acts, he insisted strenuously
upon a literal and even technical enforcement of the
peace terms. The long controversy over reparations
was kept going more by him than by any other head
of a creditor Government, and he accepted the
Dawes Plan without enthusiasm. The occupation of
the Ruhr was an impressive illustration of the
lengths to which he was ready to go in the application of force to Germany. Yet as time went on his
temper softened. His speeches at the dedication of
soldiers' monuments became less irritating, his
public declarations of policy more conciliatory..
Something of the change was to be attributed, no
doubt, to the marked improvement in political
morale which Germany itself exhibited, and to the
prospect of enduring peace held out by the Locarno
pacts. The colossal labors which M. Poincare performed in the rehabilitation of French finances and
the stabilization of the franc, carried on as they were
at a time when Germany was fulfilling punctually
all its obligations under the Dawes Plan, may well
have turned his mind away from the memories of
the war. The important thing was that he changed
gradually from an extremist to a conciliatory
but firm moderate, and public opinion followed
him.
No small share of credit is also to be given to M.
Briand, for years alternately Foreign Minister and
Premier during the years of post-war reconstruction.
It is to M. Briand particularly that Europe owes the
Locarno agreements and the admission of Germany
to the League of Nations, and while he spoke and
acted in these matters as the representative of the
Poincare Government, it was his own persuasive
eloquence and conciliatory conversations that kept
peace prominently before Europe as an object to be
attained. A transformation similar to that which
took place in M.Poincare appears also to show itself
in the present Premier, Andre Tardieu. During the
Peace Conference M. Tardieu was Clemenceau's
right-hand man; then, when Clemenceau went out
of office into retirement, M. Tardieu's allegiance was
transferred to M. Poincare. Now, as Premier, with
M. Briand in the Foreign Office, M. Tardieu enjoys
the advantage of all that M. Poincare and M. Briand
have done for the restoration of France and the
furtherance of peace, and nothing that he has yet
said or done indicates any disposition to return to
Nov. 30 1929.]
FINANCIAL CHRONICLE
the atmosphere of war animosities which Clemenceau never ceased to breathe.
The French temperament is often .described as
volatile, and such in a sense it is. It turns quickly
from grave to gay, from doubt to enthusiasm, from
passion to reconciliation. It has place in its political
life for a bitter, hard-hitting and impetuous-speaking
Clemenceau, an adroit and eloquent Bliand, and a
cold, legalistic, orderly, hardworking Poincare. If
it has not the British quality of dropping the quarrel
when the fight is over,it is quick to recognize ability
even in an opponent, and does not often go wrong
in its fundamental estimates of its public men. Few
people of discernment in France ever credited Olemenceau with administrative capacity, or accepted
as normal his cavalier treatment of his Ministerial
associates. What they saw in him, before the World
War threw him to the front, was a formidable fighter
who could sway the populace by his attacks upon
men in power, and at the same time dare popular
vengeance by demanding a reopening of the infamous
Dreyfus case. At a psychological moment in the
great war it fell to him to inspire a despondent
France with courage and determination, and for this
the country forgave him all his faults. He will be
remembered gratefully for what he helped France
to 'achieve.
Concentration vs. Co-ordination in Business.
Now is the time when all good men should come to
the relief—of their own business enterprises. We
doubt if there ever was a time when concentration
on the work in hand had such a promising outlook.
The needs of one hundred millions of users and consumers are to be met in much the old way. The
resources are abundant; the intensive development
of the particular industry invites to direct effort;
the regular profits are as certain as the application
is constant. For what is business but producing,
distributing, and using and consuming? Each plant
has its part. Each corporation has its original or
initial capital, in one form or another. Farms and
factories abide in the midst of an established trade;
and within the limits of legitimate operation will
continue without cessation. A certain momentum
has been acquired; certain market, domestic and
foreign, has been attained. Needs do not cease, and
wants increase as the primal needs are satisfied.
No one setback, however severe, can obliterate the
"fundamentals." But it requires discretion and decision to fit the individual enterprise into its place
in the natural combination. The field of effort is
wide, and growing wider. The doers rather than the
dreamers meet the shock of battle in the inevitable,
though helpful, competition.
Intensive application is the sure safeguard of
growth and profit. Co-ordination induced by theory,
applied by reason of artificial suggestion, is far and
away from immediate concentration upon development and conduct. "Prosperity" comes to the whole
through the prosperity of the parts. The success
of no single integer in business, in the long run,
when it is based on service, can harm the whole or
any part. On the contrary, an alleged prosperity of
the whole cannot insure the prosperity of the part.
Now is the time when it behooves every corporate
enterprise to take stock of itself and steer straight
ahead in its own field of effort. That field is real
and not imagined. And it is a benefit to all business
3375
that a Department of Commerce and a Consalar
Service exist, to gather statistics of trade and industry, that individual initiative and enterprise may
use them, but no more. There is no co-ordination
between a government, a system of rule for the protection of prosperity and for guaranteeing the liberty of the citizen, and a "business" that stands on
its own bottom, prospers by its own effort, and
profits by its own fitness to serve in a country where
the doors of opportunity stand open to everybody
the year around.
We have passed through a peculiar and memorable
decade in the history of American business. We
have experienced the boastful pride that goeth before
a fall. We have learned a valuable lesson—that
actual business is not boasting—that power is not
necessarily service. In the months to come we shall
have time for reflection; we shall gird our loins
anew; and we shall proceed, with strength, courage
and acumen, to a more rational prosperity and a
more certain and stable success. Herein lies the
optimism of solid reason. Was there ever a country
so blessed with resources and energies? What need
have we for the inflation of booms, combinations,
mergers? When these come because of the natural
force of centripetal action they are a needed part
of the advance. Otherwise, they are but the artificial products of ambition and manipulation, destined to swell the volume beyond its capacity to
endure. When the cobwebs of vain assertion are
torn away, when the wind slackens and the sails
droop, shall we sit down and bewail our fate, or go
below and start the engines that we hold in reserve
for just such an occasion?
We repeat that "now" is the golden opportunity
for attending strictly to business. To lean on the
government is to lean on a prop that any blast of
politics may destroy. To lean on the staff of fitting
our own particular enterprise to conditions, needs,
and inter-related environs, is to gather confidence
as we go. A few illustrations may serve. Shall the
farmer plant and cultivate according to the dictates
of a Farm Board bent on aiding him by marketing
associations, or shall he intensively develop his own
farm, so that he may be able to take advantage of
this help if it prove advisable and also be free to
meet favorable conditions in the world's markets
when and as they develop?
Shall the railroads, already in the thongs of superimposed rates by means of a Government agency,
combine and consolidate naturally that they may
give greater service at less cost, or shall they measure
their "Improvements" by projected consolidations
made in Washington and submit themselves to forces
entirely apart from their inherent power to develop
themselves? Shall the banks, large and small, alike
original fountains of indigenous credits, continue
to express their natural lives, growing and coalescing
according to the demands of trade, or shall they
listen to the theoretic pleadings of Government
officials awakened and alarmed by branch bank
tendencies that are themselves occasioned by no
call of the people but by the manipulations of speculative interests? We have departed from the integrity of our Constitutional privileges of doing for
ourselves and become either the satraps or slaves
of visionary schemes.
Therefore, and again we repeat, to those who will
turn away from the shining to the substance, the
opportunities for "business" were never surpassed.
3376
FINANCIAL CHRONICLE
Ideas as to standardization, saving of waste, lessening of overhead, have been scattered broadcast.
Some of them are undoubtedly good and should be
adopted. But not by sacrificing the enterprise as an
independent integer, capable of improvement and
success, to the control of a combination imaginatively conceived and artificially secured. There are
other storms to encounter because of the disordered
and conflicting endeavors that have blown the ships
of business, but the ship that has its cargo securely
placed and its decks trimmed for action will weather
them all and come into port with colors flying and
gold in its safe. Why, the chances are a hundred
to one to win out in a purely industrial race as
against a speculative one. Nor has all of the speculation been on the Stock Exchange! Future increased values, future profits, have been discounted,
and not a few needed legitimate indispensable enterprises set afloat on uncharted seas. Momentum has
been unduly increased by the explosion of rockets,
such as stock dividends and absorptions, speed and
size taking the place of certainty and compactness.
Can it be other, then, than a golden opportunity for
stability of profit to get back to normal?
Where lies the looming danger? Not in the mere
fact that conferences with business men, bankers
and industrialists have been instituted by the President. These are well enough if the Government
merely acts as a ministerial helper because representative of the whole people. The danger lies in the
attempted (possible) co-ordination of free trade and
personal business with a fiction that has no relation
to business. Having passed through the dream of
inflation, the true hope lies in a return to the reality.
What has made our tremendous corporations in the
past but development from within? In what has
this development consisted but in "fitting self to its
sphere"? We need not be afraid of monopolies—
one great enterprise breeds another. We need to
fear a control that is outside and superimposed, for
this is the death of activity and the stunting of life.
We need not fear "consolidations" when they are
necessary to enlargement to meet actual demands.
We need only to fear combinations of natural integers for a purpose outside of legitimate normal
production.
If now we return to the intensifying of healthy
integers, if we gauge increase by need, if we relate
the factory to domestic and foreign trade along normal lines, if we keep our farms intact and independent while we give such aid as marketing agencies may afford, we shall follow the natural law and
forget the glittering delusion of artificial combination and a close unnatural co-ordination with Government that shall control without participation and
profit. And that enterprise which cultivates selfdependence, and grows strong by concentrated endeavor, must therefore succeed and reap the rewards
of the new opportunity. •
The Equilibrium of Supply and Demand.
"When an inflated stock market breaks, it does
not necessarily carry general business down with
it, but when general business declines it invariably
deflates the artificial values of the stock market.
That is what happened. It was only the temporary
diversion of business men's attention that prevented
them from seeing what was happening," so speaks
Henry Ford, in a "statement" given out at Washington, Nov. 21. Then, business, at the time of the
[vol.. 129.
beginning of the "debacle" was not "fundamentally
sound" in the sense that it was normal, but was in a
decline that "invariably deflates the artificial values
of the stock market." "Another reason is that American production had come to equal and to surpass
not our people's power to consume but their power
to purchase. This is not the same thing as overproduction of goods; it is under-supply of purchasing power."
Then, did not the money of the dabblers that went
into the purchase of stocks decrease the "purchasing
power" of the people, showing the law of action and
reaction to be at work all the time the boom was on?
Further, Mr. Ford says: "I therefore suggest the
need of increasing the purchasing power of our principal customers—the American people. ... This
may be done in two ways: First, by putting additional value into goods or reducing prices to the
level of actual values, and, second, starting a movement to increase the general wage level. Nearly
everything in this country is too high-priced. The
only thing that should be high-priced in this country
is the man who works. Wages must not come down,
they must not even stay on their present level; they
must go up. ... And even that is not sufficient of
itself—we must see to it that the increased wages
are not taken away from our people by increased
prices that do not represent increased values. The
country gains no benefit by letting the working
man earn an extra hundred dollars and then taking
it away from him again in increased rents and a
rise in prices generally. To make wages better and
keep prices down requires that business men come
back into business—as many are doing since the
stocks came down."
Keep wages up and prices down seems at first
glance a very simple and easy formula, but it is
rather difficult to understand. Are not wages an
inescapable part of price? We have been told countless times that by the "saving of waste," reduction
in "overhead" by "standardization" and "combination," and the use of "machinery," it is possible to
keep wages up and at the same time put prices down.
This has been preached to us for the last ten years.
And yet, according to Mr. Ford's own statement,
there has been recently a "general business decline."
How can these opposing elements be reconciled save
by the admission that there has been a consequent
increase in unemployment? And is it not pertinent
to ask, what benefit is it to the country at large to
"let the working man earn an extra hundred dollars
if another man is to be thrown out of work thereby?
Are the wages that even now are being paid in the
building trades a part of the actual cost that establishes the scale of rents? And are not these wages
"inflated"; are they not, in many instances, war
wages?. These formulas dashed off in the excitement
of a "conference" are not quite what they seem.
One industry does not constitute "general business."
Wage earners are not the only earners. Does not
the salaried man provide part of the "purchasing
power" of the people? And does not the machine
increase the product? Can we have, over a long
period, mass-production by the machine without
lowering the volume of wages, which is held out as
the chief element in the general purchasing power
of the people? Are not profits also a part of the
general purchasing power? Can prices, actual value
prices, be lowered, without lowering profits in proportionate part?—especially if wages are kept at
Nov. 30 1929.]
FINANCIAL CHRONICLE
3377
they are needs,
the same level? Mr. Ford, for himself, announces create a desire for luxuries before
extended period, new
an increase in wages. He has lately lowered price. can neither furnish over an
But can other kinds of general business therefore employment or fixed price.
We have, in fact, reached the end of artificial
do the same? And what of the saving power of the
To employ them now to
people? It may be possible to increase purchasing stimulants to business.
oduction of semi-luxover-pr
to
reaction
power without inducing people to purchase. There overcome a
and to make certain
disorder
increase
to
but
is
is likely to be rigid saving in legitimate things to uries
can never take the
Luxuries
depression.
further
a
make up for losses in the illegitimate—the stock
have, as generally
we
If
needs.
of
place
permanent
market, for instance!
to keep up the
try
to
fast,
too
living
been
believed,
the
of
Mr. Ford thinks that the purchasing power
Improvements, by
people is below their "needs." But that is a broad pace is artificial and dangerous.
before they are actually
question in economics. If we are to increase wages, reason of borrowed capital,
artificial, is inflation. To
that purchasing power be increased, to supply all or imminently needed, is
announce forced extenthat the people think they need, and are told by talk of "fundamentals," and
or co-ordinate,
combine,
To
enthusiasts that they should have, we soon pass from sions, is mere boasting.
before the
price,
lower
or
wages
needs to wants. To guage wages by this scale is to merely to raise
that
bubble
a
blow
to
is
effect,
enter on a perpetual rise. It is true that demand natural forces take
refew,
a
of
wages
raise
To
burst.
induces supply. The secret of all advertising lies must sometime
prices,
lower
to
profits;
of
gauge
the
of
just here. But there is a definite limit to supply— gardless
to
if we are to consider the resources and energies of regardless of costs which are a part of price, is
that
demand
and
supply
of
laws
natural
the
the people. By no possible rational reasoning can deny
influence
we expect to have everything we want. The very govern both. Better, now that a feverish
resume
business
let
to
course,
its
run
has
trade
on
foodstuffs that sustain life are limited to the posof the
equilibrium
the
Better,
course.
its
natural
of
sible productivity of the acres and to the number
stimacres. We cannot raise wages indefinitely. Nor normal, than the forced draft of an artificial
can we turn luxuries into necessities without limit. ulus and an exploited public.
Consequently there is a definite point where the
The Tariff Fiasco.
equilibrium of supply and demand is established.
To go beyond this in the interest of over-production
Failure of the special session of Congress to enact
or under-consumption is to create disorder and arti- a tariff law has not as many complications as a
ficiality. And there is danger on either side.
Chinese puzzle, but it has enough to awaken a mild
Over-production clogs the market, fills the shelves scorn and amusement on the part of the people at
with unsold and unsalable goods, impoverishes the large. When politics sets out to do the impossible,
earning power of capital, brings on unemployment. it usually comes to grief. The impossibility involved
Under-consumption destroys initiative, retards in this last tariff act lies in the attempt thereby to
enterprise, and alike contributes to idle capital and equalize agriculture and manufacture. On its face
idle men. But—production comes first, is normal this is an absurdity. But having appealed to the
when it supplies normal needs, and is regulated by farmer as his friend, the tariff became the means
the application of energies to resources. On this score whereby to offer him relief. The two parties in the
"business" must have steady growth and advance. election vied with each other in promises. The
Under-consumption will not occur when normal pro- party in power leaped at once to its task. A special
duction proceeds under its own law. Nor can con- session was said to be an implied contract; the Presisumption be forced beyond the point where legiti- dent was urged to issue the call. He did, and the
mate human needs create a normal demand. Needs, result of the session is as complete a fiasco as has
however, increase with the development of culture been seen in many a year.
and civilization. To beseech or compel a man to buy
Strange to say, the farmer has been crucified in
the
time
is
to
at
destroy the the house of his friends. For all parties and pseudo
what he does not need
equilibrium of supply and demand. And it follows parties were ready and anxious to help him. The
that to give a man a hundred dollars more in wages "regulars" were sure that an old-fashioned high
merely to increase his purchasing power for the tariff bill was the only perfect way. The "irreguthings he does not need is to do him no good in the lars" were certain that extra levies on agricultural
end and to destroy the normalcy of business.
products alone was the direct and infallible way.
If we can truthfully say we have been living in a While the party out of power, and playing for postate of over-optimism with reference to the pros- litical points, was willing to compromise by joining
perity of business, it will do us no good arbitrarily the "irregulars" if by that means it could defeat
to raise wages in order to continue or to re-establish the regulars and at the same time aid the suffering
that condition. It is but throwing a monkey-wrench farmer, inadvertently, or otherwise, the President
into the machinery. Price is controlled by supply suggested that the revision should be limited to
and demand based upon need. To raise wages and rates on farm products save where manufactured
lower price at the same time is abnormal. To raise products, due to changed conditions, required readwages merely to increase purchasing power is to justment.
stuff the goose that lays the golden egg and then kill
The game opened with the "regulars" having the
the goose. The machine by which we seemingly raise first innings. A bill was introduced in the House,
wages and lower price at the same time has come on straight high protection lines, and subsequently
to stay. It displaces the man. It enables the em- passed. As is usual in all such cases, there were
ployer to raise wages for a smaller number of men, produced before the Ways and Means Committee,
and thus lowers the consumption of some though it reporting the bill, many "changed conditions."
increases that of others. We are in error to believe Eager protectionists in the manufacturing industhat the man out of work can consume or that the tries were on hand in force. A high-protectionist
machine can eat or wear clothes. Likewise, to legislator, believing loyally in his cure-all, falls not
3378
FINANCIAL CHRONICLE
[VOL. 129.
to find "changed conditions" in every woodpile in fastened the attention of the members, the galleries,
the country, and especially in "the East," and rises and the press, upon the processes and methods by
heroically to his duty. When the bill finally was which Tariff bills and Peace Conferences are
passed by the House,it was boldly asserted, and not brought into being and allowed to function. Thus
very successfully denied, that the increased costs, time passed, and when the actual schedules of the
by reason of higher duties and prices on the things bill were taken up, the "coalition," proud of its
that the farmer must buy,amounted to far more than power, and emboldened by its success, sought to
the increased returns to him by reason of the higher debate every rate as it came up in the bill. Occalevies on the things which he has to sell.
sionally there were flashes of fire, but for the most
Since he buys in a home market and sells his part, even the galleries grew tired, and the country
surplus in a world market, it is difficult to recon- gave little heed. And, at length, wearied with its
cile the contradiction in this statement, but it was own impotence, united in but one thought and dethe most prominent allegation against the bill as sire, that all were striving to help the farmer and
passed at the time it was reported to the Senate. equalize two divisions of industry, inherently and
Now the Finance Committee of the Senate, having economically forever unequal, the Special Session
the last whack at every tariff bill ever enacted, con- wound to its inglorious end.
scious of its high intent, proceeded at length to revise
The sharp edge of this Congressional farce has
the rates, and practically reported a new bill. Much been blunted by the sudden collapse of a "long bull
time was consumed in discussing the principles and market" which certain university experts and talkmethods involved in the Senate bill, and straightway ing financiers said could never, never, end. What
trouble began.
is a Tariff bill to an empty pocket? What is a party
There was debate over what is known as the flex- in power to a ticker that runs an hour and forty
ible tariff provisions, allowing the President, in a minutes behind? What is six to seven hundred
limited way, to raise or lower rates on the recom- millions of annual tariff-tax revenue to billions of
mendation of a Tariff Commission. Jealous of its paper losses in a day? What are naval experts and
prerogatives, the Senate in general did not approve; tariff lobbyists to a year's business on the Stock Exthe President did, and said so in no uncertain terms; change that reaches 1,000,000,000 shares? The
and on this issue a coalition was formed between the people and the "provinces" have something to think
"irregulars" and the party out of power, seeking a about save political tariff catastrophes! In fact,
way to get into power again, and the provision was the "business" that is "fundamentally sound" did
defeated. The "irregulars," fearful that they could not ask for this political session of Congress and
not confine revision to farm rates alone, advocated this stillborn Tariff bill.
a "debenture" clause on farm products, a provision
There must be something to talk about—and when
offered overwhelmingly voted down once in the not talking "wet" or "dry," talk tariff! It is the
House, and to which it was known the President old, old standby of politics and the politician. It
was violently opposed, and a provision amounting divides into "low" and "high." It placates or offends
to a direct bounty on agricultural exports (from the "East"; and appeals to or stultifies the West.
which the farmer would probably never receive a It is North or South as the two old parties seem to
cent under its terms), and to this effect amended the divide. It is all things to all men—as the predomibill, by the aid and connivance of the coalition. nant issue is plows and threshers or corn and wheat.
Whereupon there was rejoicing in the ranks of the How wonderfully and fearfully it is made! A thou"irregulars" and in the astute and adroit hearts of sand articles of trade, classified and scheduled, each
the members of the party out of power bent on aiding bearing a percentage tariff-tax, known as an import
the farmer and at the same time building a platform duty, the rate determined by the interested parties
for the election of the coming year. There seemed and the local products, or producers, after hearings
to be nothing that might not be attached to a tariff originally before the Ways and Means Committee,
bill, germane or otherwise, when a political con- revised by hearings before the Finance Committee
test is on.
of the Senate. No thought of the amount of the
Certain attending circumstances, in no way revenue to be raised. In this particular instance,
related to an act to help the farmer, guard the wages little effort on the part of the farmer-producers.
of the laboring man, raise revenue, and protect in- Think of equalizing the profits on corn, cotton,
dustry against pauper goods from oversea, impinged wheat, oats, sugar, with the profits on automobiles
upon the fateful passage through the Senate. There and radio sets! This has been occupying the minds
was an investigation going on. Not at all an unusual of statesmen for months, and now goes over into the
thing. A gentleman brought a suit against certain regular session, lifeless, misshapen—to aid the
companies for an alleged balance due him for serv- farmer and protect the manufacturer! Paternalism
ices rendered' as a whilom "observer" at a Peace in government—but void of popular rule.
Conference in a foreign land which failed of its
Better it is to have loved and lost than never to
purposes. The eagle eyes of certain Senators saw have loved at all. The farmer, sitting by his firethis and demanded to know if these companies side, while the winter howls without, can feel the
through this "expert" servitor had actually worked satisfaction of having been promised relief by both
against disarmament in behalf of shipbuilding. parties and by the Coalition, albeit when spring
This investigation, which did nothing to hasten the opens he must plow and sow as of yore—feel that
passage of the Tariff bill, led quickly to another on in class, section, and product, he has become an
"lobbying."
integral part of the legislative endeavor, even though
It was sought to show, by testimony elicited, that in the end he is handed an empty husk, and must still
"industries" inierested in high protection were sell his surplus, when he has any, in foreign lands,
actually paying men to approach members and though his lovers and protectors put an embargo on
attempt to influence them against their wills. These those abroad who would sell to pay for what they
investigations, not finally concluded, took time and buy.
Nov. 30 1929.]
FINANCIAL CHRONICLE
3379
in some instances made some net earnings, but generally
speaking are about breaking even and will require a larger
volume of business before thoroughly satisfactory net earnings can be obtained. It appears, therefore, that the gross
earnings from the carriage of air mail and the gross sales of
manufactured products are the sources from which the industry can expect net earnings. Gross earnings of air mail
contractors will probably aggregate $13,000,000 and the output of airplanes, engines and other aviation products should
amount to approximately $85,000,000, making a total of
$98,000,000 of combined net-earnings-producing gross revenue.
The foregoing situation with respect to earnings cannot
be considered as a pessimistic estimate of the prospects of
each company in the aviation industry. In a consideration
of the industry as a whole, the profits of one company are
offset by the losses of another. The company earning a
profit may be showing an entirely satisfactory return on invested capital during a period when the return for the indusOutlook for Aviation.
try as a whole is unsatisfactory. In addition, it should be
[By Harvey L. Williams, President Air Investors, Incorporated]
borne in mind that at least 75% of the industry's activities
The outlookslfor a diversified list of aviation securities, are concentrated in the hands of about a dozen companies.
including investments in proper proportions in all of the sub- Therefore, it can be realized readily that the prospects of
stantial companies, is equivalent to the outlook of the indus- individual companies may be entirely satisfactory even at
try itself. The prospects of the industry as a whole do not the present time.
necessarily reflect the possibilities of an individual company.
The severe decline in aviation security prices started with
Thirty-three aviation companies whose stocks are listed on the ebbing of the promotional tide as individual investors
the New York Stock or Curb Exchanges were valued at became more interested in earnings or the time required to
$1,160,000,000 at the highest prices for their securities develop earnings. During the latter part of the summer
reached in 1929. Based on closing market prices on Sept. there were a series of accidents, all but one of which occurred
30, the value of these companies was $727,000,000, or 62% in other operations than scheduled air transport. These
of their high. Based on Nov. 13 low prices (the lowest point accidents received a considerable amount of publicity, which
reached during the stock market break), these companies did not differentiate between stunt flying or other unusual
were valued at $284,400,000, or 24.5% of their high. If activities and the proper usual use of airplanes in commercial
there were added to the above mentioned 33 companies sev- or private service. With the coming of autumn, reports of
eral hundred less important ones, whose stocks are not listed, curtailed production came to light, which to some extent is
there is no doubt but that the decline of aviation stocks in a seasonal development which can be expected. At the same
per cent of high prices would be much greater.
time rumors of overproduction were heard.and estimates of
The causes of this drastic decline in aviation security the number of airplanes to be produced in 1929 were approxvalues are already fairly clear. Aviation stocks constitute imately halved from those made optimistically in the early
one of the least seasoned groups of securities. During the months of the year. The reduction in output and such overpromotional activities of the early spring and summer the production as exists have largely occurred in the smaller
public were offered $248,200,000 of aviation stocks, in 82 sizes of airplanes. Simultaneously, it became well known
A very large proportion of through the press that the U.S. Post Office Department was
companies, at offering prices.
this financing was done on a basis of scenery and prospects, contemplating a reduction in the rates paid to the air mail
with little thought of earnings or the time necessary to de- contractors. All these conditions were known and had revelop a satisfactory return on the capital involved. The sulted in a considerable reduction in the value of aviation
companies making the foregoing offerings had outstanding, stocks before the general decline in the stock market got
on the basis of latest reports available, shares which would well under way. The ensuing stock market crash has carried
have a total value of $392,301,000 if taken at offering prices. aviation securities to a point where some are selling well beIn other words, 63% of the capital stock of these companies low asset value and at attractive prices for the long pull.
was offered to the public. Of the public offerings, 43%
There can be no doubt that the industry is in a period of
comprised the stocks of the Aviation Corporation, United substantial readjustment, which will result in the elimina• Aircraft & Transport Corp. and the now component com- tion of many small, weakly financed companies that conpanies of the Curtiss-Wright Corp.
tribute little to general advancement. Were it not for the
What are the earning prospects of this new industry with fact that many such companies were able to raise more money,
respect to the valuation which the public places upon it? due to public enthusiasm last spring, than their business reGross sales or earnings may be classified into those which will quires or justifies,failures would be more numerous and would
produce net income and those which will not. The trans- come with greater rapidity. The elimination of many of
port of passengers, considering the industry as a whole, is these units will leave the industry in a more healthy connot producing net earnings. The operations of airports dition.
There is no doubt that technical ability and management
have been profitable during the summer months, but it seems
improbable that more than very few of these operations will are of first importance in any aviation activity. Such abilshow real net earnings for 1929, if proper depreciation on ity is at a great disadvantage without adequate financial
buildings and equipment is taken into consideration. A resources, but it is almost certain that a company without
number of schools have reported substantial profits, but it such ability has little chance to survive successfully. The
is questionable whether or not the operation of schools, con- outlook for the strongly-managed, well-financed aviation
sidering the industry as a whole, is profitable if equipment companies, allowing sufficient time for a reasonable period
is written off at a sufficiently rapid rate to cover the severe of readjustment within the industry, seems optimistic.
usage to which it is put. The carriage of air mail is a profit- Scheduled air transport has barely scratched the surface of
ble operation. Some lines operating with low contract rates possible patronage. Increases largely depend on educating
or on day schedules, pending the installation of beacons and the public to the safety, comforts and advantages of this
intermediate landing fields for night flying, and with low means of travel. With respect to safety, it is of interest
traffic density, have operated at a loss. On the other hand, that only 8% of the total number of all minor and major
the routes which were first established and which carry accidents occurring in 1928 occurred on scheduled air transport operations. This record was made without assistance
higher contract rates have made very substantial returns.
The manufacture of airplanes and engines has also been of radio, without the use of the blind flying equipment so
conducted on a profitable basis, although the real margin of successfully tested by the Guggenheim Fund within the last
profit for the industry as a whole is obscured by lack of in- few weeks, and without such devices as the mechanical
formation concerning the amounts which should be written gyroscopic pilot recently tested successfully by the Sperry
off to cover engineering and development expense. Certain Gyroscope Co. and the U. S. Army Air Corps. Increased
of the larger companies write off such charges currently as passenger volume will come with more comfotrable seating
they are incurred, but there is no doubt that smaller com- equipment, cabin ventilation, reduction of noise and the inpanies with poor earnings have been( unable to follow this stallation of radio, so that the passenger may know that the
practice. The airport service and supply companies have pilot is continually in touch with the ground. A further
Peace, by "preparedness" against the possibility
of war by those who have solemnly renounced war
or by pacts which outlaw resort to arms to settle
differences—while trade embargoes throttle exchange, starve peoples on the one hand and unduly
profit others, create the slow antagonisms of commercial sins that sometimes "set the world on fire"—
and all because politics once more promised that
which no legislation can perform. To the layman
looking on, to the citizen, proud of his country and
loyal to its laws, to the business man "carrying on"
as best he may, this spectacle is baffling, amazing,
dispiriting.
3380
FINANCIAL CHRONICLE
impetus would be added if passengers could communicate
with the ground while in flight. Progress along these lines
must be sold to the public through such an organization as
the American Air Transport Association undertaking advertising and publicity as a matter of public education for all
operators.
With respect to the sale of small airplanes, much the same
requirements must be met as with the development of passenger transport. The ease, safety and advantages of private flying must be impressed upon the public so that more
people and companies financially able to own and operate
their own ships will have the desire to do so. To take full
advantage of the demand which may be created by such
education, it is probable that the manufacturers will develop
ships which can be flown with greater ease and comfort by
the inexperienced pilot after less extensive training than is
necessary to-day.
The aviation industry has a record of exceedingly rapid
growth during the last few years, and good prospects of continuing such growth. The mileage of airways over which
scheduled operations are being maintained increased 80%
in 1928 and will probably increase 90% in 1929. There were
about six times as many passengers carried in 1928 as in
1927, and in 1929 the growth will be comparatively great.
The poundage of airmail carried has doubled each year for
the last two years. Applications for student pilots' licenses
received in 1929 will be approximately twice those received
[VoL. 129.
in 1928. The production of airplanes of all classes for 1929
will show a 35 to 40% increase over the production for 1928.
The carriage of passengers essentially requires increased
volume to be generally developed on to a profitable basis.
Rates for the carriage of air mail, even after revision downward, will probably be established on all major lines at a
level which will show a fair return with the rapidly increasing volume. The manufacturers of engines should be benefited by the elimination of war surplus, particularly in the
smaller sizes, which has been overhanging the market until
very recently, but which now seems to be practically eliminated either by use or obsolescence. Engine manufacturers
should also benefit by a certain amount of replacement business and the trend toward multimotored equipment. In
the airplane field, manufacturers of smaller equipment may
have some hard sledding until present inventories are distributed or scrapped. Government orders for equipment
will be very helpful in maintaining satisfactory net earnings
for certain units during the present period of readjustment.
Generally speaking, the industry seems to be more strongly
financed and able to afford more capable management and
engineering than has been the case at similar stages in the
development of other new industries. There is no doubt
that the Government will continue to asssit the development
of this new form of transport by establishing and equipping
of more airways, and by other constructive means. All of
these factors justify an optimistic outlook.
Trust Accord of Bank for International, Settlements Gives World Bank Plan of
Bond Marketing—Young Plan Is Specified as"Mobilization" Guide to Reparations in Draft of Reynolds Committee.
In giving the text of the trust agreement of the Bank for
International Settlements, the New York "Herald Tribune,"
In a cablegram from Paris, Nov. 26 (copyright), says:
Important specific. provisions relative to the issuance and marketing of
the reparation bonds provided for in the Young plan are among the
contents of the draft trust agreement which the Reynolds Committee drew
up and signed in the course of its six weeks' conference recently at BadenBaden.
The final and complete text of this trust agreement, whiah describes all
the activities of the Bank for International Settlements, in its capacity
to receive and disburse the German reparation annuities, as agent for
the creditor governments, has been obtained for publication for the
first time. The document is subject to approval by the principal governments to be represented in the second Hague conference, scheduled for
January.
Agreement Withheld.
The international bank organization committee, headed by Jackson E.
Reynolds, President of the First National Bank of New York, drew up
and signed three documents—the institution's charter, its statutes and the
special trust agreement. At the close of its sittings the group issued for
publication the text of the charter and statutes, but withheld the trust
agreement on the ground that the governments concerned had not yet
had opportunity to study the document.
This failure to publish the agreement led to reports that it contained
some unexpected provisions. It was known that some of the sharpest
clashes of opinion in the bank organization committee's sessions came
during the discussions of certain passages of this special trust accord.
Study of the full text shows that, in general, the Reynolds experts
followed the suggestions made by the Young committee. The provisions,
however, are more detailed and much more technical in form. The printed
text in English fills 14 pages.
The sections of the agreement relating to the issuance and marketing of
reparation bonds are of especial interest to America at this time, because
of the recent strengthening of the New York bond market, with its promise
that that market will be able to absorb bigger blocks of reparation bonds
than appeared likely at the time when the Young committee completed its
work last June.
Bond Issuance and Marketing.
The principal provisions relative to the issuance and marketing of bonds
are contained in Article XII. One of the essential provisions of the Young
plan, it should be recalled, is that the German annuities should be divided
into two categories, one to be paid by Germany under all conditions and
the other subject to postponement under certain circumstancce. Only the
non-postponable category, it is evident, is to any considerable degree suitable
for mobilization.
It is provided in Article XII of the trust agreement that the bank, as
trustee, will be guided in matters relative to mobilization of annuities "by
the provisions of the (Young) plan which govern mobilization." The
draft then goes on to list nine specific provisions to guide the trustee In
mobilization activities.
The bank, as trustee, will inform the creditor governments when it seems
"practically possible" to proceed with the issue of bonds.
Upon the request of the creditor governments, or any one of them, for the
creation of bonds, the trustee shall, if it sees tit, "give to all the creditor
governments having a share in the non-postponable annuities opportunity to
ask for the creation of such bonds for their part severally."
Reparation Bond Blocks.
The marketing of blocks of reparation bonds in America will be governed
by the following clause:
"If one or more of the governments concerned propose an international
issue on other markets than their own respective market the trustee, if it
considers after examination that market conditions justify such operation,
shall take measures to proceed with the issue of these bonds and to determine, after making sure that the central banks concerned have no objection,
the markets on which such offers may be made."
Another clause of this article having specific interest for America reads:
"The trustee declares its willingness to act as trustee or representative
of the bondholders or as agent for all issues of bonds made in pursuance of
the provisions of the plan relative to mobilization to the extent provided in
the loan contract to be concluded between the trustee and the governments
concerned on the occasion of the issue of such obligations."
Other articles of the draft agreement provide for the procedure in case of
postponement or part of the annuity payments by Germany, and still others
provide for the bookkeeping arrangements of the bank as trustee.
Text of Agreement.
The full text of the trust agreement drawn up by the international bank
organization committee at Baden-Baden follows:
FORM OF TRUST AGREEMENT.
Entered in this
day of
1930, between the governments
of
, hereinafter called the creditor governments, of the first
part, andthe secondtheank for International Settlements, hereinafter called the
trustee,
IVitnesseth:
1Vhereas, The creditor gOvernments, in connection with the carrying out
p
otrottohco
e lexperts'
of
plan of June 7 1929, in the form approved by the final
, hereinafter called the plan, desire jointly to
appoint the Bank for International Settlements their joint sole trustee to
receive, manage and distribute the annuities payable by Germany and to
perform other functions with respect thereto, all as provided by the plan,
and within the limits of the statutes of the bank; and
Whereas, The Bank for International Settlements has taken note of the
provisions of the plan and is prepared to accept the appointment as such
trustee:
Therefore, it it Agreed between the parties hereto that the description,
conditions and limitations of the functions of trustee with respect thereto
and of the relations, obligations and rights of the parties are those set
forth as follows:
ARTICLE I.
The creditor governments jointly appoint the Bank for International
Settlements their joint sole trustee for the purposes hereinafter defined.
e
The
appointment and agrees to carry out the trust on the
stated
s the
herein
ARTICLE II.
The trustee is empowered and agrees:
A. To receive any balances transferred by the Agent General for Reparation Payments on the winding up of his accounts, subject to the rights of
the different creditor governments in the distribution of such balances
and bo any claims and comments thereon which may be outstanding at the
time of their transfer, all of which, as shown by the records of the Agent
General, will be reported to the trustee when the transfer is made.
B. To hold hi safekeeping as trustee until the same shall be duly diecharged the certificate of indebtedness with coupons attached issued and
delivered by the German Government pursuant to the terms of the plan,
the receipt of which the trustee acknowledges and a copy of which is
attached hereto as Exhibit A.
C. To hold in safekeeping as trustee until the same shall be duly di..
charged the certificate issued and delivered by the German Railway Co. in
acknowledgment of its liability pursuant to the terms of the plan, the
receipt as
of Ewhicihhit
ah
acknowledges and a copy of which is attached
hereto
theB.
D. Commencing on
1930, to receive in trust each month from
the German Reich for the account of the creditor governments signatory
hereto and for the account of the trustees of the German external loan of
1924 all payments hereafter to be made by Germany under the plan
and
the above mentioned certificate of indebtedness, representing
the service
of said loan or the payment of sums attributable to the creditor governments
on account of the non-postponable annuities and the postponable
annuities
as defined and specified in the plan.
A certified schedule stating the monthly and annual share during
the
whole period of the annuities of each creditor government signatory hereto
Nov. 30 1929.]
FINANCIAL CHRONICLE
3381
the German annuities shall, unless otherwise settled, be
in the non-postponable and postponable portions and in the total of the management of
credited or charged quarterly by the trustee to the accounts of the governGerman annuity is attached as Exhibit C.
ments concerned in proportion to theft,' respective shares in the principal
ARTICLE III.
moneys involved, subject to the provisions of Article IV.
is
annuity
Except during a period when transfer of the postponable
ARTICLE VII.
only
accept
will
trustee
the
below,
XI
suspended, as provided for in Article
authorized and agrees, in connection with the delivery in
is
The
trustee
installments
monthly
the
of
payment
in
reichsmarks
other
than
currencies
recovery act and other similar systems, to pay in reichsof the annuities payable by Germany, subject always to the proviso that kind, reparation
the monthly reichsthark balances available to the
the trustee may accept reichsmarks in each month of a given annuity year marks up to the amount of
governments on checks, drafts or orders duly executed
for an amount equal to one-twelfth of the total of any current annual respective creditor
representative of any such creditor government. The
program for payments under delivery in kind and the reparation recovery by the authorized
respectively agree to keep the trustee advised of the
governments
creditor
international
other
any
in
or
plan,
the
in
act as such program is set forth
of such representatives and to supply it with their
agreement concluded between the parties concerned and notified to the 'identity and authority
specimen cignatures.
trustee.
ARTICLE VIII.
In arranging for the receipt of currencies other than reichsmarks, the
referred to in
Payment by the trustee in compliance with the documents
trustee, after having been notified of the requirements of the creditor
discharge to the trustee for the
governments, will inform -the German Government and at the same time the preceding article shall constitute full
currencies other than reichsmarks
the Reichsbank, at least one month in advance of the due dates for payment, reichsmark payments made. Payments in
upon the order of
of its preferences relative to the currencies which it desires to have paid made or transferred out of the annuity trust account
contained in Article IV
into its account. If these preferences are not complied with the trustee is creditor governments or effected under authorizations
for the payments made.
authorized to accept payment for Germany entirely in the currencies of the above shall constitute full discharge to the trustee
annuity year, when
In addition, as soon as possible after the close of each
creditor countries whose nationals were members of the committee of experts
received the annual account
and as nearly as may be in proportion to the respective shares of these the respective creditor governments shall have
XVII hereof, a competent
countries, it being understood that payments in currencies other than and auditor's report referred to in Article
the trustee final global
reacissmarks which are not bawd upon the gold or gold exchange standard authority of each creditor government shall give
during the annuity
quittance and release for the actual payments made
will only be made with the consent of the trustee.
governments concerned
The trustee will give receipts to the German Government for all sums year in question to or upon the order of the creditor
which it pays or causes to be paid both on account of the postponable and as disclosed by the said accounts.
ARTICLE IX.
on account of the non-postponable annuity. This receipt will show the
and the creditor govcurrencies received as well as the equivalent value in reichsmarks with
The trustee agrees to keep the German government
annuity trust
which the German Government will be credited.
informed of the average deposit remaining in the
ernments
such manner
At the end of each annuity year, when the trustee has received from the
and to calculate this average at such intervals and in
account
and the creditor
German Government the sums due that year in accordance with the plan,
as may be agreed upon between the German Government
the
of
the
coupon
Government
to
German
the
the trustee shall surrender
agrees to receive
governments and notified to •the trustee. The trustee
certificate of the German Government which corresponds to the payments
the special deposit
from the German Government and hold and administer
of the year in question.
calculated.
referred to in the plan, amounting to 50% of the average so
deposit.
In consequence of the undertaking given by the German Government The
shall not be bound to ply any interest on this special
trustee
for the purposes of the present provisions as well as for the general purposes
ARTICLE X.
of the plan, that the reichsmark shall have and shall retain its convertibility
of the plan
The trustee declares that it has taken note of the provisions
in gold or foreign exchange as provided in Section 31 of the present
for International SettleReichsbank law, and that for these purposes the reichsmark shall have with respect to the functions assigned to the Bank
Government requirand shall retain a mint parity of 1/2790th kilogram of fine gold as defined ments in eonnection with the declaration of the German
trustee agrees
ing the convening of a special advisory committee, and the
by the German coinage law of Aug. 30 1924.
trustee shall carry out the
Sums paid In currencies other than reichsmarks into the annuity trust and the creditor governments confirm that the
manner described in
account shall be calculated in reichsenarks at the average of the middle functions assigned it in that respect and in the
rates prevailing on the Berlin Bourse during the period of 15 days preced- the plan.
ARTICLE XI.
ing the date of payment.
conformity
Sums in reichtnarks paid by the German Ry. Co. to the account of the
Immediately upon receiving from the German Government, in
or part
the
of
cerabove mentioned
trustee at the Iteichsb-ank under the terms
with the plan, notification of suspension of transfer of the whole
tificate of liability delivered by that company for the amount of of the postponable annuity the trustee shall inform the creditor governof each month shall until the due ments accordingly.
55,000,000 reichsmarks on the
trustee:
discharge of the certificate be placed each month at the disposal of the
(a) As soon as this suspension becomes effective the
for assuring
German Government by the trustee as soon as an equivalent payment in
1. Shall continue to transfer each month the sums necessary
paragraph A,
with
currencies other than reichsmarks to be made by the German Government the service of the external loan of 1924 in accordance
has been received by the trustee or as soon as the trustee has received Article IV of this contract;
accordance with
reichsmarks, if reichsmarks have been requested by it.
2. Shall continue to credit or transfer each month in
the sums paid
ARTICLE IV.
the provisions of paragraph C, Article IV, of this contract
annuity;
All sums transferred from the account of the Agent General or paid on by the German Government in respect to the non-postponable
debit of the
the
to
3. Shall effect the payment provided in the plan
account of the German annuities shall be received into the annuity trust
contract;
this
account. All sums paid by Germany on account of annuities shall be guarantee fund mentioned in Article XIII of
the creditor gov4. Shall put the amount so debited at the disposal of
managed by the trustee and shall be employed and distributed as follows:
indicate to it.
(a) In the first place, the sums required monthly for service of the ernments on -terms which the latter will jointly
shall credit the sums
(b) If the suspension is only partial the trustee
German external loan of 1924 shall be transferred to the account or order
over and above the amount
of the trustees of said loan in conformity with the terms of the general received in currencies other than reichsmarks
creditor governments
bond securing it, on the understanding that this appropriation shall have of the non -postponable annuity to the accounts of the
to it.
priority over all others. This service constitutes a first charge expressly on terms which the latter shall jointly indicate
of transfer the
(c) During the course of partial or total suspension
provided for as such on the German annuities, whether non-postponable or
reichsmarks in respect to
trustee may accept from Germany payments in
postponable.
the plan may be paid in that
(b) The balance of the monthly German payment remaining after the those portions of the annuity which under
deliver to the German Governto
authorized
the
creditor
between
is
trustee
governments
the
distributed
and
be
shall
currency,
appropriation
above
soon as these funds in reichsIn the manner provided in the following paragraphs, on the understanding ment acknowledgment of such payments. As
the trustee will distribute
that the obligations of the trustee in regard to said sums shall be only marks have been paid to the annuity trust account
form of credits on its books.
those normally incumbent upon a banker for the execution of a trust them among the creditor governments in the
of the plan, and
The trustee takes note of the provisions of Annex 4
agreement, and in no case shall the trustee permit the accounts or credits
with the Reichsundertakes to administer funds in reiolismarks jointly
of any government to be overdrawn.
contract agree
this
of each bank in the manner provided in the plan. The parties to
(c) Each creditor government shall be credited on the
by the trustee shall be made
month with one-twelfth of its share of the non-postponable annuity in that all investments of such founds effected
as their interests
currencies other than the reichsmark and through its central bank. If one for the individual aceount of creditor governments
of the governments has mobilized part of the non-postponable annuity require, for their advantage and at their risk.
ARTICLE XII.
allotted to it, there shall be retained every month out of the share due to
the trustee shall
that government in virtue of the present paragraph the slims required for
The creditor governments and the trustee agree that
the service of the obligations issued and outstanding in conformity with have exclusive authority to act as agent of the creditor governments having
so far as concerns
the conditions of the contracts made on the occasion of such issues.
a share of the non-pontponable annuity, or any of them,
These sums deducted from the share of each of the governments concerned operations relative to mobilization of the German annuities, and that in
In the issues shall be transferred each month to a trustee account relating the discharge of the functions and in the use of the authority intrusted
to the loan thus issued, and shall remain there until the moment when the to it as agent in this matter the trustee will be guided by the provisions
payments have been made for the interest, service and amortization obliga- of the plan which govern mobilization. In particular, the trustee will abide
tions in accordance with the terms of the respective loan agreements.
by the following provisions:
to proceed
(d) The one-twelfth share due each government for settling the quota of
(a) Whenever it appears to the trustee practically impossible
be
shall
year
placed
on
the
of the nongiven
same
deliveries in kind allotted in the
with the issue of bonds representing capitalization of part
of
form
the
in
reichsmarks.
powers.
These
government
creditor
the
that
date at the disposal of
postponable annuity, the trustee will inform
them, for
sums shall be at the disposal of that government for payments in respect
(b) Upon request of the creditor governments, or any one of
to deliveries In kind or reparations recovery act or similar procedures as the creation of bonds representing capitalization of part of the non-postshall
provided in Article VII of this agreement.
ponable annuity, the trustee, if it considers this measure opportune,
(e) One-twelfth of the sum due each creditor government from each give all the creditor governments having a share of the non-postponable
(c)
and
(d)
paragraphs
been
in
part
have
their
provided
for
annuity after the payments
annuities opportunity to ask for the creation of such bonds
made shall be carried on the books of the trustee to the credit of each severally. It will apply to the German Government in order to obtain the
of the creditor governments within the annuity trust account.
creation of bonds asked for by the governments concerned; the form of
(f) Subject to the foregoing, and in accordance with the provisions of these bonds shall be fixed by the trustee in conformity with the requests
to
transfer at such dates as
the plan, the trustee is authorized and agrees
of the said governments, subject to the provisions of the plan.
may be indicated any balance standing to the credit of any creditor govern(c) If the governments concerned intend themselves to proceed in their
other
any
to
of
account
the
Bank
account
for
trust
ment in the annuity
own markets with the issue of bonds thus created, the trustee, delivering
International Settlements or to any other bank or banker or otherwise to the bonds to them at the time of issue, shall fix the minimum conditions
dispose of it as the interested creditor government may direct. But in no of issue.
an intercase will the trustee permit the accounts or credits of any creditor govern(d) If one or more of the governments concerned propose
the
ment to be overdrawn.
national issue on other' markets than their own respective markets,
justify
ARTICLE V.
conditions
market
that
trustee, if it considers after examination
The trustee shall not be bound to pay any interest on balances in the such operation, shell take measures to proceed with the issue of these
annuity trust account.
bonds and determine, after snaking sure that the central banks concerned
ARTICLE VI.
have no objection, the markets on which such offers may be made.
(e) If the creditor governments so request, the trustee shall arrange
Any exchange profit or loss arising from transactions carried out by the
agreement with them and with these governtrustee for the account of a creditor government in connection with the with bankers to determine in
3382
FINANCIAL CHRONICLE
ments the detailed conditions on which the bonds shall be issued on the
markets of one or several countries.
(f) In cases where the trustee considers the creation or issue of the
bonds provided in paragraphs B and D of the present Article would be
inopportune, the trustee shall indicate to the governments concerned the
reasons on which its opinion is based.
(g) The trustee shall conform to requests of a creditor government
for the creation of bonds to be issued on its internal market in connection
with conversion operations up to the amount represented by the share of
the said government in the non-postponable annuity. In such case the
trustee shall request the German Government to create the bonds and need
not inform the other governments; it will deliver these bonas to the government concerned and need cot fix the minimum price of issue. Every
government shall be free to offer these obligations on its own market on
whatever conditions it may be able to obtain, it being understood that
these bonds will be quoted only on their market of issue.
(h) The trustee declares its willingness to act as trustee or representative of bondholders or as agent for all issues of bonds made in pursuance
of the provisions of the plan relative to mobilization to the extent provided
In the loan contract to be concluded between the trustee and the governments concerned on the occasion of the issue of such obligations.
(i) The expenses and commissions to be received by the trustee both
for creation of bonds and their issue shall be determined between the trustee
and the governments concerned with regard to the importance of the functions which may be attributed to it on the occasion of each operation.
ARTICLE XIII.
The trustee will credit special trust account deposits which the French
Government has undertaken to make in circumstances contemplated in the
plan up to the amount of 500,000,000 reiahsmarks in currencies other
than reichsmarks based upon the gold or gold exchange standard. The
trustee undertakes to administer these funds in such a way that the sums
deposited shall be available in currencies other than reichsmarks based
upon the gold or gold exchange standard in order to equalize short payments
during a period of transfer postponement. The trustee will pay
interest
to the French Government on the sums deposited in this account at
the
maximum current rate paid for long-term deposits. If it is agreed
that this
deposit shall remain for more than five years, the French Government
shall
be entitled to participate in the profits of the bank in respect to
this deposit
on the terms laid down in Article LIII, paragraphs E and I of the
statutes.
It shall be restored to the French Government in the circumstance
s contemplated in the plan.
ARTICLE XIV.
If the German Government elects to make the long-term deposit
up to
400,000,000 reichsmarks provided in the plan, the trustee agrees
to receive
and administer this deposit and take the consequent measures for
allocation
and utilization of its profits according to the provision of Article
53,
paragraph E, of the statutes.
[VOL. 129.
ARTICLE XV.
In addition to snaking disbursements and keeping accounts in
connection
with deliveries in kind, the reparation recovery act and other
similar
systems as above provided, the trustee declares that it takes note of
the
special arrangement made with respect to deliveries in kind and
the
reparation recovery act procedures notified to it by the creditor governments, and agrees to observe the same as far as lies within the
province
and powers of the bank as set forth in the statutes.
ARTICLE XVI.
The trustee is authorized and agrees, with respect to the
assigned
revenues of the Reich, to exercise the discretions referred to in
Section 3
or Annex 3 of the plan.
ARTICLE XVII.
The trustee shall furnish each creditor government at the close of each
month an account showing all receipts and payments of the trustee
during
that period in respect to the annuity received from Germany. The
trustee
shall also furnish each creditor government as soon as may
be after
March 31 of the year 1931, and every succeeding year, a copy of
the
accounts as approved by the auditors of the Bank for International
Settlements of all its operations in respect to the whole of the German
annuities, including the service of the German external loan of
1924, since
the close of the last preceding yearly account, or in case of the first account
since the commencement of operations of the bank, and of any
report that
may be mad2 by the auditors on such accounts.
The bank also shall furnish to each creditor government a copy
of its
annual general report as soon as published.
ARTICLE XVIII.
From and after the inception of this trust, until it is fulfilled,
the
creditor governments agree:
(a) To defray the administrative cost of the services to
be rendered by
the trustee under this agreement;
(b) To remunerate the trustee in addition on a scale correspondin
g to
ordinary commercial practice to be agreed upon between the
parties to
this agreement.
The payments provided for in this Article shall constitute
a lien as provided in the plan in favor of the trustee on moneys received
by it on
behalf of the creditor governments into the annuity trust
account.
ARTICLE XIX.
The creditor governments and the trustee agree that if any
disputes shall
arise between them or any of them with regard to the
meaning or application of the provisions of this trust agreement, the dispute
shall be referred
for final decision to the Interpretation Tribunal, established
by the London
agreement of Aug. 30 1924, as constituted by final
protocol, unless the
parties to the dispute shall elect to refer the same
to the President of
the Tribunal, or a member thereof, as sole arbiter.
Indications of Business Activity
I
THE STATE OF TRADE—COMMERCIAL EPITOME. trade..
Broad silks sell more readily. On the other hand
Friday Night, Nov. 29 1929.
raw silk was dull and lower. The shoe manufactu
ring inRetail business is helped by the advent of seasonably cold dustry is
on a smaller scale. Leather has declined in a
weather. In fact it is extremely cold at the West just now slower
trade. Yet within a day or two there has been a big
and it was 22 degrees here to-day. Naturally it stimulates business
in hides in Chicago said to be at steady prices after
the sales of winter goods, especially clothing. But taking the
recent decline. In the Pacific Northwest the weather
trade and industry as a whole conditions are more or less is too
dry
Irregular. It would be futile to disguise the fact that busi- trade in and this militates against business. There is less
lumber. One effect of the vast program for devised
ness in the country is not in satisfactory shape. Iron and road
building at Washington is that cement prices have
steel are in the main dull and production has been decreas- advanced.
ing. Early in the week the stock market declined, in spite
Provisions
of low rates of money, though on Wednesday the tone be- corn have have declined slightly, partly because prices for
shown something of a downward tendencry, with a
came firmer. The Exchange was closed to-day and will be larger
movement of the corn crop just ahead encouraged by
to-morrow, and of course was not in session on Thursday, weather in
the main favorable. Rye has advanced 5 cents
Thanksgiving Day. Automobile business is quiet. Iron, or
more, although there has been no export business as yet.
steel, automobile and cognate trades indeed have shown That may
come later. Meanwhile strong interests are bemore pronounced reaction from the high levels of the year lieved to
be holding rye for higher prices later on. Coffee has
than almost anything else. And as the time for taking in- declined here
ventories approaches there is a tendency as usual for trans- disposition and in Brazil and Europe with big stocks and a
apparent in Brazil to sell more freely, in spite of a
actions to slacken. The heartening measures which are new loan
to Brazil for $10,000,000. Perhaps the wisest
being taken at Washington looking to the maintenance of policy for
Brazil is to sell its over-supply and abandon its
buying power in this country and the immunity from new attempt to
nullify the law of supply and demand by artificial
strikes as well as any undue decrease in production are still measures. In
any case prices during the past week have
things to keep in mind. In the steel trade the railroads are declined Wi to
over a cent, Santos coffee showing the most
buying to some extent.
depression. Rubber, whatever may be done to sustain
The export business in wheat has latterly increased and prices, has declined
slightly during the week. Sugar has also
that grain has advanced this week some 4 to 5 cents per declined, although
the Cuban Selling Agency refuses to
bushel. It begins to look more and more as though hard accept many of the current bids. There
are more refusals
winter and durum 'American wheat would have a more than acceptances and this fact gives rise
to a certain dissatisfactory outlet in foreign markets,especially as the outlook satisfaction here. The reports that grinding
would begin in
for the Argentine crop seems to grow less promising owing Cuba within a week
or two seem to have been premature.
to rust damage. Cotton prices have been on the whole well The real date it is believed will be about
Jan. 15. Meantime
sustained. On the other hand wholesale and jobbing busi- this fact stands out clear enough namely, that
there is plenty
ness, it may as well be understood,is keeping within restricted of sugar, coffee and rubber and that artificial
manipulation
compass. Much of the buying is of the so-called hand-to- of prices has thus far been
on the whole unsatisfactory.
mouth sort. Taking industry as a whole it shows less snap
Cotton shows a small net decline for the week, but it has
and life. This applies not merely to steel, iron and auto- acted very well in the teeth heavy liquidatio
of
n of December.
mobiles, but to cotton goods and not a few other lines. December tenders of about 90,000 bales, dullness
of cotton
Wholesale and retail trade and industry is less active than it goods until within a few days, persistent talk of
was a year ago. It is true that worsted and woolens meet and also some decline in stocks at times had curtailment,
more or less
with a better demand owing to the sharp fall in temperatures depressing effect. But now that December
liquidatio
n has
in all parts of the country. In dress goods there is a better ceased the technical position
is better and sales have been
Nov. 30 1929.]
FINANCIAL CHRONICLE
3383
to show an increase, and the
made here of a couple of hundred thousand pieces of print industrial activity continued
es to the consumer was
commoditi
of
on
distributi
of
level
of
cloths in a couple of days, though to be sure at a decline
trade is enlivening a
holiday
hardware
In
d.
maintaine
by
disturbed,
quiet,
been
latterly
Mc. Manchester has
was quiet owing to the
time
some
for
that
business
of
branch
Egyptian
political rumors from India and it is said that
been generally firm.
have
Prices
weather.
spinners have been involved in some financial difficulties abnormally mild
on Thanksgiving
here
snow
of
flurries
brief
were
There
of
side
this
on
lower
in Germany. Wool has been dull and
here. A cold
degrees
40
to
22
was
er
thermomet
The
the water, though the London auction sales have been at Day.
y and sent the temperature
to-da
York
New
struck
wave
down
quieted
naturally
has
trade
firm prices. The building
at 7 a.m. and at 3 p.m. it was 28. For
partly because of wintry wellther. There is less luying as a down to 22 degrees
predicted. The coldest Nov. 29 on
was
rule of building materials. The furniture manufacturing Sat. 16 degrees
a temperature of 7 degrees was
when
in
1872
was
record
active.
less
been
industry, like so many others, has latterly
is due to the high pressure
cold
present
The
.
registered
Tobacco manufacturing at some leading southern points on
to the Weather Bureau. At
according
West,
the
from
brisk.
be
to
the other hand is said
re early to-day was 4 above.
The stock market on the 26 inst. broke 3 to 12 points, Canton, N. Y. the temperatu ed,by a strong wind. Overaccompani
was
General Electric showing the most decline. Further liquida- The cold here
24 to 42 at Boston,6 to 22 at Monttion was the outstanding feature. The output of steel and night temperatures were
ia, 18 to 38 at Portland, Me., zero
Philadelph
at
44
to
26
iron was falling off. Thirty industrial stocks declined on an real,
at Cincinnati, 12 to 24 at Cleve24
to
14
Chicago,
at
20
to
points.
2
stocks
railroad
twenty
and
average over 8 points,
16 to 32 at Louisville, 4 below
is,
Indianapol
at
24
to
6
land,
General
The sales were 2,634,110 shares. Together with
to 32 at Kansas City, 4 below
18
,
Milwaukee
Electric the weakest features were American Can, Anaconda to 16 above at
at St. Louis, 20 below to 4
30
to
8
Paul,
St.
at
above
10
to
Telephone
American Smelting, Allied Chemical, American
56 to 78, Portland, Ore.
Angeles
Los
with
Winnipeg
at
& Telegraph and Westinghouse. There was another reduc- below
Seattle 46 to 50.
and
72
to
50
Francisco
San
46,
to
42
but
5%,
to
4
,
was
43
which
money
tion in rates for fixed date
The Central West on the 28th inst. suffered not merely
on the eve of four holidays for the Exchange no attention
in some sections. Unsettled and
was paid to it. On the 27 inst. stocks after some irregularity cold weather but blizzards
for to-day. Parts of Illinois
forecast
was
weather
colder
and
rallied on covering on the eve of the Thanksgiving holiday
of snow. A blizzard raged
inches
four
to
one
by
covered
an adjournment of the New York Stock Exchange over were
the Dakotas. In Iowa
and
Nebraska
Iowa,
Missouri,
over
shares.
2,432,310
only
Thurs., Fri. and Sat. The sales were
fresh winds intensified
and
s
proportion
gale
reached
wind
the
Washington reported that utility companies will spend
Lakes regions. Duluth was the coldest
Great
the
in
cold
the
the
in
was
tone
The
on.
constructi
in
new
,000,
$1,400,090
temperature of 14 degrees
main cheerful. Call money was 4%%on the Stock Exchange spot in the United States with a
Canada, it was 24 deOnt.,
River,
White
At
and 3% outside, despite the fact that the banks have large below zero.
below.
grees
1.
on
Dec.
settlements to make
New Bedford, Mass. advices say that cotton manufacin United States As Viewed by
turers are much disturbed over the complete lack of buying Trade and Industry
Operating Under Auspices
Industry
in
ans
Statistici
only
Not
interest in the cotton cloth and yarn markets.
Conference Board—Sees
l
Industria
National
of
do they find it extremely difficult to get new business, but
Few Adverse Factors
and
ing
Number of Encourag
deliveries on much of the business already on their books
.
Situation
Business
in
have been suspended or deferred at the request of the buyer,
The November report of the Conference of Statisticians in
and in the chaotic state of credit knowledge since the stock
know
Industry, operating under the auspices of the National Inmarket collapse, the cotton manufacturers do not
York,
whether it is safe or not to go on manufacturing the orders. dustrial Conference Board, 247 Park Avenue, New
factors
adverse
few
a
and
ng
encouragi
of
in
number
and
e
a
shows
Curtailment talk is being heard almost everywher
some mills a large part of the machinery is being stopped in the business situation. While the steps taken under the
as soon as warps are completed. Some call the condition leadership of President Hoover relating to the recent upset
of
temporary, but many believe it will not straighten out until on the security market dominate the public discussion
sigafter January is rather well spent. At Fall River, Mass. the situation at the present, it is stated that it is
or in
trade has been quiet.
nificant that general business activity during October
At Holyoke, Mass. the William Skinner & Co. mills closed previous months contained no element which would have
on Nov. 23 for 10 days, due, it was said, to overproduction. served as a basis of such violent declines in the values of
The mills were closed on several occasions during the earlier stock securities as were recorded at the end of the month.
part of the year for brief periods for the same reason. At
While automobile production declined somewhat further
Manchester, N.H., the demand for Amoskeag print goods during October, and was about 5% less than in the same
has necessitated a night shift in the Jefferson mill. Man- month a year ago, it is pointed out as significant that foreign
chester, N. H., wired that the New Hampshire cotton textile sales for September were larger than in the same month a
business has shown a marked improvement in the past month. year ago, and that new domestic car and truck registrations
Spartanburg, N. C. wired that there was more confidence during the same month were 14% more than-in the correthere and in that section as to the possibility of getting sponding month of 1928. Total new registrations for the
manufacturers of cotton textiles to curtail their output for first nine months of the current year were 4% more than
the rest of this year. Following the meeting of cotton mill for the entire 12 months of the previous year, indicating
men, representing some 70% of the Southern output of that stocks in dealers' hands are being absorbed. It is also
narrow shootings held in that city a few days ago, it was noted that the pro rata restriction plan in operation in the
announced that a curtailment of approximately 25% was California and Oklahoma oil producing fields has been
planned. In spite of the usual skepticism it is insisted that effective in stabilizing the petroleum market, the demand
the manufactuhrs mean what they say. Spartanburg for crude oil at the present time being in excess of the
later wired that most mill executives are beginning a curtail- supply.
ment program of 25 to 30%. Others contemplate reducing
Building construction, as measured by floor space conproduction, but have as yet made no announcement. At tracted for during October shows a 10% increase over SepGreenville, S. C. because of dull trade and to avoid accumu- tember, although only a slight increase in dollar value. The
lation of stocks, the Victoria mill will curtail production report also states that staple cotton fabric stocks since the
drastically, the president of the mills is quoted as saying. first of the year have been reduced by nearly 714%, and
Greensboro wired: "A three-day holiday at Thanksgiving,
raw cotton consumption, exclusive of linters, during October
instead of the customary one, will be given by the Proximity
was the greatest than for any corresponding month since
Manufacturing Co. plants at Proximity, Revolution and
1923. Total shoe production in October showed a
White Oak, the management announced. The longer rest October record for that month for all time.
high
new
period is due to market conditions, states Herman Cone, of
Wholesale commodity prices declined for the eighth conthe concern. Since summer the plants have been operating
week and freight car loading showed a decline of
secutive
on a 50-hour schedule, with full forces in daytime and partial
for the five weeks preceding Nov. 2 as compared
1%
about
forces at night." At Burlington, N. C. rayon production
period last year. Total merchandise exports
same
the
with
r,
England
Mancheste
cables
say that
will be increased.
of gold in October reached the highest figure
exparts
and
trade is slow.
last year. It is further stated that adverA further decline in industrial production took place in since November
daily newspapers filled 6% more
principal
the
in
tising
October accompanied by a decrease in factory employment
than in the same month a
year
this
October
in
according to the review of business conditions by the Federal space
ago.
year
a
year
with
however,
ago,
compared
Reserve Bulletin. As
3384
FINANCIAL CHRONICLE'
The full text of the report of the Conference of Statisticians in Industry follows:
[Vol,. 129.
month. Members of the industry look upon this showing, in the face of
current uncertainty in the general business outlook, as a direct result of
the machine tool exposition which was held in Cleveland in September.
The index of orders has been trending downward since May, but
Summary.
the
Discussion of the business situation to-day is dominated by steps taken down-trend has been gradual, and has received a check as a result of the
by the President of the United States to promote activity and by events greater volume of orders received in October. However, the industry is
In the stock market. A review of conditions in productive enterprise can easily affected adversely by changes in confidence in general business
take notice of these happenings only as they operate to increase or decrease conditions, and therefore orders for new equipment may suffer a falling
industrial and commercial activity. Coming as it did late in October, off during the remainder of the year.
Foreign sales of industrial machinery gained 27% in the first nine
the preliminary stock market collapse could not affect in any appreciable
degree the record for the month as a whole in industry or indeed even months of this year compared with the same period of 1928. With the
in the stock market itself. October records, totals and averages therefore exceptions of certain items in the power-generating group, substantial
reflect, in the main, conditions which preceded the break in the stock gains were made all along the line. For example, well and refinery
machinery gained 74%; metal working machinery, 32%; construction
market.
I'reliminary reports of the production of electric power for October, and conveying machinery, 17%, textile, shoe and sewing machinery, 5%.
Twenty of the 26 reports made to the National Metal Trades Association
while considerably above the figures for October 1928, showed somewhat
less than the normal increases over September. Although suggesting a and confined to the metal trades industries showed a decline in the number
employed
in October as compared with September, and four of the other
continuance of industrial activity at substantially the same rates that
prevailed in September, a slight relative decline is indicated when allowances seven reports, not confined to metal working industries, indicated the
are made for the seasonal expansion which usually takes place at this same. The data from the 26 for October showed a decline of about 2.6%
from September, but an increase of 10.8% over October 1928.
time.
October was an active month for the manufacturers of railway equipment.
Automobiles, Rubber, Petroleum.
Automobile and truck production during October reached a total of Rail and freight car awards were the chief features of the demand, and
the
bulk of the orders was confined to four railway systems. October
394,465, or 5% under October last year and 8% below September this
year. Output in the first 10 months of this year totaled 5,263,789. Dur- rail orders established a new peak, October 1926 being the last record
ing the balance of the year a greater than normal decline in production month. Freight car awards of 17,207 are slightly greater than in
is looked for, but exports and domestic sales are expected to show a January 1927, the largest month in recent years ; in 1906 the monthly
relatively smaller decline, about equal to the corresponding period in 1926. average was 25,859, and in 1905 was 28,442. October domestic and
New car and truck registration during September were 14% larger than foreign shipments of steam and electric locomotives numbered 96, comSeptember last year. The first nine months' registrations of 3,689,506 pared with 75 in September and 36 in October a year ago. Unfilled orders
were 4% greater than the new registrations for the 12 months of 1928. for locomotives at the end of October numbered 423, only six less than
Foreign sales in September were 3.3% larger than a year ago. The first at the end of September, but 253 more than at the end of October a
nine months' sales abroad were 4.3% larger than in the full record year ago. The number of passenger cars ordered during October was 51.
Prior to the stock market decline, observers mentioned a possibility of the
year of 1928.
October consumption of crude rubber in the United States was 0.3% spread of railway equipment buying to many roads as their earnings rose
greater than in September. Total consumption for the first 10 months but subsequent uncertainty on the probable future trend of business and
of this year increased 12.3% over the consumption during the first ten hence traffic has somewhat complicated this prospect of purchases beyond
months of 1928. Total domestic stock of crude rubber on hand and in urgent needs.
The daily average production of refined copper in the two Americas in
transit overland on Oct. 31 was 4.9% greater than on Sept. 30. Crude
rubber afloat for United States ports on Oct. 31 was about 0.7% greater October increased 10.1% over September and 2.4% over October 1928.
than on Sept. 30. Imports of crude rubber into the United States during Daily average shipments, domestic and foreign, were 7.0% and 2.5%
the month of October increased 34.5% over September and 2.8% over greater than in last month and October a year ago, respectively. Stocks
October 1928. For the 10 months ending Oct. 31 total imports of crude increased 6.7% from the end of September to the end of October, and on
rubber were approximately 30.8% greater than in the corresponding period October 31st were 93.7% more than on the corresponding date in 1928.
Zinc production, on a daily average basis, was 7.5% less in October
of last year.
The American Petroleum Institute's estimates of crude oil production than in September, but 1.4% more than in October a year ago.
The daily average production of lead, refined and antimonial, was
for the week ending November 9th showed a decrease of over 185,000
5.8%
barrels daily to 2,631,200 barrels daily production for the week. Most of greater in October than in September, and 12.1% greater than in October
this decrease was due to the 153,000 daily average decrease in California, last year.
Eighty-six manufacturers of electrical goods reported a decrease of only
the remainder being in Oklahoma. The California decrease was made
possible by the agreement of the producing companies in the States on 1.2% in new orders for the third quarter of this year compared with the
pro rating, especially in the Santa Fe and Long Branah fields. Demand second, but an increase of 27.4% in excess of the third quarter a year ago.
The reports of these manufacturers include non-electrical as well as
for crude oil at the present time exceeds the supply because of
the
restriction plan. On Sept. 30 gasoline stocks were the lowest they have electrical items and represented around 60% of the output of the electrical
reached this year, the high point being on March 31. August showed the industry in 1925.
highest single month's consumption of gasoline, not only in this year but
Building Construction, Lumber and Cement.
in the entire 'history of the oil business. For the first nine months of
The September volume of contracts awarded for new building and engithis year gasoline consumption showed an increase of 15.1% over the same neering work amounted to $445,642,300, as reported by the F. W. Dodge
period of 1928.
Corp. Although this dollar-volume represents only a slight increase over
Iron and Steel; Machine Tools and Other Metal Products; Non-ferrous the preceding month, the volume of new floor space contracted for shows
an increase of 10% over the September total. Compared with October
Metals.
1928, the month's total represents a 25% decline in dollar volume and a
The average daily rate of coke pig iron production in October declined 23%
decline in floor area. It should be noted, however, that the October
less than 1% from the revised September figure. Although the smallest
1928 total was unusually large, resulting in a somewhat unfavorable comsince last March, this rate established a new October record. In fact, each
parison. In short, the October record was a continuation of the trend
month since March has been a record month, compared with the same
that has prevailed throughout this year, but with two encouraging features;
month in previous years, while total production for the first 10 months
the first feature was an increase in residential building amounting to 13%
of the year is a new record for that period. Between Oct. 1 and Nov. 1
over September 1929, accompanied by a recovery from the preceding month's
there was a decrease of 2.4% in the estimated rate of operation, while
decline in industrial building. The second feature was the pronounced
there was a loss of only two blast furnaces, indicating a reduction in
Increase in the volume of new work reported as contemplated amounting
operations around the first of this month, according to "Iron Age." The
to 73% over the preceding month and 30% over October of last year.
elements of the present business situation, differing so materially from
This increase was general among all classes of construction in each of the
any similar events in the past, probably would cause a comparison with
eight districts, an encouraging indication for improvement in the future.
any previous year or years to be misleading. However, a comparison over
The most significant development, however, for the construction industry
a long period of time may give some idea of the recent high level of during
the month was the complete reversal of the credit trend which has
production in the iron industry. Since 1900 the consumption of pig iron
prevailed for almost two years. Rising interest rates had been accompanied
has increased more rapidly than population, although our own consumption
with increased financing through stock issues, while the volume of
per capita would appear somewhat less if account could be taken of the
domestic and municipal bonds floated during 1929 dropped to less than
finished form in which pig iron leaves the country. Total production of half
the 1926 total for the corresponding period. With the recession in
pig iron from 1900 to 1928 increased on an average of only 3.6% per stock
prices and with lower interest rates prevailing, a reversal in this trend
annum, while for the first ten months of this year there was an increase of
financing may be expected with its consequent favorable effect upon the
of 16.3% compared with the same period a year ago. Prices in the building
industry. Usually, however, several months elapse following a
early part of the present month were sustained, due in part to a lack turn in the
volume of bond issues before the effect is noted in the contract
of pressure by large buyers.
volume.
A slowing down in the approximate daily production of steel ingots,
The dollar value of contracts awarded in the 37 Eastern States in the
although at times slight, has been in progress since June. In October first 10
months of 1929 compared with the same period of 1928 showed
there was a decline of 7.4% from September and 3.0% from October a the following
changes by classes: Commercial buildings, 6% increase;
year ago. October had the lowest approximate daily production since industrial
buildings, 16% increase; educational buildings, 2% decrease;
January and was the first month this year in which production was other non-residential
buildings, 9% decrease; total non-residential buildlower than in the corresponding month of last year. However, the total ing, 4% increase;
residential building, 30% decrease; total building, 14%
production so far this year, 47,755,054 gross tons, has been exceeded by decrease; public works
and utilities, 3% decrease; total construction, 12%
only two full previous years, 1926 and 1928.
decrease.
Unfilled orders of the United States Steel Corp. declined from the end
Lumber demand in the last quarter of the year has so far not been
of May to the end of August, but September and October both showed so heavy as was expected.
In many districts the tendency of the retail
increases. The ratio of production to rated capacity reached 100% in both lumber dealers is to let the mills carry the stocks and to buy
only for
May and June, the high mark of the year, since which time the downward current requirements. Dealers are going into the winter
with low inventrend has continued with slight interruption, reaching 75% at Pittsburgh tories, but they are said to consider their stocks, which are generally
well
and Chicago in the week of Nov. 9. The financial returns under the assorted, as adequate to the needs of the trade. The hardwood
demand has
lower rates of operation may not hold the same possibilities, but it is been generally healthy, with good furniture and radio cabinet
business,
interesting to note that the profits in the first nine months of this year especially for gumwood. The market for car material and railroad
lumber
for some 13 iron and steel companies were approximately 90% greater is recovering and is expected
to be active before the close of the year.
than in the corresponding months of last year. Demand for steel from
Portland cement production in October was 2.9% less than in September
the automobile manufacturers is probably more uncertain now than prior and 4.6% less than in October a year ago. Shipments in
October showed
to the liquidation of stock market securities. Requirements for railway a decrease of 6.3% from the month earlier and 5.8% from the
correspondequipment were at least partially the sustaining influence in October, but ing month a year ago. Stocks at the end of October were 11.3%
less than
It is probable that the increased demands for railway equipment cane at the end of September, but 5.4% more than at the end of
October a
from a well founded belief in a continuation of high production and
year ago. In the first 10 months of this year compared with the
corredistribution levels.
sponding period of last year, production decreased 2.6%, and shipThe figures for October orders in the machine tool industry show that ments 2.5%.
members of the National Machine Tool Builders' Association enjoyed a
Textiles, Shoes, Hides and Leather.
heavier volume of business in October than in September. Orders booked
The Association of Cotton Textile Merchants of New York, covering
a
aggregate about 35% higher than the volume reported for the previous large part of the production of standard cotton cloths,
reports shipments
Nov. 30 1929.]
FINANCIAL CHRONICLE
3385
York, while showing an increase over
as 78.5% of the Federal Reserve Bank of New
during October equivalent to 93.8% of production and sales
in September a year ago. Wholesale sales in
than
less
was
August,
unfilled
and
month
production. Stocks on hand increased 5.1% during the
of trade, increased 0.9% over August,
year shipments September, covering eight lines
to overorders decreased 9.9%. For the first 10 months of this
increased sales of meats, hardware and furniture being sufficient
year
the
of
first
the
Since
production.
of
and boots and shoes.
were 101.0% and sales 98.5%
come decreased sales of dry goods, men's clothing,
South
the
in
mills
of
group
important
An
7.4%.
stocks have been reduced
ago, wholesale sales were 2.7% greater.
of business Compared with September a year
3.0% over the
has undertaken to curtail production until the future trend
retail trade of 483 department stores in October increased
becomes more clearly defined.
year, although there was considerable variation in the
last
month
same
greater
was
October
in
Consumption of raw cotton, exclusive of linters,
Retail demand in October, insofar as reflected
season, 1929-30, geographical distribution.
than a year ago, 48
than for any corresponding month since 1923. For the new
by the sales of chain stores, was at a higher level
1926-27
once,
only
exceeded
been
has
bales
the consumption of 1,745,000
20.0% over October last year and a gain
over chains reporting an increase of
October
in
consumption
in
increase
The
with the same
season.
compared
1922-23
as
since the
of this year
Cotton on of 23.5% in the first 10 months
September was 17.4%, and over October a year ago 4.0%.
However, no allowance has been made for variation
ago.
year
a
period
than
greater
hand in consuming establishments on Oct. 31 was 55.8%
units. Preliminary reports received by the
compresses in the number of distributing
in October were
on the same date last year, while that in public storage and at
Fairchild Analytical Bureau indicate that retail sales
ago.
year
a
data
g
correspondin
the
on
was 13.5% greater than
a year ago, and, although the recent
month
same
the
above
slightly
the
According to the report of the Silk Association of America, Inc.,
is expected to exert an influence
54,025 decline in the value of stock securities consider that it will be marked.
average imports of raw silk for the first 10 months of this year was
does not
Bureau
the
sales,
holiday
upon
correthe
farm equipment
bales, an increase of 13.9% over the 47,412 bales reported in
Following the customary seasonal movements, sales of
mills,
September a
sponding period of last year. The average takings by American
lower in September than in August. Compared with
were
the
9.8%,
of
increase
an
showed
the increase in
when the same periods are compared,
year ago, there was also a decrease, but less pronounced,
of
quantity
The
1929.
in
52,503
and
1928
the decrease
in
bales
overcome
average being 47,828
domestic sales billed being sufficient to partially
raw silk in storage at the end of October was the largest since February In sales abroad.
increased 21.1% over
1920. The wholesale sales of silk goods (quantity, not value) decreased
The approximate total value of exports in October
during September 6.4% from August, but showed an increase of 13.6% September, but decreased 3.6% from the amount reported in October a
not
(quantity
goods
silk
of
stock
of gold last month
over those in September last year. The
year ago. Total merchandise exports as well as exports
value) at the end of the month increased during September 1.2% over reached the highest figure recorded since November last year. The value
September and 10.3%
August and increased 5.0% over September last year.
of imports last month, increasing about 11.8% over
September is considered the beginning of the spring 1930 season for the over October 1928, was the largest since last May. During the first 10
manufacturers of wool cloth. The Wool Institute reports that October was months of this year the total value of exports was 6.1% greater and
the first month of the present season for volume of production. In imports 8.7% greater than in the same period a year ago.
manufactures
September production was greater than in the same month of last year,
For the nine months ending with September, finished
and present indications are that October will present the same picture. accounted for 52.0% of the total exports, and crude materials, the next
of
volume
special
any
of
the
absence
26.0%
month
this
constituted
of
first
part
the
materials
During
largest item, for 18.5%. In September, crude
cancelled orders indicated that the recent decline in the value of stock of the total, compared with 13.5% in August and 29.0% in September a
the
composed 44.2% in
market securities had until that time no adverse influence upon
year ago. On the other hand, finished manufacturers
a year ago.
production of wool cloth.
comparison with 53.8% in August and 39.9% in September
for
record
new
all-time
a
reached
in
October
The total shoe production
These changes are seasonal and usually expected.
was
rate
the
operating
that
were
accordindications
However,
declined
that month.
For the eighth consecutive week commodity prices have
dropping towards the close of the month. November is expected to thow ing to the wholesale price index of the National Fertilizer Association.
a more than seasonal drop, but the trade anticipates only a necessary For the week ended Nov. 16 the decline was 0.4%, for the eight weeks
readjustment without adverse influence upon next spring's business. The ended Nov. 16, it was 2.8%, and since July 27 it has amounted to 3.8%.
season.
leather market was very quiet, while the hide market, especially in Chicago,
Freight ear loadings are expected to decline during the present
was more active. Hide prices in futures reached new lows on the New York
of less than 1%
For the five weeks preceding Nov. 2 there was a decrease
ComHide Exchange on Nov. 13.
year.
last
of
weeks
under the number reported in the corresponding
Paper.
recession
pared with the same weeks of 1926, the year preceding the business
The News Print Service Bureau reports that the production of news of 1927, a decrease of 3.5% is indicated. From the week of Jan. 5 to
print paper An North America made a new high record of 400,000 tons Nov. 2 of this year, both inclusive, total freight car loadings were 3.8%
in October and that consumption was in corresponding volume. The output greater than in the corresponding period of last year. The most recent
during the first 10 months of 1929 has been 9% more than during the report, for the week of Nov. 9, showed a decrease over the preceding week
same period last year, but the increase has been in Canada and Newfound- as well as the corresponding week of last year.
business
land, with a small decrease in the United States. Stocks at both producing
Based upon the reports of R. G. Dun & Co., the number of
of approxiand consuming points are low in proportion to the total output.
failures in the first 10 months of this year showed a decrease
Advertising in the principal daily newspapers filled 6% more space in mately 5% from a like period a year ago, while the amount of liabilities
October this year than in October 1928, and the 10 months' total is 5% decreased 11%.
ahead of last year. Newspapers in 28 of the 30 largest cities in the
Agriculture.
United States showed a gain in the volume of advertising printed in
raised the prosMore favorable weather for growing conditions again
increase
October over October last year, while only two showed a slight loss.
greater crop yields and on Nov. 1 the outlook was for an
for
pects
earlier. The
Chemicals, Oils, and Drugs.
in all crops of about 1.5% more than expected a month
crops
Business in chemicals, oils, and drugs was a bit slow, but generally latest estimate for the composite yield per acre of 44 principal
year
satisfactory during October. Demand in most lines was beginning to reflect indicates a reduction of 5.8% from the yields of the same crops last
and demand
the customary tendency of industrial consumers to reduce inventories of and 2.6% below the average for the past 10 years. Supply
of
index
the
but
supplies as the year-end approaches. This was matched, in most instances, would indicate higher prices for agricultural products,
was slightly
by a slowing up of production; as producers have come to regard their the general level of farm prices at 140% of the pre-war level
a year ago.
margin of profit more highly than mere volume. Renewal of contracts to lower on Oct. 15 than a month earlier, although still higher than
the price of
cover next year's requirements proceeded at a steady rate during the Since that date there has been a downward movement in
and probably
month. For the most part, contract prices were not changed from pre- corn, wheat, and a number of other agricultural products,
in the prices of
vailing levels. An upward trend has since been noticeable in several in sympathy with the general price trend. The declines
the money
reduced
have
chemicals of large consumption.
farm products during the past three months
too late for a
Coal.
received for these crops by farmers, but it is not believed
by farmers from an advance in prices.
Production of bituminous coal for the month of October was 51,200,000 material benefit to be received
net tons. This amount is almost identical with the production for October
1928. It was over 6,500,000 tons in excess of production for September Federal Reserve Board's Summary of Business Condi1929; however, that difference was largely due to the difference in the
tions in the United States-Decline in Industrial
number of working days. On the basis of average output per working
Production-Activity However as Compared With
day, as computed by the Bureau of Mines, the figures are: for October,
1,896,000 net tons, and for September, 1,832,000 net tons. The Bureau
Last Year at High Level.
of Mines' estimate of stocks of bituminous coal in the hands of retail
Federal Reserve Board reports, in its Monthly
The
been
issued.
On
just
that
date
has
1
Oct.
of
as
dealers and consumers
1
July
they
On
were
tons.
reported
net
issued Nov. 26 that industrial production declined
summary
37,500,000
to
amounted
stocks
at the very low estimate of 33,100,000 net tons. During the third quarter, further in October and there was also a decrease in factory
therefore, 4,400,000 tons were put into stocks out of a total production
employment. "Ato compared with a year ago," says the
of something over 129,000,000 tons. Stocks are still low for the time of
for
the
1
Oct.
years
on
stocks
1926-1928
Board, "industrial activity continued to be at a high level
consumers'
year. The average of
reasonably
may
expect
we
appreciable
Therefore,
tons.
has been 49,000,000
and distribution of commodities to the consumer was susadditions to stocks during the fourth quarter of the year. Production of tained." The Board's summary of business conditions in
bituminous coal for the year to Nov. 1 has been 435,000,000 tons. On
the basis of November and December production for earlier years we the United States, continues:
October
Bank credit outstanding increased rapidly in the latter part of
may expect the year's total to be between 525,000,000 and 630,000,000
and there was a large liquidation of
tons. As the average annual production for the previous four years has when security prices declined abruptly
Novemof
weeks
In the first three
been 527,900,000 tons, the normal yearly production seems to be now at brokers' loans by non-banking lenders.
of
ber further liquidation of brokers' loans was reflected in a reduction
least 525,000,000 tons.
Money rates declined throughout the
The anthracite situation has settled down to one that depends upon the security loans of member banks.
weather, and has not been helped to any extent by the somewhat prolonged period.
Production.
Indian Summer, broken though it has been by a few short bits of more
Production in basic industries, which had declined for several months
seasonal temperatures. Forehanded householders have had most of their
showed a further reduction
winter supplies delivered, but this class of consumer seems to be growing from the high level reached in mid-summer production decreased from
less each year, and the larger number of them appeaer to feel they can In October. The Board's index of industrial
to be compared with 114th
a
•depend upon the admitted improved efficiency of the railroads to get 121 in September to 117 in October, level
decline in production reflected chiefly further
their coal to them when they want it. So hand-to-mouth buying is equally October of last year. The
of steel and automobiles. Daily average output of
in evidence in the heard coal business as it is in groceries. Production decreases in output
flour also declined while production of cotton and wool
and
leather
with
the
shoes,
equilibrium,
that
in
indications
present
at
about
are
and demand
Preliminary reports for the first half of November
the latter will be in excess as soon as freezing temperaturese become the textiles increased.
further reduction in output ofsteel and automobiles, and a decrease
rule and not the exception. Shipments of anthracite in October amounted indicate
textiles.
to 6,477,729 tons, as compared with 5,300,130 tons in September and In cottonoutput of minerals showed little change. Production of coal inTotal
with 0,770,800 tons in October 1928. Total shipments for the year to
of
creased. and copper output was somewhat larger, while daily output
the end of October are about 2,000,000 tons short of last year.
crude petroleum declined slightly for the month of October and was further
Trade, Domestic and Foreign.
curtailed in November.
Volume of construction, as measured by building contracts awarded.
A number of agencies indicating demand show for trading in general
and October and declined in the early
a level in September and October close to that of the same months of last changed little between September
year. The index of distribution to consumer for September, compiled by part of November.
3386
FINANCIAL CHRONICLE
Distribution.
Shipments of freight by rail decreased slightly in October and the first
two weeks in November, on an average daily basis. Department store
sales continued as in other recent months to be approximately 3% larger
than a year ago.
Wholesale Prices.
The general level of wholesale prices showed little change during the first
three weeks of October, but in the last week of the month declined considerably. The decline reflected chiefly price reductions of commodities with
organized exchanges which were influenced by the course of security prices.
During the first three weeks of November prices for most of these commodities recovered from their lowest levels. Certain prices, particularly those
of petroleum,iron and steel and coal showed little change during the period.
Bank Credit.
Following the growth of 81,200,000,000 in security loans by New York
City banks during the week ending Oct. 30, when loans to brokers by
out-of-town banks and non-banking lenders were withdrawn in even larger
volume, there was a liquidation of these loans, accompanying the decline
in brokers' loans during the first three weeks of November. All other loans
increased and there was also a growth in the banks' investments.
Reserve Bank credit, after increasing by $310,000,000 in the Last week of
October declined by about $120,000.000 in the following three weeks.
On Nov. 20 discounts for member banks were about 8100,000,000 larger
than four weeks earlier, and holdings of United States securities were $190,000,000 larger while the banks' portfolio of acceptances declined by 8100,000.000.
Money rates in New York declined rapidly during October and the first
three weeks in November. Open market rates on prime commercial paper
declined from x% on Oct. 22 to 53-5.14% on Nov. 20; during the same
period rates on 90-day bankers' acceptances declined from 5,1% to
314%;
rates on call loans were 6% during most of this period but declined
to 5%
in the third week of November. Rates on time loans also declined.
The discount rate of the Federal Reserve Bank of New York was lowered
from 6 to 5%,effective Nov. 1 and to 4,L4%, effective Nov. 15 and the discount rate of the Federal Reserve Banks of Boston and Chicago were lowered
from 5 to 4%% effective Nov. 21 and Nov. 23.
Wholesale Commodity Prices Advance for First Time
in Eight Weeks, According to National Fertilizer
Association.
Following eight successive weeks of decline, commodity
prices advanced two-tenths of 1% during the week ended
Nov. 23, according to the wholesale price index of the
National Fertilizer Association. The latter, under date of
Nov. 25, says:
During the week four groups advanced and only three declined.
Of the
473 items included in the index, 27 advanced and an equal number
declined.
The advances were due largely to grains, feeds, butter, lard,
cotton and
cottonseed meal. Declines occurred in copper, zinc, hides, coffee,
tires
and rubber.
Based on 1926-1828 as 100, and 473 quotations, the index for the week
ended Nov. 23 stood at 95.1; for that ended Nov. 16, 94.9; for
Nov. 9,
95.4, and for Nov. 2. 95.7.
Guaranty Trust Co. of New York Says Collapse of
Inflated Price Structure May be Regarded as Favorable Development from Viewpoint of General
Business.
In discussing the business outlook, in view of the stock
market break, the Guaranty Survey published Nov. 25 by the
Guaranty Trust Co. of New York states that "it cannot be
denied that the break in stock prices has materially altered
the outlook for business in the near future." It adds, however, that "viewed in the longer perspective, the collapse of
the inflated price structure may be correctly regarded as a
favorable development from the point of view of general
[VOL. 129.
of New York into the interior districts where borrowings are heavier.
The lowering ofthe interest rate in the call money market will help to prompt
the withdrawal offunds from New York and the reduction of the rediscount
rate by the New York Federal Reserve Bank to 43% will facilitate
the
broader distribution of loans.
There seems to be every indication that this policy will result in easing
money conditions throughout the country, and a general scaling down of
interest rates and an increase in deposits have marked current banking
conditions.
As had been previously indicated, the large volume of loans on call included in"the funds of others" constituted a grave element of danger in the
situation. Their rapid withdrawal when panic conditions prevailed would
have added another seriously destructive influence had not the New York
banks been able to assume the load and carry on.
Business Outlook in View of Market Break.
It cannot be denied that the break in stock prices has materially altered
the outlook for business in the near futtre. It has been contended, on the
one hand,that the drop in prices, by curtailing purchasing power and impairing confidence, will exert a depressing influence; and, on the other, that the
cessation of the speculative boom has released a large volume of funds
formerly employed in financing security holdings and has thus provided a
firmer basis for sound business expansion than existed before.
Both of these points of view are correct, but their applications differ
very widely. If financial history offers any reliable standard of judgment.
the conclusion must be that the unfavorable influences will, for the time
being, predominate. Business, which had begun to show signs of recession
before the break in the market, will probably be further curtailed as a result
of the losses to individuals and business organizations, aggravated by the
unwarranted pessimism that always follows an unfavorable turn of major
importance in the business or financial situation.
Losses Probably Exaggerated.
It is probably true that the number of persons directly affected by the
price collapse has been exaggerated and also that, to a considerable extent,
those who were holding stocks prior to the break were the same who had previously profited from the rise, so that, in many cases, the losses were merely
"paper losses."Nevertheless, the sudden disappearance ofeven paper profits
must be expected to have its effects on the psychology and the buying habits
of consumers. It is also true that the tangible productive wealth of the
country has not been reduced in the least and that the securities reluctantly
parted with by unfortunate investors have inevitably been acquired by
others. But the fact that no factories have been destroyed, no fields laid
waste, and no natural resources dissipated does not mean that the outlook
for industry and trade is essentially unaffected. Business reactions are
caused by the destruction not of physical wealth, but of dollar values:
and as long as wealth and incomes are measured in terms of dollars, to belittle the destruction of such values as a mere bookkeeping sielight-of-hand
does not dimish its importance.
These considerations, however, apply only to the early future. Viewed
in the longer perspective, the collapse of the inflated price structure may be
correctly regarded as a favorable development from the point of view of
general business. This view is based partly on the prospect of an easier
money situation, although this aspect of the matter has probably been overemphasized. Just as business during the last two or three years has not
been over-emphasized. Just as business during the last two or three Years
has not been seriously hampered by the advance in interest rates,so a period
of easier money will not by itself create a business revival. The influence
of interest rates on most branches of business is negative rather than positive. When recovery occurs, however, abundance of funds available at
low rates will be a stimulating factor.
The principal significance of the market break to general business lies in
that fact that it has removed an unsound feature of the situation. A
speculative boom invariably ends in the same way, and as long as it continues its impending collapse represents an obstacle that business must
surmount before safe and orderly progress can be resumed. Therefore, if
the temporary depressing effect of the stock maket readjustment proves
not to be severe—and there is abundant reason to hope that this will be the
case—American business may congratulate itself on having survived the
unusually abrupt termination of the greatest speculative movement in
financial history without suffering to so great an extent as it frequently
has under much less trying conditions.
Probable Specific Effects.
It appears to be generally agreed that the most serious immediate rimer
cussions will be felt in retail trade, particularly in luxury lines. Branches or •
business in which installment selling has been most prevalent may be especially
since they will experience not only the curtailment of
effects of the break in prices have been the subjects of prin- sales duesusceptible,
to restricted purchasing power, but also the effects ofrepossessions
due
to
the inability of some debtors to meet their payments. In fact, the
cipal interest in financial and business circles this month, the
present situation has been said to offer the first real test of the soundness
Survey
and permanence of the installment method as now practiced. Increased
In the market itself, some semblance of stability has been restored. competition may result in lower prices for some, possibly many, commodiThe most important development is the disappearance of the forced liqui- ties. Christmas trade will undoubtedly be affected, though it is impossible
dation and panicky selling that characterized the market at the beginning to judge to what extent. These conditions will probably be reflected more
of November. The recovery in prices during the closing days of October or less distinctly in several of the basic industries and may easily prevent
was more than canceled by the renewed weakness early this month. This, general business activity and corporate earnings in coming months from
In turn, has been followed by a series of swift advances in a market that has duplicating the highly favorable results reported so far this year.
shown exceptional activity despite the shortened trading sessions.
Recent developments in numerous lines of business show an unmistakable
trend toward lower levels, but in most cases it is difficult to judge to what
Credit Emergency Successfully Met.
extent the recession is due to the break in stock prices and to what extent
The drastic recession in the prices of stocks threw a tremendous burden it reflects seasonal tendencies
or a continuation of the downward movement
upon the banking institutions of New York City, which they were fortu- that has been visible
for several months. Reports from the radio industry
nately able to carry. Due to the policy of the New York Federal Reserve indicate that the
results of the market collapse have been experienced very
Bank in safeguarding its credit resources, it was in a position to meet the promptly. The activity
of the motor industry was definitely on the decline
emergency forced upon it and its member banks. Through its policy of before the break; but it is
likely that the sharp curtailment now in evidence
raising the rediscount rate early in August and of buying bills later, the banks is due in part to the reduction, actual anticipated, consumers'
in
or
purchasof New York City were practically out of debt when the heavy demands ing power. Decreases
of greater or less severity are reported in sales of
caused by the market recession were forced upon them. Their rediscounts such commodities as jewelry, musical instruments, furs,
and the better
had decreased from more than $300,000.000 early in August to less than grades of dry goods. A general decline
in the rate of distribution continues
8100,000,000 on Oct. 1. As a result, they met the extraordinary demands to be shown by the movement of railway freight, which in recent weeks has
for funds which were precipitated by the falling stock market and the with- been consistently below
the 1928level,in marked contrast to the trend earlier
drawal of money from New York with their borrowing capacity unimpaired. in the year.
The assurance given them that the New York Federal Reserve Bank was
On the other hand, the weekly trade reviews state that business in general
in a position to supply them with funds freely was the great stabilizing has exhibited encouraging
stability, despite the disturbances in the stock
factor of the money market in that hour of need. Within the span of one market and the speculative commodity exchanges and warm and
rainy
week during the crisis, the Federal Reserve Bank of New York bought more weather over wide areas. Business failures last month were
seasonally more
than $150,000,000 worth of Government securities. By this process the numerous than in September but were considerably fewer
than a year ago
heavy withdrawal of funds was met and the New York banks are ar;ain re- and total liabilities were the smallest in more than a year.
Failures rediscounting a relatively small amount. While this is true of New York ported during the first half of this month compare even more
favorably
and Boston, it is not so true in other districts.
with those of earlier periods.
The country's foreign trade report for October. like those for previous
Need for Credit Redistribution.
months,shows no sign of the declining ratio of exports to imports that
has
It seems obvious that for the sake of the business situation as a whole sometimes
preceded a major business recession. Both imports and exports
there must be a further redistribution of credit, and money must flow out were exceptionally
large, as they have been for many months. The export
business."
Stating that the course of the stock market and the possible
says:
3387
FINANCIAL CHRONICLE
Nov. 30 1929.]
balance, however, was the largest in nearly a year and, with the exception
of the figure a year ago, was the largest October total since 1924. The
export surplus for the first ten months of the year is, with only two exceptions, larger than that for any corresponding period in eight years.
Amid the mass of conflicting conditions and opinions arising out of the
crisis in the stock market it is clearly too early to attempt to accurately
appraise the consequences or forecast the probable results but it is fair to
say that with banking conditions strong, commercial credits sound, money
easy, inventories normal, and commodity prices stable the background for
business recovery from either a sharp and short recession or a mild and long
depression Is stronger than in other panic situations. Under such conditions
business history does not reveal severe or long Continued depressions.
American finance and industry are at least more strongly entrenched to
meet the problems presented than ever before.
DEPARTMENT STORES-DATA BY DEPARTMENTS-SALES, STOCKS.
Percentage Increase (-I-) or Decrease(-):Oct. 1929, Comparsi
with Oct. 1928.
Sales.
Department.
Federal Reserve District.
Total
(a)
Boston.
New Cleve- Rich
York. land. rrio,d
Dal- San
St.
Chicaw. Louis. las. Franc,
Piece Goods-12.6 -11.6 -5.2 --9.1 -16.1 +4.2 -2.7
Silks & velvets__ -- -8.2
Woolen dress goods +9.5 -11.0 -9.2 -14.7 -10.1 --14.5 -10.8 +1.4 -4.4
-1.1
Cotton wash goods +0.5 +2.3 -0.9 +0.2 +5.8 --5.4 +3.8 +13.3
-1.2 +10.4 +5.2 -4.2 -3.0 --1.9 -22.0 -14.0 +9.4
Linens
Domestics, muslins
&C
+3.3 +7.5 +4.8 +8.3 +6.4 -2.9 +39.6 --23.1 --11.7
Ready-to-Wear .4r cessori esFederal Reserve Board's Survey of Retail Trade in the Neckwear,
scarfs_ _ -0.6 -9.1 +6.1 +5.1 +10.2 -0.2 -12.9 --15.9 --6.2
+1.9 +2.2 +7.8 -0.9 +6.7 -4.3 +0.0 --5.8 +5.8
United States-October Sales 3% Larger Than Millinery
Gloves (women's &
Last Year.
children's)
+16.1 +12.0 +17.4 +24.5 +19.8 +10.5 +19.1 +43.7 -4.3
+14.7
brassieres +20.0 +16.8 +26.9 +19.0 +18.5 +23.2 +5.0 +27.2
Department store sales for October were 3% larger than Corsets,
Hosiery (women's
-5.4 -1.7 +0.6
-10.0
+7.4
+5.3
+9.7
+8.7
children's)_.
&
+4.3
in the corresponding month a year ago, according to reports Knit underwear.. -1.5 -0.5 -3.9 +2.5 +4.3 +2.4 +2.6 -19.3 -5.5
muslin underto tho Federal Reserve System by 523 stores in 229 cities. Silk,
-4.1 +1.2 +3.5 +2.9
wear _ _ _ ..... +3.7 +6.4 +5.2 +8.1
-7.8
For the first 10 months of 1929 sales were 3% larger than for Infants' wear
+8.3 +14.8 +20.3 +7.1 +2.7 +3.3 +3.9 -3.8 +5.3
+3.5 +2.3 +0.9 --1.3 +8.6
+3.7
+3.1
s
+3.4
Small
leathergood
+5.1
+0.9
+0.8
the same period last year. The Board further states:
+9.6
+2.9
Women's shoes... +3.7 +0.2 +7.6 +0.9
+6.0 +4.2 +2.4 +1.1 -6.6 +4.0 +0.2
Children's shoes_ _ +2.8
DEPARTMENT STORES-DATA BY DISTRICTS-SALES, STOCKS.
Women's IVear(Based on Value Figures.)
-11.1
W'm'n's cols,suits +0.2 -4.1 +16.0 +0.3 +0.4 -12.0 -8.3 +12.5 +10.3
-5.0 +1.3
+4.2 +1.4 +7.6 +4.8 +7.0
Women's dresses
-3.8
+13.3
-24.1
% Inc. (+) or Dec. (-): 1929 Com+0.5
Misses' coats, suits +5.5 -1.2 +20.8 +4.2 +9.8
+30.3
pared with Same Period or Date in 1928.
Misses' dresses_ - - +22.6 +15.6 +37.4 +10.8 +25.9 +26.7 +6.5 +12.6 +9.8
+1.7
-2.0
+7.9
+10.3
Federal Reserve District.
Juniors', girls'wear +8.5 +22.8 +23.3 -5.5
Stocks.
Sales.
Men's, Boys' We or'Men's clothing_ _ _ +3.8 +4.0 +14.9 +7.7 +1.7 -2.8 +2.2 +1.8
+0.7
Oct. 31.
Jan.-Oct.
October.a
Men's hats, caps_ _ +5.3 +9.6 +5.7 +7.8 +7.1 -0.4 -2.5 +2.2 -4.7
Boys' wear
+5.7 +9.8 +8.9 +9.8 +7.8 +1.4 +0.7 +4.7 -1.1
-3.4
+14.3
-3.6
+2.0
+2.3
+6.6
Boston
+0.2
Men's. Boys'shoes +3.3 +7.5 +12.9 +0.9
+1.1
+5.2
+6.2
New York
House Furnish'gs
+12.5
-7.0
+0.2
+4.1
Philadelphia
Furniture
+7.8 +5.6 +9.0 +10.8 +7.3 +2.2 -0.4 -30.9 +11.1
-2.1
+3.4
+5.4
Cleveland
+9.7 -23.1 +5.3 -12.5 -5.8
Oriental rugs
+0.0
+4.9
3.6
+3.4
Richmond
Dom,floor co ver'gs +7.4 +-12:6 +11.7 +5.2 +18.5 -4.2 +0.9 -F6:6 -2.2
-1.6
-3.4
-1.0
Atlanta
Draperies, uphol+2.8
-2.4
+2.8
Chicago
+7.9 +7.0 +10.6 +0.6 --3.8 -7.5 +1.3
stery
+1.2
+2.1
-2.4
St. Louis
China, glassware_ _ -0.7 -0.1 -3.9 +3.9 +11.4 -1.5 -11.3 +7.8
-2.0
-3.0
-10.0
Minneapolis
total sales
+3.3
-2.3
+2.8
a Departmental data of sales are for about 200 reporting stores with
Kansas City
+0.1
+0.8
+0.0
Dallas
in listed departments of somewl at less than $850,000,000 per annum and In all
+2.3
+0.3
+1.8
San Francisco
departments of somewhat less than $E250,000,000 per annum. More than 50%
of these sales are for about 40 stores located in six cities: Boston, New York, Pitts+3.0
+3.2
United States b
+0.0
burgh, Detroit, Cleveland and Los Angeles. In the individual Federal Reserve
a The month had the same number of business days (27) this year a ut last year.
districts, more than half of the reported sales are made by reporting stores in the
b Based on statistics of sales from 523 stores: of stocks. from 433 stores,
following cities: No. 1-Boston; No. 2-New York City; No. 4-Pittsburgh and
DEPARTMENT STORES-DATA BY CITIES-SALES, STOCKS, RATE OF
Louis;
Cleveland; No. 5-Washington; No. 7-Detroit and Milwaukee: No. 8-St.
STOCK TURN.
No. 11-Dallas and Ilouston; No. 12-Los Angeles and San Francisco.
The number of stores Is not uniform for all items. It varies, for the eight district§
1929.
Increase +1 or Decrease (-).
other items;
1929 Compared with 1928.
combined, from about 6.5 for certain items to about 175 for certain
usually about
Rate of Stock Tama In the
Individual Federal Reserve districts the corresponding ranges are
Stouts.
Sales.
City.
8-30: No, 8;
7,
No.
as follows: No. 1, 8-30; No. 2, 8-12; No. 4, 18-64: No. 5, 7-11;
Jan. 1Oct. 31.
Jan.-Oct.
6-10; No. 11.6-14; No. 12, 8-20.
October,
October. Oct. 31.
DEPARTMENT STORES-SALES AND STOCKS, BY FEDERAL RESERVE
Per Cent
Per Cent
Per Cent
NortheasternDISTRICTS.
.46
-4.0
+2.5
+9.5
3.29
Boston
.32
-4.9
+1.0
2.31
+4.0
New Haven
.41
+0.5
+2.6
3.04
+3.1
Providence
Index, Numbers, Monthly Average 1923-1925=100.
+1.7
.45
+6.0
3.45
+8.1
New York
+2.3
.39
+2.0
+4.4
2.88
Bridgeport
Without Seasonal
Adjusted for Seasonal
-2.5
.32
+1.0
2.70
-2.7
Buffalo
Adjustment.
Variations.
No. of
Federal Reserve
-4.2
.42
+6.1
3.34
+2.4
Newark
Stores.a
Districts.
+7.7
.37
+2.4
2.87
+4.5
1928.
Rochester
1929.
1928.
1929.
.32
+7.7
+1.0
3.06
-11.0
Syracuse
.42
-9.0
+0.1
3.17
+4.3
Oct.
Sept.
Philadelphia
Oct.
Oct.
Sept.
Oct.
+6.0
+7.8
+0.8
+2.8
+3.7
+8.4
+5.8
-1.2
-8.4
+5.9
+4.4
+6.3
+2.3
+0.2
+0.8
+2.9
+8.5
+1.5
+7.8
+5.0
+2.0
.30
.33
.30
.33
.29
.30
.41
.33
.36
.31
.33
+0.2
-5.4
+4.9
-6.4
--8.1
-3.0
-1.8
+4.0
+6.7
+14.3
+0.1
2.97
2.68
2.74
2.81
2.60
2.66
335
2.94
3.83
3.36
3.00
SouthernBaltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louts
Little Rock
Louisville
Nlemplils
Dallas
Fort Worth
Houston
+6.5
+4.4
+4.7
-7.9
+3.6
+0.5
-2.3
-3.9
+1.0
+1.0
+0.5
+7.0
+2.3
-10.0
+4.3
+4.1
4-4.5
-2.2
--2.5
-1.9
WesternMinna LpolLi
Duluth-Superior
St. Paul
Kansas City
Denver
Oklahoma City
Omaha
Topeka
San Francisco
Los Angeles
Oakland
Salt Lake City
Seattle
AnnloInn
-13.0
+2.0
+9.0
+1.7
-1.0
+3.9
+9.2
+1.5
+0.1
+2.3
+8.0
-11.9
+2.9
-11 1
-14.0
.50
-4.0
.41
-15.0
-6.0
-8.0
.35 •
+3.0
.23
+0.2
+1.0
.22
+0.2
+1.7
.29
+3.7
+6.6
+4.4----24:15
.24
+1.9
+2.8
+1.5
.25
-1.3
+3.3
.29
.25
+8.8
4-4.0
-5.0
.24
-0.8
+0.5
.30
+3.8
23
-2.9
-3.0
+4.1
-1.6
-0.0
-2.7
+5.1
-1.9
-3.2
-6.2
+0.1
-4.5
-0.3
-2.5
+3.2
-5.2
+0.4
-0.9
-1.0
-1.3
+5.3
-0.5
--0.2
.34
.36
.35
.23
.24
.26
.20
.34
.23
.29
.33
.33
.22
.24
2.74
2.85
2.94
1.98
1.90
2.35
1.62
3.31
2.00
2.55
2.62
2.81
2.02
2.73
4.84
3.34
3.48
2.18
1.98
2.60
--1.60
2.41
2.67
2.54
2.47
2.80
a Ratio of sales during given period to average stocks on hand.
SALES OF CIIAIN STORES.
(Index Numbers of Sales Monthly Average 1923-1925=100.)
Chains.
Adjusted for Sea- Without Seasonal
Number of
sonal Variat'ns.
Stores.
Adjustment.a
Aro. of
ReportOct.
Oct.
Oct.
Oct.
Oct.
Oct.
ing
1929.
1928.
1929.
1928.
Firms 1929. 1928.
Grocery
Ten cent
Drug
34
14
13
30,339 29,486
3,574 3,164
1.280 1.047
244
159
202
218
148
164
257
176
200
230
164
100
a Figures relate to reportings firms-with DO adjustment to eliminate the influence of increase In the number of stores operated; thus Indexes given reflect the
full growth of the business of the reporting companies.
SalesBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
98
118
84
101
103
97
127r
120
97
105
110
113
119
135
115
112
125
123
130
119
90
110
125
129
109
124
97
109
88
98
98
98
119
97
74
125
89
107
107
117
101
108
116
109
124
104
87
129
92
113
103
112
102
99
101
433
United States
a Stores for which figures are avallab e since base period, 1923-1925.
Revised.
r
100.
equals
b Monthly average 1925
112
United States
StocksBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
38
64
60
59
29
44
105
19
20
27
22
36
110
118
106
102
109
96
112
97
77
523
109
NICoi=b:t,1&IP.C.I4>
/iffilwesternCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee
103
110
100
97
104
98
114
99
79
ii)
it'.6
116
116
123
105
128
105
97
94
95
as
117
106
104
106
45
99
92
85
90
47
106
98
94
96
53
111
101
93
97
29
104
98
93
31
94
130
112
113
117
81
103
94
91
93
19
78
79
71
16
71
21128
93
-ii
..i
21
-ii
114
105
103
106
32
Wholesale Trade in October, as Reported to Federal
Reserve Board, Indicates More Than Usual
Seasonal Distribution.
Wholesale distribution increased during October by somewhat more than is usual at this season, according to reports
made to the Federal Reserve System from firms in eight
lines of trade. The largest increases over the previous
month were in the sales of furniture, groceries and drugs,
while decreases were reported by distributors of dry goods,
men's clothing and boots and shoes. The Board, in its
survey dated Nov. 27, adds:
the corresponding month in
Sales in October were 2.7% larger than for
of trade, except men's clothing
1928, increases toeing reported for all lines
which showed smaller sales.
sales by lines
The following table summarizes percentage changes in
during October, as compared with September 1929 and October 1928:
3388
FINANCIAL CHRONICLE
PERCENTAGE OF INCREASE (+) OR DECREASE (--) IN SALES.
In the farm products group, price declines in barley, corn, wheat, hogs,
lambs, cotton and wool, are balanced by advances in rye, steers, eggs and
hides. In the food products group there were price advances in butter
and eggs, but the declines in meats, cheese, coffee, flour and sugar
make
for a net decline of 1.4 point for the group.
Further declines in cotton
yarns and silk bring the textile index to a new low since June 1927.
In
the metal group, lowered prices of pig iron and zinc are balanced by an
advance in tin; prices for lubricating oil and rubber have lowered
the
group index 0.7 point. The commodity index is at the lowest point since
April 1927, and with that one exception at the lowest point in five years.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
October 1929 Compared with
September 1929.
Groceries
Meats_
Dry goons
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
October 1928.
+8.9
+1.6
-7.3
-20.9
-11.6
+6.7
+13.7
+8.5
+1.9
+3.2
+3.0
-10.6
+5.6
+3.7
+5.2
+5.3
Total, eight lines
+0.9
+2.7
Domestic sales of agricultural implements during October were in smaller
volume than during the previous month or the corresponding month a
Fear ago.
More detailed statistics by districts and lines follow:
CHANGES IN SALES AND STOCKS OF WHOLESAE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase(+)or Decrease (-)Per Cent.)
Sales October 1929
Corn pa ed IcUla
Line and Federal
Reserve District.
Stocks October 1929
Compared with
Sept. 1929. Oct. 1928 Sept. 1929. Oct. 1928.
GroceriesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
Ban Francisco District
Dry GoodsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Boots and ShoesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
Bt. Louis District
Minneapolis District
Ban Francisco District
HardwareUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
DrugsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
Ban Franciago District
FurnitureUnited States
Atlanta District
Chicago District
St. Louis District
Kansas City District
Ban Francisco District
Agricultural ImplementsUnited States a
Bilk Goods b
(Per Cent.)(Per Cent.)(Per Cent.)(Per Cent.)
+8.9
+1.9
+9.8
-8.9
+8.7
+1.4
+15.2
+2.0
+-176:4
-r-if:i
+11.1
1.4
+8.3
+1.8
+12.6
+6.4
+9.2
-0.5
+10.1
-0.2
+12.8
+10.0
+1.5
5.2
+14.3
+4.6
+3.7
-0.0
+9.6
-6.4
+8.8
-3.8
+9.9
+0.7
+3.0
+5.0
+5.0
-4.0
+8.2
-10.0
+1.0
-19.9
+0.3
-3.2
+7.5
-1.9
+19.1
+10.8
+19.2
+2.5
-7.3
+3.2
+4.7
+1.3
-10.8
-2.9
-13.8
-14.6
-9.6
-4.4
-6.4
+3.0
-6.1
-3.7
+0.6
-0.4
+13.6
-10.4
-1.1
-0.5
-6.0
-8.5
-11.6
-10.3
-10.4
--9.1
-9.8
+8.6
-13.0
-15.0
+0.0
-8.3
+5.6
-2.5
+4.1
-8.3
-24.0
+11.5
+6.0
-14.9
+8.6
-3.0
+6.8
-;Ii
-15.5
+0.0
-3.8
4-71.1
-23.8
-14.0
-8.0
• +6.7
+21.8
+24.1
+16.5
+5.8
+6.3
+5.8
-1.4
+4.0
+5.2
+7.6
+2.5
+3.7
+0.0
+8.3
+1.9
-2.7
+5.1
-3.6
-3.0
-7.0
-1.2
+7.2
+2.1
-1.8
-4.7
-1.4
-4.3
+0.6
+2.2
-1.9
-7.5
-1.0
-1.7
+0.8
+1.3
+2.3
-10.6
+7.0
+7.1
-1.9
+2.5
+6.3
-2.6
-1.0
+4.6
+4.3
+6.2
-9.7
+13.7
+32.7
+8.9
+3.2
+12.2
+4.1
+3.1
+10.4
+1.5
+19.4
+5.3
+8.5
+6.7
-10.6
+12.3
-8.9
-17.1
+1.6
-1.0
+13.0
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines
p Preliminary. r Revised.
97
116
88
88
929
100
122 '
117
100
148.2
147.2
156.1
166.0
123.6
153.8
134.9
116.8
147.2
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(MONTHLY AVERAGES.)
(191100)
Nov. 1929.
Oct. 1929.
Nov. 1928.
137.5
147.2
144.8
161.8
125.9
153.9
134.0
124.9
141.8
143.0
151.2
146.6
162.0
126.8
152.3
134.0
127.0
145.5
148.4
149.9
155.5
166.5
123.6
153.8
134.9
117.0
148.3
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Monthly Business Indexes of Federal Reserve Board.
-1-2:e
--8.6
-14.5
-10.4
+5.1
-16.3
-11.8
-12.2
+3.1
-4.2
+4.1
-6.4
-17.5
-14.1
-23.5
Adjusted for
Seasonal Variations.
+7.0
+1.4
-26.4
-8.7
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
1179
1179
118p
105
121
122
118
106
114
114
114
141
104
108
106
1109
1189
1269
109
102.1
110.0
118
123
123
127
108
103.4
110.5
121
117
116
122
145
103.6
117.2
119
+1.4
+0.6
-2.9
-11.5
-WEI
+2.8
-0.7
+1.8
+20.1
+8.8
-0.6
Without
Seasonal Adjustment.
Sent.
1929.
Oct.
1028.
Oct.
1929.
Sept.
1929.
Oct.
1928.
93
119r
88
91
106
97
116
114r
95
111
85
99
87
97
116
112
110
129
102
110
1149
112
141
140
101r
127r
110r
139
129
105
124
129r
108
125
09
123
108
108
134
133
99
97
115
114
112
The "Annalist" Weekly Index of Wholesale Commodity
Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices stands at 140.9, a decrease of 0.6 point from last
week (141.5) and compares with 147.2 last year at this time.
The "Annalist's" advices go on to state:
136.8
147.1 .
144.4
161.2
125.9
154.0
134.0
125.1
141.5
-5.4
-4.8
-2.9
-2.6
-3.0
-9.1
-3.3
-10.7
-2.4
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index Numbers, Monthly Average 1923-25=100.)
Oct.
1929.
137.0
145.7
143.5
161.2
125.8
154.0
134.0
124.4
lan A
-8.8
a Domestic sales only. Is Quanti y not value. Reported by Silk Association
Of America.
Adjusted for
Seasonal Variations.
Nov.26 1929. Non. 19 1929. Nov.271928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
-5.8
+5.2
+0.2
+18.8
+8.8
-3.2
+39.0
-2.1-+3.1
+1.6
+5.5
-3.0
-112:3
-T--9:6
+7.6
+2.5
+18.0
+8.0
+1.2
+3.2
-4.1
+17.3
+14.7
+9.2
+2.2
+8.1
+8.5
+2.4
+12.6
+5.1
+2.5
+5.5
[VOL. 129.
The Federal Reserve Board makes available as follows, on
Nov. 26, its indexes of production, employment, &c., covering October:
INDEX NUMBERS OF PRODUCTION, FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
(1923-1925=100.)
1929.
Industrial production, total
Manufactures
Minerals
Building, value of contracts awarded_
Factory employment
Factory Payrolls
Freight car loadings
Without
Seasonal Adjustment.
1928.
1929.
1928.
INDUSTRIAL PRODUCTION: INDEXES BY GROUPS.
(Adjusted for seasonal variations)
Manufacturer.
Industry.
Iron and steel
Textiles
Food products
Paper and printing_
Leather and shoes___
Cement, brick, gia.ss..
Non-ferrous metals__
Petroleum refining._
Rubber tires
Tobacco manufac'res
1929.
Alining.
Industry.
1928.
Oct.
Sept. Oct.
124
1189
97
___
1139
141p
1229
_114
135
139
116
98 r
128
115r
143
126r
174
117
143
1929.
Oct.
101
116
1409
107
123
121
126 Bituminous coal
112 Anthracite coal
98 Petroleum
116 Iron ore shipments103 Copper
122 Zinc
121 Lead
160 Silver
167
126
1928.
Sept. Oct.
101
106
141
121
121r
124
119
929 89?
99
119
127
114
128
110
108
79
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS.
(Without seasonal adjustment)
Ferrous.
Employment.
Industry.
Iron and steel
Machinery
Textiles, group-1
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
eather
ement, clay and glass
on-ferrous metals
emicals, group
Petroleum
ubber products
bacoo
r Revised, p Preliminary.
1929.
1928.
1929.
1928.
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
99.4
118.7
99.8
98.3
103.5
104.2
106.1
90.1
90.2
101.3
99.3
91.9
98.5
116.1
124.6
102.7
95.0
101.0
119.5
98.4
97.0
102.0
102.4
106.0
91.8
94.8
113.1
99.5
93.6
98.6
114.5
124.0
108.3
93.7
96.9
102.8
95.7
95.6
95.9
102.6
102.4
90.6
94.4
119.8
94.6
94.1
100.0
107.4
104.3
113.2
99.1
107.9
129.0
105.7
101.8
110.9
108.8
117.8
96.8
99.8
108.0
100.0
90.6
112.5
118.2
129.4
100.9
94.2
108.9
127.9
103.0
98.0
113.3
108.1
116.3
96.6
103.3
120.3
104.3
91.3
112.1
116.0
129.3
104.9
03.4
105.1
111.3
110.0
99.1
104.9
106.0
111.5
95.8
104.7
134.1
95.9
94.1
116.6
109.2
107.8
120.4
95.2
Loading of Railroad Revenue Freight Continues to
Decline.
Loading of revenue freight for the week ended on Nov. 16
totaled 983,323 cars, the Car Service Division of the American Railway Association announced on Nov. 26. Compared
with the preceding week, this was a reduction of 66,152 cars
and a reduction of 72,797 cars under the same week in 1928,
but an increase of 15,271 cars above the same week in 1927.
The reduction in the number of cars loaded the week of
Nov. 16 this year, compared with the week before, was due
to the observance of Armistice Day, and also to the seasonal
Nov. 30 1929.]
3389
FINANCIAL CHRONICLE
decline in freight traffic. Observance of Armistice Day had
more effect on freight traffic this year than in 1928,in view of
the fact that the holiday this November fell on Monday, while
one year ago it took place on Sunday. This it is pointed out,
largely accounted for the reduction in car loadings for the
week of Nov. 16, compared with the same Week in 1928.
Details are given as follows:
are exceptionally heavy for this time of the year, but opportunity to
liquidate these before the first of the year will be aftorled because the
T roduction by manufacturers will be comparatively small. Upon this
liquidation depends toe continued prosperity of the rnanufacturisrs, and
leading manufacturing executives have definitely expressed the opinion
that automobile production should be stringently curtailed for the Wanes
of the year. Further, they favor controlling production during 1930 so
as to keep it flexible and in accord with the automobile purchases of the
general public.
Editors of the advertising journals who queried the chief National
Miscellaneous freight loading for the week totaled 371,463 cars, 24.519 advertisers as to what effect the stock market crash would have on advercars below the same week last year but 13,177 cars above the correspondtising schedules for 1930 report that these replies indicate no retrenching week two years ago.
ment in advertising expenditures. Some even contemplate additional
Loading of merchandise less than carload lot freight amounted to 259,492
advertising effort to force 1930 sales ahead and none indicates a disposition
cars, a reduction of 906 cars under the same week in 1928 and 513 cars
to consider the future with dread and expectation of general business
under the same week two years ago.
depression.
Coal loading amounted to 184,772 cars, a decrease of 14,115 cars under
the same week in 1928 and 1,558 cars under the same week in 1927.
Below a
Forest products loading totaled 53,610 cars, 10,838 Cars below the same September Gas Sales Higher-Output 8.2%
week in 1928 and 5.958 cars under the corresponding week in 1927.
Year Ago.
Ore loading amounted to 33,295 cars, a decrease of 3,972 cars under the
An increase of 11% in gas sales for September 1929, as
same week in 1928 but an increase of 20,241 cars compared with the corresponding week two years ago.
compared with September 1928 is indicated by the first
Coke loading amounted to 11,365 cars, an increase of 571 cars above
96 companies reporting to the American Gas Associationthe corresponding week last year and 2.068 cars over the same week two
As of Sept. 30 1929, the customers of these companies,
years ago.
Grain and grain products loading for the week totaled 35,874 cars, a representing approximately 80% of the industry, aggregated
reduction of 16.965 cars under the corresponding week last year and 10.605
an increase of 2.4% over the corresponding date
cars under the same period in 1927. In the western districts alone, grain 9,560,000,
and grain products loading amounted to 23,863 cars, a reduction of 9,886 of the preceding year. Gas sales of these companies for the
cars under the same week in 1928.
first nine months of 1929 showed an increase of 9.4%, totalLive stock loading totaled 33,452 cars, 2,053 cars under the same week
as compared with 296 billion
last year and 1,581 cars below the corresponding week in 1927. In the ing nearly 324 billion cubic feet
western districts alone, live stock loading amounted to 26,783 cars, a cubic feet in the corresponding period of last year.
reduction of 369 cars compared with the same week in 1928.
For the month of September 1929, these 96 companies
All districts reported reductions in the total loading of all commodities
$33,900,000 an increase of
compared with the same week in 1928. but all districts reported increases reported gas sales revenues of
over the same week in 1927 except the Eastern, Southern and Southwestern. 4.6% over September 1928. For the nine months ended
Loading of revenue freight in 1929 compared with the two previous
Sept. 30, the revenues of these companies aggregated $308,years follows:
200,000, an increase of 4.5% over the corresponding period
1929.
1928.
1927.
Four weeks in January
3,570,978
3,448,895
3,756,660 of 1928. The association's statement goes on to say:
Four weeks in February
3.767,758
3.590.742
3,801,918
The amount of by-product coke oven gas distributed by the industry conFive weeks in March
4.807,944
4,752,559
4,982,547 tinues to increase. During the nine months of the year the amount of coke
Four weeks in April
3,983,978 3,740,307
3,875,589 oven gas produced by the reporting companies in, reased 33.8% and the
Four weeks in May
4,205,709 4,005,155
4,108.472 amount of coke oven gas purchased by these companies from coke and steel
Five weeks in June
5,260.571
4,924.115
4,995.854 companies for public distribution increased 29.4%. The total amount
Four weeks In July_
4,153,220
3.944.041
3,913,761 of coke oven gas distributed by these companies during the first nine months
Five weeks in August
5.590,853
5,348,407
5,367,206 of 1929 was over 107 billion cubic feet or 30% of the total gas distributed.
Four weeks in September
4,538.575 4,470,541
4,370,747 During the corresponding period of last year. coke oven gas constituted
Four weeks in October
4,677,375
4,703,882 4,464.872 26% of the total distribution of these companies.
Week ended Nov. 2
1,071,650
1,103.942
1,039,075
The amount of carburetted water gas and coal gas made in retort type
Week ended Nov. 9
1,049.475
1,054,353
975.134 plants continues to decline, due chiefly to the substitution of coke oven gas.
983.323
Week ended Nov. 16
1,056,120
968,052 This trend is very pronounced among the larger companies. During the
first nine months of 1929 the production of carburetted water gas decreased
Total
47.661.409 46,143,059 46,619,887 more than 9% and the production of coal gas in retort type plants declined
mere than 8%.
Sales of gas in New England in September 1929, were 7% above SeptemSurvey of Conditions by National Conference of ber 1928. and for the nine months' period the increase was nea ly 6%.
Business Paper Editors-Normal Business Looked In the Middle Atlantic States sales in September were 3.4% above September 1928, bringing the increase In gas sales for the nine months' period up
for After First Quarter of 1930.
to 2%, which, however, is smaller than the increases registered in all other
the
balance of the parts of the country. September sales in the East North Central States
American industry and trade, for
were 7% above September 1928, and sales In this region for the nine months
year and for the first quarter of 1930, will be retarded to period
were 9.5% above the corresponding period of 1928.
the
in
upset
the
of
result
stock
market
some extent as the
All sections of the country report a very satisfactory increase in the sale
rate of increase in
but after that may proceed normally. The upset in se- of gas to industrlal-conunercial users. The remarkable
the sale of gas for house heating established during the early part of the
influence
but
sobering
a
it
having
not
is
is
curity prices
Year has been maintained. Comparing the nine months ended Sept 30
anticipated that this will adversely affect the general credit with the same period of last year, house heating sales in New England
61%,in Wisconsin,
situation. Further, it is believed that money rates will increased 63%,in Connecticut 116%,in Massachusetts
59% and in Illinois 27%. It is probable that larger
in
65%,
Michigan
activity
in
greater
permit
building, increases will be registered during the coming winter due to consistent effort
become low enough to
public works construction, and industrial plant expansion of many companies to build up the house heating load.
and modernization. This is the opinion of the business
paper editors of the country as developed by a survey
jointly conducted by the National Conference of Business
Paper Editors and the Associated Business Papers. In
this each editor reported on conditions and prospects as
he saw them in the industry or trade with which his paper
is concerned. The conclusions reached are further indicated as follows:
In the main these editors agree that as the result of the crash in stock
prices, business executives will work harder at their Jots and pay less
attention to the stock ticker. Further they hold that the prospects for
1930 are excellent for the businesses ready to apply the needed additional
sales-effort drive, but only those companies which will extend themselves
to the utmost will come through the coming year with profits up to the
level of the last few years.
No trade or industry has been distinctly crippled by the sudden decline
in stock market prices and many of the editors feel strongly that the
result will be lowering of money rates generally and its return from the call
money market to localized employment. None of them reports drastic
reductions in production employment and all hold that the industries
producing or merchandising goods in the luxury class will feel the adverse
conditions first and be hit the hardest. On the other hand, they report
that industry in general has not been over producing and that stocks on
hand of raw materials adn finished products are low enough for whatever
period of retardation may take place. The purchasing power of the
general public may decline somewhat, but the business paper editors
do not believe that this will reach serious proportions or last very long.
The railroads of the country, the editors feel, anticipate that freight
traffic and earnings may be reduced, but that by the middle of next year
the stock market break will have a good effect on general business and
railroad business in particular. In the building and construction field
the editors are unanimous in holding that the break in stock prices will
result in making investments in building operation distrinctly attractive
and that this, after the temporary general decline is past, will stimulate
building and construction in all branches. Residential building which
has been much below normal for a year will go ahead rapidly.
In the automotive industries the dealers are the ones who are bearing
the brunt of any business reaction. Their stocks of new and used cars
COMPARATIVE STATISTICS OF 98 GAS COMPANIESIN UNITED STATES.
%
1928.
1929.
Month of September-+2.4
9.338,484
9,559,785
Customers
30,490,817 +11.2
33,895,875
Gas sales (thousand cu. ft.)
+4.8
$30.869.000
$32,074,389
Revenue
(thousand cu. ft.):
Gasp
-18.3
14,948,632
12,513,872
12,513.872
Water gas
3,138.771 -21.8
2,459.272
Coal gas
2,882.593 +43.8
3,858.873
Coke oven gas
+3.3
2,177.401
2,249,748
On gas
-8.2
22,947,397
21,081,565
Total gas produced
6,485.576 +37.0
8,886,609
Coke oven gas purchased
29,432,973
4,668,787
+1.8
+55.0
34,101,760
37,210,269
1928.
1929.
9.338,484
9,559,785
323,885,302 296,005,658
$308,227,318 $295,073,849
+9.1
% /se.
+2.4
+9.4
+4.5
127,447,131
26,226,456
31,335,372
23,860,192
140,451,481
29,979.634
23,412,976
21,444,695
-9.3
-12.6
+83.8
+11.3
208,889,141
75,478,110
215.288.788
58,331,131
-3.0
+29.4
Total mid. gas Produced and Purchased-- 284,847,251
88,884,529
Natural gas purchased
273,819,917
45,719,348
+3.9
+50.7
319,339,283
+10.6
Total mid,gas produced and purchased._
Natural gas purchased
Total gas produced and purchased
Nine Months Ended Sept. 30Customers
Gas sales (thousand cu. ft.)
Revenue
Gas Produced (thousand cu.ft.):
Water gas
Coal gas
Coke oven gas
011 gas
Total gas produced
Coke Oven gas purchased
Total gas produced and purchased
29,968,174
7,242,095
353,231,780
Construction Contracts Awarded Below Last Year.
Total construction contracts awarded during October in
the 37 Eastern States amounted to $445,642,300, according
to statistics compiled by the F. W.Dodge Corp. In October
1928 these construction contracts aggregated $597,103,500.
For the ten months of 1929 the contracts awarded foot up
$5,046,909,900, as compared with $5,724,047,600 in the corresponding ten months of 1928.
3390
5,724.047.600
4.559,538.700
1,164,508,900
2,149,770,100
2,409,768,600
749.527,900
558,477,500
343.604,600
130,456,300
62,599,500
114,004,300
191,100,000
597,103,500
comm. .
448,407,000
148,696,500
t:e.i.00r:
1.9000..00
.
0
88
88
8
8§88888
§§ §§ § 88888§a
MW
CM
NA.OW
AO
N .00
.
MA
t.gi
0.V
.606 c7,27 a eeeeeea ee e- ci
4 Z -4. ,-:.i.i6.-..7
888g281t gx5 g2 g g2gtagG gO ;2 g
2P4
e ea.reeee ee ae ,.:
4d4.-7 .-Ta ee e
vt.."
z'.44 -:74,742:1arl ea 2?
A c18,7=Ag A2 28
eZ'A
e- .: O.64 .4.aa .e e,.:
- .
.
0000w0m
i;
0
0.
P.O
AN
0
MWO. .0
•-•
CZ
AVOCOOA
CO.
C;
,..) k-
797,527.100
649,446,100
336,364,400
126,478,600
108,113,900
94,720,200
121,945,100
10.
445,642,300
-a
360,525,900
85.116.400
aaaarz.a
rzeee.-a
.....--
MOMMONW
MAMWM.R.
1
N
W
WN
N
W
.
.
0
$88$888
wA0.0000
MW
WV
.fs
1 5,046.909,9001 173,980
MV
•
P,
222,835,6001
137,690,300
Contracts Awarded.*
208.715.100
239,691,900
Valuation.
We give below a table showing the details of projects contemplated in October and for the ten months of this year as
compared with the corresponding period a year ago, and
the contracts awarded for the same periods. These figures
cover 91% of the total United States construction, according
to the F. W. Dodge Corp.
•
ANgwV0W
6.6
.
...6..0a
...v...
94
-
.0
55 55
.i4
Oa;
00 00
0. A.
WM
NO
N.
a.
NN
0.1
M.
88888H 55 85 5 5,585585 55 55 8
ve 0 1-.,00,..0.00 t..., .0 M
oitcrctin:4m
AA oot"-! S 2222= g; 42?. A
CO 0024•0.1
'
NO
MA 0
"
M.
•-•
NON NOON Fi EE E HUM i0 9,2
CO 0-4 c; ae..;..we wei
il
a
i
a
1
e; 2
rig
.
..N
Z
EEEEEE.§
aeeee...
.„.....m.
,RoN.co.
aN
.m.
.
.
M0MO
0V
EV,. NN
Hum§ ig
u ,74
55
g
gg4igigg
if,1
N..
8 §
?..
0000
.
0000
0
.
0 940
0000
MW
t.,0
a--ee.a -e. .4O00
-00059'0M
-059'O
O
09' 0 000*0
0----------0
....
-
N'a .i,-7
17,301,495,9001 194,172 7,879,635.0001 154.408
2,977,044,300
3,205,988,900
616,933,100
46o60.4006
439.295,200
220,929,500
Contemplated Projects.
RE§igilEIt EE
MO
A
00N..
.
•-;
N
OW
6,183,033,200
1,696,601,800
N
AANV
.A
-,
NW00..A
EE
E ..e..;.:aa ,e
e.; e
4. iz.F.:
eeQ,'O05
ggV
NOMi W0E5
5%1888
0 t..i
i.7eaeaee
.,.
4..,...
i
oi
'2
.
N
-
0
1,039,650,800
784,013,300
401,414,600
176,102.800
197,521.600
131.235.400
247,105.800
tV
V
504.535,100
112,398,000
4
.aA
OW
M040..0
217,452,7001
287,082,400
''
.4
Ca'
.
CO
74$ gg
14g -AS CO
A 0........
ANto- A8ell .0
82=14gA ,.
t „ ..„--..
No
. CO
.0
I:
ee.-aa.
ee
MN ,
p:
COMM ea
re
4
tl.. N
4 ''
'2 ON
..:,
:-g
Classification.
[VOL. 129.
FINANCIAL CHRONICLE
i4' to.;
tmga
,,
, : :2
1 .
1
4Cogg
Ilg g.13" 13.2.-g.g.A.
il. .0- f.2.2N.O0g0
'
6,2-42.0g0 '
Is:. .00 0.4-0 0
.0=1-101'0
eg 0..?'.
?W2.4444 '0
E tngz7.12za7.et-2' '
1....'
''
s4
q g
ag
ElrP
g
*As' al t
ti4 -1. , E
8
9
Dwelling Construction Cost Per Family-Range in 14
Cities from $3,958 to $7,489.
The Bureau of Labor Statistics shows, in the "Monthly
Labor Review" for November 1929, the cost per family of
the erection of the different kinds of dwellings in the larger
cities of the United States during the first half of 1929.
With regard thereto the Bureau under date of Nov. 13 says:
12,920 one-family dwellings in this group of cities at an average cost of
$4,578. Apartment houses for which permits were issued during this period
housed 6,998 families at a cost of $3,270 per family.
Retail Radio Sales Reported, 14% Ahead of Last Year.
Sales of radio equipment during the first three quarters of
1929 reached a total of $360,897,207, with the final quarter
of the year yet to be heard from, during which, in past years,
40% of the industry's sales are usually made, according to
figures deduced from the Department of Commerce quarterly survey of dealer stocks and sales, compiled with the
co-operation of the National Electrical Manufacturers Assn.
An analysis of the survey made by Edgar H. Felix, radio
consultant to the Association, further indicates that during
the last quarter of the year, dealers need achieve only 42%
of the total sales indicated by their performance up to Oct. 1,
to equal last year's sales totals, an all time record for the
industry. The sales for the third quarter were 14% ahead
of those for the corresponding quarter of last year. It is
added:
The stocks of receiving sets In the hands of dealers on Oct. 11929, averaged 15 per dealer, as compared with 13 at the same date last year. This
modest increase of stocks is more than offset by recent price reductions and
conservative buying for the Christmas trade, assuring a healthy dealer
position. Manufacturers, likewise, have carefully adjusted production to
consumer sales in spite of increased manufacturing facilities, with the result
that well managed companies are in an ideal position, so far as inventories
are concerned.
Unusually Large Increase in Department Store Trade
in New York Federal Reserve District During
October-In New York Increase was Largest
Since August 1927-Decrease Shown in First Half
of November.
From the Dec. 1 Monthly Review of the Federal Reserve
Bank of New York it is learned that "the October reports
of leading department stores in this district showed an unusually large increase in sales over a year ago, especially in
New York, where there was an increase of 8%, the largest
since August 1927. "It is added that "a preliminary inquiry
concerning November business in a number of the large
New York City stores, however, indicated that sales during
first half of the month averaged about 6% smaller than a
year previous." The Bank also has the following to say
regarding retail trade:
Substantial increases in October were reported also in Southern New
York State, the Hudson River Valley District, the Capital District, and
the Westchester District. Rochester and Bridgeport reported slightly more
than the usual increases, but Buffalo, Syracuse and Northern New York
State department stores continued to report decreases in sales as compared
with a year previous. The reporting apparel stores continued to show a
substantial increase in sales over last year.
Stocks of merchandise showed a substantial increase during October in
preparation for the holiday trade, but were only 1% higher than a year
ago at the end of the month. Collections on charge accounts outstanding
were slightly lower than in October 1928. but preliminary indications were
that collections in November were somewhat better than last year.
Percentage Change
Oct. 1929 Compared
with Oct. 1928.
Locality.
Stock on
Na Sales. Hand End
of Month.
Per Cent of Accounts
Outstanding Sept. 30
Collected in Oct.
1928.
1929.
New York
52.9
56.3
+8.1
+1.7
Buffalo
-2.7
45.0
47.1
+4.5
+7.7
The costs stated herein are as given by the prospective builder at the time Rochester
33.8
Syracuse
-6.0
36.7
+7.7
of applying for his permit to build, and do not include the cost of the land, Newark
--4.2
46.0
48.5
+2.4
but construction costs only. There may be a profit or possibly a loss be- Bridgeport
+2.3
+4.4
42.4
42.7
+6.0
+4.3
tween the cost to the builder and the price paid by the home purchaser. Elsewhere
Northern New York State
-19.1
The figures should not be interpreted as showing the cost of a dwelling built
Central
+0.4
New
York
State
much
some
cities
each
city,
as
in
on identical plans and specifications in
Southern New York State
+6.7
cheaper dwellings are built than in others.
Hudson River Valley District,
+5.9
Capital District
+15.3
In the 14 cities of the United States having a population of 500,000 or
+5.4
District
over, the average expenditure for one-family dwellings as shown by the per- AllWestchester
51.1
49.4
+6.2
department stores
mits issued during the first half of 1929 ranged from $3,958 In St. Louis to Apparel stores
49.7
48.7
+2.7
+7.4
of
the
single-family
average
cost
the
Chicago
Washington.
In
$7,489 in
in
New
York
and
$6,771,
$6,141.
issued
was
permits
were
which
for
dwellings
The apparel departments were prominent among those showing the
Apartment house costs per family accommodated were lower in St. Louis largest increase in sales, in October, as the following table shows:
$2,141
than in any other city and higher in New York, the averages being
and $5,596, respectively.
Stock on Hand
Net Sales
Considering all classes of dwellings in these 14 cities, St. Louis provided
Percentage Change Percentage Change
Oct. 31 1929
October 1929
cheaper dwelling places than any other city and Washington the most exCompared with
Compared with
pensive. The average cost per family provided for in St. Louis was $2,738
Oct.
311928,
October
1928.
and in Washington $6.410.
+22.6
-f).4
In the cities of the population group between 200,000 and 500,000, one- Toys and sporting goods
+13.1
-1.0
family dwellings ranged in cost from $2,633 in Dallas to $8,316 in Provi- Furniture
+12.7
+5.1
articles and drugs
dence. Multi-family dwellings in this group cost $1,550 per family ac-. Toilet
+12.2
-4.8
Linens
and
handkerchiefs
commodated In Dallas and $5.380 per family accommodated in Providence Books and stationery
+9.7
-6.1
cities
it
will
be
seen
that
the
14
groups,
Comparing the three population
+9.0
+1.1
Shoes
+0.9
+7.7
having a population of 500,000 or over provided dwellings places for 99,771 Men's furnishings
+7.3
+3.2
provided for in apartment Home furnishings
were
69.8%,
69,606,
or
number
this
Of
ltrailles.
a
+7.2
+6.2
Cotton
goods
houses at a cost of $4,740. One-family dwellings housed 21,262 at an aver- Hosiery
+7.1
+5.9
+6.0
+14.6
Women's ready-to-wear accessories
age cost of $5,221.
but
less
than
500,000,
+5.7
-3.0
population
of
over
200,000
Luggage
and
other leather goods
lathe 22 cities having a
+5.6
-7.1
of the total, the 9,138 single-family Sliverwear and jewelry
one-family dwellings provided
+3.7
+2.2
Musical instruments and radio
dwellings for which permits were issued in these cities costing $4,617. Women's and Misses' ready-to-wear
+0.8
-0.2
-9.2
-9.4
Apartment buildings housed 7,828 families at an average cost of $2,972 per Men's and boys' wear
-12.9
-15.4
Silks and velvets
family.
-35.2
+5.4
one-family Woolen goods
In the 49 cities having a population offrom 100,000 to 200,000
-3.0
-2.7
Miscellaneous
for
dwellings provided for 57% of the families housed. Permits were issued
46.6%
43.2
42.9
FINANCIAL CHRONICLE
Nov. 30 1929.]
3391
Substantial Seasonal Increases in Most Wholesale Lines Business Review of Indiana University Finds Conditions in Indiana Better Balanced Than Nation as
in New York Federal Reserve District During October.
a Whole.
District
this
in
trade
wholesale
of
course
the
In indicating
business conditions in Indiana have been better
General
Federal
the
of
during October, the Dec. 1 Monthly Review
those of the nation as a whole, with no apthan
balanced
Reserve Bank of New York says:
and, therefore, reactionary influences
inflation,
to
proach
subshowed
District
this
in
firms
wholesale
reporting
October sales of
state. This is the prestantial seasonal increases in most lines, and were larger than a year pre- should be felt in moderation in this
vious in a majority of cases. The average increase over October 1928 was diction of the Indiana Business Review, released for publicaSales
volume.
unusual
of
not large, however, as sales in that month were
tion by the Fletcher American National Bank of Indianapolis
of groceries, stationery and paper continued the increases over last year
drugs,
of
sales
and
months,
of
number
a
Nov. 23. The Business Review was prepared by E. J.
for
on
reported
been
have
which
shoes and Jewelry also were higher than in October 1928. Quantity sales Kunst, manager of the Indianapolis division of the Indiana
increase
substantial
a
of silk goods reported by the Silk Association showed
of Business Research. During October
over last year, and orders reported by the National Machine Tool Builders' University Bureau
Association were 13% above the large volume of October 1928. Sales of a reaction was experienced from the unusually high level of
men's clothing and diamonds, however, showed decreases of 11 and 20%, activity sustained during the summer months, according to
respectively, compared with last year.
Industrial and trade indicators,
Stocks of groceries and drugs continued to be larger than last year, while the Business Review.
a decline was reported in the stocks of cotton goods, silk goods, shoes, though above those of last year in many instances, are not
hardware, and diamonds and Jewelry. Collections averaged a little slower
showing the expanding tendency exhibited a year ago, says
than last year, but there were considerable differences in various lines.
the Review, and from a national viewpoint further expansion
Percentage Change Percentage Change Per Cent of dale
this time would be undesirable. It might lead to dangerat
Outstanding
Octobc 1929,
October 1929,
inflation in the period of re-adjustment which is beginColleded
30
ous
Sept.
with
Compared
Compared with
in October.
October 1928.
September 1929.
ning, reports the Business Review. The Review also says:
Commodity.
Na
Saks.
Groceries
Men's clothing
Cotton goods
Silk goods*
Shoes
Drugs
Hardware
Machine tools"
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
Na
Saks.
+2.0
+15.2 +16.4
-11.0
____
-21.1
+0.6
-3.3
+.19.6
+1.6* +1.8* +13.0*
+4.1
-6.4
-10.4
+8.8
-3.2
+32.7
_ -4.7
+21.8
+19.6
+10.8
-14.91
+31.61
Weighted average
+6.9
Stock
Had of
Month.
76.1
77.9
+6.4
39.3
39.0
____
-6.8_48.0
-0.6* 46.2
49.9
54.2
-23.5
37.9
44.8
+29.0
49.7
48.1
-10.6
____
+13.4
____
__
+5.0
____
-1.2 c-19.91 -13.3
1 +1.41
+1.2
----
1929.
1928.
-- --
46.4
62.9
123.4
52.4
71.2
2 7.4
{
54.0
53.5
• Quantity, not value. Reported by Silk Association of America.
•• Reported by the National Machine Tool Builders' Association.
Ten Per Cent Increase in October in Chain Store Trade
in New York Federal Reserve District as Compared
with Year Ago.
The Dee. 1 Monthly Review of Credit and Business Conditions by the Federal Reserve Agent at New York has the
following to say regarding chain store trade:
Chain store systems in this district reported for October a 10% increase
in sales over October 1928,a considerably larger increase than in September.
The sale of grocery, ten cent, drug, and variety chains continued to be
larger than last year, and the sale ofshoe and candy chains showed increases
following decreases in September.
Several types of stores continue to show rapid increases in the number
of stores operated, and after allowance for this, grocery and candy chains
were the only types that showed increases in average sales per store over a
year ago.
Percentage Change October 1929
Compared tcith October 1928.
Type of Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Number of
Stores.
Total
Sales.
Sales per
Store.
+1.2
+9.4
+13.7
+9.0
+33.4
-2.5
+11.0
+5.0
+13.4
+8.9
+18.4
+2.1
+9.7
-4.0
-0.2
+7.7
+9.9
+2.0
Total
+4.7
Consumption of Electrical Power by Industrial Concerns in Philadelphia Federal Reserve District in
October 20% Greater Than Year Ago.
Consumption of electric power by industrial concerns
showed an increase of 3% in October and was almost 20%
greater than a year ago, according to the Federal Reserve
Bank of Philadelphia, which says:
Total sales of electricity also increased in the month,owing to the heavier
lighting requirements at this season and the needs of industry, and were
over 20% ahead of hat year. Municipalities and public utilities showed the
largest gains in the buying of power. Of the total output of 12 systems,
which increased over 15% in the month, the amount produced by water
power increased greatly, as did the amount purchased, and as a result the
amount produced by steam declined.
Electric Power-Philadelphia Federal
Reserve District-12 Systems.
Rated generator capacity
Generated output
Hydro-electilo
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries.]
All other sales
October.
Change
Change
from
from
September October
1929.
1928.
1,825,000 k.w.
+0.1% +2.9%
635,196,000 k.w.h. +15.4% +19.2%
145,052.000 k.w.h. +282.7% +184.3%
351,043,000 k.w.h. -10.2% -11.9%
139,101,000 k.w.h. +14.4% +66.2%
498,701,000 k.w.h. +8.7% +20.5%
83,914,000 k.w.h. +10.9% +5.1%
11,708,000 k.w.h. +19.1% +7.8%
72.206,000 k.w.h. +9.6% +4.7%
305,281,000 k.w.h. +4.4% +16.3%
8,535,000 k.w.h. +5.0% +64.7%
51,300,000 k.w.h. +11.3% +1.6%
245,446,000 k.w.h. +3.0% +19.7%
109,506.000 k.w.h. +20.8% +54.0%
"Retail trade is having a seasonal increase that carries it above the level
of last year. Chain drug and department stores reported gains. Wholesale
trade expanded seasonally but most lines failed to equal last year's results.
Sales of new and used automobiles continued their seasonal trend and new
car sales fell behind the corresponding months of last year for the first time.
This was due mainly to smaller sales in industrial centers, while rural districts showed an increase.
Postal receipts and advertising volume were greater than a month ago
and year ago. Bank clearings and debits also showed increases, but the
gains were smaller than during last month. Savings deposits were slightly
smaller but number of accounts increased.
"Car loadings at Indianapolis were exceptionally well sustained. Live
stock receipts again were relatively large, while the agricultural outlook
remained favorable. Coal output continued its favorable upward trend.
Stone mills were active, although quarry operations were seasonally lighter."
Business Conditions In Philadelphia Federal Reserve District-Production Slackened but Distribution to Consassier Expanding.
According to the Federal Reserve Bank of Philadelphia
conditions in trade and industry of the Philadelphia Federal Reserve District, while showing considerable variation, are following the trends usual at this season. "Production on the whole has slackened," the Bank states,
"while distribution of merchandise to the consumer is
expanding."
Conditions in its District are further summarized as
follows by the Bank, in its December Business Review:
Retail trade in October increased slightly more than the average
of recent years and was well ahead of the volume in the same month
last year. Nearly all lines of wholesale and jobbing trade also reported
somewhat more than the seasonal gains between October and September; in comparison with a year ago, the dollar volume was slightly
larger. Preliminary reports from merchants indicates that the wholesale trade in the first fortnight of November was holding up well,
although seasonal declines in some lines were apparent. Retail sales,
on the other hand, showed expansion which naturally occurs at
Christmas time.
Sales of new passenger automobiles declined appreciably during
the month but were larger than in October, 1928. Life insuraace
sales in this section, on the other hand, increased seasonally and in
comparison with last year.
Railroad shipments of commodities in this section have exhibited
a downward tendency in recent- weeks, following an unusually heavy
volume of loadings during the summer months. The movement of
goods by rail since October also has been slightly under the volume
of a year ago.
Productive activity generally showed seasonal gains between Sept. and
October. This is measured by a larger volume of output, by increased
consumption of certain raw materials, and by the greater use of
electrical energy by various industries. In comparison with a year
earlier, manufacturing operations as a rule were satisfactory, particularly in view of the fact that last year at this time there was a marked
recovery of industries from the dullness that prevailed for many
months prior to last fall.
Factory employment in this section generally declined in October
instead of increasing as is usual for that month.
This unfavorable showing was due partly to recession in some of
the metal fabricating industries which had an unusually high rate
of activity during the summer months. The number of wage earners
in the textiles, foods, and tobacco, and leather and rubber products
groups, on the other hand, showed the usual seasonal gain. Partial
reports for November, particularly in industries comprising metals,
textiles, and shoe and leather, indicate a further decline which is to be
expected after the October peak. In comparison with a year ago, the
number of wage earners continued considerably larger.
Wage disbursements increased in the month, but not as much as
might be expected in October. As in the case of employment, the
decline shown by metal fabricators reduced the total volume of payrolls, as reports from most industries showed the customary inNevertheless, compared with October, 1928, wage paycreases.
ments by reporting plants continued almost 10% larger.
The latest reports from manufacturers covering the first half of
November show that demand and unfilled orders for finished goods
have declined, as is customary at this season, and that plant operations have been reduced correspondingly. Stocks of goods held at reporting plants continue to vary from moderate to light and are smaller
than those of four weeks or a year ago.
The value of building contracts awarded declined in October and
was substantially below the volume of a year earlier. Building permits
3392
FINANCIAL CHRONICLE
issued in this district, on the other hand, showed a considerable rise
in the month and in contrast with October, 1928. The real estate
market in Philadelphia shows some improvement, although foreclosures have remained large.
As a result of the prevailing quiet in the construction industry,
manufacturers of building materials report a further decline in their
sales, forward orders on their books, and in the rate of plant operations.
The output of cement was again smaller in October than in the previous
month aS well as in the same month last year.
Mining of both anthracite and bituminous coal showed a considerable
increase between September and October, but in the first three weeks
of November production has turned downward. Receipts of domestic
and foreign petroleum at the port of Philadelphia declined in Octotber
but were materially larger than in the like month last year, reflecting
a higher level of activity at local refineries.
Agricultural conditions appear to measure up to the average of
past years with respect both to the production of crops and livestock
and to the prospective income from farm products, although crop
yields generally are estimated to be smaller this year than last.
Manufacturing Activities and Output in Chicago
Federal Reserve District-Midwest Distribution of
Automobiles.
The Federal Reserve Bank of Chicago, in the Dec. 1,
"Monthly Business Conditions Report," has the following
to say regarding manufacturing activities and output:
Furniture.
For the seventh consecutive month, furniture manufacturers in the
Seventh Federal Reserve District report an increase in shipments over a
Year ago; total shipments during October for 27 firms showed a gain of6.7%,
while in the comparison with September an increase of 12.6% was recorded.
Individually, only 12 of the firms reported a gain in this item over last year
but 20 indicated shipments heavier than last month. Orders booked during
October declined 3.3% from September, although an increase of 0.9% was
shown over the corresponding period of last year. The total volume of
shipments was again larger than orders booked, which together with cancellations resulted in a drop of 34.6% in unfilled orders on hand Oct. 31
from those held a month previous. In the comparison with Oct. 1928, a
decline of 5.4% was shown. The rate of operations averaged slightly higher
than in September and also above a year ago.
Automobile Production and Distribution.
Further curtailment in automobile production took place during October
output of passenger automobiles by United States manufacturers totaled
320,327, or 12.2% less than a mouth previous and comparing with 339,487
in the same period a year ago. Truck production increased in October,
output of 58,747 representing a gain 01 17.4% over September and of 2.8%
over last October.
The total number and value of cars sold at wholesale during October
continued to decline in the month-to-month comparison, and distribution
remained considerably smaller than a year ago. Sales by retail dealers
declined further in October, and for the second successive month fell below
the level of the same period in 1928 The number of used cars sold gained
in both the monthly and year-to-year comparison. Following a decline in
September, stocks of cars again were larger in October and continued to be
heavier than a year ago. Reports from 34 dealers show that 50.3% of total
retail sales in October were made on the deferred payment plan; this compares with 48.0% for September and with 43.8% for 27 dealers in Oct. 1028.
MID-WEST DISTRIBUTION OF AUTOMOBILES.
(Changes in Oct. 1929, from previous mouths.)
Per Cent Change From Companies Incl.
New Cars:
WholesaleNum ber sold
Value
RetailNumber sold
Value
On hand Oct. 31Number
Value
Used Cars'
Number sold
Salable on handNumber
Value
September
1929.
October
1928.
Sept.
1929.
Oct.
1928.
-9.1
-6.2
-23.1
-21.1
36
36
30
30
-9.4
-12.2
-9.0
-16.6
65
65
53
53
+9.0
+11.3
+29.1
+22.0
65
65
53
53
+3.5
+0.8
65
53
+5.9
+6.0
+35.4
+5.8
65
65
53
53
Decline in Production and Primary Distribution in San
Francisco Federal Reserve District in October Affects
Other Fields of Activity.
In his account of business conditions in the San Francisco Federal Reserve District during October, made available Nov. 26, Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent, of the Federal Reserve Bank
of San Francisco, says:
[Iror,. 129.
the last week of October sharp curtailment in output of many industries
was reported, although those industries supplying goods for the holiday
trade were reported to be generally active.
After making allowance for the usual seasonal changes, nearly all
lines of retail trade showed declines in value of sales during the month.
Daily average department store sales were smaller than in September
and sales of new passenger automobiles and trucks decreased substantially.
Sales at wholesale increased. Domestic shipments through the Panama
Canal also increased, chiefly because of heavier eastbound shipments of
refined petroleum products.
The general level of commodity prices declined during October. Included in the decline were prices of wheat, livestock, and wool, all
important products of this District. Relatively satisfactory prices for
fruits have helped maintain the purchasing power of a large section of
the agricultural communnyt Early in November California crude oil
prices which, on October 21, had been reduced as much as 65% in some
fields, were restored to the levels in effect prior to the reduction.
Changes in both member bank and Reserve Bank statements during
recent weeks have reflected largely demands for additional credit growing out of the needs of local and eastern security markets. The rapid
downward movement of stock prices in late October and early November
was accomplished, at member banks, by a substantial movement of
funds to New York, a decrease in deposits, and an increase in loans.
To help meet this situation, member banks increased their borrowings
at the Reserve Bank by 38 million dollars. The amount of reserve bank
credit in use at mid-November was larger than at any time since 1921,
and the reserve ratio of the Federal Reserve Bank of San Francisco,
at 57.9 on November 15, was at the lowest point reached since that
year.
Ceylon Doubtful of British Co-operative Rubber Selling
Plan.
Associated Press accounts from Colombo, Ceylon, Nov.22
stated:
Rubber interests here appeared skeptical to-day regarding the co-operative rubber-selling scheme suggested by the Rubber Growers' Association.
They doubted also the success of a modified scheme if the general plan
should be found impossible. They said small sellers would not accept the
plan, which therefore would collapse.
The roport of the British Rubber Growers Association
was referred to in our issue of Nov. 23, page 3239.
Rubber Trade in New York and London Indifferent
Toward British Rubber Growers Report on Central
Selling According to President Henderson of New
York Rubber Exchange.
Tho rubber trade both in London and Now York has received with indifference the report of the Rubber Growers'
Association Committee on Central Selling, says the F. R.
Henderson Corp. weekly market summary, issued Nov. 24.
The Committee report, while declaring central selling in
relation to the whole producing industry impractical, recommended that smaller groups of plantation companies combine with larger groups or with each other, pooling their
sales for the benefit of all companies within such groups.
Central selling for the entire industry was declared impractical because half of the area planted to rubber is owned by
Asiatics, comprising individuals numbering many thousands
who are incapable of organization. The Henderson report
says:
We believe the recommendations are sound in theory but they involve a
tremendous amount of organization work before effective results could be
expected. The inability to organize the Asiatic owners renders the outcome all the more uncertain.
Trading on the Rubber Exchange of New York during the week was quiet,
with a daily average turnover of about 1,250 tons. The range of price
fluctuations was about 1 cent per pound. wIth the market showing a slightly
easier tendency. We do not look for any marked movement either way
for the present.
We estimate the arrivals of crude rubber at all ports U. S. A. from
Nov. 1 to Nov. 22 incl., to be 51.900 tons.
Canadian Pulp and Paper Exports in October Amounted
to $17,896,151 Compared With $15,684,629 in
September.
According to the report issued by the Canadian Pulp &
Paper Association the exports of wood-pulp and paper from
Canada in October were valued at $17,896,151. This was
an increase of $2,311,622 over the previous month, but was
somewhat below the total for Oct. 1928, says the Montreal
"Gazette" of Nov. 23, from which we also take the following
During October the decline in production and primary distribution,
Wood-pulp exports for the month were valued at 53,703,414 and exports
reported in September, spread to other fields of business activity. Comof paper at $14,192,737, as compared with 54,232,557 and 1114,107,462
modity prices moved downward, a drastic decline in securities prices
respectively
in October 1028.
placed additional credit burdens upon member banks and more Federal
Exports of the various grades of pulp and paper in October were as follows:
reserve credit was called into use than has been needed since 1921.
Continued dry weather has affected agriculture unfavorably, retarding
Odober 1929.
October 1928.
the sowing of winter wheat and causing further impairment of condition of livestock and livestock ranges. Scanty range forage has forced
PulpTons.
Tons.
the premature marketing of some range stock during recent weeks. Both
Mechanical
452,441
15,703
21,136
587,795
foreign and domestic buying of wheat have been in rather small volume Sulphite bleached
1,564,010
22,869
20,305
1,748,017
this autumn and stored stocks are relatively large. Although yields Sulphite unbleached
969,904
19,534
18,477
921,780
Sulphate
11,712
664,543
of nearly all fruit crops have been smaller than last year, aggregate
15.706
914,877
Screenings
52,516
2.982
2,956
60,087
financial returns to growers, due to higher prices, have been about equal
to those of 1928. Despite recent unfavorable fa tors in the situation, it
Total
3.703,414
70,236
81,144
4,232,657
Paperstill appears probable that agriculture purchasing power has not been
Newsprint
232,441 13,604,221
214,228 13,576,872
reduced as compared with a year ago.
Wrapping
161,278
1,455
1,368
150,545
Seasonal curtailment in employment of industrial workers was re- Book (cwts.)
.59,664
7,197
4,948
39,892
ported during October. For the month as a whole, there were smaller Writing
1,862
84
548
5,292
365,712
than seasonal increases in building and construction operations, flour All other
milling, petroleum production, and non-ferrous metals mining. During
Total
14,192,737
14,107,462
FINANCIAL CHRONICLE
Nov. 30 1929.]
For the first ten months of the current year the total value of pulp and
paper exported from Canada amounted to $163.514,218 as compared with
$157,889,459 for the corresponding months of 1928, an increase for this
year of $5,624,759.
Exports of wood-pulp for the ten months were valued at $36,041,663
and exports of paper at $127,472,555 as compared with $37,655,890 and
$120,233,569 respectively in the ten months 1928.
Details of exports for the ten months of 1929 and 1928 are as follows:
Ten Months 1929.
8
Tons.
Pulp-
Ten Months 1928.
Tons.
Mechanical
Sulphite bleached
Sulphite unbleached
Sulphite
Screenings
168,085
212,743
162,755
113,448
30,250
4,652,929
16.145,018
8.040.464
6,663,065
540,187
158.372
211,069
176.097
135,284
25,820
4,318.550
15,990,237
8,845,695
7.981,777
519,631
k
687,279
36.041,863
706,642
37,655.890
Total
PaperNewsprint
Wrapping
Book (cwts.)
Writing
All other
2,061,321 122,368.162 1,797,238 115,272,255
1,452.681
13,256
1,369,898
12,576
458,644
55.369
528,015
63,172
37,377
36,872
4,017
3,934
3,012,612
3.159.608
120,233,589
127,472,555
Total
Exports of pulp-wood have been smal er this year the quantity shipped
In the first ten months being 1,173,975 cords valued at $12,030,452 as
compared with 1,406,731 cords valued at $14,047,232 exported in the
corresponding months of 1928.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 223 mills show that for the week ended Nov. 16
1929, orders and shipments were 14.62% and 16.02% respectively, below production, which amounted to 169,941,448
feet for that period. The Association's statement shows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
223 mills report for week ended Nov. 18 1929.
(All mills reporting production, orders and shipments.)
169,941,448 feet (100%)
Production_ _
145,094,791 feet (14.62% under production)
Orders
142,711.497 feet (16.02% under production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEE a.LY
OPERATING CAPACITY (308 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date.)
Actual production week ended Nov. 16 1929
191,785,555 feet
205,782,970 feet
Average weekly production 46 weeks ended Nov. 16 1929
206,075,276 feet
Average weekly production during 1928
212,258,400 feet
Average weekly production last three years
296,805,136 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.
WEEKLY COMPARISON FOR 223 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks).
Nov. 9.
Nov. 2.
Nov. 16.
Oct. 26.
Week Ended189,941,448 180,158.000 178,845,207 184,088,663
Production (feet)
145,094,791 162,804,947 183,445,832 166,762,180
Orders (feet)
52.121,660
55,548,521
45,772,497
65,137,716
Rail
63,530,969
62,419,610
64.901,128
57,449,796
Domestic cargo
33.874,658
26.214.339
31,551,268
22,857,860
Export
13,276,660
19,263,362
11,563,306
12,623,400
Local
142,711.497 154,257,463 154,206,149 161,024,816
Shipments (feet)
62,337.812
57.299.912
50,842,255
68,699.107
Rail
49,608,033
47,446.629
52,229,528
53.966,550
Domestic cargo
25.158,346
34,072,858
26.339,386
27,472,781
Export
19,263.362
13,276,660
11,563,306
12,623,400
Local
638,477,058 640.763,020 639,254.515 831,095,080
Unfilled orders (feet)
141,109,754 147,669.359 153,913.329 161,569,177
Rail
298,113,046 289,608,498 280,694,854 264,375,913
Domestic cargo
199,254.256 203,487,165 204,646.332 205,149,990
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 46
Average 46
Week Ended Weeks Ended Weeks Ended
Nov. 16 '29. Nov. 16 '29. Nov. 17 '28.
105,552,536 109,818.442 114,920,468
Production (feet)
81,183,053 109,125,647 118,491.783
Orders (feet)
86,143,677 110.502,709 119,007.752
Shipments ((eet)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED NOV.9'29( 17 MILLS)
Orders on
Hand BeOrders
gin'g Week
Nov. 9 '29. Received.
Cancel-
lotions.
Rhinmeats.
Unfilled
Orders
Week Ended
Nov. 9 '29.
•
Washington ,fc Oregon
Feet.
Feel.
Feet.
Feet.
Feet.
(98 Mills)92,376,718 22,588,747 1,930,342 18,321,061 94,714,062
California
131,318.447 23,998,561 3,589,515 18,556,738 133,170,755
Atlantic Coast
None
692.224 4,180,022
28,156
4,844,090
Miscellaneous
Total Wash.& Oregon 228,530,255 46,815,464 5,519,857 37,570,023 232,064,839
Brit. Cot. (19 Mills)3,638,510 1,105,000
California
19,700,046 5,279,791
Atlantic Coast
2,270,000 4,629,784
Miscellaneous
None
1,735,858 3,007,652
50,000 4,380,791 20,549,046
None
None
6,899,784
Total Brit. Columbia_ 25.608,556 11,014,575
50,000 6,118,649 30,456,482
,c,....,
A...2990119 onron
9,15
1,17 511 57 ARA fIng 5.569.857 43.886 672 282 591
991
French Chamber of Deputies Approves Bill Raising
Sugar Duties.
The French Chamber of Deputies after a brief debate
Nov. 22 passed the bill raising the duties on sugar to 140
francs (5.60) on the quintal (220 pounds) according to Asso•
ciated Press advices from Paris that day.
Ten Cotton Mills With Over 300,000 Spindles Become
Members of the Cotton-Textile Institute, Inc.
Ton cotton mills with a total of 312,080 spindles not
heretofore associated with the Cotton-Textile Institute have
ust become members of that organization, according to an
3393
announcement made Nov. 25 by George A. Sloan, President
of the Institute. These mills are as follows:
Cross Cotton Mills Co., Marion, N. C.: Denison Cotton Mill Co.,
Denison, Texas; Eastman Cotton Mills, Eastman, Ga.: Entwistle Mfg.
Co., Rockingham, N. C.: Fitchburg Yarn Co., Fitchburg, Mass.: Hannah
Pickett Mills No. 1, Rockingham, N. C.: Royall Cotton Mills, Wake
Forest, N. C.: Santee Mills, Orangeburg, S. C.: Steele's Mills. Rockingham, N. C.; Wilson Cotton Mills Co., Wilson. N. C.
In addition to these members, 15 mills with 568,146
spindles, have renewed their membership since the annual
meeting of members on Oct. 16, making a total of 17,097,191
spindles in the Institute's membership.
Cotton Ruling Governing Goods Entering Canada at
British Preferential Rates to Remain-Ample Raw
Material in Empire to Fill 50% Regulation.
From the Montreal "Gazette" of Nov. 23, we take the
following Ottawa advices Nov. 22:
Indications are that no modification will be made in the customs regulation requiring that goods entering Canada at British preferential rates
must contain 50% Empire labor or material. Information produced by
the advisory board on tariff and taxation showed that ample raw cotton is
available within the Empire to meet the Canadian requirements.
The Lancashire cotton interests contended that they could not manufacture the cheaper grades of cotton goods to meet the 50% requirements
as the raw material alone, which Is obtained by them from the United
States, costs more than half of the selling price of the finished article. They
also argued it would be inconvenient to change their arrangements to manufacture goods for the Canadian market from Empire grown cotton. To
do that would entail separate weaving, separate spinning etc., and they
would lose the advantage of mass production.
Experts here hold the view, however, that as many Lancashire plants
are embraced under one management it would be a simple matter to have
one or two of their factories working on goods for the Canadian trade. It
is quite possible they may lose some of the business they have enjoyed on
the cheaper grades, but they should have no difficulty in holding their
c tstom on the higher counts.
Petroleum and Its Products-Daily Production Mounts
as New Completions Add 10,000 Barrels to California Output-Oklahoma Operators Discuss Plan
to Continue Proration Program After End of
Present Period.
Despite concentrated efforts on the part of the industry's
leaders to keep crude oil production down, figures for the
week ending Nov.23 reveal that there was a daily increase of
13,250 barrels. The major cause of this jump was the result
of new completions at Santa Fe Springs, Calif., which accounted for about 10,000 barrels of this daily increase.
California's daily average for that week reached 695,000
barrels, whereas the limit aimed at is 650,000 barrels. Other
California fields also showed increases, Seal Beach and Elwood Goleta fields mounting 7,000 barrels each, and Ventura
Avenue increasing 5,000 barrels. This brought California's
increase from these major fields to 29,000 barrels, which was
offset to some extent by decreases in other fields in that
State.
The most important development of the week is the decision of Oklahoma City operators to advise some workable
arrangement by which the present proration program may
be continued after the expiration of the present proration
order on Jan. 1. A general meeting is to be held Dec. 10
at which time the Proration Committee of the Mid-Continent Oil & Gas Association will report on a study they are
making of the State-wide situation. At this meeting the
Oklahoma City operators, prime movers in this plan, will
submit their own proposal on the continuance of the proration, and will leave the amount open to the decision
reached at the session.
William N. Davis, President of the Mid-Continent Oil &
Gas Association, in urging the continuation of proration
activities after the State order expires, stated: "I am beginning to hear on every hand comments on the fact that oil
is being withdrawn from storage. This is probably true in
some areas and as to certain companies. I have no definite
figures but I have sufficient information to convince me that
such drafts as are being made are altogether trifling compared
either with the enormous and entirely unnecessary amounts
of crude in storage or with the amount of additional crude
production which could be thrown on the market at any time.
For many years the rank and file of the oil producers has
looked upon drafts on storage as the forerunner of higher
prices for crude. In my opinion there is grave danger that
there may be so much comment on the reduction of storage
and the balanced condition of the industry as to create an
unjustifiable spirit of optimism which will weaken the
unanimous support which the industry is giving to the curtailment program."
Much interest will be attracted to the Chicago meeting
of the American Petroleum Institute Dec. 3, 4 and 5, by the
3394
FINANCIAL CHRONICLE
[VOL. 129.
fact that Sir Henri Deterding is to be the chief speaker. He
is Director General of the Royal Dutch Petroleum Co.,
greatest petroleum organization in the world, and is a proponent of conservation of natural resources.
Throughout this past week crude prices ruled steady in all
the major producing fields.
panies aggregating 3,491,600 barrels or 94.9% of the 3,678,700 barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to only 76.1% of their total capacity, contributed to that report. The report for the week ended
Nov. 23 1929 follows:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$3.05 Smackover, Ark., 24 and over
Corning, Ohio
1.75 Smackover. Ark., below 24
CabeIL W. Va
1.35 Eldorado. Ark., 34
flhlnois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Okla., 37
1.23 Sunburst, Mont
Corsicana, Texas. heavy
.80 Artesia, N. M
Hutchinson, Texas, 35
.87 Santa Fe Springs, Calif., 33
Luling, Texas
1.00 Midway-Sunset. ('all!., 22
Spindletori. Texas, grade A
1.20 Huntington, Calif., 26
Spindletop, Texas, below 25
1.05 Ventura. Calif.. 30
Winkler, Texas
.65 Petrolla. Canada
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED NOV. 22 1929 (BARRELS OF 42 GALLONS).
$.90
.75
1.14
.90
1 23
1.65
1.08
1.20
se
1.09
1.18
1.00
REFINED PRODUCTS-MARKET CONTINUES QUIET-HEATING
OILS ONLY FEATURE OF DULL PERIOD-BUYERS HESITATING ON PLACING GASOLINE CONTRACTS-CONSUMPTION CONTINUES AT HIGH LEVEL.
Generally quiet conditions prevailed during this past week
in the refined products market. The one outstanding
feature was the increased demand for heating oils, brought
on by the colder weather conditions prevailing. However,
this seasonal demand had been anticipated to a great extent.
In U. S. Motor gasoline, the large marketers report a
"satisfactory business" but it is noted that buyers are somewhat backward in placing contract business, due to the
uncertain conditions prevailing in the crude petroleum industry. There have been no price changes reported, sales
being made at the prevailing quotations of 89 cents to 8%
cents per gallon, tank car at refineries. California gasoline
is moving in fair volume ay 9 cents per gallon at terminals.
A steady movement continues in marine fuel oils, with grade
C bunker held firmly at $1.05 a barrel at refinery and $1.10
per barrel f. a. s. New York Harbor. Diesel oil is firm and
fairly active at $2 per barrel at refineries.
Steadiness marks the kerosene market, with the expected
seasonal increase in demand. The market remains unchanged at 73
4 cents per gallon for 41-43 water white in
tank car lots at the refineries.
In the California refinery market reports indicate that
conditions have not been noticeably improved by the recent
return to normal of crude oil prices. One result, however,
has been a lessening of the offering of distress goods in the open
market. In many instances low quotations which obtained
for a brief period have been withdrawn and the former levels
reinstated.
In the Pennsylvania market, heating oils proved the
feature of trading. Gasoline orders dwindled in volume and
kerosene sales were also of routine nature.
An interesting event of the past week was the announcement on Nov. 23 that the Standard Oil Co. of New Jersey
has reached an agreement with the I. G. Farbenindustrie
interests of Germany by which a company is to be formed for
the development of the German company's coal hydrogena,
tion process for the manufacture of petroleum products.
The importance of this announcement is in the fact that the
contract insures that the exploitation of the Bergius coal
liquefaction process will be carried out under the control of
American interests and directed by American technologists
in co-operation with the originators of the process.
There were no price changes in refined products during this
week.
Gasoline, U. S. Motor, Tankcar Lots. F.0.13. Refinery.
N Y(Bayonne)$.089401$.09 I Arkansas
$.08i4 North Louisiana- West Texas
.065i California
.081i North Texas
09 Se Los Angeles, export. .07t Oklahoma
Chicago
New Orleans
073 (Gulf Coast. export__ .n8 Si Pennsylvania
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station, Tax Included.
Cincinnati
1.18
Minneapolis
1.18
Denver
.21
New Orleans
16
Detroit
.22
188 Philadelphia
Houston
San Francisco
.20
18
Jacksonville
.24
Spokane
.15
Kansas City
.15
.179 St. Louis
.06h
.07
.09(1
1.182
195
21
.215
.205
.16
Kerosene, 41-43 Water White. Tankcar Lots, F.O.B. Refinery.
NY(Bayonne)$.073j$.08 Chicago
$.05% New Orleans
$.0731
North Texas
.05Si Loa Angeles. export_ .05(1'Tulsa
.06Si
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)_$1.0511-08 Angeles
3.85j Gulf Coast
1.75
Diesel.
.95IChicago
2.00 New Orleans
55
Gas Oil, 32-36 Degree. F.O.B. Refinery or Terminal.
New York(Bayonne)5.05h1Chicage
8.03 1 Tulsa
3.00
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,510,300 barrels, or 95.4% of the 3,678,700
barrel estimated daily potential refinery capacity of the
plants operating in the United States during the week ended
Nov. 23 1929, report that the crude runs to stills for the
week show that these companies operated to 75.5% of their
total capacity. Figures published last week show that com-
District.
P. C.
Potenflat Caracily
Report.
Crude
Runs to
Stills.
P. C.
Oper.
of Total
(Wpm.
Report.
East Coast
Appalachian
Indiana.1111 nols,Kentucky
Okla., Kansas, Mlasouri
Texas
Louisiana, Arkansas
Rocky Mountain
California
100.0
86.0
08.3
89.0
91.1
97.1
93.4
99.3
3,495.000
573.100
2,148,500
2,007,500
3,906.800
1,331,800
426,700
4,654.100
82.4
74.3
86.7
69.7
78.9
65.1
43.9
74.6
Gasoline
Stocks.
G'as and
Fuel Oil
Stocks.
4,605,000
876,000
4,252,000
2.634.000
5,627,000
1,719,000
1,803,000
14,289,000
8.760,000
782,000
3,915,000
3,943,000
14,645.000
5,228.000
992.000
109,171,000
Total week Nov.23_ _ _ _
95.4 18,543,500
75.5 35,805,000 147,436,000
Daily average
2.649,100
Total week Nov. 16_ __ _
94.9 18,591,200
76.1 35.298,000 147,096,000
Daily average
2,665,900
Texas Gulf Coast
100.0
3,080,700
83.6
4,724,000
11,255,000
Louisiana Gulf Coast... _ 100.0
929.600
74.8
1.506.000
4.202.1500
Note -All crude runs to stills and stry to figures follow exactly the p esent Bureau
of Mines definitions. In California, storks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ending Nov. 23 1929 was 2,633,250 barrels, as
compared with 2,620,000 barrels for the preceding week, an
increase of 13,250 barrels. Compared with the output for
the week ended Nov. 24 1928, of 2,505,000 barrels per day,
the current figure represents an increase of 128,250 barrels
daily. The daily average production east of California for
the week ended Nov. 23 1929, was 1,933,750 barrels, as
compared with 1,945,500 barrels for the preceding week, a
decrease of 11,750 barrels. The following are estimates of
daily average gross production, by districts, for the weeks
shown below:
DAILY AVERAGE PRODUCTION (IN BARRELS).
Week EndedNov.23'29. Nov. 16 '29. Nov. 9 '29. Nov. 24 '28.
Oklahoma643,050
645,950
617,250
712,950
Kansas
110,650
109,650
110,000
08,300
Panhandle Texas
102,600
100,350
102,500
64,200
North Texas
89,300
90,600
91,100
89.400
West Central Texas
56,850
57,500
59,750
54,850
West Texas
357.250
363,250
367,400
329,600
East Central Texas
17,350
17.600
17,750
21,150
Southwest Texas
74,650
73,700
74.150
27,750
North Louisiana
36,450
36,550
36.700
38,200
Arkansas
63,950
63.250
64.450
83,050
Coastal Texas
148,350
150,200
149.000
113,400
Coastal Louisiana
23,300
24,950
23,650
21,150
Eastern (not incl. Michigan)
118,900
119.000
119,150
104,700
Michigan
15,000
16,100
17,200
2,800
Wyoming
52,500
52,850
51,300
58.100
Montana
10,500
10,600
10,600
11,550
Colorado
5,100
5,450
5,100
7,100
New Mexico
8,000
7.950
8,150
2,950
California
699,500
674.500
706.000
665,800
Total
2,633,250
2,620,000
2,631,200
2,505,000
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended Nov. 23, was 1,552,100 barrels, as compared with
1,558,400 barrels for the preceding week, a decrease of 6,300 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,507,000 barrels, as compared with 1,513,050 barrels, a decrease of
6,050 barrels
The production figures of certain pools In the various districts for the
current week, compared with the previous week, In barrels of 42 gallons.
follow:
-Week Ended-Week EndedOklahomaSouthwest TexasNov.23. Nov.16.
Nov.23. Nov.10.
Allen Dome
20,600 20,300 Laredo District
9,300
9,400
Asher
Luling
10,750 10,800
..
Bowlegs
32,800 33,650
25,550 26,000 Salt Flat
Bristow-Silek
North Louisiana18,700 19,000
Burbank
4,850
17,650 17,700 IlaynesvIlle
4,900
Carr City
5,550
10,100 10.400 Urania
5.550
Cromwell
Arkansas7.600
7,600
Earlsboro
Champagnolle
5,500
61,450 64.000
5,300
East Seminole
4,250 Smackover (light)
5.800
4,500
5,800
Little River
137,600 70.700 Smackover (heavy)
45,100 45,350
Logan County
Coastal Texas15,650 15,850
Maud
9,800 Barbers Hill
20,700 22,350
9,000
Mission
10,250 10.400
15,800 16.900 111111
Oklahoma City
11,500 11,900
64,200 57,750 Pierce Junction
Sasakwa
8,700 11,800 Raccoon Bond
9,000
8.750
St. Louis
51,850 49,400 SpIndletop
20,600 22,350
Sear1ght
9,450 10,260 Sugarland
13,600 12.650
Seminole
Columbia
West
26.400
25.350
6,000
6,200
Tonkawa
9,050
8,800
KansasCoastal LouisianaSedgw1ck County
Hackberry
1,950
22,900 22,300 East
2,050
Panhandle TexasOld Hack berry
2,700
2,800
Carson County
9,600 10,000 Sulphur Dome
6,100
6,400
Gray County
64,400 61,200 vInton
4,400
4,100
Hutchinson County.... 27,000 27.750
WyomfngNorth TexasSalt Creek
30,700 31,250
Archer County
Montana18.050 17,950
Wilbarger County
29,950 30,1300 Sunburst
0,800 6,900
{Vest Central TexasBrown County
California10,600 10,900
ihackeltord County
Dominguez
9,650
9,500
8,500 8,500
West TexasElwood-Goleta
35,000 28,000
Crane & Upton Counties 44.000 44,800 Huntington Beach
42,000 42,000
Howard County
40.000 40.900 Inglewood
23,000 23.000
Pecos County
141,000 143.600 Kettieman Hills
10,000 10,000
Reagan County
17,000 17,150 Long Beach
108,000 112,000
Winkler County
105,000 106,400 Midway-Sunset
72,500 72,500
Santa Fe Springs
160.000 150,000
East Central TexasSeal Beach
29,000 22,000
Corsicana-Powell
6,900
7.000 Ventura Avenue
55,000 50.000
Nov. 30 1929.]
FINANCIAL CHRONICLE
British Tin Concerns Agree to Cut Supply-Association
Approves Scheme to Meet Overproduction-Foreign
Producers Approached.
A cablegram from London Nov. 27 to the New York
"Times" stated:
The British Tin Producers' scheme for regulating Empire supplies was
approved by members of the Association in London to-day.
Details of the scheme have not officially been disclosed, but it is reported
in more than one quarter that the Association will endeavor to arrange that
smelters shall hold back about 10% of the ore delivered them; that the,
shall be compensated for ore not smelted and that the metal to be marketed
shall be sold at a price to be determined by agreement between the smelters
and the Association.
A comprehensive international scheme for the regulation of supplies to
consumption remains to be prepared. It is understocd that the council
of the Association is approaching the foreign producers, of which the Dutch
and Bolivian are the chief, and formally inviting their co-operation.
The over production threatens an increase, and the three main divisions
of ownership in the tin producing industry are all hit by depressed values.
These divisions are the British Empire, represented by the Tin Producers'
Association; the American, which embraces control of the Bolivian branch
and the Dutch.
The great mass of consumers, it is believed, will not be averse to regulation as long as there is no undue restriction causing a repetition of the
recent wide fluctuations, and so long as a fair, stable price level is maintained.
An announcement made in this city yesterday (Nov. 29)
said:
Although tin Is produced in some quantity in many countries, the plan
to limit smelting is considered feasible because of the relatively small number of smelters in which actual refining of the metal takes place.
The official statement issued by the Association is as follows:
"An extraordinary general meeting of Tin Producers' Association, Inc..
was held at Cannon Street Hotel, London, Wednesday, Nov. 27, Rt. Hon.
Sir Philip Ounliffe-Lister, M.P., Chairman of the Council, presiding.
"A scheme for regulating of supplies which has been prepared by the
Executive Committee and endorsed by the Council and circulated in advance to members of the Association was submitted for their consideration.
"A resolution approving the principles involved in the scheme was proposed and seconded, and after speeches in support from a number of members present the resolution was carried unanimously, and the Council was
authorized to take necessary steps to carry the scheme into effect"
Copper Prices Firm Despite Dull Trade-Good Sales
of Lead-Zinc Volume Higher at Reduced PricesTin Quiet.
From the standpoint of total volume of business closed
the non-ferrous metal markets in the past week were unchanged, "Engineering & Mining Journal" reports. Lead
sales were slightly lower; zinc volume increased in the face
of further price concessions, which brought the price down
to an even six cents St. Louis. Copper and tin were quiet,
the former at unchanged prices, the latter somewhat easier
at the close. It is stated that in spite of three unusually
quiet weeks in copper trading, prices for this metal are
holding firm and it is said that less copper is now available
from second hands at price concessions than there was a
week or two ago. It is generally believed that copper
bought by consumers three months ago will suffice to carry
them through to the end of the year at the reduced rate
of operations many of them have recently adopted. Most
of the current demand has been for prompt shipment. The
"Engineering & Mining Journal" goes on to add:
Demand for lead continues at a good rate, although buying in the last
week was not quite so active as in the preceding seven-day period. Prices
were firm, but quotably unchanged. The London market is reported
steady and continues above the New York basis. Sales in the domestic
market amounted to an average week's business. Demand for lead from
cable manufacturers, battery and ammunition makers is holding up well
for this time of year.
Small quantities of zinc were sold during the week at an average price
of 6 cents, although 6.15 and 6.20 cents were the more usual selling prices.
Tin exhibited a firmer tone but showed no marked improvement in demand.
According to word received from London, the group controlling 20%
of the world's production of tin proposed a plan whereby smelters are to
curtail their output som 10%.
Further Decrease in Steel Output-Rail and Equipment Orders Good-Price of Pig Iron Declines.
Iron and steel production has undergone a further decline
in conformity with receding specifications, says the "Iron
Age" of Nov. 28. Retarded recovery of the automotive
industry, approaching year-end inventories and the usual
caution of buyers in a quiet market have all contributed to
the slowing up of demand, adds the "Age," which goes on
to say:
Doubtless many users are also delaying purchases until they can obtain
a better appraisal of the effect of the stock market crash on ultimate consumption and thereby secure an estimate of their future requirements. Few
cancellations are reported by steel producers, but specifications in some
instances have been pared down or entirely suspended. An offsetting
influence is the reinstatement of orders held up several weeks ago.
With current market factors discouraging the placing of new business and
adding emphasis to the importance of cutting down inventories, it Is difficult
to get a satisfactory measure of steel consumption. Meanwhile steel producers are keeping finishing mill schedules in the closest possible adjustment
with bookings, although here and there moderate stocks of standard sizes
of bars are being accumulated.
3395
Purchases of steel by the automotive industry for new models have not
developed in any great volume and no marked improvement in shipment&
to motor car builders is looked for this year. Independent Cleveland mills,
which depend on automobile manufacturers for a larger portion of their
tonnage than producers in most other districts, have reduced operations te.
35% of ingot capacity. Youngstown output has been interrupted recently
by complete shutdowns of a number of open-hearth plants, but is now
estimated at 40 to 50%. The average for the Pittsburgh district bas
declined to 65% and the Chicago rate, notwithstanding expanding rail
operations, has receded to 70%. Steel corporation subsidiaries are running
at 68% of capacity, compared with 72 to 74% a week ago, while the average
for Bethlehem plants is 70%.
Railroad equipment business is featured by an order placed by .the
St. Louis-San Francisco for 3,800 freight cars, requiring 40,000 tons of
steel. Fresh inquiries call for 2,700 cars. Both rolling stock builders and
farm implement makers continue to operate at a high rate, but the former
are holding down their current specifications for steel as a pre-inventory
precaution.
Steel fabricating shops also remain active, with new demand for structural
projects developing in a promising manner. Work that came out for bids
during the week totaled 65,000 tons, although lettings, at 22,000 tonsLwere
only half those of the previous week. Approximately halfof the new tonnage
that came into the market was for two Chicago projects-an addition to the
Chicago "Tribune" Tower, 17,000 tons, and an addition to the Morrison
Hotel, 15,000 tons. Construction prospects in the Lake Michigan city are
considered excellent, in view of the reopening of plans that have lain dormant for a year or more, but most of this work will not reach the contracting
stage until after the turn of the year.
Rail production at Chicago is now above 85% of capacity. A Western
road has bought 7,500 tons, and the Missouri-Kansas-Texas is in :the
market for 8,000 tons. The Southern Pacific has not yet taken action on
its inquiry fcr 120,000 tons of rails, but has distributed orders for 14000
tons of tie plates. The New York Central will shortly buy 35,000 tons of
track supplies.
Tin plate output has improved slightly, with the leading interest operating
at more than 75% and independents running at somewhat above 60% Of
capacity. Large tin plate contracts for the first half of 1930 have been
placed, and indications are that the requirements of can companies will be
fully as large as for the comparable period this year.
Buyers of other forms of finished products are manifesting virtually no
interest in first quarter contracts. With spot business also light, prices are
flexible but, on the whole, have undergone few severe tests.
Scrap markets have grown still weaker, with heavy melting steel down 50c.
a ton at Pittsburgh, Chicago and Philadelphia and with reductions.the
rule in practically all other grades.
Curtailment of pig iron shipments has extended to melters outside of'the
automobile industry and a further decline is expected in December, wItlithe
approach of inventory taking. With demand diminishing, producers continue to reduce operations rather than to stock iron One furnace has gone
out at Cleveland, three at Buffalo, and two in the Pittsburgh district.
Buffalo foundry iron for delivery along the Eastern seaboard has declined
to $17, furnace, a drop of 50c. a ton.
Exports ofiron and steel in October,247,646 tons,showed a gain of 1135%
over the previous month, but a reduction of 4% from the total for Octeber
1928.
The "Iron Age" composite price for pig iron has declined to $1829.a
gross toh from $18.38, its level in the preceding five weeks. A year ago it
stood at $18.59. The finished steel composite is unchanged at 2.362c, a
lb., the same figure as 12 months ago,as the following table shows:
Pie Iron.
Finished Steel.
Nov. 26 1929, $18.29 a Gross Ton.
Nov. 26 1929, 2.362c a Lb.
$111.38
2.362e. One week ago
One week ago
18.38
One month ago
2.362e. One month ago
.18.69
2.362e. One year ago
One year ago
15.72
1.689c. 10-year pre-war average
10-year pre-wer average
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates,
wire, rails, birch pipe and black sheets, furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo. Valley and Birmingham.
States output of finished steel.
Low.
High.
High.
Low.
1929..2.412c. Apr. 2 2.382c. Oct. 29 1929___$18.71 May 14 $18.25 Aug. 27
1928_2.391c. Dec. 11 2.314e. Jan. 3 1928._ 18.59 Nov.27 17.04 July 24
1927..2.453c. Jan. 4 2.2930. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan. 5 2.403c. May 18 1926___ 21.54 Jan, 5 19.46 July ,13
1925_2.560c. Jan. 6 2.306e. Aug. 18 1925_ 22.50 Jan. 13 18.96 July
Iron and steel buying and production have sunk deeper
into the colorless year-end market area, though withouta
corresponding depression of sentiment, says the "Iron Trade
Review," Cleveland, Nov. 28. Railroad support of the
market continues noteworthy and occasional small releases
emanate from the automotive industry, but on the whole
purchases are small and for prompt needs only and production is being scaled down proportionately, continues the
"Review," which further says:
Still confident that underlying business conditions are sound and that
the aftermath of the stock market situation will largely be bridged in the
next 60 days, the iron and steel industry is proceeding in orderly fashion,
as though the current letdown were little more than seasonal. The Industry
is not trying to force business; it will not reduce wages; it will neither
defer nor expedite plant extensions and betterments.
Sales efforts generally have been restricted, in the belief they would
not be productive and might weaken the price situation. In several instances
reduced prices having proved abortive, they have been withdrawn. At
least several steel producers have curtailed production more deeply than
orders compelled, in order to accumulate mild backlogs, making possible
higher operations and another payday before Christmas.
One blast furnace each at Cleveland and Buffalo has been banked and
one each at Chicago and Buffalo has been blown out in the past week.
Steelmaking at Pittsburgh at 70% and at Chicago at 70 to 75% is down
five points. Buffalo operations have been reduced to 70%, while Youngstown mills scarcely average 35%. Steel corporation subsidiaries at a 70%
ingot rate this week compare with 72% last week and 82% a year ago.
Independent producers at 68% this week are off two points from last
week and six points from last year. The entire industry is averaging 69%
this week, against 71% a week ago and 83% a year ago.
Steel prices continue irregular, but without a teat and a tendency .to
continue present levels into the first quarter. One maker is quoting first
quarter bars and plates at 1.90c., Pittsburgh. A sheet producer hass
opened first quarter books at 2.85c., Pittsburgh, for black, 3.50e. for
galvanized, 2.35c. for blue annealed sheets, and 2.20e. for blue anneal
plates, although large users can now better these prices $2 per ton. Last
week's cut of ;2 per ton in sheets at Chicago haa been followed by
opening of first quarter books at the lower levels. Prices on buttweld and
3396
• llapweld steel pipe to consumers have been reduced in the East. Scrap
continues soft. Pig iron prices no doubt will be under strain if an effort
is made to reaffirm to-day's prices.
•
Appraising steel requirements by industries, the railroads easily dominate. Rail mills at Chicago are operating at 85% higher than other
finishing departments. Car steel specifications will be good well into 1930.
• Ford, Chevrolet, Chrysler and Willys-Overland have ordered out a little
iron and steel, chiefly for the production of show cars in December.
Farm implement and tractor manufacturers are taking less steel, while
roadbuilding and outdoor construction show curtailment. The general
manufacturing trade is buying cautiously.
St. Louis-San Francisco RR. has ordered 3,800 freight cars, requiring
upward of 50,000 tons of steel, and 30,000 tons of rails. Bids are in on
5,000 cars for the Rock Island and 1,000 for the Burlington, and are due
next week on 2,304 for the Missouri Pacific. Reading will buy 1,000 to
2,000 cars, the Southern Pacific 400, and the Missouri Kansas & Texas
may build 500 in its own shops. All told, 13,000 freight cars are on
inquiry. It is rumored the New York Central may buy 15,000 cars in 1930.
,'Rock Island has bought 40 locomotives, and the St. Louis-San Francisco 20,
while the Missouri Pacific has 25 up. The New York Central is closing
_ on track fastenings totaling 30,000 tons.
. • This railroad business, plus the 63,000-ton steel pipe line booked by a
,'Milwaukee mill for Standard Oil Co. of California, a moderate volume of
. oil tank work and increased demand for ship tonnage in the East, puts
plate mills in a relatively better position than other finishing mills.
Structural business has quieted, but mills are moderately well engaged in
working off recent bookings. Bar mills mirror automotive apathy, as do
. sheet and strip producers.
Both producers and consumers of pig iron are avoiding commitments for
. the first quarter, resulting in bookings dropping to the lowest point of
• the year. Buying in volume is not expected until mid-December. Two
• cargoes of Lake Erie iron have been offered under the market at Chicago.
All pig iron psices are unchanged. Beehive coke stocks have increased
despite a closer check on output, and the furnace grade is now quotable
• at a flat $2.65.
The "Iron Trade Review" composite of 14 leading iron and steel products
Is unchanged this week at $35.97. Last week it declined 12c. A month
ago this index stood at $36.23, three months ago at $36.54, and a year
ago at $36.02.
Output of Bituminous Coal in October Ahead of Same
Month a Year Ago, While Production of Pennsylvania Anthracite is Slightly Lower.
According to the U. S. Bureau of Mines, Department of
Commerce, the total production of bituminous coal for the
country as a whole during the month of October amounted to
51,235,000 net tons, in comparison with 44,515,000 tons in
September. The average daily rate was 1,898,000 tons in
.October, an increase of 66,000 tons, or 3.6%, over the
average daily rate of 1,832,000 tons in September. The
production of Pennsylvania anthracite during the month of
October amounted to 8,332,000 net tons, an increase of
1,540,000 tons, or 22.7%, over the output in September.
The average daily rate of production in October was 320,000
tons, an increase of 37,000 tons, or 13.1%, over the daily
rate for September.
ESTIMATED PRODUCTION OF COAL BY STATES (NET TONS)a.
Oct. 1929. Sept. 1929. Oct. 1928. Oct. 1927. Oct. 1923.
ltfonth of1.510.000 1.320,000 1.568.000 1,581.000 1,793,000
Alabama
200,000208,000
235,000
126.000
Arkansas
977,000
921;000
901,000
989.000
977,000
Colorado
6,840,000 4,920.000 6.103,000 4.823,000 7.014.000
Illinois
1 650,000 1,410.000 1,424,000 1,238.000 2,337,000
Indiana
350.000
178,000
350,000
623,000
390.000
Iowa
e
e
316,000
347,000
411,000
Kansas
4,630,000 4.180,000 4,584,000 4,162.000 3,439.090
Kentucky-Eastern
1,348,000 1,140.000 1,636.000 1,627,000 1,074.000
Western
263,000
226,000
204.000
260,000
159,000
.Maryland
62.000
13.000
67,000
70.000
126,000
Michigan
395,000
348,000
290,000
342,000
316,000
Missouri
414,000
3
300,000
350,000
370,000
Montana
215,000
274,000
200.000
259,000
260,000
New Mexico
282,000
215.000
247,000
163.000
232,000
North Dakota
738,000 3,675,000
2.600,000 2.105,000 2,050,000
Ohio
409,000
422,000
297,000
340,000
273.000
.Oklahoma
13,050,000 11.280,000 13,194,000 10.860,000 14,170.000
Pennsylvania (Bit.)
563.000
428,000
485.000
529.000
530,000
Tennessee
116,000
75.000
117,000
117,000
80,000
Texas
664,000
433,000
462.000
546,000
665,000
Utah
1,244,000 1,130,000 1,182.000 1,056.000 1,039.000
Virginia
190,000
226,000
260,000
305.000
210.000
Washington
West Va.--Southern_b 10.005,000 8,950,000 9,717,000 8,616,000 6,846.000
3,450,000 2,940,000 3,679.000 3,669,000 3,474.000
Northern_c
724,000
764,000
622,000
829.000
750,000
Wyoming
24,000
29,000
255,000
17.000
305,000
Other States-d
Total bituminous coal__51,235,000 44,515,000 51.176,000 43,827,000 50,907.000
Pennsylvania anthracite__ 8,332.000 6.792.000 8,400,000 7,353,000 8.532,000
59,567.000 51,307,000 59,576.000 51.180,000 59,439,000
Total a.1 coal
a Figures for 1928, 1927 and 1923 are final revised figures. b Includes operation
division of the B.& 0.
on the N.& W., C. & 0., Virginian. K.& M.,and Charleston strictly
compareble In
C Rest of State, including Panhandle. d This group is not
the several years. e KallB&S included in "Other States."
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 ofloadings by railroad divisions,furnished by the American
Railway Association and by officials of certain roads, and in part on reports
made by the U. S. Engineer offices.
Consumption of Bituminous Coal at General Industrial
' Plants in August-September 1929, Slightly Over
That for Corresponding Period Last Year.
Bituminous coal consumption in several branches of industry, notably the electric utilities, by-product coke plants
and railroads, has shown a decided upward trend throughout
the greater part of the present year, reports the U. S. Bureau
o Mines, Department of Commerce. The general manufacturing plants which report quarterly to the Bureau regard-
[VoL. 129.
FINANCIAL CHRONICLE
ing their consumption of coal, show a smaller increase in the
rate of consumption than other groups of consumers, probably due in large measure to the tendency to close down the
isolated steam plant of the individual factory and to purchase
power from the electric public utilities.
The 1,971 large industrial plants reporting to the Bureau
consumed 7,422,631 net tons in August-September 1929, as
compared with 7,418,430 tons in the same two months of
last year, an increase of 0.1%. The rate of consumption
varied widely in different parts of the country. Substantial
increases are shown for the Lower Missouri Valley and
Southern Rocky Mountain districts, while smaller gains occurred in New England, the Southeast, the Lake Dock territory, and Southern Michigan. These gains, however, were
nearly offset by decreases in the Middle Atlantic, Ohio,
Illinois-Indiana, Southwest and Pacific Northwest districts.
The Bureau's statement also contains the following table:
COAL CONSUMPTION AT REPRESENTATIVE INDUSTRIAL PLANTS,
AS REPORTED TO BUREAU OF MINES.
(Excludes steel, coke and gas plants, which are covered elsewhere.)
District.
New England
Middle Atlantic
Ohio
Southern Michigan
Illinois-Indiana
Lower Missouri Valley
Lake Dock Territory
Southeast
Southwest, Mountain & Pac
Total
Net Tons Consumed. Increase or Decrease.
Number
of
Aug.-Sept. Aug.-Sept.
Plants.
1928.
1929.
Net Tons. Per Cent.
405
419
126
77
214
117
154
329
130
512,991
1,897,474
1,006,243
713,041
1,330,079
449,170
499,959
742,551
266,922
527,449
1,873.926
958,642
747,267
1,283,511
605,229
508,823
765,800
252,084
+14,458
-23,548
-47.701
+34,226
-46.568
+56,059
+8,864
+23,249
-14,838
+2.8
-1.2
-4.7
+4.8
-3.5
+12.5
+1.8
+3.1
-5.6
1,971
7.418,430
7,422 631
+4,201
+0.1
Production of Bituminous Coal, Pennsylvania Anthracite and Beehive Coke Declines.
According to the U. S. Bureau of Mines, Department of
Commerce, the output of bituminous coal, Pennsylvania
anthracite and beehive coke in the week ended Nov. 16 1929,
was below that for the previous week and for the corresponding week last year. This was due largely to the observance of Armistice Day, Nov. 11 1929, as a holiday
throughout the anthracite region. The output for the week
under review was as follows: Bituminous coal, 10,558,000
net tons; Pennsylvania anthracite, 1,330,000 tons; beehive
coke, 95,400 tons. This compares with 10,924,000 tons of
bituminous coal, 1,723,000 tons of Pennsylvania and 98,800
tons of beehive coke produced in the week ended Nov. 17
1928, and 11,081,000 tons of bituminous coal, 1,582,000 tons
of Pennsylvania anthracite and 113,400 tons of beehive
coke in the week ended Nov.9 1929.
For the calendar year ended Nov. 16 1929, the production
of bituminous coal totaled 458,202,000 net tons as against
428,447,000 tons in the corresponding period last year, while
output of Pennsylvania anthracite amounted to 66,171,000
tons as compared with 66,996,000 tons in the calendar year
to Nov. 17 1928. The Bureau's statement follows:
PENNSYLVANIA ANTIIRACITE.
The total production of anthracite in Pennsylvania during the week
ended Nov. 16 is estimated at 1,330,000 net tons, a decrease of 252.000
tons, or 15.9% from the output in the preceding week. This decline in
production is largely explained by the observance of Armistice Day,
Nov. 11, as a holiday throughout the anthracite region. Cumulative
production for 1929, including the week of Nov. 16, is estimated at 66,171.000 net tons as compared with 66,996,000 tons for the corresponding period
In 1928.
Estimated Production of Pennsylvania Anthracite (Net Tons).
192
1929-Cal. Year
Cal. Year
to Date.a
Week.
Week Endedto Date.
Week.
1.377,000
63,488,000
Nov. 2
63,259,000
1,264,000
1,785,000
Nov. 9
64.841,000
65,273,000
1,582,000
66,171,000
1,723,000
66,996,000
Nov. 16
1,330,000
a Minus one day's production first week in January to equalize number of days in
the two years.
BITUMINOUS COAL.
The total production ofsoft coal during the week ended Nov. 16,including
lignite and coal coked at the mines, is estimated at 10,558,000 net tons.
It is noteworthy that the aggregate output for the three weeks ended Nov.
16 is slightly in excess of the production during the corresponding period
of 1928.
Estimated United States Production of Bituminous Coal (Net Tons) Incl. Coal Coked.
1928
1929
Cal. Year
cat Year
Week.
to Date.a
Week Endedto Date.
Week.
11,140,000
Nov. 2
436.563,000
406.707,000
11,064,000
1,857.000
Daily average
1,681,000
1,666,000
1,844.000
10.546.000
Nov.9 b
447,644.000
11,081,000
417,253,000
Daily average
1.685,000
1.953,000
1,878,000
1,574.000
10.924,000
458.202,000
Nov. 16 c
10,558,000
428,447,000
1,917,000
Daily average
1,689,000
1,882,000
1,582,000
a Minus one day's production first week In January to equalize number of days in
the two years. b Revised since last report. Nov. 5, weighted as 0.9 of a normal
working day. c Subject to revision, Nov. 11 weighted as 0.7 of a normal working
day.
The total production of soft coal during the present calendar year to
Nov. 18 (approximately 271 working days) amounts to 458,202,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1928
428,447,000 net tons 1926
491,599,000 net tons
1927
458,381,000 net tons 1925
446.479.000 net tons
3397
FINANCIAL CHRONICLE
Nov. 30 1929.]
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. 9 is
estimated at 11.081,000 net tons. Compared with the output in the preceding week, this shows an increase of 17,000 tons, or 0.2%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years.
Estimated Weekly Produaion of Coal by Slates (Net Tons).
Week Ended
Nov.9'29. Nov. 2'29. Nov. 10'28. Nov.12'27.
State342,000
347,000
336,000
322,000
Alabama
45,00035,000
ed.000
45.000
Arkansas
120,000
235,000
251,000
267,000
Colorado
1,219.000 1,209,000 1,262,000 1,317,000
Illinois
332,000
319,000
367,000
361,000
Indiana
48,000
83,000
102.000
127,000
Iowa
63,000
52.000
(d)
(d)
Kansas
775,000
914,000
841,000 1,003,000
Kentucky-Eastern
307,000
309,000
269,000
230,000
Western
47,000
60,000
58.000
61,000
Maryland
15,000
2,000
17,000
15,000
Michigan
84,000
75,000
78,000
81,000
Missouri
84,000
87.000
77,000
83,000
Montana
68,000
58.000
62,000
68,000
New Mexico
63,000
86,000
59,000
59,000
North Dakota
161,000
451,000
561,000
567,000
Ohio
98,000
86,000
83,000
84,000
Oklahoma
2,908,000 2,719,000 2,782,000 2,257,000
Pennsylvania (Bit.)
99,000
108,000
129,000
120,000
Tennessee
24,000
18,000
13,000
13,000
Texas
114,000
110,000
127,000
127,000
Utah
219,000
273,000
Virginia
276,000
259,000
67,000
47,000
50,000
52,000
Washington
Wa. Va.-Southern is... 2,156,000 2,190,000 1,816,000 1,778,000
714,000
746,000
756,000
790,000
Northern c
179,000
172,000
163.000
Wyoming
164,000
7,000
3,000
62,000
59.000
Other States
Estimated Production of Beehive Coke (Net Tons).
1928.
1929.
Week Ended
to
to
Nov. 17
Nov. 9
Nov. 16
Date.a
Date.
1928,
1929.
1929.b
Region-88,300 4,941,400 3,252,300
99,200
81.900
Pa.,Ohio and W.Va
6,100 334,400 353,300
8,500
7,800
Ga.,Ky.,Tenn.& Va
6,400 230,700 202.600
5,700
5,700
Colo., Utah and Wash
5,506,500 3.808,200
98,800
113,400
95.400
total
United States
13,899
20,097
16,467
18,900
15,900
Daily average
Nov.'23.
Average.a
a Minus one day's production first week in January to equalize number of days In
409,000 the two years. b Subject to revision.
28,000
236.000
1,571,000 Increased
Activity at Pennsylvania Anthracite
536,000
128,000
Collieries During October, Reports the Federal
102,000
Reserve Bank of Philadelphia.
724,000
218,000
Anthracite collieries in Pennsylvania experienced increased
35,000
26,000 activity from September to October, according to the report
73,000
of Philadelphia
83,000 just released by the Federal Reserve Bank
62,000 and compiled from figures furnished to the Anthracite Bureau
35,000
764,000 of Information by 155 collieries.
72,000
Employment in October showed an increase from the.
2.993.000
was the largest since January.
117,000 previous month of 4%, and
29,000 1929. The volume of wage payments exceeded that of
112,000
and was greater than in any
217,000 September by about 40%,
72,000 month since last October. In comparison with October
1.304,000
employment was 19% lower and wage dis743.000 1928, however,
184,000 bursements declined 13%.
5,000
Index numbers based on the monthly average for 1923,
Total, bituminous coal_11,081,000 11,064,000 10,546.000 9,417,000 10,878,000
1.582,000 1,264,000 1,785,000 1.519.000 1.896,000
Pennsylvania anthracite
1924 and 1925 furnished by the bank follow:
INDEX NUMBERS-1923-25 MONTHLY AVERAGE=100.
Total all opal
12,663,000 12,328,000 12.331,000 10,936.000 12.774,000
a Average weekly rate for entire month. b Includes operations on the N. & W.
C. & C.: Virginian; K. & M., and Charleston division of the B. de 0. (c) Rest of
State, including Panhandle. (d) Kansas included in "Other States."
Wage Payments.
Employment.
January
February
The total production of beehive coke for the country as a whole during March
April
the
with
the week ended Nov. 16 is estimated at 95,400 net tons. Compared
May
output in the preceding week, this shows a decrease of 18,000 tons, or June
15.9%. Cumulative production of beehive coke from Jan. 1 to Nov. 16 July
amounts to 5,506,500 tons as against 3,808,200 tons during the corre- August
September
sponding period of 1928.
October
Beehive coke production for October is estimated at 470,200 net tons, November
Tlanunhar
compared
month.
as
with
the preceding
a decrease of 34,100 tons, or 6.8%
BEEHIVE COKE.
1927.
1928.
1929.
1927.
1928.
1929.
122.2
118.3
119.3
121.4
114.1
112.6
109.9
118.9
113.2
117.3
120.6
121.0
115.8
110.6
113.9
116.3
114.0
102.3
100.7
110.9
112.7
135.9
117.7
109.4
109.8
109.4
101.3
104.1
107.2
95.4
85.6
93.6
105.5
109.8
101.9
92.2
91.9
115.4
119.5
87.8
87.5
114.2
104.9
115.5
100.1
101.9
91.9
85.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9
112.6
107.0
79.5
77.4
85.4
71.0
56.8
68.9
83.4
116.6
.
Current Events and Discussions
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 Thurs..,
days, 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 cover-t
ing the entire body of reporting member banks in 101 cities'
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which'
The
Holdings of discounted bills increased $36,600,000 at the Federal Reserve latter will not be available until the coming Monday.
Bank of Chicago, $8,000,000 at Boston, $4,000,000 at Kansas City and New York statement, of course, also includes the brokers',
$3,000,000 at New York, and declined $17,800,000 at San Francisco,
member banks. The grand aggregate of
$13,300,000 at Cleveland, $9,200,000 at St. Louis and $3,200,000 at Phila- loans of reporting
delphia. The System's holdings of bills bought in open market declined these brokers' loans the present week has decreased $137,$26,500.000 and of United States bonds $14,000,000 while holdings of
000,000, the amount of these loans on Nov.27 1929 standing
Treasury notes increased $12,700,000 and of Treasury certificates $900.000.
note
Reserve
circulation
at $3,450,000,000, which compares with $6,804,000,000 the
for
Federal
the
week
in
changes
The principal
include decreases of $21,700,000 at the Federal Reserve Bank of New high record for all time established on Oct. 2 1929 and with
York and $3,500,000 at Atlanta, and increases of $14,300,000 at Phila$5,290,000,000 the total on Nov. 28 1928. The loans for
delphia, $8,700,000 at Cleveland, $4,400.000 at Chicago and $3,500,000
own account decreased during the week from $853,000,000
at Boston.
The statement in full, in comparison with the preceding to $831,000,000, the loans for account of out of town banks
week and with the corresponding date last year, will be found from $704,000,000 to $638,000,000 and the loans for ac-'on subsequent pages-namely, pages 3437 and 3438. A count of others from $2,031,000,000 to $1,982,000,000.
summary of the principal assets and liabilities of the Reserve CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
banks, together with changes during the week and the year
RESERVE CITIES.
ended Nov. 29, is as follows:
New York.
The Week with the Federal Reserve Banks.
The consolidated statement of conditions of the Federal
Reserve Banks for Nov. 27, made public by the Federal
Reserve Board, and which deals with the result for the
12 Reserve banks combined shows an increase for the week
of $12,800,000 in holdings of discounted bills and decreases
of $26,500,000 in holdings of bills bought in open market
and $400,000 in U. S. Securities. Member banks reserve
deposits declined $142,600,000 and cash reserves $61,000,000
while Government deposits increased $16,900,000 and Federal
Reserve note circulation $5,200,000. Total bills and securities were $15,800,000 below the amount reported a
week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:
Total reserves
Gold reserves
Increase ('8) or Decrease (-)
During
Week,
Nov.29 1929.
Year.
9
9
9
3,134,620,000 -61,008.000 +412,206.000
2.987.428,000 -54,267,000 +386,957,000
Total bills and securities
1,514.460.000 -15,805,C00
-191,795,000
912,349,000 +12,791,000
463,173,000 +34,013,000
449.176,000 -21,222,000
-77,891,000
-210,367,000
+132,476,000
257,315,000 -26,516,000
225,028,000
-430.004:1
U. S. Government securities, total_ 326,098,000
62.791,000 -14,000,000
Bonds
134,649,000 +12.651.000
Treasury notes
+919,000
128,658,000
Certificates of indebtedness
+96,816,000
+9.349,000
+18,851,000
+68,616,000
Bills discounted, total
Secured by U.S. Govt. obliga'us
Other bills discounted
Bills bought in open market
Federal Reserve notes in eirculationr.1,930,181,000
Total deposits
Members' reserve deposits
Government deposits
+5,191.000
+164,596,000
2,437,037,000 -125,576.000
2,375,650,000 +142,552,000
35.847.000 -16,911,000
+25,961.000
+14.677,000
+11,648,000
Loans and Inve,stments-total
Nov.29 1929. Noy. 20 1929. Nov. 28 1928.
$
8,187,000,000 8,215,000.000 7.167,000,000
Loans-toes'
6,169,000,000 6,215,000.000 5.354,000,000
On securities
All other
Investments total
U S. Government securities
Other securities
3,077,000.000 3,105,000,000 2.813,000,000
3092,000,000 3,110,000,000 2,541,000,000
2,018,000,000 1,999,000,000 1,814,000.000 :
1,163,000,000 1,129.000,000 1,083,000,000
855,000,000 870,000,000 731,000,000..
781,000,000 903,000,000 745,000.
64,000,s s
70,000,000
Reserve with Federal Reserve Bank.... 71,000,000
Cash in vault
5,970,000,900 6,183,000.000 5.355,000,000
1 275,000,000 1,237,000,000 1,205,000.000
Net demand deposits
16,000.000
14,000,000
17,000,000
Time deposits
Government deposits
94,000,000 115,000,000 106,000,000
1,034,000,000 1,089,000,000 977,000,000
Due from banks
Due to banks
33,000,000 224,000,900
33,000,000
Bank.
Reserve
Federal
from
Borrowings
331)8
FINANCIAL CHRONICLE
Nov. 29 1929. Nov. 201929.
$
$
Loans on securities to brokers and dealers
For own account
831,000,000 853.000,000
For account of out-of-town banks_
638,000,000 704.000.000
For account of others
1 982,000,000 2,031,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Nov. 28 1928.
$
1,235,000,000
1,768,000.000
2,287,000,000
3 450,000.000 3.587.000.000 5,290,000,000
2,988,000,000 3,145,000,000 4,685,000,000
462.000,000 442,000,000 605,000,000
Chicago.
2070.000.000 2,104,000,000 2,065,000,000
1 672,000,000 1.706,000.000 1.607,000,000
[VOL. 129.
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Nov. 30, the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business conditions and the general outlook improved slightly toward
the
close
of November, although the volume of business is still below the
Investments—total
398.000,000 397,000,000 458,000.000
average level of the first ten months. According to a second official
U. S. Government securities
165,000,000 165,000,000 204,000,000 Argentina estimate the areas in hectares devoted to this year's crops are as
Other sePurities
233,000,000 232,000,000 253,000,000 follows: Wheat, 7,863,000: flaxseed.
2,895,000: oats, 1,511,000; barley,
Reserve with Federal Reserve Bank
180,000,000 182,000,000 184,000,000 597.000: rye. 522,000: and birdseed, 25,000. According to the same estiCash In vault
mate,
the
above
17,000,000
16,000,000
wheat and flaxseed areas, as a result of the recent drought,
18,000,000
have been reduced 16.7% and 25.7% respectively. At present the wheat
Net demand deposits
1,267,000,000 1,290.000,000 1,264,000.000 crop is estimated
at 5,800.000 metric tons, or about 400.000 metric tons
Time deposits
616,000,000 624,000.000 677,000,000
Government deposits
3,000,000
4,000,000
3,000,000 less than the estimate of about two weeks ago when the crop was attacked
by rust. The weather continues to be favorable to all crops and especially
Due from banks
132,000,000 147.000,000 151,000,000 to the corn crop with which a large acreage has been
planted.
Due to banks
285,000,000 289,000,000 314,000,000
BOLIVIA.
Borrowings from Federal Re.ser ve Bank_ 43.000,000
9,000,000
67.000,000
The continued low price of tin together with the probability that continued low prices may force several mines to close, has adversely affected
all business in Bolivia. Imports into Bolivia during November will not
Complete Returns of the Member Banks of the Federal accurately reflect the business situation inasmuch as such arrivals represent
goods ordered several months ago. Even the larger merchants have pracReserve System for the Preceding Week.
tically ceased buying except for immediate needs and all are awaiting the
As explained above, the statements for the New York and decision of the mines which are their best customers.
Business will conChicago member banks are now given out on Thursdays, tinue curtailed until some improvement occurs in tin prices. On Nov. 13
the mine owners met with the Minister of Hacienda and petitioned the
simultaneously with the figures for the Reserve banks them- Government to
enact laws tc aid the mines.
petition embraced the
selves, and covering the same week, instead of being held government's support for a 30% reduction in Their
wages and a 50% reduction
in
freight
rates
as
long
as
the
price of tin remains below £220. The relative
until the following Monday, before which time the statistics
of exchange makes the present tin situation more acute than was
covering the entire body of reporting member banks, in 101 stability
the case on previous occasions when the decline in exchange went down
cities, cannot be got ready.
thereby offsetting part ofthe loss on opera lions, New taxes and high Import
In the following will be found the comments of the Federal duties are claimed to have raised the cost of productlon higher than that
prevailing during the war.
Reserve Board repecting the returns of the entire body of
BRAZIL.
reporting member banks of the Federal Reserve System for
Business conditions in Brazil remain unimproved with Increased
delves'
the week ended with the close of business Nov. 20:
sion in Sao Paulo, but a slight improvement in some lines
In Rio de Janeiro
and some northern sections. In the south and in the interior
The Federal Reserve Board's condition statement of weekly
conditions are
reporting unsatisfactory. A very
member banks in leading cities on Nov. 20 shows decreases for
unsatisfactory coffee situation still exists with
the week
of $204.000.000 in loans and investments, $346,000,000 in net demand serious effects in the coffee districts. The political situation remains undeposits, $33.000,000 in time deposits, $19,000,000 in Government deposits changed. Money is very tight and high, November discount rates for prime
paper paying a minimum of 12%. there being difficulty
and $91.000,000 in borrowings from Federal Reserve banks.
in securing accommodation at the
Loans on securities declined $378.600,000 at all reporting banks,
$330,- failures continue banks except in the case of best clients. Commercial
000,000 in the New York district, $20.000,000 in the Chicago district,
numerous. The average sight rate for dollars through
$10,000.000 in the Cleveland district and 88.000,000 in the San Francisco Nov. 21 was 8.539. The high mark was 8.470 and the low mark 8.610.
district. "All other" pans increased $125.000,000 at all reporting banks, Various agricultural societies are holding conventions for the purpose of
$135,000,000 in the New York district and $6.000,000 in the Boston dis- considering suggestions and proceedings looking to improvement of the
coffee situation, and a general convention of all Sao Paulo planters
triet, and declined $8.000,000 in the Chicago district and $7,000,000
is being
in the planned.
Stocks on hand at Santos amount to 973,000 bags, and daily
Minneapolis district.
entries
are averaging 37,600 bags. Exports through Nov. 20 amounted to
Holdings of U. S. Government securities increased $36,000,000 at
all 389,438
bags. Since July 1 they have amounted to 3.627,323 bags.
reporting banks and $55,000,000 in the New York district, and declined
$8.000.000 In the Philadelphia district and $11,000,000 in the other districts.
CHILE.
Holdings of other securities increased $14.000.000 in the New York district
Although the conditions of key Industries remains satisfactory the mersad $13,000.000 at all reporting banks.
chandising situation developed a sluggish tendency during the month.
The principal changes for the week in borrowings from Federal Reserve Several large importing concerns have undertaken enforced collections and
banks comprise decreases of $38,000,000 at the Federal Reserve Bank
of a reduction of stocks to improve their position. Retailers in Santiago report
Chkago. 824.000.000 at Philadelphia. $16,000,000 at Cleveland, 813,000,- a good volume of turnover although the movement Is below their anticipations which were based on recent sales and the normal demands in Novem000-at Boston and $6.000.000 at Minneapolis.
A;summary of the principal assets and liabilities of weekly reporting ber. Money is somewhat easier, although the discount rates remain unmember banks, together with changes during the week and the year ended changed. Central Bank discounts and rediscounts increased slightly.
The circulation of Central Bank notes amounted to 322,266,000 pesos,
Nov. 20 1929, follows:
Increase (+) or Decrease (—) the lowest of the current year. Fewer transactions took place on the stock
Nov. 20
Since
exchange primarily the result of the small volume of bonds handled. The
1929.
Nov. 13 1929. Nov. 21 1928. largest
fluctuations on the exchange occurred in mining shares but IndusIs3tris and Investments—total _ - -.23.512.000:000 —204,000.000 +1,539,000,000 trials are averaging 6 to 10% lower, Reports from the agricultural sections
Indicate that crops are in a much better condition than was the case of the
Loans—total
17,801.000,000 —254,000,000 +1.764,000,000 same period
of 1928. Farmers are generally optimistic, but the harvesting
On securities
7,991,000,000 —378.000,000 1-887,000,000 of the money crops will not begin before the middle of December. The
All other
condition
9,871.000.000 +125,000,000 +878,000,000
of the vineyards is especially favorable with high prices and indications of a large production.
Investments—total
5,650,000,000
+49,000,000 --226,000,000
NORTH CHINA AND MANCHURIA.
U. S. Government securities-- - 2,784,000,000
+36,000,000 —188,000.000
Political difficulties, especially in Central China, continue without
Other securities
2,867,000,000
+13,000,000
—37.000,000 appreciable
change, and restlessness in South China is reported to be assumReserve with Federal Reeve banks 1,875,000.000 *-78.000.000 +158,000,000 ing more serious phases. Apart from this, the prevent general pessimistic
Cash In vault
259,000.000
—18,000,000
+6.000,000 tone is alleviated by the fact that many conservative firms were prepared
for a quiet season and hope that domestic difficulties may soon be adjusted
demand deposits
14,227,000,000 *-346,000,C00 +831,000.000
e deposits
6,722,000,000 •-33,000,000 —127,000,000 and with the natural resiliency of Chinese trade result In improved condiernment dePoslis
58,000,000
—19.000,000
—15,000,000 tions. Demand for imported necessities continues and it is probable that
local prices for export commodities, for which suppliers have been holding
Due from banks
1,211.000,000
—76,000,000
+19.000,000 out, will gradually be adjusted downwards from
present high levels to a
Due to banks
2,943,000,000
-128,000,000
—57,000,000 point allowing
a mutual division ofsmall profits between producers, middleBorrowings from Fed. Res. banks_ 597,000,000
men,
and
—91,000,000
exporters.
+12,000,000
Import trade in northern and central Manchuria is feeling the results of
• Nov. 13 figures revised.
an unfavorable rate of exchange and continued unsettled Soviet relations.
Beginning with the statement of Jan. 9 1929, the loan The southward movement of freight is restricted somewhat by military
figures exclude "Acceptances of other banks and bills of transportation. Local newspapers report that the Chinese Eastern Railway
Is adopting a silver dollar standard for receipts instead of the present
gold
exchange or drafts sold with endorsement," and include all rouble
standard.
real estate mortgages and mortgage loans held by the banks;
Distinct depression marks North China business as a result of the uncertain domestic political situation. Activities in both Import and export
previously acceptances of other banks and bills sold with lines
are being seriously curtailed, and while distribution to the interior
endorsement were included with loans, and some of the of import staples,
such as textiles, dyes, kerosene, tobacco and flour,
banks included mortgages in investments. Loans secured by continues moderately, poor exchange and overstocks of flour are embarrassto some importers. This situation, coupled with the cessation of
U.S. Government obligations are no longer shown separately, ing
New
York purchases offurs, walnut meats and wool carpets,is adversely affecting
only the total of loans on securities being given. Further- firms who counted
on export profits to offset the slack conditions in the
more, borrowings at the Federal Reserve are not now sub- Import trade. Money is tight, and a limited number of failures among the
weaker and speculative firms may be expected unless an early
improvement
divided to show the amount secured by U. S. Government of conditions is realized.
obligations and those secured by commercial paper, only a
COSTA RICA.
Coffee picking in Costa Rica has begun with a consequent
lamp total of the two being given. The figures have also
considerable
money circulation resulting in an improvement In retail selling
lieen revised t3 exclude a bank in the San Francisco district, Increased
However, money is scarce and although there is a pessimistic feeling
con-
i
966,000.000
706,000,000
984,000,000
722,000,000
874.000,000
734,000,000
Nov. 30 1929.]
FINANCIAL CHRONICLE
earning coffee prices, the 1929-30 crop is estimated at 15% larger than in
the previous season. On the whole, things are stated to be better than
last month. Exports of coffee to the United Kingdom from the beginning
of the season to date amounted to 10,167 sacks. Shipments to Germany
during the same period totaled 1,650 sacks. Exports of bananas from
Jan. 1 to Nov. 15 amounted to 5,305,250 bunches, of which 3,633.450
bunches went to the United States. Shipments of cacao during the same
period totaled 5,606 metric tons, of which 2,146 tons went to the United
States.
CUBA.
Business activity in Cuba has been noticeably contracting during the
past week. The situation in Havana Is better than In the interior where
unfavorable conditions appear to be developing. Work in the cane fields
in the cultivation stages of producing the sugar crop has ceased in general.
waiting for the harvest, which may not begun until Jan. 15. Decrease in
merchandise sales is accentuated by uncertainty as to credit conditions.
Reports of heavy cancellations of tourist reservations have already reached
Havana, and are occasioning much anxiety as the tourist traffic ranks
third, following sugar and tobacco, as sources of the Cuban general income.
The movement of currency from Cuba to the United States has been about
normal during the first three weeks of November. A better gauge of Cuban
business at present is indicated by the railroad gross earnings afforded by
the weekly reports of the United Railways of Havana system covering the
Western half of the Island. These reports show a noticeable drop in earnings since the end of September.
DENMARK.
There are 17,417 retail groceries, coffee and tea stores in Denmark of
which 1,757 or about 10% are co-operatively owned and operated, according to a recent survey. However, of the total annual turnover valued at
1,323,000.000 crowns ($354.564,000), the turnover of the co-operative
stores amounted to 299,000,000 crowns ($80,132,000) or about 23%•
The number and value of annual turnover of the different types of retail
stores were as follows: 6,074 mixed stores, 578.000,000 crowns; 1,757
co-operative stores, 299.000.000 crowns: 5,712 grocery stores, 315,000,000
crowns; 558 coffee and tea stores. 24,000,000 crowns; 166 Wine retailers,
21,000,000 crowns, and 3,150 tobacco and wine stores, 87,000.000 crowns.
(One crown equals $0.268).
DOMINICAN REPUBLIC.
Trade continues dull but the optimism noticeable during October gained
headway during the past month and became more general. The credit
situation remained unchanged and, although collections were slow, they
were easier as a result of the more confident feeling. Unemployment is
still serious in some localities. Customs collections during October were
$120,000 in excess of those of September, but were approximately $30,000
less than similar receipts during October 1928. Customs collections for
the first 10 days of November 'Were $42,000 less than in the same period of
1928. The export tonnage in October was about one-third greater than
that of September as a result of abnormally large shipments of sugar which
amounted to 29.568 metric tons. Shipments of other staple products which
are below the seasonal average were: Tobacco, 1,990 tons, cacao, 309 tons.
the cacao crop being late. Coffee shipments were 351.000 tons. The
exportation of fresh vegetables to Porto Rico is increasing. The November
Import tonnage is showing a slight increase over that of October.
ECUADOR.
The economic situation in Ecuador failed to improve during November
and sales continued restricted. The exchange situation is easier, the Central
Bank having purchased in the last two months 1,400,000 snores more
exchange that is sold. Imports have undergone a decided decrease. The
coffee crop is now conceded to be at least 20% less than that of 1928 which
was estimated to be between 22,000,000 and 25,000,000 pounds. Cacao
deliveries are improving but arrivals of cacao up to Nov. 15 were some 87,800 quintals (101.4 pounds) behind those of the same period of last year.
Deliveries of cacao since Oct. 24 totaled 16.500 quintals and exports were
15.000 quintals. The weather situation has been favorable and prospects
continue good for the Christmas crop, which will probably be late.
tributed to decreased exports of cacao and logwood during the past month
as compared with those of the corresponding drop of 1928. Im orts from
all countries into Jamaica increased 13% in the corresponding periods of
1929 and 1928. Present indications point to another substantial surplus
in Government finances at the end of the current fiscal year which terminates March 31 1930. Good progress is being made in the road building
program of the island and building construction work continues to show
activity. The tourist traffic of the colony from Nov. 1 to Nov.21 increased
53% as compared with the same period of 1928. Labor conditions are
reported to be satisfactory.
JAPAN.
The principal topic of interest in Japanese economic and financial circles
during the week ended Jan. 23 was the announcement by the Premier that
the gold embargo, which has been effect since 1917 would be removed on
Jan. 111930. In preparation for the lifting of the ban on gold exports, the
Government has amassed specie reserves abroad to the amount of 320,000,000 yen and in addition has arranged for credit in the sum of 100.000,000
yen through banks in America and Great Britain. Foreign trade continued to improve during the second ten days period of November,showing
an export excess of 6,370,000 yen. This reduces the total unfavorable
trade balance from Jan. 1 to Nov. 20 to 70,060,000 yen, the lowest post-war
balance on record.
MEXICO.
The general feeling in business circles is fairly satisfactory, with the trend
being toward a gradual Improvement. According tx an estimate by the
Mexican Department of Agr culture, the corn crop for the current year
will be 32% below the a,erage yield for the last five years. Droutb during
the summer and early frosts in the fall are the chief reasons for the reduced
yield. The barley crop is also reported short, but the sesame crop Is said
to be satisfactory. Considerable development of banama lands is being
made in the northern part of Vera Cruz, the El Rule regioo in the lower
part of the State, and the Isthmus of Telmantepec. Conditions in the
mining and petroleum industries continue unsatisfactory, with unemployment increasing as a result of the curtailed operations of the mining and
petroleum companies. Receipts from petroleum production taxes during
October, which provide an index for production estimates, amounted to
349,025.54 pesos, as compared with 575.489.70 pesos for September.
GUATEMALA.
Business In Guatemala during November was poor, but the unfavorable
outlook for December may be improved to a certain extent by a possiole
stimulation of the holiday trade. However, pessimism in business circles
persists. It is stated that collections are slow and that requests for extensions continue. The outlook for the 1929-30 coffee crop continues favorable.
Imports of corn during November amounted to 352 tons, which is considerably less than the original forecast of 850 tons. No orders have been placed
for December delivery.
HAITI.
The marketing of the 1929-30 coffee crop continues slow with a decided
tendency on the part of producers to withhold supplies in the hope of better
prices later on. Trade normally accelerates with the movement of this crop,
but the sluggishness of coffee sales has resulted in a restriction of
purchases to necessary commodities. Present conditions apparently indicate a continuance of the existing slackness in trade for several months.
particularly if the low coffee prices continue to prevail. Conservative firms
are restricting purchases and banks are maintaining a cautious policy in
handling requests for credits and financing. The American firm which
recently purchased the electric light plants in Port an Prince and Cape
Haitian is expected to increase the power capacity of the plants and extend the system.
HONDURAS.
General business in Honduras is recovering from the temporary effects of
the recent storm, but Is still relatively dull owing to the seasonal depression.
It Is reported that although merchants are overstocked and the custom
houses are overflowing with merchandise,imports continue large. Exchange
is firm and steady. Collections are stated to be fair. Exports of bananas
during the first ten months of 1929 amounted to 23,090,561 bunches as
compared with 24,103,086 bunches in the corresponding period of 1928.
Shipments of bananas during October were curtailed by the heavy rains
and amounted to 2,086,333 bunches as compared with 2,116,751 bunches
In the preceding month. Of the October banana shipments, 1,573.179
bunches went to the United States, 195.646 bunches to England,and 319,508
bunches to Germany. Prospects for the coming coffee crop are good, but
prices are discouraging.
JAMAICA.
Economic conditions in Jamaica continue to improve. Bank deposits and
collections remain normal and retail business Is becoming better as the holiday season approaches. As a result of bountiful rains and the absence of
high winds, the present agricultural situation is better than was the case
last year and gives promise of generally good crops for the coming season.
The banana crop of 1929 is one of the largest in the history of Jamaica.
Declared exports to the United States of all commodities shipped in the
first 21 days of November amounted to $411,000, a decline of some $34,000
as compared with the same period of 1928, the present decline being at-
3399
NICARAGUA.
Sales of merchandise are stated to be less than at this time last year.
Although some improvement in the situation may be expected as usual in
December, the prospects for the following months are not favorable on
account of the fact that coffee prices are about 33% less than last year.
The export coffee crop for 1929-30 is estimated at 17.000 tons, which is
larger than in the previous season. Money continues tight and collections
are slow. Circulation of the cordoba has decreased from 3,550,000 in
October to 3,250,000 in November. Imports through Corinto from Oct. 24.
ti Nov. 21, amounted to 4,700 tons. Exports during the same period
totaled 3,000 tons. Customs duties payable at Corinto during November
amounted to $207.000 as compared with $217,000 in October and $171,000
in September. The Nicaraguan Government has accepted the resignation
of the American company manager of the railroad and will assume direct
charge.
PANAMA.
The Scalia Company has been granted permission to establish an ai
line from Colombia into Panama. This new line will make stops at th towns of Ardita, Garachine, La Palma, Chimp and Balboa. It is reported
that by using both day and night shifts the leveling of Albrook air fields
will be completed in four months. The Pan American Airways Is to erect
at Paitills field hangars and other equipment costing $25.000. The tolls
collected by the Panama Canal so far this vear exceed those of the previous
year by $1,000,000. Exports of the United States to Panama, including
the Canal Zone, during the first eight months of 1929, amounted to $26,562,000 as compared with $21,651,000 in the same period of 1928, an
increase of approximately 23%. Imports into the 'United States from
Panama during the first eight months of 1929 amounted to $3,778,000 as
against $4,367,000 in the corresponding period of 1928, a decrease of 13%.
PERU.
Trade continues dull in Peru and has not yet become adjusted to the situation created by the Government's recent announcement of a curtailment of
various projects. Building continues active ,and it is reported that bank
depositors are being attracted by the investments offered in local building
and other enterprises in preference to foreign exchanges. Collections by
wholesalers from the retailers and by the latter from outstanding accounts
are difficult. Peruvian foreign trade, exclusive of shipments through
Iquitos and by parcels-post was 8% greater in the first 9 months of 1929 than
in the same period of 1928. Imports from January to September incl.,
amounted to Lp. 13,682,000 as compared with Lp. 12.369.014 in the
same months of 1928, while exports in the corresponding periods amounted
to Lp. 24,437,000 and Lp. 22,945,439 respectively. Cotton exports during
October amounted to 23,275 bales as against 23,038 bales In October. 1928.
and 28,889 bales in September, 1929. Sugar shipments during October
totaled 33.186 metric tons as compared with 28,969 metric tons in the
correspondong month of last year.
SIAM.
The desline in Bangkok's import trade which has marked each month since
May, was checked in October with a slight gain over the previous month.
Compared with October 1928, however, there was a drop of 8%,accounted
for entirely by decreased imports of gold leaf and bullion, as Imports of
general merchandise and wines and spirits advanced. The value of total
imports in October was 13,292,750 bahts ($5,848,810), compared with 14,393,000 bahts ($6,323.920) a year previous. Exports from Bangkok in
October were 17% below the corresponding month last year, but approximately equal in value to the previous month this year. The decrease
compared with October 1928 was due mainly to a slump in rice exports.
Teak exports were also smaller, while shipments of rubber and m.scellaneous
goods increased. Total exports were valued at 14.683,450 bahts ($6,460.720), compared with 17,784.000 bahts ($7,824,960) in October 1928.
URUGUAY.
General business has been depressed, but it is anticipated that It will
improve with the opening of the tourist traffic. The heavy stocks of wool
are moving slowly and prices are weak. The agricultural crops are promising. At the end of September. Treasury receipts showed a surplus of
1,001,000 pesos over expenditures. The new budget is under discussion.
Total cattle killings by frigorificos and abattoir from Oct. 1 to Nov. 20
amounted to 91,995 as against 72,155 during the corresponding period of the
previous year. The duty on electrical batteries has been increased considerably.
The Department's summary also includes the folliwing
with regard to the territorial and Island posses:don!' of the
United States:
3400
FINANCIAL CHRONICLE
Sign
Bank
Who
for
Documents
Providing
International
Bolted
for
Creation
of
i'll ',7ig.
4
Parley
Make
MONEY OUTSIDE OF THE TREASURY.
...
.
ag
.t
'
-'"trReic"'.
0.0vV
hveSV
0-,
...M06.6,
6
C.C.
W vh0
70
vi e. .6vi
MN
h
4
00
.
> eM .6 06 07
1M C
AMv../.00
NNNOON
..ei .
N
mv,sMCO
V
Me6N•4.-...-.0:::6
.
G
:C.
a 0,, .z
Nv0.00
.
v
CO
0
:.0
0h0.QM
....:NN .I.
6.i ei
MNOWvh
1.0/eV
M
NN..6N
C..;
v
h.
CO
000 00000.0040
0 40.000.hv00
00 0.00.00VS.O.
.00 ,.. 00 c6 ci NO .-. c;
4
C0000.3..
s.
v
MCON
eeh0N
00000.
02
h.
M
N
...6
N
Ne60 .-.
M0vN
NVN.
.-1...
MN..
I
0
.
0.
-
-......36
a ..5.
0
ow 0
ei
.4
4
•
r-claa
si c4 4 -.
V.
.
40
a, m
404
.
v
•
0
?
sgz“.0
't •t31
.
0:
01 ^. t-.
.-.
V0M
..6
M
0
.00
.101
.
oo
.
co
o
E•3 4 ;1
....7- 00 00
.
§g
MMNN
0000
.....g
.
..0§§
M M h h
0000
0
0
0
61. 2
.
v
t
W
.1.....m.Q.
Mh.N0h
..60: O 6 e
:e.:
.......
malcommoo
s:
.
e:
i e 06O
NN0v.0
4.
-
0
lq g . .
.
. . ..
-e- ,S .. to co 0
ON.N.O.
OVIveV0D
CO.,
ri .SO4
Nv0000
'PO
.6
,
0
i•
e/.00..0
Ovh.00
.0.V.I•eh
0.00 r a
'
:O
v0Mvvo
V
.6
o'ci
;,.'20
t.....
vvv
0
v
h
ei
MN0.00C.NOVO:
V.
.... ,..: ,_.• 6 ...; ,..• 6 ci ,..; ,„5..;
COF
V.V.
ONV.
0
0
0v...
V
M.M. . 0
vv
N
0
e.
Iv
200.000
CO
0 .
V.Vh00 .
0V000..
'
N
,meg a; ./i O
et:
CV
••••
00001-eN
0
'
ZS
...
a .5.5
v00h0v
44
.
4
.
ei
0e.00 CO 0
0V.M.00
v
v
S
S, 7:1.- •
.e1,2••-.
U
0
vo.
qA120..
.....
',Is'
.
0
N
.
.
6
•,,
V
M.
v
00
0:
t••••
v
0
V
..6
'git.
.0t)it
.
"
.
Reser-
Stock of Money 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.
..d; a 0 t
.
..
00 1v0 te
0 0 0.00
NO
.00 000.0....:
0
0
110132
4
.
r....
.-11....NN
,4
-.....-,,..
...0,-.
0 .-..,..
..
-...00
,:vv.ON
............
......,1 0
C..
0.:00hIe
vZ .
r Cs v 116 8 .i
g
O
i
.....C
.
g '
.. v
Cs 000'P
,...,...,.-:,-,
M
0fln 001 r3 0 ":
-.0.0
CI
CI
6
on Basle as Institution
s Seat.
'
Advices as follows from Brussels, Nov. 16, are from the
New York "Times":
The signing of the Bank's Charter was reported in our
issue of Nov. 16, page 3083, and the Charter and Statutes
of the Bank were published on pages 3081-3083.
00 "?
8
vation
Louis Franck and Paul van Zeeland. Belgian delegates, who withdrew
in protest from the Baden-Baden meeting of the committee which organized
the Bank for International Settlements, to-day affixed their signatures to
the documents approved by the committee.
In signing, however, IL Franck, who is director of the National Bank of
Belgium, explained that adherence of the Belgian delegates was subject to
reservation with regards to the bank's seat at Basle, Switzerland. He told
Dr. Walter Lichtenstein, American General Secretary of the bankers' conference, who brought the documents to Brussels, that the Belgians refused
to approve the Swiss site and would present an appeal from this article
in the Bank's statutes when The Hague conference meets.
Belgium's appeal will be based upon the charge that political arguments
were responsible for the committee's rejection of Brussels as the bank's
seat, when the question should have been considered purely from a banking
and technical viewpoint.
After the departure of the Belgian delegates from Baden-Baden, the
remaining six delegates voted unanimously for Basle and unanimously
signed the statutes, charter and trust deed of the new international bank.
The Belgian delegates' signatures to-day make the committee report
complete.
N...0v00NVM0
G;
..t:
v.V.h0N
a
-
t4
Settlements
Delegates
-
Baden-Baden
N
4
'.=',
C
v
v
CV
00
N
v
N
go
NCi
0
60 r.-7,
v.
0
co
a
CO
ci
0
a
0N.0040
V.V.I.e0Q
ce
..e o o 00
v06C60.0
MON00.0
h. V V.
V
..")
NN ../.. v
g
Iv
V.
7,"; ..: .
'5
.
-.
t4
,-,
0
co
ci
.ci
...
00v.VhVM
ONN,..
V 000D1IeV
i
g
..et...
om..ve-mo.-“n. .
0M
.0.0.WO
Oco -i O O. IS r
...mV.oN.oco
oo ,
co
v00.00g.
M:
.
?..0
'
.
1
14,.
oci
N
...
g 'l
O8
-2
.0- 1,6 'r:
el '4'5
00 4 in
.:'3
01
i
C)...
n 4.1
.-.
0
0
0
N0.0.§000v00v
0
v...
000
.V000v
g
6
d3,840.182,321 1,681,005,977
13,713,648,645 1,888,990,736
d2,436,864,530 718,674,378
d2,952,020,313 2.681,691,072
d1,845,575,888 1,507,178,879
d212,420,402
21,602,640
Belgians
On this basis the figures this time, which are for Oct. 31
1929, show that the money in circulation at that date (including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,838,184,799,
as against $4,819,274,941 Sept. 30 1929 and $4,806,229,636
Oct. 31 1928, and comparing with $5,698,214,612 on Oct.
311920. Just before the outbreak of the World War, that
is, on June 30 1914, the total was only $3,458,059,755.
The following is the statement:
.
.
000000
g Fa
g
8
88 8888
.
„;
5.e3-qg
"
0
lllllll
'
ci
. :,.fgi g ...?.:.'
'
MONEY HELD IN THE TREASURY.
HAWAII.
Retad trade in Hawaii in the last month has shown a slight decline from
the levels cf November 1928, particularly with meats, groceries, shoes,
drygoods, and luxury buss. The demand for fertilizers is normal, but the
iron works business is confined to repairs and replacements. No immediate
improvement is anticipated, as tax payments now due, together with stock
market losses, will probably delay recovery. Banks report a period of
strain following the collapse of stock prices, but savings are increasing
satisfactorily. Employment is normal and collections have been fair.
Real estate is inactive, but a moderate amount of building Is in progress,
though the future program is hampered by shortage of free investment
funds. Inter-island aEr servEce has commenced with two competing companies doing a capacity business. All steamship lines report heavy bookings
for the winter season.
Heavy rains fell on the windward coast of the
island of FIawail during the month, ending the long drought there, and
satsfactory rams were also reported from Maul. While precipitation did
not extend to Cahn, mountain rains on that island helped irrigation supplies considerably.
PHILIPPINE ISLANDS.
Continued unfavorable prices for export products render business prospects for the immediate future difficult to anticipate. General conditions
during October and the current month were still below normal, and practically unchanged from September, which failed to show expected improvement. October collections, though difficult, were not impossible,
and the credit situation was fairly satisfactory for the time of year, and
considering prevailing adverse conditions. Recent heavy storms in Negros
are reported to have done damage, the extent of which is not yet known.
Shipping during October, though quiet, showed sllght improvement over
recent months. Real estate transactions were less than in any October
since 1926. The Governor General, with advisers, is now on a trip to the
southern Islands, making a study of conditions relating to important bills
passed by the Legislature, recently adjourned. Unofficial estimates indicate that total appropriatiors passed by the Legislature amounted to more
than the expected income, which will probably necessitate vetoing of certain
items
PORTO RICO
More optimism is being felt in Porto Rican trade circles and general
Improvement in business is expected in the spring. Collections are reported
slightly easier with one bank estimating its receipts from collections at some
10% higher above October. As a result of the favorable sugar prospects
the agriculturists are expecting an excellent yield
in the spring. Loans by
the Federal Land Bank have been reduced by some 75% this year and
other financial sources have reported similar reduction, but the farmers
by endeavoring to exercise the strictest economy are planting crops that
w 11 yield about the same production as last year. Fruit growers are somewhat discouraged by the current low prices offered and growers have materially reduced shipments during the month. It ls now anticipated that an
improvement in prices will take place in December and the spring months
and about 300,000 to 350,000 boxes of grapefruit are expected to be gathered in the next few' or five months. Local fruit growers are planning a new
direct shipment of approximately 16,000 boxes to England in the latter
part of December or early January. Sugar cane is reported to be in an
excellent condition in the north and in a good condition on the south side
of the island, with an anticipated yield of between 700,000 and 800,000
short tons. Some sugar mills may start grinding by the middle of December
and all are expected to be underway by the last half of January. Tobacco
transplanting has begun in most sections. The coffee yield is expected to
be only 10% of normal but with continued good weather it Is hoped that a
material improvement will take place by the next fall harvest.
[vol.. 129.
v
a
1 i : g t,-';
Cs
h
E .•••
Pi
00
..
e
.
,,.
.e,
P.2.4
•
i g=1::
.;-- :5
gi
.',.
„4:"...
.0 •-•
.0
.0 sl ;g, ,6 922 2
0 0 1' -5i E. ciE :;'. A W e, a E.
d
.001225.
e.."1-7i0i
teNV.Mte.
cOn6o6iii
.a.
ei -.7
: :
"
00
010
"
6/
...
0000hVM
0 N N v v h
°° 000
.
1
.71.00.
0
ra.A..;.; ,-14
0
a Includes United states paper currency in circulation In foreign countries and
the
amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Does not Include gold bullion or foreign cols other than that held by the Treasury, Federal Reserve banks and Federal Reserve agents. Cold held by Federal
A:v*3Iva banks under earmark for foreign account is excluded, and gold held abroad
for Federal Reserve banks Is Included.
c These amounts are not Included In the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 is Included under gold coin
and bullion and standard sliver dollars. respectively.
ury
d The
no amount
of
of money held In trust against gold and silver certificates and Treas1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money in the United States.
e This total includes $16,309,784 or notes In process of redemption, $64,730,456
of gold deposited for redemption of Federal Reserve notes, $11,392,057 deposited
for
redemption of national bank notes, $1,950 deposited for retirement of additional
circulation
r
30 1908). and $7,463,116 deposited as a reserve against
savings deposits.
f Includes money held by Cuban agency of the Federal Reserve flank 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 notes are
by
a gold reserve of $156,039,088 held In the Treasury. This reserve fundsecured
may also
be used for the redemption of Treasury notes of 1890, which are also secured
dollar
for dollar by standard sliver 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 deposit with
eral Reserve agents of a like amount of gold or of gold and such discounted or Fedpurchased 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 ale secured by United States bonds except
lawful money has been deposited with the Treasurer of the United States forwhere
their
retirement. A 5% fund Is also maintained in lawful money with the
of
thP United States for the redemption oi national bank notes secured by Treasurer
Government
OM&
Nov. 30 19291
FINANCIAL CHRONICLE
Criticism and Praise for World Bank's Plan—Committee's Statutes Much Discussed at Berlin—
Dutch Opinion Favorable.
Berlin advices Nov. 15 to the New York "Times" said:
3401
The government is expected to pay off its debts by instalments, with
gold being obtained from the customs. The immediate effect in the announcement was a rise in the peseta's value in relation to the dollar from
7.32 yesterday to 7.19 to-day.
Credit of £2,000,000 for State of Sao Paulo.
The State of Sao Paulo has completed negotiations for a
short-term credit of £2,000,000 with a London banking
group consisting of J. Henry Schroder & Co., Baring
Brothers & Co., Ltd., and N. M. Rothschild & Sons. A
substantial part of this credit has been taken by a New
York banking group consisting of Speyer & Co., J. Henry
Schroder Banking Corp., Bancamerica-Blair Corp., Ladenburg, Thalmann & Co., E. H. Rollins & Sons, the Equitable
Trust Co. of New York, Interstate Trust Co., and Bank
The same paper had the following to say in advices from of Manhattan Co. Patricipations have also been taken
Amsterdam Nov. 15:
by bankers in Amsterdam and Stockholm. The announceDutch bankers continue to regard the plans for an international bank as ment in the matter says:
Banking experts are criticizing the statutes of the International Bank
as drafted by the Baden-Baden Committee. They argued this week that,
In many points, the statutes are a mere literal reproduction of the Young
committee's report. On the other hand, the provisions aimed at limiting
the right of central banks to veto measures of the International Bank, while
nevertheless giving the central banks considerable power, are approved.
This attitude of the committee is regarded as an inevitable compromise,
because concession of the unqualified right of veto to the central banks
would threaten to cause perpetual obstruction by some one institution of
the kind, while on the other hand, if no restraining right were to be
conceded, the central banks would probably boycott the International Bank
altogether.
of very considerable importance. They admit, however, that the practical
influence of the institution on international co-operation in financial
affairs will be experimental.
Provisionally, it is held that creation of the bank will give definite
solution to the problem of transferring German payments.
The credit is secured by Treasury Bills of the State of Sao Paulo. The
bankers have satisfied themselves that the Government has already taken
steps to permit an increase in the daily entries into Santos available for
export from 30,000 to 40,000 bags of coffee and that the Government is now
engaged in working out a comprehensive scheme to deal with the present
situation with a view to facilitating the gradual liquidation of the large
accumulation of coffee stocks in the interior.
Denies Crash Hit France—Cheron Tells Deputies Funds
in New York Are Safe.
in Peru Authorized To Raise Interest Rate
The following Associated Press account from Paris Nov. 14 Banks
of Effect on Market Conditions of Wall
Because
appeared in the New York "Times":
Situation.
Street
The Wall Street crash echoed in the French Chamber of Deputies to-day.
The Socialist Deputy Chastanet asked Henri Cheron, Finance Minister,
Associated Press advices from Lima, Peru, Nov. 16 said:
where the Government's funds abroad were safe from the effects of the sotck
The government has issued a decree authorizing banks and banking
market crash.
firms to raise the interest rate of 2% over the rate established by the
M. °heron said $1.000,000,000 in foreign exchange was safe in the Reserve Bank of Peru.
Bank of France and whatever funds France had abroad, the amount of
It is understood that the decree is one of a series of governmental measures
which he did not indicate but which are supposed to be large, were being intended to stabilize market conditions, which have been affected by the
watched closely and were absolutely not endangered.
situation in Wall Street.
Great Britain Will Not Cut Bond Interest—Chancellor
Peru May Lift Gold Embargo.
Snowden Answers Question in Commons.
The following cablegram from Lima, Peru, Nov. 27 is
The following from London Nov. 28 is taken from the from the New York "Herald Tribune":
New York "Journal of Commerce":
The de facto stabilization of the Peruvian pound at $4, begun in May
Chancellor of the Exchequer Philip Snowden to-day announced in the 1928, was discontinued today, following a meeting of the directors ef the
House of Commons that the Government has no intention of varying its Reserve Bank. However, it is reported the Government contemplates
contractual obligations with holders of Government securities. This immediate passage of a law revalorizing it at $4 and lifting the gold embargo.
statement from the Chancellor came in reply to questions arising from
Secretary Shaw's speech implying that the Government should reduce the
to Monopolies as
war loan interest. Chancellor Snowden's statement will reassure any who Peru Feels Stock Slump—Turns
have been alarmed in this respect, but the fact remains still that certain
Funds for Projects Become Hard To Get.
members of the Cabinet have somewhat Russian ideas regarding capital
The New York "Evening Post" reports the following
rights.
Associated Press accounts from Lima, Peru, Nov. 26:
Report That Berlin Has Arranged to Borrow $15,000,000.
Associated Press advices from Berlin Nov. 29 said:
explosives
The Peruvian Finance Minister told the Chamber to-day the
monopoly the Government was trying to create was intended to increase
for the mining
revenue for national necessities and not to make difficulties
The Berlin municipality has accepted the $15,000.000 loan of Dillon, industry. He said that owing to the recent financial slump in New York
by
approval
the
projects.
to
national
for
subject
Federal
Loan
funds
Read & Co., New York, bankers,
the Government was finding it hard to obtain
Commission. The loan is made for one year at 73 %.
The loan, which will serve as consolidation for short term debts, will
States
probably be liquidated from the proceeds of a larger loan proposed for Chile Feels Stock Crisis—Slump in United
next year.
Causes Fear of Harm to Bond Floating in New York.
Last night's "Sun" (Nov. 29) had the follownig to say in
A special cablegram from Santiago de Chile to the New
the matter:
York "Times" said:
with the municipality of Berlin for a credit of $15,000,000
Negotiations
are in progress, but no contract has been signed yet, it was stated to-day
at the offices of Dillon, Read & Co. It is expected that, if the credit is
extended, it will be followed in due course of time by a long term loan
which would be sold to the public.
Reviewing the recent crisis in the New York Stock Exchange."La Nadonq
editorially points out the importance of the event with the addition that it
general
fully merits the attention of the Chileans. It is considered that a
the
drop in American stocks may affect the flotation of foreign bonds on
quarters
some
in
fears
awakened
New York market for some time, and it has
on the
here since complete fulfillment of Chile's public works plan is based
successive issues of bonds. It is necessary that Chile meet the difficulties
H. S. Horne, British Financier, Bankrupt. •
as a consequence of this situation until conditions show improvement.
A copyright cablegram from London Nov. 27 to the New
Although no American stocks are quoted on the local Bourse, all Chilean
quotations dropped many points following the New York crisis, only
York "World" said:
an important increase in the price of copper. But they are
A sensation resulted in financial circles to-night from the report that rallying after
the previous level, as a result of a low-spirited market.
Henry S. Horne, Chairman of a number of important committees concerned still below
The government, closely followed events on the American money market.
with cement, newsprint and newspaper interests and known in the City
that Chilean bond buttes in the United States did not suffer apprestating
least
at
two
of
from
them
the
on
resigned
had
Group,"
as the "Horne
ciably and expressing confidence in rapid improvement.
ground that he is about to file a petition in bankruptcy.
The directors of the British Cement Products & Finance Co. received
a letter from Horne, resigning from his Chairmanship, and saying: "Owing New Cuban Bank Formed—First To Be Started Since
to serious depreciation which has occurred in my investments in companies
1921 Crash Has $150,000,000 Capital.
with which I have been particulary identified, it has become necessary for
me to file my petition."
Nov. 27 a cablegram to the New York
Havana
From
is
Horne
director
and Chairman
According to the Directory of Directors.
Newspapers
said:
Associated,
"Times"
AngloAnglo-Foreign
of the following companies:
The Banco de la Republica de Cuba, with a capitalization of5150,000,000,
Atlantic Corp., Carmelite Trust. Oreaves, Bull & Lakin, Holdborough
laws of the republic by Gregorio
Cement Co. and Portland Cement Selling & Distribution Co. He was has been formed according to the banking
and Ramon Grads Osuna y Mendive,
formerly also a director in the Northcliffe Newspapers and Western News- del Haya y Valdes,Ignacio Play Muto
all of whom %ill be silent partners.
papers, but left these companies some time ago.
The new banking institution is the first to be established since the crash
of 1921. It will devote its activities to agricultural and industrial banking
Rises
Upon
Soon—Peseta
Decision
operations in Cuba. The main offices will be established here at an early
Spain to Pay Debts
date.
To Reimburse Foreign Banks.
From the New York "Times" we take the following from Australia Considers Control of Its Gold—Bill To
Madrid Nov. 27:
Put Commonwealth Bank in Charge of Metal
The announcement to-day that the Council of Ministers has decided to
Introduced.
pay back soon all the money owed to British and American banks which
established credit for it while the committee for the regulation of exchange
From Canberra (Australia) Nov. 28 the New York
peseta.
the
steady
to
expected
is
was functioning
reported the following Associated Press advices:
The fact that foreigners have known that Spain has had to buy pounds "Times"
and dollars at any cost in order to liquidate has been a big influence in the
decrease in the value of the peseta, In the opinion of officials of the Bank of
Spain.
The board of directors of the Commonwealth Bank of Australia ham
recommended legislation designed to place the bank in immediate control of all the gold in Australia.
3402
FINANCIAL CHRONICLE
[VOL. 129.
E. G. Theodore, Treasurer of the Commonwealth, in introducing an
To flaxseed 7,141,000 acres were sown, against 7,279,000
in 1928-29
amendment to the Commonwealth Bank act in the House of Representa- and a 5-year
average of 5,781,000. A total of 3.731,000 acres have been
tives to-day, read a letter from the Chairman of the Board supporting sown to oats, compared
with last year's 3,608,000 and the 5-year average
the Labor Government's proposals. The letter said the Chairman viewed of 2,875,000.
the present gold situation with disquietude, particularly with regard to
credit in London.
Decree Permitting Rio de Janeiro to Borrow.
Mr. Theodore said the proposed measure was not intended to prevent
the export of gold. It was designed merely to make the bank the one conPresident
Washington Luis at Rio de Janeiro on Nov. 23
trolling authority in Australia. Commercial houses found it cheaper to
ship gold than to make telegraphic transfers. The measure, therefore, signed a decree permitting the Federal district of Rio de
included nothing that would interfere with the convertibility of notes into Janeiro to contract a loan within Brazil for
400,000 contos
gold in any quantity. It was merely intended to prevent the shipment
(approximately $5,000,000) and an external loan not to
of gold without permission.
exceed ,000,000. According to a cablegram from Sao
Japan's Return to Gold Standard—Washington Offi- Paulo Nov. 23 to the New York "Times."
cials Regard Jan. 11 Move as Beneficial in Adjusting
New Credits for Panama—President Authorizes $285,827
Price Levels.
Not Provided For in Budget.
The following Washington advices, Nov. 26, are from the
Under date of Nov. 23 a cablegram from Panama City
New York "Times":
Japan will resume the gold standard on Jan. 111930, after having oper- to the New York "Times" stated:
ated on a paper standard for twelve years, according to reports to tne
Additional crecilts amounting to $285,827 not included in the
budget
Department of Commerce made public to-day. The imperial edict an- estimate were authorized
by President Arosemena in a special decree to-day,
nouncing the date for the removal of the gold embargo was signed cn according to the Diario de Panama.
The decree explains that many items
Wednesday.
of expenses of the Government were not included in the budget and other
Accompanying the announcement the Finance Division of the depart- estimates proved insufficient,
making necessary this addition.
ment reported that credits of $25,000,000 each have been arranged with
The largest amount goes to the Department of Agriculture and
Public
New York and London bankers, to be drawn upon as required.
Works, which gets $179,662, presumably for making possible the
continua"The Japanese Government undoubtedly was influenced in its decision to tion of the program of road building.
remove the gold embargo by the fact that the 4% sterling loan(second
Issue) falls due in 1931," the Department said. "Of this loan, there was
outstanding Sept. 30 a total of $114,453,406. With the return of a free
Bonds of State of San Paulo of 1928 Drawn for
gold basis, Japan will now be able to refund that loan on more favorable
terms than would otherwise be the case."
Redemption.
In a review of the Japanese financial situation, Herbert M. Bratter of
Speyer
&
Co.
and
J. Henry Schroder Banking Corp.
the Department's Finance Division declared to-day that the cost of restoring the yen to par "need not be underestimated," and said that in announce that the third drawing for the sinking fund of the
order to meet the strain on exchange when speculators convert their hold- State of San Paulo 40-year 6%
sinking fund gold bonds of
ings into gold on Jan. 11, the arrangement of $50,000,000 in credits was
1928 has taken place and that the $49,500 bonds so drawn
necessary.
"But, regardless of the immediate cost to Japan, the stabilization of will be payable on and after Jan. 1 1930 at par at either of
Japanese exchange will, in the long run, be highly beneficial," his state- their offices.
ment added.
"Importers and exporters will be able to operate on a sounder basis
and can proceed with the confidence that wide exchange fluctuation will Republic of Chile Railway Refunding 6% Bonds Drawn
not jeopardize their profits. Again on a gold basis, Japan will find
for Redemption.
herself on terms of monetary equality with the principal Western nations.
The National City Bank of New York, as fiscal agent,
"The nnst significant change to be looked for in Japan is the longdeferred adjustment of Japanese commodity prices to world levels. This is notifying holders of Republic of Chile railway refunding
Inflation of prices has been a sore spot ever since 1919. The 1927 panic sinking fund
6% gold external bonds, due Jan. 1 1961, that
may hot have eliminated It. The gold embargo may."
$251,000
aggregate principal amount of these bonds will
Reference to the Japanese credits and the proposed removal be redeemed
at par on Jan. 1 1930. Drawn bonds are
of the gold embargo was made in our issue of Nov. 23, page required to
be surrendered with all interest coupons maturing
3247.
on and subsequently to the redemption date at the principal
office of the National City Bank, 55 Wall St., New York,
E. Gerli & Co. of National Raw Silk Exchange Expect where they will
be redeemed and paid through operation
Readjustments of Value in Japan's Commodity of the sinking fund.
After Jan. 1 next interest on drawn
Index with Removal of Gold Embargo.
bonds will cease.
Important readjustments of values will occur in the commodity index of Japan with the lifting of the gold embargo
Drawing of Bonds for Mortgage Bank of Chile.
Jan. 11 1930, say E. Gerli & Co., Inc., members of the
Kuhn,
Loeb & Co. and the Guaranty Trust Co. of New
National Raw Silk Exchange under date of Nov.24 they said:
York, as fiscal agents for Mortgage Bank of Chile guaranteed
The Japanese Government has completed arrangements and now announces Jan. 111930,as the date for the lifting of the gold embargo. That sinking fund 6%% and 6% gold bonds, due June 30
naturally brings back normalcy once more and it will be interesting to
see 1957 and 1961, respectively, have issued a notice to the
what readjustments of values will occur in the commodity index of Japan.
effect that $124,500 principal amount of the 634s and
Other news not quite definite or official has to do with curtailment of
silk
production,syndicating of reelers' stocks and price levels to be maintained. $142,500 of the 63
4s have been drawn by lot for redemption
"Reelers have little claim to sympathy in this instance because the at par on Dec.
31 next. Drawn bonds are required to be
Government's determination to bring exchange back to par was well known
presented and surrendered with all coupons maturing after
even while they were bidding higher prices for cocoons—prices higher In
proportion to the then existing market. They then created the impression Dec. 31 1929 at the office of either agent, where they will
that the crop would show little or no increase, whereas now their precipitate be paid out
of sinking fund moneys. Drawn bonds shall
action to syndicate and curtail would indicate a certain weakness as to the
cease to bear interest from Dec. 31.
actual crop posit.on.
Turkey May Rename Day of Week, Friday Becoming Portion of Danish Consolidated Municipal Loan Issue
Sunday.
Drawn for Redemption.
Constantinople advices Nov. 18 to the New York "Times"
The National City Bank of New York, as fiscal agent, is
said:
notifying holders of Danish Consolidated Municipal Loan
Renaming the days of the week to make Friday fall on Sunday, thus 25-year
8% sinking fund external loan gold bonds, series
satisfying the Mohammedan calendar and at the same time observing
the universal day of rest, is likely to be embodied into law during this session A and B,dated Feb. 1 1921 and due Feb. 1 1946, to the effect
at Parliament.
that $325,500 aggregate principal amount of these bonds will
The proposed measure Is regarded as a simple solution of the present be
redeemed on Feb. 1 1930 at 107i and accrued interest.
•rtual three days' cessation of finance and business every week.
Drawn bonds are required to be surrendered together with
all interest coupons maturing on and subsequently to the
Russian Soviet Seeks $60,000,000—State Loan on Dec. 1 redemption
date at the principal office of The National
to Increase Capital for Constructive Work.
City Bank where they will be redeemed and paid through
From Moscow Nov. 18 Associated Press advices as follows operation of the sinking fund. After Feb. 1
drawn bonds will
mare reported by the New York "Times":
cease to bear further interest.
The Government announced to-night it would issue a State loan on
Dec.1
Cihe amount of 125,000,000 rubles (about $60,000,000) to increase capital
Ltconstructive work.
Argentina Grain Area Cut.
Canadian Press advices from Ottawa Nov. 22 state:
The third official forecast of the areas sown in Argentina to grain
for the
season 1929-30, placing wheat at 19,423.000 acres, has
been received here
from the Canadian Trade Commissioner at Buenos Aires.
This compares
with 20,900.000 acres allotted in the last previous season
and with 17,940.000
acres is the average for the last five years.
Drawing of Hungarian Consolidated Municipal Bonds.
Speyer & Co. announce that the sixth drawing of Hungarian consolidated municipal 7% bonds, amounting to
$84,000, and the ninth drawing of Hungarian consolidated
municipal 7%7
0 bonds, amounting to $149,500, have taken
place, and that drawn bonds of both loans will be payable
on and after Jan. 1 1930 at par at their offices, 24 and 26
Pine St., New York.
Nov. 30 1929.]
FINANCIAL CHRONICLE
Bonds of Republic of Finland Called for Redemption.
The National City Bank of New York as fiscal agent has
issued a notice to holders of Republic of Finland 5%
external loan gold bonds, due Feb. 1 1958 that $109,000
aggregate principal amount of bonds of this issue have been
called for redemption Feb. 1 1930 at gar. The called bonds
will be payable on or after the redemption date upon presentation at the head office of the bank, 55 Wall Street and
will cease to bear further interest after Feb. 1.
G.E. Farrand Retires as Temporary Counsel of Federal
Farm Loan Board—Stanley Reed Named as General
Counsel.
George E. Farrand of Los Angeles retired on Nov. 22 as
temporary General Counsel of the Federal Farm Board,
having completed the special legal task undertaken for the
Board in August. He was succeeded as General Counsel
by Stanley Reed of Ashland and Maysville, Ky., who
recently accepted the position, his appointment to take
effect upon Mr. Farrand's retirement. In accepting Mr.
Farrand's resignation, the Farm Board adopted the following
resolution:
3403
vators over $32,000,000. Many of our members actively supported the passage
of the farm relief legislation. When giving our support to this measure we assumed
that the Farm Board would follow the policy Put into practice by President Hooyer
when Secretary of Commerce and would Invite experienced grain men Into conference before policies were adopted which might materially affect the existing
grain marketing machinery.
"We now ask that representative commission men be given an opportunity -to
discuss with your board the farm board's plans as they affect the grain trade, and
Particularly our branch of the grain trade. Policies which the farm board have asflounced apparently leave no place in the picture for the very men who for 25 years
east have been the real supporters and advisers of the co-operative movement in
the Northwest. We believe that any price basis established through the use of
government funds should be made free to all farmers whether or not In the exercise
of their individual judgment they decide their interests were best served by membership in a co-operative organization. Otherwise at times when the terminal
Prices are not considerably above the established loan value price many farmers'
elevators and all independent elevators together with line elevators cannot operate
as grain merchants and no country elevator can continue in business simply as a
warehouse because of the low storage and handling.charges established by law."
Aid to Formers Cited.
Mr. Tenney and Mr. Wyman also issued a statement, explaining that
the grain men here feel that the Farm Board does not fully appreciate
Northwest conditions.
"There is no section of the country where grain men do as much
for the farmer as in the territory served by Minneapolis and Duluth,"
they said.
Twenty-five years ago the grain men said there was unrest among
farmers because only line elevators existed for marketing their grain.
Commission merchants met this by liberal loans under which farmers
were able to buy or build elevators, they said.
Furnished Elevator Fund.
"Not only did they furnish the money for capital investment, but they
sent out trained forces of field men to help fanners organize the farmer
Whereas. Early in the existence of the Federal Farm Board, George E. elevator companies," the statement went on. "From that day to this the
Farrand of Los Angeles, became General Counsel at the earnest request of business has
been conducted on that basis from Minneapolis and Duluth,
the Board, and
but not in any other part of the country. Farmers and independent
Whereas, He immediately undertook the organization of the legal deelevators have been able to secure from commission men sot only money
partment of the Federal Farm Board without precedent or custom to guide
to move the crop, but to carry their plant investments and in many canes
him. and
Whereas, From his rich experience as a co-operative lawyer and as a their merchandise inventory and accounts and notes receivable and in
wide general practitioner, he, as General Counsel, was able promptly and cases where farmers' elevators have had poor years, the losses so made
have been carried pending good years.
efficiently to carry on successfully this intricate and arduous work, and
"A great deal is being said now about advances on storage tickets.
Whereas, The Board has sought and generously received from him counsel
In its problems of economics and general policy, which it has utilized ex- The whole system of issuing storage tickets for grain at marketing points
has been more fully developed in the Northwest than in any other section
tensively, and
Whereas, After completing such preliminary organization, he has felt of the country and here alone the farmers for many years past have bees
able
to borrow a very substantial part of the market value of their grain
compelled to again give attention to his own private practice and is severing
on storage ticket security at reasonable rates of interest.
his connection with the Federal Farm Board.
"The field men of the grain commission firms have kept in close contact
Now, Therefore, Be It Resolved, That the Federal Farm Board,in accepting
his resignation, expresses its regret at his withdrawal from this important with farmers and independent elevators in the Northwest and have advised
with
the owners and managers as to buying and marketing grain to best
post and its appreciation of the untiring energy, zeal and ability which
Mr. Farrand has shown in the conduct of his Department;
advantage.
lie It Further Resolred, That this resolution be spread upon the minutes
"Many commission men actively supported the passage of the farm relief
of the Federal Farm Board and that a suitable copy be forwarded to Mr. legislation. For over 25 years past commission merchants of the Northwest
Farrand by the Secretary.
have looked at the grain situation with the eyes of the farmer. They are
anxious to see the farmer get the highest possible price for his grain. While
men are fully in sympathy with stabilization or price elevation
Federal Farm Board Approves Applications for Loans commission
if it is economically possible to elevate grain prices, they believe that
by Farmers' Union Terminal Association.
if such effort is undertaken the price should be free to all farmers, that
The Federal Farm Board announced on Nov. 21 that it no farmer should be forced to join any one particular organization in
order to secure a price which is guaranteed by a Government Board using
had approved two applications of the Farmers Union Ter- Government
funds secured through general taxation.
minal Association, St. Paul, Minn., for commodity loans
"Feeling that the Farm Board, and very possibly the farmers of the
Northwest,
had
no clear conception of the commission men's attitude,
supplementing primary loans made by the Federal Interwire was sent to Mr. Legge of the Farm Board."
mediate Credit Bank, St. Paul, to enable the association theWashington
dispatches quoted Mr. Legge on the wheat loan situation,
to make advances to its grower members in line with the expressing satisfaction with the results so far.
Mr. Legge made the statement in connection with loans announced for
wheat loan policy announced by the Federal Farm Board in
the Farmers' Union Terminal Association of St. Paul, totaling $400,1300.
Board
says:
26.
The
Chicago, Oct.
This follows loans to tither grain co-operatives under the plan to advance
The first of these Is for a supplemental commodity loan not exceeding up to $1.25 a bushel on wheat still owned by farmers or their associations.
$200,000 on wheat stored in licensed warehouses in Minnesota.
The money furnished the Farmers' Union will go to wheat stored on farms
The second is a supplemental commodity loan not exceeding $200,000 in North Dakota and Montana as well as to elevator-stored grain. Addion wheat stored on farms of members of the association in North Dakota
tional loans are to follow, it was announced.
and Montana and for which farm warehouse certificates have been issued
The loan plan is belied on the assumption, Mr. Legge said, that a bask
by the grain storage commissioners of the two states.
price of $1.25 at Minneapolis for No. 1 northern spring wheat is not too
high, considering the actual value of the grain and taking into account
Minneapolis Grain Commission Merchants' Association supply and demand.
intend to stand by our policy," Mr. Legge said, "and the farmers
Seeks Hearing by Federal Farm Board to Discuss of"We
the Northwest can depend upon it. First we were criticized bemuse
Latters Plans Affecting Loans to Grain Trade.
there was too much grain coming to market. The elevators were full and
receipts could not be handled. Now, as I understand it, we are
Demand that grain commission men be given a session the
citicized because little or no grain is coming to market. Facts are, our
with the Federal Farm Board to discuss the Board's policies reports are to the effect that the farmers are co-operating splendidly in
in the grain marketing field, including that of wheat loans, the efforts which our wheat advance contemplated.
was made on Alexander Legge, Chairman, by the Minneapolis Grain Commission Merchants' Association, on Nov. 22,
according to the Minneapolis "Journal" of that date, from
which we take the following:
Calls Policy Sound.
"We desire to assist farmers to keep their wheat back on the farms or
in the elevators controlled by their co-operatives so that it is not dumped
on the market indiscriminately. We are doing this by advancing, for
example, $1.25 per bushel Minneapolis for No. 1 northern spring. This
advance is based on our belief and information that the loan is not too
much considering the actual value of the wheat, taking into account supply
and demand. This advance is having precisely the effect we hoped it w.`Mtd
have, that is, it is keeping wheat off the market. The grain men are
complaining, of course, but we believe the situation will right itself before
long by the market price rising above the $1.26 advance. It is an action
which protects the farmer and we believe it to be good and sound business
policy."
Continuing, Mr. Legge said: "In the present stock market slump, the
farmer has kept his head. In fact, there are indications the farm badness
is the stabilizer for the country at this time. There are many of us ville
feel that as our market system for farm products is perfected that more
and more the farm business of the nation will be one of the strong mid
stabilizing influences as affecting business."
The Association, representing the entire grain trade of Minneapolis,
authorized sending a telegram to Mr. Legge, protesting that the Board
apparently does not understand the Northwest situation.
If wheat loans are to be made, they should not be conditional on forcing
farmers into co-operative organizations, but should be made to all farmers,
the grain men's message said. Their telegram said the Board policies
apparently leave no place in the system for the grain trade "which for 25
years has been the real supporters and advisors of the co-operative movement."
While the grain trade, aroused by developments under the wheat loan
plan and other proposals of the Farm Board, was making its demands
known, the Farm Board Chairman said at Washington the policy "protects
the farmer and we believe it to be good and sound business."
The wheat loan policy has kept grain off the market, which was the
Board's purpose, Mr. Legge said. Ile added criticism has come from some
Corporation Manager Sought.
sources but "we intend to stand by our policy and The farmers of the
The National Grain Corporation, which is the wheat co-operative
Northwest can depend on it," be said.
The telegram to Mr. Legge, sent by the commission merchants, was fathered by the Board, is seeking a general manager, is the announcement
drafted by D. D. Tenney and .1. C. Wyman, members of a committee from the Farm Board office to-day.
It is understood the position has been offered to 0. W. Lonsdale of
authorized to send the message. The telegram read:
"As we previously wired you this association Is composed of commission merchants Kansas City, experienced grain man. The farmer officials of the grain
who, through their liberal furnishing of funds, not only for the movement of grain corporation will select the manager subject to approval of the -Farm
but for the purchase or construction of elevators, have made possible the farmers' Board. Asked what salary the corporation would likely pay the manager
elevator movement in the Northwest. That you may understand more about the
character of this association, we want you to know that commission merchants and Chairman, Mr. Legge said that was a matter for the farmer officers
n Minneapolis and Duluth this fall loaned country elevators other than line ele- of the corporation to decide. Asked if $50,000 per year was too much to
3404
FINANCIAL CHRONICLE
pay a man capable of handling that kind of a job he said he thought not.
"• "The man who handles the Farmers' National Grain Corporation and
handles it successfully will be well worth $50,000 per year to the organization," he said.
'-'Agricultural Labor Survey Proposed by Senator McNary
—Resolution Provides for Commission to Investigate Adequacy and Source of Unskilled Farm Help.
, Creation of a commission to be appointed by President
• Hoover, to investigate the adequacy of unskilled agricultural
labor, and the sources from which it is obtainable, is provided
for in a resolution (S. J. Res. 86) introduced in the Senate
Nov. 22 by Senator *McNary (Rep.), of Oregon, Chairman
of the Senate Committee on Agriculture and Forestry. We
.quote from the "United States Daily," which likewise says:
Mr. McNary said that such a study had been suggested to him by the
Chairman of the Federal Farm Board, Alexander Legge.
Agricultural labor is inadequate in some sections of the country, particularly along the Canadian and Mexican borders and in some coastal
areas, Senator McNary explained orally. It is in these parts particularly
that labor is often imported in large quantities at harvest time.
• Such an investigation, said Mr. McNary, would include the question of
the operation of the immigration quota laws on migratory labor in districts
where agricultural labor is scarce, and during seasons where the demand
for such labor is great.
The resolution follows in full text.
Resolved by the Senate and House of Representatives of the United States
, in Congress assembled:
That in as much as there Is already a serious shortage of agricultural
abor in certain sections of the country. and
That undoubtedly there will be presented from time to time various
types of legislation affecting agricultural labor supply and
`-- That it is important that Congress have full information as to the effect
'of such legislation in this important industry,
Therefore, be it resolved. That it is important and in the public interest
that conditions in this respect be authoritatively ascertained and be made
known, and the President is empowered to appoint a commission, consisting of such number as in his discretion he may determine, to investigate
the facts in respect to the adequacy of the supply of unskilled agricultural
. labor and the sources from which it is obtainable, and to make a report
thereon to the President, which report he shall transmit to Congress with
his recommendations in respect thereto.
The commission may make such expenditures, including expenditures
for actual traveling and subsistence expenses, for personal service at the
seat of Government and elsewhere (without regard to the civil service laws
or the Classification Act of 1923, as amended). and for printing and binding.
as are necessary for the efficient administration of its functions under this
reeolution. All expenses of the commission shall be allowed and paid upon
,the 'presentation of itemized vouchers therefor approved by the chairman
of the commission.
, 285 Co-operative Associations in Saskatchewan Engaged in Buying Farm Supplies, According to
Canadian National Railways.
In the Province of Saskatchewan there are 285 co-operative
associations chiefly engaged in buying farm supplies, says
a bulletin of the natural resources department of the Canadian National Railways. The latter's advices state:
•
Of these 216 report a total of 13,819 shareholders with a paid-up capital
of $569.829 and assets of 51,638,139 for the last fiscal year. The value of
supplies handled during the year was $3.621,256. The net earnings for the
216 associations were $135,963.
In addition to the local associations, there are several province-wide cooperative associations for marketing grain, livestock and poultry products,
These organizations had sales of 5176,640.000 during the 1928-29 season.
Illinois Law on Branch Banking Bars License to
Foreign Firm—British Corporation May, However,
Accept and Execute Trusts.
The following, from Springfield, Ill., Nov. 22, is taken
from the "United States Daily":
A corporation organized in Great Britain may be licensed to do business
In Illinois, but may not be authorized to carry on a banking business in the
State, according to a recent opinion of Oscar E. Carlstrom, Attorney General, addressed to Oscar Nelson Auditor of Public Accounts. Such a
• corporation cannat engage in the'
banking business because of a prohibition
. against branch banking, the Attorney General holds.
Foreign banks that are authorized to accept and execute trusts may
qualify, however, to carry on that type of banking business in the State.
The full text of the Attorney General's opinion is given below:
Dear Sir: I have your letter of the 16th inst. enclosing a letter from Spencer,
• Ordway &Wierum, 72 Wall St. New York, relative
to the interpretation of the
fereign exchange act of this State
'in so far as it is applicable to foreign corporations,
.and especially foreign banks.
Said letter makes triquiry as to the practice of your department with reference
• te the issuance of a license to a foreign corporation, and in particular one organized
An Great Briatin, Inquiry is also made as to whether a foreign banking corporation
may be licensed to do business in Illinois.
Replying permit me to say that the law above referred to is "An act in relation
to the buying and selling of foreign exchange and the transmission or transfer of
money to foreign countries," approved June 28 1923, Said act consists of seven
sections and is complete within itself. Section 1 provides as follows:
"After Oct. 1 1923, it shall be unlawful for any Person, firm or corporation other
than governmental departments or offices, or corporations organized under the
general banking laws of this State, or of the United States, to engage in the business
of transmitting or transferring money to foreign countries, or buying and selling
foreign money, or receiving money on deposit to be transmitted or transferred to
foreign countries, without having a license to engage in such business, Issued by
the auditor of public accounts."
Section 2 of said act provides the manner of securing a license in IWnois to engage
In the business of buying and selling foreign exchanges.
It will be noted that section 1 makes reference to the licensing of Persons, firms
Os' corporations, exempting governmental departments and State and national
banks, but does not limit licenses to corporations organized under the general
corporation act of this State, therefore, I am of the opinion that a corporation
- organized in Great Britain may lawfully be licensed in Illinois under said act providing it fir t qualifies and secures a license under the foreign corporation act of this
State through the office of our Secretary of State and then complies with all the
cenditions of the foreign exchange act precedent to the Issuance of a license thereunder.
Branches Prohibited.
I am assuming that the English corporation is not organised for the Purpose of
engaging in the banking business.
In answer to your second inquiry, permit me to say that branch basking Is ex▪ pressly prohibited In this State. Section 9 of the banking act provides in part as
fellows:
[VOL. 129.
"No bank shall establish or maintain more than one banking house, or receive
deposits, or pay checks at any other place than such house; and no bank shall establish or maintain any branch bank, branch office or additional office or agency for
the purpose of conducting any of its business." (As amended by act approved
June 28 1923: ratified at state-wide referendum, Nov. 4 1924.)
In view of the above language I am of the opinion that a foreign bank could not
legally carry on the banking business in Illinois. However, foreign banks that are
authorized to accept and execute trusts may qualify to carry on that business In
this State.
Decline in Stocks Has Not Materially Injured Farmers,
According to President Netherland of Federal Land
Bank of St. Louis—Looks for Improvement in
Value of Farm Lands.
"The decline in prices of stocks has not materially injured
farmers; in fact, it may improve their relative position,"
declared Wood Netherland, President of the Federal Land
Bank of St. Louis, at the meeting in Kansas City, Mo. Nov.
21 of National Farm Loan Associations of Northwest Missouri and officials of the Land Bank. Mr. Netherland said:
Very few farmers were speculating in the market at the time of the drop
in prices and consequently the only way that farmers, as a class, can be
injured materially is through unemployment in the cities and a general
decline in the purchasing power of city workers. The farmer, in fact.
may benefit through the readjustment which has taken place—his purchasing power may be relatively greater, for the price of commodities which he
purchases may decline somewhat, more than the price of what he has to
sell. Easier money (meaning lower rates of interest) will affect his business
In several ways It should mean a net saving on money which he has to
borrow, and it should make money more available to him for his many
enterprises. Money for cattle feeding has not been particularly plentiful
in parts of the country in the last several months, and the lowering of discount rates by the Federal Reserve banks, combined with the fact that more
money is likely to be loaned locally, should make for better accommodation
to cattle feeders generally. The intermediate credit banks should be able
to lend at lower rates before long, if the interest rate in the big money
markets continues low. This, of course, in the same way should eventually
affect interest rates on long-term loans made with farm mortgages as
collateral.
Another angle in which the farmers are interested is the effect of the
possible increase of unemployment in the cities. This may result in an
increased supply of farm labor and a decrease in the wages paid to farm
help. It may also eventually lead to a return from the city to the farm
of a fair number of people.
If the activities which are being launched for the purpose of keeping
labor employed are successful, the purchasing power of the people at large
should not be injured materially, and it is the composite purchasing power
of the masses which really determines the volume and the success of the
business of the country. The farmers still constitute a fairly largo proportion of the population, about 25%, and I believe I am correct in the
statement that, as a class, they were not in the stock market and have not
been materially injured to date by the slump. Their purchasing power
has not decreased materially, and manufacturers and others are going to
find that the farmer market, as in the past, is one of the best.
Cheap money and high prices of stock usually are complements, but
the unprecedented slump in stock values undoubtedly has had a sobering
effect upon everybody and has curbed the desire of many corporations to
make money on .the stock market by lending their surplus funds through
brokers. Further, a continuation of a cheap money policy on the part of
the Federal Government may have the effect of controlling the rate on
brokers'loans, and, therefore, to make loans of this character less profitable
and appealing. However, the rate of interest. it seems to me is not as
great a factor in determining the volume of brokers' loans as the belief of
the public that it can purchase stocks for the purpose of quick resale and
make a profit, rather than purchasing because they think they are worth
the money. Cheap money at this time also means a low interest cost for
many years to come on the millions of dollars which are likely to be expended
in the next few years for public improvements and long-term investments
by corporations.
No doubt much of the 32 billions of dollars lost in the market slump is
real and tangible. I believe that most of it, however, represented paper
profits. If this were not so, the tumbling stock market would have rocked
the very foundation ofindustry, for the slump was the greatest ever recorded
in the history of the stock market, both as to the volume of decline, the
short period in which it was accomplished, and the percentage of the decline
in terms of market peaks. It wiped out within a period of six weeks, and
mostly within two days, the accumulated and pyramided gains of two years.
Without a Federal Reserve system, elastic currency, and a fundamental
soundness of business itself, this appalling shrinkage in prices of stocks
could not have been sustained without a subsequent panic,such as occurred
periodically prior to the establishing of the Federal Reserve system.
Thirty-two billion dollars represents more than the entire cost of our
participation in the world war, plus all that we lost to the Allied nations.
It would buy half of the farms of the United States and there would be left
nearly enough to pay off the farm mortgage indebtedness on the other half.
Fortunately, the collapse in the market and the slump in quotations on
stocks is not classified as a real economic loss, although it would be difficult
to convince many, who are now without money because of the deflation,
that their losses are not decidedly tangible.
The deflation which the farmers took in the value of their capital investment—land and buildings—from 66 billion dollars in 1920 to 49 billion
dollars in 1925. represents to a large extent the loss on property actually
held for investment purposes and not bought for the purpose of speculation.
If it had been on margin we would have witnessed a general exodus of farmers. instead of a gradual movement of a rather small percentage (about
5,500,000 for the period from 1920 to 1928) from the farm to the city.
Comparatively few farms were actually transferred during the fever heat
of farm speculation in 1920. but there was a sufficient number to establish
prime at an unprecedented level. Although the price of farm land has
declined in the United States approximately 37% since 1920. the high selling
price of land was not the principal cause of the farmers' trouble. It was
primarily due to a low selling price of the commoditlea which the farmer
praduced plus a doubling or tripling of the taxes on farm lands. These
were the principal causes responsible for an increase in the farm mortgage
debt throughout the country from $7.857,000,000 in 1920 to 59.468.000.000
in 1928, and are undergirding factors, the solution of which would constitute
Luling farm relief.
While not depreciating commendable efforts to improve farm conditions
by legislation, it should be borne in mind that, whether one is dealing in
tba stock market or in lands, the value of such property must sooner or
later be adjusted on a hosts of earning power. This is a fundamentai
economic law, and all efforts to the contrary will eventually meet defeat—
the recent decline in the stock market is evidence proof of this assertion.
Nov. 30 1929.]
FINANCIAL CHRONICLE
By the same token it is reasonable to assume that the value offarm lands
at the present time is too low. The purchasing power offarm commodities
has increased in the last few years, which will slowly but surely be followed
by a recovery in the price of agricultural lands. Thus it seems to me to be
perfectly evident that farm values have decreased far below the point
justified and it requires no prophet to observe that the price of farm lamb
is due for very definite improvement.
New York Stock Exchange to Resume Regular Daily
Sessions Next Week.
The New York Stock Exchange, which has been closed to
trading on Thursday (Thanksgiving Day), Friday and to-day
(Saturday), is expected to resume its usual five-hour trading
day next week. The full day's period of trading was in force
on the Exchange the first three days of this week, the change
n the trading time having been noted in our issue of Nov. 23,
page 3250. From the "Word" of Nov. 28 we take the folilowing:
34O
Exchange, who exhibited the required qualifications to such a high degree
that the storm was successfully weathered and the prestige of the Exchange
maintained and strengthened.
Be it therefore Resolved. That the Governing Committee do hereby express
to Mr. Richard Whitney their appreciation of his efficient and conscientious
labors during the severe financial disturbance of October and November,
1929, their admiration for the rare qualities of leadership displayed by him:
and their conviction that these qualities proved to be of inestimable value
to the Exchange.
And be it further Resolved, That these Resolutions be spread upon the
minutes of this meeting and a copy thereof suitably engrossed be presented
to Mr. Whitney.
New York Stock Exchange to Pay Christmas Bonus to
Floor Force and Other Employes of Exchange.
A Christmas bonus, to be paid Out of the fund of the
Exchange, has been voted to the floor force and other
employes of the New York Stock Exchange, according to the
following announcement issued by Secretary Ashbel Green:
NEW YORK STOCK EXCHANGE.
The stock exchanges will reopen for business next Monday, but the comNov. 23 1929.
modity exchanges will resume trading to-morrow, as deliveries under their To the
Members of the Exchange:
contracts will be required then.
The Governing Committee at a meeting held on Nov.22 1929, voted that
The Committee on Arrangements of the New York Stock Exchange di- a Christmas
Bonus be paid to the Floor force and other employees of the
rected yesterday that offices remain open to-morrow from 10 a. m. to 3
Exchange from the funds of the Exchange, thereby making it unnecessary
p.m.and Saturday from 10 a. m.to 1 p. m.to clear up open trades. Firm for the
Committee of Arrangements to call upon members for contributions
partners are required to be present between those hours or to have repre- to a Christmas
Fund as in previous years.
sentatives present who are qualified to settle such matters.
The Committee insists that the rule prohibiting the giving of any bonus
The Exchange is expected to continue trading next week on the usual or
compensation to an employee of the Exchange be strictly adhered to
schedule from 10 a. in. to 3 p. in. from Monday to Friday. inclusive, and
except where the employee has worked after hours at a regular salary, whiCh
from 10 a. m.to noon Saturday.
•
cases should be handled as set forth in Circular 0-3922.
The Montreal Stock Exchange has decided to remain open to-morrow
ASHBEL GREEN, Secretary.
and Saturday. This will be the first time since the crash that one of the
A further notice in which members are advised that gifts
financial markets has not followed the program laid down by the New York
Stock Exchange.
to Exchange employes working after hours for members
must be made through the office of the Secretary of the
New York Stock Exchange Discontinues Question- Exchange, was issued
as follows Nov. 23:
naire Calling for Daily Information on Short SellNEW YORK STOCK EXCHANGE
ing.
Committee of Arrangements.
It was made known on Nov. 26 that both the New York
Christmas Gratuities to Employees of the Exchange.
Stock Exchange and the New York Curb Exchange have
New York, Nov. 23 1929.
discontinued their questionnaires calling for daily informa- To the Members of the Exchange:
Members are
of the prohibition against the giving of gratuities
tion regarding all stock borrowed or loaned, and to whom. to employees ofreminded
the Exchange, contained in the following extract of Section
The information, first called for on Nov. 13, was referred to 5, Chapter XIV of the Rules:
member shall give any compensation or gratuity to an employee of
in these columns Nov. 16, page 3104, in which issue the the No
Exchange or to an employee of another member of the Exchange unless
questionnaire of the Exchange was given. While the in- the giving of such compensation or gratuity be first submitted in writing
formation divulged by the questionnaire has not been made to the Committee of Arrangements and approved."
Members who employ Exchange employees after hours may give them a
public, the Committee on Business Conduct is said to have Christmas
gift by placing same in an unsealed envelope, having the name of
stated that "the co-operation from members upon this sub- the employee and the amount of the gift on it, and sending the envelope to
the
Secretary's
Office.
ject has been gratifying." In stating that the decision of
ASHBEL GREEN. Secretary.
the Stock Exchange authorities to abandon the further use
of the daily questionnaire is taken to indicate that the market is now felt to be sufficiently strong no longer to need shep- New:York Stock Exchange Notifies Members that Distribution of Christmas Bonus to Employees Must
herding against possible bear raids, the "Times" of Nov. 26
Be Approved by Exchange Committee.
added:
Notice to members of the New York Stock Exchange that
At the time the questionnaire was first sent out it was made plain that
no attempt was being made to militate against legitimate short selling. the distribution of a Christmas bonus to their employees
It was felt, however, that the situation on the stock market might tempt must
have the approval of the Committee on Quotations
some operators to engage in selling demonstrations designed to renew the
demoralized condition from which the market had just emerged, and that and Commissions, was issued as follows on Nov. 18.
such activities would prove detrimental to the good of the Exchange, and
might result in serious consequences to other financial institutions.
Influence of Bankers Seen.
The decision to call for information on the short position in the market
came at a time when stocks were undergoing "secondary reaction" which
had carried prices to levels lower than those reached on the severe break of
Oct. 29. The evening before the announcement of the questionnaire had
witnessed a gathering of some members of the banking group organized
to help stabilize conditions in the market, and shrewd observers inWall
Street concluded that there was more than casual significance in the proximity of the two events.
Members of the banking group are understood to have been informed as
to the general results shown by the questionnaire. It is understood that
no great concentration ofshort interest was revealed, but in part its absence
Is ascribed to hurried covering which took place immediately before the
calling for the questionnaire.
Governing Committee of New York Stock Exchange
Records Appreciation of Labors of Richard Whitney During Recent Financial Disturbance.
Appreciation of the "efficient and conscientious labors"
of Richard Whitney, "during the severe financial disturbance of October and November" is expressed in a resolution adopted, Nov. 27, at a meeting of the Governing
Committee of the Exchange. Mr. Whitney who is VicePresident of the Exchange, has been Acting President in the
absence of President E. H. H. Simmons. The resolution
follows:
It Is an old saying that great emergencies produce the men who are
competent to deal with them, and the truth of that saying has Just been
verified in the New York Stock Exchange. The recent crisis brought on by
an unprecedented decline in security values, and the strain on the physical
machinery of the financial district that accompanied it, will go down in
history as unique both as to its magnitude and as to its gravity. To meet
the dangerous conditions that had developed so suddenly and so unexpectedly the Stock Exchange needed above all a leader endowed with
courage, resourcefulness and sound judgment in order that the efforts of Its
members should be properly co-ordinated and skillfully directed. This
leadership devolved upon Mr. Richard Whitney, Vice-President of the
NEW YORK STOCK EXHANGE.
Committee on Quotations and Commissions.
Re: Christmas or Other Bonuses.
November 18, 1929.
To the Members of the Exchange:
I am directed by the Committee on Quotations and Commissions to again
call your attention to Section 1 of Article XX of the Constitution, the last
paragraph of which reads as follows:
"No employee shall be paid other than a fixed salary not varying with
the business unless the prior written approval therefor shall have been given
by the Committee on Quotations and Commissions."
All firms planning to distribute a Christmas bonus to their employees
must report their plans in writing to the Committee on Quotations and
Commissionefor its approval.
.ASHBEL GREEN,Secretary
Proceedings to Recover Stock Held in Stock Market
Crash by J. R. Schmeltzer & Co.—Counter Action
Filed—Firm Contends Shares Are Retained as
Collateral for an Indebtedness.
The New York "Times" reports that four suits arising out
of the recent stock market collapse were filed in the Supreme
Court on Nov. 23 against J. R. Schmeltzer & Co., brokers,
of 26 Broadway, involving $582,189 in securities claimed by
Morris W. Haft, coat and suit manufacturer of 1385 Broadway, and smaller holdings demanded by Harry G., Joseph
and Samuel Haft. The "Times" account goes on to say:
On the application of Robert E.Lee of Cadwalader, Wickersham & Taft,
Justice McGoldrick signed orders directing the brokers to show cause why
they should not deliver the securities to the Sheriff fit a replevin action
brought on Nov. 12.
Mr. Lee said that on that day he went to the brokers' office with Deputy
Sheriff Lanman and demanded the stock, at the same time offering a bond
of $1,200,000, or twice the value of the stock, as required by the replevin
law,in the case of Morris W.Haft,and similar bonds for the other plaintiffs,
but was told by H. C. Clifford, a member of the firm, that the stocks we
not in the possession of himself or the firm, but"had been sent to various
banks in overnight loans, and that he could not deliver them to the Sheriff"
Six days later, Mr.Lee said,the brokers started suit in Richmond County,
declaring that they had the stock in their possession and were holding the
3406
FINANCIAL CHRONICLE
FoL. 129.
shares as security for an indebtedness. Their complaint named as de- appointive by the Board of Governors, will be filled in the
fendants not only Morris Haft, but the following members of his family:
near future. Twelve years ago Mr. Sanford became associFondaIan, Jules, Abraham, Joseph, Samuel and Harry G. Haft.
The brokers allege in this suit, the lawyer said, that the Hafts delivered ated with Blyth Witter Co., and later became sales mancertain stocks on Oct. 28 to cover a possible indebtedness against the ac- ager. After being Vice-President and
Secretary of another
count of Jules Haft, and that Jules became indebted to them for $800,000,
and that after his stock had been sold a debt of $313.189 remained, for investment firm, he was named sales manager and assistant
which they were holding the stock deposited by the other Hafts as security. to the resident partner of Dean Witter & Co. in Los Angeles.
Mr. Lee said he believed the Richmond County action was brought to foreHe is the author of numerous analytical articles and investstall the execution of the replevin writs.
The suit of Samuel Haft asks the return of stock worth $15,700, and ment treatises. Other offices he held are those of director
asserts that he has no interest in the account for which it is held as security, for five years of the Los Angeles Credit Men's Association
while on the same plea Harry G. Haft demands stock worth $20,300 and
and past assistant secretary of the American Chemical SoJoseph Haft bank stock valued at $17,384.
Formation of Stock Clearing Corporation Approved By
Governors of Chicago Stock Exchange.
Plans for the formation of a stook clearing corporation
by the Chicago Stook Exchange were approved by the Board
of Governors on Nov. 20. Following a report by Lester L.
Falk, attorney for the Exchange, the Board empowered
the Law Committee of the Exchange to draw up a charter
for the new stock clearing corporation, make necessary
changes in the existing constitution and by-laws of the
Exchange and draw up necessary new by-laws. As soon as
this has been done and formally approved by the Board,
the Exchange will go ahead with the formation of the new
organization. Mr. Falk and Harvey T. Hill, Assistant
to the President of the Exchange, spent a week in New
York recently studying the stock clearing corporation
of the New York Stook Exchange. Mr. Falk's report was
based on that study.
ciety in Southern California. Since assuming charge of the
listing department as First Assistant Secretary of the Stock
Exchange, May 1 of the current year, the institution has
added a total of 28,206,198 shares with a value of $1,057,347,
of which 3,888,525 shares with a valuation of $85,168,427
have been the new listings of fifteen corporations. In the
past six months' period, approximately 14 so-called penny
stocks have been removed from the exchange, boosting the
average price per share of listed stocks from $43.13 to
$49.51..
Los Angeles Curb Exchange Removes 29 Issues From
Its Trading List.
Twenty-nine stocks listed on the New York Stock Exchange and the Los Angeles Curb Exchange were removed
effective Nov. 14 and 15 from trading on the Los Angeles
Curb Exchange, it was announced by D. G. Grant, President
of the institution, following action of the board of governors.
The more active of the stocks, including Mexican Seaboard,
Jacob Nathan Named Manager of New California Aviation Corporation of Delaware, Atlantic Refining, Kolster Radio and Tidewater Associated common, were removed
Stock Exchange Organized in Los Angeles.
Harold G. Ferguson, Chairman of the Board of Gover- from the Curb board on Nov. 15, while the following issues
nors of the California Stock Exchange, announces the ap- will be stricken from the list Nov. 14:
American Hawaiian Steamship Co.,
pointment of Jacob Nathan as Manager of the Exchange,
American Telephone & Telegraph Co.,
Armour & Co. "A,"
to become effective immediately. Mr. Nathan was formerly
Continental Oil (Del.),
Secretary of the Detroit Stock Exchange. He has also just
Crown Zellerbach Corp. common,
completed the organization and installation of the Portland,
Emporium Capwell,
Fox
Film Corp. "A,"
Oregon, Stock and Bond Exchange. In addition, he has
Grigsby Grunow,
acted as advisor in the organization of real estate and stock
International Combustion Engineering Corp.,
exchanges in various cities.
Pan American Western Petroleum Co.,
Paramount Famous Laskay Corp.,
Completion of plans for the establishment of a new stook
Pattie, Pathe "A" preferred,
exchange in Los Angeles, to operate under the name of the
Phillips Petroleum,
Safeway
Stores,
aalifornia Stook Exchange, were re ent'y announced by the
Sinclair Oil,
newly selected Board of Governors which recently held its
Standard Oil of New York,
ffrst meeting in Los Angeles. Officials of the new institution
Superior Oil Corp.,
Texas Corp.,
announce that the operations of its trading will be countryTidewater Associated preferred,
wide in extent, through membership affiliations with brokers
United Air & Transport Co.,
on the New York Stock Exchange, the Chicago Exchange,
Warner Bros. common, and
Western Dairy Products "A" and "B."
the Chicago Board of Trade, the New York Curb, and the
The Board of Governors of the Curb Exchange made the
Philadelphia, Detroit and other Eastern marts. The Board
following statement regarding their action:
selected includes:
Harold G. Ferguson. realty broker and investment hanker, Chairman.
H. Frank, Managing Director of the Ambassador Hotel.
Patrick M. Longan, Vim-President and General Manager of Mllham
Exploration Co.
Frank L. Menne,realty broker.
L. R. Martineau, of Martineau and Stratton, attorneys.
A. R. Walker, of Walker and Eisen. engineers and architects.
Amos W. Elliott. capitalist.
C. P. Mathews.
Wallace M. Cunningham. exchange officials.
Frank Partridge has been elected Secretary.
"The removal of these 29 issues is designed as a further constructive
move on the part of the Loa Angeles Curb Exchange to strengthen Its
listing policies. In all cases of typically Western stocks, the Curb
Exchange has provided a much needed and well regulated free and open
market for those issues; whereas in the instance of New York stocks,
arbitrarily placed on the board, the Exchange has found it difficult to
give investors immediate and authoritative information on corporations
Mime administrations are handled from a source far removed from this
city. Further, registrar and transfer facilities for these stocks are
lacking in this city. These facilities, in addition to supplying Southern
California with irlimediate information on corporation activities, are
essential to the fullest service to investors.
"The Los Angeles Curb Exchange is constantly strengthening its policies
to assure investors not only of the initial soundness of issues listed, but
also of the continued stability of corporations whose stocks are listed.
To this end, Curb Exchange listing forms are being made more searching
in their thoroughness and companies are being checked from time to time
to assure investors of sound management of corporations and the legitimacy
of their offerings."
Harrison S. Martin and C.P. Mathews, who were selected
by the New York brokers interested in the Exchange, to
supervise the technical details of the organization, are
former New York Stock Exchange officials. Mr. Martin
Is Technical Director, and Mr. Mathews is the Exchange
Treasurer. "I found a decided interest in our exchange in
New York," Mr.Partridge says. "Some of the most promReceiver for Mandeville, Brooks & Chaffe of Providence
inent firms on the New York Stook Exchange are members
Sues Trader in Brokerage Crash.
of the California Stock Exchange," he adds "and decidedly
Under
date
of Nov. 25, Providence, R. I. advices to the
co-operation
and
busiIt is a constructive situation when the
ness affiliations of this class of financial leaders is to assist New York "Times" stated:
The receiver for the brokerage house of Mandeville, Brooks &
In the development of western trading."
Chaffee today started court action to collect $600,000
said to be due
from Dutee W. Flint of Providence, State agent of the Ford Motor
and one of the house's largest individual traders.
F. E. Sanford Appointed Secretary of Los Angeles Company
The receiver was
Stock Exchange.
• F. B. Sanford, First Assistant Secretary of the Los Angeles
Stock Exchange, has been appointed Secretary and Manager
of the Stock Exchange by the Board of Governors, effective
Immediately, it has been announced by John Earle Jardine,
President of the institution. Mr. Sanford, who succeeds
Carl P. Miller, who resigned three months ago, has for the
last two months served both as Acting Secretary and Manager and First Assistant Secretary. The latter position,
preparing to deliver to clients tomorrow all stock
fully paid for. This will not include customers who have started
court proceedings to force delivery. The receiver has not yet announced his plans regarding stock purchased on margin, but has declared no customers of the house which failed last Monday will lose
any money.
The suits were started against Rose H. Flint and Alexander Fritz,
in whose names Dutee W. Flint carried four accounts with the
brokerage house, according to an announcement by Edward G,
Fletcher and Ralph M. Greenlaw, counsel for Robert S. Emerson, receiver.
More than a score of corporations in which Mrs' Flint and Mr.
Fritz, listed in the Providence directory as vice president of the
Nov. 30 1929.]
FINANCIAL CHRONICLE
340.
Dutee W. Flint Oil Company, are believed to hold stock will be enThe Commission has asked for a full report on the financial condition of
joined from transferring or disposing of any such stock if the civil the companies, price paid for securities and present depreciated price.
process is approved by the court, according to the counsel.
From this data, a price will be fixed for the securities of investment comSubsequently the receiver obtained two court orders from Justice panies.
Edward W. Blodgett of the Supreme Court, restraining the D. W.
One investment concern in Milwaukee reported an average degine in
Flint Oil Company from disposing of 2,500 shares of the common stock securities held of over 11% during October.
of that concern and Mr. Flint personally from disposing of encumbering any of his assets.
A. 0. Barnot & Co., Dealers in Securities, in Bankruptcy.
A voluntary petition in bankruptcy was filed on Nov. 27
in the United States District Court against August 0. and
Ada T. Barnot, who sold securities under the firm name of
A. 0. Barnot & Co., 88 Broad St., this city, according to the
New York "Herald Tribune" of Nov. 28. Liabilities of the
firm were listed at $239,436 and assets at $32,275. The
creditors named are: John J. Bell & Co., $20,000; Chambers
& Co., Inc., $40,515; Moore, Leonard & Lynch, $21,953;
King Gebhart & Garretty, $15,000, and O'Brien, Potter &
Stafford, $14,411.
A. A. Rosenshine Becomes California Superintendent
of Banks, Succeeding W. C. Wood, Resigned.
On Nov. 20 Albert A. Rosenshine, appointed by Gov.
Young to succeed Will C. Wood, resigned, as California
State Superintendent of Banks, took the oath of office.
According to the Los Angeles "Times" Mr. Rosenshine,
recently Attorney for the State Banking Department,
recently returned from the East, having been there during
the recent break in the stock market. From the paper
quoted we take the following:
The aftermath of the speculative phase looks favorable in this State,"
he said. "In the first place our banks are in excellent condition. They have
never been on a firmer basis than they are at present. This fact with the
general economic well-being of the State and the vast public projects that
are going forward now, or are to be undertaken in the near future, makes
me confident that the break will have no serious or lasting effect here.
As regards the administration of this department I wish to say I will
follow
the policy laid down by Will C. Wood, my predecessor, whose inNew York Stock Exchange Firm of Campbell, Starring &
cumbency was notable for its conservatism and its excellent supervision
Co. Bring Suit Against Loser In Stock Market Crash
of the banks in his charge. The statistics in this department show that
The following is from the New York "Times" of Nov. changes in bank ownership have been practically at a standstill during the
last year. Whether this state of affairs win continue or not I cannot
26:
predict."
The Stock Exchange firm of Campbell, Starring & Co., of which
On being asked what the probable outcome of the Pan-American Bank
Frank A. Vanderlip is a limited partner, filed an attachment in the liquidation will be Rosenshine said it is entirely dependent on the solution
Supreme Court yesterday for $95,195 against the property of Walter of a $1,200,000 claim on a lease for bank premises filed by the landlord.
E. Reid of Portland, Me., as a result of the recent market collapse. He declared he hoped to announce a substantial dividend to the bank's
The brokers allege that on Nov. 6 Mr. Reid owed $998,976 and that depositors after Jan. 1 The bank, at Los Angeles, was closed July 11
when he failed to respond to a call for payment they sold out his of this year.
stocks for $904,587.
Will C. Wood, who resigned, is en route by steamer for a vacation in
Attached to the papers is a telegram sent to the brokers by Mr. South America. lie is expected back next March.
Reid from Portland on Nov. 8, in which he said:
"You are hereby warned I shall repudiate and refuse to recognize
any and all unauthorized transactions by you. I shall hold you liable George E. Roberts of National City Bank of New York
for damages. No notice has been received by me."
on Federal Reserve Authorities Control Over Credit
Court Rules There Can Be No Corners in Stock Exchange
Securities—Wrenn Brothers Get Award of $105,000
Against Julius Moskin for Deal in 1925.
Under the present constitution of the New York Stock
Exchange, there can be, according to a ruling made yesterday by Supreme Court Justice George V. Mullan, no
corner in a security listed on the Exchange. This is
learned from the New York "Times" of Nov. 26, which
In referring further to the Court's ruling says:
The Justice made the ruling in directing a jury to award damages of
$105,000 to Wrenn Brothers & Co., who were suing • Julius Moskin in
connection with a pool formed in 1925 in Devoe & Reynolds class A
common stock.
The provision of the constitution upheld is in the form of an amendment enacted after the so-called Stutz and Piggly Wiggly corners, and
provides machinery whereby the Governing Committee of the Exchange
may postpone delivery of the stock and may set what it deems to be a
fair price. Justice Mullan held that this provision protected one who
sold short against any arbitrary demand by any one who was long,
and that a man who went along did so in the knowledge that he was
not in position arbitrarily to oppress any one who sold short, but must
accept the "fair settlement price," as fixed by the committee.
In the case in point Mr. Moskin, Henry M. Brooks and Irving H.
Hare had formed the pool. The price rose from 55 to 104, when 40,000
shares, it was contended, were suddenly dumped on the market, sliding
the price down to 45, with a resultant loss to brokers estimated at from
$3,600,000 to nearly twice that amount.
According to Mr. Hare's
testimony, "the fair-haired boy, Jesse Livermore," was responsible for
the "bear raid." He testified to the point reluctantly in answer to
Justice Mullan's questions, and declared it to be only hearsay.
In the pool's operations, according to testimony, Wrenn Brothers &
Co., one of thirty-five brokerage houses dealing in the stock, delivered
out of pool accounts in the names of Messrs. Brooks and Moskin to
other brokers carrying pool accounts, certain stocks at less than the
market, thus enabling the pool to open accounts with these brokers,
using the difference between market value and the price paid as margin.
The defense was that there had been an attempt to corner the stock,
that this was illegal and that the plaintiff was aware of this, all of which
Wrenn Brothers & Co. denied.
While the court sustained the plaintiff in accounts under joint names,
equally large claims against individual members of the pool were denied
on the ground of insufficient evidence. Caruthers Ewing of 41 East
Forty-second Street represented the plaintiff, and David L. Paden of
39 Broadway, the defendant. In earlier litigation in which Mr. Moskin
was represented by Max D. Steuer a verdict of $204,000 in favor of
Mr. Moskin was found, but this was lost on appeal.
"We will not stand on the decision, but will fight it out to the
highest court in the State," said Mr. Podell after the ruling.
Investment Trust Stocks—Wisconsin RR. Commission
to Check Up On Assets—Fix Price for Company
Shares.
The following from Milwaukee appeared in the "Wall
Street Journal" of Nov. 12:
TheVisconsin Railroad Commission has asked all investment trust companies.
of the State not to sell any of their own stock until the commission
can!.check up on the assets of each concern and determine the proper price
for the securities after the slump in market values.
Inflation—Control Effective Only Within Narrow
Limits.
"The Course of Credit Inflation" was the subject of an
address delivered by George E. Roberts, Vice-President of
the National City Bank of New York at the dinner of the
Academy of Political Scienct, at the Hotel Astor, New
York on Nov. 22. In part Mr. Roberts said:
I think there can be no serious disarrangement with the proposition that the Reserve banks are right in hte general policy of protecting their reserves and preventing their resources to be drawn away
into employments outside the scope of the Reserve Act. There are
questions as to action in emergencies, upon which differences of opinion might arise. For example, the action of the Reserve Bank of
New York after the crises developed, sum sufficient to enable them
to take over $1,000,000,000 of market loans which had been made by
outside lenders, might be said to be considered, however, that the
ultimate purpose of the Reserve system is to stabilize and protect the
general credit situation. In pursuance of this purpose the action was
amply justified, and on the basis of this justification it is possible
to go even farther and say that intervention would be warranted for
the purpose of averting an impending dasaster. This would be admitting
that the exercise of judgement would be warrented in a critical situation, which of course would mean that opinions might differ among
the Reserve authorities as to the gravity of a situation.
Another class of criticism has been directed at the Reserve authorities, by parties who in the main have been their stout defenders.
I refer to comments to the effect that they might have obtained
effective control of the money market during and following the great
export gold movement of 1927-28 if they had moved more decisively.
The point is made that this system went farther than judicious in
releasing credit in the Fall of 1927, to offset the gold exports, and
that in raising the discount rate 'A % at a time in January, May and
June, 1928, it allowed the market to become accustomed to each
change before the next occurred, thus losing a decisive effect.
This now has become a case of judgement long after the fact. It
is quite probable that if it was all to be done over in the light of
today the action of the authorities might be different.
It is only fair also to take into account all of the conditions existing in the first half of 1927 and the first half of 1928. It was a
period of declining business activity and of increasing unemployment.
Much anxiety existed as to how serious that depression might become.
It could hardly be otherwise than that these conditions would have
some weight as the authorities confronted the question of raising
interest rates. It may be presumed that there would be a balancing
of considerations—on the one hand the disadvantage of higher rates
to business and on the other the repressive influence upon the rising
tide of speculation.
The Lesson.
It is fair conclusion that if the Reserve authorities expect to control credit inflation they must act decisely in the early stages of its
development, before it obtains headway enough to be indifferent to
moderate increases in interest rates. Moreover, they must have the
co-operation not only of the banks but of the public, for we have seen
that when a great Inflatory movement gets so well under way that
it will outbid regular business with its offers for money, vast sums
will be transferred from the control of the banks direct to the market.
The greatest lesson of all from this crises is that banking control
over credit is effective only within narrow limits. All of the laws
and rules that may be provided for the regulation of banks will
avail nothing if the public which holds the final control over bank
deposits elects to exercise that control itself. Here again, as so
often in endeavoring to deal with the problems of a democratic society,
we find that order and progress are dependent upon understanding
and co-operation among the people themselves.
3408
FINANCIAL CHRONICLE
All Bill Dealers Adopt Official Scale of Rates—Buying
Rate of Federal Reserve Banks Down to 4%.
In reporting that the bill market returned to normalcy
on Nov. 25, the New York "Herald-Tribune" of Nov. 26
said:
The three dealers who had been for three days last week maintaining rates one-eighth of 1% under the scale quoted officially by
the American Acceptance Council came back to the old basis during
the afternoon. Thus the rates currently quoted by all the leading
market factors are as follows: Thirty, sixty and ninety days, 4
@ 3%%; 133 days, 4% @ 4%, and 150-180 days, 44 @ 4%%•
It was also learned that the Federal Reserve Bank of New York
had brought its buying rate for ninety-day bills down to 4%, thus
meeting the bid rate maintained by dealers. With the demand
for bills unusually strong for the last month, dealers have had
to offer few bills to the Reserve. Nevertheless, the reduction in
the local bank's buying rate yesterday was regarded as an assurance to dealers that they could continue to prepare for business
at present prices, with the knowledge that they could obtain
assistance from the Reserve, if the need arose, without loss to themselves.
Demand Has Exceeded Supply.
For the last several weeks the demand for bills has outstripped
the supply. From October 21 to November 19 dealers made ten
cuts in rates in their efforts to cope with the situation. But
when, on Thursday, one important dealer attempted to institute
still another slash in rates and two other dealers followed suit, the
remainder of the market refused to take similar action. That
difference of opinion persisted until well along in the afternoon
yesterday before the dissenting dealers came back into line.
The developments during the day, indeed, indicated, as the market's equilibrium was being restored, that the supply of bills was
again catching up with the demand. Dealers bought a large amount
of bills. They also sold a large amount, but at the end of the
day they were able to report that they did not know of any demands left unsatisfied.
Buying Power Lost.
The acceptance market here has lost some buying power lately
because of the transfer of some American money to London for investment in bankers' bills. With the Bank of England's discount
rate 1% higher than that of the local bank of issue, credit is
somewhat firmer in London and the yield offered in the bill market
there is more attractive than here. The strength displayed by
sterling exchange in the last week is in part a reflection, it is
said, of the transference of funds from here to London.
Another reason why most of the dealers refused to cut their
rates at the close of last week was that they were not convinced
thta the glut of money seen here recently would be to much in
evidence between now and the end of the year. A part of the
surplus money no here will, it is expected, find employment elsewhere, that is, in other Federal Reserve districts or abroad. Moreover, the holiday demand for currency has to be met this week,
and after that the end-of-the-year demand for credit—perhaps smaller
than last year, but one representing an increase over present conditions, one of the less—is due to put in an unmistable appearance.
With money not such a drug on the market in the near future,
it is probable, dealers admit, that the Federal Reserve will have
to extend more aid to the bill market. From August 7, a day
prior to the advance of 1% to 6%, in the local bank's rate, until
October 23, the system's bill portfolio increased from $79,155,000
to $379,383,000. After the latter date, however, the system's bill
maturities were allowed to run off, since the investment demand
for bills was so large, and so its portfolio dropped $95,552,000 to
5283,831,000 on November 20.
Benjamin M. Anderson, Jr., of Chase National Bank in
Address Before New York Chamber of Commerce
Says, "General Situation Is Strong."
The recent Market Crisis was the subject of an address
by Benjamin M. Anderson, Jr., Ph.D„ Economist of the
Chase National Bank of New York, before the Chamber
of the State of New York, at the Chamber's annual dinner
on Nov. 21. The address was along the lines of a speech
delivered by Mr. Anderson in Milwaukee on Nov. 13, and
referred to in these columns Nov. 16, page 3104. In his
New York address Mr. Anderson said, "We have been
through trying times, and there are unpleasant facts to
face, but the general situation is strong, and we can face
the facts." In describing the situation he said:
"and we find ourselves bruised and scratched, and with our nerves
unstrung. But no bones are broken, and there are no internal
injuries. We are perfectly able to get up and walk. It is just
as well, however, that we should not try to run very fast immediately. There are those who would like to have us start
running immediately, by applying great doses of the same false
stimulant that set us on our head-long, break-neck, heedless race
that culminated in the fall over the hill. But I think that most
of us will agree that it is just as well to quiet down a bit, study
the sign posts and pick out safe roads to follow."
[VOL. 129.
ceased to think about profits and thought rather about solvency.
Trade broke down, demoralization came, and a paralysis spread
over the country. The severe depression which followed was due
primarily to this strangulation and paralysis.
A business crisis to-day is absolutely precluded. You cannot have
a crisis when business men are not in debt. Moreover, the policy
of hand-to-mouth buying has been adhered to very consistently by
our businesses in the main. Men who have bought in moderate
quantities, week by week, and month by month, can certainly be
depended on to buy more in the coming weeks, and the coming
months. That demand will fall off, and in falling off in luxury
lines, and in certain other lines, is obvious, and that business
will have a slower pace in the coming months than in the past
twelve months is reasonably to be expected. But the movement
is from an extremely high level, and it is incredible that the
movement should be anything like as much downward as it would
have been if a business crisis had intervened. We shall be talking
about profits rather than solvency in the coming months, and if
the profits are less satisfactory than those of the past twelve
months, we have surely not grown so soft that our commercial and
financial fabric cannot stand that. American business and finance,
selling ex-illusion, and ex-"New Era," are a far safer buy than
they were a month ago.
The banks, too, have greatly improved their strength in the past
two or three years. They, too, have issued new stock, building up
capital and surplus, and increasing the protection which their
depositors enjoy, while the additions to bank surplus and capital
out a earnings in the past few years have added very greatly to
their strength.
The Stock Exchange greatly increased its commission rates in
1924, and the profits of Stock Exchange houses, with a greatly
increased volume of business and increased commissions during the
succeeding years, have been tremendous. Part of this they have
put into capital, and they have brought new capital into their
business from outside. The supervision of the Stock Exchange
houses by the Stock Exchange has been an added factor of safety
in this connection. Credit-wise, the Stock Exchange is strong.
Stock market prices have had an immense slaughter. Whether
the next move will be up or down, I do not know. But the market
has a bottom. There are cushions, and even powerful springs at
the bottom, in the buying by investors who are waiting for the
turn, and in the covering purchases by short sellers.
At all events, we may safely say that the market is nolw in a
fighting range. It was not possible to discuss the prices of September 19. There was no rationality in them, and the phrases and
slogans used to justify them had no meaning as applied to that
level. But the new theories regarding common stocks were not all
wrong. It is not unreasonable that the stock of a very fine
company, which is earning much more than it pays out in dividends,
which is increasing its business year by year, which has excellent management, and whose business is in line with the
economic feature of the country—it is not unreasonable that the
stock of such a company should sell on a lower yield basis than
the mortgage bond of the same company. What that yield basis
should be, the market itself must decide, but we have surely
reached levels in the course of the past month, at which the yield
basis supplies a reasonable basis for discussion in the case of
most stocks, and there are many stocks which at their lows
have been absurdly undervalued, and where the evidence was
overwhelmingly in favor of higher, rather than lower, prices when
the investor used pencil and paper, and calculated earnings and
dividends and prospects. It is a fighting market, and a two-sided
market, and it is an immeasurably safer market than it was a
month ago.
Rise in Rate Up for Funds at New York Federal Reserve Bank—Now 4%, Against Recent Low of 13
as Holiday Money Demand Begins.
It was noted in the Now York "Times" of Nov. 27 that an
abrupt rise in the quotations for Federal Reserve funds on
Nov. 26 brought the rate to 4% compared with a recent low
quotation of 13/2%, and gave evidence that the pro-holiday
demand for currency was already making itself felt in the
money market. Continuing the "Times" said:
Bankers expect that in the neighborhood Of $75.000,000 in currency will
be demanded for expenditures over the extended Thanksgiving week-end. A
large increase in currency demand normally has the effect of pulling down
bank reserves temporarily and this development was reflected in yesterday's advance in the rate for Federal Reserve funds.
Other sections of the money market showed little or ito change. The
official call money rate opened at 4l.% and held there all day. Outside
the Stock Exchange, however, a slight firming was noticeable, with a
rate of 3X % generally quoted as compared with 3% on recent days. At
43%% bid, 5% asked, time money was more active than recently. Dealers
in bankers' acceptances who had been quoting a rate g of 1% below the
official rate until Monday, yesterday widened the spread between bid and
asked rates on the shorter maturities to X of 1%. The official rate is
an
,thbid,
4%
3
Som
vi%
e.dealers yesterday were quoting a 4% bid rate
asking rate of
The normal rate for Federal Reserve funds is at a level equal to the
rediscount rate. Recently member hanks in this district have been so far
over the their reserves that Federal Reserve funds have gone begging.
Yesterday's advance in the rate to 4%, while indicating a continued easy
condition, showed that the banks have smaller surplus reserves than recently.
As to the strength of our position Mr. Anderson said:
The trouble that we have gone through presents nothing comparable with the difficulties that we faced in 1920-21. It is bad.
Individual fortunes in many cases have suffered terribly. But
business enterprises have not suffered seriously at all, and, indeed,
credit-wise, they are in a great deal better position to-day than
they were when the wild speculation began. This good thing
comes out of the speculative orgy, namely, that business, able to
float stocks easily during the period of speculation, have put themselves into an impregnable credit position, using much of the
cash they have received from the sale of their stocks to pay off
their quick debts and to build up cash reserves. 1920 found businesses
over-extended, with quick debts in great volume, and with slow
assets. 1920, therefore, brought a business crisis in which men
Federal Reserve Board Chided in Break By Prof.
Seligman of Columbia University—Inexpert Market
Players Also Blamed.
Fundamental conditions of American prosperity have not
changed, notwithstanding the fall in stock prices, Dr. Edwin
R. A. Seligman, Professor of Political Economy at Columbia
University, assured an audience of 700 Nov. 25 in tho
Brooklyn Jewish Centre Forum, 667 Eastern Parkway.
According to the New York "Times" these fundamental
conditions he described as mass production, domocratiza-
Nov. 30 1929.1
FINANCIAL CHRONICLE
3409
During my 11 years' service on the Banking and Currency Committee of
tion of investment and realization by industrialists of the
the House, I have endeavored to restrict as much as possible the spread
economy of high wages. The "Times" went on to say:
of branch banking, and to oppose chain banking, which I believe to be far
Dr. Seligman saw no cause for pessimism. A slight recession was inevitable, he conceded, but there was no reason for any serious depression.
What happened in Wall St. was an investment panic, which is quite distinct from a financial or an industrial panic.
Dr. Seligman held the Federal Reserve Board partly to blame for the
stock collapse because of its failure to raise the discount rate radically when
the first sign of distress appeared. Another factor, he said, was the extent of the non-professional element in the market.
"The inexpert player," said Dr. Seligman,"was deluded into thinking
that the inflated values were real. The country's prosperity put all in a
good humor,and they were willing to invest more or less recklessly."
Dr. Seligman advised those whose means permitted not to curtail their
buying—he mentioned Christmas shopping in particular—and complimented the measures President Hoover is taking to stimulate industry.
worse than the former.
The arguments dor branch banking are that the branches, being component parts of a strong financial institution, are able to furnish more
necessary capital where the branches are located than is possible with the
local individual bank, and to a large extent eliminate the weak banks
which, through failure, bring financial loss to their depositors and disturb
business conditions.
Objections to Branch Banking.
The objections to branch banking are: That is places control of the
finances of the people in the hands of a small group which, when extended,
will become a menace, should the management fall into incompetent or
corrupt hands. It removes to a large degree the interest that a banking
institution should have in the community that supports it, since the policy
of the bank will be dictated by the parent bank, whose first consideration
will be to serve the interest of the community where the parent bank is
Profit—Practice
of
Income
Tax
On
City
Bond
Rule No
located, and the interest of the men who control the same.
The growth of branch banking is largely the result of the action of the
Government for Sixteen Years Upset by Federal Court
States that have sought to pass laws to encourage the organization of State
Decision.
banks; National banks in turn making the appeal to Congress to be perThe following is from the "Wall Street Journal" of mitted to engage in branch banking to meet such competition.
In the BIcPadden bill, I was largely responsible for the restrictions to
Nov. 11:
A recent decision in the United States District Court for Minne- branch banking, which provided that National banks should engage in
sota (Willcuts v. Bunn) held that profit arising from the sale of branch banking only in the States where branch banking was permitted
county or city bonds is not to be included in taxable income for to State banks, and then only in the cities where the parent bank was
federal income tax purposes. This decision has been upheld by the located, with a limitation of the number of branches according to
population.
United States Circuit Court for the eighth district.
Bankers Seek Extension.
Decision upsets the practice that has been followed by the Federal
Government for 16 years. It is based on the long established rule
It was thought that such provision would permit the National banks
that neither the Federal Government nor any state government shall to meet the competition of State banks that, it was claimed, was necessary
interfere with the proper exercise of the governmental powers of to protect the National banking system, without permitting the extension
the other, which include the all important and fundaemntal power of branch banking throughout the nation; but it soon became evident that
to borrow money, and/ that for the one to tax the securities or the those who wished to control the finances of the nation through banking
interest derived therefrom of the other would be such interference. combinations and mergers had no intention of abiding by such limitations.
The court says:
Group banking was developed to make possible a system of chain banking
"Two of the main attractions of such securities are that they that could extend not only beyond the city where the parent bank or
are tax free and offer a chance for profit in resale. To say that holding company is located, but extend beyond the boundary lines of
taxation on such profit would not affect purchases and, therefore, States. To quote Charles Wallace Collins, former Deputy Comptroller of
prices of such securities, seems unfounded. It would materially the Currency, and now an attorney in Washington, writing articles in the
lessen the attractiveness of such securities and thereby affect the
interest of branch banking:
borrowing power injuriously. When this detrimental situation is
"Through the ordinary procedure of contract and sale, the holding company
brought about by a direct tax upon such profit as such, the rule
acquires
a majority of the stock of a number of banks, including that of a large
relied upon by appellee . . . is applicable and controlling."
city bank which becomes the central or parent bank of the group. A central manIf this cause is taken to the Supreme Court and there affirmed, agement Is set UP either in the holding company or in the central bank which underthe converse of the rule as here applied will become effective; takes to operate the entire group as single system of banks.
"Banking policies originate with the central management and the officers and
that is, profit on the sale or other disposition of United States
employees of the various banks become, in effect, officers and employees of the holdsecuriites will be exempt from state income taxes and, under the ing company. The moral support and the management akill of the central group is
Macallen case, from inclusion in the basis for computation of cer- behind each unit of the group. So far the group system may be said to differ very
llttle from the ordinary branch system."
taM corporation franchises and excise taxes.
Naturally the federal government, in any event, may tax under
This system of branch banking has spread rapidly and Congress is soon
arising
from
profit
the
sale
own
income
tax
the
of
its
the federal
to be asked to remove all restrictions by an amendment to the McFadden
securities, and so too a state, in any event, may in imposing an Act. Mr. Collins says:
income tax prescribe the inclusion in taxable income of the profit
"Before the new amendment will pass Congress, branch banking will be present
arising through the sale of its own bonds or other evidences of In full force in every State in the United States; but it will Le the holding company
form
of branch banking. It will be the kind of branch banking that nobody wants
indebtedness or of those of its political subdivisions.
to perpetuate indefinitely; but it will be the general opinion that it is better than the
old system of country banking which is displaced.
"If I am correct in this surmise, it should be fairly easy for Congress within the
Representative Strong Opposed to Financial Mergers next two years to permit these holding companies to disappear and let the group
of
banks be converted into a straight-out branch system of the largest bank in the
and Chain Banking—Attitude Against Consolida- group."
States.
tion of control of Money in United
Thus we have the mask off of those who favor the control of our banking
branch banking.
Opposition to extension of 'branch banking, to chain or system, both State and National, through
I consider chain or group banking a greater menace than branch banking,
group banking and to "great mergers of financial institu- for the reason that the individual banks owned and controlled by a single
tions" was announced, Nov. 22, by Representative Strong banker, group, or holding company have no responsibility to or for each
the banker, group or holding company any responsibility
(Rep.), of Blue Rapids, Kan., majority member of the other, nor hasindividual
bank, and it may fail without any liability or
towards the
Currency,
in
an
address
Banking
and
House Committee on
responsibility on their part.
It is impossible for any National or State banking department to properly
before the American Institute of Banking, at York, Pa.
and determine the conditions of a large group of banks on a given
This account of Mr. Strong's views is taken flrom the "United examine
day. This is generally admitted. Already we have over 200 branch
States Daily" of Nov. 23, which detailed as follows the banks under the control of a single organization. How can the public be
protected through a proper examination of such a group of banks, numberfurther remarks of Representative Strong:
ing perhaps into the thousands?
The powers of the Federal Reserve System, said Mr. Strong, have been
As ranking member of the Banking and Currency Committee of the House
used recently "to restrict speculation in stocks and bonds, causing inflation
I intend to oppose any legislation for the extension of branch banking, and
of the same; to soften the deflation that has followed, and to give relief
to suppost legislation that will break down chain or group banking. For I
to the business of the country that, it is feared, will suffer because of such
cannot bring myself to believe that the finances of our great nation should
inflation and deflation of stocks and bonds."
dominated and controlled by those who will own the majority stock in
Mr. Strong said the Federal Reserve Board should use its powers to be
the great parent banks or holding companies, whose branches will eventually
stabilize the purchasing power of money. "Branch, Group and Chain
throughout the nation.
Banking—Mergers and the Use of the Powers of the Federal Reserve absorb all individual and unit banks
I am equally opposed to great mergers of financial institutions. The
System" was his subject.
favor,
of
course,
is
that a greater and more substantial
argument
in
their
Liberalization of the banking laws so that banks in small communities
is created with less overhead and expense. The objection is that
shall have the benefit of the facilities and resources of the great metro- institution
the t.-ndency will be towards the centralization of financial power in a
politan institutions was advocated by the Comptroller of the Currency,
few groups.
J. W. Pole, in an oral statement published in the issue of Nov. 21. Many
It is generally admitted that a monarchy could be a more efficient,
of the several thousand bank failures among community banks which
satisfactory government, if the people could be assured
have occurred in the past 10 years might, said Mr. Pole, have been avoided economical, and
would always be able, honest, conscientious, and
if these banks had been operating as branch banks of strong metropolitan that such monarchy
sympathetic to the best interests of the people. But, because of the
institutions.
centuries that great power given to ipdividuals or small
He expressed hope that some orderly method might be worked out experience of the
results in an abuse of that power and a tyranny
under which these banks might have all the advantages that would accrue groups of individuals
government was established
to them as branches of banks in the larger centers. He said that National that oppresses the people, a republican ,form of
continent,
wherein
the people choose those who shall serve, rather
on
this
banking charter requirements might be changed to advance the bringing
than control them.
about of this result for the banks in small communities.
I hold that a republican form of government should cling to the same
The House Committee on Banking and Currency was not organized for
financial system established
the extra session, but will be organized, with the other major committees principles in the management and control of the
rather than be dominated and controlled
of the House, in the first week of December, according to the plans of the for the benefit of all the people,
corporations.
men
or
small
groups
of
individuals
or
by
House leadership. Branch banking problems in one form or another will
The use of the powers of the Federal Reserve System are becoming more
be brought up in the two Houses at the present Congress, according to
and more a study, and the purpose towards which it shall be used a question
members of the Committee.
interest. The powers referred to are:
Representative McFadden (Rep.), of Canton, Pa., Chairman of the of national
First, the regulation through the purchase and sale oft Government
Committee, now in Washington, has been giving considerable attention to
securities
of
the volume of money in 'circulation among the people.
the subject, in conference, in study and in speeches, and has been watching
Second, the regulation of the discount rate, which controls to a large
economic developments here and abroad.
extent the rental value for the use of money.
An authorized summary of Representative Strong's stateThird, the control through advice and moral suasion of the extension and
ment of his attitude toward banking legislation in his speech contraction of credits.
These are the greatest power ever given by govermnent to any group
at York follows:
of men, save the power of life and death. I hold that, when a Government
3410
FINANCIAL CHRONICLE
places such powers in the hands of the Federal Reserve Board, it should
direct the policy towards which such powers should be used; and for
several years I have been introducing in Congress and urging the passage
of legislation that will direct that such powers be used towards the policy
of stabilization of the purchasing power of money, which Congress under
the Constitution has directed shall be a medium of exchange that shall
measure the value of all property, labor, and business transactions between
the people.
Such legislation has been opposed by various groups; some because they
condemn any new legislation affecting the financial or Federal Reserve
System and refuse to make proper study or investigation of the same; some
for selfish reasons, and others because they do not believe that the powers
of the Federal Reserve System should or could be used to stabilize the
purchasing value of our money.
I hold that the powers of the Federal Reserve System have been used
recently to restrict the speculation in stocks and bonds, causing inflation
of the same; to soften the deflation that has followed, and to give relief
to the business of the country that it is feared will suffer, because of such
inflation and deflation of stocks and bonds.
Surely if the powers of the Federal Reserve System can and are to be
used for the stabilization of the stock market, they can and ought to be
used for the stability of the purchasing power of money, which is the lifeblood of the nation upon which the success of all business and Industry
must depend.
Federal Reserve Board Hold Illegal the Borrowing of
Government Securities by a National Bank From
Its Trust Department to Obtain Loans at Federal
Reserve Bank.
From the November "Bulletin" of the Federal Reserve
Board we take the following ruling regarding the right of a
National Bank to borrow securities from its trust department:
I lil
An inquiry has recently been received by the Federal Reserve Board as to
whether it would be illegal or unethical for a National bank to borrow
Government securities from its trust department for the purpose of
obtaining loans thereon at a Federal Reserve Bank.
In the opinion of the Federal Reserve Board, such a practice would be
both illegal and unethical. It would be illegal because it would violate
that provision of Section 11(k) of the Federal Reserve Act requiring
National banks to segregate all assets held in any fiduciary capacity from
the general assets of the bank, and because it would violate the wellestablished rules of equity jurisprudence, forbidding a trustee to use
trust funds or assets for his own benefit. It would be unethical for
obvious reasons.
It was suggested that bonds in the trust department might be loaned
to the bank if other securities are pledged with the trust department, in
view of the following provision of Section 11(k) of the Federal Reserve
Act:
Funds deposited or held In trust by the bank awatitng threstment shall be carried
Ins separate account and shall not be used by the bank In the conduct of Its business
nukes It shall first set aside In the trust department United States bonds or other
securities approved by the Federal Reserve Board.
That provision, however, applies only to trust funds awaiting investment
and clearly does not apply to securiti, s in which trust funds have actually
been invested.
Ruling of Federal Reserve Board That Deposit of Philippine Government Funds in Member Bank Constitutes Demand Deposits Subject to Reserve.
The following ruling by the Federal Reserve Board to the
effect that a deposit of Philippine Government funds in a
member bank is to be considered as demand deposits subject
to a corresponding reserve, appeared in the November number of the Federal Reserve Bulletin.
The Federal Reserse Board has recently been requested to rule on the
question whether a deposit consisting of Philippine Government funds made
in a member bank of the Federal Reserve System under the following circumstances is a time deposit or a demand deposit: The deposit was made
by the Bureau of Insular Affairs of the War Department in an account entitled "Treasurer of the Philippine Islands Treasury Certificate Fund Account Time Deposit." In the preliminary correspondence with the depositary member bank with reference to this deposit, a letter from the Acting
Chief of the Bureau of Insular Affairs states:"You will note that the regulations state that the deposits are subject to 30 days' notice of withdrawal,"
and the "regulations" referred to contain a provision that "deposits are
subject to withdrawal only after 30 days' notice." The contract between
the bank and the War Department, however, contains no reference to
preliminary correspondence or the regulations referred to and states that
the Government of the Philippine Islands reserves the right to terminate
the agreement at any time without notice or liability. The contract also
states that the bank agrees "to promptly honor and pay such checks or
drafts as the said Government or its duly authorized agent may draw
against said deposits; and to pay over all balances * * • when called upon
to do so."
After a careful consideration of this question, the Federal Reserve Board
is of the opinion that deposits made under the circumstances related can
not be considered time deposits, but are demand deposits and subject to a
corresponding reserve. The board's Regulation D, in defining a time deposit open account, requires a written contract by the terms of which
neither the whole nor any part of such deposit may be withdrawn except
on a given date not less than 30 days after the deposit or on not less than
30 days' written notice. In the case under consideration, the contract
itself contains no such provisions and neither the preliminary correspondence nor the "regulations" are incorporated into the contract so as to be
made a part thereof. It is a general rule in the interpretation of contracts
that where preliminary negotiations are consummated by a written agreement, the writing supersedes all previous understandings and the intention
of the parties must be ascertained therefrom. The contract itself seems
clearly to contemplate a deposit withdrawable on demand. Furthermore,
attention is called to the fact that even the "regulations" referred to do
not state that written notice is to be given 30 days or more before withdrawals. Under the board's Regulation D such written notice must not
only be required by the contract but must actually be given before each
withdrawal.
[VOL. 129.
Forthcoming United States Treasury Issue Offering
of Treasury Bills in Addition to Treasury Certificates Expected.
Intimations of the December financing of the Treasury
Department are given in a notice issued by the New York
Federal Reserve Bank to the banking institutions in this
district. It was indicated therein that in addition to an issue
of Treasury certificates of indebtedness an offering of
Treasury bills was likely, and further intimations of the
likelihood of an offering of Treasury bills is given in a
Treasury Department circular "governing the sale and
issue" of bills "when offered." This circular we are publishing in another item in the "Chronicle" to-day. The New
York Federal Reserve Bank says in its circular dated
Nov. 23:
Banking institutions are advised that, in addition to the offering concerning which notice is given below, an offering of new Treasury bills may
be announced on Dec. 10 and that a general circular governing the sale
and issue of the Treasury bills when offered but not announcing a specific
offering will be forwarded to them shortly. Public notice describing the
offering of Treasury bills may be given on or about Dec. 10.
The circular of the Reserve Bank itself is given further
below. Regarding the expected issue of Treasury bills the
Washington correspondent of the New York "Journal of
Commerce" on Nov. 25 said:
A portion of the Treasury Department's December refinancing may be
accomplished through the issuance of securities at a discount, for the
first time employing the authority granted by Congress to issue Treasury
bills, it was learned to-day.
Indications pointed to a total issue of approximately $600,000,000, since
there are maturities of $750,000,000 in certificates of indebtedness. Income
and corporation tax returns probably will net from $510,000,000 to
$530,000,000.
The refinancing also will include the issuance of a block of certificates.
Officials to-day said that a final decision had not been reached as to
whether there would be a bill issue, nor as to the interest rate to be
charged. It will, however, be lower than the last issue, owing to the
easing of market conditions.
The New York Federal Reserve Bank, in a circular to member banks,
indicated that there would be two issues, one of bills, so it was regarded
as virtually certain that this course would be pursued by the Treasury.
An announcement will be made during the week.
To Highest Bidders.
The Treasury bill provided a new type of short-term financing and was
adopted by Congress in June. The bills have maturities of Rot exceeding
12 months, but, it was understood, ordinarily would be made of much
shorter term, at times of 30 days. They will be sold at the highest prices
bid by prospective purchasers.
At the time of recommending this form of financing, Secretary Mellon
pointed out that the certificate of indebtedness type of security, also for
short-term, had worked out satisfactorily, but that there were conditions
in the money market when the Treasury might save materially by the
use of bills.
There are several advantages of the Treasury bill. Officials said that the
competitive bidding should enable the Government to obtain the lowest
discount rates, based on market conditions. They could be employed so as
to obtain money almost to the day when needed, thus Raving interest that
would be paid out should the borrowing be in advance of requirement.
The Treasury could take advantage of periodical easing of the money
market to obtain cheaper money.
At the time of preparations for the Dec. 15 financing the Treasury
finds itself faced with an easy money market situation and an excellent
time to try out the new bill system, it is felt. Since the enactment of the
legislation authorizing these discountable bills, until the stock market
crash, the money market has been extremely tight.
If the bills are well received by the investing public and if the advantages contemplated from their use are realized, It was anticipated that
they would be widely employed in the future. The system has been used
by the British Government with great success, according to officials.
The following is the New York Federal Reserve Bank's
circular regarding the new Treasury issue:
NEW TREASURY ISSUE.
[Circular No. 944, Nov. 23 1929.1
Preliminary Notice of Offering and Methods of Filing Subscriptions.
To all Member Banks, State Banks, Trust Companies and Savings Banks in
the Second Federal Reserve District:
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this
district the following information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or
by telegram) should promptly file with the Federal Reserve Bank any
subscriptions for itself and its customers. This is important, as no
guarantee can be given as to the period the subscription books may remain
open, and subscribing banks, even before receipt of official subscription
blanks, may file their subscriptions by telegram or by mail with the
Federal Reserve Bank. Any subscriptions so filed by telegram or mail in
advance of receipt by subscribing bank of subscription blanks furnished
for the particular issue should be confirmed immediately by mail,
and
on the blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for boat
cash subscriptions and subscriptions for which payment may be tendered
in other securities, the subscribing bank should prepare its subscriptions in
such manner as to indicate the method by which it proposes to make
paymtnt and the respective par amounts of securities, if any, to be
tendered in payment.
Classification of Subscriptions, &c.
Bank Customers' Subscrip:ions.—With regard to issues, subscriptions to
which the Treasury determines for the purpose of allotment shall be con-
Nov. 30 1929.]
FINANCIAL CHRONICLE
aidered as on a cash basis irrespective of whether or not payment is to be
made in cash or in securities, the following classification will be required
of subscriptions made for account of customers, stating the number of
subscriptions in each class:
Class A—Subscriptions for $1.000 or less for any one subscriber;
1,000, but not exceeding $ 10.000;
Class B—Subscriptions for over $
Class 0—Subscriptions for over $ 10,000. but not exceeding $ 50,000;
Class D—Subscriptions for over $ 50,000, but not exceeding $ 100.000.
Class E—Subscriptions for over $ 100,000, but not exceeding $ 500,000;
Class F—Subscriptions for over $ 500,000, but not exceeding $1,000,000'
Class 0—Subscriptions for over $1.000.000.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such
subscriptions to be paid for in securities should be included in the
classification.
Bank Subseriptions.—A subscription for a bank's own account should
not be included in the above classification of subscriptions for account of
customers but should be clearly indicated as for the bank's own account
and in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering or
under instructions accompanying an offering, the Treasury agrees to allot
new securities in full for any of its securities maturing on the date of the
new issue or on any later date, subscriptions to be paid for in such
securities should not be classified.
Application Forms to be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking
institutions in this district. Should notice and subscription blanks for
any reason be delayed in reaching such institutions this blank will
nevertheless receive subscriptions either by letter or telegraph. It is
suggested that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be
confirmed immediately either by letter or on subscription blank, setting
forth the classifications indicated above and method of payment, and
clearly stating that the confirmation is not an original subscription so that
duplication may be avoided.
Subscriptions cannot be received until the terms of the offering are
publicly announced by the Secretary of the Treasury.
GEORGE L. HARRISON,
Governor.
States, and the date of the original issue thereof and the amount of discount at which the bill is then sold by the United States will be stated
thereon. All Treasury bills of the same maturity, irrespective of the issue
date or the amount of discount at which sold, will constitute a single series
which will be designated by the due (or maturity) date. Treasury bills
will be payable at maturity upon presentation to the Treasurer of the
United States in Washington or to any Federal Reserve bank.
3. Treasury bills will be issued in denominations (maturity value) of
$1,000, $10,000, and $100,000. Exchanges of Treasury bills of the same
series from higher to lower denominations will be permitted at Federal
Reserve banks, but notfrom lower to higher.
4. Treasury bills will be exempt, both as to principal and interest, from
all taxation (except estate and inheritance taxes) now or hereafter imposed
by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority. The amount of discount at which
Treasury bills are originally sold by the United States, which will be stated
on the face of each bill, shall be considered to be interest for tax exemption
purposes. (The method of apportioning the discount among successive
holders of the bills, for tax purposes, is prescribed in Treasury Decision
4276, copy annexed.)
5. Treasury bills will be acceptable at maturity value to secure deposits
of public moneys, but they will not bear the circulation privilege. Treasury
bills will be acceptable at maturity, but not before, and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the maturity
of the Treasury bills. Notes secured by Treasury bills are eligible for
discount or rediscount at Federal Reserve banks by member banks, as are
notes secured by bonds and notes of the United States, under the provisions
of section 13 of the Federal Reserve Act. Treasury bills will be acceptable
at maturity, but not before, in payment of interest or of' principal on
account of obligations of foreign governments held by the United States.
•
Treasury Department's Circular Governing Sale and
Issue of Treasury Bills.
That the Treasury Department is planning to put out an
issue of Treasury Bills is indicated in a circular of the Department, dated Nov. 22, and made public Nov. 26, "governing the sale and issue" of the bills "when offered." These
bills, which will be issued on a discount basis and will be
payable at maturity without interest, will be offered for
sale on a competitive basis. The authority for the issuance
of the Treasury bills, which will be exempt from all taxation
except estate and inheritance taxes, is contained in an
amendment to the Second Liberty Bond Act signed by
President Hoover on June 17 last; its text was given in our
issue of July 6, page 60. According to the Treasury Department's circular the Treasury bill will be issued in denominations (maturity value) of $1,000, $10,000 and $100,000. It
is announced that "exchanges of Treasury bills of the same
series from higher to lower denominations will be permitted
at Federal Reserve Banks, but not from lower to higher."
The "Herald Tribune" in an account from Washington,
Nov. 26, said:
While Mr. Mellon did not disclose when the new issues are to be offered.
It was understood to-day this will be coincident with the regular quarterly
financing operation in December, to combine an offering ofsome $600,000,000 necessary partially to cover Treasury obligations of around $750.000,030
falling duo on December 15. Other revenues, including war debt settlements, will permit the Treasury to make up the balance on that date.
Division Unknown.
The division to be allotted Treasury bills and other short term offerings
In December, is not yet known, but it is reported that the former will find
the Treasury advertising for bids on December 10, their reception on Decomber 13 and their issuance for the first time on December 15, coincident
with the regular offerings.
The last quarterly short term financing at the Treasury, in September,
was $547,000,000 at 4%%•
These bills will be sold at a discount to the highest bidder as against the
regular quarterly system of issuing Treasury bonds, notes and certificate;
of indebtedness on terms and interest rates specifically fixed by the Treasury. Under the new system the Treasury is empowered to float small
Issues of Treasury bills at any time it is deemed necessary.
The Treasury Department's circular follows:
3411
Public Notice.
6. When tenders are to be invited, public notice thereof will be given
by the Secretary of the Treasury prior to the date of issue of the Treasury
bills. In such public notice there will be set forth (a) the amount of the
Treasury bills for which tenders are then invited, %I>) the date or dates of
issue, (c) the date or dates when such bills.will become due and payable.
(d) the closing hour and date for the receipt of tenders at the Federal
Reserve banks, and (e) the date or dates on which payment for accepted
tenders must be made.
Tenders.
7. Tenders, in response to any such public notice, will be received only
at the Federal Reserve banks, or branches thereof, and unless received
before the fixed time of closing will be disregarded. No tender will be
accepted for an amount less than $10,000 (maturity value), and each
tender must be for an amount in multiples of $1,000 (maturity value). The
price or prices offered by the subscriber for the amount or amounts (at
maturity value) applied for must be stated, and must be expressed on the
basis of 100. with not more than three decimal places. e.g.. 99.125. Fractions
must not be used.
8. It is urged that tenders be submitted on the prescribed forms and
inclosed in special envelopes,securely sealed. On application, the forms and
special envelopes will be supplied by the Federal Reserve bank of the
district in which the subscriber is located. If special envelope is not available, the Inscription "Tender for Treasury Bills" should be placed on the
envelope used. The instructions of the Federal Reserve banks with respect
to the submission of tenders should be observed. Tenders will be accepted
without cash deposit from incorporated banks and trust companies and
from responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by a 10% payment of the face amount
of the Treasury bills applied for; provided, however, that such deposit
will not be required if the tender is accompanied by an express guaranty of
payment in full by an incorporated bank or trust company. The forfeiture
of the 10% cash deposit may be declared by the Secretary of the Treasury;
If payment in full is not made, in the case of accepted tenders, on the
prescribed date.
9. The time of closing will be specified in the public notice. At the time
fixed for closing, all tenders received by the Federal Reserve banks, or
branches, will be opened. The Secretary of the Treasury will determine
the acceptable prices offered and will make public announcement thereof
as soon as possible after the opening of bids, probably on the following
morning. Those submitting tenders will be advised by the Federal Reserve
banks of the acceptance or rejection thereof, and payment on accepted
tenders must be made on the date sepcified in the public notice.
10. In considering the acceptance of tenders, the highest prices offered
will be accepted in full down to the amount required, and if the same price
appears in two or more tenders and it is necessary to accept only a past
of the amount offered at such price, the amount accepted at such price will
be pro-rated in accordance with the respective amounts applied for. However, the Secretary of the Treasury expressly reserves the right on any
occasion to reject any or all tenders or parts of tenders; and to award
less than the amount applied for; and any action he may take in any such
respect or respects shall be final.
11. Any payments which may be due on account of accepted tenders
must be made to the appropriate Federal Reserve Bank in cash or other
funds that will be immediately available on the due date specified. Following any such payment, delivery of definitive Treasury bills (or interim
receipts) will be made without cost to the subscriber.
12. Federal Reserve banks as fiscal agents of the United States are
authorized to perform such acts as may be necessary to carry out the
provisions of this circular and of the public notice or notices issued in
connection with any offering of Treasury bills.
UNITED STATES OF AMERICA.
Treasury Bills.
Destroyed, Mutilated, or Defaced Treasury Bills.
Treasury Department,
1929
13. No relief will be granted on account of the loss or theft of Treasury
Office of the Secretary,
Department Circular No.418
will be granted on account of the destrucWashington, Nor. 22 1929. bills issued hereunder. Relief
Public Debt.
tion, mutilation, or defacement thereof under the conditions and in accordsection
by
of
5
authorized
is
Treasury
the Second ance with the procedure prescribed in paragrapsh 80 and 81 of Treasury
1. The Secretary of the
Liberty Bond Act, as amended*, to issue Treasury bills on a discount basis Department Circular No. 300, dated July 31 1923, so ear as applicable.
and payable at maturity without interest, and to fix the form, terms and
General.
conditions thereof, and to offer them for sale on a competitive basis, under
such regulations and upon such terms and conditions as he may prescribe.
14. The Secretary of the Treasury reserves the right to withdraw,
Pursuant to said authorization, the Secretary o the Treasury, by public amend, or supplement this circular at any time, or from time to time.
A. W. MELLON,
notice, may from time to time offer Treasury bills for sale and invite
Secretary of the Treasury.
tenders therefor, through the Federal Reserve banks. The Treasury bills
subject
be
will
the
to
terms
made
and conditions
so offered and the tenders
Annexed to the above is the following:
and to the general rules and regulations herein contained and also to the
(T. D. 4276)
terms and conditions stated in the public notices as Issued by the Secretary
Income Tax—Exemption of Treasury Bills.
of the Treasury from time to time in connection with particular offerings.
Treasury Department, Office of
Description of Treasury Bills.
Commissioner of Internal Revenue,
of
Washington, D. C.
obligations
the
bearer
United
are
States, promising
2. Treasury bills
to pay a specified amount without interest on a specified date. They are To Colleaors of Internal Revenue and Others Concerned
Attention is invited to the act entitled "An act to amend section 5 of
to be issued on a discount basis'. Each Treasury bill, prior to its issue,
must be validated by a Federal Reserve bank as fiscal agent of the United the Second Liberty Bond Act, as amended," approved June 17 1929 (Pub_
3412
FINANCIAL CHRONICLE
[vol.. 129.
lin. 11, 71st Cong., H. R. 1648), which, among other things, authorizes
This Treasury decision is applicable only to the treatment of discount
'he Secretary of the Treasury to issue Treasury bills on a discount basis
in the case of Treasury bills.
payable at maturity without interest. That act amends section 5 of the
ROBT. H. LUCAS,
Becond Liberty Bond Act, as amended, to read as follows, the tax proviCommission of Internal Revenue.
Isions being contained in subdivision (b) thereof:
Approved:
Sec. 5. (a) That in addition to the bonds and notes authorized by secA. W. MELLON,
tions 1 and 18 of this Act, as amended, the Secretary of the Treasury is
Secretary of the Treasury.
authorized to borrow from time to time, on the credit of the United States,
for the purposes of this Act, to provide for the purchase or redemption
before maturity of any certificates of indebtedness or Treasury bills issued
hereunder, and to meet public expenditures authorized by law, such sum
or sums as in his judgment may be necessary, and to issue therefor (1) Adjournment of Extra Session of Congress—Tariff
certificates of indebtedness of the United States at not less than par and
Bill Only Half Completed by Senate—Resume of
at such rate or rates of interest, payable at such time or times as he may
Measures Introduced and Acted Upon—Lobby
prescribe; or (2) Treasury bills on a discount basis and payable at maturity
without interest. Treasury bills to be issued hereunder shall be offered
Investigation, &c.
for sale on a competitive basis, under such regulations and upon such
terms and conditions as the Secretary of the Treasury may prescribe, and
With the adjournment of the extra session of Congress
the decisions of the Secretary in respect of any issue shall be final. Cer,icatos of indebtedness and Treasury bills issued hereunder shall be in on Nov. 22, the tariff bill was left half finished, as was
s'lialt form or forms and subject to such terms and conditions, shall be
payable at such time, not exceeding one year from the date of issue, and indicated in our issue of Nov. 23, page 3258—the closing
may be redeemable before maturity upon such terms and conditions as the
Secretary of the Treasury may prescribe. Treasury bills issued here- hours of the session being described as follows in the Washunder shall not be acceptable before maturity in payment of interest or ington account, Nov.22 to
the New York "Herald Tribune."
of principal on account of obligations of foreign governments held by the
United States of America. The sum of the par value of such certificates
The extra session of Congress, convened last April by President Hoover
and Treasury bills outstanding hereunder and under section 6 of the First to deal chiefly with farm relief and tariff revision, passed into history at
Liberty Bond Act shall not at any one time exceed in the aggregate $10,10 o'clock to-night. At that hour, in accordance with the concurrent res000,000,000.
(b) All certificates of indebtedness and Treasury bills issued hereunder olution previously adopted by both houses, Vice-President Curtis declared
(after the date upon which this subdivision becomes law) shall be exempt, the Senate adjourned sine die. The House, likewise, in accordance with the
both suit to principal and interest, from all taxation (except estate and resolution, had adjourned at 12:50 in the afternoon.
Inheritance taxes) now or hereafter imposed by the United States, any
The Senate, which met at 10 this morning and at 12:35 recessed until
State, or any of the possessions of the United States, or by any local taxtog
and the amount of discount at which Treasury bills are 9:45 to-night, ended the session with the tariff bill still pending. Efforts to
o,iglnally sold by the United States shall be considered to be interest within make progress on it to-day were ineffective, as it was impossible to keep a
(he meaning of this subdivision.
quorum. On afternoon and evening trains Senators as well as House
(c) Wherever the words "bonds and notes of the United States," or members were departing for their homes for a brief respite before the
"bonds and notes of the Government of the United States," or "bonds or regular session
opens at noon on Monday, Dec. 2.
notes of the United States, are used In the Federal Reserve Act, as
amended, they shall be held to include certificates of indebtedness and
No Business Transacted.
Treasury bills issued hereunder.
In the fifteen minutes in which the Senate met tonight no business was
The statement of the managers on the part of the House which accom- transacted. An attempt by Senator Gerald P. Nye to insert in the record
panied the conference report (Rept. No. 17, 71st Cong., 1st seas.) accom- a report of the chief counsel of the Farm Board met with objection from
panying H. R. 1648, shows that Congress intended that the original dis- Senator Cole Blease, who declared against anything but adjournment.
count rate at which a Treasury bill is issued should be regarded in the
Senator J. Thomas Heflin, who apparently was primed for a speech,
same way as the interest rate fixed by the security itself in the case of an took offense when some one in the press gallery laughed aloud when Senator
interest-bearing obligation, and that the amount of the discount should Simeon D. Peas, of Ohio, called for a quorum. "I move that
the press
be apportioned among the holders according to the periods of their hold- gallery be cleared," shouted Senator Heflin. "I make the point of order
ings just as the interest on an interest-bearing obligation Is apportioned. that no member of the press
gallery has the right to laugh out loud at some
(See Sol. Op. 46, C. B. 3, p. 90.)
asininical matter."
Accordingly, in the case of an original purchaser from the Government
•
Wanted Reply to Babson.
who holds a Treasury bill to maturity, the entire amount of the discount
"Nobody
in
the
press
gallery
has
the
right
to
laugh,"
said
Vice-President
the
bill
was
at which
issued is exempt from income tax. If a bill is sold
before maturity, each respective holder Is entitled to treat as exempt from Curtis. But he directed that the call for a quorum go on. The first call
of
the
roll
developed
only
eleven Senators present. It was called again,
Income tax that proportion of the amount of the discount at which the
bill was issued which the number of days (computed on an actual calendar but was not ended when 10 o'clock arrived. The gavel fell and the seswas
sion
ended.
Senator
Heflin
looked disappointed.
day basis) the bill was owned by him bears to the total number of days
Later, after the session closed, he said he desired to put certain patters
(computed on an actual calendar day basis) from the date of the issuance
Into
the
record
in
reply to Roger W. Babson.
of the bill to the date of its maturity. In other words, the amount of the
While most of the members of Congress will visit their homes in the
discount at which the bill was issued is to be apportioned among the holdten-day
recess,
by
no means all will do so. Some of the most militant
ers according to the periods of their holdings. The gain from the sale or
other disposition of a Treasury bill (that is, the excess of the amount members of the Insurgent and Democratic coalition said they would remain here to get ready for resumption of the tarifffight in the regular session.
realized therefrom less discount from the date of acquisition to the date of
The meeting tonight was made necessary by the fact that 10 o'clock
its disposition over the cost or other basis of the bill) is taxable as ordinary
Friday
night was named in the Walsh resolution of adjournment, which
Income. A loss from the sale or other disposition of a Treasury bill (that
was adopted. The House, not having this limitation put on it, quit at
is, the excess of the cost or other basis of the bill over the amount realized
therefrom less disceunt from the date of acquisition to the date of its 12.50 this afternoon. A short discussion of the tariff arose in the House
and there were remarks by Representative Edgar Howard, Democrat, of
disposition) is allowable as a deduction. There will be stated on each
Nebraska, calculated to give encouragement to the "sons of the wild
Treasury bill the araount of the discount at which it was issued.
The foregoing principles may be illustrated by the following examples: jackass."
Neither branch observed any ceremony in ending the session. In acExample 1,—A 90-day Treasury bill is issued to A on March 17 for $9,900.
cordance with custom a joint committee of the two houses waited on
The bin has a maturity value of $10,000 on the following June 15. A
President Hoover this morning and advised him Congress was ready to
holds the bill to maturity. He may treat the entire amount of the disadjourn. Ile replied that he had no further conununications.
count, or 3106, as tax-exempt interest.
Wool Schedule Shunned.
Example 2.—A Treasury bill is issued to A as in example 1. A holds
Senator Reed Smoot, Chairman of the Finance Committee, brought up
the bill until April 11(26 days), on which date he sells it to B for $9,927.78.
13 holds the bill to maturity (i.e., for 65 days). A is entitled to treat 25- the wool schedule and endeavored to have it considered, but the subject
911tbs of the amount of the discount, or $27.78, as tax-exempt interest, of compensatory rates arose at once. Inasmuch as the Senate yesterday
that amount being the proportion of the discount which the number of voted to increase the rate on raw wool from 31 cents to 34 cents, it was
days A owned the bill (25) bears to the total number of days for which agreed that compensatory duties on manufactures of wool would have to
the bill was issued (90). Likewise, 13 is entitled to treat 65-90ths or be increased accordingly. Several Senators were not prepared to take
this up,so theschedule was passed over. Attempts of Senator Smoot to take
$72.22, as tax-exempt interest.
Example 3.—A Treasury bill is issued to A as in example 1. A holds up the silk schedule and the paper schedule likewise ended in no action.
About 12.30 a quorum call brought only forty-eight Senators together.
the bill until May 1, when he sells it to B for $9,962.50. B holds the bill
to maturity. A is entitled to treat 45-90ths of the amount of the discount, Senator Smoot said some Senators were leaving town at 1 o'clock and
or $50, as tax-exempt interest. A realizes a taxable gain of $12.50 in the others at 3 o'clock. Senator James Couzens, Republican, of Michigan,
finally moved a recess until 9.45 p. m., and this was approved.
transaction, computed as follows:
In the discussion of compensatory rates in the wool schedule, Senator
The amount A realizes from the sale is $9,962.50, which includes $50,
representing discount to him. Therefore, $9,962.50 less $50, or $9,912.50, George W. Norris, Republican, of Nebraska, in colloquy with Senator
Is the amount A realizes from the sale in addition to the discount treated David I. Walsh, Democrat, of Massachusetts. expressed the view that it
to
csee
sivte:
o It the compensatory rates were property calculated
as tax-exempt interest. Since the bill cost A $9,900, the amount of the was wereImportantnotexes
and
gain is $9,912.50 less $9,900, or $12.50.
Pointing to the effect of the increase of the rate on raw wool, Senator
B Is also entitled to treat 45-90ths of the amount of the discount, or
raising rates on wool
$50. as tax-exempt interest. B sustains a deductible loss of $12.50 in the Norris declared this would be made the excuse for
manufactures all along the line.
transaction, computed as follows:
Grundys
get in their work.
"We
the
begin to see," he said, "where
The amount B realizes upon the maturity of the bill is $10,000, which
practically all the
includes $50, representing discount to him, Therefore, $10,000 less $50, There will be compensatory increases all along the line,
or $9,950, is the amount B realizes upon the maturity of the bill in addi- consumers of the United States will be burdened."
He doubted that the wool grower in the long run would get any benefit
tion to the discount treated as tax-exempt interest. Since the bill cost B
fsthe
increased raw wool rate in view of the projected compensatory
ineased
$9,962.50, the amount of his deductible loss is $9,962.50, less $9,950, iout oaea
or $12.50.
Example 4.—A Treasury bill is issued to A as in example 1. A holds the
bill until May 1, when he sells it to B for $9,937.50. B holds the bill to
maturity. A Is entitled to treat 45-90ths of the amount of the discount.
or 350, as tax-exempt interest. A sustains a deductible loss of $12.50 in
the transaction computed as follows:
The amount A realizes from the sale is 39,937.50, which includes $50
representing discount to him. Therefore, $9,937.50 lass $50, or $9,887.50,
or $9.887.50, is the amount A realizes from the sale in addition to the
discount treated as tax-exempt interest. Since the bill cost A $9.900,
the amount of his deductible loss is $9,900 less $9,887.50, or $12.50.
B Is also entitled to treat 45-90ths of the amount of the discount, or
$50. as tax-empt interest. B realizes a taxable gain of $12.50 in the
transaction, computed as follows:
The amount B realizes upon the maturity of the bill is $10,000, which
includes $50 representing discount to him. Therefore, $10,000 less $50,
or $9,950, is the amount B realizes upon maturity of the bill in addition
to the discount treated as tax-exempt interest. Since the bill cost B
$9.937.50, the amount of the gain is $9,950 less $9,937.50, or $12.50.
Senator Pat Harrison, Democrat, of Mississippi. also voiced the opinion
that the proposed increases in compensatory duties would burden the
consumer of clothing, blankets, hats, gloves and the like.
Indications are that when the Senate meets in December and takes up
the tariff bill, it will begin with a clash over these compensatory rates on
wool. The Democrats and insurgents have experts studying the subjects
and will attempt to hold them down to a minimum.
The Washington correspondent of the New York "Journal
of Commerce" in reporting Nov. 22, that the future of
the tariff bill is uncertain, stated:
The present plans call for resumption of the tariff debate early next
session. First, however, will come the consideration of the right of William
S. Vare of Pennsylvania to a seat in the Senate. It Is asserted that this will
take but a few days, but, while there is an agreement to begin this case on
Dec. 3, there is no date fixed for the vote.
Unless Congress acts next month on radio legislation the life of the
Federal Radio Commission will come to an end Dec. 31. The presentation
Nov. 30 1929.1
FINANCIAL CHRONICLE
even of a resolution to extend it will lead to considerable discussion. But
this is an important matter and something probably will have to be done
during the month.
The House will have disposed of several of the major appropriation bills
before the beginning of the Christmas holiday period. Right of way is
generally given these in the Senate and so perhaps these will be brought in to
break the monotony of the tariff arguments. In the absence of the application of the closure rule, discussion of the Wall Street situation and the need
for amending the banking laws is bound to take up some time. Then, the
Administration's tax reduction plan will be advanced.
On this basis the future of the tariff bill is uncertain, although it probably
cannot be said that the measure will be sidetracked. It is not believed that
any particular group in the Senate would agree to the killing of the bill
unless there comes a deadlock between Senate and House as to the final
form of the measure. There are many who believe that when the bill finally
emerges from the conference its form will be made acceptable to the President.
The following reviewing the legislation introduced and
acted upon at the extra session is from the "United States
Daily" of Nov. 23:
3413
Reed (Rep.), of Pennsylvania, Chairman of the Military Affairs Committee, obtaining unanimous passage of a bill to revise the Army promotion
lists.
Senator Borah (Rep.) of Idaho, obtained passage of a measure to suppress
unfair and fraudulent practices in the marketing of perishable agricultural
commodities. The Senate also passed for the fifth time a resolution by
Senator Norris for amendment of the Constitution to eliminate the so-called
"lame duck"session,and change the time the President takes office.
When the Congress met April 15. Vice-President Curtis used a large
wooden mallet to keep order in place of the small handleless ivory head
of tradition. New Senators received the oath of office.
President Hoover's message was read the following day. The President
pledges given in the
stated: "I have called the Congress to redeem two
tariff."
last election—farm relief and limited changes in the
by the Chairman
April 23, the farm relief bill was reported to the Senate
(Rep.) of
of the Committee on Agriculture and Forestry,Senator McNary
which had been
plan
Oregon. This bill contained the export debenture
conMr.
Hoover's
"uneconomic."
condemned by President Hoover as
a delegation of five
demnation followed a visit to the White House of
replied,
Senators on the Agricultural Committee. Before the President
disapproval it was not
the language was written into the bill and after his
removed.
the same as the
The House, April 25, passed a farm bill, substantially
The special session of the Seventy-first Congress, called April 15, adby a'vote of
bill with the exception of the debenture amendment,
journed Nov.22, with tariffrevision alone of the four subjects recommended Senate
Senate with occasional
367 to 34. Debate on the subject continued in the
by President Hoover for consideration, yet awaiting final action.
of
appropriation
an
* * *
intervention of some extraneous matter including
for fighting the Mediterranean fruit fly in
29
April
passed
the
84.500.000
with
connection
its
and
situation
The Senate considered the financial
the period
A few days later a resolution was passed extending
Federal Reserve System, particularly the General Reserve Board. Three Florida.
relief to storm-stricken farmers in South Atlantic States.
resolutions were introduced. Senator King (Dem.), of Utah, submitted of Federal
leader, to
A motion by Senator Watson (Rep.) of Indiana, the majority
one asking investigation of the credit situation, including the Federal Reof the farm relief act was defeated.
out
amendment
debenture
strike
the
Reserve
the
when
serve and National banking systems. It was introduced
the debenMay 8, by a vote of 47 to 44. On the final vote the bill with
Board had advised member banks to curtail loans for speculative purposes.
conference by a count of 54 to 33.
Senator Glass(Dem.) of Virginia, a former Secretary of the Treasury, has ture was sent to
Senate Amends Rules for Executive Sessions.
served notice he intends to present legislation for State-wide national
branch banking and a modification of the Federal Reserve Act to give
When the bill returned without the debenture plan. the Senate voted 48
system.
the
of
on record
profits
member banks a larger part of the
to 43 to reject the conference report. After the House had gone
When the stock market was undergoing liquidation, Senator Nye (Rep.) on the subject and had overwhelmingly rejected the debenture, the Senate
of North Dakota introduced a resolution for investigation of practices re- adopted the conference report without the plan. June 14, by a vote of 74 to 8,
lating to speculative operations connected with stock exchanges. This and the bill was signed by the President June 15.
resolution automatically will come up at the first morning hour devoted to
The census and reapportionment bill was retarded to some extent by disgeneral legislative business.
of the publication in the press of a secret roll call taken on the
cussion
Senator Heflin introduced a resolution for an investigation into activities nomination of Irvin I. Lenroot to be a member of the Court of Claims. The
of the New York Stock Exchange by the committee now engaged in inquiring Senate Committee on Rules investigated, and the Senate amended its rules
a mainto lobbying activities. This resolution is lying on the table.
to have all executive sessions open except when ordered otherwise by
Before the summer recess, on May 23, Senator Thomas (Dem.) of Okla- jority.
to 26.
57
of
vote
homa introduced a resolution calling attention to the credit situation and
a
by
29
May
passed
The census and reapportionment bill
directing the Reserve Board to advise the Senate what action it has taken and the conference report agreed to June 13 by a vote of 48 to 37.
also
is
resolution
This
and intends to take on interest rates and credits.
Two actions of interest to the financial world were taken by Congress
lying on the table.
during the first half of the session preceding the summer recess. LegislaApril 29, Senator McKellar (Dem.) of Tennessee, proposed a resolution tion was enacted permitting the Treasury to issue short-term securities on
for investigation of tax refunds involving claims for taxes of $50,000 or over. a discount basis and postponing the date of maturity of the French debt,
This is on the table.
that the French Government might have more time to act on the MellonInquiry is Asked into Cotton Exchanges.
Berenger agreement.
Senator Borah introduced a resolution instructing the Finance Committee
The Senate adopted a resolution submitted by Senator Heflin directing
schedules. This resothe Federal Trade Commission to inquire into alleged violations of statutes to limit tariff revision to the agricultural and related
Watson
against price-fixing and combinations in restraint of trade by cottonseed lution was defeated June 17 by 39 to 38. The same day Senator
obtained passage of a resolution by 57 to 23 to adjourn the special session
oil millers and crushers and peanut oil millers.
Senator Couzens (Rep.) of Michigan,Chairman of the Inter-State Com- from June 19 to Aug. 19.
CommitSept. 4 Senator Root (Rep.) of Utah. Chairman of the Finance
merce Committee and author of legislation to create a commission on comSenators Blaine
munications and power, obtained adoption of a resolution directing the tee, reported the tariff bill. The question .as raised by
Carolina,banking minorFederal Trade Commission to supply the Senate with a statement of the (Rep.)of Wisconsin and Simmons(Dem.)of North
should have for its
gross inter-State transmission of power. To date. the Commission has not ity member of the Finance Committee, that the Senate
relief from the
use the income tax returns of taxpayers seeking or obtaining
made this report.
A subcommittee of the Senate Committee on Agriculture and Forestry proposed tariff revision.
Is prepared to begin, in December. investigation of alleged manipulative
"Shearer Inquiry" Not Yet Concluded.
and speculative transactions on the cotton futures exchanges, as directed
Sept. 10 such a resolution by Senator Simmons was adopted, 51 to 270
the
have
A
to
Helfin.
resolution
Senator
by
introduced
by a resolution
compilation
and the Finance Committee has supplied to each Senator a
Department of Agriculture inquire into the decline of cotton prices in 1928,
wire
of income tax information on some 1,000 taxpayers whose names
introduced by Senator Sheppard (Dem.) of Texas, has not come up for
submitted.
action.
Judiciary
Sept. 9 Senator Norris (Rep.) of Nebraska, Chairman of the
Senator Madenburg (Rep.) of Michigan, proposed a resolution oft
The
Committee, presented a resolution declaring Mr. Vare's seat vacant.
the
of
laws
shipping
coastwise
the
extending
of
feasibility
into
inquiry
deferring
Senate. Sept. 11, agreed, 41 to 34, to a motion of Senator Watson
United States to the Philippine Islands. A subcommittee of the Comconsideration of the resolution until Dec. 3.
merce Committee has taken testimony, but has not reported its findings.
and
Coincident with progress of negotiations between President Hoover
An investigation of alleged propaganda and efforts to secure modification
on naval limitation, Senator Borah, Chairman of the Foreign
Britain
Great
but
Nye,
by
Senator
proposed
was
decree
consent
of the so-called packers'
investigation
Relations Committee, obtained adoption of a resolution for
his resolution is on the table.
of three
alleged propaganda activities at the Geneva naval conference
The Indian Affairs Committee obtained authority to continue an investi- of
Affairs
Naval
the
A subcommittee of
companies.
shipbuilding
American
during
west
the
trip
through
gation of general Indian conditions and made a
Senator Shortridge (Rep.) of California. Chairof
prised
Committee—com
concluded.
been
not
has
the Summer recess. This investigation
Senator Allen (Rep.) of Kansas and Robinson (Dem.) of ArkanAn event of the session was the speech before the Senate on world peace man, and
delegate to the
sas, the minority leader, who since has been appointed a
of the Prime Minister of Great Britain, Ramsay MacDonald.
conference—entered into an inquiry popularly known as the
Farm relief legislation, setting up the Federal Farm Board, authorizing a London naval
investigation," which has not been concluded.
fund of $500,000,000 for the Act and making immediately available $150,- "Shearer
tariff bill.
Considering the special and administrative provisions in the
000,000. was enacted.
power to
voted, 47 to 42, on Oct. 2 to repeal the Presidential
An Act providing for the 1930 and subsequent decennial censuses and the Senate
tariff rates within 50% of their enacted value. Oct. 19 the
reapportionment ofrepresentatives in the House according to the population raise or lower
the Norris debenture amendment into the bill, 42 to 34.
count without increasing the total of 435 members was next in importance Senate voted
membership of the Federal Farm Board, as named by Presithe
16
Oct.
recommended.
Hoover
Mr.
among the four subjects whose consummation
confirmed by the Senate. The next day a consumers'
President Hoover also urged the Congress to suspend operation of the dent Hoover, was
Tariff Commission was created, 68 to 11.
national-origins clause of the immigration Act of 1924. The Senate Immi- counsel of the
Investigation Passed into Lobbying Activity.
gration Committee, however, voted against reporting to the Senate a
22
resolution accomplishing this end, and a motion by Senator Nye (Rep.), of
Consideration of the rate schedules of the tariff bill was reached Oct.
confurther
of
Committee
Immigration
to recommit
the
to
discharge
North Dakota.
and proceeded with for committee amendments. A motion
amendments
sideration of the measure was defeated 43 to 37.
the bill to committee with instructions to limit committee
The Congress closed with the tariff bill (H. R. 2667) still the unfinished to the agricultural schedule was made by Senator Thomas (Dem.) of Oklathe
of
at
the
hold
opening
business of the Senate, a position it will still
homa and defeated. 64 to 10.
regular session Dec.2. Dec.3,however,the Senate will take up the question
Discussions oflobbying in connection with the tariff bill resulted in unaniof whether Senator-elect William S. Vare of Pennsylvania should be mous agreement to a resolution oy Senator Caraway (Dem.) of Arkansas
admitted to a seat in the Senate. This will displace the tariff.
for an investigation of lobbying activities. The investigating committee,
The Senate has completed the special and administrative sections of the headed by Senator Caraway, has made two reports to the Senate. The
plan
debenture
controversial
export
the
measure
tariff bill, voting into the
first involved employment by Senator Bingham (Rep.) of Connecticut, a
of farm relief and repealing the President's power to adjust tariff rates. Finance Committee member, of Charles L. Eyanson of the Connecticut
The Senate has not completed all tho rate schedules for committee amend- Manufacturers' Association, as his personal Secretary while the tariff
ments.
bill was in committee.
A fifth subject was recommended by President Hoover to Congress in a
The investigation brought out that Mr. Eyanson bad been put on the
special message June 6. This was the creation of a Joint congressional Government payroll and admitted to secret sessions of the Finance Comcommittee to study re-organization and concentration of Federal agencies mittee majority which was working on the tariff, Senator Norris introfor prohibition enforcement. Though Senator Jones (Rep.) of Washington, duced a resolution condemning this action of Senator Bingham as bringthe same day introduced a resolution to carry out this request, the session ing the Senate into dishonor and disrepute and it was adopted, 54 to 22.
closed without its passage.
Prime Minister MacDonald made is visit to the Congress on Oct. 7,
was received on the floor of the Senate and made a speech on world peace.
Session Summoned to Redeem Two Pledges.
Nov. 14 the Senate voted down a resolution of Senator Simmons to
While the House was working on the tariff the Senate passed other legissession Nov. 23 by 51 to 34. Nov. 20 Senator Walsh
lation whi-h luta not yet received consideration in the lower branch. Senator adjourn the special
3414
FINANCIAL CHRONTCLE
(Dem.) of Montana, acting minority leader, offered a similar
resolution
for adjournment at 10 p. m. Nov. 22, and it was passed, 49
to 33.
The Senate carried out this resolution with 9 of the 15 rate
schedules of
the tariff bill completed for committee amendments. The
regular session
of the Congress will convene at 12 m.. Dec. 2.
Legislation in House Record is Listed.
The House adjourned sine die at 12.49. Representative Tilson
reported
the President had no further communications.
Mr. Tilson announced that Dec. 3 the unoMcial House committee on
committees will meet to agree upon membership of the standing committees
of the House so far unorganized. Mr. Garner made a similar
announce-.
meat, for a meeting of Democratic members of the Ways and Means
Committee, Dec. 2, to select minority members of committees.
In an interview later, Mr. Tilson said that passage of the annual appropriation bills, the resolution for a reduction of taxes on corporations and
normal incomes and for ratification of the French debt settlements would
be the principal legislative program of the coming December session.
Legislation in the House record for the extra session of Congress embraces
the following:
Tariff: Formulation of the tariff revision bill, H. R. 2667, after hearings
before the House Committee on Ways and Means. This bill passed the
House May 28, 19 days after its report from the committee was sent over
to the Senate. The House went on record against inclusion of export
farm debentures in the bill and for inclusion of the flexible tariff provisions,
in principle substantially like existing law, under which the President, under
certain limitations may raise or lower rates to meet discriminations by foreign
governments.
Farm Relief Committee on Agriculture reported H. R. 1, for this purpose
creating the present Federal Farm Board, with a revolving fund authorized
up to $500,000,000. This revolving fund is for extending loans to farmers
through co-operative associations and stabilizing corporations. The
bill was reported to the House from the Committee on Agriculture
April 17. It passed the House April 25, passed the Senate, amended
May 14, it was agreed to in conference and the President approved
It June 15. It became Public Law No. 10. This bill only authorized the appropriations and later to carry out the purpose of Congress in
putting funds at the disposal of the new Board Congress passed II. R.
4016. now on statute books as Public Law No. 15, appropriating $150,000,000 for the use of the Board as a revolving fund for the loans and $1,500,000
more for administrative expenses of the Board, with assurance of loaders
in the debate that more funds, or the full amount authorized, would be
made avilable if and when needed. The House in this connection is on
record against both export farm debentures and against the equalization
fee. The bill making the appropriations for the Board passed the House
June 17, the Senate the same day and it was approved by the President
June 18. The Federal Farm Board has since been established and organized,
with A. L. Legge. of Chicago, as its Chairman, and it has extended loans of
considerable amounts to a number of groups of farm commodity producers
Subcommittees Work on Appropriations.
The House Committee on Appropriations is working through four subcommittees, on four of the annual supply bills for the fiscal year ending
June 30 1931. These provide funds for the Treasury and Post Office Departments,scheduled to be the first bill reported at the new session; for the
War Department, for the Department of Agriculture and for the Interior
Department. The subcommittee on the four-department bill—Departments of State. Justice, Commerce and Labor—will begin its hearings
Nov. 25. Other subcommittees in charge, respectively, of the four other
general supply bills and two deficiency appropriation bills will meet later.
The appropriations in these bills, according to members of the Appropriations Committee, will run upwards of $4,000,000,000.
Meantime, bills providing for special miscellaneous appropriations have
been passed by Congress or reported to the House. Among them are: Farm
Board appropriation bill. Public Law, No. 15, $151,500,000. Public
Resolution .No. 7, between $40,000,000 and 850.000,000 for additional
compensation to railroads for transportation of mails under increased rate
decision of the I-.S. C. Commission, an Act approved June 6 1929. Public
Law No. 17. fixing compensation of officers and employes of the legislative
branch of the G-overnment, approved June 30. Public Law No. 1, making
appropriations of $51,000 for mileage of Senators, and $175,000 for mileage
of Representatives and numerous other congressional maintenance items,
approved April 26.
Public Law No. 7, approved June 12. appropriating approximately $194,000 for paying judgments against the Government by various United States
Courts. Public Resolution No. 1, reappropriating $4,250,000 for use in
eradicating the Mediterranean fruit fly, approved June 13. Public Law
No. 8. reappropriating unexpended balances for continuing Federal aid in
rehabilitating farm kinds in Southern flood areas,approved June 13. Public
Resolution No. 12, appropriating $125.000 for a consolidated school at Belcourt, in Turtle Mountain Indian Reservation, North Dakota. Public
Resolution No. 15, approved June 15. providing $3,000,000 for a site for a
municipal centre at Washington.
Among other measures that became law are Public Law No. 11, for refunding of short-term Treasury bills, approved June 17; Public Law No. 6,
for adjustment of unallocated interest of the Alien Property Custodian funds,
approved June 11. Public Resolution 20, requiring payment of surplus
war supply obligations on the part of France,obviated by subsequent French
ratification of the war debt, funding agreement.
The Public Law No. 13. providing for the census and the reapportionment of membership of the House, was passed and approved by the President June 18: the controversy over the Northern Pacific land grants was
Passed up to the Department of Justice under Public Law No. 22, approved
June 25; Public Law No.21,approved June 24, made substantial changes
with respect to amendment of the law respecting deportation of aliens
Senate Inquiry Into Activities of Lobbyists—Censure of
Senator Bingham by Senate—Report Rebuking Former
Tariff Commissioner W. Burgess Who Has Since Died.
The inquiry by the U. S. Senate into activities of lobbying associations and lobbyists, conducted under a resolution adopted by the Senate on Oct. 1, resulted in the
adoption by that body on Nov. 4, of a resolution censuring
Senator Bingham of Connecticut in employing of Charles
L. Eyanson of the Connecticut Manufacturers Association "contrary to good morals and Senator.ial ethics."
Regarding a further report growing out of the inquiry a
Washington dispatch, Nov. 11, to the New York "World"
said:
[VOL. 129.
William Burgess, former Tariff Commissioner now
employed by the
United States Pottery Association, was accused today of "acts
amounting approximately to contempt of the Senate, if they do not
constitute
such."
The accusation was made in a special report filed by
Chairman
Caraway (D., Ark.), of the Lobby Investigation Committee,
which recently questioned Burgess about an alleged attempt to bring
about the
discharge of a tariff commission expert for having gvien information
to
Congressional committees deemed by Burgess to be detrimental
to the
interests of domestic pottery manufacturers.
Supplementing his written report in a short statement on the floor
of
the Senate Caraway declared:
"This paid lobbyist (Burgess) had no regard whatever for his
reputation, no hesitancy in committing perjury, but, in addition to that,
he
was perfectly willing to slander members of the Senate."
When Burgess appeared before the Lobby Investigation Committee
he
denied having asked Chairman Marvin of the Tariff Commission to
dismiss Frederick L. Koch, chief of the ceramics division, because
Koch
had prompted anti-protectionist Senators to ask questions harmful
to
domestic pottery interests. He admitted having called on Marvin
about
Koch's activities, however.
The Caraway report presented today says:
"There is no doubt that Burgess appealed to Marvin to dismiss Koch,
or otherwise discipline him, to constrain him and other members of the
force of the Tariff Commission to refrain from giving any information
that might militate against the enactment of the highest possible rates
of duty or from aiding members of the committees of Congress or
Senators and Representatives who might be believed to be desirous of
reducing the duties, his acts amounting approximately to contempt
of
the Senate, if they do not constitute such."
Although the report mentioned approximate contempt, and Senator
Caraway declared Burgess had no hesitancy in committing perjury,
there was no recommendation made for Senate action.
Associated Press advices from Trenton on Nov. 11, in indicating denials of the charges by Mr. Burgess stated:
Blanket denial of charges against him on the floor of the Senate today
was made this afternoon by William Burgess of Morris Heights, a member
of the United States Pottery Association.
"That is pretty rank stuff," said Mr. Burgess, who was unaware of
Senator Caraway's attack until apprised of it by a reporter. "They are
absolutely false statements, made in order to blacken my character and
in an effort to stop the efforts of American manufacturers in getting
their rights.
"I deny absolutely any such charges as the Caraway statements. He
cannot show perjury in any particular, and as for my reputation, I
leave that in the hands of those who know me better than he does."
Mr. Burgess has since died the "Times" ill a Trenton
dispatch, Nov. 20, noting this as follows:
William Burgess, former president of the United States Pottery Association and former member of the United States Tariff Commission by
appointment of the late President Harding, died at his home in Morris
Heights, Pa., near here, today of pneumonia, at the age of 72.
Mr. Burgess became ill Saturday, upon his return from Washington,
where he had been a witness before the Senate lobby investigating
committee.
Before his service on the Tariff Commission Mr. Burgess was vicepresident of the National Potters' Association. He was a United States
Consul in England during the administration of President Harrison.
At the time of the introduction of the resolution censuring Senator Bingham, a Washington dispatch, Nov.
1 to the New York "Evening Post" said in part:
"It is contrary to good moral and Senatorial ethics and tends to bring
the Senate into dishonor and disrepute, and such conduct is hereby
condemned."
Thus was the relationship of Senator Iliram Bingham of Connecticut
with the Connecticut Manufacturers' Association characterized today by
a formal resolution of censure presented to the Senate by Senator Norris
of Nebraska, Chairman of the Judiciary Committee.
The Norris resolution was the culmination today of the Bingham
incident arising from his employment of Charles L. Eyanson, lobbyist
for the Connecticut Manufacturers' Association, as his tariff secretary,
thus placing Eyanson on the Senate pay roll and taking him into the
private and secret deliberations of the Senate Finance Committee.
It was introduced by the Nebraska Senator after an offer had been
made to the tall, white-haired, but youthful-looking archeology professor
from Yale to withhold it if he would apologize to the Senate for his
action and for his speech of last week defending this action, in which
he vigcrrously assailed the lobby investigating committee and every one
connected with it for "dirty politics."
Refuses to Apologize.
For twenty-four hours negotiations have been going on relating to
this offer of apology, but today the Connecticut Senator delivered his
answer:
It was that he had done or said "nothing for which to apologize."
Consequently Senator Norris presented the resolution which was read
in the Senate and went over until tomorrow for action at the request of
Senator Fees of Ohio, Republican whip, after Senator George 11. Moses,
president protempore of the Senate, had ruled it a privileged resolution
and subject to immediate consideration.
Senator Norris offered voluntarily to let it go over if any one would
prefer to have that done.
Senator Bingham sat silent and smiling throughout the proceeding.
Senator Bingham Defends Statement.
"I have been advised by sonic of my friends to apologize and by some
not to apologize," he said today when asked his attitude. "I have slept
over it and decided that I have done nothing or said nothing for which
I should apologize.
"If my speech has been misunderstood and Senator Norris believes I
meant things by it which I did not mean, I shall gladly take the opportunity to set him right. But the next move is his and whether I say anything will depend on what he says."
Senator Norris in presenting his resolution was very brief. He said
simply that the "facts are undisputed" with regard to Senator Bing.
ham's relationship with the Connecticut Manufacturers' Association. He
declared that Mr. Bingham's speech in answer to the report of the
lobby committee had been in "language discourteous to the committee."
He said that he might or might not discuss Senator Bingham's conduct
at length, depending upon future developments.
Nov. 30 19291
FINANCIAL CHRONICLE
3415
of nepotism if he aphe continued. "He is not to be accused daughters in these posior
sons
or
nieces
nephews,
cousins,
points
tions.
to Senaotrial ethics
is not accused of doing something contrary
"He
condemnto the wife of his
The Senate today adopted, by vote of 54 to 22, a resolution
uses one of those positions to pay a salary
he
if
placing
in
ut
Connectic
of
for the government but
ing the action of Senator Hiram Bingham
chief clerk, who herself does nothing directly
Asurers'
ut
Manufact
Connectic
helping to keep
by
the
Charles L. Eyanson, an official of
Senator and his constituents
adviser. The indirectly serves the
and enabling him to give better service
happy
sociation, on the official rolls of the Senate as his tariff
and
well
husband
her
and Senatorial
resolution said the act was contrary to "good morals
to the Senator and his constituents.
nt might be regarded
ethics," but alsolved Senator Bingham from "corrupt motives."
"According to business ethics, such employme
many
with
that according to Senatorial
ed
remember
be
should
The vote was taken after four hours of debate filled
it
but
n regulars had askance,
always been considered to be
solemn and often dramatic episodes, when the Republica
ethics these four clerical positions have
him in whatever
failed in their effort to obtain the adoption of a resolution of disap- part of the perquisites of a Senator, to be used by
in twentyof his constituents."
proval instead of condemnation. It was the second time
manner he deems to be best for the interests
in history.
seven years that the Senate has so acted, and the third time
Denies Motives Were "Sinister."
original
tended
The resolution as adopted departed from Senator Norris's
in the Norris resolution that his action
charge
in
the
Replying to
in that it declared that Senator Bingham had no "corrupt motives"
disrepute, Mr. Bingham said
and
dishonor
into
Senate
the
bring
to
placing Mr. Eyanson on the government payroll.
motives."
there had been nothing "sinister in his
this resolution that my
Test of the Resolution.
"Obviously, it is felt by those who favor
that the action itself had
motives in this action were evil or else
The defeated Smoot substitute read:
public interest,"
Mr. resulted in some public calamity, or was adverse to the
• Resolved. That the action of the Senator from Connecticut,
those who have done me the honor
that
of
believe
rolls
not
official
the
upon
do
"I
Evanson
L.
added.
he
Charles
Mr.
Bingham, in placing
in the of listening to or of reading my previous statements will accuse me
the Senate and his use by Senator Bingham at the time and
Committee of having had dishonorable or unpatriotic motives.
manner set forth in the report of the subcommittee of the
while not the
best possible information on a
on the Judiciary (Report 43, 71st Congress, first session),
"My sole desire was to secure the
Connecticut,
ly as it related to the people
particular
subject,
results of corrupt motives on the part of the Senator from to
intricate
and
bring the difficult
States Senate.
is contrary to good morals and Senatorial ethics, and tends
United
the
to
me
elected
who
conhereby
that four or five SenSenate into dishonor and disrepute, and such conduct is
"Since this episode occurred I have learned
by the Tariff
demned.
n, ators have had tariff experts assigned to their offices
Republica
Glenn,
Senators
by
offered
nts
amendme
through
It was
considered entirely proper
is
it
that
learned
have
I
BingCommissioner.
of Illinois, and Bratton, Democrat, of New Mexico, that Senator
away from their regular
this modi- and ethical to take government employees
ham was exonerated personally of corrupt motives, and with
which they ordinarily fill and bring
desks
the
from
and
nt
employme
resoluNorris
severe
more
give them desks in the
fication many Senators who had opposed the
them down to the Senate office building, and
to be used
tion quickly agreed to the resolution of condemnation.
of Senators where they can furnish statistics
offices
private
e,
Committe
Finance
the
of
chairman
Smoot,
A resolution by Mr.
in arguments against a high protective tariff.
was
,
resolution
Norris
original
the
for
is possible
it
substitute
a
as
proper
d
which was offered
"Had I known that this practice was considere
oner to assign a similar
defeated by vote of 44 to 32.
that I should have asked the Tariff Commissi
expense, furnishing me
Two Defeated Substitutes.
expert to me, to work in my office at public
s in favor of a
with facts and information to be used in argument
The defated Smoot substitute read:
tariff.
clerk
a
e
as
nt,
protectiv
high
"Resolved, That the Senate disapproves the employme
at any
Sought Complete Information.
to a Senator or committee of the Senate, of any person who by
any
d a normal protime during his service as such clerk has been or is employed
"Not realizing, however, that that was considere
manuin
n
engaged
associatio
or
on
on in my State which is most intimately
individual, partnership, corporati
associati
that
asked
I
cedure,
facture, production or importation of articles affected by tariff legisla- concerned with the process of manufacture, wiht the problems of
tion, or by any association or group of such manufacturers, producers employment, with the actual costs of production, to loan me the best
or importers."
the man they had who knew these facts.
A substitute offered by Senator Edge, which asserted that "in
employment of Mr.
"That there was anything dishonorable in the
presentation of this resolution it is not intended to in any way impugn
will believe. That there was anything
one
no
sure
am
disI
or
improper
Evanson
being
as
ut
Connectic
g him I
the motives of the Senator from
nt disreputable or dishorable in my actions in so employin
honorable," and then stated that the Senate disapproved the employme
deny.
inof Mr. Eyanson, was defeated by a vote of 43 to 34.
however
"Whatever mistakes of judgement I may have made, that whatToday's action grew out of the inquiry by the Lobby Investigating
have been, the fact remains
may
I
us
overzealo
or
di,crete
Mr.
Committee, which revealed that Senator Binghain had employed
secure in the most complete inThe ever I did was done in an effort to
s and
Eyanson as his desk without the knowledge of his colleagues.
regarding the needs of those whose present conditionof the
formation
Senate
the
to
report
a
made
and
the bounds
lobby committee revealed the facts
whose immediate prospects brought them within
of
results
the
of
Bingham.
which assailed Senator
as being in need
the President's message to Congress
A few days later Senator Bingham charged in the Senate that
revision.
tariff
and had
sole object. In carrying
lobby committee had employed police court methods against him
"This wr.s my sole motive. This was my
this
No misrepretwisted or tortured his testimony to ruin his reputation. It was
out, not a dollar of the public funds was misused.facts regarding
it
to
offer
Norris
of the
attack upon the committee which had prompted Senator
sentations regarding unemployment, no distortion
disreputable
or
ble
his resolution of condemnation.
s was practiced. Nothing dishonora
declared our industrie
morals or to
The inquiry by the lobby committee and today's action were
d. Nothing was done contrary to good
attempte
was
insurby Republican regulars speaking in the Senate to be a part of an
l ethics.
interests Senatoria
ed to use this tariff
gent campaign to injure the tariff program of the industrial
"My judgement in the way in wihch I endeavor
hand, my motives in
other
the
On
fault.
at
been
have
may
East.
expert
of the
for a protective tariff
Champion the Senator Himself.
doing so were based on my whole-hearted zeal
desire adequately to represent the interests of
-hearted
whole
chammy
etts
and
of
Massachus
Gillett
and
Senators Reed of Pennsylvania
the prosperity of the United
approving his action, they the State of Connecticut and to promote
pioned Senator Bingham's cause. While not
States."
motives.
dishonest
any
without
taken
was
it
insisted that
g
during the attack upon
The resolution calling for the inquiry into lobbyin
Senator Bingham remained in his seat
display of emotion. lie
2334.
page
12,
Oct.
of
issue
our
in
given
was
him and accepted the verdict without any
es
resigning from the Finance activiti
said later that he had no intention of
centre of all eyes,
Committee or from the Senate. He was thetall
figure and gray President Hoover's Conference with Representatives
his
seated in the back row of the Senate
Presifigure.
ous
conspicu
a
him
making
hair
of Farm Organizations—In Accord with
action was in February,
The last time that the Senate took such
Business.
ze
Stabili
to
m
R.
Progra
John
and
dent's
R.
Tillman
Ben
1902, when it condemned Senators
nt
in a fist fight in
Following the conferences last week which preside
McLaurin, both of South Carolina, for engaging
declared Senator Tillman had
and public officials, with
leaders
s
the Senate after the latter had
busines
with
held
Hoover
lie."
uttered a "wilful, malicious and deliberate
Senator Benjamin Tappam a view to considering measures to stabilize business, repreIn May, 1884, the Senate censured
met
The New York Evening
to
treaty
sentativese of four National agricultural organizations
of Ohio for giving a copy of a
the
In reporting the adoption of the Norris resolution,
"Times" Washington advices, Nov. 4, said in part:
Post.
resolution at 10 o'clock the
When Senator Norris called up his
well filled. The Nebraskan
Senate chamber and galleries were
the resolution, as the facts were
said lie had no desire to discuss
, who sat immediately behind
well understood. Senator Bingham
a statement in which he denied
him, obtained the floor and read
but admitting that he might
that he had done anything wrong
been indiscreet. Ile read his
have erred in judgment or had
voice.
statement slowly and in a distinct
deceive me," the Connecticut
"In no case did he attempt to
an effort to bring the
make
he
did
Senator said. "In all cases
no evidence whatsoever that he
facts to my attention. There is
to becloud the issue, or in
misrepresented the facts or attempted
any unfair advantage for
any way whatsoever attempt to gain
uction of the facts
misconstr
the Connecticut manufacturers by a
or a faulty presentation of them.
g contrary to Senatorial ethics
"He is not accused of doing somethin
in business. Of all my conwar record and has a splendid record
best posted on the bill passed
stituents, I believe him to be the
all his relations with me
by the House of Representatives. In
corrupt in the slightest degree.
there was nothing dishonorable or
morals."
There was nothing contrary to good
As to the Senate Payroll.
on the payrolls was
As to the charge that to place Mr. Evanson
said is was difficult to
contrary to Senatorial ethics, Senator Bingham
had the right to
decide just what was good ethics. Each Senator
was reported that one had
employ four clerks, he explained, and it
his wife on the payroll.
if he
"According to Senatorial ethics, no Senator is to be critized
positions,"
chooses to place members of his family in these clerical
the
with the President on Monday, NOV. 25, and according to
ed
announcement relative to this conference, "they express
program
nt's
Preside
the
with
accord
hearty
in
ves
themsel
g
for stabilizing the general industrial situation and securin
conthe
of
report
its
In
ty."
prosperi
of
ance
continu
the
the
ference, the New York "Journal of Commerce" had
following to say in the Washington advices, Nov. 25:
agriculture
The meeting devoted itself to discussion of means by which
with the
may enhance and mobilize the latest economic power in full stride
President's plans for finance, industry and labor.
the conferees,
Proposals brought forward were referred to a meeting of
Board tomorrow
which will continue deliberations with the Federal Farm
morning. They included the following:
to fitting
A plan to form a Federal council of agriculture with a view
nt.
the farmer into the president's program to continue business developme for
of credit
Relief from high interest rates induced by the absorption
agencies of the
speeculative purposes through concerted action by credit
rate.
Government so as to bring back to agriculture the lower interest
on
An immediate extension of the road program with special emphasis
farm-to-market roads.
Assurance of Co-operation.
farm organizations
A preliminary conference of the representatives of the
of
was held this morning at the Department of Agriculture, with Secretary
Board meeting
Agriculture Hyde and Chairman Legge of the Federal
with them.
At the afterenoon conference with the President at the White House the
,
American Farm Bureau Federation was represented by Sam H. Thompson
3416
FINANCIAL CHRONICLE
President, and Earl Smith, President of the
Illinois Farm
Farmers' Union was represented by C. E. Huff, President; Bureau. The
0. S. Barrett,
C. C. Talbot, Louis Chambers and C. N.
Rogers. The National Grange
had its Washington representatives present,
Fred Brenckman and S. S.
McCloskey, and the Farmers' Equity Union
was represented by Leroy
Milton and P. L. Betts.
With to-day's conference with the farm
group the President held the
last of his scheduled meetings with representat
ives of industry, agriculture
and labor. The President is hoping for the
co-operation of the leaders in
the public utilities of the country also, and they
are to hold conferences
of their own in New York to-morrow prior
to informing Mr. Hoover what
may be expected of them in the general plan
for the development of their
particular fields.
Secretary of Agriculture Hyde issued the following statement on Nov. 25 regarding the conference with the
farm
representatives:
"The representatives of the four national agricultural
organizations
canvassed the situation with the President. As representi
ng such organizations, they expressed themselves in hearty accord with
the President's
program for stabilizing the general industrial situation and
securing the
continuance of prosperity.
"The general opinion expressed was that confidence has been
gaining In
agriculture and that the morale of agriculture is now better
than it has
been for years past. Except in short crop areas there
has been genuine
improvement in agriculture and an increased income and
therefore an
increased buying power this year.
"The representatives assembled considered that agriculture
has suffered
and is now suffering to some extent from high interest rates
induced by the
absorption of credit for speculative purposes. They felt
that a concerted
action by the credit agenciese of the Government is now
possible and that
such action would reflect back to agriculture the lower
interest rate. It
also was the opinion of the conferes that the savings which
might thus be
made to agriculture by the lower interest rates
immediately would be
reflected back into the markets through the purchase of necessary
equipment
and supplies for the farm.
"The conferees also favored an immediate extension
of the road program,
with special emphasis of farm-to-market roads.
The opinion also was expressed that agricultural prices which had suffered in
sympathetic action to
the stock market now have begun to recover and
that the efforts of the
Farm Board in stabilizing those prices have been very
helpful.
"The representatives of agriculture present also
pledged to co-operate
in every possible way in the support of the President's
program for stabilizing the industrial situation and mobilizing
the economic power of
agriculture."
From the Washington advices, Nov. 25, to the New
York
"Times," we take the following:
[Vol.. 129.
which reference was made in our issue of Nov.
23, page
3263, brought forth the information from the White
House
on Nov. 22, after the conference, according to
the New
York "Times" that the conferees had estimated that
projected State highway construction and improvement
contemplated an outlay of $1,100,000,000 in 1930. The
account
in the paper quoted went on to say:
This, added to the expenditure of a similar
amount for county
roads and city streets planned for 1930, would give
a total of new
construction of /2,200,000,000 in this field alone.
No definite estimates were furnished as to the
general construction work, such as homes, office prospects for
buildings and
plants, although it was stated that the expenditures
in this field
probably would amount to that of the present year.
The President was assured that contract prices
would not be
increased if wages were not increased, and that with
producers agreeing to retain the present wage scales labor and
the construction companies would be able to extend their
operations
with every assurance of keeping prices down to 1929 levels.
This,
they said, would assure steady employment in most of
the building
trades and would tend to keep the production of building
materials
active next year.
To Make Construction Survey.
"The conference today," said Mr. Smith, "was a prelimina
ry one
looking to the formation of some organization committees
the industries to make further surveys and further recommend within
ations
to the President.
"He seems to have pretty definite ideas as to what he
wants
to accomplish, and that is to stimulate construction generally,
both
as to apartments, office buildings and homes, industrial constructi
on,
road building and municipal improvements, State buildings and
all
that sort of thing which apparently has been held up by inability
to sell bonds, and as money rates are falling, there ought to be
no
difficulty about that. For instance, in Louisiana they have just
sold
some road bonds at a premium.
"Our cement business for 1929 will be slightly less than in 1929,
and unless there is an increased building program, it will probably
be still less for 1930. All cement mills are running on reduced
scales. There is no unemployment in the cement industry except
that occasioned by reduced schedules, and they do not contemplate
reduction in the wage scale. There are approximately 65,000 persons
employed in the cement industry, and in addition there may
be
some lessening of the hours of labor.
Easier Credit Proposal Stressed.
President Hoover Asks State Governors To Cooperate In
The most important of the proposals suggested by
Move For Stabilizing Business Through Speeding Up
the representatives of
the farm organizations was that for reduced interest
rates on farm
of Public Building 'and Other Consiruction Work.
securities. The Government credit agencies concerned
are the Farm
Board, the Federal Land Banks and the Intermediate Credit
In a telegram addressed by President Hoover to the
Banks.
Farm spokesmen insisted that the rates could be easily
lowered without Governors of all the Sates on Nov. 23, their co-operation,
Injury to the Federal structure and that lowered rates
would tend to and that
of the municipal, county and other officials in the
place the farmers on an equality with industry.
The attitude of the Administration, it is understood, was
that the rates speeding up of "road, street, public building and other conas now charged by the Federal agenclet which were set up to
make money struction of this type" is asked. The President also reavailable on easy terms for agricultural purposes should not
be reduced, quested the Governors to canvass
the state, municipal and
unless it was demonstrated by a study of conditions that
an emergency
situation existed which called for adoption of such a drastic
change in county programs, indicating "the volume of expenditure
policy,. or that intended benefits were not being enjoyed by
the farmer that can be prudently arranged for the next twelve
as contemplated by the rate policy now in force.
months." The President's telegram to the Governors folThe highway program urged by the heads of the farm association
s was
for an extension of Federal aid for building county roads. This
scheme, lows:
which long has been advanced by the West, has always met with
opposition
With view to giving stength to the present economic situation and
of past Administrations. President Coolidge fought against
the practice providing for the absorption of any unemployment which might
reof granting Federal aid to States for building main highways,
and in his sult from present disturbed conditions, I have asked for , collectitve
last message to Congress characterized it as one of the weaknesses
of the action of industry in the expansion of construction activities and in
system, where the States were depending too much on the
Federal stabilization of wages. As I have publicly stated, one of the largest
Government.
factors that can be brought to bear is that of the energetic yet
The farm leaders, however, indicated that they expect President
Hoover prudent pursuit of public works by the Federal Government and
to recommend to Congress in his annual message an additional
appropria- State, municipal and county authorities.
tion for road building which would mean Federal aid for secondary
The Federal Government will exert itself to the utmost within its
roads, as
well as for main highways. For some years past the annual
Federal own province and I should like to feel that I have the co-operation
appropriation for roads has been $75,000,000, granted on
condition that of yourself and the municipal, county and other local officials in the
the States raise an amount-equal to the Federal appropriation.
same direction. It would be helpful if road, street, public building
and other construction of this type could be speeded up and adjusted
Bill on Subject is Planned.
in such fashion as to further employment.
It was declared after the day's conference that most States
were unable
I would
to build good roads from farms lying off main highways and that,
as the municipal also appreciate it if your officials would canvass the State,
result, the greatest number of farmers were without cheap or good
and county programs and give me such information as you
trans- can as to
portation to the markets. The farm leaders favored extension of
the volume of expenditure that can be prudently arranged
Federal for the
next 12 month( and for the next six months and inform me
aid to remedy this condition.
Extension of Federal aid to county roads, stimulated by the increasing thereof.
I am asking Secretary Lamont of the Department of Commerce
strength of the farm bloc, has already received support of leading
members to take in hand
the detailed measures of co-operation with you which
of th eHouse Committee on Agriculture. Representative Cassius C.
Dowell may arise in this
matter.
of Iowa announced to-day that he would sponsor a bill for an appropriat
ion
HERBERT HOOVER.
of $125,000,000, of which it is proposed to expend $50,000,000 for building
county roads.
The "Times" Washington advices, Nov. 23, said:
"The significance of the Presidect's conference," 0. E. Huff, President
The Federal Government, as a contribution to the program
of the National Farmers' Union, said after the meeting, "is that in the
of
bag-time program for the stabilization of prosperity in this country, expanding construction work, will ask Congress to grant an additional
$175,000,0
buildings,
public
00
which
for
of
$100,000,0
00 is to
agriculture is to be considered in the picture from the start."
be spent outside the District of Columbia and $75,000,000 'in
He said he thought that out of the Hoover conferences would grow an
the
"Economic Council," working with the Federal Government, to co-ordi- District. It will also seek, if that proves practical, to extend road
nate governmental policies with the economic policies of agriculture, construction work to which the government contributes, that phase
of the effort coming under the Department of Agriculture.
commerce, industry, finance and labor to stabilize economic conditions.
It is the hope of the administration that cooperation of the Federal
Agriculture, he said, would have a place in this program which he believed
Government and the States in large building programs and the efforts
President Hoover hoped to work out for the stabilization of prosperity.
to be put forth by private industries .will end unjustified fears
of a
"We would never approve this road program if it entails additional bur- trade
depression.
dens on the land," Mr. Huff said as to this phase of the suggestions.
"But where there are Federal funds and gasoline taxes available, this
It was stated in a Washington dispatch, Nov. 25, to the
project for building county roads could be helped considerably."
"Times" that Governors of States who have sent
President Hoover's Conference With Leaders in Building
Construction Industries. Expenditures of 2 Billions
Planned for 1930.
The conference of President Hoover with representatives of building construction industries on Nov. 22, to
direct
replies to President Hoover, or have made public statements, have already promised that construction programs
involving expenditures in the neighborhood of $400,000,000
will be pressed forward as their contribution to the broad
program backed by the Federal Government to absorb any
unemployed and maintain the purchasing power of the
Nov. 30 1929.]
FINANCIAL CHRONICLE
3417
dent last week "announced their uncompromising opposition to any reduction in wages, or any lowering of the
construction
of
volume
great
the
include
not
living standards of the masses of the people." At the
does
estimate
This
work which it is expected will be done by the State of New York, its same time, said the statement, they expressed their opinion
counties and municipalities.
unwise to aggravate the situation by
Pennsylvania leads the list of States which have made direct re- "that it would be
plies to the President up to this time, it having promised as its demanding increases in wages for the immediate present."
contribution, a construction program of $155,000,000.
The conference of labor leaders with President Hoover was
Other States Swell the Total.
to in our issue of Nov. 23, page 3265. Mr. Green's
Other States which have made estimates are as follows: New referred
Jersey, $35,000,000; Ohio, $28,000,000; Kentucky, $27,000,000; Mary- statement of Nov. 22 follows:
nation's consumers.
added:
The "Times" Washington dispatch
land, $13,000,000, and New Hampshire, $6,500,000. The total in
construction work promised by those States, including Pennsylvania,
is $264,500,000.
The other States which have been heard from—the Governors of
about half of the forty-eight have made reply without giving actual
figures—will, it is believed, bring the total, exclusive of New York,
up to possibly $400,000,000.
The estimate for Ohio covers highway construction only for the
first six months next year, placing the total for that item at $12,000,000 over this period. The estimate also includes $6,000,000 for road
maintenance during the same six months. In addition to this, the
Governor of Ohio promised the expenditure of an additional $10,000,000
for new buildings.
Kentucky promised a $17,000,000 road building program and a highway bridge building program calling for an expenditure of another
$10,000,000.
The President was highly gratified by the response received and
by the spirit of co-operation shown by the Governors. He made
public the text of several of the telegrams received at the White
House, among them that received from Governor Roosevelt of New
York.
President Hoover made public today replies from Governors of
various States to his message asking their co-operation with his
public improvement program.
Assurances Given to President Hoover That Railroad
Executives Will Co-operate Through Expansion
Program, in Co-operating Toward Stability of
Business.
At the White House on Nov. 22 a statement was issued,
indicating that the railway executives, meeting in Chicago
on that day, had given assurances of their co-operation in
the efforts of President Hoover to maintain business stability. The Chicago meeting followed the President conference in Washington on Nov. 19 with the railroad executives to consider plans (as we noted in our issue of Nov. 23,
page 3262) for furthering construction and betterment
projects with a view to the maintenance of employment and
business progress. The following is the statement issued
at the White House Nov. 22:
"The initial effect of the collapse of the stock market upon the economic
overcome.
and industrial structure of the nation has. been successfully
Thinking people were apprehensive regarding the future; it was natural
more than
to conclude that it would be impossible for values amounting to
$30,000,000,000 to be wiped out and destroyed without the nation sustaining
a very severe shock.
in
The President of the United States was quick to sense the danger, and
material facts of
order to apply a remedy to both the psychological and
of
the situation he convened a series of conferences of representatives
industry, finance, transportation and labor. Out of these conferences
construction
have come pronouncements and assurances of expanding
lines
undertakings by the Government, industry and on the transportation
which will serve as a guarantee against widespread unemployment.
confidence
"We find now that pessimism is giving way, that faith and
hope to an
are being restored, and we all can look forward with renewed
early resumption of increasing industrial activity.
The representatives of labor who were invited to meet with the President
economic
of the United States on Nov. 21 reiterated and emphasized the
of high
policy of the American Federation of Labor regarding the payment
the masses
wages and the maintenance of a high purchasing power among
that the
of the people. They were more firmly convinced than ever
consuming
prosperity of the nation depended upon the purchasing and
power of the people.
"For this special reason they announced their uncompromising opposition to any reduction in wages or any lowering of the living standards
of the masses of the people.
and
"At the same time, these representatives expressed their individual
collective opinion that it would be unwise to aggravate the situation by
of
basis
The
present.
demanding increases in wages for the immediate
such opinion is clear and well understood.
"Labor has learned from experience that movements for special increases
in wages cannot be successfully launched at a time when the nation has
sustained a severe shock as a result of the destruction of billions of
dollars in values, resulting in the curtailment of the buying power of the
millions of victims who lost all they possessed.
"All the factors which make for a quick and speedy industrial and
economic recovery are present and evident The Federal Reserve System
is operating, serving as a barrier against financial demoralization.
"The productive power of industry and of those associated with it is
maintained at its highest point, and the desire of the masses of the people
to buy and consume manufactured products is as great as ever.
"Within a few months industrial conditions will become normal, confidence and stability in industry and finance will be restored, and labor,
strong and aggressive, will be prepared to demand and secure higher
wages and a greater degree of leisure, so that the use of the products of
the mill, mine and factory will balance with the facilities of pro-
The White House, Nov. 22 1929.
The President has received the following message from R. H. Aishton,
President of the American Railway Association, meeting in Chicago to-day
The railway executives who were called into conference by you at Washington last Tuesday have, as you requested, communicated to their associate executives at the meeting held to-day in Chicago the views you expressed to them in respect to maintaining stability and promoting prosperity in business,and lam authorized to give you the assurance of their very
sincere and earnest spirit of co-operation in the work you have undertaken.
These executives in their associations represent approximately 97%
of the total operating revenues and approximately 91% of the total railway
mileage in the United States. They realize the national importance to
the social and economic well being of the country of business stability and
prosperity, and their duty so to discharge their transportation responsibilities as to make their service harmonize with the wisest and most intelligent Judgment and plans for the public welfare.
The program of capital expenditures already arranged for is impressive,
amounting up to Oct. I of this year to $1.247,792.000 for class I railways,
of which $673,972,000 remained on that date to be expended. This figure
of $1,247.792,000 compares with a capital program of $902,307,000 for
the same period of 1928. an increase of over 38%. The number of freight
cars on order on Oct. 1 was 29.481, a greater figure than on the corresponding date in any year since 1924, and this number has been increased
as of Nov. 1 to 38,642, which 18 an increase of 27,561, compared with the
same date a year ago.
On Oct. 1 there were 354 locomotives on order, as compared with 113
on the same date in 1928 and 134 in 1927. There are also now on order
Vlbrincr
lsror delivery
1,500,000
d byorc
Peginr'tsla
tLl7
aii
1030. i"a e I n iteee
mately 1,000,000 additional tons, which would make the rail delivereries
in excess of last
substantially
and
tons
in 1930 approximately 2,500.000
year.
Not believing that there is anything in existing conditions to require It
the executives have no purpose whatever to reduce or abandon any part
of this program. They are proceeding with confidence in the future business prosperity of the country and In reliance upon the full co-operation
these circumstances.
of industry in all its branches equally interested under
It is their hope and expectation to proceed on at least a normal basis
in their future capital and maintenance expenditure. A movement to
increase them, however, has been started and is being actively and intelligently pressed forward.
In respect to your desire to organize a committee of contact for the
various industries and with a view of harmonizing and stimulating conmeeting designating me
structive work resolutions were adopted atofthis
the Association of Railway
as Chairman of the executive committee
of
keeping them in touch
means
a
as
railways
the
Executives, to act for
with other industrial groups and with developments as they occur; and I
was requested to assure you of the willingness of the executives to assemble
and make serviceable, through competent agencies. current figures with
respect to capital expenditures and other available information that may be
desired.
This program will assure larger employment in the railway equipment
industry next year than in 1929 and a very substantial addition to the
railway demands for steel.
Statement by President Green of American Federation
of Labor That Labor Will Refrain During Present
Situation from Seeking Wages Increases.
William Green, President of the American Federation of
Labor, in a statement issued on Nov. 22, indicated labor's
co-operation with the movement of President Hoover to
stabilize business conditions. Mr. Green stated therein that
the representatives of labor who conferred with the Presi-
duction."
A. J. Muste, of Conference for Progressive Labor
Action, Criticises Pledge by President Green of
American Federation of Labor That Workers Will
Seek No Wage Increases at This Time.
Sharp criticism of the promise given by William Green,
President of the American Federation of Labor, to President
Hoover whereby labor was pledged not to demand higher
wages during the present economic crisis was expressed on
Nov. 24 in a statement by A. J. Muerte, Chairman of the
Conference for Progressive Labor Action, according to the
New York "Times" of Nov. 25, from which we also take the
following:
labor
Ile condemned Mr. Green's promise as "proving that organized
of big
has no independent policy of its own, but always follows the lead
business."
"By merely giving assurances that to increases will be sought, the
when
morale and courage of the workers is sapped at the very moment
they may be called upon to fight attempts to cut wages, lengthen hours
and speed up production and when Southern workers are actually engaged
in a bloody conflict to raise their standard of living. It amounts to a
hideous betrayal of trust.
to
"If the A. F. of L. leaders are simply saying that it is harder
organize, to win strikes and to raise wages in 'bad times,' they did not
need to go to the White House to learn this," Mr. Muste said, "and the
workers do not need to be told that by their leaders."
In assuring President Hoover that "no movements beyond those already
in negotiation would be initiated for increases of wages," President Green
and other A. F. of L. leaders have made "a poor, unnecessary and disgraceful bargain and have placed themselves and the labor movement in a
weak and confusing position," Mr. Muste declared.
"Big business and the profiteers and speculators who are responsible for
the plight in which the nation finds itself after an orgy of speculation
and the subsequent crash get a handsome bargain," Mr. Muste said. "They
are handed a substantial tax reduction. The Government places all its
forces at their disposal 'to make sure that business shall go on as usual.
Labor meekly promises not to rock the boat and to be satisfied with the
wages it is getting.
"What does labor get in return? A promise that employers will not
reduce wages, which is as good as a million-dollar check from a man who
has nothing in the bank. Doubtless, employers will be too clever to
announce a general wage reduction. There are, however, many ways of
cutting wages and making the pay envelope thin, as millions of workers
learned during the depression of 1920-22. What if an employer reduces
wages? Will the Government put him in jail or the banks call his loans?
What about the unemployed workers forced out of a job by the Stock
Exchange crash and by new speed-up devices which will doubtless be
introduced to cut labor costs? What protection have they against reduction
of income?"
3418
FINANCIAL CHRONICLE
Ford's Denver Plant Virtually Closed.
Under date of Nov. 20 a Detroit dispatch to the New York
"Times" stated:
It became known here to-day that the Denver plant of the Ford Motor Co.
had closed, or was virtually closed, the reason given being to allow dealers
In the Western zone to dispose of their overstock. Inquiry at the executive
offices here failed to shed light on a rumor that 30 or more other Ford
plants throughout the country were similarly affected, or if the closing or
greatly decreased plant employment were the result of overproduction or to
clear the way for a new car. Neither would be affirmed nor denied.
Seemingly reliable reports from semi-official sources say the company
will soon be showing a greatly improved model, following a pronounced
tendency to follow the more common practices of the industry by showing
something new every two years at least.
[Vox,. 129.
restricted production work will be divided among employees so that all
may have a part of the earnings.
Mr. Campbell's announcement followed his return from a conference
with business and industrial leaders in New York.
"We have found that fundamental conditions in the country are favorable
for continued prosperity," he said. "It will take a little time for the
country to adjust itself and during this period we can't hope for business
to be as good as it was last winter, but the turn for the better is not
far away."
Commenting on President Hoover's economic policies, Campbell called
them absolutely sound and constructive and for the best interests of the
nation and should not be hampered by politicians."
Mr. Campbell announced that in order to assist Youngstown banks in
having 'funds to lend for constructive business he had increased his cont.
pany's deposits in them.
Ford Raises Wages of Mexico Workers—Increase Effec- Otis Steel Co. and Midland Steel Products Say There
Will Be No Wage Reductions.
tive December 1, and in Addition Innocent Abettors
From
the
New
York "Evening Post" of Nov. 22 we take
in Strike Taken Back.
the following:
The following Mexico City advices appeared in the "Wall
Otis Steel Co. and Midland Steel Products Co. have announced there
Street Jorunal" of Nov. 23:
will be no reduction in wages of employees at this time. The following
Adrian Rene Lajous, Ford Motor Co. local representative, announces that
wages of Ford Motor Co. of Mexico employees now receiving from six to
nine pesos daily will be raised to seven pesos 20 centavos to 12 pesos daily.
Apprentices who earn two pesos 50 centavos daily, during their first 800
working hours, will be paid three pesos daily during their first 600 working
hours. New wage scale becomes effective Dec. 1.
The statement also announces Henry Ford's authorization for the local
management to take back employees who recently abetted the strike that
closed the plant for three weeks, because in the opinion of the Detroit
manufacturer they were innocent victims of others.
The statement also gives warning to such strikers who seem afraid to
return to work for fear of incurring the enmity of union leaders that they
have until the end of November to make up their minds whether they will
return to work. Such places then remaining vacant will be filled by new
personnel.
notice has been posted at both companies:
"It is a pleasure to announce to employees that because of their faithful
performance of duty and in anticipation of their continued loyalty this
company will not consider any reduction of wages at this time."
Rumors have been circulated during the past few days that both companies
were to cut wages.
Otis is operating at around 10% capacity.
President Hoover to Consider National Conference of
Retail Trade Interests--Promises to Weigh Proposal of Meyer-Liberman of Arnold, Constable &
Co.
The New York "Times" of Nov. 26 stated that President
Hoover has promised to consider the suggestion that a
Shut Down of Ford Plants Outside Detroit for 10 national conference '• of department store executives and
Days to Two Weeks for Readjustments.
retail merchants be called to discuss plans for restimulating
Associated Press advices from Detroit on Nov. 22 reported business in the United States, according to an announcement
that readjustments that must be made in preparation for by Meyer Liberman of Arnold, Constable & Co.
next year's production will bring about a shutdown of from
In a telegram he sent to the President last week Mr. Liber10 days to two weeks in each Ford assembly plant through- man sa d:
The retail establishments, including the department stores of this
out the country, it was learned that day at the executive
country, do business mounting into billions and give employment to hundreds
offices of the Ford Motor Co. The press advices said:
of thousands of men and women. Any unsettling of this phase of American
Some of the plants have already closed, and others will follow suit as
their stocks of materials are worked up, it was explained in emphasizing
that the plants will not close simultaneously. All the material on hand
in each assembly plant is to be worked up before that plant closes. Under
this arrangement many of the assembly units, with large stocks on hand,
may not close until after other plants have reopened.
A shutdown will not be necessary in the Detroit area, it was said, because
the workers can be shifted from one line of work to another pending completion of the readjustment of plant equipment.
To rumors that only a skeleton organization was operating in the local
area, one executive of the Ford Co. asserted that in the three major plants
in the Detroit metropolitan district 99,169 workers were engaged
yesterday.
Not a "Seasonal Shutdown."
"That doesn't sound as though we were on our 'uppers,' as some people
would have you believe, does it?" this official asked.
"This is not a shut-down for 'seasonal' reasons. There's nothing 'seasonal about it. It is solely that readjustments may be made in all the
plants for next year's business."
Yesterday's production in the local area was given as 4,000 units, despite
the shifting of men incident to the plant readjustments. Before this
reassignment of workmen began a maximum daily output of over 7,000
units was reached
How long it would require for all the Ford assembly plants to clear
their present stocks and complete the readjustments referred to in plant
equipment could not be definitely stated. It was said, however, that a
production schedule in excess of the maximum thus far this year will be in
operation "long before the first of the year."
From another source it was learned that a daily production schedule of
12,000 units is planned as soon as possible after all assembly plants have
cleared their present stocks of materials.
Henry Ford returned from Washington to-day, but said there was nothing
further to add at this time to the announcement he gave out at the capital
regarding an increase in wages for Ford employees.
"I will go into conference with my son Edsel Ford, President of the
Ford Motor Company, as soon as he returns to Detroit within the next few
days," Mr. Ford said.
"There is to be no cut in production and none is contemplated. The
stock market situation has not affected our plans or policy in the least.
We are going right ahead on the lines indicated in the views which I
presented to the President's conference."
commercial life is bound to intensify pessimism and endanger the business
stability of this country.
May I urge that such a conference be held under your auspices at the
earliest moment for the purpose of appealing to merchants, manufacturers
and others to refrain from canceling orders, reducing working staffs and
curtailing buying and advertising appropriations?
The retail business is the crux of America's commercial life, and the
co-operation of the merchants of this country would go far toward re-establishing the present impaired confidence.
• In reply, the President wrote to Mr. Liberman:
I have received your telegram of Nov. 21.
I wish to express my appreciation for your kind suggestion. I will
give it my consideration as the situation develops.
HERBERT HOOVER.
President Hoover's Conference With Heads of Public
Utilities To Consider Measures To Stabilize Business.
Plans for the expenditure of $1,810,000,000 for new construction and the maintenance of existing properties in
1930 by the electric light and power, gas and electric
utilities were indicated at a conference which President
Hoover had in Washington on Nov. 27 with representatives
of leading public utilities. Plans for this conference were
not made known until Nov. 26; it was the second held
this week, both following the series of conferences of last
week (referred to in these columns a week ago, pages
3261-32M). All of these conferences were proposed by
President Hoover with a view to considering measures to
stabilize business and maintaining employment. On Nov.
27 when the representatives of the utility bodies met
with the president the following statement was made
public by Matthew Sloan, president of the National Electric
Light Association and of the New York Edison Company:
"The electric light and power, manufactured and natural gas and
electric railway utilities contemplate the expenditure of $1,400,000,000
The announcement that a wage increase at the Ford plants during 1930 for new construction and expansion of facilities, an increase
is proposed was referred to in these columns Nov. 23, over the corresponding expenditures for 1929 of $110,000,000.
"In addition to this amount, they will spend to maintain existing
Page 3264.
properties
$410,000,000."
J. A. Campbell of Youngstown Sheet & Tube Co. Says
There Will Be No Reduction in Wages of Steel
Workers.
J. A. Campbell, President of the Youngstown Sheet &
Tube Co., announced on Nov. 22 there will be no reduction
in. wages in the steel industry so far as can be foreseen.
Press advices from Youngstown, Nov. 22, reporting this,
added:
During the summer production schedules were kept above the normal
Capacity of the plants, and mostly because of this fact the mills are now
operating at no mote than 65% capacity, he said, but in the period of
The above statement by Mr. Sloan made in behalf of
the delegates present at the conference, was supplemented
by the following statement issued by Mr. Sloan in behalf
of the National Electric Light Association:
"The electric and power utilities companies of the country contem-
plate an expenditure during 1930 of $865,000,000 for expansion of their
facilities, an increase of $65,000,000 over corresponding expenditures for
1929. This does not include expenditures for maintenance. The programs provide for expansion and development in all sections of the United
States.
"The electric utilities must maintain themselves in a position to
meet
increasing demands for service as they develop, and they, therefore,
plan their construction well in advance.
Nov. 30 1929.]
FINANCIAL CHRONICLE
3419
Owen D. Young, Chairman of the Board, General Electric Company,
"The plans for 1930 are completed, large commitments have already
been entered into and many contracts for equipment and material have New York.
Samuel Insull, Chairman Commonwealth Edison Company, Chicago.
been placed. Careful consideration of existing conditions has justified
George B. Cortelyou, President Consolidated Gas Company, New York.
this expansion in anticipation of the growing requirements of industry
Matthew S. Sloan, President New York Edison Company, New York.
for power, and consumers generally for increased electric service."
Sidney Z. Mitchell, Chairman Electric Bond & Share Company,'New
The following, regarding the conference, is taken from
York.
the Washington advices Nov. 27 to the New York "Times":
Frank L. Dame, President North American Company, New York.
W. Alton Jones, Vice-President Cities Service Company, New York.
Easier Money Brightens Outlook.
Bernard C. Cobb, Chairman Allied Power and Light Company, New
Various factors that are expected to prevent any recession in the
activities of public utilities interests were stressed at the conference. York.
C. E. Groesbeck, President Electric Bond & Share Company, Nest
Easier money has made the outlook attractive, according to what was
said by some of the conferees. Large commitments for expensive work York.
George N. Tidd, President American Gas & Electric Company, New
next year already had been made and would not be interfered with by
York.
the stock market situation.
Philip G. Gossler, President Columbia Gas & Electric Corporation,
The figures presented were compiled after a survey and meetings of
the utilities group prior to the conference and it is prepared to go New York.
W. Winans Freeman, Vice-President Columbia Gas & Electric Corporaahead with the various projects without delay, the President was told.
Owen D. Young, chairman of the board of the General Electric Com- tion, New York.
Floyd L. Carlisle, Chairman Northeastern Power Corporation, New
pany stated when he was leaving the White House that the increased
construction programs were bound materially to benefit the industries York.
Frank T. Hulswit, President American Commonwealth Power Corsupplying the utilities group.
poration, New York.
Give Details of Projects.
Clifford E. Paige, Vice-President Brooklyn Union Gas Company,
The thirty-five executives who attended the conference represented Brooklyn.
companies having central offices in nine States and the District of CoAlexander Forward, of the American Gas Association.
lumbia and whose interests touch the major portion of the country.
Charles L. Edgar, Chairman Edison Electric Illuminating Company,
After the conferees had left the White House, most of them gave Boston.
out in detail the amounts their companies plan to expend in new conThomas N. McCarter, Public Service Electric & Gas Company, Newstruction and maintenance in 1930.
Many expressed themselves as ark, N. J.
confident that general business would hold up well in the coming year.
Halford Erickson, Vice-President Byllesby Engineering and ManageCompanies associated with the Electric Bond and Share Company ment Corporation, Chicago.
will spend approximately $241,400,000 for new construction, material
John E. Zimmermann, President United Gas Improvement Company,
supplies and taxes in the coming year in various States, said C. E. Philadelphia.
Groesbeck, the company's president. The total authorized for new conJohn B. Miller, Chairman Southern California Edison Company, Los
struction was $125,400,000, and for labor, materials and supplies, Angeles.
$116,000,000.
Herbert A. Wagner, Consolidated Gas, Electric Light and Power Com"The program embraces much large construction which cannot be pany, Baltimore.
completed in 1930," Mr. Groesbeck added. "Therefore, the total
J. N. Shannahan, President Omaha & Council Bluffs Street Railway
authorization involves commitments greatly in excess of the $125,000,000 Company, Omaha.
slated to be expended for new construction next year."
James P. Barnes, President Louisville Railway Company, Louisville.
The American Power and Light group would spend $45,200,000, the
Guy a Richardson, Vice-President and General Manager Chicago SurElectric Power and Light Corporation $38,300,000, and the National face Lines, Chicago.
Power and Light group $41,900,000.
J. H. Hanna, President Capital Traction Company, Washington.
G. H. Clifford, President Stone & Webster Service Company, Boston.
Encouraged by Conference.
Lucius S. Storrs, Executive Chairman United Railways and Electric
W. A. Jones, First Vice-President of the Cities Service group, stated
it was planning to spend $150,000,000 in 1930, of which $60,000,000 Company, Baltimore.
W. A. Draper, President Cincinnati Street Railway Company, Cinwould be for extension of natural gas facilities and $90,000,000 for oil,
steamship transportation and pipe lines. Expenditures for construction cinnati.
P. A. Gadsden, Vice-President United Gas Light Improvement Comwould materially increase payrolls throughout the country.
President George D. Cortelyou of the Consolidated Gas Company of riany, Philadelphia.
Bernard J. Mullaney, Vice-President People's Gas Light & Coke ComNew York said his company was planning to spend approximately
pany, Chicago.
$100,000,000 in 1930, most of which would go into new construction.
Stephen B. Davis, director joint committee National Utility AssociaB. C. Cobb, chairman of the Allied Power and Light Corporation of
New York, expressed himself as being very much encouraged by the tions, New York.
Harvey C. Couch, President Arkansas Power & Light Company.
present trend of business.
A. B. Tenney, Charles H. Tenney & Company, Boston.
"President Hoover has a remarkable grasp of business and economic
Edward B. Robinette, Philadelphia.
problems," he added.
The United Gas Improvement Corporation of Philadelphia will spend
for new work in 1930 $41,000,000, an increase of $6,000,000 over the
total expenditures planned this year, Philip H. Gadsden, its President,
U. S. Chamber of Commerce Calls Conference of Represtated.
sentatives of Industrial and Trade Groups in WashG. N. Tidd, President of the American Gas and Electric Company of
New York, made known that its new construction budget amounted to
ington, Dec. S.
$50,000,000. He believed the conference would have a beneficial effect
Invitations to a conference called by the Chamber of
upon all branches of employment.
Haljord Erickson, Vice-President of H. M. Byllesby & Co. of Chicago, Commerce of the United States were extended by the
which operates in nineteen States, said the company would spend be- Chamber in telegrams addressed on Nov. 22 to trade astween $64,000,000 and $70,000,000 on new construction next year, in sociations representing basic industries, as well as to inaddition to between $15,000,000 and $20,000,000 for maintenance. The
Washington
Consolidated Gas, Electric Light and Power Company of Baltimore dividuals. The conference is to be held in
expect to spend $7,750,000 in 1930, a 10% increase in the budget of Dec. 5. The following is the telegram which was signed
1929.
by William Butterworth, president of the U. S. Chamber,
Major Alexander Forward, managing director of the American Gas
Association, expressed confidence that the result of the conference would and Julius H. Barnes, chairman of its board of directors:
be to restore public confidence in business.
"At the suggestion of President Hoover, indorsed by railroad and
"The business of our members increased 9% last year, and there is no business leaders, the Chamber of Commerce of the United States is
said.
construction,"
he
reason for a curtailment of
calling a conference for December 5, at 10 o'clock, at chamber head.
quarters in Washington for the purpose of considering voluntary
Electric Railways' Plans.
••
and co-operative action among various lines of industry and between
electric
statement
for
the
railways
was
following
presented
by
J.
The
business and governmental agencies in aid of business stabilization
N. Shannahan of Omaha, acting for Paul Shoup:
and the preservation of the recent high level of business activity.
"A canvass of the electric railway companies of the United States,
"President Hoover will open this conference and from it may grow
comprising street car, rapid transit, interurban and bus lines handling some form of business council for continuing action. We desire
approximately 16,000,000,000 passengers annually, indicates that 97% your association to send delegates from your strongest leaders and
of the executives responding to our inquiry do not anticipate that the would appreciate names of your selection in near future. Letter
present stock-market situation will affect their capital and maintenance follows with details of information desired at this initial meeting."
expenditures during the coming year.
"This survey, made at the suggestion of Paul Shoup, President of the
American Electric Railway Association, who is unfortunately unable
Illinois Federation of Labor Indorses President Hoover's
to attend this conference due to his presence on the Pacific Coast, indiEfforts Toward Stabilization of Business,
cates that this industry which during 1929 is spending approximately
$1,000,000 a day for maintenance, betterments and extensions, expects
Associated Press advices from Chicago, Nov. 27, were
to maintain or exceed this rate of expenditure during 1930.
York "World":
"At a meeting held at the Association's headquarters in New York published as follows in the New
Organized labor in Illinois today endorsed President Hoover's business
on Nov. 26, 1929, representative executives of companies operating in
various parts of the country expressed their confidence in the business and industrial expansion policies. It said "We're ready and anxious to
outlook and their desire to co-operate with President Hoover in every work. Begin the improvements."
progress . The occasion was a conference called by Victor Orlander, Secretary
possible way in his effort to stabilize and insure the continued„
of the Illinois State Federation of Labor, to bring together the heads of
and development of business."
Today's conference, which lasted less than two hours, was the last of the various trades and crafts to discuss what they could do to stimulate
the series called by President Hoover to devise means for counteracting business and building.
The labor leaders said the unemployment problem was serious because
business recession. Leaders of business groups will meet here on Dec. 5
to make a general survey of the situation and provide a stabilization of a let-down in building activities. Patrick Sullivan, President of the
Trades Council, said at least 40 per cent, of the members 8
Building
program, and while they will be addressed by the President, their meeting
will be apart from the conferences which have been taking place at the his organization now were idle and faced a profitless winter unless
business perked up.
White House since Tuesday, Nov. 19.
Committees were named to see what could be done toward getting
According to the New York "1Ierald-Tribune" present work on the Chicago Post Office, a $14,0110,000 project, started and
to
with
the
President
were
the
conference
at the utilities
aid all parties concerned in settling the Chicago traction dispute which
building
program
costing
ten-year
some
would inaugurate a
$400,000,000.
following:
3420
FINANCIAL CHRONICLE
[VOL. 129.
Death of B. F. Yoakum,Financier and Railroad Builder.
Benjamin F. Yoakum, financier and railroad builder,
who, says the New York "World," is credited with having
built more ,miles of railroad than any man in this country,
died at--his home in New York on Nov. 27. He had a
heart—attack Monday, followed by complications which
because of his age resulted fatally. In its account of his
activities the "World" said:
In a decision made public yesterday he upheld demurrers
to the indictment on the grounds that it was a violation of right
guaranteed by the
United States Constitution. Mr. Mancuso, Anthony
Di Paola, Salvatore
Soraci, Leonard Rose, Isadore Siegeltuch, Frederic°
Ferrari and Francis S.
Paterno were charged in the indictment with participation
in a fraudulent
Insolvency of a moneyed corporation, a misdemeanor.
A similar statute in
Georgia has been held unconstitutional by the United
States Supreme Court,
and this formed the ground for Justice Tompkins decision.
District Attorney Banton announced that he would appeal
the decision
immediately to the Appellate Division, and, if an adverse
ruling was
handed down there, would take the case to the Court of Appeals.
If necesMr. Yoakum was Chairman of the Board of the Empire
Bond & Mort- sary the case may go to the United States Supreme Court for final detergage Corp. and he held directorships in the Western
Power Corp. and the mination. Mr. Banton believes that the proceedings in the State courts
Seaboard Air Line and St. Louis & San Francisco railroads.
can be finished in less than six weeks, since the District Attorney's
office
Mr. Yoakum, a native of Texas, began as a surveyor's
rodman. In has priority. If it becomes a question of carrying the case to the United
the development of the Southwest no man played
a more prominent part. States Supreme Court that decision may rest with Thomas C. T. Crain, who
He helped convert millions and millions of acres
in Texas from open, will succeed Mr. Banton on Jan. 1.
almost uninhabitable spaces to an empire yielding wealth
The grand jury which returned the indictment has not been
from a thousand
discharged,
sources.
but the evidence will probably not be resubmitted for superseding
indictLater, from St. Louis and New York, he directed the building
ments
until the appeal has been determined.
and the
operation of railroads in eleven States of the South. the
Middle West
and the Southwest.
Sees His Troubles Over.
In New York he was active until his death in the development
Mr.Mancuso was not concerned yesterday over the possiblity ofan
of Long
appeal
Island, which he predicted would increase in population in the next
by
the
District Attorney. He was happy to receive the news of the decision
decade
from four millions to seven. He was Chairman of the Bridge and
Tunnel in his favor and considers his worries over.
Committee of the Long Island Chamber of Commerce and a hearty advo"I am glad to have this settled," he remarked. "Now I can devote
my
cate of early construction of the tri-borough bridge to connect Manhattan, attention to
building up my law practice."
the Bronx and Queens.
He would make no other comment, but instead gave out a typewritten
Mr. Yoakum was 70 years of age.
statement issued over the name of his attorney, Frank Aranow,
in whose
suite at 84 William St. he has his law office.
The statement said the indictment was dismissed, not on
technical
New U. S. Assay Office in New York to Face East River. grounds, but upon "grounds which involve the substantial
merits of the
Regarding the purchase of property in Front St., for the case."
"This decision directly determines that no indictment should have
been
Assay Office of the U. S. Sub-Treasury in New York, the brought
against Judge Mancuso," the statement concluded.
"Sun" of Nov. 29 said:
Isidore Glauberman of 132 Nassau St., attorney for Paterno, Rose
and
The properties which the Federal Government has acquired on the edge Soraci, initiated the action which resulted in the overthrow of the formal
of the financial district for the new Assay Office comprise 45-45 South charge against the directors. He filed demurrers on behalf of his clients on
Oct. 22, citing the Georgia case, and then submitted a 52 page brief
St., 77-87 Front St. and 28-36 Old Slip. The plot contains about
27,000
on
Oct. 30. Similar motions were made by Mr. Aranow for Mr. Mancuso
square feet and is the entire east side of Old Slip from Front to South St.
and
Brown, Wheelock: Harris, Vought & Co. were commissioned by the Robert S. Johnstone for Isadore Siegeltuch, who is himself an
attorney.
Government to obtain the site necessary, and spent some six months in a Oral argument was heard by Justice Tompkins at his chambers in
Nyack
study of the matter and consideration of possible sites. Simon Newman, last Friday.
Vice-President of Brown, Wheelock, made a number of trips to Washington
Test of Decision.
In connection with the matter.
Ills decision, as sent to the District Attorney, reads:
The property acquired consists of seven parcels, five of which have been New
York Supreme Court, New York County—The People of
the State of
purchased. Inability to agree upon a price for the other two will probably
New York, against Francis X. Mancuso, Anthony
Di Paola. Salvatore
be followed by condemnation proceedings.
&mad, Leonard Rose, Frederick Ferrari, Isadore
Siegeltuch
and
Francis S. Paterno, Defendants,
The purchase of 77 Front St. and 28-32 Old Slip was effected with the
J.
Charles F. Noyes Co. acting as co-broker. The Cruilothank Co. was co- Tompkins,
The above named defendants were indicted under Subdivision
1 of
brolsesin the purchase of85-87 Front St.and Stanley Wolfson was co-broker Section 297 of the Penal Code
and are
with having participated, as
directors, in the fraudulent insolvencycharged
In the acquisition of 41 South St.
of the City Trust Co.
The last paragraph of Section 297 must
The site faces the East River and lies three blocks below Wall St. which
read in connection with Subdivision land as a part thereof. A penal lawbe
of the State of Georgia,similar,
at this end is expected to undergo decided improvement during the next in
all its material provisions, to Section 297 of
years.
few
The corner of Wall and Broad Sta. is a comparatively short declared unconstitutional by the United States our Penal Code, has been
Supreme Court (Manley vs.
Georgia, 279 U. S., Page 1.)
distance away.
The validity of Section 297 has never been adjudicated by any
It will be recalled that the present Assay Office at 30 Wall St. was acthis State so far as we can find, and its provisions are so nearly court in
identical
quired last summer by the interests which are building the mighty Man- with the Georgia
statute that I feel constrained to accept the decision in
hattan Co. Building, which when completed will include the present Assay the Manley case as controlling authority,
and it follows that the demurrers
must be allowed.
Office site. The bid of the 40 Wall St. Corporation was 66,501,000.
If these defendants as directors of the
company have wilfully
The present Assay Office property contains about 10,385 square feet.
elqgle any act which is expressly forbidden bytrust
law or have wilfully omitted
The sale of the present Assay Office in Wall St. was re- ate' duty imposed upon them by
law they may be indicted under Subdivision 2 of Section 297 of the Penal Code, as to the validity of which there
ferred to in our issue of July 27, page 573.
113 no question.
The demurrers to the indictments against Some! and Rose for making
New York City Bank Stocks Show Increase of 277% false entries, &c., are overruled.
Dated, Nov. 20 1929.
Over Past 5 Years According to Ralph B. Leonard
The demurrers which are overruled against Soraci and Rose were on
separate indictments in connection with the filing of a false report to the
& Co.
Department,
While the recent break in the stock market brought a 49% Banking
Section 297 contairs two parts and the directors were accused under the
decline in New York City bank stocks, the values to-day are first part, which
rem's:
277% above those of 5 years ago, according to Ralph B. "Every director of a moneyed corporation who in case of the fraudulent
Insolvency of such corporation, shall have participated in such fraud
Leonard & Co. "New York City bank stocks," according . . .
shall be guilty of a misdemeanor."
to the firm, who are specialists in bank and insurance stocks,
A concluding paragraph, and it is this part which was held to deprive the
defendants
of the protection of the due process clause of the Fourteenth
"have gone through the fire of the greatest of financial
says:
holocausts and yet appear to be within striking distance of Amendment,
"The insolvency of a moneyed corporation is deemed fraudulent unless
showing a 300% increase in market value over that of the its affairs appear upon investigation to have been administered fairly,
closing months of 5 years ago." The following table shows legally and with the same care and diligence that agents receiving a compensation for their services are bound, by law, to observe."
the range of prices from October 1914 to Nov. 20 1929:
Mr. Banton holds that this paragraph is not essential to the State's
case. He says that this does not concern the crime itself but the evidence
Cost Per
On Oct. On Oct. 14 On Nov. 20 regarding the crime.
Share
1924 Equi- 1929 Equi- 1929 EquiHe maintains that the State has ample proof of the fraud in the failure
Oct. 1914. relent to
oaten: to
relent to
of the City Trust without relying on that specification. It is on this conChase Bank
tention that the appeal will be brought. He will confer with Special
$865
$507
813,463
87,267
City Bank
355
541
10,705
Assistant Hiram C. Todd, appointed specially to prepare and try the City
4,005
Manhattan Co
155
180
929
411
Trust cases, and Assistants Ferdinand Pecora and Harold W. Hastings
Chatham Phenix Bank
170
442
2,320
1,456
regarding
the argument on appeal and the advisability of recalling the grand
Guaranty Trust
510
4,823
563
2,274
gun!table Trust
jury.
392
5,532
1,083
2.376
Bankers Trust
417
639
5.009
2,656
Central Hanover Trust
980
3.017
13,745
9,108
Manufacturers Trust
140
455
4,108
.1.287
Contributions to United Hospital Fund Through
America N. A
552
705
3,432
1,896
Irving Trust
210
640
3.091
1.705
"Bankers' and Brokers' Committee"—Numbe
Justice Tompkins of State Supreme Court Quashes
Indictment Against Former Judge Mancuso Growing Out of Failure of City Trust Co. of New York—
Indictments Against Other Directors Dismissed.
The joint indictment against former Judge Francis X.
Mancuso, Chairman of the Board, and six other directors of
the failed City Trust Co. of New York were dismissed on
Nov. 21 by Arthur S. Tompkins of the New York State
Supreme Court. The indictments were handed down on
Oct. 16, and were referred to in our issue of Oct. 26, page
2627. From the New York "Times" of Nov. 22 we take the
following regarding the quashing of the indictments:
r of
Subscribers Contributing More Than Year Ago.
Nearly every banker and broker who is a trustee or director of one of the 59 hospitals belonging to the United Hospital Fund has joined the "Bankers'and Brokers' Committee"
of the Fund for this year's collection, which is the fiftieth
anniversary of the Fund. James Speyer, of Speyer & Co.,
is Chairman, and Charles H. Sabin, Vice-Chairman of the
Guaranty Trust Co., is Associate Chairman of the "Bankers'
and Brokers' Committee" of the United Hospital Fund, and
Albert H. Wiggin, Chairman of the Chase National Bank,
is Treasurer of the Fund. Mr. Speyer stated on Nov. 21
that, although the letters asking for subscriptions only went
out on Nov. 18, the responses have come in more promptly
Nov. 30 1929.]
FINANCIAL CHRONICLE
than ever, and a number of subscribers have also increased
their subscriptions over last year's. '
J. P. Morgan & Co., who last year contributed $12,000,
have increased their subscription to $20,000, and Kuhn,
Loeb & Co. and Speyer & Co. have increased their subscriptions from $6,000 to $7,500 each. Charles H. Sabin has
increased his subscription, as also August Zinsser, President
of the Central Savings Bank; Maurice L. Farrell, Vice-Pres.
of Chain Store Stocks, Inc., and others. Also a number of
subscriptions have been received from houses and individuals
that have not contributed heretofore. Mr.Speyer,commenting on the efforts of the Committee, said:
"Last year the'Bankers' and Brokers' Committee' collected $119,435 05
but this year we wish to raise a larger quota of the total (of $1,000,000).
We want to.keep 'Wall Street' in the lead in this charitable work for our
own city's sick poor, especially this year, and not only because it is the
Fiftieth—Golden—Anniversary of the Fund.
"As usual, the total amount collected will be apportioned, impartially,
by an independent committee, headed by the Mayor, among the 59 hospitals belonging to the Fund. This work ought to appeal to everyone,
because the money is distributed without regard to creed, color or nationality, in the truly American spirit. We want to keep'Wall Street' in the
lead in war and in peace and in'good' times as well as in'bad' times."
A reference to the Committee and its campaign appeared
in our issue of Nov. 23, page 3275.
Company—First
of
Underwriters' Trust
New York Banking Institution To Be Identified
Opening
With Insurance Interests.
3421
L. Gustam Moses, Vice-President, Geery, Guthrie & Co., Inc.
Allan P. Perkins, Vice-President, Underwriter's Trust Co.
George C. Van Tuyl, Jr., President, Bankers Loan & Investment Co.
Items regarding the organization of the trust company
appeared in our issues of Aug. 31, page 1374; Sept. 14, page
1677; Sept. 28, page 2010 and Nov.9, page 2958.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the
transfer of a New York Stock Exchange membership for
$360,000 an increase of $10,000 over the last preceding sale.
The principals in the transfer of an Exchange membership
were reported.to be George E. Barstow, Jr. the seller and
Harvey C. Lawder the purchaser.
Alfred E. Smith, former Governor of New York, was
elected Chairman of the Board of Directors of the County
Trust Co. of New York at a meeting of the direotons yesterday afternoon (Nov. 29). The "Sun" of last night, said:
Mr. Smith is vested with power of President of the company, and eventually, he said, will head the company. Be succeeds James J. Riordan. who
committed suicide.
The following statement was issued by Mr. Smith at the bank following
the meeting:
"At the meeting of the board of directors of the County Trust Co., held
at 4:30 Friday afternoon, Nov. 29,former Gov Alfred E. Smith was elected
Chairman of the board of directors.
"The former Governor has been a director of the County Trust Co. ever
since his retirement from the Governorship in January of this year. He
will now take an active part in the management of the bank's affairs. "The board of directors of the County Trust Co. are as follows: Vincent
Aster, John J. Broderick, Peter L. Carey, John J. Cavanagh, Howard B.
Cullman, William H. English, William J. Fitzgerald, James P. Geagan.
Edward J. Kelly, William F. Kenny, G. Le Boutillier, Arthur Lehman,
Ralph W. Long, M. F. Meehan, Daniel J. Mooney, John J. PulleYn.
John J. Raakob and Perry D. Saylor."
Of special interest to the insurance trade was the opening
on Tuesday, Nov. 26 of the Underwriters' Trust Co., the
first banking institution in New York City organized by and
devoted especially to members of the insurance trade. State
Superintendent of Insurance Albert C.Conway,who depoisted
The death of Mr. Riordan was referred to in our issue of
money for his personal account, was the first depositor. He Nov. 16, page 3114.
said that the convenience of the new trust company, which
The stockholders of the Empire Trust Co. of New York on
is located in the same building with the offices of the New
York State Insurance Department, was the primary reason Nov. 25, ratified the proposal to change the par value of the
for his interest in it. Another early depositor was Joseph shares of the capital stock of the company from $100 to $20
F. Cullman, Senior partner of the tobacco firm of Cullman each. Stockholders of record of Jan. 2 1930, will receive
Brothers, Inc., and a pioneer business man in the district five new shares for each old share held.
served by the new bank. Mr. Cullman remarked that this
Bayard W. Read, son of the late William A. Read, one of
is his sixtieth year in the district which will be served by the
& Co., has been
bank. Charles P. Rosevear of Thurston & Bradich, drug and the founders of the business of Dillon, Read
Hanover Bank
Central
the
of
Secretary
Assistant
an
elected
VMS
another
early
merchants,
bank
The
chemical
depositor.
Trust Co.,
Central
the
to
suecessor
York,
New
of
Co.
Trust
&
is located near the center of the district in which this industry
for more
centers. 'The trust company, with a capital and surplus of with which his father was identified as trustee
Mr.
Princeton,
from
1926
in
Graduated
years.
15
than
$2,250,000, is located in the ground floor of the Insurance
officers
Trades Building at-11 John St. A general commercial bank. Read Was engaged to act as intermediary between
reconing business will be conducted by the company, whose func- of the Central Hanover and those in charge of the
At
tions will also embrace trust and thirft departments. In addi- struction of the bank's headquarters at 70 Broadway.
the
in
capacity
similar
a
in
engaged
is
Read
Mr.
present
the
bank
facilities,
has
trust
and
installed
banking
tion to its
a new safe deposit vault in the basement of the building to construction of three new branch offices and the addition
serve corporate and individual interests. The Underwriter's of new space for two other branches. William R. Hanrahan,
Trust will specialize in service to insurance underwriters, retired naval officer and former executive booking manager
brokers, and agents, becoming a neighborhood bank serving of the Keith Albee Orpheum Vaudeville Exchange, has
especially the district East of Broadway, between Wall and been appointed Assistant Treasurer of the Central Hanover
Chambers Sts. Horatio N. Kelsey, long associated with the and has been assigned to the Herald Square office, where
insurance business, formerly manager in this country of the he will engage in the solicitation of new banking accounts.
Hamburg Bremen Fire Insurance Co. and the Northern
Co. of New York announces the
The Equitable Trust Assurance Co. of London and other foreign insurance comThompson and Robert L. Cudd
R.
Joseph
of
appointment
trust
company.
the
Allen
M.
Perkins
panies is President of
Secretaries.
Assistant
formerly with the Guaranty Co. of New York is Vice- as
President. Frank W. Breitback former trust officer of the
-of New York announces the
The First National Bank
Murray Hill Trust Co. is Treasurer. William D. Pike,
Sweez3,, as Vice-President. Mr.
B.
Everett
of
resignation
formerly with the Chatham Phenix National Bank & Trust
health.
ill
of
because
retires
Sweezy
Co. is Secretary. In a statement made with the opening
of the bank, Mr. Kelsey pointed to the growth of the
At a regular meeting of th-e Executive Committee of the
neigborhood, the number of new buildings under construc- National City Bank of New York, on Nov. 19, George P.
tion nearby and the lack of independent banking facilities Nolte and Frank E. Rassmussen were appointed Assistant
close to the business houses in the section in which it is Cashiers
located as a reason for the organization of the trust company.
The incorporators of the bank in addition to Mr. Kelsey are:
At a meeting of the Executive Committee of the City Bank
1. N. Hardingham
James I. Cuff
Clarence W.Lewis
Trust Co. of New York, on Nov. 25, John L. TurnFarmers'
Chase F. Enderly
Bertram E.Gendar
Ilenry L. McGee
bull, Ernest A. Strauss and Edward C. Smith were apDirectors of the bank are:
pointed Assistant Secretaries.
Watson & White, Investment Bankers.
Paul Abbott of
James I. Cuff, General Counsel, Indemnity Ins. Co. of North America.
Alliance Casualty.
Howard S. Cullman, Cullman Bros., Inc., tobacco.
John A. Dienutud, Vice-President and Director, Southern Surety Co.
Charles F. Enderly, New York Manager, Insurance Co. of North America.
Sumner Ford, President. Lewis and Sendar, Inc;
Iver N. Hardingham, President, the Hardingham Press, Inc.
M. L. Hide, Vice-President, director, Importers & Exporters Ins. Co.
of New York.
Eugene F. Hord, Vice-President and Director, Standard Accident Ins. Co.
Frederica) Lage, Lage & Co., Investment Bankers.
Percy C. Magnus, President, Magnus, Bisbee & Reynard.
Harry L. McGee, Vice-President, Tidewater Rolling Mills.
George W. Morgan, Breed, Abbott & Morgan.
According to the Brooklyn "Daily Eagle" Harry G. Hayward was elected President of the Nassau Union Bank of
Glen Cove, L. I., on Nov. 19, to fill the vacancy left by the
recent death of James H. Cocks, H. Gordon Hayward,
son of the new President was made Vice-President and Geo.
E. Bouton was chosen Cashier. John McGeorge is the new
Assistant Cashier.
Consolidation of the National City Bank of Troy, N. Y.
and the United National Bank of that city, under the title
3422
•
FINANCIAL CHRONICLE
[VOL. 129.
of the former, was approved by the respective
Through Bankers' Trust Mutual Association,
directors of
organized Nov. 6, 234 took
the institutions on Nov. 20, according
to the Albany stock which it was possible to buy at low prices in the recent markets.
This increased the amount of stock held by officers
"Knickerbocker Press" of Nov. 21. The resulting institu
and employees of Bankers'
tion Tritst CO. to 5.23% of the total outstand
ing. Few companies, and almost
will have a capital of $600,000, surplus of like
amount and none among banks and trust companies, have such large
ownership interest
undivided profits of not less than $500,000.
among their personnel, whether as to number
A statement ployees,
in proportion to all emor in the amount of stock held compared with
issued jointly by the banks follows:
the
total issue.
Bankers' Trust Co., since it started business
Id the matter of the merger of the Nationa
Jan. 1 1927, with $4,000,000
l City Bank and the United
National bank of Troy, meetings of the director
s of both institutions
were conducted and at both, it was unanimously voted
to merge, and the
offiCers of both institutions were directed to send usual
notices to the
stockholders fcr their approval.
In the merger, if carried out as it is expecte the
d,
executive officers
of the United National bank will become officers in
the National City
bank and the employes are expected to be taken
over by the National
Oily bank.
The regular forms will be sent out in due time,
and if voted, and
with the consent of the comptroller of the currency,
the merger will then
become effective in the very near future.
resources against $43,000,000 now, has striven
to interest closely and
actively both employees and officers in careful
and successful conduct
and development of the business. To this end,
everyone is given, without
cost, group insurance of $1,000, increasing
to $2,090 in 10 years. Salary
dividends have been paid quarterly in percenta
ges equal to dividends to
stockholders. Now, as employees and stockhol
ders, those working in the
Institution are getting salaries, salary dividend
s and dividends on stock.
Herman F. Voss, formerly a Philadelphia
realtor and
manufacturer, was appointed President of the
Willow Grove
Trust Co., Willow Grove, Pa., to fill the
vacancy caused by
the recent death of Rudolph J. Walther,
according to the
Philadelphia "Record" of Nov. 21. Mr. Voss,
after retiring
from the real estate business, was Secretary
and Treasurer
orthe Cambria Silk Hosiery Co. and later
organized and
operated the Lansdale Silk Hosiery Co.
Another appointment was that of Forrest Corson of Hartsv
ille, Pa., as VicePresident of the trust company, the paper
mentioned said.
Announcement was made on Nov. 21 by the Brattl
eboro
Trust Co., Brattleboro, Vt., that the resignation of
Martin A.
Brown of Boston, Mass., and Wilmington, Vt., as
President
of the institution had been accepted on Nov. 20
by the
Executive Committee of the bank, according to an
Associated Press dispatch from Brattleboro on Nov. 21,
appearing
in the Boston "Transcript" of the same date.
Ill health
was given as the reason for Mr. Brown's resign
ation. It
was also made known that Mr. Brown had
resigned as
Treasurer and General Manager of the Parker Young
Formation of the Central United National
Co., a
Bank of Clevelumber concern of Boston, which operates mills
at Lincoln, land, Ohio, through the consolidation of the Central National
N. H., and the States of Maine and Washington.
Bank and the United Banking & Trust
Co. (Indicated in
our issue of Nov. 16, page 3118) was
perfected on Nov. 18
On Nov. 21 charter was issued by the Comptr
oller of at the first meeting of the directors of both
institutions, folthe Currency or the Barnstable County Nation
al Bank of lowing receipt of the approval of the
merger by the CompHyAnnis, Mass., with capital of $100,000.
Augustus T. troller of the Currency at Washington
, according to the
Beatey is President of the institution and
Harry I. Gifford, Cleveland "Plain Dealer" of Nov.
19. The new directorate,
Cashier. Reference was made to the organi
zation of the consisting of 78 members, appointed
all the former officers
institution in the "Chronicle" of Oct. 12,'page
2337.
of the two banks members of the
personnel of the enlarged
institu
tion. C. E. Sullivan, former Presid
Shareholders of the Clinton Trust Co., Clinto
ent of the Central
n, Worcester
National Bank, was made Chairman
County, Mass., at a special meeting on Nov. 22
of the Board of Direcapproved the
tors,
while
proposed merger of the company with the Worces
Samuel L. McCune, former Chairman
ter County
of the
Board of the United Banking & Trust
National Bank of Worcester, Mass., referr
ed to in the
Co., was made a
director and Chairman of the
• "Chronicle" of Oct. 5, page 2174, according
trust committee; Arthur H.
to advices from
Seibig, heretofore President of the
Clinton on Nov. 22 to the Boston "Herald."
United Banking & Trust
The dispatch
Co., was made President, while Willia
went on to say:
m H. Hell, formerly
Vice-Chairman of the Board of the
The basis of the consolidation is one and
United Banking & Trust
an eighth shares of the
Worcester bank for each share of the Clinton
Trust Co. For those not Co., was appointed a Vice-President of the new bank.
Owen
desiring to make the exchange a market has been
guaranteed and Clinton L. Carlton was promoted
Trust Clo. stook is to-day quoted at about $205
to a Vice-President in charge of
a share.
the foreign department, from his positi
on of an Assistant
Cashier of the Central National Bank.
According to a dispatch by the United Press
Mr. Carlton has
from New
been with the Central National more than
Haven, Conn., on Nov. 25, printed in the
13 years. William
"Wall Street
E. Roe, with the United Banking & Trust
Jcutrual" of the same date, merger negotiations
Co. as an Assistant
between the
Secretary for 10 years, was made a Vice-President.
First National Bank & Trust Co. of New Haven
E. L.
and the
Maurer, identified with the Lorain-Denison
Second National Bank of that city, have been
office of the
suspended.
United Banking & Trust Co. since 1921, was
The proposed consolidation of these banks was
appointed an
reported in
the "Chronicle" of Oct. 12, page 2337.
Assistant Cashier, while continuing as Manag
er of the
branch office. C. W. Deutsch, connected
with the United
Announcement was made on Monday of this week,
Nov. 25, Banking & Trust Co.'s real estate loan department for 14
of the consolidation of the banking business of the
United years, was made an Assistant Cashier, and M. E. Reinker,
Security Life Insurance & Trust Co. of Pennsylvania,
Phila- heretofore Auditor of the United Banking Co., was appointed
delphia, and the Republic Trust Co. of that city,
under the Assistant Comptroller. Others officers of the enlarged
title of the United Security Trust Co. The new institu
tion bank are as follows: A. M. Corcoran, C. L. Corcoran, E. S.
is owned by the United Security Life Insurance &
Trust Co. Hanson, F. M. Horton, H. W. Horton, It, J. Izant, J. Horace
of Pennsylvania (chartered in 1868), the capital of which Jones, L. C. Kollie
, Carl R. Lee, John (3. AlcHannan, R. P.
is $1,000,000, surplus $1,000,000, and undivided profit
s and Ransom, F. C. Schlundt and C. A. Wilkinson, Vice-Presi• reserves in excess of $800,000. The new bank is capita
lized dents; J. H. Cole, Cashier; J. B. Holmden, Trust Officer;
at $750,000, with surplus and undivided profits of $804,582, H. I. Smith, Comptroller;
W. P. Abbott, D. A. Berardi, C. W.
and has deposits of $12,052,276, and total resources of Deutsch, W. E. Caldwe
ll, Jr., C. H. Martin, E. L. Maurer,
$14,193,869. Total trust funds of the new company amoun
t A. W. Pleister, A. M. Rose, F. R. Sargeant, C. J. Steiger,
to more than $20,000,000, of which individual trust funds and G. R. Wyman, Assist
ant Cashiers, and John R. Cassidy,
are in excess of $8,000,000. The former office of the Re- A. C. Knight, F. M. Mayer, Antho
ny Poss and P. C. Stetzelpublic Trust Co., at 1429 Chestnut Street, is continued as berger, Assistant Trust Officers.
Directors reported, the
the central city office of the new bank, and will remai
n paper mentioned said, that the new bank opened for business
open until 10 P. M. daily as formerly. The main office
is with resources of approximately $117,000,000. The capital
located at 7th and Chestnut Streets. Other offices are the structure, including the Centra
l United Co. (the bank's inWayne Junction office, at 4416 Germantown Avenu
e, and vestment affiliate) is in excess of $12,000,000 and deposits
the Berks Street office, at Berks Street and Germantown as of gOr. 18 totale $82,90
d
0,000. 'All offices of the former
• Avenue. Hugh F. Denworth, President of the United
Se- Central United Banking & Trust Co. are to be continued,
curity Life Insurance & Trust Co. of Pennsylvania
, and also it was stated. According to the New York "Times" of
President since Aug. 6 of the Republic Trust Co.,
when he Nov. 24, announcement was made on Nov. 23 following an
succeeded John E. McCully, heads the new institution.
Mr. organization meeting of the Central United Co., the investMcCully continues as a director.
ment affiliate of the new bank, that Mr.
Sullivan had
been chosen President of the new company and
that Mr.
Of the 288 officers and employees of Bankers' Trust Co.
of Seibig had been appointed Executive Vice-Presi
dent and a
Philadelphia, 240, or 83.33%, number now among
its stock- Director. Other officers include Hall Kirkm
an, former
holders, according to an announcement by the institu
tion this Secretary-Treasurer of the old Central Nation
al Co., who
Week, which goes on to say:
was chosen Vice-President, and Charles M. Colyer
, former
Nov. 30
1929.]
FINANCIAL CHRONICLE
3423
and security business.
income are open through the development of trust
the progress made
The report of the Northwest Bancorporation showed
1929. Starting out
by the Corporation since it was organized in January
group now
affiliated
the
with five affiliated banks in nearby cities,
banks and trust companies in 69 cities. We quote
wo
eighty-t
the
includes
in
e
shortag
000
$3,592,
of time which the Northwest
With further reference to the
from the report: "Because of the short period
(the entire amount of
is interesting to note that,
Union Industrial Bank of Flint, Mich.,
Bancorporation has been in existence, it
ration
the President of the based upon the call figures of Oct. 4, 1929, the Northwest Bancorpo
which, it is said, has been made up by
of the territory which it serves."
resources
banking
the
of
27,
9.2%
owns
Nov.
on
Flint
resources by states:
institution, Charles S. Mott), advices from
following shows the amount and percentage of these
Grant J. Brown, The
to the New York "Times" reported that
Percentages of
Resources of
and five former
Number Number
former President and director of the bank,
Resources in
Banco. Banks,
Banco.
of
State.
Banco. Banks,
s and arraigned on that
1929.
4
Oct.
warrant
Banks.
final
six
in
Banks.
named
were
tellers
y in connection with
22.6%
5266,202,621.53
41
day before Justice Edwin D. Mallor
1,062
Minnesota
14.8%
27,786,488.56
9
391
and arraigned were South Dakota
12.8%
3.64
the shortage. The five tellers named
20,471,35
9
425
8.1%
F. Wood- North Dakota
1.70
George
41,499,92
son;
5
nt's
841
Preside
former
the
Robert Brown,
Nebraska
5.6%
3.10
57,291,23
4
1.269
on, and Robert Iawa
9.9%
19,264,912.05
6
195
house, Dan McGregor, Farrell H. Thomps
Montana
2.5%
7.41
14,691,86
1
ed
344
h said, demand
dispatc
on
the
Washingt
six,
.9%
All
ld.
3.07
McDona
10,397,23
D.
H.
7
959
Wisconsin
sly
previou
those
when
2,
Dec.
for
set
examination, which was
9.2%
631.06
$457,605,
82
5,486
Total
will be examined.
arrested in the alleged embezzlement also
4,395.842.32
was charged Resources of Investment co mpanies
said,
was
it
nt,
Preside
former
the
Mr. Brown,
473.38
5462.001.
g
Bankin
State
the
roarmrrom
n1
to
Trot
with swearing to a false statement
banking plan, as demonstrated
tion on Dec. 31.
group
institu
the
the
of
of
on
success
conditi
the
the
to
upon
as
ing
ment
Comment
Depart
, said:
which was furn- by ten months of operation, Mr. E. W. Decker, President
so far
Bond for Mr. Brown was fixed at $100,000,
the progress made by the Corporation
with
gratified
feel
"We
d
provide
men
five
successful banking
ished by two business friends. The other
in bringing together this group of strong,
year
this
h said:
apparent success of the group
a $1,000 bond eaoh. In conclusion the dispatc
units. Likewise we feel satisfied with the
Paul G. Eger, banking plan, which is evidenced by the increasing business and earnings
Leon D. Rose of the State Banking Department and
the information. of the individual banks in the group.
Assistant Attorney General, his legal adviser, swore to
the group banking plan
of the
"Abundant evidence is available to show that
They said these will be the last warrants issued. The amount
absence of legalized branch
gaining favor, and indications are that, in the
is
gross shortage has not been changed.
With the increase in
with the embanking, this development will likely continue.
All the men alleged to have been connected in any :way
ce of this country
leadership of its
bezzlement have been discharged and the bank, under the
wealth in the United States and the growing importan
General
thinkers that the United
new President, Charles 8. Mott, who also is Vice-President of
as a world banker, it is quite apparent to advance
sident,
stronger units,
Vice-Pre
and
is
marshal its banking resources into larger
Motors, and the Acting Manager, H. R. Wilkin, who also
a few States must
and strengthen its position
has boon functioning normally since the discovery of the shortage
in order adequately to promote its foreign trade
weeks ago.
banker."
has gathered as a world
One of the State's strongest financial institutions, the bank
under
a new corps of officers, and the missing funds have been replaced
Neb., one of the
United States National Bank, Omaha,
President Mott's guarantee.
ial banks of the Northwest Bancorporation group, has absorbed
Industr
Union
the
of
affairs
to
the
ce
referen
Items with
9, 16 the trust and fiduciary business of its affiliated institution,
Bank of Flint, Mich., appeared in our issues of Nov.
. The new instituthe United States Trust Co. of Omaha
and 23, pages 2962, 3119 and 3278, respectively.
United States Nation will operate under the name of the
nt of
Co. of Nebraska
al
Nation
Tom M. Girdler, who recently resigned as Preside
States
United
tional Bank. The
ted
y, loan and real
Jones & Loughlin Steel Corporation to become associa
has been organized to take over the securit
r of
United States
the
by
ted
with Cleveland steel interests, has been made a directo
conduc
y
formerl
s
estate busines
recently
the Byron Reed
the Union Trust Co. of Cleveland. Mr. Girdler
Trust Co. and by a subsidiary organization,
Conwill have an invested capital
became a member of the advisory committee of the
Co. The new security company
of the United States Nathat
tinental Shares, Inc.
to
added
of $500,000, which,
ed invested capital of over
combin
a
give
22
will
Nov.
Bank,
on
Ill.,
Salle,
La
tional
of
The La Salle -National Ban-k
it is said,
the largest of any financial institution,
changed its name to the La Salle National Bank & Trust Co. $3,000,000,
H. M. Bushnell, now Vice-Presiin the State of Nebraska.
be Vice-President
Edward F. Hansen, Preside-nt of the Beloit Savings Bank, dent of the United States Trust Co., will
with and Trust Officer, and H.W.Yates,formerly Assistant Trust
Beloit, Wis., and for more than forty years connected
Nov. 19. Mr. Hansen, who Officer of the United States Trust Co., will be Assistant
that institution, died suddenly on
born in Beloit on Oct. Trust Officer of the United States National Bank. The
was
was the dean of Beloit bankers,
city. His association chief officers of the new United States National Co. will be:
that
in
life
entire
his
7 1860 and lived
.
made a corporator.
was
he
A. L. Reed, Chairman Board of Directors
with the bank began in 1889 when
Robert P. Morsman, Vice-Chairman of Board4
of the institution
trustee
a
ed
appoint
was
ee.
he
Committ
Advisory
later
Two years
W. B. T. Belt, Chairman
ry and
H. M. Bushnell, President.
and the following year (189) became Secreta
years, or
G. H. Yates, Vice-President.
y.
Treasurer, a position he held for thirty-seven
L. P. Campbell, Vice-President and Secretar
ed
appoint
was
he
when
year
r.
until Jan. 8 of the present
Ellsworth Moser, Vice-President and Treasure
he held at his death.
office
the
ion,
of years with the
institut
number
a
for
the
ted
of
nt
connec
ly
Preside
All were official
and the Byron Reed Co. The direcCo.
Trust
States
United
earnings of the NorthThe first consolidated report of
directors of the United States Naolis, of which E. W. Decker tors are identical with the
west Bancorporation of Minneap
stock will all be owned by the stockthe
and
Bank,
tional
has
in January last,
is President, since its organization
National Bank (or the Northng is a resume of the holders of the United States
Just been made public. The followi
west Bancorporation).
months, says:
Bank & Trust
report, which covers a period of ten
Affiliation of two Montana banks, the Daly
t Bancorporation group
Northwes
the
of
earnings
Dillon, with
of
Bank
al
The report shows that
Nation
First
the
and
on,
da
Co. of Anacon
e to stock owned by the Corporati
for the calendar year 1929, applicabl
which is equal to 8.8% on the par the Bancorporation was announced on Wednesday, Nov. 27,
share,
per
$4.40
of
rate
the
will be at
shares of stock outstanding as of
company, accordvalue of approximately 1,422,000
by E. W. Decker, President of the holding
based upon actual earnings realized
went
Nov. 1 1929. This earning report is
and ing to the Minneapolis "Journal" of that date. which
r
Novembe
for
estimates
with
1929,
for the first ten months of
say:
to
on
December.
E. 5. Boware nearly two and one-half times
The banks are closely related through ownership of stock.
It will be noted that such earnings
substantial gain over the earnings of man. President of the Daly bank, is Chairman of the First National board.
a
is
which
nts,
requireme
dividend
North•
nts.
New York
a
requireme
and
dividend
bank,
times
Mr. Bowman, Marcus Daly, director of the Daly
the group for 1928, which were two
value of $50 and is on a present financier. and .7. H. Gilbert, President of the First National, will become
west Bancorporation stock has a par
is capitalized at
annually.
directors of Northwest Bancorporation. The daily bank
dividend basis of $1.80 per share
resources of institutions affiliated $100.000,000 and resources of$5.261,672 and is one of the oldest in Montana..
The statement shows that combined
conon's
has
resources of $4,Taking the Corporati
The First National is capitalized at $200,000 and
in this group amount to $462,001,473.
1929, the date of the last bank call, 535.473. It was organized in 1880.
solidated statment as of October 4,
80. There
than
amount
more
of
this
and
total
,000,
now
ration
$442,000
Bancorpo
with
Banks affiliated
resource,, were shown as slightly over
from banks, or on deposit with the are six in Montana with combined resources of $19,104.359. The total
$86,185,884 was in cash and due
,348 invested in government bonds resources of all Bancorporation institutions in eight states are $462.000,000.
Federal Reserve Bank, and $111,230
_
total amount of these liquid assets
and other marketable securities. The
liabilities of those banks.
deposit
total
the
of
55%
s
represent
On Nov. 22 the Peters National Bank of Omaha, Neb.,
Corporation's report, points out the
The policy, as set forth in the
ally
substanti
times
all
at
hand
on
keeping
was merged with the Omaha National Bank of that city.
desirability of the Corporation
y liquid assets, thus prolarge cash reserves, in addition to the customar
The consolidation, according to the Omaha "Bee" of that
has been undertaken.
viding for the program of expansion which
survey,
date, adds $2,907,553 to the $35,355,382 deposits of the
a
were based upon
Possibilities for greatly increased earnings
covering a period of four years, Omaha National Bank (as at the time of its last statement,
recently completed by the Corporation,
, with an increasing
which showed that conditions have vastly improved
Oct. 4) and approximately $3,000,000 to its resources of
l banks; that confidence
volume of business being transacted by individua
of $41,168,636. J. R. Cain, Jr., and Mrs. W. S. Weston,
avenues
l
additiona
that
district;
this
of
111 being restored in banks
United Banking &
Manager •of the bond company of the
Treasurer.
and
ry
Secreta
Trust Co., who was made
3424
FINANCIAL CHRONICLE
formerly Vice-Presidents of the Peters National Bank, would
become, the paper mentioned said, Vice-Presidents of the
Omaha National Bank and all employees of the acquired
bank would be absorbed by the Omaha National. In
announcing the merger on Nov.21, W.Dale Clark,President
of the Omaha National Bank, was reported as saying that
the merger in no way affected the Peters Trust Co., an affillisted institution of the Peters National Bank. (Subsequently,Nov.25,the Peters Trust Co. was ordered liquidated
by the District Court on petition of the State Department
of Trade & Commerce). The Peters National Bank was
organized in 1920 and as its last statement (Oct. 4)showed a
capital of $200,000, surplus of $50,000, and undivided profits
of $81,000.
The Peters Trust Co., of Omaha, Neb., an affiliated institution of the Peters National Bank which, as stated above,
at the close of last week was taken over by the Omaha
National Bank, was ordered to liquidate its assets by the
District Court, early on Monday, Nov. 25, on a petition of
the State Department of Trade & Commerce, as reported in
in Associated Press dispatch from Omaha on Nov. 25, appearing in the New York "Times" of the following day.
The dispatch continuing said:
[VoL. 129.
Sapulpa State Bank, Sapulpa—Deposits $1,042,000,
capital stock $100.000.
Bank of Mounds, Mounds—Deposits $132,000,
capital stock $25,000.
Henryetta State Bank, Henryetta—Deposits $456,000,
capital $50,060.
Bank of Commerce, Weleetka—Deposits $62,000.
capital $25,000.
First State Bank, Vian—Deposits $73,000, capital
$10,000.
Citizens State Bank, Webber Falls—Deposits $157.000,
capital $15.000.
Davenport State Bank, Davenport—Deposits $151,370.
capital $15.000
011ton State Bank, Oilton—Deposits $169,000, capital
$25,000.
First State Bank, Terlton—Deposits $76,000, capital
$10,000.
Avant State Bank, Avant—Deposits $121,000, capital
$15.000.
Keystone State Bank, Keystone—Deposits $59,000, capital
$10,000.
Bank of Kelleyville—Deposits $114,000, capital $10,000.
The dispatch further said:
Mr. McCauley, who wore down his health struggling
desperately to avert
the failure of the institulons, which had been crippled in the
deflation period
of 1920, was in Tulsa yesterday attempting to float a
loan with
carry the Sapulpa State Bank over the crisis. C. J. Alexander which to
, Assistant
State Bank Commissioner in charge of this bank, said
he was unsuccessful.
"Mr. McCauley believed he could work out his problem."
said Mr. Shull,
"and did not give up until yesterday, when he received
a final answer from
parties whom he had hoped would take over the
banks."
Apprehensive lest the failures would be attributed to the
recent stock
market crash and thus produce a depressing effect, Mr.
Shull hastened to
say that the failures simply were coincidental with
the market collapse.
Officers, he said, had not speculated with bank
money.
"None of Mr. McCauley's banks carried that kind
of collateral." he
added.
Hope destroyed, Mr. McCauley went to his home and
collapsed as he
started to retire. He died, his wife said, lees than an
hour later. Dr.
P. K. Lewis, who was summoned,said he had died of
apoplexy.
•
Mr. McCauley was a civic leader in Sapulpa. He
The Peters Trust Co., one of the largest in Nebraska. was ordered
was Mayor for one
to term
and one of the first commissioners under the city manager
liquidate its assets by the D,.trict Court earlier in the day on
a petition of
form of
government now in effect.
the State Department of Trade and Commerce. The action was
said by
The only bank. which Mr. McCauley controlled and
officers of the institution to be the result of what they termed
which did not close
the "general its
'agricultural deflation of 1920."
doors was the American State Bank of Porun.
Mr. Shull indicated there was a possibility that the
The receivership will be handled by Clarence G. Bliss, State
bank at Henrietta
banking
and possibly one or two others might reopen soon.
secretary.
No loss was expected except to stockholders of the company,
the announcement said
Effective Nov. 9, the New First National Bank in Silver
With a capital stock of $600.000, more than
$300,000
had been advanced for interest, taxes and mortgage payments
by the com- City, N. M., with capital of $100,000, was placed
in volunpany for its investors, officers said.
tary liquidation: The institution was absorbed by the
Howard Kennedy is trust officer of the company for estates,
escrows and
other trusts, amounting to over $12,000,000. He will
continue in that American National Bank of Silver City.
capacity.
Paul L. Martin, attorney for officers of the company, said
The First National Bank and the Citizens' National
that during
the period of deflation the company held outstanding mortgages
with an Bank, both of Pennsbor
aggregate face value In excess of $50,000,000. The trust
o, West Va., and both capitalized at
company, he
said, represented a large number of insurance companies
which invested $50,000, Ivor° consolidated on Nov. 23. The resulting institutheir funds in Nebraska farm mortgages. In addition, thousands
of mort- tion, the First National Bank of
Pennsboro, is capitalized
gages were placed with local investors.
at $100,000.
Failure of the company will in no way effect the business
of the Peters
National Bank. which was recently purchased by the Omaha
National
Bank,it was stated. The only connection between the two
The new First National Bank of Atlanta, Atlanta, Ga.,
institutions was
that the same persons owned the controlling stock in each.
formed by
the consolidation of the Atlanta and Lowry
National Bank and the Fourth National Bank, opened for
business on Monday of this week. The new organization,
said to be the largest financial institution in the Southeast,
according to the Atlanta "Constitution" of Nov. 21 has a
capital structure of more than $12,000,000 and resources in
excess of $100,000,000. In Greater Atlanta it has 11 banking offices, with 210,000 accounts on its books, and affiliated
banks carry its service to every section of Georgia. These
affiliated institutions are: The Georgia Trust Co., Atlanta,
The First National Bank of Austin, one of the 10 oldest with a combined capital and surplus of about $5,000,000,
banks in Minnesota, and among the largest in the secondary handling the trust business of the bank; the First National
Co., Atlanta, originating and distributing investment securicities of the Northwest, has affiliated with the First Bank
ties; the National Exchange Bank of Augusta; the Fourth
Stock Corp. of Minneapolis, according to an announcement
by Lyman E. Wakefield, President of the First National National Bank of Columbus; the Continental Trust Co. of
Macon; the First National Bank of Rome, and the Liberty
Bank in Minneapolis and Vice-President of the holding
Bank & Trust Co. of Savannah. The combined capital
company. The First National is the second large Austin
investm
bank to become an affiliate of thecorporation, the Austin 000,000ent of the group, it is said, is approximately $25„and the aggregate resources (also including those of
National, known as the Hormel Bank, having entered the the
affiliated institutions) in excess of $150,000,000. The
group on Sept. 25. The acquired bank is capitalized at downtow
n offices of the enlarged bank are located at Five
$100,000, with surplus and undivided profits of $321,501, Points, Prior
St. and Edgewood Ave., Whitehall and Alagiving it a capital structure of $421,501. Deposits are bama Sts.,
and Peachtree and Ellis Sts., while outlying
$2,288,006, and total resources aggregate $2,843,615. N. F. branches are
operated at the following strategic points:
Banfield, Jr., is President; E. C. and R. S. Banfield, Vice- Peachtree St. and North Ave.; Mariett
a St. and Bankhead
Presidents; H. J. Drost, Trust Officer and Cashier; G. H. Ave.; Lee and Gordon Sts.; Euclid and
Morelan
Ewoldt, Assistant Cashier, and A. F. Banfield, Auditor. Decatur, East Point and College Park. Officers d Ave.;
of the enAcquisition of the First National of Austin increases the larged bank are as follows: Thomas"K. Glenn,
Chairman of
resources of the First Bank Stock Corp. group to $443,- the Board of Directors; John K. Ottley, Presiden
t; Robert
496,000. Deposits of the banks in the group, which numbers F. Maddox, Chairman of the executive commitete;
James D.
73 affiliates, are $351,519,142.
Robinson, Executive Vice-President; H. Warner Martin,
Robert Strickland Jr., Henry W.Davis, R. Clyde
That twelve Oklahoma banks failed to open their doors on A. M.Bergstrom, William T.Perkerson, Thomas Williams,
J. Peoples,
Nov. 27, following the sudden death the previous night of Evert A. Bancker, J. Sherrard Kennedy,
James F. AlexH. A. McCauley, Chairman of the Board of thirteen banks ander, Stewart McGinty, R. B. Cunningham and
Harry H.
in that State, was reported in Associated Press advices from Johnson, Vice-Presidents; Dameron Black,
Comptroller;
Okalahoma City on Nov. 27, appearing in the New York Frank M.Berry, Cashier; W. C. Adamson,0. C.
Bradford,
"Times" of Thursday, Nov. 28. Graves Shull, Bank Com- Edward H.Daly, D.B. DeSaussure, Samuel J.
Fuller, T. E.
missioner for Oklahoma, who placed the banks in charge of Glenn, E. C. Liddell, Henry B. Longino, Fred
McSwain,
examiners, attributed their failure to "frozen assets." Total Charles A. Rose, G.P. Sasser, A. H. Stevens,
Leo Stillman,
deposits of the institutions as of Oct.4 were $2,520,976,and P. M. Smoak and H. G. Walker, Assistant
Cashiers; E. A.
their capital stock aggregated $310,000, it was said. The Stubbs, Auditor; J. R. Radford Jr., Assistant
Auditor; C. E.
closed banks, together with their deposits and capital as of Allen, Manager of tho credit department, and M.
K.Hunter,
Oct. 4, were listed in the dispatch as follows:
Assistant Manager or the credit department. The chief
According to the Omaha "Bee" of Wednesday, Nov. 27,
Reed C. Peters, former Vice-President of the Peters Trust
Co.,died on Nov.26 from poison taken with suicidal intent.
In its issue of the previous day, the Omaha paper stated,
that Mr. Peters had made five attempts on his life after the
closing of the trust company on Monday, Nov. 25. His
friends attributed his act to despondency, not only over the
closing of the trust company, but to his own losses in the
stock market.
Nov. 30 1929.]
FINANCIAL CHRONICLE
3425
officers of the First National Co. (formerly the Trusco Securities Co.) are: John K. Ottley, Chairman of the Board;
Thomas K. Glenn, President; Robert F. Maddox, Chairman
of the executive committee; N. B. Whitcomb, James D.
Robinson, Robert Strickland Jr., H. Warner Martin, Clement A. Evans and Marion M. Liles (resident Vice-President, Macon), Vice-Presidents, and Dameron Black, Secretary and Treasurer. Leading officials of the Trust Co. of
Georgia are: John K. Ottley, Chairman of the Board;
Thomas K. Glenn, President; Robert F. Maddox, Chairman
of the executive committee; H. Warner Martin, Executive
Vice-President; James D. Robinson, Robert Strickland Jr.,
Henry W.Davis and A. M.Bergstrom, Vice-Presidents, and
Dameron Black, Secretary and Treasurer. Reference was
made to the proposed consolidation of the Atlanta & Lowry
National Bank and the Fourth National Bank in our issues
of Oct. 26, Nov. 2 and Nov. 23, pages 2633, 2810 and 3279,
respectively.
shows total assets of $965,336,997, the highest level in the
bank's history, being an increase or $91,554,474 over the total
assets of $873,782,523 at the end of the fiscal year 1928.
Of these total assets of $965,336,997, liquid assets amount to
$496,269,977, or equal to 56.88% of the bank's•liabilities to
the public. Included in these quick assets are total cash
holdings of $116,964,670, or 13.40% of all libailities to the
public. Total deposits at $772,333,260 are higher by $50,868,249 than a year ago. Call loans in Canada are at practically the same level as a year ago, at $39,406,650, as compared with $39,147,086, while call loans in Great Britain and
the United States are substantially lower at $115,506,017,
down from $138,965,168. Current loans in Canada show a
substantial increase, standing at $370,082,134, as against
$308,752,388 last year. A portion of this large increase is
attributed to the prevailing wheat situation in Western Canada. Net profits for the year, after deducting charges of
management,and making full provision for all bad and doubtful
debts, were $7,070,892 (or equal to 9.47% on the comThat depositors in the Citizens' Bank & Trust Co. of
bined
capital, rest and undivided profits), which, with
Tanna, Fla., one of a number of Tampa banks which closed
$713,788, the balance to credit of profit and loss brought
thele doors on July 17 last, might expect a payment about
forward from the preceding fiscal year, and $6,031,840, repJan. 1 next was announced by C. L. Knight, liquidator of
resenting premiums on new stock, made the sum of $13,816,the institution, in a statement on Nov. 13, according to
521 available for distribution. This was appropriated as
Associated Press advices from Tampa on that date, appearfollows: $4,713,233 to take care of four quarterly dividends
ing in the Atlanta "Constitution" of the following day. The
at the rate of 12% per annum, together with a bonus of 2%;
depositors' claims total more than $13,500,000. Mr. Knight's
$435,865 to pay Dominion Government taxes; $900,000 reappointment as liquidator, which was attacked by some of
served for bank premises, and $7,031,840 credited to rest
the creditors, was upheld on Nov. 13 by the Florida Supreme
account, leaving a balance of $735,582 to be carried forward
Court. The dispatch went on to say:
to the current year's profit and loss account. As a result
"Now that there is no further question of the legality of my appointment," he (Mr. Knight) said, "I can assure the bank's customers that they of the recent stock issue, the paid-up capital of the Bank of
will receive a portion of their funds about the first of the year.
Montreal now stands at $35,948,540, while at the same time
"I also hope to turn over to them the bank's building, an 11-story office
the rest account has been increased to $37,948,540, making
structure, from which they will receive further compensation through its
the latter $2,000,000 in excess of the capital. Sir Charles
rentals and other revenue,"
Ile added that the Court decision might result in the reorganization of B. Gordon is President of the institution and H.B. Mackenthe,bank by a new company. Negotiations are under way to that end with
zie, General Manager.
a group of capitalists, but plans are too unsettled
to make a definite statement at this time. Ile also declined to estimate the amount of money
available for the payment to depositors.
The 55th annual
statement of the Imperial Bank of
Canada (head office Toronto), presented
San Francisco advices yesterday, Nov. 29, to the "Wall
Street Journal", reported that discontinuance of plans looking towards the merger of the Crocker First National Bank
of San Francisco and the American Trust Co. of that city,
had been announced by William F. Crocker and Fred T.
Elsey, the respective Presidents of the instituions, in the
following statement:
"The proposed consolidation of Crocker First National Bank and Crocker
First Federal Trust Co. with American Trust Co., announced some time
ago, will not be effocted. The two committees representing the respective
banks have been unable to work out mutually acceptable plan for such
consoltdation"
'
That the First National Bank of Salem, Ore., has purchased the Salem Bank of Commerce of that city, creating an
institution with deposits of more than $3,000,000 and resources in excess of $3,000,000, was reported in advices from
Portland on Nov. 18, appearing in the "Wall Street News"
of the same date.
•
The Brotherhood National Bank of Portland, Ore.,
effective Nov. 22, changed its title to the Columbia National
Bank of Portland.
to the shareholders at their annual general meeting on Wednesday,
Nov. 27, has just been received.
the fiscal
year ended
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 $1,561,562, making with $619,902, balance to
credit of profit and loss brought forward from the preceding year, $2,181,464 available for distribution. This amount,
the report tells us, was allocated as follows: $910,000 to pay
four quarterly dividends at the rate of 12% per annum
($840,000 together with a bonus of 1% ($70,099); $2,500
contributed to officers' guarantee fund; $40,000 contributed
to officers' pension fund; $350,000 written off bank premises
and $160,000 to take care of Dominion Government and other
taxes (including tax paid on circulation and reserve for income tax), leaving a balance of $718,964 to be carried forward to the current year's profit and loss account.
Striking evidence of the strength of the banking position
in the Dominion of Canada is afforded by the annual statement of the Bank of Montreal, published this week. The
report, which covers the twelve months ended Oct. 311929,
Total
assets are given in the statement as $154,580,786, of which
liquid assets amounted to $65,916,721, while total deposits
are shown at $122,905,452.
Shareholders of the Wall Street Bank, Spokane, Wash.,
recently organized the Wall Street Investment Co. with
capital of $50,000, as an affiliated company to own the Wall
Street Bank Building at 117 Wall St., Spokane, Wash.
Ralph E. Perry is President of both the bank and the investment company. The building was purchased this summer
for $100,000 from the Old National Bank & Union Trust Co.,
acting as liquidating agent for the City National Bank,
which formerly occupied the building. Mr. Perry announced
that the stock of the bank and the investment company is
to be held ratably by identical shareholders, and that in
connection with the organization of the investment company,
a substantial minority interest in the bank and the investment company has been placed privately in small lots, thus
strengthening and enlarging the group owning and operating
the bank and its affiliated company. As well as owning the
bank building, the Wall Street Investment Co. will take over
the operation of the bank's safety vault department. The
investment company is planning also to engage in a general
insurance businesss and property management.
The report, which covers
Oct. 31 1929, shows net profits for the
The banes paid up capital is
$7,000,000 and its reserve fund $8,000,000. Pelig Howland
is President of the institution and -I. E. Phipps, General
Manager.
The Rt. Hon. Viscount Goschen, G. C.I. E., C.B.E., has
been appointed a Director of Westminster Bank Limited,
London.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Dullness and irregularity characterized the movements of
the New York Stock Exchange as the market resumed its 5hour sessions during the present abbreviated week. The
daily transactions have been extremely small and the general
trend of prices has been toward lower levels. Call money
renewed at VA% on Monday and remained unchanged at
that rate during the rest of the week. The weekly statement
of the Federal Reserve Bank made public on Friday afternoon shows a further reduction of $137,000,000 in brokers'
loans. Price movements developed considerable irregularity
on Monday. The volume of sales was slightly in excess of
3,000,000, as compared with 6,200,000 or more on Nov. 4,
the last five-hours session. One of the features of the day was
the drive against the copper shares which slid downward
rather rapidly, Anaconda closing about 3 points off as it
reached 78, followed by Kennecott which dipped 3% points
and Nevada Consolidated which slipped back 3 points to
2934. Oil shares opened strong but receded as the list
turned downward. Public Utilities were weak and lower,
American and Foreign Power closing about 5 points down,
while Standard Gas was lower by about 8 points, and
Brooklyn Union Gas was, down about 4 points at 132, Railroad shares opened practically unchanged. Columbia Carbon lost over 5 points, Johns-Manville 634 points, Air Reduction 734 points and J. I. Case 731 points. General Electric
was also down 11 points, Westinghouse dropped 6 points to
13234, Montgomery Ward 2 points to 5734, American Can
at 112 was off 434 points, Amer. Tel. & Tel. declined to
22034 and on Friday to 21734, United States Steel common
4, but reacted to 1643j, and General Motors
opened at 1653
dipped to 39.
Prices again receded on Tuesday and the volume of trading
,dropped to 2,634,110 shares. The market opened irregularly lower on a small volume of sales and during a part of
the session, the offerings exceeded the demand. Copper
shares were again weak and there were heavy offerings.
Public utilities were fairly active, though they also were
forced to yield ground in the general weakness and such
popular issues as Consolidated Gas, United Corporation,
Public Service of New Jersey, were off from two to three
points. In the final hour the general weakness became
more acute as United States Steel common was driven down
to 1625j, and most of the active issues hovered around the
lowest levels of the day. Among the occasional strong spots
in the list were American Machine & Foundry, which improved about a point to 193, Worthington Pump, pref. B
:stock, which moved ahead five points to 82, N. Y.& Harlem
RR. which moved ahead five points to 190 and Del. Lack. &
West. RR. which gained about one point to 151. On
Wednesday opening prices displayed little or no change from
.the preceding close, but improved later in the day. In the
,early trading the pace was fairly rapid, but following midsession trading quited down and turned extremely dull until
the close. Public utility stocks were, perhaps, the strongest
group on the list, though part of the early gains were lost
in the recessions of the final hour. American & Foreign
% with a gain of over three
Power, for instance, closed at 723
points, Brooklyn Union Gas Co. improved five points to
.129 and Western Union Telegraph moved ahead five points
to 185. Copper shares were decidedly stronger. Ana3 Cerro de
3 points at 77%,
conda closing with a gain of 24
•Pasco reaching 64 with a three point gain, and Kennecott
closing with a gain of 134 points at 5731. Columbia Graphophone was in extremely urgent demand and reached its final
at 2831 with a net gain of 234 points. Other advances
worthy of note were American Machine & Foundry 19
points to 212, Auburn Auto eight points to 150, J. I. Case
434 points to 194%, General Electric 731 points to 21534,
Norfolk & Western five points to 230, and Union Pacific five
points to 225,
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended Noe. 29.
Saturday
Monday
ThWRY
Wednesday
Thursday
Friday
Total
United
States
Bonds.
3.020.130
2,634.110
2,432,330
HOLI DAY
84.924,000
$13,636.000
4,254.000
14.008,000
4,227.000
9,642.000
BOLL DAY
HOLI DAY
81,342.000
495,000
679,000
8.086.570
337,286,000
313,405,000
32.516.000
1929.
Stocks-No. of shares_
Bonds.
,Government bonds__ State and foreign bonds
Railroad & rabic. bonds
State.
Municipal et
PorelotsBonds.
Railroad.
ete.,
Bonds.
Week Ended Noe. 29.
Oaks at
New York'Ma
Elehange.
8,086,570
$2,516,000
13,405,000
37,286.000
1928.
Jan. 1 to Nor. 29.
1929.
1928.
23,386,410 $1,041,131,280
803.959,509
$126,244,000
594,293,650
1,989.009,800
8169.955,750
695,789,135
2,084,342.176
111,843,000
10,291,500
27,480,500
$53,207,000 339,615.000 32,709.547.450 $2.950.087.261
Total
PHILADELPHIA AND
DAILY TRANSACTION'S AT THE BOSTON,
BALTIMORE EXCHANGES.
Week Ended
Nov. 29 1929.
Saturday
Monday
Tueaday
Wednesday
Thursday
Friday
Baltimore.
PMlade:1014a.
Boston.
Shares. Bond Sales. Shares. Bond Saks. Shares. Bond Sates
BOLT DAY
HOLI DAY
IIOL1 DAY
329,000
53,434
$13,100
$39,000 a96,670
*76,024
23,500
82.177
31,500
a92,306
51,000
*64.294
13,000
81.802
24,000
24,500 a97.650
*89,607
HOL1 DAY
HOLI DAY
HOLI DAY
DAY
HOLI
DAY
HOLI
HOLI DAY
365,500
7,413
868,600
3114,500 286,626
3218,900
14.687
366,900
531,289
3228,000
348,917
Prey_ week revised
.114.
* In addition, ones of rights were: Monday, 257: Tuesday.
Wednesday,
a In addition, an es of rights were::Monday. 10,000: Tuesday, 5,800;
50.000.
Total
[vol.. 129.
FINANCIAL CHRONICLE
3426
229,925
THE CURB EXCHANGE.
With the return to the first full five-hour session in over
two weeks Curb Exchange trading was dull and heavy.
Prices declined though many of the changes were small.
On Wednesday some recovery was reported though trading
continued quiet. Utility and investment trust issues were
the principal features though the oil shares, principally
pipe line issues, were in demand at the close. Allied Power
& Light, corn. dropped from 3934 to 3534, recovered to 38
s. Amer. & Foreign Power
and finished the week at 373/
warrants lost nine points to 4631, the final figure on Wednesday being 52. Amer. Gas & Elec., corn. fell from 115 to
1053
4, but recovered all the loss. Amer. Light & Tract.,
corn, sold down from 230 to 220 and ended the week at
22134. Commonwealth-Edison gained six points to 246.
Northern States Power, corn. weakened from1603j to 154.
Investment trusts were weak. Goldman Sachs Trading
7 to 3831 and sold finally at 38%
3.
Co. dropped from 43%
Elec. Power Associates, corn. eased off from 2834 to 243%.
Electric Shareholdings cony. pref. lost about five points to
75, and ends the week at 773%. Insull Utilities Invest.
broke from 59 to 53 and closed on Wednesday at 55. Lehman
Corp. from 757% receded to 7134 with the final transaction
for the week at 72. A demand for ripe line shares was one
of the features as the week closed. Buckeye Pipe Line
advanced from 6131 to 6831. Illinois Pipe Line was conspicuous for an advance from 265 to 310. Indiana Pipe
Line sold up from 3131 to 4234 and at 393,1 finally.
A complete record of Curb Exchange transactions for the
week will be found on page 3457.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Valve).
Week Ended
Noe. 29.
Stooks
(No. Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1.104,500
973.900
972.200
Total
3,050.600
Forams
Government
Rights
Domestic
HOLIDAY
6.800
13,400
5,100
HOLIDAY
HOLIDAY
33.907,000
2,122,000
1.719,000
384,000
373,000
479.000
37,748.000
$936,000
25,300
COURSE OF BANK CLEARINGS. '
Bank clearings this week will show a decrease as compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Nov. 30) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will be 14.2% smaller than for the corresponding week
last year. Our preliminary total stands at $10,972,831,767,
against $12,790,019,153 for the same week in 1928. At this
centre there is a loss for the five days ended Friday of 11.5%.
Our comparative summary for the week follows:
1929.
1928.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.392,000,000
423.883.443
568,000,000
446,000,000
88,534,957
98,800,000
140,510,000
129,375,000
132.116.922
133,213,135
100,200,294
62,226.168
43,817,139
36,094.000,000
517.047,641
416,000,000
343,000,000
90,780,740
108,100,000
162,969,000
155,660,000
138,220.397
190,353,337
95,073,902
67,719,710
62.586.358
-11.5
-18.0
+36.5
+30.0
-2.5
-8.6
-9.3
-6.4
-4.4
-30.0
+5.4
-8.1
-16.7
Thirteen cities, 5 days
Other cities, 5 days
17.758,677,058
1,135,349,415
38,431,511,085
932,364,005
-8.0
+21.8
Total all cities. 5 days
All cities, 1 day
38.894.026.473
2.078,805,294
39.363,875,090
3,426,144,063
-5.0
-39.3
840,972,831.767 $12,790,019,153
-14.2
Clearings-Returns by Telegraph.
Week Ending Nov. 30.
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 23.
For that week there is an increase of only 0.4%, the aggregate of clearings for the whole country being $14,277,913.475, against $14,225,365,281 in the same week of 1928.
Ontside of this city the increase is 4.6%, the bank exchanges
at this centre having recorded a loss of 1.9%. We group
Nov. 301929.1
FINANCIAL CHRONICLE
the cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, there is a
decrease of 1.9%, but the Boston Reserve District records
an expansion of 37.1%, and the Philadelphia Reserve District of 24.5%. The Cleveland Reserve District shows a
gain of 2.1%, and the Richmond Reserve District of 3.7%,
but the Atlanta Reserve District has suffered a loss of
26.8%. The Chicago Reserve District falls behind 5.0%,
the St. Louis Reserve District 13.5% and the Minneapolis
Reserve District 5.5%. In the Kansas City Reserve District the totals are larger by 2.9% but in the Dallas Reserve
District clearings show a diminution of 14.7% and in the
San Francisco Reserve District of 9.1%.
In the following we furnish a summary by Federal Reserve
districts:
3427
Week Bilged November 23.
Clearings al1929.
1928.
Inc. or
Dec.
$
Seventh Feder al Reserve D istrict-Chi m1°308,073
Mleh.-Adrian _ _
278,942 +10.8
703,224 +6.5
Ann Arbor__ _ _
759,404
228,755.768 254,000,000 -9.9
Detroit
6,022,560
8,410.205 -28.4
Grand Rapids.
3,517,061
3,039,402 +15.7
Lansing
4,343.013
3,369,595 +28.9
Ind.-Ft. Wayne
24,026.000
23,706.000 +1.3
_
2,831,644 -36.0
1.812.182
South Bend _ _ _
5,775,363
5,939,489 -2.8
Terre Haute..
33.800,829
41,458.855 -18.5
Wis.-Milwaukee
3,110,763 , 2,823,577 +10.2
lowa-Ced. Rap.
9,024,000 +17.2
10,575,000
Des Moines__
5,994,427 -0.3
5,976.100
Sioux City.
1,389.243
1.364,649 +1.8
Waterloo
1,653,373
1,902,317 -13.1
M.-Bloomington
749,146,680 784,137,646 -4.5
Chicago
1,066,782
1.313.147 -18.8
Decatur
5,768,174
5,661,288 +1.9
Peoria
3,954,091
3.638.518 +8.7
Rockford
+1.5
2,500,334
Springfield2,537,899
1927,
1926.
229,421
618.241
144.453.959
6.469.972
2,076,482
2,856,989
18.688.000
2,429.100
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
2,989.440
1,858,771
205,142
854,992
150,918,542
6,353.009
1.779.307
2,560,646
17.637,000
2,402,600
5.067,331
33,485.160
2.284.893
7.809.977
4,534.616
959.152
1,160,835
548.372.119
1,138,046
3,398.650
2.614.247
2,145.346
SUMMARY OF BANK CLEARINGS.
-5.0
829,453,350
793,881,610
Eidhth Feder& I Reserve Dia trick-St.Lo
4.631,498
6,322.896 -29.7
Ind.-Evansville
153,000.000 182.200.000 -16.0
Mo.-St. Louis
35,186,633
37,153,474 -5.3
Ky.-Louisville337,991
343,291 -1.6
Owensboro__ _ _
30,593,006
33,442.562 -8.5
Tenn.- Memphis
17,946,328
20,137.721 -10.9
Ark.-Little Rock
307.948
300,954 +2.3
Ill.- Jacksonville
1.351347
1,356,940 -0.1
Quincy
5,500.628
131,900.000
34,392.826
259,046
24,576,018
15,585.183
329,507
1,250,584
4,487.081
115.000,000
26,613,563
223.146
21,800.133
14,015,625
250,568
1,181,373
281,267,638 -10.5
213,793,792
183,571.489
Ninth Federal Reserve Dis trict-Minn eapolis
6,728,153
Minn-Duluth_
10,610,053 -36.6
Minneapolis_ _ _ 102.025,150
96,880.362
+5.3
28.386,965
37,496,254 -24.3
St. Paul
2,000,000 2365,539 -7.6
No. Dak.-Fargo
1,409,951
1.536.200 -8.3
S. D.-Aberdeen
851,404
1,025,751 -17.0
Mont.-Billings.
4,532.305
Helena
4,705.000 -3.7
10.110,818
79.020,381
34.899.378
1,678,333
1,240.079
784,804
3,351.000
7,549,409
68,484.053
27,330,687
1.856,453
1.339,176
691,896
3.163.290
-5.5
131,084,793
110.214.964
Tenth Federal Reserve Di.trick- Kane as City
298,004
Neb.-Fremont
370,403 -19.5
420,361
Hastings
610,580 -31.2
3.113.407
3.722.500 -16.4
Lincoln
48,219.493
44.798.442
Omaha
+7.6
3399,040
3,359,558 -4.8
Ran -Topeka..
6,943.168
8,719.318 -20.4
Wichita
Mo.-Kan. City. 154,576,793 147.853.570 +4.5
6,080.428
6.427,031 -5.4
St. Joseph. _ _ _
39,559,535
39,038,622
+1.4
Okla.-Okla.City
1.242,854
1,447,399 -14.1
Colo.-Colo.Spgs
1.834,623
1.660,196 +10.5
Pueblo
306,913
364,658
3.521,073
36.715,986
2.546,897
6.653,574
119.100,739
5.096,627
35,514,328
1,287,706
1,396,851
256,684
367.938
3,650,840
34,788,444
2.709,430
6.501,069
112,533.217
5.165,163
24.123,912
1,108,796
976.639
+2.9
212.505.350
202,179,932
Eleventh Fede cal Reserve DistrIc-Dal las1,784.629
1,737,625 +2.7
Texas-Austin...
59,955,612
70,361.830 -14.8
Dallas
17,976,903
20,785,535 -13.5
Fort Worth_ _ _
5,995,000
7,855,000 -24.2
Galveston
6.014,250
6.770,940 -11.2
La -Shreveport.
1,483,g75
54,545,071
12,854,292
6.435.000
5,060.377
1,229.234
47,086,480
13,798.485
9,603,800
4,910.652
80,378.615
76,628,651
Twelfth Feder al Reserve D Istrict-San Franc'sew 49,169,523 -10.3
44,121,183
42,430,029
Wash.-Seattle_ _
13,940,000
14,216,000 -1.9
12,309.000
Spokane
2.177.020
1,805.000 +20.6
1,671.082
Yakima
47.019,753
48,246,724 -2.6
38,675,920
Ore -Portland..
26,342,584
21,825,221 +20.7
17,375,083
Utah-S. L. City
6.229.072
5,018,300 +24.1
5.253,018
Calif.-Fresno_ _ _
9.647,763
9,521,486 +1.3
6.745.268
Long Beach
Los Angeles_ _ _ 216.121,000 256.285.000 -15.7 160,603,000
21.730,249
20,771,757
+4.6
14,386,482
Oakland
6,706,405
8,999,057
5,457.019
Pasadena
8,006.593
8,011,637 -0.1
8.259.731
Sacramento _ _
6,712,407
6,048.439 +11.0
4,248,214
San Dego - - San Francisco. 220,011.659 246.274,000 -10.6 211,643,000
4,595,865
4,089.134 +12.4
San Jose
2,748,000
2,264,122
2.085,275 +8.6
1.479.539
Santa Barbara.
2,194.890
2,019,570 +8.7
Santa Monica.
1,627,727
3327.900
2.857,900 +9.4
2.625,500
Stockton
39,324,688
10,372.000
1,243,201
36,923,667
16,596,424
4.930,072
5,777.197
143,990,000
27.155.618
5,154.447
8,899,015
4.992.789
149.968,000
2,435.870
1,069.804
1,806,411
2,807,700
Total(20 cities) 1,104,218,355 1,162,097,259
Week End. Nov. 23 1929
Federal Reserve Diets.
1st Boston _ _ _12 cities
2nd New York.11 "
3rd Philadelpla 10 "
465 Cleveland
8 "
6th Ftlehmocal 6 "
465 Atlanta
13 "
7th Chleago ._20 "
tith St. Louis__ 8 "
918 Minneapolis 7 "
lOth KansanOtty 12 "
llth Dallas
12th San Fran_.17 "
1929.
1928.
lne.or
Dec.
1927.
879,572,358
641.702,831 +37.1
558,114,724
477,062,339
9,143,411,309 9,317,562,997 -1.9 5,614,954,756 4,769,183,986
903,105,150
725.355,036 +24.6
521,489,644
488,712,230
463,498,149, +2.1
361.082,197
362,534,039
473,115.704
199,664,966
192,608,981! +3.7
172,084,240
175,374,970
187,375,098
254,090,765 --Oil
177,725,64
173,838,993
1,104,218,355 1,162,0177,253 --5.0
829,453,350
793,681,610
243,354,561
281,267,638 --13.5
213.793,793
193,571,489
145,933,928
164,419,129 -6.6
110,214,964
131.084.793
365,487,706
259,007,819 +19
282,179,932
212,505,350
91,723,394
107,510,930 --14.7
80,378,61
76,628,661
640,948,447
706,244,027, -9.1
635.537.542
461,446.303
129 cities 14,277,913,475 14.225,365.2811 +0.4
Total
5,287,665,094 6,057,558,204, +4.6
Otitalds N. Y. City
Canada
1926.
111 cities
678,090,923
595,434,219 -2.9
9,408,204.709
3,907,470,218
8,266,419,505
3,609,632,226
493,239,898
390,815,532
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended November 23.
Clearings 84
1929.
1928.
Isle. Or
Dec.
1927.
1926.
$
$
%
First Federal Reserve Dist rict-Boston608,615
vlaine--Bangor_
623,185 -2.3
3,587.187
4,002,608 -10.4
Portland
.2lass -Boston.- 806.000,000 577,000.000 +40.0
1,485,493
2,422,006 -28.7
Fall River _
1,138,054
1,177,936 -0.4
Lowell
1,157,596 +2.2
1,182,586
New Bedford- _
5,822,073 -4.8
5,541.877
Springfield....
4,066,993 -9.4
3,674,820
Worcester
18,030,600 +3.7
18,709.203
3onn.-Hartford.
9,143,407 -5.4
8,652.007
New haven...
18,245,200
17,530.500 +4.1
1.1.-Providence
735,927 -3.8
708,316
)I.H.-Manches't
620,784
3,019,733
508,000,000
2.048,343
1,051,533
1.105,319
4,573,352
2,635,105
14.401,328
6,878,775
12,996,200
784,252
572.579
3.360,598
432,000,000
1,831.337
967.947
906.520
4.631,081
2,967,397
10.969,123
6,036,938
12,298,400
510,419
+37.1
558.114.724
477,052,339
Total(12 cities)
879,572,358
641,702,831
$
$
Second Feder al Reserve D Istrlct-New
5,683,415
6,215,504
g. Y.-Albany
1,519,446
1,333,923
Binghamton-.
64,860,058
65,100.892
Buffalo
1,032,742
932,840
Elmira
1,293,869
1,292,741
Jamestown
New York _._ 8.990,248,381 9,167,807,077
15,223,335
13,398,182
Rochester
6,628,8711
9,995,367
Syracuse
5,611,364
4,532,067
:2onn.-Samford_
*1,000,000
980,320
N. J.-Montclair
44.835.201
51.648,599
Northern N. J_
Total(11 cities) 9,143,411,309 9,317,562,897
-1.95.614,954.7584.709,183,986
Fourth Feder al Reserve D istrIct--Clev eland.
4,634,000
6,503,000 -28.7
Ohio-Akron_ _ ...
4,077,248
3,903.862 +27.5
Canton
78,588,318
75,826,436
+3.6
Cincinnati _ _ _ _
152,917,928 139,812.212 +9.4
Cleveland
15,882,000
15,206,100 +4.4
Columbus
2,689,708 +17.0
2,445.680
Mansfield
5,447,013 -12.4
4,773.914
Youngstown_ _.
Pa -Pittsburgh. 208,896,616 214,701,818 -2.7
1,473,307
4.721,324
1,114.914
1,813,104
462,000.000
3,495,474
5,092,072
2,981.012
1,414.755
4,606,268
488,712.230
4,144,000
3,211,214
64,967.761
98,490.940
13,127,200
1,544.985
5,215,697
161,832,241
+2.1
361,082,197
352,534.038
Fifth Federal Reserve Dist rict-Riches ond1,412,903
1,169,622 +20.8
W,va.-Kunt'g'n
4.767,131
5,283,567 -9.8
Va.- Norfolk_ _ _
57,499,000
52,762,000 +9.0
Richmond. _ _ _
2,481,945
2,565,156 -3.3
S.C.-Charleston
Md.-Baltimore _ 106,298,770 102.187,238 +4.0
27.205.116
28.641,398 -5.0
0.C.-Washing'n
1,069.815
4.888,917
52,017,000
2,035.165
89,076,150
22.999.193
1.487,397
7,969,772
48.421,000
2,551,894
92.117,791
22,827.116
+3.7
172,084,240
175,374,970
Sixth Federal Reserve Dist act-Atlant a-2,904,000
.3,200,000 -9.2
Tenn.-Knoxville
23,599,136
20,165,615 +17.0
Nashville
63,049,562
61,095,237
+3.2
Ga.-Atlanta_ _ _
2,311,334
2,268,602 +1.9
Augusta _ _L _._
1,5133.796
2,871.129 -16.4
Macon
14,510,842
18.880.397 -14.0
Fla.-Jack'nville .
2,728,000
2,240.000 +21.8
Miami
27,282,865
29,266,530 -6.8
Ala.-Birmlidg'm
2,190,989
2,142.752
+2.2
Mobile
1.981,000
2,245.000 -11.8
Miss -Jackson213,838
406,138 -.-47.3
Vicksburg
73,309,355 -18.8
59,550,580
La.-NewOrleans
2,751,437
20,401,034
52,228.756
1,716,018
1,523,615
15.836,649
2.684,000
23,889,245
1,232.027
1,552,522
340,678
53,589,666
2.493,018
18,241.674
45.045.738
1,724.118
1,732,174
21,101,142
6,969,000
21,514,945
1,677.959
1,612,112
391.343
51,330,772
173,838,993
Total(6 cities).
Total(12 cities)
473.115,704
199,664,955
187,375.098
463,498.149
192,608,981
266,090,755 -26.8
Total(11 cities)
243.354,551
145,933.928
265.487,706
91,726,394
177,725.647
154.419,159
258,007.619
107.510,930 -14.7
Total(17 cities) 640.948.467 705,244.027
Grand total (127
14 277913475 14 225 365 281
cities)
-9.1
Outside N. Y
+4.6 3,907,420,218 3,609,632.225
5,287,665,094 5.057.558,204
535,537.592
461,446,303
+0.4 9,408,204,709 8,266,419.505
Week Ended Nov. 21.
Clearings at-'
1929.
5,063,000
3,031,674
71,734.1,628
104,618,419
14,070.000
1,265,468
2,731,721
157,571.289
Total(8 cities).
Total(7 cities).
Total(5 cities).
York.
,
0,126,757
4,530,825
+9.4
-12.3
968,100
909,400
+0.4
45,899,914
42,950,537
-9.7
862,355
817.242
1,243,804
-0.1
1342,050
-1.9 5,500,784.492 4,654,787,280
-12.0
11,457,415
9,584,183
-33.7
5,310.494
4,320,852
+23.8
4,141,979
2,058.913
798,366
+2.0
611,814
+15.7
38,957.012
44.874.958
Third Federal Reserve Dist rict-Philad elphla1,506,308 +3.6
1,560,821 '
1.566,298
pa,-Altoona....
5,293,430
4,573,724 +15.7
4.676,446
Bethlehem _ _ _.
1,339,479 -6.3
1,250,965
1,304,966
Chester
1,797.865 +7.2
1.927.009
1.933.897
Lancaster
Philadelphia... 870,000,000 694,000,000 +25.4 494,000,000
3,989.253 +8.8
4,241,408
3,521,135
Reading
6,211,120 +13.9
7.075.120
4,740,883
Scranton
4,747,086 -14.8
4,042,692
2,999,518
Wilkes-Barre..
+5.9
1,882,974
1,973,939
1,811,142
York
5,327,217
+7.7
5,739,788
5,135,357
N. J.-Trenton._
.
Total(10 cities) 903.105,150 725,355,036 +24.5 521,489.644
Total(8 cities)
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William. _
Now Westminster
Medicine Hat...
Peterborough _
Sherbrooke
Kitchener
Windsor Prince Albert _ _ _ Moncton
Kingston
Chatham
Sarnia_
1928.
Inc. or
Dec.
1927.
1926.
194.113,679
177.443,862
83,315,492
24.372.861
10,967,967
8,953,289
3,063,468
7,768,887
15.410,814
3.239,997
2.871.196
3,927,474
7,445,135
8.158.395
787,002
907.469
3,805,877
1,780,783
1,589,425
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
188.254,157
181.786,122
96,201,216
24.728,165
10.786327
9,713,524
3,758,807
7.565,460
18,293.038
3,136,061
2.956,874
3,708.167
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
1.463.760
870,926
+3.2
-2.4
-10.3
-1.4
+1.7
-7.8
-18.5
+2.7
-5.4
+3.3
-2.9
+5.9
-12.5
-11.2
-25.6
-6.2
+3.4
-12.0
+15.8
+1.2
+4.3
-22.0
-11.2
-0.6
+20.8
-20.7
-9.2
+19.5
+3.1
-23.3
+13.3
147,075.435
153,269,581
88,332.692
18,365,383
8,174,902
7,482.517
2.977,956
5,839,585
14.383.132
2,426,929
2,594,414
4,642,209
6,978,315
7,253.808
387,484
812,388
3,543,534
1.948.435
1,279.391
1,209,710
789,465
562,319
866,632
975.273
1,273,268
5.572,867
562,801
997.740
889,280
1.044,361
728,092
117,812.114
109,347.384
76,530.905
18,189,800
6,855,100
6.450.541
2.835,763
5,876.573
9.491,801
2,432.204
1,806,925
3,142,140
5,240,107
6,258,545
747,509
674,284
2,429,246
1,695.714
1,094,873
905,413
711,307
354,373
820,664
822.278
1,081,110
4,172.436
436,144
889,331
777,414
727,528
*4,000,000
Total(31 title s)578,090,923
595.434,219
-2.9
493,239,898
390,815,532
a No longer reports clearings. •Estimated.
3428
FINANCIAL CHRONICLE
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. 13 1929:
[Vol,. 129.
New York City Banks and,Trust Companies.
(AN prices dollars per share)
Banks
Bid
New York
America
142
Amer Union*_
Bryant Park*
Banks
Trust Cos.
Ask
N. F.(Con.) Bid Ask
N. F.(Con.) Bid Ark
bile
148
137 142 Fidelity Trust 42
46
90 100 Vulton
175 Seward
GOLD.
600 700
The Bank of England gold reserve against notes amounted to £131,262,400
78
75 U S lot 825*.- 74
220 Guaranty _ Yorkville _ _ _ _
648 655
on the 6th instant (as compared with £131,017,041 on the previous WednesCentral
150 Yorktown*.
210
day), and represents a decrease of £22,643,915 since April 29 1925 when an Chase
164 167
nt'l Germanic 48
54
effective gold standard was resumed.
Chath Phenix
Brooklyn
Interstate...... 33
39
Nat Bk & Tr 113 120 Globe Exch*_ 320 380 Irving Trust_ _ 5618 58
The South African gold available in the open market yesterday amounted
Chelsea Each_
80
400
Peoples
to £556,000 and was sold at 84s. 11d, per fine ounce. £294.000 was secured Chemical _
74
190 215 Lawyers Trust
08PeCt
77
by the Bank of England and of the balance £150,000 was taken for France, Commercial_ _ 480 505
Continental* - 38
40
Manufacturers 135 138
£78,000 for the Home and Continental trade and £30,000 for India.
Murray Hill
280 310
The following movements of gold to and from the Bank of England have Corn Exch.._ _ 185 190
Trust Cos.
Mutual(Westbeen announced, showing a net influx of £655,853 during the week under Fifth Avenue_ 2950 3250
New York.
cheater)..._ 400 450
review:
First
4900 5100 :anus Comle
Nov. 7. • Nov. 8. Nov. 9. Nov. 11. Nov. 12. Nov. 13.
Grace
Italiana Tr. 330 350 N Y Trust
600
243 248
Received
.£1,558
£2,725
Harriman _
£500,000 £294,137
1550 1650 lz ank of N Y_
Times Square. 70
80
Withdrawn-__ 99,497
Lefcourt
17,249
£1,727
dz Trust Co. 635 655 Title Gu & Tr 142 148
155 175
20,655
3,439
Liberty
ankers Trust 137 143 United States_ 2700 400
100 110
The £500,000 received on the 11th instant was in sovereigns from South
ronx Co Tr_ 80
90 Westches'r Tr 1050
Africa. The withdrawals were in bar gold, that on the 7th instant being Manhattano
120 122
nt Hanover 322 330
18
Rights
Brooklyn.
E
Co
nun
mi:
for France.
230 260
tr
405 415 Brooklyn _ _ _ _ 795 800
The following were the United Kingdom imports and exports of gold National City 216 22112
Penn Exch. _
New
122
85 Kings County 2900 3300
80
registered from mid-day on the 4th instant to mid-day on the 11th instant: Port Morris
16. Equitable Tr. 184
87 Midwood
240 270
Imports•State banks. t New stock.
Exports
Ex-dividend. g Es-stock div. y Ex-righte.
Argentina
£650,000 France
£1,677,724
British South Africa
743,659 Germany
48,320
New York City Realty and Surety Companies.'
Other countries
124 Austria
50,160
(All prices dollars per share)
British India
43,929
Straits Settlements
12,832
Other countries
16,448
Bid Ad
Bid Ask
Bid
Ask
..
Total
/1,393,783
Total
£1,849,413 Alliance R'ity 80
105 Lawyers WestN. Y. Inv't'rs
_ 112 122
chest M dr T 240 285
1st pref.__ 98
United Kingdom imports and exports of gold registered during the month Am
BondSurety_.
& Mtg()
2d met-- 97
....
of October last are detailed below:
88 Mtge Bond_ 193 208
MO VW-- 83
Imports.
Exports. Home
N
Y
84
59
Title
Ins
Title
dz
Westchester
Germany
£233,190 Lawyers Mtge 48
/137
52
48
Mortgage. _ 38
Title & Tr. 180 170
Netherlands
29,270 Lawyers Title
France
29,804
4,589,474
&
260
Guarantee
U
S
Casualty
285
100
95
Switzerland
201,110
Austria
123,194
Egypt
123.395 Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
West Africa
97,557
Argentina. Uruguay St Paraguay
700,000
ins.
Int.
•
Union of South Afriea
Maturity.
3.942,875
Rate.
Bid. Asked.
Maturity.
Rate. Bid. Asked.
Rhodesia
84,968
British India130.181 Dec. 161929... oi% 100
,
100111 Sept. 161939-82 31-4% Nun
11
Straits Settlements
49,311 Mar. 151930... 534% 1001in 1001183 Mar. 15 1930-32 1154% 881131 9911,
88"21
Australia
June 15 1930_ 04% 100”n 100,182 Dec 15 1930-32 334% 881131 991
1,000,000
11
Other countries
Th.., 15 1090
AlI.L VI_ Inna..
Inn...
19,645
26,735
Total
$5,874,986 $5,505.860
The Transvaal gold output for the month of October last amounted to
888,690 fine ounces, as compared with 849,553 fine ounces for September
1929 and 897,720 fine ounces for October 1928.
National Banks.-The following information regarding
SILVER.
The market developed further weakness during the week under review. national banks is from the office of the Comptroller of the
Selling was fairly general with offerings mainly on China account, and the Currency, Treasury Department:
market was too poorly supported to maintain prices, which by the 11th
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
instant had fallen to 2254d. for cash and 22%cl. for two months' delivery.
REQUESTED.
Yesterday, as the result of some special buying, quotations rose rathe
Capital.
sharply and there was a recovery of 3-16d. and Hd. to 22.11-16d.and Nov. 21.-First National Bank in Glen Ullin, N.Dak
325,000
2214d. for the respective deliveries; there was, however, a reaction of Md.
Correspondent: John C. Fischer, Glen Ullin, N. Dak.
to-day for both positions. There has been further buying by the Indian
CHARTERS ISSUED.
Bazaars and bears, whilst America, besides having sold, also gave a little
Nov. 20.-Spencer National Bank,Spencer, Mass
$100,000
support at the low level.
President: Myron A. Young. Cashier: Sidney H.Swift.
On the 7th instant the discount on cash silver increased to Md. but a Nov. 21.-The Barnstable County National Bank of Hyannis,
difference of 3-16d. was re-established yesterday.
Mass
$100,000
President: Augustus T. Beatey. Cashier: Harry I.
The following were the United Kingdom imports and exports of silver
Gifford.
registered from mid-day on the 4th instant to mid-day on the 11th inst.:
VOLUNTARY LIQUIDATION.
ImportsExportsFrance
£37,721 Germany
$100,000
£68,400 Nov. 18.-New First National Bank in Silver City. N. M
Effective
Nov. 9 1929. Liq. agent: C. C. Metcalf,
British India
61.441 British India
17,247
Silver City, N.M. Absorbed by the American Nat.
Other countries
3,405 Other countries
13,732
Bank of Silver City, N. M., No.8132.
Total
£102,567
Total
£99,379
CONSOLIDATIONS.
INDIAN CURRENCY RETURNS.
Nov. 22.-Worcester County National Hank of Worcester,Mass.$1,535,850
(In lacs of rupees.)
Nov. 7. Oct. 31. Oct. 22. Nov.
Bank, Spencer, Mass
National
Spencer
22.
-The
100,000
Notes in circulation
18443
18483
18721
Mass
300,000
Silver coin and bullion in India
11304
11358
11326 Nov. 22.-Clinton Trust Co., Clinton,
under
the
Act
of
Nov.
7
Consolidated
to-day
1918,
as
Silver coin and bullion out of India
amended Feb.25 1927,under the charter and title of
Gold coin and bullion in India
3222
3222.
3222
the "Worcester County National Bank of WorGold coin and bullion out of India
cester," No. 7595, with capital stock of $1,773,150.
Securities (Indian Government)
3632
3632
3917
The consolidated bank has one branch in the City of
Securities (British Government)
285
271
256
Fitchburg at No. 533 Main St., which was a
The stocks in Shanghai on the 9th instant consisted of about 83,600,000
the Worcester County National Bank or
branch of'
Worcester, and which was in operation on Fob. 25
ounces in sycee, 135,000,000 dollars and 5,780 silver bars, as compared with
1927. One branch of the Worcester County Nat.
about 83.400,000 ounces in sycee, 138.000,000 dollars and 6.780 silver bars
Bank which was authorized since Feb. 25 1927, was
on the 2nd instant.
re-autherized for the consolidated bank.
Quotations during the week:
Nov. 23.-The Atlanta and Lowry National Bank, Atlanta, 0a34,000,000
-Bar Silver, Per Or. Std.Bar Gold,
Nov. 23.-The Fourth National Bank of Atlanta, Ga
1,400,000
Cash.
Quotations2 Mos.
Per Oz. Fine.
Consolidated to-day under the Act of Nov. 7 1918,
22,id.
23d.
Nov. 7
845. 113'd.
under the charter of The Atlanta and Lowry Nat.
223'cl.
223'cl.
84s. 113'd.
8
Bank, No. 1559, and under the corporate title of
229-158.
22 13-16d.
84s. 113'd.
9
"The First National-Bank of Atlanta," with capital
223'd.
2234d.
11
84s. 11 Sid.
stock of $5,400,000.
22 1I-16d.
84s. 11d.
12
A .
The consolidated bank has six branches which were in
229-16d.
22ficl.
84s. 1154d.
13
operation on Feb.25 1927,five of the branches being
22.614d.
22.844d.
84s. 11.4d.
Average
located in the City of Atlanta and one located in the
Town of Decatur, Ga. Four of these branches were
The silver quotations to-day for cash and two months' delivery are email
branches of The Fourth National Bank of Atlanta
Xd. below those fixed a week ago.
and two were branches of The Atlanta and Lowry
National Bank. Two branches of The Fourth
National Bank and one branch of The Atlanta and
ENGLISH FINANCIAL MARKETS-PER CABLE.
Lowry National Bask, which were authorized since
Feb. 25 1927, were re-authorized for the consoliThe daily closing quotations for securities, &c., at London,
dated bank.
$ 50,000
Nov. 23.-The First National Bank of Pennsboro, W.Vs
as reported by cable, have been as follows the past week:
Nov. 23.-The Citizens National Bank of Pennsboro, W. Va
$50,000
Thurs.,
Frt.,
Tues.,
Wed.,
Mon.,
Consolidated to-day under the Act of Nov. 7 1918,
Nov. 23. Nov. 25. Nov. 26. Nov. 27. Nov. 28. Nov. 29.
under the charter of The First National Bank of
Pennsooro. No. 7191. and under the title of "First22 9-16
22 9-16
Silver, p. oz_d. 223'
22 11-16 22 11-16 22 9-16
Citizens National Bank of Pennsboro," with capital
84.113'
84.113-i
84.1134
Gold, p. fine oz 84.113
84.113'
84.113'
stock of $100,000.
53%
53
_
53%
53%
Consols,23-4%.
Nov. 23.-The Stewart National Bank of Livonia, New York- _ _
$75,000
99%
99%
99%
British. 5%99%
...Nov. 23.-The Livonia State Bank, Livonia, New York
40,000
93%
Act
of
British, 43'%_
93%
93%
under
the
Nov.
03%
7 1918, as
Consolidated to-day
amended Feb. 25 1927, under the charter of The
French Rentes
Stewart National Bank of Livonia. No. 13006, and
(in Paris)Jr. - -- 81.15
80.70
81.05
81.65
under the corporate title of "The Stewart National
French War L'n
Bank and Trust Co. of Livonia," with capital stock
(In Paris)Jr. ---of $115,000.
105.40
105.35
105.40
105.15
BRANCII AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
The price of silver in New York on the same days has been:
Nov. 23.-The First National Bank of Atlanta. Ga.
Silver in N. Y., per or. (cts ):
Location of branch: Northeast corner of Edgewood
Foreign
Holiday
4934
4934
493-(
493-4
4934
Ave. and North Pryor St., Atlanta.
gtmtinercial anantisceilantonsgem
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
inANew York, Boston, Philadelphia and Buffalo on Wednesday of this week:'
By Adrian H. Muller & Son, New York:
By Wise, Hobbs & Arnold, Boston:
$ for .55.
$ per Sh. Shares. Stocks.
Shares. Stocks.
5 Springfield G. L. Co. (undepoe50 Bankers Trust Co., New York_ _135
5254
ited), par $25
75 Federal Nat. Bank, par $2O. .1l0
100 Amer. Bosch Magneto Corp.__ 32
448
10 American Trust Co
Equities,
Inc.,
General
Jr
Chain
20
35
16 Associated Textile Companlea
23
common
13554
11 Continental Mills
72 Mass. Bonding & Inane. Co.,
58
10 Brookside Mills
132-157
par $25
100 Boston Elevated By. 1st pref..102
5 units Commercial Finance Corp... 16
4 Fitchburg G. & El. Co. v. t. c.,
4 Commercial Finance Corp. pref.,
56
Par 550
734
par $59
10 First Nat. Stores, Inc.. 1st pfd10054
75 Merrimac Hat Corp.common.... 53
20 Boston Metropolitan Buildings,
750
Co
Insurance
Boston
15
ex-div.
40
Inc., pint
10 Za-Rex Co., Inc., pref.; 10 Za434-5
89 Boston Mfg. Co. pref
Rex Co., Inc.. com.: 20 Beecher
4934
100 U.S. Rubber Co. pre
Falls Co., Inc., partic. pref.
2 New England Storage Warehouse
class A; 15 Owens Lake Soda Spa20
Co. common
cony. Prof.; 90-100 Utility
die,ate
10c.
pref.
20 Converse Rubber Shoe Co.
Service pref.; 90-100 Utility Ser100 Goodyear Tire dr Rubber Co.
$31 lot
vice common
65
common
50 Rolistone Paper Co. pref.; 20
9 Pneumatic Scale Corp., Ltd.,corn$75 lot
Rollstone Paper Co. corn
734
mon. par 510
62 Van Holtite Auto Appliance,
20 Androscoggin Airport Realty
$1 lot
Inc., class B; 100 class A
$5 lot
Trust
500 Bay Shore common; 500 Bay
510 Wickwire Spencer Steel Corp.
(KaMagdalena
1,000
Prof.:
Shore
lot
$21
common v. t. c
$210 lot
dicate common
100 Chain & General Equities, Inc..
105 New England 011 Refg. Co.
16
C0111111011
New
100
trust
ctfe.;
share
corn,
25 Ludlow Mfg. Associates ..145 ex-dly.
England 011 Refg. Co. pref.;
44 units Thompson's Spa, Inc__80-95
$72 U. S. Worsted Corp. 1st pref.
11 Rockland Light & Power Co.
div. scrip; 4 British Internat.
2254
common v. t. c., par $10
$7 lot
Corp.series A
34
100 Eastern Uttl. Associates, corn
30 City Central Corp. of Amer.7%
100 White Sewing Machine Co. pf_ 32
$2 on Prof.
pref.; 15 common
64 New England Power Association
9034 200 Nat. Bond & Mtge. Corp. pref.:
6% Preferred
100 common as bonus (par $10)--$2 lot
10 New England Pub.Ser. Co.cons. 2234
50 New Eng. 011 Ref. Co. prof.;
25
10 Flintkote Co. common
$4 lot
common share trust Mb
50
50 J. R. Whipple Corp. lot pref._ 25
40
50 Florence Stove Co
Cent.
Per
Bonds(undoCo.
El.
dr
14 Fitchburg G.
56 1110,000 Nat. Trade Journals, Inc.,
posited), par 550
60 & int.
cony. 68. due Nov. 1938
29
100 Maytag Co. $3 pref
Per Sh
$ Per Sh. Shares. Stocks.
Shares. Stocks.
500 Deppe Motors Corp., Prof.;
1 Chelsea Exchange Bank, par 325- 72
5,006 303-2000 Deppe Motors
10 Westchester Title & Trust Co.,
UM)lot
138
Corp. common, par $10
Par $20
175
108 Piping Rock Water Co.(N.Y.) 155 lot
25 Bank of Yorktown
36
Land
Co.
Valley
(N.Y.).
Co
100
Trust
Interstate
375
$65 lot
510.000 note secured by 125 shares
Par $1
54.000 lot 150 Piping Rock Club Realty Co
Interstate Trust Co
31,325 lot
180
(N.Y.)
1 Broadway National Bank
48( 20 Great Valley Mills common,
10 Ansonia Clock Co
$22 lot
118 Amer. Road Machinery Co.
Par $10
$2.05 1.291 Continental Leland Corp.
preferred
7
common, no par; 75 Continental
10 James Butler common
$35 lot
Leland Corp. pref., no par
25 La France Republic Corp. pref.._ 4)
33 lot
1554 60 Hydrogenated 011 Co
55 Westland 011 Corp., no par
300 Universal Chaln Theatres Corp.
60 Federal Ins. Co., Jersey City,
65
prof.; 300 Universal Chain TheaN • J •• Par $10
13,050 lot
tres Corp.common
5,027 Mfrs.' Liability Ins. Co. of
$251 ot 62,676 Rio Plata Mining Co.,
N. J
$25 lot
par $5
1.000 Temple Anthracite Coal. no
$515 lot 200 United Copper Syndicate. Ltd..
Oar
1.000 Century Rotary Motor Corp..
no par;500 Inter-Mountaln Water
*355 lot
par 510
& Power Co., par $1; 200 N. Y.own., no par: 50 Fla
50 Universal Gear Shift Corp., iaip
1210 lot
par
Cap. Co.. Inc.. par 51 : 12
10 Universal Gear Shift Corp. p1_3200 lot
United Factories Corp. class A;
500 Beaver Chain Saw Co. pref___$10 lot
300 United Factories Corp.
$46 lot
$5 lot
7,500 Dozen Corp.. no par
class B. par $1
510 lot 200 Magazine Repeating Razor Co.
150 Caqapbell Dollar Stores
525 lot
$75 lot
100 Harvey dr Hale. Inc
class B:200 preferred
.)30 lot 20 Seydel Chemical Co. pref., 20
43 Sahoft Bldg. Co., Inc., pref
$43 lot
Sundry notes aggregating approxicommon, no par
25 Amer. Elec. Corp. class A cum.
mately 5103,249.78, dated from
25
$25:
par
Mar. 25 1922 to Sept. 5 1929-$30 lot
.,
Mt
temp.
cony.
$10 lot
7.95 Denson Iron Co., Inc
Am. Elec. Corp. com. v. t. c.,
$3 lot
10 Amer. Woman's Realty Corp.,
no par
$92 lot 50 Locke Jr Co., common, no par:
pref
20 Amer. Woman's Realty Corp.
25 Locke & Co. pref., no par;
$38 lot
common, par .S50
100 Union Buffalo Mills Co. 1st
$2,000lot
93.6 Northern Capital Corp. cora.,
preferred
no par; 20 Northern Capital
1,569 United Grape Products, Inc.,
$25 lot
Corp. management, no par
7% cum. prof.; 4,397 common
$10 lot
31.000 lot
250 Wickyup Corp., no par
v. t. c., no par
5.000 Columbia Oil Concessions,
1,000 Hot Dogs, Ltd.. ord., par Z1_12 lot
$30 lot 775 Easton Canning Corp. pref..
Inc., temp. ctt.. no par
VW lot
$3.000 promissory notes dated from
par 150
$4 lot
Jan. 28 1927 to June 30 1927,
125 Northern Central Coal Co
made by Amer. Katalite Co..
10 South Minnesota Joint Stock
85 lot
520 lot
Interest 6%
Land Bank
1,619 Eastern Steel Co. corn.; 1,009
139 Cleveland Worsted Mills Co_ _$20 lot
Eastern Steel Co. 1st pref.; 30
200 Marquette Iron Co. common,
$105 lot
Eastern Steel Co. 2d prof
no par; 200 Amer. Cuptor Corp.
150 Home Insurance Co., par 310.- 374
common, no par; 200 TogatOwel
Sundry notes aggregating approxiCo., Inc., class A, no par: 100
Togatowel Co., Inc., class B,
mately $141,043.57; 43 Fort Val$5.500 lot
ley Knitting Mills
no par; 1 Alexandria Hotel Con15,200 Dolores Esperenza Corp.,
$31 lot
struction Corp., common
$13 lot
50 Mexican Coal & Coke Co
Par $2: 1.000 Iledley Gold Mining
$1,630 lot 100 Metropolitan Street By. Co.:
Co., Ltd., par $10
Notes of the Newman Corp.(Fla.).
5 N. Y. Ry. Co.; 100 Rock Island
principal and lot, unpaid and past
Co. common, no par
V lot
due, as follows:
48 4-10 Automotive Royalties Corps
Dye.
Int.
Dated
Amt.
Inc.. no par
$5 lot
517,000 Feb. 17 '25 8% 1 year $5 lot 100 Trans-Ocean Finance hr Com30.000 Apr. 4'25 8% 1 year $8 lot
merce Corp. corn.; 350 Tri-State
10,000 Apr. 20 '25 8% 1 year $5 lot
Land Co. corn.; 500 Tri-State
10,000 June 15 '25 8% 1 year $5 lot
Land Co. prof.: 929 Waterbury
lot
33
5,000 Dec. 22'25 8% On dem.
Co. (N. J.) pref.; 2,900 Water3.000 Jan. 7 '28 8% On dem. 57 lot
bury Co.(W. Va.);500 West Am.
5,000 Mar. 8'28 8% On dem. 35 lot
Trading Co. pref.: 4,600 Mu-Bad
6,000 Mar. 9 '28 8% On dem. $9 lot
Radio Corp.. no par: 75 Colima
1,600 Apr. 20 '28 8% On dem. $3 lot
Lumber Co. Prof.: 650 Colima
2,000 Nov. 27 '28 8% On dem. $7 lot
Lumber Co. corn.; 4,397 Tintic
30.000 June 22'25 8% 1 year 55 lot
Co., par 33; 511,000 Astoria Steel
120 Katallte Corp. class A, no par_ _54 lot
6% reg. bonds, due 1923; 57.000
146 KRUM° Corp. class B,no par 44lot
Candelaria Gold Br Silver Min.
100 United Grape Products, Inc.,
Co. 6% bonds, due 1912: 5250
5
Great Neck Field & Marine Club
7% Prof
200 United Grape Products, Inc..
20 mtge. 5a, reg.. due 1935: 5500
$1 lot
common V. t. c., no par
I. S. C. Corp. lot mtge. Os reg..
due 1931: 81,000 367th Infantry
100 United Grape Products, Inc.,
Auoitorium Fund bond: 130.000
7% Pre:
Colima Lumber Co. 6% reg.
ioo United Grape Products, Inc., 1
bonds, due 1912-1915: 1112,000
common v. t. c., no par
Colima Lumber Co. 8% bonds,
100 United Grape Products, Inc.,
$5 lot
due 1924. $500 Colima Lumber
7% prof
Co. 6% bonds, due 1924, temp.
100 United Grape Products, Inc.,
1
receipt
$105 lot
common v. t c., no par
50 United Grape Products. Inc..
5
7% pref., par $50
BondsPer Cent.
50 United Grape Products, Inc.,
1
$5,000 Sanford, Fla., ref. (is, Jan. 1
common v. t. c., no par
1951; July 1929 & subs, coupons
500 General Manifold dr Printing
51.000 lot
attached
2%
Co.(Pa.). par $50
15,000 Sanford, Fla., Impt. 544s,
10 Amer. Woman's Realty Corp.
$140 lot
July 1 1956: July 1929 & subsepreferred
quent coupons attached
60 Bea Chemical Co., class A com654%
$5,000 Sarasota, Fla.. lmpt. 13s,
mon, no Dar; 30 class B common,
$5 lot
July 11931
6%
no par
15,000 New Orleans Great Northern
15 Chenoy & Co. prof.; 15 Cheney &
RR.5% bonds, 1955
69
Co.common, no par; 12 Cheney &
$5 lot 140,000 Mexican Coal & Coke Co.
Co.class B corn., no par
bonds (Spencer Trask & Co. Ott,
44455, Continental Kirkland Mines.
$100 lot
of deposit)
326 lot
Ltd., par 51
By R. L. Day & Co , Boston:
$ per sh.
Shares. Stocks.
125
85 First National Bank
72
100 Nat. Shawmut Bank
120-125
Bank
Nat.
Federal
4154
50
100 Beacon Trust Co
40 Naumkeag Steam Cotton Co..-- 90
36
2 Associated Textile Co
1854
110 Arlington Mills
2134
3Pacific Mills
12
5 Everett Mills
19
2 Hill Manufacturing Co
1
15 Hadley Mills irs7
90
60 Naumkeag Steam Cotton
5
300 Nat. Rya. of Mexico
9034
1013.& M.RR.old pref. unstpd
50 Great Northern Paper Co-53ex-div.
$3 lot
754 Towne Securities
70
23 Amoskeag Co., pref
16054
5 Collateral Loan Co
10851
10 New Eng. Power Co., prof
15 Spring F.& M. Ins. Co._ _1935e163)%
515 lot
166 Springfield Alberta Co
10 Farmers Mfg. Co.. pf.; 20 Farm$150 lot
ers Mfg. Co
100 Eng.Pub.Serv. Co.554% Pref. 9054
70
100 Capstan Company
2.875 Arcade Smelt & Regn. Co.
$150 lot
B
250 Arcade Malleable Iron Co., A.. 25(
100 Northern Texas Elea Co., pref. 3
25
200 Flintkote Co., A
2734
4 Mutual Finance Corp units
3429
FINANCIAL CHRONICLE
Nov. 30 1929.]
Shares. Stocks.
per sh.
10 Johnson Educator Biscuit Co., A 1054
$200 Alaska Gold M.68, 1926:5200
6s, 1925; 50 Central N. 11. Pow,
Co.; 200 Gasoline Corp., prof.;
200 Gasoline Corp.. rem: 10 Puritan Motors; 50 Chapman Mfg.,
prof.; 100 Chapman Mfg. rem.;
100 Alaska Geld Mm; 500 Gold
Beach Dredging; 1,000 Willett Silver Mines, Ltd.: 42,300 Utah
Milling dr Mining; 1.240 Lady
Bryan Mining
515 lot
9 Thos. G. Plant, 1st pref
113(
20 Mass. Bond ,k Ins
157
Rights.
100 Home Fire Insurance
$ Per Right,
1
Bonds.
Per Cent.
$2,000 Detroit R.& Harbor Term.
Co. lst 644s, May 1945, 10% registered certificate deposit: 12.000
Bay of Biscayne Bridge Co. 1st
654s. July 1941, ctf. of dep....1250 lot
$2,000 Hotel Bellevue Trust 1st al.
Os, Oct. 1940, 50% registered
certificate deposit; 32,000 South
Pa. Collieries 1st s. f. 6s, Nov.
1944, 20%, series A: $200 Amoskeag Co. 68, Jan. 1948
57554 lot
By Barnes & Lofland, Philadelphia:
per 114
$ per sh. Shares. Stotts.
Shares. Stocks.
18 Union Bank Jr Trust
460 Glenside (Pa.) Bk. dr Tr. Co.,
234
Trust
Jr
Bank
2954 20 Union
par 510
1644
5 Adelphia Bank Jr Trust
10 Ambler(Pa.)Trust Co., par $50. 90
lot
$3
Co
Pyramid
50
Inc.,
Co.,
45 Bailey, Banks & Biddle
100
preferred
Cent.
Per
Bonds.
72
$10
Nat.
par
Penn
Bank,
20
15
6854 $4,000 Rockhill Coal Jr Iron Co
250 Penn Nat. Bank, par $10
$1,000 Rittenhouse Sq., Inc., in2 Phila. National Bank, par $20-139
20
bond
come
Jenkintown,
Bk.,
10 Citizens Nat.
55.000 Brockport Gas Lt. Co., Sat
100
Pa
20-yr. 55. Jan. 1931. Jan. 1925
5 Citizens Nat. Bk., Jenkintown.
30
coupons attached
600
Pa
$5,000 Mexican Internat. RR. lot
100 Commercial Nat. Bk.& Tr.Co.,
con1923
(March
1977.
cons..
3354
par $10
$175 lot
Pons attached.)
233 Commercial Nat. Bk. Jr Tr. Co.
3334 $1,100 U. S. of Mexico class 13: repar $10
int.
to
rights
or
coupons
for
celpt
Trust
5 Mitten Men de Mgt. Bk. Jr
In arrears, dated Jan. 24 1924_425 lot
60
Co., par 550
$600 U.S.of Mexico,class A;receipt
188
1 City Nat. Bk. Jr Tr. Co
for coupons or rights to Interest
10 Bk. of Phila.& Tr. Co., par $10. 35
in arrears, dated Jan 24 1924_ -15lot
158 Bk.of Phila.& Tr. Co., par $10 3434
Schuylkill Valley Tract.Co.
$10,000
8
$10
par
Co.,
3Security Title dr Trust
40
lot 5s, 1945
8 Market St. Title Jr Trust Co.,
$16,500 Jordan Valley Irrtg. Dist.
375
par $50
512,500
Jan.
due
1940,
54,000
(is.
188 Bankers Trust Co., par $50.- 90
so
due Jan. 1941 (In default)
10 Bryn Mawr (Pa.) Trust Co..
6434 130,000 Oregon-Washington Joint
par $10
Stock Land Bank 58, Jan. 1953
99 Le Monde Apartments, par $50.100
60
optional 1933
31 Bankers Securities Corp., corn.,
$5.000 Benevolent Jr Protective
65
voting trust ctf., par $50
Order of Elks gen'l (is, 1942.-150 lot
30 Atlantic City Motor Speedway
$1 lot $2,500 Benevolent Jr Protective
Assn., Prof.; 30 common
Order of Elks, gen'l 68, 1942.__ _123 lot
10 Units Fidelity Mtge. Guarantee
$1 lot 515,000 Wilkes-Barre Jr Hazleton
Co
11
RR. IM coll. 58, 1951
10 J. B. Van Solver, Camden,N.J..
$30,000 Chimney Rock Mountains,
100
common
lot
$100
1936
6s,
ref.
1st
Inc..
Tr.--110
Jr
Bk.
16 First Camden Nat.
By A. J. Wright & Co., Buffalo:
$ per SD.
$ Per Sh. Shares. Stocks.
Shares. Stocks.
800 Tuolumne Copper Mining Co.,
1,000 Tuxbury Oil & Ref. Corp.,
810.25101
Par Si
$1 lot
par $5
120 Buffalo Petroleum Corp., par
191 Amer. Trading Co., Inc., no
51.25 lot
510
$18 lot
par
300 Island 011 Jr Transport Corp.
75 Amer. Trading Co., Inc., non$5101
c.,
t.
v.
$10
Par
lot
$3
cum. pref., no par
2 units Bowie County Oil Syndicate,
10,000 Kirkland-Eastern Gold
$2108
par $50
5100 lot
Mines, Ltd., par $1
15 trustee's ctts. Hall 011 Jr Gas
7,900 Sylvanite Gold Mines, Ltd.,
$10 lot
Leasehold
50c.
Par 51
2,500 Label Oro Mines, Ltd., par $I lc. Mooar Jr Shannon 011 Jr Gas Lease lot
$25
Assignments
500 Columbia Graphophone Mfg.
$5 lot 10 Huff Feeding Corp. pref., with 10
Co., no par
$2 lot
shares of common, no par
200 Grant Motor Car Corp.. Par
$1 lot 1,000 Republic Oil Jr Refg. Co.,
$10
3510$
$1
Par
1,100 El Salvador Silver Mines Co.,
55101 170 Woodburn 011 Corp.,no par_.$20 lot
Inc., par $1
300 Buck Creek 011 Co., Par 11-$10 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show 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).
254 Jan. 2 Holders of rec. Dee. 13
Atlanta Birmingham Jr Coast pref
2
Dec. 30 Holders of rec. Dec. 10
Buffalo Jr Susquehanna, prof
134 Dec. 31 Holders of rec. Dec. 20
Cincinnati Union Terminal, pref
Little Miami special guaranteed (guar.)_ •50e. Dec. 10 *Holders of rec. Nov.26
*$1.10 Dec. le *Holders of rec. Nov. 26
Original guaranteed (guar.)
• 52.125 Jan. 2 *Holders of rec. Dec. 7
Morris & Essex
N.Y.Lackawanna Jr Western (guar.)... *134 Jan. 2 *Holders of rec. Dec. 14
Dec. 6
N.Y.. N. H.& Hartford, corn.(qu.)____ 154 Jan. 2 Holders of rec. Dec.
6
134 Jan. 2 Holders of roe.
Preferred (guar.)
144 Jan. 31 Holders of res. Jan. 15
Pittsburgh Jr West Va., corn.(guar.)._
Potomac
&
Fredericksburg
Rich.,
Dec. 31 *Dee. 22 to Jan. 2
Common stock and div. obligations- -- *4
Dec. 31 *Dec. 22 to Jan. 2
*4
Com,stock and div. oblig. (extra)._
Dec. 30 *Holders of rec. Dec. 11
•1%
(guar.).St. Louis Southwestern pref.
3430
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days lnelustve.
I.
Per
Wks*
Books Closest
NMI of Cernpalli.
Cese. Pesebis,
Days Isetualse.
Public Utilities,
Miscellaneo
us
(Continued).
Bell Telephone of Canada (quar.)
*2
Jan. 10 *Holders
rec. Dec. 23
Carey (Philip) Mfg. common (quar.)_._ •42
Jan. 1 *H61ders of rec. Dec. 7
Brazilian Tr., Light & Pow., pref.(qu.)- •15.4 Jan. 2 *Holders of
rec. Dec. 16
Common (payable In common stock). *12
Jan. 1 *Holders of rec. Dec. 7
Bell Tel. of Pa.. 654% pref. (guar.).- *134 Jan. 1 5*Holdersof
of rec. Dec 20
Preferred (guar.)
*11.4 Dec. 31 *Holders of rm. Dec. 21
Buff., Niagara & East. Pow., corn.(qu.) *3754c Dec. 30 *Holders of rec. Dec.
15
Central States Invest. Trust pref.(MO - •37540 Dec. 1 *Holders of
Class A (ouar.)
rec. Nov. 25
*3734c Dec. 30 *Holders of rec. Dec. 15
Century Electric Co.common (qua?.)
1
Jan. 1 Holders of rec. Dec. 15a
Canada Northern Power, corn.(quar.)-150. Jan. 25 Holdeis of rec. Dec. 31
Champion Shoe Mach., pref.(guar.)
•134 Jan. 1 *Holders of rec. Dec. 25
Preferred (quar.)
194 Jan. 15 Holders of rec. Dec. 31
Colgate-Palm
olive-Peet
corn.
Co.
(ou.).
6251e
Jan.
7 Holders of roe. Dec. 16
Central States Power & Light, pref.(th.) •81.75 Jan. 2 *Holders of rec. Dec. 5
Congress Cigar (guar.)
.11.25 Jan. 2 *Holders of rec. Dec. 14
Central States Utilities Corp., pfd.(qu.) •$1.75 Jan. 2 *Holders of rec.
Dec. 5
Extra
.25c. Jan. 2 *Holders of me. Dec. 14
Cities Service Power & LightContainer
Corp.
of
Am.
class
(quiz.)-.
A
*300. Jan. 1 *Holders of ree. Dec. 11
35 preferred (monthly)
• 41 2-3c Dec. 15 *Holders of rec. Dec. 1
Preferred (guar.)
*134 Jan. 1 *Holders of rec. Dec. 11
$6 preferred(monthly)
• 58 1-3c Dec. 15 *Holders of rec. Dec. 1
Continental Shares, Inc., corn.(qu.)...25c. Jan, 2 Holders of rec. Dec. 16
$7 preferred(monthly)
*50c. Dec. 15 *Holders of rec. Dec. 1
Prof.
ssr.B
sh,
and cony. pref.(quar.). 154 Dec. 16 Holders of rec. Dec. 2
Cleveland Ry. common (quar.)
•15I Jan. 1 *Holders of rec. Dec. 26
Cookeville Co., Ltd., pref.(guar.)
1
Dee. 16 Holders of rec. Nov. 30
Consolidated Gas(N. Y.). Pref.(quar.). 011.25 Feb. 1 *Holders of me. Dec. 28
Copper Range Co.(guar.)
*50c. Jan. 15 *Holders of rec. Dec. 14
Continental Gas & Elec., corn.(quar.). *31.10 Jan. 2 *Holders of reelDec. 12
Coty,Inc.(guar.)
50c.
Dee, 31 Holders of rec. Dec. 16
7% prior preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 12
Crosby Radio (guar.)
•25e. Jan. 1 *Holders
Duke Power common (quar.)
rec. Dec. 20
134 Jan. 2 Holders of rec. Dec. 14
Crosse dr Blackwell.83.50 pref.(guar.) *8754c Nov.30 *Holders of
of rec. Nov. 20
Common (payable In corn,stock)
12
Jan. 2 Holders of rec. Dec. 14
Cuban Tobacco, corn
$1
Dec. 31 Holders of rec. Dec. 14
Preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 14
Preferred
Dec.
31
234
Holders of rec. Dec. 14
Electric Power & Light pref.(quar.)_._ •31.75 Jan. 2 *Holders of rec. Dec. 10
Curtiss Aeroplane & Motor (quar.)
50c. Dec. 26 Holders of rec. Dec. 10
El Paso Electric Co.. pref. A (guar.).- •154 Jan. 2 *Holders of rec. Jan. 15
Curtis Manufacturing (quar.)
•13254c Jan. 2 *Holders of rec. Dec. 14
Frankford & Southwark Ry.(quar.)_._ $4.50 Jan. 1 Dec. 2 to Jan. 1
Curtis Publishing (monthly)
*500.
Ian. 2 *Holders of rec. Dec. 20
Germantown Pass. Ry.(Phila.)(qu.)-'$ 1.3154 Jan. 7 Holders of rec. Dec. 17
Cutler-Hammer, Inc. (quar.)
•88c. Dee, 16 *Holders of ree. Dec. 2
Illinois Bell Telephone (guar.)
*2
Dec. 31 *Holders of roe. Dec. 30
Stock dividend
*020 Jan. 15
Interstate Power. $7 pref.(quar.)
•$1.75 Jan. 2 *Holders of rec. Dec. 5
Del. Lackawanna dr West. Coal.(qu,)
*32.50 Dec. 16 *Holders of rec. Dec. 2
$6 preferred (guar.)
*31.50 Jan. 2 *Holders of rec. Dec. 5
Diamond Electrical Mfg., corn.(spec.)
*50c. Dec. 22 *Holders of me. Dec. 20
Kan. City Power & Light, pref. B (qu.). *31.50 Jan. 1 *Holders of rec.
Dominion Glass, corn.& pref.(qu.)
Dec. 14
134 Jan. 2 Holders of rec.. Dec. 16
Kansas City Pub. Serv., pref. A (111.)
$1
Jan. 1 Holders of rec. Dec. 14
Draper Corp.(quar.)
•$1
Jan. 1 *Holders of red. Nov.30
Kentucky Securities, corn.(quar.)
154 Jan. 2 Holders of rec. Dec. 20
Extra
•$l
Jan. 1 *Holders of rec. Nov.30
Preferred ((Mari
154 Jan. 15 *Holders of rec. Dec. 20
Eaton Axle & Spring (guar.)
•750. Feb. 1 *Holders of rec. Jan. 15
Lexington Utilities. Pref. (guar.)
134 Dec. 16 Holders of rec. Nov. 29
Equitable Mtge.& Title Guar
•234 Jan, 2 Holders of rec. Dec. 20
Long Island Lighting 7% pref.(qu.)
*194 Jan. 1 *Holders of rec. Dec. 16
Extra
*254 Jan. 2 Holders of rec. Dec. 20
6% Preferred (guar.)
*134 Jan. 1 *Holders
Erskine-Danforth Corp., corn. (qu.)-rec. Dec. 16
Dec. 1 Holders of rec. Nov. 29
$1
New England Pow. Assn., corn.(guar.). *50c. Jan. 15 *Holders of
of roe. Dec. 31
Common (extra)
25e. Dec. 1 Holders of rec. Nov.20
Preferred ((Mar.)
'134 Jan. 2 *Holders of rec. Dec. 10
Preferred (quar.)
2
Jan. 1 Holders of rec. Dec. 28
New England Public ServiceFederal Motor Truck (quar.)
*20c. Jan. 2 *Holders of rec. Dee. 16
Prior lien preferred (guar.)
•$1.75 Dec. 15 Holders of rec. Nov. 30
Federal Terra Cotta (quar.)
*2
Dec. 16 *Holders of rec. Dec. 5
Northern Ontario Power, corn.(quar.)-50c. Jan. 25 Holders of ice. Dec. 31
Extra
*2
Dec. 16 *Holders of rec. Dec. 5
Preferred (quar.)
154 Jan. 25 Holders of rec. Dec. 31
Ferry Cap & Screw,corn.(quar.)
*50c.
Dec. 31 *Holders of reo. Dec. 15.
Northwestern Telegraph
•$1.50 Jan. 2 Holders of rec. Dec. 16
Foster Wheeler Corp.,corn.(guar.)
*50e. Jan. 1 *Holders of rec. Dee. 12
Pennsylvania Water & Power (attar.)
75e. Jan, 2 Holders of rec. Dec. 13
Preferred (guar.)
411.75 Jan. 1 *Holders of rec. Dec. 12
Peoples Light az Power class A (quar.)_ _ •0300. Jan. 2 Holders of rec.
Foundation Investment,6% pref.(qu.). •154 Dee, 15 *Holders of rec. Nov.
Dec. 7
Philadelphia Electric new corn.(quar.). *55e. Dec. 30 *Holders of rec. Dec.
30
Florence Stove, coin. (quar.)
10
$1
Dee. 2 Holders of rec. Nov. 20
85 preferred (quar.)
•$1.25 Feb. 1 Holders of rec. Jan. 10
Garlock Packing, corn.(guar.)
30c. Jan. 2 Holders of rec. Dec. 14
Power Corp. of Canada 6% pref.(guar.) 154 Jan, 15 Holders of
rec.
General
Dec.
31
Amer.
Investors,
6%
(qu.).
pfd.
•134 Jan. 1 *Holders of rec. Dee. 20
6% panic. pref.(guar.)
75e. Jan. 15 Holders of rec. Dec. 31
General Amer.Tank Car,corn.(qu.).... 'Si
Jan. 1 *Holders of rec. Dee. 13
Public Service Corp. of N.LGiant Portland Cement, pref
$1.75 Dec. 16 Holders of rec. Dec. 2
B% Pref. (monthly)
50e. Dec. 31 Holders of rec. Dec. 2
Goidblatt
Bros.,
(guar.)
•3734 oJan. 1 *Holders of roe. Dee. 10
Public Serv. Elec.& Gas,7% pref.(au.) *154 Dec. 31 *Holders of rec. Dec. 2
Goodyear Tire & Rubber. COM (qua?.).. *41.25 Feb. 1 *Holders of rec. Dee,
Queens Bore Gas & Elec.6% pref.(qu.) *154 Jan. 1 *Holders of rec. Dec. 20
31
GreeneCananea Copper (guar.)
Jan. 6 'Hollers of rec. Dec. It
•82
San Joaquin Light & Power 7% pf. A(qu) •154 Dec. 14 *Holders of rec.
Hamilton Dairies(guar.)
Nov. 30
•250. Dec. 2 *Holders of rec. Nov. 20
6% preferred B (guar.)
*134 Dec. 14 *Holders of rec. Nov. 30
Preferred (quar.)
•194
Dec.
Second & 3rd Sts. Pass. Ry., PhUs.(qu) $3
2 *Holders
rec. Nov.20
Jan. 1 Dec. 2 to Jan. 1
Hansen Storage(Milwaukee),raannum-- IK Dec. 31 Holders of
Southwestern Gas & Elec., pref.(qu.)--- '134 Jan. 2 *Holders
of rec. Dec. 31
of rec. Dec. 16
First and second preferred
4
Dec. 31 Holders of rec. Dee. 31
Southern Canada Power 6% pref.(qu.). 134 Jan. 15 Holders of
rec.
Dee.
20
Helme
(George
W.)
corn,
Co.
(quiz',)
$1.25 Jan. 2 Holders of rec. Dec. 10
United Gas & Elec. Corp. pref.(quar.)
134 Jan, 1 Holders of rec. Dec. 16
Common (extra)
$2
Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
194 Jan. 2 Holders of rec. Dec. 10
Trust Companies.
Hercules
Powder
common (guar.)
750. Dec. 24 Holders of rec. Dec. 13
Chelsea Bank & Trust (quar.)
6254c Jan. 2 Holders of rec. Dec. 200
Common (extra)
Irving Trust (quar.)
$1
Dec. 24 Holders of rec. Dec. 13
400. Jan, 2 Holders of rec. Deo. 3
Honolulu Consol. 011 (guar.)
*50c. Dec. 16 *Holders of rec. Dec. 5
Fire Insurance.
Extra
*50o.
Importers & Exporters (quar.).
Dee.
16 *Holders of rem Dec. 5
Dec.
4 Holders of rec. Nov.23
$1
Harkins Mfg.(quar.)
•600. Dec. 31 *Holders of rec. Dec. 15
Extra
*60c Dec. 31 'Hold", of rec. Dec. 15.
Miscellaneous.
Household Products (extra)
Abitibi Power & Paper, 7% pref.(quar.) 194 Jan, 2 Holders of rec. Dec.
*50c. Jan. 2 *Holders of rec. Dec. 14
20
Hooker Electrochemical Co
•154 Nov. 30 *Holders of rec. Nov. 21
6% preferred tquar.)
154 Jan, 20 Holders of rec. Jan. 10
Illinois Brick (guar.)
*600. Jan. 15 *Holders of rec. Jan. 3
Acme Glove Works (Montreal)Quarterly
•600. Apr. 15 *Holders of rec. Apr.
1st preferred (guar.)
81140 Dec. 15 Holders of rec. Nov. 30
Quarterly
Mo.July 15 *Holders of rec. July 3
Second preferred (guar.)
750, Dec. 15 Holders of rec. Nov.30
Quarterly
•600. Oct. 15 *Holders of rec. Oct. 3
Adams Express, new corn.(guar.)
*400. Dec. 31 *Holders of rec. Dec. 18
Improved Glass Process (guar.)
•82.50 Dec. 1 *Holders of rec. Nov. 21
Preferred (quar.)
*134 Dec. 31 *Holders of me. Dec. 18
Founders
shares
*30o. Dec. 20 *Holders of rec. Dee. 14
Allied Chemical & Dye Corp. corn. (qu.) $1.50 Feb. 1 Holders of rec. Jan. 15
Industrial Acceptant* common (guar.)- 50c. Jan. 2 Holders of rec. Dec. 20
Common (one-twentieth ah, corn. stk. (f) Jan. 3 Holders of rec. Dec. 11
First preferred (guar.)
194 Jan. 2 *Holders of rec. Dec. 20
Preferred (q*sar.)
134 Jan, 2 Holders of rec. Dec. 11
Second preferred (quar.)
Jan, 2 Holders of rec. Dec. 20
2
American Bakeries common (quar.)_ _ _ *75e. Jan. 1 *Holders of rec. Dec. 16
Second preferred (extra)
50o. Jan, 2 Holders of rec. Dec. 20
Preferred (guar.)
•134 Jan. 1 *Holders of rec. Dec. 16
Ingersoll Rand Co. common (special)... *31
Dec. 31 *Holders of rec. Dec. 9
American Can, pref.(quar.)
194 Jan. 2 Holders of rec. Dee, 160
Preferred
*3
Jan. 2 *Holders of rec. Dec. 9
American Chide, coin.(quar.)
*50e. Jan. 1 *Holders of rec. Dee. 12
Inspiration Consol. Copper Co.(guar.) 'Si
Jan. 6 *Holders of rec. Dec. 191
Common (extra)
*250. Jan. 1 *Holders of rec. Dec. 12
Internat. Business Machines (quar.)
•41.50 Jan. 10 *Holders of rec. Dec. 21
American Depositors Corp.Stock dividend
*eb
Jan. 10 *Holders of tee. Dec. 21
Corporate Trust shares (extra)
110 Dec. 31
International Cement common (qua?.).. *41
Dec. 31 *Holders of rec. Dec. 11
Amer. Encaustic Tiling, corn. (quiz.).... 50c. Dec. 23 Holders of rec. Dee, 12
InternationalMatch common (guar.).
II
Jan,
15 Holders of rec. Dec. 26a
Amer. Fork & Hoe, corn.(Var.)
•2
Dec. 14 *Holders of rec. Dec. 5
Participating preferred (quar.)
$1
Jan. 15 Holders of rec. Deo. 280
American Hosiery Co..(guar.)
*50c. Dec. 2 *Holders of rec. Nov. 26
Internat. Petroleum bearer stock
250. Dee. 16 Holders of coup. No. 23
Extra
•50c. Dec. 2 *Holders of rec. Nov. 26
Registered stock
25c, Dee. 16 Dee. 8 to Dec. 16
Amer. Home Products Corp.
35c. Jan, 2 Holders of rec. Dec. 14a Internat. Proprietaries
clam A (guar.).- •650. Dec. 15 *Holders of rec. Nov. 25
American Locomotive, corn. (quar.)
82 Dec. 31 Holders of rec. Dec. 13
Class A (extra)
•100.
Dec. 15 *Holders of rec. Nov. 25
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 13
International --liver, pref. (qu.)
134 Jan. 1 Holders of rec. Dec. 12a
Amer. Maize Products, corn.(quar.)._
*50e. Deo. 31 *Holders of rec. Dec. 12
International Text Book
750. Jan. 2 Holders of rec. Dec. 7
Common (extra)
*80c. Dec. 31 *Holders of rec. Dec. 12
Intertype Corp. 1st pref.(guar.)
*2
Jan. 2 *Holders of rec. Dec. 16
•134 Dec. 31 *Holders of rec. Dec. 12
Preferred (quar.)
Second preferred (quar.)
•3
Jan. 2 *Holders of rec. Dec. 16
Amer. Safety Razor (quar.)
41.25 Jan. 2 *Holders of rec. Dec. 10
Johansen Shoe(quar.)
37340. Dec. L Holders of ree. Nov. 26
American Tobacco preferred (quar.)- - - % Jan. 2 Holders of rec. Dec 10
Johns-Manville Corp.. corn.
750. Jan, 16 Holders of rec. Dec. 26
Amer. Writing Paper, pref.(quar.)
75c. Dec. 31 Holders of rec. Dec. 20
Preferred (quar.)
134 Jan, 2 Holders of rec. Dec. 12
Amer. Yvette Co., pref.(quar.)
*50c. Jan. 2 *Holders of rec. Dec. 16
Kilburn Mill(quar.)
el
Dec. 16 *Holders of rm. Nov. 3
Anglo-Amer. 011 (Interim)
*36 9-16c. Nov. 27 *Holders of coup. No.38.
Kimberly-Clark Corp., corn. (extra)---- *50c. Jan. 1 *Holders of rec. Dec. 12
Anglo-Persian Oil, corn.(Interim)
*5
Dec. 21
Preferred (guar.)
*154 Jan. 1 *Holders of rec. Dee. 12
Armstrong Cork, corn. (quar.)
*50c. Jan. 1 *Holders of rec. Dec. 16
Kraft-Phenix Cheese. coat.
•37340 Jan. 1 *Holders of rec. Dec. 12
(qum.)
Common (extra)
•3754c Jan. 1 *Holders of rec. Dec. 16
Preferred (guar.)
134 Jan. 1 *Holders of rec. Dec. 12
Assoc. Qual. Canners(Omaha)corn.(qu.) 37540. Dec. 1 Holders of ree. Nov. 15
Midvale Co. (quar.)
031
Jan. 1 *Holders of rec. Dec. 14
Associated Rayon,6% cony. pref.(qu.). •154 Dec. 1 *Holders of rec. Nov. 20
Lane Bryant,Ino. new eorn.(gu.)(No. 1) *50o. Jan. 1 *Holders of me. Dee. 16
Associated Oil (guar.)
*500. Dec. 31 *Holders of rec. Dec. 9
Laredef Holding Corn
•43 Dec. 2 *Holders of reo. Nov. 21
Autocar Co., pref.(guar.)
*2
Dec. 15 *Holders of roe. Dec. 5
Leslie California Salt (guar.)
*56c. Deo. 15 *Holdors of rec. DeJ. 2
Automatic Washer preferred (quar.)_
*50c. Jan. 1 *Holders of rec. Dec. 15
Liggett & Myers Tobacco, pref.(qui
194 Jan. 1 Holders of re°. Dec. 10
Autostrop Safety Razor,el. A (guar.)
75e. Jan. 2 Holders of rec. Dec. 10
Lily-Tulip Cup Corp., prof.(guar.)
134 Dec. 31 Holders of re0. Dee. 16
Baker (J. T.) Chemical Co., corn.(qu)•1834c Dee. 31 *Holders of rec. Dec. 14
Lindsay Light, pref. (guar.)
•194 Jan. 4 *Holders of reo. Dec. 21
Common (extra)
•1134c Dec. 31 *Holders of rec. Dec. 14
Lunkenhelmer Co., corn. (guar.)
*3794o Deo. 14 *Holders of ree. Dec. 4
Baldwin Co.6% pref. A (Qwn%)
Dee.
14 *Holders of rec. Nov. 30
'134
Mapes Confiol. Mfg.(guar.)
75e. Jan. 1 Holders of reo. Dec. 16
Baldwin Locomotive, new common - - - - *8734c Jan. 1 *Holders of rec. Dec. 6
Mathieson Alkali Works, ann.((MAO- 50o. Jan, 2 Holders of rec. Dee. 17
Preferred
•334 Jan. 1 *Holders of rec. Dec. 6
Preferred (quar.)
194 Jan, 2 Holders of rec. Dec. 17
Bankers National Investing Corp.
Midland Royalty Corp.. $2 pref.(gtO -- •500. Dec. 16 *Holders of rec. Dec. 5
Common A (guar.)(No. 1)
250. Nov.25 Holders of rec. Nov. 15
Monroe Chemical,corn.(guar.)
4,3794c Jan. 1 *Holders of rec. Dec. 14
Nov. 25 Holders of rm. Nov. 15
Coro. A (payable in common A stock)- 11
Preferred (quar.)
'8734c Jan. 1 *Holders of rec. Dec. 14
Beech-Nut Packing (quar.)
75c. Jan. 10 Holders of roe. Dec. 24
Monsanto Chemical Works (quar.)
*31 he Jan. 2 *Holders of rec. Dec. 14
Berg° Canadian Paper, pref. (quar.)_ _ _ _ *194 Jan. 2 *Holders of rec. Dec. 4
Stock dividend (quar.)
*si Si Jan. 2 *Holders of rec. Dee. 14
Bentley Chain Storm common (qua?.).. 30e. Dee. 1 Holders of rec. Nov. 21
Mother Lode Coalition Mines
*2013. Dec. 31 *Holders of rec. Dec. 9
Preferred ((Mar.)
$1 Dec. 1 Holders of rec. Nov. 21
Motor Finance Corp. (guar.)
250. Nov. 30 Holders of ref. Nov. 23
Blaw-Knox Co. common (extra)
•30e. Dee. 23 *Holders of rec. Dec. 13
Extra
50o. Nov. 30 Holders of rec. Nov. 23
Bohn Aluminum & Brass (guar.)
•75c. Jan. 2 *Holders of rec. Dec. 13
Myers(F. E.) & Bros., corn.(quiz.).... *50c. Dec. 3 *Holders of rec. Dec. 14
Bonner Company, class A (qua'.)
Dec.
Holders
31
rec
3734
of
Dec 15
Preferred (quar.)
*154 Dee. 3 *Holders of rec. Dec. 14
Borg-Warner Corp. common (quar.)
•41
Jan. 2 *Holders of rec. Dee. 16
National Grocers, prof
*3
Dec. 3 *Holders of rec. Dec. 21
Preferred (quar.)
•$1.75 Jan. 2 *Holders of rec. Dec. 16
Neptune Meter, el. A & B (quar.)
500. Dee. 16 Holders of rec. Dec. 2
Bradley Knitting common (guar.)
•50c. Dec. 1 *Holders of rec. Nov. 25
New Method Laundry (Canada).PL(BL) 134 Dec. S Holders of rec. Nov. 28
First and second preferred ((Atari
'134 Dec. 1 *Holders of rec. Nov. 25
Nichols Copper Co., class A (guar.).- *4394c Jan. 2 *Holders of rec. Dec. 20
Briggs & Stratton Corp.(quar.)
500. Dec. 31 Holders of rec. Dee. 20
Noblitt Sparks Industries (guar.)
•750. Jan. 1 *Holders of reo. Dec. 20
Bristol Brass (acc'( accum. dive.)
•5314 Dec. 2 *Holders of rec. Nov. 14
Stock dlv.(6% pay. 155% quiz.)
•s154 Jan. 1 *Holders of rec. Dec. 20
Brockway Motor Truck pref. (quar.)--- '134 Jan. I *Holders of roe. Dec. 10
Niagara Share Corp. common (guar.)- - *12540 Jan. 1 *Holders of rec. Dec. 31
Bullard Co. common ((mar.)
•40e. Dec. 31 *Holders of rec. Dec. 17
Northern Paper Mills common (quar.)
•500. Dec. 3 *Holders of rec. Dec. 15
Burns Bros. pref.(quar.)
•194 Jan. 1 *Holders of rec. Dec. 13
Ohio Electric & Controller (guar.)
•154 Dec. 1 *Holders of rec. Dec. 10
Bush Terminal common (guar.)
•50c. Feb. 1 *Holders of rec. Dec. 27
Oil Shares Inc., common (guar.)
37340 Deo, 20 Holders of rec. Dec. 10a
Common (payable in common stock).- 41134 Feb. 1 *Holders of rec. Dec. 27
Oliver United Filters, Inc. el. B (go.)
*50c. Jan. 2 *Holders of rec. Dec. 20
Debenture stock (quar.)
•194 Jan. 15 *Holders of rec. Dec. 27
Oneida Community eons. & pfd.(gu.) -- •4394c Dee. 14 Holders of rec. Nov.80
Bush Terminal Bides. preferred (guar.) •134 Jan. 2 *Holders of rec. Dec. 17
Otis Steel, corn. (guar.)
'6234c Jan. 1 *Holders of ree. Deo. 19
By-Products Coke Corp.(quar.)
•250. Dec. 24 *Holders of rec. Dec. 10
Preferred (guar.)
•194 Jan. 1 •Holoers of rec. Dec. 19
Canada Dry Ginger Ale (quar.)
•41.25 Jan. 15 *Holders of roe. Jan. 2
Pacific Portland Cement corn. (special). •2
Dee. 18 *Holders of rec. Dec. 14
Canada Permanent Mtge. Corp.(quar.) 3
Jan, 2 Holders of rec. Dec. 14
Paepcke Corp.. corn. (guar.)
*134 Feb. 15 *Holders of rec. Feb. 8
Canada Steamship Lines pref. (quit.).. •134 Jan. 2 *Holders of rec. Dec. 16
Preferred (quar.)
•134 Jan. 1 *Holders of rec. Dec. 24
Canada Car & Fdy., Ltd., pref.(guar.). 44e. Jan, 10 Holders of rec. Dee. 26
Patine Mines & Enterpriser
Canadian General Elec., pref. (qua!'.).. *87 Kc Jan. 1 *Holders of rec. Dec. 14
Interim dividend-4 shillings
Dec. 24 *Holders of rec. Dec. 7
Carpel Corp
•3734e Jan. 1 *Holders of rec. Dec. 20
Perfection Stove (extra)
•1234c Nov.30 *Holders of tee. Nov. 20
Name of Company.
Nov. 30 1929.]
Name of Company.
3431
FINANCIAL CHRONICLE
When
Per
Cm). Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
3734c Jan. 1 Holders of tee. Dec. 11
Pet Milk common (guar.)
1% Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
•50e. Jan. 2 *Holders of tee. Dec. 16
Phillips Petroleum (gum.)
*Holders of rec. Dec. 16
•e5
Stock dividend
Jan. 2 *Holders of tee. Dec. 28
•1
Pittsburgh Steel common (guar.)
Pittsburgh Steel Foundry common (qu.) •25o. Jan. 15 *Holders of rec. Jan. 2
•25e. Jan. 15 *Holders of rec. Jan. 2
Common (extra)
1% Dec. 15 Holders of rec. Nov. 30
Port Alfred Pulp & Paper, pref.(guar.)- Prentice-Hall, Inc., peal°. pref. (rm.).- *75e. Dec. 1 *Holders of rec. Nov. 20
•1)4 Jan. 2 *Holders of rec. Dec. 10
Pure 011 54(% Pref. (guar.)
•1% Jan. 2 *Holders of rec. Dec. 10
6% Preferred (guar.)
Jan. 2 *Holders of rec. Dec. 10
•2
8% Preferred (guar.)
Jan. 15 *Holders of tee. Dec. 31
•11
Quaker Oats common (guar.)
*114 Feb. 28 *Holders of tee. Feb. 1
Preferred (guar.)
Reliance Grain (Canada) pref. (quar.).. 1% Dec. 15 Holders of rec. Nov. 30
*3714c Dec. 15 *Holders of reo. Nov. 30
Reeves (Daniel) Inc. corn.(guar.)
•154 Dec. 15 *Holders of tee. Nov.30
Preferred (guar.)
Remington Typewriter let pref. (qu.)... *1% Jan. 1 *Holders of rec. Dec. 7
Jan. 1 *Holders of rec. Dec. 7
*2
Second preferred (guar.)
Dec. 18 Holders of rec. Dee. 14
81
Rogers Paper Mfg., class B
Ruddy (E. L.) Co., Ltd.(Can.) pf.(qu.) 1% Dec. 1 Holders of rec. Nov. 15
Jan. 2 *Holders of rec. Dec. 13
_
St. Maurice Valley Corp., pref.
*50e. Jan. 1 *Holders of rec. Dec. 10
&swam° Elec., corn. (guar.)
•134 Jan. 1 *Holders of rec. Dec. 10
Preferred (quar.)
*We. Jan. 1 *Holders of tee. Dec. 7
Sheffield Steel, corn. (guar.)
Jan. 1 *Holders of rec. Dec. 7
411
Common (payable in corn, stock)
*IN Jan. 1 *Holders of rec. Dec. 7
Preferred (quar.)
Southwest Dairy Products, pref. (guar.) •1 34 Jan. 1 *Holders of rec. Dec. 10
*3744c Jan. 2'Holders of tee. Dec. 6
Stanuara Brands, corn. (qu.)
*31.75 Jan. 2 *Holders of tee. Dec. 8
Preferred series A (guar.)
25c. Dec. 1 Holders of rec. Nov. 28
Standard Drug & Sales Co., pref.(guar.)
•40c. Dec. 31 Dec. 17 to Dec. 30
Standard 011(Kentucky)(guar.)
c. 31 Dec. 17 to Dec. 30
*40c.
Extra
Standard Textile Products, pref. A (qu.) •14‘ Jan. 2 *Holders of rec. Dec. 20
2 *Holders of rec. Dec. 20
Jan.
'154
Preferred B (guar.)
Thompson-Starrett Co., Inc., pfd. (qu.) 8744e. Jan. 1 Holders of rec. Dec. 11
Jan. 2'Holders of rec. Dec. 9
Tide-Water Aasoc. Oil, pref. ((Mara- •20e. Dec. 31 *Holders of rec. Dec. 9
Tide-Water Oil, corn. (guar.)
•15c. Jan. 2 *Holders of rec. Dec. 20
Timken Detroit Axle, corn.(qua
*10e. Jan. 2 *Holders of tee. Dec. 20
Common (extra)
Dec. 20 Holders of rec. Dec. 5
$1
Todd Shipyards (guar.)
.75e. Dec. 2 *Holders of rec. Nov. 20 •
Underwriting & Partiripations A (qua _
United Aircraft & Transport, pref. (qu.) •750. Jan. 1 *Holden of rec. Dec. 10
14( Jan. 2 Holders of rec. Dec. 10
U.8. Leather, prior pref. (guar.)
Jan. 1 *Holders of rec. Dec. 21
U. S. Playing Card (guar.)
•$1
*Holders of rec. Dec. 21
*25e. an.
Extra
United Thrift Plan. A (mar.)(No. IL.. *25e. Dec. 31 *Holders of reo. Dec. 27
Holders of rec. Dec. 20
1
Universal Coln Radio, Inc.(monthly).Holders of rec. Dec. 20
1
Special
Holders of rec. Nov. 15
Upper Canada Investment Trust, pf.(qu) 154
Dec. 31 *Holders of rec. Dec. 20
*al
Vanadium Alloys Steel
50c. Jan. 2 Holders of rec. Dec. 16
Vortex Mfg., corn
•154 Jan. 2 *Holders et rec. Dec. 19
Wahl Co pref. (gala.)
•50c. Jan. 15 *Holders of rec. Dec. 31
Warner Co., corn. (guar.)
*50c Jan. 15 *Holders of rec. Dec. 31
Common (extra)
•154 Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
500. Jan. 2 Holders of rec. Dec. 12
Warner-Quinlan Co. (guar.)
Warren Foundry & Pipe (guar.)(No. 1). *50 Jan. 2 *Holders of rec. Dec. 15
'Sc. Dec. 16 *Holders of rec. Nov.30
Wellington 011 (guar.)
'Sc. Dec. 18 *Holders of rec. Nov. 30
Extra
50c. Jan. 1 Holders of rec. Dec. 14
Wesson 011 & Snowdrift, cons
30e. Jan. 2 Holders of rec. Dec. 8
Weetmoreland, Inc. (guar.)
20e. Dec. 16 Holders of rec. Dec. 50
Special
80c. Jan. 2 Holders of rec. Dec. 18a
Special
Weston Electrical Instrument,
*25c. Jan. 2 *Holders of rec. Dec. 19
Common (guar.)(No. 1)
*boo. Jan. 2 *Holders of rec. Dec. 19
Class A (guar.)
Jan. 2 *Holders of rec. Dee. 15
*2
West Point Mfg. (guar.)
Jan. 2'Holders of rec. Dec. 15
•1
Extra
*50c Jan. 1 *Holders of rec. Dec. 10
Wextark Radio Stores, corn. (quar.)
Wilshire Med'I Bldg.(Los Angeles), corn.. 081.50 Dec. 15 *Holders of tee. Dee. 1
*1.54 Jan. 1 *Holders of me. Dec. 11
Wood (Alan) Steel, pref.(guar.)
Young(L. A.) Spring & Wire,corn.(qua '75c. Jan. 2 *Holders of tee. Dec. 12
Name of Company.
When I
Pee
Cent. Payable.
Railroads (Steam) (Concluded).
50e
Reading Co.. lot preferred Misr./
St. Louis-San Francisco, corn.(gust.)... $2
1%
Preferred (quar.'
1%
Preferred (guar.)
lyi
Preferred (quar.)
114
Preferred (guar.)
114
Southern Pacific Co.(guar.)
2%
Union Pacific, corn.(guar.)
Dec. 12
Jan. 2
Feb. 1
May 1
Aug. I
Nov. 1
Jan. 2
Jan. 2
Books Closed,
Days Inclusive.
Holders of rec. Nov.21.
Holders of tee. Dee. 20
Holders of rec. Jan. 20
Holders of rec. Apr. 120
Holders of rec. July la
Holders of roe. Oct. la
Holders of reo. Nov. 250
Holders of rec. Dec. 2.11
Public Utilities.
Dec. 2 Holders of req. Nov. lba
Amer.Power & Light, corn.(guar.)
Dec. 2 Holders of rec. Nov. lba
Corn.(one-fiftieth share corn. stk.)
Dec. 2 Holders of tee. Nov. lba
Corn. (five-fittleths share eons. stk.) _
2 Holders of rec. Nov. 20s
Dec.
(guar.)_
Cable
&
American Telegraph
15 Hoiners of rec. Dec. 20a
Jan.
Amer. Telep. & Teleg. (quar.)
Jan. 2 Holders of rec. Dec. 120
Amer. Wat. Wks.& Elec. $8 let pf.(qu.)
Feb. 1 'Holders of roe. Jan. 10
Associated Gas & Elec.. class A (qu.L..
Dec. 2 Holders of rec. Nov. 16
Atlantic Pub. URI. $7 pref.(guar.)
Power.
Atlas Light &
Nov. 27 *Holders of rec. Oct 21
*al
Amer. dep. rights for ordinary shs__
750. Dec. 1 Holders of rec. Nov. 20
Atlas UHL Corp.,$3 pf.ser. A (guar.)._ _ ei34
2 *Holders of rec. Nov. 15
Dec.
(quar.)...
Baton Rouge Elec., pref. A
Jan. 2 *Holders of roe. Dec. 10
.com.(quar.)
Boston Elevated Ry.
2 *Holders of rec. Dec. 10
Jan.
'4
First preferred
*314 Jan. 2 *Holders of tee. Dec. 10
Preferred
50c. Dec. 2 Holders of rec. Oct. 31
Brazilian Tree. L. & P. ordinary (quar.)
Dec. 2 Holders of rec. Nov lla
2
Brooklyn Edison Co. ((uar.)
81.50 Jan15 311 Holders of rec. Dec. 310
Bklyn.-Manh. Tran. pref. see. A (qua
AprI5'30 Hold, of rec. Apr. 1 300
$1.50
(guar.)
A
Preferred. serles
$1.25 Jan. 2 Holders of rec. Dec. 2a
Brooklyn Union Gas(qua.)
134 Dec. 1 Holders of rec. Nov Is
Can. Hydro-Elec. Corp. 1st pf. (qU.1- -154 Dec. 2 Holders of rec. Nov. 15e
Cent. Arkansas Pub. Say., pref.(au.).- •1%
Jan. I *Holders of me. Dee. 31
Central Ill. Pub. flerv., pref. (rlitar.)--Dec. I Holders of rec. Nov. 15
811.645
&
Gas
(guar.)
Central
Elec.. Pref.
Dec. 2 Holders of rec. Nov 20
Central Indiana Power, pref.(guar.)...
rec. Nov 25
Central Public Service. class A (guar.).- 04334c Dec. 15 Holders of rec. Dec. 12
Jan. 1 Holders of
36 preferred (guar.)
rec. Dec. 12
of
Holders
Jan. 1
$7 preferred (guar.)
. Jan. 1 Holders of rec. Dee.
.15)
Central States Elec. Corp.. corn. (guar.) 3$1110c
rec. Dec. b
of
Holders
1
Jan.
Common (payable In common stock)- 124
154 Jan. 1 Holders of rec. Dec. 5
7% pref., Issue of 1912 (quar.)
rec. Dee.
of
Holders
1
Jan.
134
6% preferred (quar.)
(s) Jan. 1 Holders of rec. Dec. b
Cony. peel., series of 1928 (guar.).(s) Jan. 1 Holders of rec. Doc. b
Cony. pref., series of 1929 (ottan)__
19
Chic. Rapid Trim.. pr. pref. A (mthly.) •650. Dec. 2 *Holders of rec. Nov.
*60c Dec. 2 *Holders of rec Nov. it
Prior pref., series B (monthly)
lb
Nov.
rec.
of
Holders
2
Dec.
(rm.)._
154
A
pf.
Chic. So. Shore & So. Bend,
13,4? Dec. 2 Holders of rec Nov. 16
lieve. Elec. Illuminating, pref. (guar.).
28
Col. G.& E.Corp., corn.(In corn.stk.).- 125 Mar. 31 Holders of rec. Feb. 200
Community Water Service, $7 prof (qua 81.75 Dee. 2 Holders of rec. Nov
•8214e Dec. 1 *Holders of rec. Nov. 20
connecticut Power,cons.(guar.)
Dec. 1 'Holders of rec. Nov. 20
Preferred (qua?.)
.3
Dec. 2 *Holders of rec. Nov. 16
Connecticut River Power, pref
14
Comet. Gas El L.& P..Balt.„eorn.(qu) •900 Jan. 2 *Holders of rec. Dec.
Jan. 2 *Holders of ma Dec. 14
•1
5% preferred A kquar.)
•ty.i Jan. 2 *Holders of rec. Dec. 14
6% preferred D (guar.)
at% Jan. 2 *Holders of rec. Dec. 14
514% preferred E (guar.)
Dec. 18 Holders of rec. Nov. lle
$1
Consol. Gas(N. Y.) corn,(guar.)
$1111.4255 Jan 230 Holders of tee. Deo. 14
7lonsumers Power. 35 Pref. (guar.)
230 Holders of rec. Dec. 14
Jan
ferre
d d(q(uarquat.)
ferre
6%orepre
67.
6
Jan 2'30 Holders of tee. Dec. 14
230 Holders of rec Dec. 14
Jan
154
7% Preferred (guar.)
50e Dec. 2 Holders of rec. Nov. lb
6% Preferred (monthly).
50c Jan 2.30 Holders of rec. Dec. 14
6% preferred (monthly)
55e Dec. 2 Holders of rec. Nov. lb
6 6% preferred (monthly)
550 Jan 2'30 Holders of roe Dee. IC
8.6% preferred (monthly)
Jan, 15 Holders of rec. Dec. 200
2
(guar.)
Detroit Edison
154 Dec. 16 Holders of rec. Nov. 30
East Kootenay Power, pref.(quit.)
Nov. 16
Empire Gas & Fuel,6% pref.(guar.).- •50e. Dec. 2 *Holders of rec. Nov. lb
• 54 1-6c Dec. 2 *Holders of rec.
M% preferred (quar.)
• 58 l-3c Dec. 2 *Holders of rec. Nov. 15
7% preferred (guar.)
• 66 2-3c Dec. 2 *Holders of rec. Nov. 15
8% Preferred (quar.)
250. Jan. 2 Holders of rec. Deo. 20
Engineers Public fiery., corn.(guar.).861.13.2755 Jan. 2 Holders of rec. Dec. 2.
$.5 cony. preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
$5.50 cum. pref. (quar.)
rec. Dec. 13.
Below we give the dividends announced in previous weeks Federal
Light dr Tract.. corn.(quar.)-- 3714c Jan. 2 Holders of
Jan. 2 Holders of rec. Dec. 130
11
and not yet paid. This list does not include dividends an- Cora (payable in corn.stock)
rec. Nov. lba
of
Holders
2
Dec.
$1.50
Preferred (guar.)
nounced this week, these being given in the preceding table. Federal
rec. Nov. la
Water Service. class A (guar.)._ 580e. Dec. 2 Holders of
rec. Nov. 20
of
Holders
2
Dec.
$1.80
Gary Railways. pref. A.(guar.)
me Nos(129a
of
Holders
Books Close),
,When
Per
General Gas & Elea. class A & 13(MU_ a37 14c Jan. 2
rec. Nov. 300
of
Holders
2
Jan.
n500
Days
Payable
What,.
B
&
A
Corn.
Cett)
(extra)
Name of Company.
Nov.29e
rec.
of
Holders
2
Jan.
81.75
$7 preferred A (guar.)
Jan. 2 Holders of me Nov. 29.
$2
rre
6 pprreerfeerredd
18
Railroads (Steam).
Nov. lb
rec
of
Holders
15
Dec.
51.50
of
Holders
Dec 27
rec. Nov 27
(qua?,)
82
Alabama Great Southern ord
$1.50 Dec 15 Holders of rec Nov lb
$1.50 Dec 27 Holders of rec Nov 27
$6 pref. series B (quar.)
Ordinary (extra)
(3 Dec. 31 Holders of rec. Dec. 24
.
stock)
Holders
13
(In
corn.
of
Feb
rec.
Service,
Jan
$2
10
Public
General
Preferred
*$ 1.37% Feb. 1 *Holders of rec. Jan. 10
$1.50 Feb 13 Holders of rec. Jan. 10
3.5.50 preferred (guar.)
Preferred (extra)
v molders at rev No, If.
41.50 Feb. 1 *Holders of rec. Jan. 10
lee
$6 preferred (guar.)
Aids. Too. & Santa Fe, common (guar.) 2
75e Dee. 1 Holders of rec. Nov. 10
*Holders
10
Dec.
of rec. Nov. 30
*62.50
Hackensack Water. common
Atlantic Coast Line Co.(guar.)
871ic Dee. 1 Holders of rec. Nov. 16
Preferred
334 Jan. lii Madero of rue, ISee. 12a
Atlantic Coast Line RR., corn
Dec. 2 Holders of rec Nov. lie
10
fan.
tee.
Holders
of
154
12a
Dee.
Havana
Pref.
Hy.,
Elec.
(guar.)
154
Common (extra)
1M Dec 1 Holden of rec. Oct Ii, Houston Gulf Gas. 7% pref.(guar.).- '154 Dec. 1 *Holders of tee. Nov. 15
Baltimore & Ohlo common (guar.)
2 Holders of rec. Dec. 16
Jan.
114
of
Holders
2
1)ec
rec.
tqua?.)
I
Oct
pref.
110
6%
Power.
Illinois
(guar.)
Preferred
134 Jan. 2 Holders of rec. Dec. 16
1 Holders or rec. Nov 30a
87e Ian
7% preferred (guar.)
Bangor & Aroos.,com.(old & new)(quar.i
1 Holders of nee Nfos Site
154 Dec. 15 Holders of me Nov. 30
Indiana Hydro-Elec. Pow., pref.(qua 14 Ian
Preferred (guar.)254 Dec. 31 Holders of rec. Nov. 30
Indianapolis Water Co.. pref. ser A (au) 14 Jan. 1 Holders of rec. Dec. 125
Boston & Albany (guar.)
154 Dec. 2 Holders of rec. Nov. lb
254 Dee. 3 Holders of rec. Dee. 25 Indiana Service Corp..7% pref.(guar.)
Canadian Pacific, corn.(quar.)
31
Dee
114 Dec. 2 Holders of rec. Nov. 15
354
6% preferred (guar.)
Ry
Central of Oa.
Jan.
Holders
50e. Dec. 1 Holders of rec. Nov. 1
of
(qua?.)
rec.
75e
Dec. ea Intercontinents Power, corn. A
Chesapeake Corp.(guar.)
81.75 Dec. 1 Holders of rec. No". If
Preferred (guar.)
2% Ian. 1 Holders of rec. Dec. 6a
Chesapeake & Ohio, corn.(quite.)
Dec. 15 Holders of roe Nov.30
V30
fan
$1
Holders
common_
of
Dec
rise.
Securities,
Internat.
6
Power
Preferred (guar.)
Dec. 15 Holders of ree Nov 80
$3
75e. Dec. 4 Nov. 21 to Dec. 3
$6 preferred A
Chestnut Hill RR.(guar.)
Dec. 2 Holders of rec. Nov. 15
Holders
31
Dee.
750.
of
rec.
2%
2a
Dec.
(gear.)
A
Internat.
corn.
--Securities.
coin
Western,
North
Chicago &
3
Dec. 2 Holders of rec. Nov. 15
Holders
Dee.
of
5
,
1214c.
3
rec.
Dec. la
Common class B (quar.)'
Preferred
114 Dec. 2 Holders of rec. Nov. 15
.154 Dec. 31 *Holders of rec. Nov. 29
6% Preferred (guar.)
Chic. II. 1 & Pacific. corn.(guar.)
'Holders
31
Dec. 2 Holders of rec. Nov. 15
Dec.
of
rec.
1%
Nov.
29
(guar.)
preferred
614%
*334
7% preferred
1% Dec. 2 Holders of rec. Nov. 15
Dec. 31 'Holders of tee. Nov. 29
*3
7% Preferred (guar.)
6% preferred
Dec. 2 *Holders of roe Nov. P
Holders
2
of
•31
Dec.
rec.
Nov.
8714c.
9a
(qu.)
pref.
Phila.
Keystone
of
Telephone
&
Cleveland Pittsburgh,(guar.)
50c. Dec. 2 Holders of rec Nov. 9a Laclede Gas Light, corn. (guar.)
244 Dec. 16 Holders of rec. Dec. 20
Special guar. (guar.)
214 Dee. 16 Holders of rec. Dec. 20
114 Jan. 2 Holders of rec. Dec. 1(1a
Preferred
Consolidated Ries., of Cuba pref.(au.)
$4.40 Dec. 27 Holders or rec. Dec. 27a Louisville Gas & Elec.. corn. A & B (au.) 43%c Deo. 24 Holders of reo Nov. 30a
Cuba Northern Rys., common
Febl'30 Holders of roe. Jan. 150 Manhattan By. modified guarantee
3
Cuba HR.. pref. (guar.)
$1.25 Dec. 17 Holders of roe. Nov. 296
24 Dew 21 Holders of roe Nov 28a
Deferred rental of Jan. 1 1928
Delaware & Hodson Co.(gust.).
Dec. 2 *Holders of tee Nov 15
*2
8754n Dec. In Holders of ree. Nov. 30a Massachusetts Gas Cos., pref
Erie & Pittsburgh (qua?.)
2 Dee III Holders of tee Dee 150 Mohawk & Hudson Pow., 2d pref. (qu.) $1.75 Jan. 2 Holders of rec. Dec. 20
Erie SR , Brat & second pref
*Holders
27
of
Nov
ree
Service
Nov
es%
13
Pub.
Penn
West
Monongahela
Commie Sou & Fla 1st h 2nd pref
2L4 Dee. 31 Holders of rec. Dec. 6a
43lie Jan. 1 Holders of rec. Dec. 14
Preferred (gust.)
Hocking Valley. corn.(guar.)
134 Jan. 1 Holders of rec Dec. 16
1% Dee 2 Holders of ree Nov i
Nassau de Suffolk lag., pref. tquar.)_ _
litginon & Manhattan, cons
R
,
ITAIAP
2
25e Dec. 2 Holders of tee Nov 12.
of
Dee
ree
(guar.)._
Nov
It,
sa
corn.
National Power dr Light.
IllInois Central, corn. (guar.)
Jan. 2 Holders of ree Dec. 11a
51.75 Jan. 2 Holders of rec. Dec. 10
2
$7 preferred (quar.)
Leased lines
40c. Dec. 15 Holders of rec. Nov. 27
(quar.)_
2
Dec.
Holders
A
corn.
of
6
Service,
rec.
Public
Nov.
National
25
Kansas, Oklahoma & Gulf. pref. A.....
2 Holders of roe. Dee IS
Jan
154 Dec. 2 Holders of ree. Nov. 15
1
Nebraska Power, pref. (guar.)
Maine Central, common (quar.)
Dec. 31 Holders of rec. Dec. lb
114 lee ? noldeeP of tee. Nnv
New England Tel. & Tel.(quit.)
Preferred (quar.)
Dec. 30 Holders of rec. Dec. 14a
$1
N V. & Queens El. Lt. & Pr eons agu )'8734c Dec. 14 *Holders of tee. Nov. 29
Midland Valley, eons. (extra)
*14 Dee. 2 *Holders of rec. Nov. 22
Holders of rec. Nos 2a
61.27 Dee.
Preferred ,quar.)
Preferred
154 Jan. 2 Holders of rec. Dec. 140
154 Dee 31 Holders of tee Dee. Isa New York Steam Co..7% Pref.(qu.)..
Miasouri-Kan.-Tessa pref. A (guar.)._
114 Jan, 2 Holders of rec. Dee. to
2 Jan. 2 Holders of roe. Dec. 2a
6% Preferred (guar.)
Mobile & Birmingham, preferred.
*51.50 Dec. 15 *Holders of rec. Dee. 5
New Orleans, Tex & Mexico (guar.).- 144 Dee 2 Holders of ree Nov. lb. N. Y. Water Service, prof. (quar.)
Dec. 31 *Holders of rec. Nov. 30
•10c.
(quar.)
corn.
2
Power,
Holders
Ian
tee
of
114
Hudson
Nov.
Ifin
Niagara &
N. Y Chicago h St. Louis, corn.(qu.)
be
14 Jan. 2 Holders of rec Dec
2 Holder's of tee. Nov. 15a
1% Ian
North American Co ,corn.(in corn rata
Preferred series A (guar.)
Jan. 2 Holders of rec Dec tio
750.
19
Dec
Holders
of
rec.
2
Nov
Preferred
30a
(guar.)
Norfolk & Western, corn (guar.)
lb.
Nov
rec
of
Holders
2
Dec.
$1.50
pref.
19
(guar.)
Dee
Holders of ree Nov 30a
Nrorth Amer. Eason
4
Common (extra).
$1.50 Dec. 18 Holders of rec. Nov. 30
Nov 30 Holders of rec. Nov In
North Amer. Utility Sec.. 1st pf (qu.)
31
Pennsylvania (guar ).
1% Jan. 2 Holders of rec. Dec. dao Northern States Power(Wis.) pref.(qu.) 1% Dec. 2 Holders of rec. Nov. 20
Pere Marquette. corn.(quar.)
1% Dee. 2 Holders of rec. Nov. U
134 Feb. 1 Holders of me. Jan. 3a Ohio Edison Co.8% pref.(guar.)
Prior pref. and pref.stocks(guar.). 1.85 Dee. 2 Holders of me. Nov. lb
6.6% preferred (qua?.)
Phila. Germantown dr Norristown (au.). $1.50 Dee. 4 Nov 21 to Dec. 3
144 Deo. 2 Holders of tee. Nov. lb
(qua?.)
2
Holden; of ree. Nov. 15
81.50 flee.
7% preferred
Pitts Bessemer & Lake Erie. prof
1st Dec. 2 Holders of rec. Nov. 16
6% preferred (guar.)
Pittsb. FS. Wayne & Chic., corn.(qu.)-- 14( Jan. 2 Holders of rec. Dec. 100
60e Dee. 2 Holders of me. Nov. lb
6% preferred (monthly)
14( Jan. 7 Holders of rec. Deo. 105
Preferred (guar.)
65e. Dec. 2 Holders of roe Nov 14
6.6% preferred (monthly)
PIttsb. Youngstown & Ash.. pref.(qu.). 14( Dee 2 Holders of Teo. Nov 21ra
3432
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Cloud,
Days Inclusive.
Public Utilities (Concluded).
Ohio Power,6% pref. (quar.)
•154 Dec. 2 *Holders of tee. Nov. 12
Oklahoma Gas & Elec.. pref.((Mar.).--134 Dec. 16 Holders of ree. Nov. 30
Penn-Ohlo Edison. 7% prior pt.(qu.)134 Dec. 2 Holders of rec. Nov. 111
Penn.-Ohio Pow.& Lt.. $6 pref.(Qum.). $1.50 Feb. 1 Holders of rec. Jan. 20
7% preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
We. Dec. 2 Holders of rec. Nov. 20
7.2% preferred (monthly)
80e. Jan. 2 Holders of ree. Dec. 20
7.2% preferred (monthly)
80e. Feb. 1 Holders of ree. Jan. 20
8•6% Preferred (monthly)
550. Dee. 2 Holders of ree. Nov. 20
6.6% preferred (monthly)
550. Jan. 2 Holders of rec. Dec. 20
6.8% preferred (monthly)
55c. Feb. 1 Holders of ree. Jan. 20
Pennsylvania Gas & El. Co. el. A (qu.)-- '373.4c Dee. I *Holders of ree. Nov. 20
$7 preferred (quar.)
41.75 Jan. 1 *Holders of rec. Dee. 20
7% Preferred (quar.)
*134 Jan. 1 *Holders of ree. Dec. 20
Pennsylvania Pow. Co.. 66.00 Pf.(mtillY
Dee. 2 Holders of ree. Nov. 20
$6 Preferred (quiz.)
$1.50 Deo. 2 Holders of rec. Nov. 20
Peoples Gus, Preferred
3
Jan. 1 Holders of ree. Dee. 120
Phila. Suburban Water Co.. pt. M.).-134 Nov.30 Holders of ree. Nov. 21.
Piedmont & Northern Ry.(quar.)
*134 Jan. 10 *Holders of rec. Dec. 31
Power Corp. of Canada, corn. (Interim) $1 Dec. 20 Holders of rec Nov. 30
Public Service Corp. of N.J., corn.(au.)
65e. Dec. 31 Holders of ree. Dec. 2a
Dec. 31 Holders of ree. Dec. 2a
8% Preferred (quar.)
7% preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 2a
$5 preferred (guar.)
$1.25 Dec. 31 Holders of me. Dec. 2a
6% preferred (monthly)
50e. Nov. 30 Holders of ree. Nov 10
Public Service Elec. & Gas,6% pf.(au.) •134 Dec. 31 *Holders of ree. Dec. 2
Radio Corp. of Amer., pref. A (qu.)-- - 87340 Jan. I Holders of rec. Dee 2o
Preferred B (quar.)
$1.25 Jan. 1 Holders of rec. Dee, 2o
Original pref
35e. Jan. 1 Holders of roe. Dec 2.
Rochester Gas dr Elec. pref. B MILL
134 Dec. I Holders of rec. Nov. 14
Preferred series C & D (quiz.)
134 Dee. 1 Holders of me. Nov. 14
Seaboard Public Service, pref.(qua
$140 Dee. I Holders of rec. Nov. 15
Southern Calif. Edison, pref. A (quar.). 4334c. Dec. 15 Holders of rec. Nov. 20
Preferred B (quar.)
.3734e. Dec. 1.5 Holders of rec. Nov. 20
Southern Cities Utilities, $6 pr. Pi.(qu.) $1.50 Dec. 2 Holders of ree. Nov. 15
Southern Colorado Power, pref. (qu.)_
134 Dec. 16 Holders of ree. Nov. 30
Southwestern Power & Light, pf.(quar.) 134 Dec. 2 Holders of rec. Nov. 15
Standard Gas & Elec., pref.(quar.)
Si
Dec. 16 Holders of ree. Nov. 300
Standard Public Service, class A (quar.) $1.50 Dec. 1 Holders of rec. Nov. 20
:Superior Water, Light & Pow., pf. (qu.) *134 Jan. 2 Holders of rec. Dee. 14
Tennessee Elec Power,5% let pf Aga.).1.34 Jan. 2 Holders of rec. Dec. 14
6% 1st preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 14
7% 1st preferred (guar.)
134 Jan. 2 Holders of rec. Dee. 14
7.2% 1st preferred (quar.)
$1.80 Jan. 2 Holders of ree. Dee. 14
8% 1st preferred (monthly)
50e. Dec. 2 Holders of rec. Nov. 15
6% let preferred (monthly)
50e. Jan. 2 Holders of ree. Dee. 14
7.2% let preferred (monthly)
80c. Dec. 2 Holders of rec. Nov. 15
7.2% list preferred (monthly)
80c Jan. 2 Holders of rec. Dec. 14
Tri-State Tel.& Tel.,6% pref.(quar.)
•150. Dee. 1 Holders of rec. Nov. 15
.Union Natural Gas (Canada)(quar.)*35e. Dec. 27 Holders of rec. Novd30
Extra
*5e. Dec. 27 Holders of me. Nov. 30
Stock dividend
"e5
Dec. 27 Holders of rce. Nov. 30
United Corporation. pref. (guar.)
75e. Jan. 2 Holders of rec. Dee. 50
United Gas Co.. $7 pref., set. A (quit.). $1.75 Dec. 1 Holders of rec. Nov. 15
'United Gas dv ImprovementNew common (qual.)(No. 1)
25c. Dec. 31 Holders of ree. Nov. 300
65 preferred (qual.)
$1.25 Dee. 31 Holders of me. Nov. 300
Virginia Elec. & Power,7% pref.(qu.)_ _
134 Dee. 20 Holders of ree. Nov. 290
1.34 Dec. 20 Holders of ree. Nov. 29a
6% Preferred (guar.)
Western Continental CUL, corn. A (4pt) *3234c Dec. 1 Holders of rec. Nov. 10
West Ohio Gas Co., pref. A (qual.)
134 Dec. 2 Holders of rec. Nov. 15
Wisconsin Public Serv.. pref.(qu.)
134 Dec. 20 Holders of ree. Nov. 30
634% preferred (qual.)
134 Dec. 20 Holders of ree. Nov.30
Name of Company.
[VOL. 129.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Amer. Rolling Mills, corn.(quar.)
50o. Jan, 15 Holders of ree. Dee. 31a
Amer. Shipbuilding, corn.(qum.)
2
Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)
134 Feb. 1 Holoers of roe. Jan. 15
tmer. Smelt. & Refs., pref. (guar.)--- 134 Dec. 2 Holders of rec. Nov. la
American Stores (quar.)
50c. Jan. 2 Holders of rec. Dec. 14.
Extra
50c. Dee. 2 Holders of sec. Nov. 14a
Amer.Sugar Ftefg.common (quar.)
134 Jan. 2 Holders of rec. Dee. 50
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 50
American Surety (quit.)
$1.50 Dec. 31 Holders of ree. Dec. 14a
American Thread, preferred
1234e. Jan. 1 Holders of me. Nov. 30a
Amer. Tobacco, corn. & corn. B (quar.)_ $2
Dec. 2 Holders of rec. Nov. 9a
Common and common B (extra)
2
Dec. 2 Holders of ree. Nov. 90
Amer. Util. & Gen. Corp. el. A (qual.).. 3234e. Dee. 2 Holders of lee. Nov. 21
Class B
10c. Dee. 2 Holders of rec. Nov. 21
Preferred (qual.)
750. Dec. 2 Holders of rec. Nov. 21
Amer.Zinc. Lead & Smelt. pref.(qua _
$1.50 Jan. 1 Holders of ree. Dec. 12a
Arnrad Corp. (quar.)
.25e. Jan. 1 *Holders of rec. Dec. 20
Stock dividend
*e4
Dec. 31 *Holders of rec. Doe. 20
Anchor Post Fence, corn.(guar.)
*50e. Jan. 1 *Holders of tee. Dec. 14
Andian Nat. Corp. reg. (stock div.)--- e20
Dec. 2 Holders of rec. Nov. 20a
Bearer shares (stock div.)
e20
Dec. 2 Holders of coup. No. 1
Armour & Co. of Del., pref. (quar.)___. 134 Jan, 2 Holders of ree. Dee. bOa
Armour & Co.(Ill.). Prof.(quar.)
134 Jan. 2 Holders of ree. Dec. 10a
Artioom Corp., corn. (quar.)
50e. Ian, 1 Holders of tee. Dec. 180
Preferred (guar.)
134 Dec. 2 Holders of rec. Nov. 15a
Associated Dry Goods, Met pref.(guar.) 134 Dec. 2 Holders of rec. Nov. 9.
Second preferred (qual.)
134 Dee. 2 Holders of rec. Nov. 9a
Associates Investment Co., corn. tquar.) *31
Dec. 31 *Holders of rec. Dec. 21
Atlantic Coast Fisheries, corn.(quar.)
4.30e. Dee. 2 *Holders of ree. Nov. 22
Atlantic Gulf & Weal Indies 5.8, Lines.
Preferred (guar.)
11
Dec. 31 Holders of tee. Dee. 11s
Atlantic Refining (quar.)
250. Dec. 16 Holders of rec. Nov. 21.
Extra
25c. Dee. 18 Holders of rec. Nov. 21a
Atlantic Securities Corp. prof.(qu.)
75e. Dee. 2 Holders of rec. Nov. 15
Atlantic Steel, corn.(guar.)
•134 Dee. 31 *Holders of rec. Dec. 20
Common textral
*2
Dec. 31 *Holders of rec. Dec. 20
Atl. Terra Cotta Co.. prior pref.(quit.). 134 Dee. 16 Holders of sec. Dec. 5
Preferred (quar.)
I
Dee, 23 Holders of rec. Dee. 5
Atlas Imperial Diesel Engine CIA (qu.).... .359e. Nov. 30 *Holders of ree. Nov. 20
Atlas Portland Cement
*50c. Dee. 2 *Holders of ree. Nov. 15
Atlas Powder. corn.(guar.)
$1
Dee. 10 Holders of rec. Nov. 29.
Common (extra)
SI
Dee. 10 Holders of ree. Nov. 29a
Atlas Stores, corn.(quar.)
025e. Dec. 9 'Holders of roe. Nov. 18
Common (extra)
"250. Dee. 2""-'of ree. Nov. 18
Automobile Finance
*25e. Dee, 20 *Fielders o! rec. Nov. 30
Babcock & Wilcox Co.(quar.)
'134 Jan. 1 *Holders of ree. Dec. 20
Bakers Share Corp.. corn.
•I14 Jan 110 *Holders of reo. Nov. 1
Balaban & Katz, corn. (guar.)
•75c Dee. 27 *Holders of ree. Dec. 16
Preferred (qual.)
Dee. 27 *Holders of roe. Dee. 16
Baldwin Rubber, pref. A (quar.)
4.3734c Dee. 31 *Holders of rec. Dee. 20
/imperial'(L.)& Co.,63.4% of.(qu.).. 114 Dee 2 Holders of roe. Nov. 1la
Bankers Capital Corp., Orel.(quit.)....
Jan1510 *Holden of too. Dee. 31
Barker Brothers Corp. corn.(guar.).._.
50e. Jan. 1 Holders of rec. Dec. 140
Convertible preferred (quit.)
134 Jan. I Holders of rec. Dec. 14.
Button Blessing Co.. com.(qum.)
'623-4e Dec. 1 *Holders of rec. Nov. 15
Hawn'(N.) Grain Co. pref.(quit.)
134 Dec. 2 Holders of rec. Nov. 15
Beacon Participations, Inc.Partle. pref. class A & B slum.)
25e. Dec. 2 Holders of rec. Nov. 15
Beatrice Creamery, corn. (quar.)
*$1
Jan. 2 *Holders of rec. Dec. 16
Preferred (quar.)
•134 Jan. 2 *Holders of rec. Dee. 18
Beech-Nut Packing (stock dividend).- - e5
Subj. to approval of stichitirs.
Belding-Corticeill, Ltd., pref.(guar.)._
134 Dec. 14 Holders of me. Nov. 30
Bandit Aviation mum.)
50e. Jan. 2 *Holders of rec. Dec. 10
Berkshire Fine Spinning Ass corn (quar.)
75e. Dec. 2 Holders of rec. Nov. 15
Banks.
Convertible preferred (quar.)
134 Dee, 2 Holders of rec. Nov. 15
Tort Morris (quar.)
25c. Dee. 1 Holders of me. Nov. 250 Best & Co. new corn.
(quar.)(NO.1)50e. Dee. 16 Holders of me. Nov. 25a
Frisco State (quar.)
234 Dee. 1 Holders of me. Nov. 15a Bethlehem Steel common
*3E50 Feb. 15 *Holders of rec. Jan. 180
(guar.)
inatbush National(No.1)
ml
Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
•134 Jan. 2 *Holders of rec. Dec. 60
Blaw-Knox Co., corn. (quar.)
*250. Dec. 2 *Holders of rec. Nov. 22
Trust Companies.
Blue Ridge Corp., pref. mar.)(No. 1) *p75e. Dee. I *Holders of rec. Nov. Ila
Interstate (quar.)
*30c. Dec. 2 Holders of ree. Nov. 15
Blumenthal(Sidney)& Co.. Ine•PL(gPL)
134 Jan. 2 Holders of rec. Dee, 16a
Manufacturers (guar.)
*$1.50 Jan. 2 *Holders of rec. Dee. 16
Blum's, Inc., cony. pref.(gom.)
3,8733c Dee. 1 *Holders of rec. Nov. 20
Continental Bank & Trust (quar.)
30e. Dee. 16 Holders of rec. Dee. 70 Blyn Shoes, Inc.. pref.-Dividend
passed
Bohaek (H. C.) Co., corn. (extra)
*82 Mc Dee. 15 *Holders of rec. Nov.30
Fire Insurance
Bohm Chico. Oil Corp., class A kquer.).-20c. Dec. 14 Holders of rec. Nov.30
Borden Company (qual.)
750. Nov. 30 Holders of ree. Nov. 150
Brooklyn Fire (quar.)
d30c. Jan1'30 Holders of rec. Dec. 20
Boston Wharf Co
334
Dec. 31 Holders of rec. Dec. 2
Special
45e Dec. 20 Holders of rec. Dee. 10
Boston Woven Hose & Rubb.. comaqu.) $1.50 Dec. 16 Holders of ree. Dec. 2
North River (quar.)
50e. Dec. 16 Holders of rec. Dee. 6
Common (extra)
$2. Dec. 16 Holders of ree. Dee. 2
Preferred
3
Dec. 18 Holders of rec. Dec. 2
Miscellaneous.
Brach (E. J.) & Sons (quar.)
*50e. Dec. 20 *Holders of rec. Nov. 16
Brill Corp., pref. (quar.)
134 Dee. 2 Holders of me. Nov. 15a
•Addressograph Internat.. corn.(quar.) 4.3734c Jan. 10 *Holders of rec. Dec. 21
Brill() Mfg., corn. (quar.)(No. 1)
030e. Jan. 2 *Holders of ree. Dec. 15
Ainsworth Mfg stock dia.(quar.)
'Cl
Dec. '2 *Holders of rec. Nov. 20
Class A (quiz.)
.511e. Jan. 2 *Holders of ree. Dee. 15
Stock dividend (qual.)
*el
Marl 30 *Holders of ree. Feb. 20
British Type Investors(hi-monthly)....
8e. Dec. 2 Holders of ree. Nov. 1
Stock dividend (qual.)
•nl
Jun 230 *Holders of roe. May 20
Brown Durrell
634% Pref. (guar.). •134 I /1 /30 *Holders of ree. Dee, 15
Airways Elec. Appliance, corn.(guar.)._ 6234c Jan. 2 Hol
Holdeos
girra of rec. Dec. 20a Brown Fence & Co.,
80e.
Wire,
Nov. 30 Holders of rec. Nov. 15
cl.
A
&
B
(MimiPreferred (quar.)
•134 Jan. 2 *Hol s of roe. Dec. 20
Brown Shoe, common (qual.)
75e. Dec. 2 Holders of rec. Nov. 20a
Aldred Investment Trust, common
50c. Dec. 2
of rec. Nov. 30
Buckeye Pipe Line (quar.)
$1
Dee. 14 Holders of rec. Nov. 22
Ali Amer. Utility See. Corp..7% pf(qu.) 134 Dec. I Holders of rec. Nov. 20
Buckeye Steel Castings. corn. (extra).-'St
Dec. 10 *Holders of rec. Dec. 3
Allegheny Steel. cora. (monthly)
150. Dec. 18 Holders of rec. Nov.30
Bucyrus-Erie Co., common (qual.)
25e. Jan. 2 Holders of ree. Nov. 27a
Common (extra)
25c. Nov. 30 Holders of rec. Nov. 25
Convertible preferred (guar.)
Jan.
6230
2 Holders of rec. Nov. 27a
Common (extra)
25e. Dec. 18 Holders of rec. Nov. 30
Preferred (quir.)
134 Jan. 2 Holders of rec. Nov. 270
134 Dec. 2 Holders of me. Nov. 15a Budd Wheel,
Preferred (quar.)
*250. Dec. 31 *Holders of ree. Dee. 10
com.(quar.)
Allen Industries. pref.(quar.)
750. Dec. I Holders of rec. Nov. 20
Preferred (quar.)
•134 Dee. 31 *Holders of rec. Dec. 10
Alliance Investment. corn. guar.)
*20e. Jan. 2 *Holders of rec. Dec. 13
Bulova Watch Co.. corn. (quar.)
75e. Dec. I Holders of rec. Nov. 150
*11 Jan. 2 *Holders of rec. Dec. 13
Common payable In coin.stock)
Preferred (gimi%)
87tte Dee. I Holders of rec. Nov. 15
Alliance Realty preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 23
Burroughs Adding Mach..(guar.)
20e.
Dec. 10 Holders of me. Nov. 256
Allied Products Corp.,com. A qual.)__. '8734c Jan. I *Holders of ree. Dec. 16
Butte Copper & Zinc Co
50e. Dec. 24 Dec. 10 to Dee. 25
Aluminum Mfrs.. corn. (gttar.)
050e. Dee. 31 *Holders of tee. Dec. 18
Byron Jackson Pump. corn. (In stock)- 412
Dee. I *Holders of rec. Nov. 15
Preferred (guar.)
•134 June 30 *Holders of ree. June 15
California Packing Corp.(quit.)
Dec. 16 Holders of ree. Nov. 300
$1
Preferred (quiz.)
•134 Sept. 30 *Holders of rec. Sept. 18
Calumet & Arizona Mining mum .)
$2.50 Dec. 23 Holders of roe. Dec. ea
Preferred (guar.)
•134 Dec. 31 *Holders of tee. Dec. 18
Calumet & Heels Cons. Copper Co. mu.) $1.50 Deo. 31 Holders of ree. Nov. 30a
134 Jan. 15 Holders of rec. Dec. 31
,tmer. Art Wks.. coin. & 1.(guar.)
Campbell, Wyant & Cannon Fdy.(qu.).
50e. Dee. 2 Holders of rec. Nov. 15a
Amer. Auto-Felt Corp.. common
50e. Doe. 1 Holders of rec. Nov. 9
Canada Cement. Prof. (quit.)
134 Dee. 31 Holders of roe. Nov. 30
American Bank Note, corn.(quar.).--500. Jan. 2 Holders of me. Dec. 10a Canada Malting (quit,)
3734e Dee. la Dec. 1
to
Dec. 14
$1
Dec. 30 Holders of rec. Dee. 10a Canada Permanent Mtge. Corp. (quar.) 3
Common (extra)
Jan. 2 Holders of rec. Dee. 14
Common (payable in common stock) _ /10
Dec. 30 Holders of rec. Dee. 10a Canada Vinegars mum.)
400. Dec. 2 Holders of rec. Nov. 15
750 Jan. 2 Holders of ree. Dec. 10a Canada Wire & Cable, class A
Preferred ((Mar.)
Dec. 15 Holders of rec. Nov. 30
(guar.).- $1
Amer. British & Continental Corp.Preferred (quar.)
14 Dee. 15 Holders of rec. Nov. 30
51.50 Dec. 2 Holders of rec. Nov. 15
First preferred (qual.)
Canadian Car & Foundry. ord.(quar.)._
44c. Nov. 30 Holder. of rec. Nov. 15
$1
Feb. 15 Holders of rec. Jan. 31a Canadian Internat. Inv. Tr., pref. (qu.) 134 Dec. 1 Holders of rec. Nov. 15
American Can, corn. (qual.)
Dec. 2 Holders of rec Nov. I5a Canfield 011,corn.&
Common (extra)
$1
$1.75 Dec. 31 Holder, of tee. Nov.20
pref.(guar.)
•134 Nov. 30
American Candy pref
Capital Administration Co., pref. Mu.)
134 Tan. dl Holders of rec. Dec. 18a
*50c. Dee. 1 *Holders of rec. Nov. 15
American Capital Corp. class A
Carman & Co., class A (quar.)
*50e. Dee. 2 *Holders of rec. Nov. 15
•
51.375 Dec. 1 *Holders of ree. Nov. 15
Preferred (qual.)
Carnation Co., pref. (quar.)
•I 34 Tan. 2 *Holders of rec. Dec. 20
134 Dec. 31 Holders of ree. Dec. 21a
American Chain preferred (guar.)
Preferred (quar.)
'134 Apr. 1 *Holders of rec. Mar. 20
Dec. 21 Holders of rec.dNov.30a
$1
Amer. Coal of Allegany Co.(extra)
Carnation Milk Product,60c Dec. 31 Holders of rec. Dec. 12
Amer. Colortype, corn.(quar.)
Common(payable in common stook)-- 01 Jan 210 *Holders of roe. Dec. 31
*Holders
•134 Dec. 1
Preferred (guar.)
of rec. Nov. 15
Carter (William) Co., pref.(guar.)
•134 Dee. 18 'Holders of ree. Dee. 9
Dec. 1 *Holders of rec. Nov. 21
American Dock (quar.)
*2
Case (J. I.) Co.. corn, (quar.)
134 Jan, 1 Holders of rec. Dec. 12
Amer. & Gen. Securities, 1st pref.(qu.).
75e Dee. 2 Holders of rec. Nov. 15
Preferred (quar.)
13.4 Jan. 1 Holders of rec. Dee. 12
Jan210 *Holders of roe. Dec. 17
Amer. Hardware Corp.(guar.)
*I
Cateill Macaroni Products, p1. A (qu.).
50e. Dee. 2 Holders of rec. Nov. 22
Amer. Hawaiian S. S. common
Jan. 2 Holders of rec. Dec. 14a Celluloid Corp., bat pf. panic. stk. (qu.) $1.75 Dec. 2 Holders of rec. Nov. 10
$2
Nov.
14a
Amer. Home Products (monthly)
30c Dec. 2 Holders of rec.
57 nreferred (gear.)
$1.75 Dee, 2 Holders of rec. Nov. 10
Amer. Laundry Machinery. corn. (qu.). $1
Deo. 2 Holders of rec. Nov. 21
Central Alloy Steel Corp., corn,(quar.).
50c. Jan. 10 Holders of ree. Dec. 24
Common (payable In corn. stock).--- /3
Dec. 2 Holders of rec. Nov. 21
Preferred (quar.)
134 Jan, 1 Holders of rec. Dec. 15
Amer. Mach. & Fdy., corn.(extra)
Dec. 2 Holders of me. Nov. 210 Century Ribbon Mills. pref. (au.)
$2
144 Dec. 2 Holders of rec. Nov. 20.
American ManufacturingChartered investors Inc.,
pref. (guar.)• 41.25 Dec. 2 *Holders of ree. Nov. 1
Common (quar.)
750 Dec. 31 Holders of roe. Dec. 15
Chelsea Exchange Corp.. Cl. A & B (qu.)
25e. Feb. 18 Holders of ree. Jan. 31
Preferred (Quiz.)
114 Dec. 31 Holders of ree. Dee. 15
Class A & B (guar.)
25e. May 15 Holders of roe. May 1
Amer. Metal Co.. Ltd.(Guar.)
75e Dec. 2 Holders of rec. Nov. 20a Chicago Flexible Shaft, corn, (quar.)
*300 Jan. 1 *Holders of ree. Dec. 20
Preferred (quar.)
134 Dec. 2 Holders of ree. Nov. 250
Common (quar.)
*3or Apr. 1 *Holders of rec. Mar. 20
Amer. aluitigraOh. corn. (quar.)
62 Mc Dec. 1 Holders of rec. Nov. 15
Common (quar.)
*30e. July 1 *Holders of rec. June 20
Common (extra)
124c Dee. 1 Holders of rec. Nov. 15
me. Oct. 1 *Holders of rec. Sept. 20
Common (quar.)
Amer.Pneum. Service. 1st pref.(qual.). *8734c Dec. 31 *Holders or rec. Dec. 21
Chic. invest. Corp., Prof.(quit,)(No. 1)
75e Dee, 1 Holders of rec. Nov. 20
Second preferred (quiz.)
Chleago Tallow Cab
*75e Dec. 31 *Holders of rec. Dec. 21
250 Dec. 2 Holders of reo. Noy. 200
(monthly)
Amer. Radiator & Std. Sanitary Core.
Monthly
*25e Jan. 2 *Holders of rec Dec.
20
Common (guar.)
3734r Dec. 31 Holders of ree. Dee. lla
Monthly
*25c Feb. 1 *Holders of rec. Jan. 20
Nov.
'Preferred (guar.)
150
Monthly
144 Nov.30 Holders of too.
*25c Mar. 1 *Holders of rec. Feb. 19
'134
Nov. 30 1929.]
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Dec. 30 Holders of me. Dcc. 100
$1
Chesebrough Mfg. Consol. (quar.)
Dee. 30 Holders of rec. Dec. 100
Extra
$1
Chicago Corp., cony. pref. (quar.)
75e. Dec. 1 Holders of rec. Nov. 15o
750 Jan. 2 Holders of rec. Dec. 10
Chickasha Cotton 011(cam.)
60e Dec. 10 Holders of rec. Nov. 220
Childs Co.. corn. (quar.)
Preferred (quar.)
1% Dec. 10 Holders of rec. Nov. 22a
Chile Copper Co. (quar.)
874c Dec. 30 Holders of rec. Dec. 90
$1.50 Dec. 30 Holders of rec. Dec. 4a
Extra
75e 112130 Holders of rec. Dec. 50
Chrysler Corp. (quar.)
*50c. Dec. 31 *Holders of rec. Dec. 20
Cincinnati Advertising Products (qu.)
Dec. 15 *Holders of rec. Dec. 1
Extra
sel0 Jan. 15 *Holders of rec. Jan. 1
Stock dividend
Cities Service, corn.(monthly)
234c Dec. 2 Holders of rec. Nov. 15
Dec. 2 Holders of rec. Nov. 15
Common (payable In common stock).
Preference & preference BB (mthly.) 50e Dec. 2 Holders of rec. Nov. 15
Sc. Dec. 2 Holders of rec. Nov. 15
Preference B (monthly)
24e Jan. 2 Holders of rec. Dec. 15
Cities Service, corn.(monthly)
Common (payable in common stock). IM Jan. 2 Holders of rec. Dec. 15
Preference & preference BB (mthly.). 50c Jan. 2 Holders of rec. Dec. 15
Preference B (monthly)
5c Jan. 2 Holders of roe. Dec. 15
90e. Nov.30 Holders of rec. Nov. 15a
City Ice de Fuel, common (quar.)
1% Dec. 1 Holders of rec. Nov. 150
Preferred (quar.)
City Radio Stores, common (quar.) .. '371.40 Dec. 2 *Holders of rec. Nov. 18
Clark Equipment, corn.(guar.)
75c Deo. 16 Holders of roe. Nov. 290
Claude Neon Elea. Prod. ((PO
'2bn Jan1'30 *Holders of roe. Dec. 19
•3
Jan1'30 'Holders of rec. Dec. 19
Stock dividend
•3
July1130 *Holders of roe. Jan. 20
Stock dividend
Cleveland Automatic Mach., pref. (qu.) 1% Dec. 31 Holders of rec. Dec. 13
Cleveland Quarries (quar.)
760 Deo. ) Holders of rec. Nov. 15
Extra
25c Dec. 1 Holders of rec. Nov. 15
Cleveland Stone, corn. (guar.)
*750 Dec. 1 'Holders of me. Nov. 15
Common (extra)
*25c Dec. 1 *Holders of rec. Nov. 15
Holders of rec. Nov. 20
Coca Cola Bottling Sec.(stock div.)- - e20
*25c Jan. 15
Quarterly
Quarterly
*25c Apr. 15
Quarterly
'25c July 15
Quarterly
*25c Oct. 15
Coca-Cola Co., common (quar.)
Jan. I Holders of rec Dec. 12n
$1
Class A
$1.50 Jan. 1 Holders of rec. Dec. 12s
Coca-Cola Internat. Corp., own.(qu.)
Jan. I Holders of rec. Dec. 120
$2
Class A
Jan. 1 Holders of rec. Dec. 12
$3
14 Janl'30 Holders of roe. Dec. 7
Colame-Palmolive-Peet Co.. pref.(qu.)
Collins & Alktnan Corp., pref.(guar.)- - l4 Dec. 2 Holders of rec. Nov. 180
Columbia Invest., corn. (qu.) (No. l)
*30c Feb. 1 *Holders of rec. Jan. 28
ColumbiaPict., cony. pref. (quar.)
750. Dec. 2 Holders of rec. Nov. 220
Columbia River Packers Assn.(quar.) *37 Mc Dec. 20 *Holders of rec. Dec. 5
Columbus Auto Parts, cony. pref. (qu.).
50e Dec. 2 Holders of rec. Nov 10
Commercial Credit Co.(Louisiana) Pf
2 Dec. 31 Holders of rec. Dec, 21
Commercial Invest. Trust, corn. (quar.) 40c Jan. 1 Holders of rec. Dec. 50
Common (payable In common stock)- f
Jan. 1 Holders of rec. Dec. 50
7% first preferred (quer.)
1;1 Jan. I Holders of rec. Dec. 5a
151 Jan. 1 Holden; of rec. Dec. 50
64% first preferred k(1118X.)
Cony. preference opt.sec. of 1929(qu.) (tr) Jan. 1 Holders of rec. Dec. 50
Comm.Solvents, new corn.(No. 1)(qu.) 25c Jan. 1 Holders of rec. Dee. 13a
Commonwealth & Southern Corp.Common (1-80th share common stock)
Dec. 2 Holders of rec. Nov. la
Community State Corp.. A & B (quar.)- 11( Dec. 81 Holders of ree. Dec. 30
Congoleum-Nairn Co., pref (quar.)-- Dec. 2 *Holders of rec. Nov. 16
Conservative Credit System
Dec. 2 *Holders of rec. Nov. 15
Control. Cigar Corp.. pref. (quer.)
151 Dee. 2 Holders of roe. Nov. 15
Censor. Gas UM., cl. A (quar.)
*550. Dec. 2 'Holders of rec. Nov. 15
Consol. Gold Fields of South AfricaAmer. den. recta, for ord. bearer shs- - (I) Dec. 18 Holders of rec. Nov. 21
Dec. 15 "Holders of rec. Dec.
•1
Consolidated Ice (Pittsburgh), pref
Consolidated Service, pref. (quar.)
'6234c Dec.) *Holders of rec. Nov. 20
Consumers Co., prior preferred (guar.)._ •i34 Jan. I *Holders of rec. Dec. 14
Continental Amer. Bank Shares A (qu.) *25e. Deo. 2 *Holders of rec. Nov. 20
Continental Can. pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 16a
Continental Chicago Corp.. pref.(quar.) 5.50. Deo. 1 Holders of rec. Nov. 15
Corno Mills (quar.)
50c Dec. 1 Holders of rec. Nov. 20
Crane Co., corn. (quar.)
434e. Dec. 16 Holders of rec. Nov. 30
Preferred (quar.)
11.1 Dec. 16 Holders of rec. Nov. 30
Crosby Radio (stook dividend)
se Dee. $1 Holders of roe. Dec. 30
Crowley Milner dc Co., corn.(quer.)- *50e. Dec. 31 *Holders of me. Dec. 10
*138e. Dec. 16 *Holders of rec. Nov.30
Crown Cork & Seal, pref. (quar.)
Dec. 15
Crown Willamette Pap.,corn(qu.)(No.1) $1
$1.75 Jan. 1 Holders of rec. Dec. 13
First preferred (quar.)
Second preferred (quar.)
$1.50 Jan. 1 Holders of roe. Dec. 13
Crown Zelierbach Corp.Cony. pref. and pref. A & B (guar.)._ $l.50 Dec. 2 *Holders of rec. Nov. 13
11. Dec. 31 Holders of rec. Dec. 16a
Crucible Steel. pref. (quar.)
$1 Dec. 16 Holders of rec. Nov.30
Cumberland Pipe Line (quar.)
4.1% Dec. 15 *Holders of rec. Dee. I
Ouneo Press. prof. (quar.)
4.1% Mar. 15 *Holders of rec. Mar 1
Preferred (quar.)
50c. Dec. 2 Holders of ree. Nov. 200
Curtis Publishing, corn. (monthly)
50c. Dec. 2 Holders of rec. Nov. 20a
Common (extra)
151 Jan 1'30 Holders of roe. Dec. 200
Preferred (quar.)
Dec. 1 *Holders of rec. Nov. 15
Cushman's Sons, Inc.. corn.(quar.)_. r$1
151 Dec. 1 Holders of rec. Nov. 15a
7% Preferred (guar.)
Dec. 1 Holders of me. Nov. 150
$8 preferred (quar.)
$2
*250 Dec. 2 *Holders of roe. Nov. 18
Davega, Inc. (quar.)
David & Frere. Ltd., Canada, Cl. A (qu.) 56c Dec. 15 Holders of rec. Nov. 13
Decker (Alfred)& Cohn Co.,corn.(qu.). .1.50c Dec. 16 *Holders of rec. Dec. 5
•151 Dec. 2 *Holders of rec. Nov. 25
• Preferred (quar.)
Deco Refreshment, Inc., conk. (qu.)*25c Jan. 1 *Holders of me. Dec. 20
Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
*87
Deere & Co., rem.(quar,)
'11.4 Jan. 2 *Holders of rec. Dec. 14
Preferred (quar.)
11.4 Dec. 2 Holders of rec. Nov. 150
Dennis Bros., Ltd., Amer dep. recta
for ord. abs. 2 shillings, 10 pence per sh
;to )Dec. 12 "Holder, of rec. Nov:25
Detroit Motor Bus, corn
*20e Dec. 16 *Holders of rec. Nov. 30
Detroit Steel Products(mthly)
025c Dec. 2 *Holders of rec. Nov. 20
Dexter Co.(quar.)
.1.35e Dec. I *Holders of rec. Nov. 20
Extra
*25c Dec. I *Holders of rec. Nov. 20
Diamond Elec. Mfg.common
0500 Dec. 30 *Holders of tee. Dec. 20
Dec. 30 *Holders of rec. Dee. 20
Common (Payable in corn. stook)
'12
Diamond Match (afar.)
Dec. 16 Holders of rec. Nov. 300
2
*50c Dec. 2 *Holders of rec. Nov. 15
Dictaphone Corp., corn.(quar.)
*500 Dec. 2 *Holders of rec. Nov. 15
Common (extra)
*2 Dec. 2 *Holders of rec. Nov. 15
Preferred (quar.)
Dinkier Hotels, class A (quar.)
*500 Dec. 1 *Holders of roc. Nov. 21
Dome Mines, Ltd.(quar.)
25c Jan. 20 Holders of rec. Dec. 31
Dresser(S. R.) Mfg.,cl. A (quar,)
'8734c Dee. 1 *Holders of rec. Nov. 20
*500 Dec. 1 *Holders of rec. Nov. 20
Class B (quar.)
Dec. 1 Holders of rec. Nov. 150
Drug,Incorporated (quar.)
$1
Jo 15'30 Holders of rec. Deo. 310
Dunhill Internat. common.(guar.)... _ $1
.in 15'30 Holders of rec. Dee. $1,
Common (Payable in com.stock)
11
Ap15'20 Holders of Leo. Apr. lo
$I
Common (quar.)
Ap1510 Holders of roe. Apt.
Common (payable in corn.stook)...Dec. 14 Holders of roe. Nov. 27a
Du Pont(El.) de Nem.& Co., com.(qu $I
70c Jan. 4 Holders of rec. Nov. 27a
Common (extra)
134 Jan. 25 Holders of me. Jan. 10a
Debenture stock (quar.)
Dec. 1 *Holders of rec. Nov. 20
Durham Duplex Razor, $4 pr. pf. (cm.). *$1
250. Dec. 21 Holders of rec. Nov. 20
East Butte Copper Mining Co
Eastern Banker. Corp.. pref. (quar.)..... $1.75 Feb110 Holders ef me. Dee. 51
50c Nov. 30 Holders of rec. Oct. 31
East. Theatres,Ltd.(Canada)com.(qu.).
Eastern Utilities Investing Corp$1.50 Dee, 2 Holders of rec. Oct. 31
$8 preferred (guar.)
51.75 Dec. 2 Holders of roe. Oct. 31
$7 preferred (quar.)
$1.25 Jan2'30 Holders of rec. Nov.30
Prior preferred (quar.)
$1.25 Jan. 2 Holders of rec. Nov.300
Eastman Kodak, corn.(quar.)
The. Jan. 2 Holders of rec. Nov. 30a
Common (extra)
1% Jan. 2 Holders of rec. Nov. 30a
Preferred (quar.)
250. Dec. 1 Holders of rec. Nov. 15
East Michigan Steel Fdy. corn
Corn.(payable In corn. stock)
114 Dec. 15 Holders of rec. Deo. I
4351 Dec. I Holders of me. Nov. 15
Cony. preference
Dec. 16 Holders of rec. Nov.30
Edison Bros. Stores, Inc.. pref. (quer.).
62%c Nov.30 Holders of me. Nov. 150
Eiringon &Mid Co.. corn.(quar.)
1% Dec. 16 Holders of rec. Dec. 20
First preferred (guar.)
374c Dec. 14 Holaers of rec. Nov. 29
El Dorado 011 Works (qual.)
500. Jan. 2 Holders of rec. Nov 29
Extra
3433
FINANCIAL
. CHRONICLE
Name of Company.
When
Per
Cent. Payable,
Books Closed,
Days Inausive.
Miscellaneous (Continued).
Electric Controller & Mfg.. corn.(oust.) $1.25 Jan. 1 Holders of rec. Dec. 20
Dec. 2 "Holders of rec. Nov. 6
Elec. Shareholdings, corn. (in corn stk.). *12
'Holders of rec. Nov. 5
Dec.
$6 preferred (50-100 share of corn.)_ _ (1)
.(In corn stk.) 100 S ubj. to stkhldrs. meeting Apr. 16
Elec. Stor. Bat., corn. & pf.
Electric Storage Battery, corn. & pi.(qu) $1.25 Jan. 2 Holders of rec. Dec. 9a
Dec. 2 Nov. 16 to Dec. 2
3
1140 Fifth Ave., Inc., preferred
50c. Deo. 1 Holders of rec. Nov.19
Ely & Walker Dry Gds.,corn.(quar.)_
Emerson Bromo-Seltzer, A (No. 1)(qu.) *50c. Jan. 2 "Holders of rec. Dec. 14
*500. Jan. 2 *Holaers of rec. Dec. 14
Class B (No.1) squar.)
Jan. 2 *Holders of rec. Dec. 14
"$1
Preferreu (No. 1)
(a) Dec. 1 Holders of rec. Nov.25
Empire Corporation, pref
500. Dec. 24 Holders of rec. Nov. 300
Emporium Carmen Corp. (quar.)
Equitable Office Bldg.Corp.,com.(qu.)- 624c. Jan. 2 Holders of rec. Dec. 160
151 Jan. 2 Holders of rec. Dec. 16a
Preferred (qual.)
Dec. 2 Holders of rec. Nov. 12
$3
Essex Company
Dec. 2 Holders of rec. Nov. 12
$3
Extra
760. Dec. 31 Holders of rec. Dec. 120
Fairbanks Morse & Co.,corn. (quar.)..
1% Dec. 2 Holders of rec. Nov. 120
Preferred (quar.)
Famous Players Canadian Cori).50c. Dec. 1 Holders of rec. Nov.15
Common (quar.) (No. 1)
Dec. 17
624c, Jan. 1
Faultless Rubber (quar.)
Federal Mining & Smelt., pref.(guar.).- 154 Dec. 16 Holders of rec. Nov.250
Feltman & Curme Shoe Stores. I11. (qu.) 151 Jan. 1 Holders of rec. Dec. -1
Dec. 2 Nov. 16 to Dec. 2
3
Fifteen Park Ave., Inc., preferred
*16c. Dec. 30 *Holders of rec. Dec. 13
Fifth Ave. Bus Securities (quar.)
Finance Service (Bait.) corn A ds B (qu.) 400. Dec. 2 Holders of rec. Nov. 15
174c Dec. 2 Holders of rec. Nov:15
Preferred (quar.)
Firestone Tire & Rub.,6% pt. A (au.). 134 Dec. 1 Holders of rec. Nov. 15
"25c. Dec. 31 *Holders of rec. Dec. 21
First Bank Stock Corp.(Minneapolis)
6211c Jan. 2 Holders of rec. Dec. 160
FirstNational Stores, corn.(quar.)
124e. Dec. 2 Holders of rec. Oct. 31
First Trust Bank-Stock Corp.(qu.)
174c. Dec. 2 Holders of rec. Oct. 31
Extra
Fits Simons & Connell Dredge & Dock*50c. Dec. 2 "Holders of rec. Nov.20
Common (quar.)
*.r2 Dec. 2 *Holders of rec. Nov.20
Common (payable in corn.stock)
(f) Dee. 2
Common (stock My., 1-40th share)
14 Jan, 1 Holders of rec. Dec. 160
Florshelm Shoe, pref.(quar.)
760. Dec. 15 Holders of roe. Nov.300
Follansbee Bros., common (quar.)
Preferred (filial%)
1% Dec. 15 Holders of rec. Nov.30
650. Dec. 16 Holders of rec. Dec. 5
Foote-Burt Co., com. (quar.)
*350. Jan110 *Holders of roe. Dec. 14
Formica Insulation (guar.)
*134 Jan 1'30 *Holders of rec. Dee. 15
Frank (A. B.) Co., pref. (qual.)
111151 Apr1'30 *Holders of rec. Mar. 15
Preferred (quar.)
'151 Jul 1130 *Holders of rec. June 15
Preferred (qual.)
*15.1 Oct 1'30 *Holders of rec. Sept. 15
Preferred (quar.)
French (Fred F.)Investing Co., pref.... 334 Dec. 16 Dec. 1 to Dec. 16
French (Fred F.) Security Co., pref. - 34 Dec. 16 Dec. 1 to Dec. 16
Fuller(George A.)Co., partic. pr. pf.(qu.) 51.50 Jan. 1 Holders of rec. Dec. 10
Cum. partic. 2de prefrence (guar.)... $1.50 Jan. 1 Holders of rec. Dec. 10
Galland Mercantile Laundry (quer.). - 4.871.10 Dec. 1 *Holders of rec. Nov. 15
$1.25 Dec. 16 Holders of rec. Dec. 80
Gamewell Co.. corn. (quar.)
General Amer. Tank Car,
*11 Jan 1'30 *Holders of me. Dee. 13
Common (payable In cam. stook)Dec. 16 Holders of rec. Nov.26a
General Asphalt. corn. (quar.)(No. 1)_ _ $1
Preferred (quar.)
11.4 Dec. 2 Holders of rec. Nov.218
nit Dec. 2 *Holders of reo. Nov. 15
General Box. pref. (qual.)
59e. Dec. 2 Holders of me. Nov. 144
General Bronze, common (qual.)
Dec. 2 Holders of rec. Nov. 1130
$1
General Cable Corp., class A
IX Deo, 2 Holders of rec. Nov.220
General Cigar, pref. (qual.)
260 Dec. 30 Holders of rec. Dec. 16
General Development Co
750 Dec. 12 Holders of rec. Nov.238
General Motors Corp., corn.(quar.)-300. Jan. 3 Holders of rec. Nov.230
Common (extra)
14 Feb. 1 Holders of rec. Jan. 6a
6% debenture stock (qual.)
13.4 Feb. 1 Holders of rec. Jan. 6a
6% Preferred (qual.)
134 Feb. 1 Holders of rec. Jan. fia
7% preferred (quar.)
*50c. Jan. I *Holders of reo. Dec. 17
General Paint Corp., class A (quar.).
Jan. 1 'Holders of rec. Dec. 17
*3740
(qual.)
Class B
1037110 Dec. 2 *Holders of reo. Nei. 15
Gerrard (S. A.) Co.. mml.(91111r.)
$1.25 Dec. 2 Holders of reo. Nov. 10
Gillette Safety Razor (quar.)
e5 Dec. 2 Holders of rec. Nov. '10
Stock dividend
Gleaner Combine Harvester(qu.)(No.1) "250. Jan. 1 *Holders of rec. Dec. 15
*50c. Jan. 2'Holders of rec. Dec. 12
Glidden Co., corn. (qual.)
111 Jan. 2 *Holders of rec. Dec. 12
Corn.(payable in corn. stock)
*134 Jan. 2 *Holders of rec. Dec. 12
Preferred (quar.)
Globe-Democrat Pub.. pref. (quar.)_..__ 13.4 Dec. 2 Holders of rec. Nov.20
Jan. 1 Holders of rec. Dec. 15
Godman (H. C.) Co.(payable in stock). fel
16 Holders of rec. Dec. 2
Goldberg (S. M.)Stores,$7 pref-(qust
'
) $1.75 Dec.
$1.50 Dec. 31 Holders of rec. Dee. 17*
Gold Dust Corp., pref.(qual.)
Golden State Milk Products (guar.)---- *40e. Dec. 2 *Holders of rec. Nov. 15
Dec. 1 *Holders of gee. Nor. 13
oil
Stock dividend
Dec. 2 Holders of rec. Nov. 18a.
51
Goodrich (B. F.) Co.. corn. %guar.)
134 Jan. 2 Holders of rec. Dec. 10*
Preferred (guar.)
Goodyear Tire & Rubber, let pref.(qu.) $1.75 Jan. 1 Holders of rec. Nov.30a
50e, Dec. 2 Holders of ree. Nov. 1
Gorham Mfg.. corn.(Mama
624c Jan. 1 Holders of rec. Dee. 12.
Gotham Silk Hosiery Co.,corn.(quar.)
*250. Dee. $ *Holders of tee. Dee. 30
Grand Rapids Varnish (qual.)
750. Dec. i Holders of rec. Nov. 1150
Grand Union Co. pref.(quar.)
Great Atlantic & Pacific Tea, corn.(qu.) *$1.25 Dec. 2 *Holders of rec. Nov. 8
111% Dec. 2'Holders of rec. Nov. 8
Preferred (quar.)
Great Northern Iron Ore PropertiesDec. 28 Holders of rec. Dec. 6*
52
Certificates of beneficial interest
*750. Dec. 2 *Holders of roe. Nov.2111
Great Northern Paper (qual.)
Greenfield Tap & the.6% pref.(qu.)--- 14 Jan. 2 Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dec. 14
2
8% Preferred (guar.)
*50e. Dee. 2 *Holders of rec. Nov.20
Gruen Watch, common (guar.)
*50e. WrI10 *Hold. of rec. Feb.1810
Common (guar.)
*IX Febl'30 Meld,of me.Jan.21 10
Preferred (Qum.)
Jan. 2 Holders of rec. Dec. 16.
1
Gulf States Steel, corn.(quar.)
1134 Jan 210 Holders of me. Dee. 160
Preferred (quar.)
250. Jan. 2 Holders of rec. Dec. 20
Habirshaw Cable & Wire (quar.)
50c. Dec. 2 Holders of rec. Nov. 15
Hale Brothers Store Inc.. coin.(qu.).
Hall (C. M.) Lamp Co.(guar.)
'3734r Dec. 16 *Holders of roe. Dee. 2
Extra
'12340 Dec. 16 *Hok,ers of rec. Dee. 2
Hamilton Bridge (Canada) pf. (qu.)
134 Feb. 1 Holders of roe. Jan. 15
Hamilton Watch Prof. (quar.)
14 Nov. 30 Holders of rec. Nov. 9a
Hancock 011
*4351c Dec. 1 'Holders of rec. Nov.20
150. Dec. 2 Holders of rec. Nov. 20
Hanes(P. H.) Knit.,corn.& corn.B (gu.)
151 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Hanna(M. A.) Co., 1st pref. (guar.)_
13.4 Dec. 20 Holders of roe. Dec. 54
Harbison-Walker Refrac.130113113011 (qu.)_
500. Dec. 2 Holders of rec. Nov.22.
Common (extra)
260. Dec. 2 Holders of rec. Nov.22.
Preferred (qual.)
14 Jan. 20 Holders of rec. Jan. 10a
Hart Carter Co., cony. pref. (quar.).,..
*50c. Dec. 2 *Holders of rec. Nov. 15
Hart, Schaffner & Marx corn. (guar.)._ *2
Nov. 30 *Holders of rec. Nov. 15
Hartman Corp.. class A (quar.)
50c. Dec. 1 Holders of rec. Nov. 18s
Class B (quar.)
30e. Dec. 1 Holders of rec. Nov. 18cHathaway Bakeries, Inc.. Cl. A (qu.)-'750. Dec. 2 Holders of rec. Nov. 15
Preferred (guar.)
$1.75 Dec. 2 Holders of rec. Nov. 15
Hathaway Mfg. (guar.)
Dec. 2 *Holders of rec. Nov. 21
$1
Hawaiian Com'l & Bug.(rattily)
.260. Dec. 5 *Holders of rec. Nov.26
Extra
*50c. Dec. 5 *Holders of :ec. Nov.25
Hawaiian Pineapple (guar.)
50e. Nov.30 Holders of rec. Nov. 15a
Extra
50c. Nov.30 Holders of rec. Nov. 15a
I Hawaiian Pineapple (stock dividend)
e20 Jan 1'30 Holders of rec. Nov. 154
Hayes Body Corp.(guar.) (Pay,in stk.) 2
Jaa210 Dec. 23 to Jan. 1
Hazeltine Corp.(qual.)
*25e. Noy.30 *Holders of rec. Nov. 15
Hada Mining (guar.)
111250. Dec. 15 *Holders to rec. Nov. 15
Helena Rubenstein, Inc., pref. (guar.)._
750, Dec. 1 Holders of rec. Nov. 15
HIbbard.Spence„Bartlett & Co.(mthly.) _
35e. Deo, 27 Holders of roe. Dec. 22
Higbee Co.second pref. (qual.)
2
Dec. 2 Nov. 21 to Dec. 2
Hires(Charles E.) Co.,corn. A.(guar.)_
50e. Dec. 2 Holders of reo. Nov. 15a.
$1
Clas B (guar.)
Dec. 1 Holders of rec. Nov. 15
Management stock (guar.))
$1
Dec. 1 Holders of rec. Nov. 15
Hobart Manufacturing, corn. (guar.)
'6234c Dec. 1 *Holders of rec. Nov.20
Holland Furnace, corn.(guar.)
y624c Jan. 2 Holders of rec. Dec. 16a.
Common (extra)
25e Jan. 2 Holders of rec. Dec. 16a.1311 Jan. 2 *Holders of rec. Dec. 16
Preferred
Hollinger Control. Gold Mines
Sc. Dec. 2 Holders of rec. Nov. 15
Holt(Henry)& Co., Inc., cl. A (guar.)._ *45c Dec. 2 *Ho'.1crs of me. Nov. 11
Honolulu Plantation Co.(guar.)
.1750 Dec. 10 *Uolders of rec. Nov. 30
Extra
Dec 10 'Holders of rec. Nov. 30
1112
3434
Name of Company.
[VoL.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Name of Company.
Per
When
Cent. Payable,
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
*3734c Jan. 15 *Holders of rec. Dec. 31
Horn (A C.) Co. 1st pref.(quar.)
Magnin (I.) & Co.(quar.)
.8714c Dec. 1 *Holders of rec. Nov. 23
lit Jan. 1 Holders of roe. Dee. 20s
Horn & Hardart, prat.(quar.)
Mallinson (H.H.)& Co.. prof.(quar.)
*1M Dec. 1 *Holders of rec. Nov. 12
Mandel(Henry) Devel. C,orp.,pf.(No. 1) $3
Dec. 1 Holders of rec. Nov. la
Household Products (guar.)
5714c Dec. 2 Holders of roe. Nov. 154
194 Dec. 1 Holders of roe. Nov. 15
Hudson Motor Car (quar.)
Mangel Stores Corp., pref. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. Ila
50e Dee. 2 Holders of rec. Nov. 180
Manhattan Shirt, common (quar.)
Hydro-Elec. Securities, corn.(guar.).
*50c. Dec. 14 *Holders of roe. Nov. 14
Dee. 2 *Holders of rec. Nov. 20
Sianiechewits (B.) Co.,corn.(in stk.).- f*1
Illinois Pipe Line
$10 Dec. 16 Nov. 19 to Dec. 4
Marl'30 "Holders of rec. Feb. 20
Imperial Chemical IndustriesCom•(Pay. In corn. stock)(guar.).- *11
•fl
J'nel'30 *Holders of roe. May 20
Coin.(pay. In corn. stock)(quar.)__
Dec. 7 'Holders of rec. Oct. 16
American deposit receipts
•w3
Dec. 7 'Holders of rec. Oct. 16
Merchant Calculating Mach.(quar.)..., •40o. J'n15'30 'Holders of roe. Dee. 31
Full paid sub. rets. 3.38d. per share- _
*Mc Dec. 31 'Holders of rec. Dee. 2
Marine Midland Corp.(qu.)(No. 1)__
Imperial Oil, Ltd., reg. (quar.)
12 He Dec. 2 Nov. 16 to Nov. 30
Dec. 1 Holders of roe. Nov. 15a
Marmon Motor Car corn. (guar.)
12 Hc Dec. 2 Holders of coup. No. 23
$1
Coupon shares (quar.)
50c. Dec. 2 Holders of rec. Nov. 54
May Department Stores (quar.)
Imperial Royalties Co., pref.(monthly). fl4e. Nov. 30 Holders of rec. Nov. 25
el
Dec. 2 Holders of me. Nov. 5a
Stock dividend
18c. Nov. 30 Holders of roe. Nov. 25
Preferred class A (monthly)
Dec. 1 Holders of rec. Nov. 21
May Hosiery Mills, Inc., pref. (quar.)_ $1
10c. Dec. 20 Holders of rec. Nov. 25
Incorporated Investors (extra)
McCahan W.J.) Sugai Relining
1 M Dee. 2 Holders of rec. Nov. 20
Indiana Limestone, prof. (quar.)
Az Molasses, pref ,quar )
134 Dec. 2 Holders of rec. Nov. 210
Dec. 2 Holders of rec. Nov. fla
Ingersoll Rand Co. common (quar.)___ _ $1
I5c. Dec. 15 Holders of rec. Nov. 15
eColl-Frontenac 011, Ltd
31
Dec. 2 Holders of rec. Nov. 6a
Common (extra)
50c. Dec. 2 Holders of rec. Nov. 200
McCrory Stores, corn. A et B (qual.)...
87 tic Dec. 1 Holders of rec. Nov. 15a
Inland Steel (quar.)
254. Dec. 2 Holders of rec. Nov. la
McIntyre Porcupine Mines (quar.)
[mull Utility Investment. pref.(guar.) •$1.50 Dec. 2'Holders of rec. Nov. 15
McKesson & Robbins. I nc..pf ser.A(qu.) 8734c. Dec. 16 Holders of rec. Dec. 2a
13( Dec. 2 Holders of me. Nov. 15a
Internat. Agile. Corp., prior pref.(qu.)
Mengel Co., pref.(quar.)
$1
Dec. 2 Holders of rec. Nov. 22
134 Dec. 2 Holders of rec. Nov. 15a
International Arbitrage (guar.)
Jetla'30 Holders of rec. Dee. 17
Merck Corp., preferred (guar.)
$1
e12 Dec. 2 Holders of roe. Nov. 22
Stock dividend
41.50 Dec 31 Holders of rec. Dec. 40
Mergenthaler Linotype (guar.)
$1.50 Dec. 2 Holders of rec. Nov. 21
Internat. Cigar Mach'y (extra)
25c. Dec. 31 Holders of rec. Dec. 4a
Extra
International Harvester, com. (quar.)- - 623'c Jan. 15 Holders of rec. Dec. 24a
40e. Dec. 2 Holders of rec. Nov. 15
Merritt-Chapman & Scott, Corn. (qu.)_.
15 Dec. 2 Holders of rec. Nov ha
Preferred (guar.)
PH Dec. 2 Holders of rec. Nov. 15
Preferred A (quar.)
•1i' Dee. 2 *Holders of me. Nov. 20
Internat. Milling,6% pref.(quar.)
250. Jan. 15 Holders of me. Jan. 1
*1% Dec. 2 *Holders of roe. Nov 20
Metal Textile Corp., corn.(qu.)(No. 1)_
7% Preferred (quar.)
81 Mc Dec. 1 Holders of rec. Nov. 20
Participating pref.(qual.)
25c. Dec. 31 Holders of rec. Nov 300
Internat. Nickel of Canada, com. (qu.)
25e. Jan. 15 Holders of rec. Jan. 1
preferred
(extra)
25e.
Dec.
2
Holders
of
rec.
Nov.
20
Participating
Internat. Perfume, corn. (quar.)
Meteor Motor Car (quay.)
'50c. Dec. 2'Holders of rec. Nov. 20
754. Feb. 1 Holders of rec. Jan. 13a
Internat. Printing Ink, corn.(quar.)....
13 Feb. I Holders of rec. Jan. 13a Metro-Goldwyn Pictures, Pref.(quar.).. 473.(c Dec. 14 Holders of rec. Nov. no
Preferrea (quar.)
Met. Paving Brick, corn.(qu.)
50e. Dec. 1 Holders of roe. Nov. 15
60e. Dec. 2 Holders of roe. Nov. 14a
internat. Safety Razor class A (guar.)._
50e. Dee. 2 Holders of rec. Nov. 140
Preferred (qual.)
134 Jan. 1 Holders of rec. Deo.d13
Class B (quar.)
Jan. 2 Holders of rec. Dec. 15
Si
Metropolitan
Title
25e.
Dec.
2
Holders
of
roe.
Nov.
140
Guaranty
(No.
1)
Class B (extra)
•25e. Dec. 2 *Holders of rec. Nov. 25
1% Jan. 2 Holders of rec Dec. 160
Michigan Steel Tube
international Salt (quar.)
Midland United Co., corn (In corn. stk.) fl % Dec. 24 Holders of rec Nov. 30
75e. Dec. 2 Holders of rec. Nov. 15
Int. Securities Corp. of Am.,com.A(qu.)
Millor& Hart, Inc., pref.(quar.)
58794e Jan. 1 'Holders of roe Dec. 15
123.c Dec. 2 Holders of roe. Nov. 15
Common B (quar.)
SOc. Jan. 1 Holders of roe. Dec. 14
Miller (1.) Az Sons, corn.(guar.)
13( Dec. 2 Holders of rec. Nov. 15
7% Preferred (quar.)
Preferred
(guar.)
1%
Dec.
2
Holders
roe.
154 Dec. 1 Holders of roe Nov. 25
of
Nov.
15
6(,% Preferred (quar.)
*31.25 Feb. 15 *Holders of ree. Feb. 4
mtheapena-Honeywell Reg, Cora
6% preferred (quar.)
13 Dee. 2 Holders of rec. Nov. 15
1234e. Dec. 19 Holders of roe. Deo. 4
Mining Corp. of Canada
50e..Dea. 2 Holders of roe. Nov. 18
International Shoe. pref.(mthly)
Mississippi Val. Utilities Invest. pf.(qu.) $1.75 Dec. 2 Holders of rec. Nov. 15
Preferred (monthly)
050e. Jan. 1 *Holders of rec. Dee. le
$3
Dec. 2 Holders of rec. Oct. 31
Mohawk Mining (guar.)
1 1,5 Dee. 1 Holders of rec. Nov. 15o
Internat. Silver, corn. (quer.)
'onarch Royalty, pref.(mthly.)
114c. Dec 10 HolLear of rec. Nov.30
Interstate Iron & Steel. prct.(quar.)_ _ _ _ •1% Dec. 2 *Holders of rec. Nov. 20
12 He Dec. 10 Hold rs of rec. Nov. 30
Preferred A (monthly)
50e. Jan. 1 Holders of rec. Dec. 16a
Investors Equity, corn. (quar.)
Monighan Mtg.. corn. A (quay.)
•45e. Jan. 1 *Holders of rec. Dec. 20
33
Jan. 1 Holders of rec. Dee. 16
36 preferred Ser. A
Montgomery Ward & Co., class A (qu.). "81.75 Jan. 1 *Holders of rec. Dec. 21
32.75 Jan. 1 Holders of rec. Dec 16
15.50 preferred Ser. B.
1 34 Dec. 15 Holders of rec. Nov. 30
Montreal Cottons. Ltd., corn. (guar.)._
•25e. Dee 2 *Holders of rec. Nov 15
Iron Fireman Mfg..corn (guar.)
Preferred (qual.)
50c. Dec. 31 Holders of rec. Nov. 30
Isle IRoyale Copper Co. (quar.)
154 Dec. 15 Holders of rec. Nov. 30
Montreal Loan & mortgage ((Mar.) _ _
3
Dec. 16 Holders of rec. Nov. 30
6234e Dee, 1 Holders of rec. Nov. 15
Jaeger Machine, COM. (guar.)
Morison Electrical Supply. com. (quar.)
25c. Dec. 1 Holders of me. Nov. 15
575c. Jan. 2'Holders of rec. Dee. 14
Jefferson Electric, com.(guar.)
Common (extra)
el m Dec. 1 Holders of rec. Nov. 15
Jewel Tea, common (quar.)
754. Jan. 15 Holders of rec. Dec 31a
Morrell (John) Az Co.. corn.(quay.)
90e. Dec. 15 Holders of tee. Nov. 26
Common (extra)
$1
Nov. 30 Holders of roe. Nov. 14a
Motor Wheel Corp., corn. (quar.)
754. Dec. 10 Holders of rec. Nov. 200
Johnson-Stephens-Shinkle Shoe (quar.)- 62 He Dec. 1 Holders of rec. Nov. 15
Joint Investors, common A (quar.)
.50c. Jan. 2 "Holders of rec. Nov. 15
mansingwear. Inc .com.(quar.)
75c. Dec. 2 Holders of rec. Nov. 140
•25e. Jan. 2 *Holders of rec. Nov. 15
30c. Dec. 2 Holders of rec. Nov. 20
Common A (extra)
Murphy (G. C.) Co., corn. (quar.)
Muskegon Motors Specialities, cl. A(qu.) '50c. Dec. 1 'Holders of rec. Nov. 19
Common A (stock dividend)
"e400 Dec. 20 "Holders of rec. Dec. 10
Class B (alar.)
Preferred
•$3 Jan. 2 "Holders of rec. Nov 15
*25c. Dec. 1 *Holders of rec. Nov. 19
Class B (extras
•13.( Dec. 2'Holders of rec. Nov. 13
Jones & Laughlin common (quay.)
'50c. Dec. 1 *Holders of rec. Nov. 19
Common (extra)
•1
Dec. 2 "Holders of rec. Nov. 13
Muskegon Piston Ring (quar.)
Jan, 2 Holders of roe. Doe. 16
$I
1 ti Jan. 2 Holders of rec. Dee. 130 Muskogee Company
Preferred (quer.)
$4
Dec. 14 Holders of rec. Doe. 4
National Baking, pref. (guar.)
Kalamazoo Vegetable Parchment 0:B1J- - "15e. Dec. 31 *Holders of rec. Dec. 21
'134 Nov. 30 *Holders of rec. Nov. 9
Nat. Bearing Metals, com.(guar.)
Katz Drug Co., corn. (quar.)(No. 1)- .50c. Dec. 15 *Holders of rec. Nov. 30
754. Dee. 1 Holders of roe. Novd15
Net. Belles- I fess, new corn.(quar.
Common (extra)
*25c. Dec. 15'Holders of roe. Nov. 30
254. Jo 1530 Holders of rec.Jan.2.30a
Stock dividend (quar.)
Preferred (quay.)
• $1.625 Jan. 1 'Holders of rec. Dec. 14
Jan. 15 Holders of rec. Jan. 20
el
1( Jan. 2 Holders of roe. Dee. 10
Kaufmann Dept. Stores. pref.(quar.)_ _
Preferred (quar.)
134 Dec. 2 Holders of rec. Nov. 2I0
National Biscuit, corn. (guar.)
Kawneer Company (anat.)
_ *6214e Jan. 15 *Holders of roe. Dee, 31
31.50 Jan. 15 Holders of tee. Dee. 300
Kelly Island Lime &'transport (quar.).. 62).')c Jan. 1 Holders ot rec. Dec. 20
Preferred (quer )
1M Nov. 30 Holders of ree. Nov. 15a
National Container Corp . pref.(quer.).
50c. Jan. 1 Holders of rec. Dee. 20
Extra
50c Dec. 1 Holders of roe. Nov. 15
50c Jan. 2 Holders of roe. Dee. 20a
Kelsey-Hayes Wheel, corn. (guar.)
National Dairy Products, corn.((mar.)-50e. Jan, 2 Holders of roe. Dec. 3a
$1.50 Dec. 2 Holders of me. Nov. 230
Common (payable In corn. stk.)(au.), fl
Jan. 2 Holders of rec. Dec. 'la
Kendall Co., panic. pref. (quar.)
31.25 Jan. 2 Holders of rec. Nov. 290
Corn.(payable in corn. stock (guar.)._ fl
Apr. 1 Holders of rec. Mar. 3a
Kennecott Copper C,orp. (quar.)
Corn,(payable In corn. stock) (quar.). fl
July 1 Holders of rec. June 30
•254 Nov. 30 *Holders of rec. Nov. 20
Keystone Aircraft Corp., com
Corn. (payable in com. stock)(quer )- 11
Oct. I Holders of roe. Sept. 30
*6234c Jan. 1 *Holders of rec. Dec. 12
Kimberly-Clerk Corp., corn.(guar.) 25e Jan. 2 Holders of rec. Dec. 170
Preferred A (guar.)
'154 Jan. 1 *Holders of rec. Dec. 3
Kinney (G. R.) Co., Inc., com.(qu.)-- 2 Dec. 2 Holders of roe. Nov. 15a
Nat. Dept. Stores, second pref. (guar.). '154 Dec. 2 "'Holders of roe. Nov. 15
Preferred (quar.)
•1% Dec. 10'Holders of roe. Nov. 30
National Family Stores corn.(quar.)._ -- •40e. Dec. 2'Holders of rec. Nov. 20
Kirby Lumber (quar.)
6234c Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
*50o. Dee. 2 *Holders of tee. Nov. 20
Kleinert (I. B.) Rubber Co.(guar.)
Nov. 30 Holders of rec. Nov. 25
•$1.50 Dec. 16 'Holders of rec. Nov. 15
7
National Fireproofing, Prof
Knox Hat,corn.((Mar.)
.31.50 Dec. 16 'Holders of rec. Nov. 15
Narlona I Investors. 5 tA % pref..- --- •234 Jan. 1 'Holders of rec. Deo. 10
New Corn. non-voting (quar.)
754 Dec. 2 Holders of rec. Nov. 150 National Lead, corn. (guar.)
Participating prof.(qum.)
1t-( Dec. 31 Holders of rec. Dec. 13a
Dec. I Holders of rec. Nov. 15
154 Dec. 14 Holders of rec. Nov. 29a
Kobacker Stores, Inc., corn.(No. 1)___. 31
Preferred A (qmar.)
1 % Feb. 1 Holders of me. Jan. 170
$1.75 Nov. 30 Holders of roe. Nov. lb
Preferred class B (quar.)
Preferred (quar.)
*Holders of rec. Nov. 30
$1.10 Dec. 1 Holders of rec. Novd20
National Securities (stock dividend),,..010
Ropier Co.. pref. (quar.)
454 Dec. 31 Holders of roe. Dec. 100 National Standard Co.(guar.)
•754. Jan. 2'Holders of rec. Dec. 20
Kresge (S. S.) Co., corn.(guar.)
•254. Jan. 2 *Holders of rec. Dec. 20
Extra
13( Dec. 31 Holders of roe. Dec. 100
Preferred (quar.)
50c. Jan. 2 Holders of tee. Dec. 2
25c Dec. 2 Holders of rec. Nov. 110
National Sugar Refining (gum.)
Kroger Grocery & Baking, corn. (quar.)_
$2 Dec. 24 Holders of rec. Dee. 14a
81 Jan. 2 Holders of rec. Dec. 240
Kuppenheimer (B.) Az Co., corn
National supply Co., corn. (extra)
1M Dec. 2 Holders of rec. Nov. 230
National Surety (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 170
Preferred (guar.)
'
•75e Jan
511c. Jan. 1 Holders of rec. Dec. 14
2'Holders of rec. Dec 20
National Tea common(
Laboratory Products (quar.)
(Vat.)
Jan 15 *Holders of rec. Dee. 20
ye3
•25c. Dec. 16 'Holders of rec. Nov.30
National Transit (quar.)
Stock dividend _
.25c. Dec. 16 *Bohlen; of rec. Nov. 30
75c Dec. 15 Holders of rec. Nov. 20
Extra
Lake Erie Bolt & Nut (qual.)
80c. Dee. 2 Holders of roe. Nov. 16
Nebel(Oscar) Co., Inc.. common (au.)
6234c Jan. 2 Holders of tee. Dec. 14a
Lake of the Woods Millings. corn. (qu.)
1M Dec. 2 Holders of rec. Nov. 16
Nehl Corporation, corn. (guar.)
*32 Lie Dec. 2 *Holders of roe. Nov. r.
Preferred (Char.).
.8
2
30c.
Dec.
16
Holders
of
rec
Dec.
First nreferred (quar'.)
1.3154 Jan. 1 *Holders of rec. Dec. 16
Lake Shore Mines. Ltd.(quar.)
*27 tie Jan. 1 *Holders of rec. Dec. 16
623e. Dec. 15 Holders of rec. Nov. 20
Newberry (J. J.) Co., com.(qman)
Lamson & Sessions, corn.(quar.)
• tt Dec. 2 "Holden' of roe. Nov. 15
Dec.
15
Holders
of
rec.
Nov.
20
81
Newberry
pref.
(extra)
(J.J)Realty
Co.
(quar.)Common
Dec. 10 Holders of rec. Nov. 20
Yew Jersey Zinc (extra)
*750. Dee. 31 *Holders at roe. Dee. 91
II
Landers, Frary & Clark (guar.)
•500. Dec. 2 *Holders of rec. Nov. 23
Newport Company (quar.)
Langendorf United BakeriesDee.
2 Holders of rec. Nov. 230
30'Holders
of
rec.
Dec.
30
75e.
•50e.
Jan.
Class
A (quar.)
Class A and B (quar.)
75c. Dec. 1 Holders ef rec. Nov. 20
N. Y. dr London Management, Pf. (qu.)
134 Nov. 30 Holders of rec. Nov. 20
Lanston MonotyPe Mach (guar.)
Holders of rec. Dec. 27
400.
Jan,
15
"87
Jan.
2
"Holders
of
roe,
Dee.
I
New
York
Transit
Leath & CO.. pref (guar
(guar.)
10c. Jan. 15 Holders of rec. Dec. 27
Extra
Legere (P. I.) Co.Ltd.(Que.) Pf. (qu.).. 1M Dec. 1 Holders of rec. Nov. 15
New York Transportation, corn. (guar.) •50e. Dec. 28'Holders of roe. Dee. 13
I
Nov. 30 Holders of rec. Oct 310
Lehigh Coal & Navigation (guar.)
Mc.Jan. 3 Holders of rec. Nov. Ma
Nickel Holdings Corp. (quar.)
Lehigh Portland Cement. pref.(Quar.)-- 1M Jan. 2 Holders of rec. Dee. 14a
•734e. Jan. 20'Holders of roe. Dec.e31
75c. Jan. 2 holders of rec. Dec. I2a
hapiseing Mines. Ltd. (quar.)
Lehigh Val. Coal Corp. pref.(guar.)- - Jan. 2 Holders of roe. Deo. 10
Dec.
31
754
90e.
31
Dec
13
to
Dec.
Noranda
(quar.)
Mines
(quay.)
(No.
Coal
Sales
1)
Lehigh Valley
North American 011Consol,(monthly).. •10e Dec. 2 "Holders of roe. Nov. 20
75c. Dee. 2 Holders of rec. Nov. 15a
Lean & Fink Products (guar
North Americ,an Provision. prof. (attar.) •134 Jan. 2 *Holders of rec. Dec. 10
Leonard Custom Tallore(qu.)(No. 1)_ - 43Mc Dec. 1 'Holders of roe. Nov. 15
Northam Warren Corp., cony. Pt• (qu.) "75c. Nov. 30 "Holders of roe. Nov. 15
Lerner Stores Corp., corn.(guar.)(No.1) "50e. Dec. 16 'Holders of rec. Dec. 6
15c. Dec. 2 Holders of rec Nov. 1
North Central Texas OIL corn. (guar.)-25e. Dec. 31 Holders of rec. Dee. 11
Iessings. Inc.(qual.)
me.
Dee.
11
19o. Dec. 1
Holders
of
Dec.
31
Sc.
Northern
Manufacturing, pref.(guar.)- Extra
Jan. 2 Holders of rec. Dec. 16
32
Northern Pipe Line
•3% Jan. 1 'Holders of rec. Dec. 20
Libby McNeil Az Libby, Preferred
•70e. Jen. 1 "Holdors of roe. Dee. 20
25c Dec. 1 Holders of rec. Nov. 150
Northland Greyhound Lines(No. I)._
!Abbey Owens Glass Co., corn. (quar.)__
1 *Holders of roe. Dec. 20
•45e.
Jan.
Dec.
31
Northwest Bancorp., corn. (guar.)
Liberty Shares Corp. Mock dividend-, •el
134 Dee. 2 Holders of rec. Nov. 20
Mar31'30
Ogilvie Flour Mills, pref. (quar.)
•sl
Stock dividend
*50e.
Dec.
14
*Holders of rec. Nov. 15
Ohio
011
(quar.)
Liggett & Myers Tobacco•50c. Dec. 14 'Holders of rec. Nov. 15
Extra
Dec. 2 Holders of rec Nov I ho
$I
Common and common B (quar.)
Jan. 2 Holders of roe. Dec. 13a
*1M Jan. 11 *Holders of rec. Dec. 10
Omnibus Corporation. pref. (qua!).... 2
Preferred (guar.)
osh'cosh Over all cony pref.(guar.)
*50c. Dee. I *Holders of rec. Nov. 22
Lily Tulip Cup Corp., com.(qu.)(No. 1) 37 He Dee. 16 Holders of rec. Dee. 2
Dee. 12 Holders of me. Nov. 27a
Otis Elevator, corn. (extra)
$2
25e. Dec. 1 Holders of rec. Nov. 15
Lindsay (C. W.)& Co., Ltd., coca.(qu.)
15
Nov.
114 Jn 15'3(1 Holders of rec. Dee. 31a
of
rec.
Preferted
Holders
Dee.
1
15
Preferred (guar.)
•45e. Dee. 2 "Holders of rec. Nov. 18
Outboard Motors, class A (quar.)
Lindsay Nunn Publishing, pref.(qu.)... .50e. Dec. 1 "Holders of rec. Nov 20
"50e. Feb. 1 *Holders of rec. Nov. 18
Pacific American Co. (quar.)
654. Dec. 2 Holders of rec. Nov. 15a
Link Belt Co.(quar.)
*Me. Feb. 15 *Holders of rec. Jan. 31
Oscine Associates (tillar•)
12 Hc. Dec. 1 Holders of rec. Nov. 9a
Loblaw Groceterlas, Cl. A (clUar.)
15o. Dee. 31 Holders of rec Doe. 12s
Packard Motor Car
125c. Dec. 1 Holders of rec. Nov. 9a
Class B (guar.)
29
Nov.
of
rec.
Parattine
$1
Dec. 27 Holders of rec. Dec. 17
'Holders
Cos
Dec.
I
*50c.
(guar.)
Low's Boston Theatres (extra)
Stock dividend
2
Dec. 27 Holders of roe. Dec. 17
754. Dec. 31 Holders of rec. Dec. 13a
Loew's, Inc., common (quar.)
13a
Dee.
rec.
Holders
of
Paramount
Famous
Lasky
Corp.
Dec.
31
754.
Common (extra)
75e. Dec. 28 Holders of rec. Dec. (Sa
Common (gimr.)
London Canadian Invest. Corp., pt.(qu) 1 Li Dec. 1 Holders of rec. Nov. 15
75e. Jan. 14 Holders of rec. Dec. 300
234 Jan. 2 Holders of rec. Dec. 17a Park & Tilford, Inc. (quar.)
Lord & Taylor, corn.(quar.)
Jan. 14 Holders of rec. Doe. 30a
Nov.
160
Stock
1
of
rec.
Holders
dividend
Dec.
2
1 st
First wsferred (quar.)
Quarterly
754. Apr. 14 Holders of tee. Mar. 29a
Dec. 10 Holders of me. Nov. 16a
5
Common (Christmas die 1
Apr. 14 Holders of roe Mae. 20a
Stock dividend
1
82.50 Dee. 2 Holders of rec. Nov. 9
Ludlow Mfg. Associates (guar.)
Parmelee Transport. Co.. corn. (mthly.) 1254c Dec. 10 Holders of rec. Nov.d29a
Dee. 81 *Holders of rec. Dee. 31
Ltnrkenheimer Co.. Prof. (quar.)
'1i
50c. Dec. 1 Nov. 16 to
Nov 30
Patterson-Sargent Co. (quar.)
Lyons(J.) & Co.. Ltd.
Ponder (David) Grocery. corn. A (qu.).. 87 He Dee. 1 Holders of rec. Nov. 20
Am.dep. rts. for ord. A ells. (I sh. 8d) (w) Dec. 7 'Holders of rec. Nov. 14
Penick Az Ford, Ltd., common
25e. Dec. 16 Holden; of rec. Dec. 20
•3734c Jan. 1 'Holders of rec. Dec. 15
Lyons-Magnus, Inc., el. A (quar.)
Preferred (quar.)
194 Jan. 1 Holders of rec. Dec. 130
550c Feb. 15 *Holders of rec. Jan 24
Macy(R. H.) Az Co.(quar.)
Penn Federal Corp. corn. (qu.) (No. 1) - 634e. Nov. 20 Holders of roe. Nov. 20
.,*e5 Feb. 15 *Holders of rec. Jan. 24
Sleek dividend
Nov. 30 1929.]
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Dec. 14 *Holders of roe. Dec. 6
Penn-54ex. Fuel
*S1
Pennsylvania Invest. Co., el. A (guar.).- 6234e. Dec. 2 Holders of rec. Oct. 31
Class B (No. 1)
500. Dec. 2 Holders of rec. Oct. 31
Perfection Stove (monthly)
•3734c Nov. 30 *Holders of rec. Nov. 18
Monthly
•3734c Dec. 31 *Holders of rec. Dec. 18
Petroleum Corp. of Am. (qu.) (No. 1). 3734c Dec. 31 Holders of rec. Dec. 2
Petroleum Royalties Co., pref. (mthly.)
10 Dec. 1 Holders of rec. Nov. 25
Preferred (extra)
Sic Dec. 1 Holders of rec. Nov. 25
Phelps Dodge Corp. (guar.)
The. Jan. 2 Holders of rec. Dec. 66
Phillips-Jones Corp., corn. (guar.)
750. Dec. '2 Holders of rec. Nov. 20.
Phoenix Hosiery Co. 1st & 2d pt. (qtr.).- 1i Dec. I Holders of rec. Nov. 18a
Photo Engravers de Electro.(Toronto)._
50e Dec. 2 Holders of rec. Nov. 15a
Pickwick Corp., 8% pref. (guar.)
2
Dee. 25 Holders of rec. Dec. lt
Pierce Arrow Motor Car, pref. (rau.)
134 Dec. 2 Holders of rec. Nov go
Pillsbury Flour Mills, corn. (guar.)
500 Dec. 2 Holders of rec. Nov. 15a
Pines W1nterfront Co. (guar.)
•25c Dec. 1 'Holders of rec. Nov. 15
.82
Stock dividend
Dec. 1 *Holders of rec. Nov. 15
Pittsburgh Plate Glass, corn, (quar.)
•500 Dec. 31 *Holders of rec. Dec. 10
Common (extra)
Dec. 31 *Holders of roe. Dec. 10
411
Pittsburgh Steel Co. pref. (guar.)
13i Dec. 2 Holders 01 rec. Nov so
Pittsburgh Steel Fdy., Prof. (quar.)
'134 Jan. 2 Holders of rec. Dec. 15
Pittsmont Copper Co., corn
250 Dec. 20 Holders of rec. Nov. 20
Plymouth 011 (guar.)
"500 Nov. 30 *Holders of rec. Nov. 15
Polymet Mfg., new stk.(payable In stk.) *el
Jan. 2'Holders of rec. Dec. 20
Poor & Co., class A & B (guar.)
50e. Dec. 2 Holders of rec. Nov. lfio
Powdrell & Alexander, Inc., corn.(smel) $1
Dec. 16 Holders of roe. Dec. 2
Preferred (guar.)
.134 Jan. 2 "Holders of roe. Dee. 18
Prairie Oil& Gas (guar.)
50e. Dec. 31 Holders of rec. Nov. 300
Extra
250. Dec. 31 Holders of rm. Nov. 30a
Prairie Pipe Line (guar.)
750. Dec. 31 Holders of rec. Nov. 300
Extra
500. Dec. 31 Holders of rec. Nov. 300
Pressed Metals of Amer., pref. (guar.). _
Jan. 1 *Holders of rec. Dec.
Pressed Steel Car, pref. (guar.)
114 Dec. 31 Holders of rec. Dec. 20
Prince & Whitely Trading Corr).Cony. pref. series A (qu.)(No. I)._
750. Dec. 2 Holders of rec. Nov 20
Procter & Gamble Co. pref.(guar.)
134 Dec. 14 Holders of rec. Nov. 25a
Pro phy-lac-tic Brush,corn.(extra)
50c. Dec. 2 Holders of rec. Nov. 230
Preferred (guar.)
1% Dec. 16 Holders of rec. Nov. 30
Propper Silk Hosiery Mills corn.(Cl.)_
50c. Dec. 2 Holders of rec. Nov. 20
Public Investing Co. (guar.)
25c. Dec. 16 Holders of rec. Nov. It
Extra
1234c. Dec. 16 Holders of rec. Nov If
Pure 011 common (Situff.)
37 Sie Dec. 2 Holders of rec. Nov. fro
Purity Bakeries common (quar.)
Dec. 1 Holders of rec. Nov. 230
$1
Quaker Oats, preferred (guar.)
•I Si Nov. 30'Holders of rec. Nov I
Railway & Utillties Investing Corp.
7f7, cony pref series A (guar.)
8734c Dec. 2 Holders of rec. Nov. 15
6% cony Pref.(guar)
750. Dec. 2 Holders of rec. Nov. 15
Raybestos-alanhattan, Inc. (quar.)
_ *65c. Dec. 16 *Holders of rec. Dec. 2
Raytheon Mfg. (stork dividend)
*05
Dec. 2 "Holders of roe. Nov. 16
Flea! Estate Mtge. Guar. (Phila.) (qu.)_ 24 Dec. 1 Holders of me. Nov. 220
Real Silk Hosiery Mills, corn. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 130
Preferred (griar.)
134 Jan, 2 Holders of rec. Dec. 130
toe Dec. 2 Holders of rec. Nov. 15,
Reiter-Foster ( Corp., cm,. (quar.)
Reliance Internal. Corp.,pf.(qu.)(No.1) *750. Dec. 2 *Holders of rec. Nov. 20
Reliance Mfg. (Massillon, 0.) (quar.)
$1
Jan. 1 Holders of rec. Dec. 15
Remington- ha Id Co. corn. (special)
50e. Jan. 1 Holders of roe. Dee. 70
First preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 70
Second preferred (quar.)
2
Jan. 1 Holders of me. Dec 7a
Reo Motor Car common (guar.)
200. Jan. 2 Holders of rec. Dec. 10a
Republic Bra'. class A (guar.)
Jan. 1 Holders of rec. Dec. 106
$1
Preferred (ilier.)
134 Feb. 1 Holders of rec. Jan. lea
Republic Iron & Steel. common (quar.)
Si
Dec. 2 Holders of rec. Nov. 120
Preferred (Oct.)
134 Jan. 2 Holders of rec. Dec. 120
Republic Supply (quar.)
•750. Jan. 15 *Holders of rec. Jan. 1
Quarterly
*750. Apr. 15'Holders of rec. Apr. 1
Quarterly
*75c. July 15 *Holders of rec. July 1
Quarterly
4.750. Oct. 15 'Holders of me. Oct. 1
Revere Copper & Brass class A (quar.)
Jan. 1 Holders of rec. Dec. 10a
$1
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 10a
Reynolds Metals, new corn.(qu.)(No.1) *600 Dec. 1 *Holders of rec. Nov. 15
Rich ice Cream Co., common (extra)._ '25c. Feb. 1 *Holders of rec. Jan. 15
Rike-Kumler Co. common
'550 Jan. 2 *Holders of me. Dec. 14
Preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 20
Rio Grande Oil
(r)
Hold,of rec. Jan. 5 193r
SI
Root Refining, prior pref. (guar.)
450 Deo, 1 Holders of rec. Nov. 15
Cumulative preferred ((var.)
750 Dee, 1 Holders of rec. Nov. 15
Hoz)
, Theatre class A (guar.)
'87 Sic Nov. 30 *Holders of rec. Nov. 15
Royalty Corp. of Am. part, pf. (mthly.) I
Dec. 15 Holders of rec. Dec. 1
Participating preferred (extra)
34 Dec. 15 Holders of rec. Dec. I
Ryerson (Jos. T.) & Son, Inc. (extra)
*50c Dec. 2 *Holders of rec. Nov. 22
St. Louts Screw & Bolt cons. (guar.).
370 Dec. 1 Holders of rec. Nov. 25
St. Mary's Mineral Land
411
Dec. 10 *Holders of rec. Nov. 29
Ravage Arms Corp., core. (quar.)
500 Dec. 2 Holders of rec. Nov. Ito
Second preferred (quar.)
•1
Feb. 15 'Holders of rec. Feb
1
Schiff Co. common (quar.)
Dec. 15 Holders of rec. Nov. 30
Preferred (guar.)
134 Dec. 15 Holders of rec. Nov. 30
Schletter & Zander, corn. ((mar.)
'3734e Dec. 30 *Holders of me. Dec. 16
Extra
'12'.4r Dec. 30 *Holders of rec. Der. IF
Scott Paper, common (qua?.)
35c. Dee. 3 Holders of rec. Dec. 176
Common (payable in common stock). 12
Dec. 3 Holders of rec. Dec. 17a
Scoville Mfg. (qua?.)
Jan.
"al
'Holders of rec. Dec. 16
el
Sears, Roebuck & Co. stock div. (guar.)
Feb.
Holders of rec. Jan. 15.
Stock divIdencl (guar.)
el
May
Holders of rec. Apr. 14a
Holders of rec. Dee 10e
Second National Investors, pref. (qu.)_ _ $1.25 Jan.
*Holders of rec. Nov. 20
Secord (Laura) Candy Shops corn.(qtr.). •750. Dec.
Segal Lock & Hardware, corn.(guar.)... 1234c Dee. 16 Holders of rec. Nov. 31)
Selfridge Provincial Stores Am. dep. rcts'w34 Dec. 6 *Holders of rec. Nov. It
Shell Union Oil Corp. corn. (guar.)
35e. Dee. 31 Holders of rm. Dec. 54
534% cum. cony. pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 9
Shepard-Niles Crane & Hoist Corp.Dee. 1 "Holders of rec. Nov. 21
411
Common (guar.)
Dee. 1 'Holders of rec. Nov. 21
411
Common (extra)
Sherwin-WililaT
,
8 Co. Canada com.(qu.)
40e. Dec. 31 Holders of rec. Dec. 14
50. Dec. 31 Holders of rec. Dec. 14
Common (e,:tra)
134 Dec. 31 Holders of rec. Dee. 14
Preferred (fillar.)
1 4 Dec. 1 Holders of rm. Nov. 15
Sherwin-Willis, On., pref. (guar.)._
500. Nov. 30 Holders of me. Nov. 15
Shippers Car Line Corp. class A
134 Nov. 30 Holders of roe. Nov. 15
Preferred (quar.)
Signal 011 & Gas class A & B (quar.)__ _ '43Stc Dec. 10 *Holders of rec. Nov. 30
'Holders of rec. Nov. 30
•e2
Clews A & B (stock dividend)
*50c. Dec. 15 "Holders of rec. Nov. 30
Signal Royalties(gear.)
2
Dec.
*Holders of rec. Nov. 22
*50c.
Pub.
corn.
Simmons-Boardman
(special)
*50e. Jan. 2 *Holders of rec. Nov. 22
Special
*75c. Dec. 2 *Holders of rec. Nov. 22
Preferred (guar.)
400. Dec. 14 Holders of rec. Nov. 290
Simms Petroleum (guar.)
Simon (Franklin) Co., pref. (guar.)
134 Dee. 2 Holders of roe. Nov. 18o
110c. Dee. 1 Holders of rec. Nov. 20
Simon (11.) & Sons. Ltd., corn. (qu.)..
Si 75 Dee. 1 Holders of ree Nov 20
Preferred Omar)
50e Jan. 15 Holders of roe. Dee. 14a
Sinclair Consolidated 011 (guar-)
Dec. 2 Nov. 16 to Dec 2
3
Sixteen Park Ave.. Inc.. pref
50c Dee 16 Holders of rec. Nov 15a
Skelly 011 (guar.)
Smith-A isop Paint & Varnish,common.. 124c Dec. 2
Smith (Howard) Paper Mills. pref. (qu.) 134 Dee. 2 Holders of rec. Nov. 20
$1.25 Dec. 20 Dee. 1 to Dec. 11
Solar Refining
75e Dee. 15 Holders of rec. Dec. 10
Southern Acid & Sulphur
$1.75 Dec. I Holders of rec. Nov. 15
Southern Ire & Util. $7 pref.(guar.)._
$1.75 Dee. 1 Holders of rec. Nov. 15
$7 participating pref. (guar.)
Dee. 31 *Holders of roe. Dec. 2
*51
Southern Pipe Line
50c Jan. 2 Holders of rec. Dec. 10a
South Porto Rico Sugar corn.(guar.). Jan. 2 Holders of rec. Dee. 10a
2
Preferred (quar.)
50e Jan. 15 Holders of rec. Dec. 286
Spalding (A. 0.) & Bros., corn. (quar.).
134 Dec. 2 Holders of rec. Nov. 18a
First preferred (quer.)
Dee. 2 Holders of roe. Nov. 18o
2
Second preferred (Suar.)
134 Jan. 1 Holders of rec. Dec. 14a
Sparse, Chalfant & Co., inc., pf.
75e. Dec. 31 Holders of rec. Dec. 15
Sparta Foundry Co., corn. (guar.)
500. Dee. 31 Holders of rec. Dee. 15
Common (extra)
Common (payable in common stock)_ 125 Jan. 15 Holders of rec. Dec. 31
134 Dec. 2 Holders of rec. Nov. 15a
Spear & Co., 1st & 2nd pref. (Sitar.)- -Specialized Shares Corp. corn.(quar.)_ _ _ *25e. Dec. 2 *Holders of roe. Nov. 20
•750. Dec. 2 *Holders of rec. Nov. 20
Preferred A & B (guar.)
3435
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Dec. 20 Holders of rec. Nov.20
$1
Standard Chemical (guar.)
6234c Dec. 16 Holders of rec. Nov. 16a
Standard Oil (Calif.) (guar.)
Dec. 16 Holders of rec. Nov. 160
2
Extra (payable in stock)
.6234c Dec. 16 *Holders of rec. Nov. 16
Standard 011(Indiana)(guar.)
"25e. Dec. 16 *Holders of me. Nov. 16
Extra
50e. Dec. 16 Holders of rec. Nov. 306
Standard Oil (Kansas) (guar.)
25e. Dec. 16 Holders of rec. Nov. 30a
Extra
6234e.
Dec. 20 Nov. 30 to Dec. 20
(guar.)
Nebraska
Standard Oil of
25c. Dec. 20 Nov. 30 to Dee. 20
Extra
25c. Dec. 16 Holders of rec. Nov. 15a
Standard 011 of N. J. (guar.)
25c. Dec. 16 Holders of rec. Nov. Ma
Extra
40e. Dec. 16 Holders of rec. Nov. Mes
Standard 011 (N. Y.) (guar.)
.Jan. 2 Holders of rec. Dec. 6
Standard Oil
il(Ohi) corn. (guar.)
Dec. 2 Holders of rec. Nov. b
(qua?.)
Stanley Works common (in corn. stock), "125 Dec. 14 *Holders of roe. Nov. 18
2 Holders of rec. Nov. lb
30e.
Dec.
Sterling
F grieu
Securities, pref
550. Dec. 2 Holders of rec. Nov. 16
preferred
Stewart-Warner Corp.Feb. 15 Holders of rec. Feb. 50
e2
New $10 par stock (in stock)
37(4c Dec. I Holders of rec. Nov. 15
Stix Baer & Fuller. COM. (fluor.)
Dec. 2 Holders of roe. Nov. 18
'250.
com.(qu.)
Stromberg-CarLsen Tel. Mfg.,
"12
.5c
7%c Dec. 2 Holders of rec. Nov. 18
Common (extra)
Dec. 21 *Holders of rec. Dec. 1(1
Stroock (S.) Co. (guar.)
f$11.25 Dee. 2 Holders of rec. Nov. Pa
Studebaker Corp. common (guar.)
Dec. 2 Holders of roe. Nov. 90
P
in orn.stock)
Preferreddmar)
nro
en (payable
u
134 Dec. 2 Holders of rec. Nov. 90
250. Dec. 16 Holders of rec. Nov. 254
Sun 011, corn. (quar.)
19
Dec. 16 Holders of rec. Nov. 254
Corn. (payable in corn. stock)
1%
Dec. 2 Holders of roe. Nov. 110
Preferred (quar.)
Superior Portland Cement cl. A (rou.)_ _ _ '2734c Dee. 1 'Holders of rec. Nov. 23
*Holders of rec. Nov. 9
*4344cDec.
Swan-Finch Oil Corp pref. (Sitar.)
25e. Dec. 16 Holders of rec. Nov. 306
Tennessee Copper & Chem. Corp. (qu.)..
75e. Jan. 1 Holders of rec. Dec. 64
Texas Corporation (guar.)
5
e2
1% Dec. 16 Holders of rec. Dec. 2a
Texas Gulf Sulphur (Suer.)
Dec. 31 Holders of rec. Dec. 60
Texas Pacific Coal & Oil (pay-In stock)._
40c. Jan. 2 Holders of roe. Dec. 200
Thatcher Mfg. corn. (guar.)(No. 1)
_
Third National Investors Corp.. corn_ _ $130c. Jan. I Holders of rec. Dec. 1041
Dec. 2 Holders of rob. Nov. 221
Thompson (John II.)(monthly)
Thompson Products, pref (guar.)
134 Dec. I Holders of rec. Nov. 20
134 Dec. 1 Holders of rec. Nov. 206
Timken Detroit Axle, pref. (guar.)
75c. Dec. 5 Holders of rec. Nov. 206
Timken Roller Bearing (guar.)
See note (a)
11
Dec. 9
Tobacco Securities Trust Ltd. ord
(r) Dec. 9
See note (z)
Deferred
Trieo Products Corp., corn.(guar.)
6234c Jan. 2 Holders of rec. Dec. 24
Truscon steel prof. troller.)
134 Dee 2 Holders of rec. Nov.21
Dec. 16 Dec. 1 to Dec. 16
Tudor City Eighth Unit, new pref
3
Dec. 31
4
Ian. 2 Dec. 21 to
Ulen & Co.8% preferred
3% Ian. 2 Dec..21 to Dec. 31
734% preferred
Underwood Elliott Fisher Co.
$1.25 Dec 31 Holders of roe. Dec. 12a
Common (guar.)
1% Dec. 31 Holders of rec. Dec. 120
Preferred (guar.)
$1.75 Dec. 30 Holders of rec. Dec. 30
Preferred series B (Suer.)
650. Jan. 1 Holders of rec. Nov. 296
Union Carbide & Carbon (quar.)
•50e. Dec. 2'holders of rec. Nov. 18
Union Mills common (guar.)
Preferred (quar.)
"134 Dee. 2'Holders of rec. Nov. 18
i4 Dee. 2 Holders of roe, Nov. 160
Union Tank Car (guar.)
*25c. Dec. 31 "Holders of roe. Dec. 23
Union Twist Drill, corn.(quar.)
D.
c
'Holders of rec. Dee. 23
Preferred (guar.)
"1.
4
Dec. 31
2 Holders of rec. Nov. 160
United Biscuit, common (guar.)
United Bond & Share, corn. (extra)- - - - .$250 Dec. 2 'Holders of rec. Nov. 15
.50e. Dec. 2 *Holders of roe. Nov 15
Participating preferred (extra)
314 Jan 110 Holders of rec. Dec. 16
United Carbon. panic. pref. (guar.)._ _
United -Carr Fastener (guar.)(No. O.__ *30e. Dee. 2 *Holders or rm. Nov. 15
•750. Dec. 2 *Holders of rec. Nov. 15
United Chemicals, Inc.. pref. (quar.).
United Founders Corp.
Jan. 2 Holders of rec. Nov. 30
Corn.(1-17th share corn.stock
Jan. 2 Holders of rec. Dec. 40
51
United Fruit (guar.)
4,50e. Dec. 2 *Holders of rec. Nov. 15
United Milk Crate, class A (Suer.)
*8c. Dee. 2 *Holders of rec. Nov. 15
Class A (extra)
400. Nov. 30 Holders of roe. Nov. 9
United National Corp., panic. pf.(qu.).
15e. Dec. 16 Holders of rec. Dec. 2
United Pacific Corp partic.pf.(mthly.)_
14
Jan2'30 Holders of rec. Deo. 204
pf.
(qu.)..
United Piece Dye Wks.634%
14 Jan. 2 Holders of rec. Dee. 20
United Securities, Ltd. pref.(qu.)
50c. Jan. 20 Holders of rec. Dee. 3I0
U. S. Cast Iron Pipe & Fdy., corn.,(qu.)
300. Jan. 20 Holders of rec. Dec. 31a
First & second pref. (Smar.)
U.S. Dairy Products, corn. A (quar.)_ _ $1.25 Dec. 2 Holders of rec. Nov. 210
Dec. 2 Holders of rec. Nov.21a
$1.75
First preferred (quar.)
Dec. 2 Holders of rec. Nov. 210
52
Second preferred (qua?.)
750. Dec. 10 Holders of rec. Nov. 180
U. S. Freight (guar.)
4.400. Dec. 31 *Holders of rec. Dee. 14
mm
i on (guar.)
U.S.
umcu
(q oar
F.reGypsum
•134 Dec. 31 *Holders of rec. Dec. 14
50e. Dec. 2 Holders of rec. Nov. 200
U.S. Hoffman Machinery (guar.)
$1.25 Dec. 16 Holders of rec. Nov.154
(2.8. Realty & Improvement
U.S.Shares Corp.
3%.4- Dec. 1 Holders of rec. Oct. 31
Key Industry Trust shares erten H._
134 Dec. 30 Holders of rec Nov. 300
U.S. Steel Corp., corn.(guar.)
Dec. 30 Holders of rec Nov. 30a
1
Common (extra)
_ $2.75 Dec. 2 Holders of rec. Nov. 15
Utilities Equities Corp., $5.50 stock
Dec. 20 Holders of rec. Nov 30
31
Vacuum Oil (guar.)
250. Dec. 20 Holders of rec. Nov 30
Special
134 Dec. 17 Holders of me. Dec. 14
Valvoline 011 common (guar.)
2
Jan. 1 Holders of roe. Dee. 18
Preferred (guar.)
Dec. 16 Holders of rec. Dec. 20
$1
Vanadium Corp. (extra)
'134 Dec. 10 "folders of rec. Dec. 2
Vapor Car Heating, pref. (guar.)
Vesta Battery, prof. (guar.)
'134 Dec. 1 *Holders of rec. Nov. 20
•600. Dec. 15 *Holders of rec. Dec. 1
Viking Pump pref. (guar.)
Va.-Carolina Chemical, prior pref. (go.) 131 Dec. 5 Holders of rec. Nov. 20a
•350 Dec. 10 *Holders of rec. Nov. 30
Volcanic 011 & Gas (guar.)
•60 Dec. 10 *Holden of ree. Nov.30
Extra
134 Jan. 20 Holders of rec. Jan. 94
Vulcan Detinning pref.(quar)
04
Jan. 20 Holders of rec. Jan. 90
Preferred (acc't accum. divs.)
134 Jan. 20 Holders of rec. Jan. 90
Preferred A (qua?)---.
Jan. 20 Holders of rec. Jan. 94
04
Preferred (sect accum dive.)
Wagner Elec. Corp.. Corn. (guar.)
3734c Dec. 1 Holders of rec. Nov.
*50e. Dee. 1 *Holders of rec. Nov. 15
Wall.s
tt &Bond,
B wuarclass A (guar.)
Class
*35c. Dec. 30 *Holders of rec. Dec. 14
Waldorf System Inc. corn.(guar.)
3734e Jan. 2 Holders of rec. Dee. 206
200. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Walker (Hiram), Gooderham
250, Dee. 16 Holders of rec. Nov.30
ds Worts (guar.)
•5(30. Dec.416 *Holders of me. Dec.1116
Walworth Co., corn. (guar.)
Dec. 31 *Holders of rec. Dec. 20
*75c.
Preferred (guar.)
Dee. 2 Holders of rec. Nov. 1241
Warner Bros Pictures, Corn. (quar.)
$1
Preferred (guar.).
550. Dee. 2 Holders of rec. Nov. 1Rti
Jan. 2 Holders of tee. Dec. 16a
Warren Bros., corn. (guar.)
2
Jan. 2 Holders of rec. Dec. 164
Common (extra)
1
First preferred (guar.)
75e. Jan. 2 Holders of rec. Deo. lea
Second preferred (guar.)
8734c. Jan. 2 Holders of rec. Dec. 18
Wayagamack Pulp & Purer (guar.)
69c. Dec. 2 Holders of rec. Nov. 15
For month of December
23c. Jan. 2 Holders of rec. Nov. 15
Wayne Pump. pref.(guar.)
5734e. Dec. 1 Holders of rec. Nov. 20
weber 'showcase de Fixture. 1st pf. (qu.) •50e. Dee. 2'Bolder, of rec. Nov. 15
Welch Grape Juke corn.(guar.)
250. Nov. 30 Holders of roe. Nov. 15
Extra
250. Nov. 30 Holders of rec. Nov. 15
Preferred (guar.)
144 Nov. 30 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15s
Wesson Oil& Snowdrift. Prof.(qu.)
51
Western Auto Supply, corn. A & B (qu.) 75c. Dec. 1 Holders of rec. Nov. 18
Western Dairy Products. cl. A (guar.)._ $1
Dee. 2 Holders of rec. Nov. 90
Western Pipe & Steel (guar.)(No. 1)_ _ _ '50c. Dec. 5'Holders of rec. Nov. 25
•10c. Dec. 5 *Holders of rec. Nov. 25
Extra
1% Jan. 2 Holders of rec. Dec. 14a
Western Reserve Invest, part. pf. (qu.)
1(4 Jan. 2 Holders of rec. Dee. I40
Western Res. Inc. Corp.6% pref.(qu.)_
Westvaco Chlorine Prod. corn. (gnarl_ _
50c. Dec. 1 Holders of rec. Nov. 154
2
Dec. 1 Holders of rec. Nov. 15
Wheatsworth Inc. pref. (guar.)
Wheeler Metal Products, corn.(guar.)._ •50c. Dec. 14 *Holders of rec. Dec. 4
Dec. 6 *Holders of rec. Nov. 12
Wheeling Steel Corp., corn
411
White (J.(1.) & Co.. pref.(guar.)
134 Dec. 2 Holders of rec. Nov. 15
White(J. 0.) Engineering, pref.(qu.)_ _ _
134 Dec. 1 Holders of rec. Nov. 15
50c. Dec. 31 Holders of rec. Dec. I2a
White Motor (guar.)
$1.75 Dec. 31 Holders of rec. Dec. 12
White Motor Securities pref.(quar.)
621t
3436
FINANCIAL CHRONICLE
Per
When
Cent, Payable.
Name of Company.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
White Rock Mineral Springs,corn. %qu.).
75e Jan. 2 Holders of rec. Dec. 206
Common %extra)
Jan. 2 Holders of rec. Dec. 206
$1
First 'referred .quar.)
134 Jan. 2 Holtrers of rec. Dec. 20
Second preferred ,quar.)
334 Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Second preferred (extra)
Wilcox Rich Corp., class A (quar.)
6234c Dec. 31 Holders of rec. Dec. 206
Class B (quar.)
50c Dec. 31 Holders of rec. Dec. 20a
Will & Baumer Candle, pref. (guar.)Jan. 2 Holders of rec. Dec. 16
2
Willys-Overland Co. preferred (quar.)..
134 Jan 230 Holders of rec. Dec. 16a
Wilson-Jones Co., corn. (quar.)
75e. Dec. 2 Holders of rec. Nov. 25
Windsor lintel (Montreal) pref. (qu.)_ _ _
194 Dec. 2 Holders of ree. Nov. 15
Winters & Crampton Mfg., cl. B (spec.) _ *25e. Dee. 20 *Holders of rec. Dec. 5
Dee. 1 *Holders of rec. Nov. 20
Winton Engine, com. (quar.) (No. 1) _ _ *81
•75e. Dec. 15 *Holders of rec. Nov. 20
Preferred (quar.)
*j34 Nov. 30 *Holders of rec. Nov. 20
Witherow Steel, 1st pref.(quar.)
Second preferred (quar.)
*1% Nov. 30 *Holders of rec. Nov. 20
Second pref. (acct. accumulated diva.) •1181i Nov. 30 *Holders of rec. Nov. 20
Wolverine Tube pref. (quar.)
•11i Dec. 1 *Holders of rec. Nov. 16
60e. Dec. 2 Holders of rec. Nov. 9a
Woolworth (F. W.) Co.(quar.)
Worthington Pump & Mach., pt. A (qu.) 1'4 Jan. 2 Holders of rec. Dec. 10.2
5134 Jan. 2 Holders of rec. Dec. 106
Pref. A (acct. accum. dividends)
Jan. 2 Holders of rec. Dec. 10a
Preferred B (quar.)
5134 Jan. 2 Holders of rec. Dec. 106
Preferred B (acct. accum. divs.) _
Wrigley (Wm.) Jr., Co. (monthly)
be. Dec. 2 Holders of rec. Nov. 20a
25c. Jan. 2 Holders of rec. Dec. 20a
Monthly
200. Feb. 1 Holders of rec. Jan. 20a
Monthly
50c. Mar. 1 Holders of rec. Feb. 20a
Monthly
250. Apr. 1 Holders of rec. Mar. 206
Monthly
25c. May I Holders of rec. Apr. 190
Monthly
50c. Nov. 30 Holders of ree Nov. 15
Wright Aeronautical Corp. (guar.) $1
Dec. 14 Holders of rec. Dec. 2a
Yale & Towne Mfg. (Special)
Yellow Checker Cab,corn. A (monthly)• 33 1-3c Dec. 2 *Holders of rec. Nov. 26
Yellow Taxi of N.Y.(quar.)
*750. Dec. 16 *Holders of rec. Dec. 2
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on thLs date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
S Fifty cents of the Federal Water Service, class A dividend may be applied to the
purchase of additional shares of class A stock at $27 per share.
f Payable in common stock. it Payable in scrip. h On account of accumulated
dividends. .1 Payable in preferred stock.
North American Co. stock dividend is at rate of 140th share for each share held.
t Payable either In cash or one-fortieth share class A stock for each share held.
I Authorised at stockholders' meeting Oct. 11.
m Flatbush National Bank dividend is an Initial quarterly dividend of 1% (not
4% as reported in this column last week.
n Payable in common A stock at rate of $25 per share unless written notice of
election to take cash ht given prior to Dec. 23.
0 Or 234% in class A stock.
[VoL. 129.
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. 22:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY. NOV. 22 1929.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res., Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere, 7'rust Co.. Deposal.
Loans.
IfanhattanBank of U. 5____
Bryant Park Bk_
Chelsea Exch.Bk
Grace National__
Port Morris
Public National_
BrooklynBrooklyn Nat
Peoples Nat..._ _
$
$
$
a
S
$
236,186,000 102,000 7,338,000 33,546,000 2,406,000225,942.001
205,100
2,709,700
209,300
2,214,401
20,585,000
____ 1,523,000 2,113,000
18,414,006
95,146 2,169,611
22,640,465 2,000
51,400 21,173,682
3,518,900 31,900
96,700167,000
2,949,001
148,371,000 30,000 2,254,000 9,902,000 25938000 158,122,006
7,806,800 15,500
7,600,000 5,000
75,100
124,000
406,800
561,000
397,300
86.000
4,696,006
7.500,006
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reece Dep., Depos.Other
N. F, and Banks and
Gross
Elsewhere. Trust Co.,. Deposits,
Manhattan$
$
$
American
48,339,000 10,998,500 1,086,100
Bank of Eur. & Trust 16,211,200
834,800
127,700
Bronx County
25,951,908
740,989 1,947,700
Empire
85,784,700 *5,509,900 5,042,500
Federation
17,058,600
138,814 1,200,071
Fulton
18,220,000 *2,564,600 1,098,000
Manufacturers
372,390,000 4,075,000 54.841,000
United States
87,670,528 5,100,000 12,815,344
BrooklynBrooklyn
110,411,000 2,540,000 21,190,600
Kings County
24,899,781
1,725,926 3,693,125
Bayonne, N. J.Mechanles
8892 101
222.127
1175 554
$
$
21,100 49,003,300
15,476,100
25,994,562
3,562,500 83,599,900
144,642 16,896,214
16,623,900
2,957.000354.275,000
78,937,135
112,418,600
23,562,319
ens rsn
A R0/ IlAR
* Includes amount with Federal Reserve Bank as follows: Empire, 53,666,200:
Fulton, $2,434,600.
p Blue Ridge Co. pref. stock dividend will be paid in corn, stock at rate of 1-32
share com, stock for each share pref. unless holder notifies company on or before
Nov. 21 of his desire to take cash.
r Rio Grande Oil stock to be placed on a $2 per ann. basis. The company declared
$1 payable July 25 1929 and Intends to declare another $1 payable on or before
Jan. 25 1930. The stock dividends are 1 I4 shares on each 100 shares, the first
134% having been declared payable April 25 with the intention to declare a second
1;4% payable on or before Oct. 25.
s Central States Electric cony. pref, dividend payable In COM, stock at rate of
8-32 share of core, on each share of 1928 series pref. and 3-64 share common on
each share of 1929 series pref.. or $1.50 cash.
I Consolidated Gold Fields of South Africa dividend Is 15 pence per share, less tax
and deduction for expenses of depositary.
ts Payable in common stock at rate of 1-52 share common for each share cony.
prof. opt. series of 1929 unless holder notifies company of his desire to take cash
as rate of $1.50 per share.
e If not advised on or before Nov. 30 of holder's desire to take cash at rate of
75e. per share, company will pay dividend in common stock at rate of 1-16 share
common for each share held.
w Less deduction for expenses of depositary.
x Tobacco Securities deferred dividend 1R 2.742 pence on each five shillings.
Transferv received in London up to Nov. 21 Will be in time for payment of dividend
SO transferee.
y Payable in cash or 2% in Common stock.
e On one-fiftieth share Class A stock.
Weekly Return of New York City Clearing House.Beginning with Mar. 311928, 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. 23 1929.
Clearing Haase
Members.
*Capital.
Bank of N.Y.& Tr. CO.Bk. of the Manhattan Co_
Bank of America N. A.
National City Bank_ .._ _
Chemical Bank & Tr. Co
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr.Co
Cent. Han. 13k. & Tr. Co
Corn Exch. Bk Trust Co
.
First National Bank
Irving Trust Co
Continental Bk .& Tr. Co.
Chase National Bank_ __.
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar. St Trust Co__ _
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Core'Nat. Bk.& Tr. Co_
Harriman N.B.& Tr. Co_
$
$6,000,000
22,250,000
35,775,300
110,000,000
15,000.000
90,000,000
f16,200.000
21,000,000
12,100,000
10,000,000
50.000,000
6,000,000
105,000,000
500,000
46,500,000
25.000,000
10,000,000
06,000.000
3,000,000
12,500,000
7,000,000
1,500,000
Clearing Non-Members:
City Bk. Farmers Tr. Co.
M erh'es Tr. Co., Bayonne
10,000,000
500,000
T....T.
.291 49s
*Surplus and
Undivided
Profits.
Na Demand
Deposits
Average.
Time
Deposits
Average.
$
$
71,762,000
$14,240,000
43,228,400 194,941,000
39,281,300 178,710,000
126,952,400 a1,146396000
12,317,400 239,703,000
198,809,000 11,006 678000
110.380,500 161,464.000
79,033,800 424,868.000
22,804,200 189,529,000
102,357,300 288,541,000
82,750,000 364,207,000
11,543,000
11,275,400
136,206,100 c897,464,000
3,814,100
25,439,000
45,238,500 d565,491,000
82,753,300 e476,496,000
36,959,000
24,498,700
42.308.000
05.617,400
19,970,000
4,508,200
34,047.700 185,881,000
55,977,000
8,416,700
35,478,000
2,822,200
$
10,354,000
44,833,000
57,996,000
211,088.000
17,513,000
90,917.000
37,030,000
44,338,000
30,076,000
13,982,000
61,629,000
607,000
79,348,000
909,000
54,466,000
51,365.000
1.476,000
5,121,000
1,893,000
21.747,000
8,219,000
5,934,000
9,478,000
2,974,600
1,383,000
5,478,000
11,093,900
860,500
son 1 191 907 ono A
0/9 957
non
R57
yrre Ann
• As per official reports National. Oct. 4 1979: State, Sept. 27 1929: Trust companies, Sept. 27 1929. f As of Oct. 81929. g A8 Of Oct.21929.
Includes deposits in fore gn branches:(a) $310,737,000;(I) $166,467,030: (C) $13.049,000:(d) $159,928,000;(e) $75,174,000.
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.
Nov 27
1929.
Changes from
Week
PTC1710U3
Nov. 20
1929.
Nos. 13
1929.
$
$
$
Capital
82,975,000 Unchanged
82,975,0 0 100,075.000
Surplus and profits
121,279.000 Unchanged
121,279,0 0 121,279,000
Loans, Aisne & Invest'ts. 1,190,448,000 -1,751,000 1,192,199.000 .192,816,000
729,119,000 -23,124,000 752,243,000 757,218.000
Individual deposits
Due to banks
170,167,000 -11,839,000 182,006,0 0 168.687.000
Time deposits
274,244,000
+79,000 274,165,0 0 277,183.000
5,560.000
-668,000
4,212,000
4,880,0 0
United States deposits...
57,991,000
48,963,0 0
38,795,000 -10,168,000
Exchanges for Cl'Ir House
Due from other banks_ _ _ 102,895,000 -22,860,000 125,755,0DO 114,460.000
91,468,000
92.351,0 0
Res've In legal deposit's._
89,062.000 -3,289,000
-03,000
8,188,0
8,074,000
Cash In bank
8,095,000
Res.v.a/rtsPOSI In Te St 1.1lr
9 44A nnn
-1.805.000
4.250.1)
2,572,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Nov.21, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time,deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaroes" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Nov. 211929.
Two Ciphers (00)
omitted.
Trust
Ifemhers of
P.R. Symtem Companies.
61,685,0
Capital
Surplus and profits_ _ _ _ 213,828,0
Loans, discts. & invest 1,127,870,0
Exch. for Clear. House
42,290,0
Due from banks
105,953,0
Bank deposits
148,558,0
Individual deposits,.. 632,789,0
Time deposits
208,925,0
Total deposits
990,272.0
Res. with legal dews..
71,788.0
Res. with F. It. Bank.
Cash In vault*
12,135.0
Total res. & cash held _
83.923,0
Reserve required
Excess reserve and cash
In vault
Nov. 14
1929.
Noe. 7
1929,
Total.
$
7,500,0
69,185,0
69.185,0
69,155,0
16,671,0 230,499,0 2:10,499,0 230,499,0
70,864,0 1,198,731,0 1,206,188,0 1,202,370.0
323,0
42,613,0
53.444,0
55,272.0
13,0 105,966.0 115,151,0 104,693,0
885,0 149,443,0 147.522,0 135,544.0
33,559,0 666.348.0 682,334,0 686,109,0
15,914,0 224,839,0 224.225,0 228.225,0
50,358,0 1,040,630,0 1,054,081,0 1,049,908,0
71,788,0
70,004,0
70,900.0
5,118,0
5,118,0
5,931,0
5.988,0
1,343.0
13,478,0
13,007.0
13,178,0
89,844,0
6.461,0
90.384,0
80.170,0
*Cash in vault not counted as reserve for Federal Reserve member
3437
FINANCIAL CHRONICLE
Nov. 30 19291
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Friday afternoon, Nov. 29, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year
The second table shows the resources and liabilities separately for each f the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3397, being the first item in our department of "Current Events and Discussions."
27 le39.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TtiE CLOSE OF BUSINESS NOV.
Nov. 27 1926. Nov. 20 1929. Nov. 13 1929 Nov.6 1929. Oct. 30 1929. Oct. 23 1929. Oct. 16 1929. Oct. 9 1929. Nov. 28 1928.
$
$
RESOURCES.
1,629,465,000 1,548,485,000 1,550,885.000 1,476.471.000 1,543,841.000 1546.526.000 1,547,526,000 1,506.735,000 1,148,031,000
Geld with Federal Reserve agents
75,335,000
61,994.000
68,069.000
66,810,000
65.939,000
76,247.000
76,287.000
76,247.000
76,287,000
Gold redemption fund with U.8.'Tress_
Gold held exclusively agst. F. R. notes 1,705,752,000 1,624.772,000 1,627.132.000 1,552,718,000 1,609.780.000 1,614,595,000 1,614,336,000 1,568,729,000 1,223,366,000
593,449,000 718,728,000 733,907.000 801.196,000 791,887,000 779.661.000 758.685,000 811,642,000 781,011,000
Geld settlement fund with F. R. Board
596,094,000
Gold and gold certificates held by banks_ 688,227,000 698,195,000 678,131.000 664.990,000 619.284,000 640.757.000 631,815,000 631,856,000
Total gold reserves
Reserves other than gold
2,987,428,000 3,041,695,000 3,039,170.000 3,018,904.000 3.020.951.000 3,035,013,000 3.004,836.000 3,012.227.000 2,600,471.000
153,9331 147,808,000 151,727.000 156,057,000 154.833.000 153,523.000 149,448,000 121,943,000
147,192,000
Total reserves
Ron-reserve cash
Bills discounted:
Secured by U.8. Govt. obligations_
Other bills discounted
3,134,620,000 3,195,628.6003,186.978.000 3,170,631.000 3,177,008.000 3,189.846.000 1158,359,000 3,161,675,000 2,722,414,000
50,366,000
66.856,000
70,746,000
79,945.000
85,276,000
81,996.000
92,617,000
79,061,000
91,042,000
463,173.000
449,176,000
429,160.000
470,398,000
470.342.000
501.013,000
512,632,000
478.248.000
532,388.000
458,650,000
372,352,000
424,006,000
401.458,000
447.477,000
383,341,000
473.965,000
673,540,000
316,700,000
Total bills discounted
8111, bought in open market
U. 8. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
912,349,000
257,315,000
899.558,000
283.831,000
971,355.000
299,512.000
990.880,000
330,374.000
991.038 000
339.885.000
796,358,000
379,383.000
848,935.000
360,110.000
857.306.000
333,151.000
990,240,000
482,343,000
62,791,000
134,649,000
128.658,000
76,791,000
121,998.000
127,739,000
80,530.000
108,677.000
123,349,000
77,252.000
114.117.000
101,380,000
81.261.000
120.294.000
91,133.000
37,955,000
71.375.000
26.374.000
37.967,000
72.066.000
27,595,000
37,650,000
75.538.000
27,570,000
53,442,000
115,798,000
60,042,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
326,098.000
18,698,000
326,528.000
20,348,000
312,556,000
22,881.000
292,749,000
23.631.000
292,688.000
25.131.000
135,704,000
25,211,000
137,628.000
23,755,000
140.758,000
14,755,000
229,282,009
4.390,000
Total bills and securities (see cols)
Gold held abroad
Due from foreign banks WS nets)
Uncollected Items
Bank premises
All other resources
1,514,460,000 1,530,265,000 1,606,304.000 1,637,634.000 1.648.742,000 1336,656,000 1,370,428,000 1,345,970,000 1,706,255,000
Total resources
LIABILITIES.
N. R. notes in actual circulation
5.476.577,000 5,677.676.000 ,895,496.000 5,674,839,000 5,754,363,000 5.451.970,0005.718.121,000 5,377.749,000 5,258,192,000
723,000
676,919,000
59,157,000
11637,000
728,000
789,400.000
59,120,000
11,493,000
726,000
938,259,000
59,059.000
11,553,000
722.000
713.484.000
59.037.000
11,335.000
721.000
772,955.000
59.036,000
10.625.000
754.000
727.000
776,614,000 1049,813,000
58.944,000
58.944,000
9,077,000
9.238,000
808.000
733.640,000
58.935.000
9,865.000
725,000
707,919,000
60,595,000
9,918,000
1,930,181,000 1,924,990,000 1,937,167,000 1.918.327,000 1.880,192,000 1,857,332,000 1,859,621,000 1,860,300,000 1,765,585,009
Deposits:
2,375,650,000 2,518,202,000 2,607,973,000 2,557.708.000 2.651.608,000 2,378.097,000 2.408,482,000 2,338.979,000 2,360,973,000
24,199,000
22,711,000
25.351,000
15,837,000
18.967,000
18,936,000
31.010.000
35,847,000
11,157,000
6,295,000
5.203,000
7,775.000
5,920,000
5,709,000
5,480,000
5,021,000
5.313.000
6.000.000
19,609,000
21,591,000
17,943.000
22,078,000
20,187,000
19,995.000
20,519,000
28.669.000
20,811,000
Member banks-reserve account
Government
Foreign banks(us sots)
Other deposits
2,437,037,0002,562,613,000 2,645,941.000 2,622.700,000 2,696,471.000 2,421.932,000 2,460,027.000 2,387,408.000 2,411,076,000
641,558,000 723,722,000 847,085.000 669.531.000 714.209.000 711.073,000 937.453,000 670.376,000 663,280.000
146,436,090
168,321,000 167.854,000 167,311.000 167,120,000 167.025.000 167,025,000 166,998.000 166,934.001
254,398,000 254,398,000 254,398.000 254.398.000 254.398.000 254.398,000 254,398.000 254,398.001 233,319,000
38,496,000
38,333,001
39,024.000
40,210,000
45,082,000
44.099,000
42.068,000
42,763,000
43,594,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
ell other liabilities
5,476.577,000 5,677,676,000 5.895.496,000 6,674,839,000 5,754,363.000 5,451,970,000 5,718.121,000 5.377.749,001 3,258,192,000
Total liabilities
Ratlo of gold reserves to deposits and
62.3%
69.6%
70.9%
70.9%
67.7%
66.0%
68.4%
F. R. note liabilities combined
66.3%
66.4%
Ratio of total reserves to deposits and
74.47
65.2%
73.1%
71.2%
69.4%
71.8%
74.5%
F. R. Dote liabilities combined
69.5%
69.8%
Contingent liability on bills purchased
268,794,000
456,505,004
463.153,000
486.956,000
510,172,000
509,380,000
for foreign correspondents
508,290,000 508,354,000 500,833.000
Distribution by Maturities. 15 days bills bought In open market
i 15 days bills discounted
15 days U. S. certif. of Indebtedness_
115 days municipal warrants
t630 days bills bought in open market _
te-30 days bills discounted
1(-30 days U. S. certif. of indebtedness.
i6-30 days municipal warrants
11-60 days bills bought In open market
11-60 days bills discounted
1-60 days U. S. certif. of Indebtedness.
61-60 days municipal warrants
01-90 days bills bought in open market
61-90 days bills discounted
01-90 days U. S. certif. of indebtedness
01-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtednese
Over 90 days municipal warrants
74,963,000
692,626.000
490,000
65,270.000
674,184,00.
570.000
55,706.000
735,624,000
215,000
63.032.000
783.901.000
925,000
70.968.000
784,594.000
1,300,000
95,715.000
603.173,000
3.800.000
94,021,000
648,638.000
5,180.000
85,797,00(
639.414.001
5,530.001
855,540,000
139,415,000
8,910,000
76,510,000
65,415,000
58.250,000
100,000
99,086,000
92,360,000
60.158.000
61,074.000
57.243,000
600,000
145,298,000
100,C44,000
90,000
531,000
12,676,000
47,283,000
13,090,000
66,158,000
69,280,000
60.159.000
49.342.000
46.503,000
51,616,000
37,294,000
52.609,000
37,627,000
59,738,000
41,777,00(
67.629,00(
153,690,000
103,655,000
53,368.000
1,131,000
22,733,000
47,418,000
1.006.000
148.739.000
96,972.000
46.228.000
125,000
56,966.000
47.160.000
133.870.000
94,601,000
40,964.000
725.000
86.755,000
49,726,000
111,603.000
84.054,000
5,217,000
600.000
131,233.000
48.596.000
96.796,000
82,640.000
5,023,000
84.964.001
84,792,00(
91,570,000
36,200,000
14,314,000
125,000
154,218,000
47,981,000
130.028,000
50.939,000
1,225.000
15,380.000
69.766.000
1.478.000
12.505,000
54.227.000
408,000
1789,000
10.501.000
48,869.000
436,000
3,538.000
7,926,000
17.357.000
125.000
125,000
1638.000
6,980,000
17.392.000
30,000
118,464,000
58.901,000
6,594,000
125,000
2,149.000
6.570,000
15,446,000
481,000
6,058,000
43,954,000
.17,000
698,000
17,994,000
69.918.000
429,000
16.973,000
56,746,000
17,000
65,000
93,194,000
29,979,000
3,946,000
20,540,000
36,818,000
✓.R. notes received from Comptroller._ 3,601,128,000 3,597.498.000 3,528,280,000 3,496,402.000 3,505.925.000 3.524.381.000 3,593,575.000 3,648,718.000 2,929,419,000
1,172,108,000 1,170,449,000 1,089,170,000 1.088.715.000 1,176.625,000 1,213.020.000 1,271.445,000 1,335.495,000 801,850,000
✓ U. notes held by F. R. Agent
2,429,020,000,2,427,049,000 2,439,110.000 2,407,687.000 2,329,300.000 2.311.361,000 2.322,130,000 2,313.223,000 2,127,569,000
Issued to Federal Reserve Banks
S.
How SecuredEly gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
355,695,000 357,715,000 357,715.000 358,835.000 403,405,000 405,590,000 405,590,000 410,799,000 341,207.000
96,199,000
1,273.770,000 1190,770,000 1,193,170.000 1.117 636.000 1,140.-436,000 1.140.936,000 1.141,936,000 1.095,936,000 710,625,000
1,125,269,000 1.136,223.000 1,223,599,00)) 1.264.526.000 1.275,869,000 1.083.125.000 1.143,047,000 1,116,534,000 1,417,062,000
2,754.734.0002.684.708,000 2.774 484 11(111 2.740 097 000 2,819.710.000 2 629.651.000 2.690 573.000 2,623,269.000 2,565,093,000
Total_
*Revised figures
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of balaaces held abroad and amounts au.
eo foreign correspondents. In addition, the caption, "All other earning assets." previrmaly made up of Foreign Intermediate eredit Bank debenturea OAP Milltrt vol. 09
"Other securities," and the caption, -Total earning mute to "Total bills and securities." The latter Item was adopted as a more accurate description of the total et
She discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. It was stated, are the only BOMA 11101916111
eherein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV.27 1929
Two ciphers (00) omitted.
-Total.
Federal Reserve Bank of
I Boston.
New York.' Phila. ICleveland. Richmond Atlanta. Chicago. B. Louis. Minnsa9 %swat@
Dallas. SasPros.
I
$
I
I
I
$
3
3
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,629,465,0 214,917,0 430,671,0 92,000,0 106.900,0 56,190,0 99,780,0 259,564,0 67.800,0 49,157.0 50,000,0 30,723,0 171,763,0
16,814,0 4.920,0 6,493,0 3,180,0 4,169,0 11,420.0 6,734,0 3,970,0 2.741,0 2,459.0 6,459.0
76,287,0 6,928,0
Gold redo fund with U.S. Treas.
Gold held excl. Nut. F'. R.notes 1,705,752,0 221,845,0 447,485.0 96,920,0 113,993,0 59,370.0 103,949,0 270,984,0 74,534,0 53,127,0 52,741,0 33,182,0 178,222,0
Gold settlel fund with F.R.Board 593,449,0 42,878,0 162,359,0 51,851,01 82,684,0 24,530,0 10.140,0 82,6(36,0 33,847,0 18.749,0 32,432,0 20,419,0 30,894.0
Gold and gold ctfs held by banks. 688.227,0 29,544.0, 422,905,0, 35,231.0 42,124,0 11,185,0 3,288,0 90.706.0 6,097,0 4.645,0 5,755,0 9,185,0 27,562,0
Total gold reserves
BaSerVO other than gold
2,987,428,0 294,267,0 1,032,749,0 184,002,0 238,201,0 95,085,0 117,377,0 444,358,0 114,478,0 76,521,0 90,928,0 62,786,0 236,678,0
147,192,0 14,227,0
43,368,0, 11,213,0 7,549,0 5,576,0 16,424,0 12,373,0 9,196,0 2.942,0 5,364,0 5,523,0 13,437.0
3,134,620,0 308,494,0 1,076,117,0 195,215,0 245,750,0 100,661,0 133,801,0 456,729,0 123,674,0 79,463,0 96.292,0 68,309,0 250,115,0
79,061,0 10,702,0
32,149,0 1,474,0 2,731,0, 4,565,0 4,672,0 7,874,0 3,837,0 1,528,0 1,725,0 2,889,0 4,915,0
I
1
1
69,225,0 41,544,0 51,263,0 22,706,0 9,075,0 101,516,0 20,039,0 13.826,0 27,110,0 6,389.0 72,483,0
See. by U. B. Govt. obligations 463,173,0 28,000,0
59,752,0 49,640,0 53,684,0 29,935,0 49,409,0 64,482,0 21,742,0 13,705,0 35,937,0 23.192,0 250151,0
449,176,0 22,244,0
Other bills discounted
Total reserves
Mon-reserve cash
ems discounted:
Total bills discounted
ems bought in open market
D. B. Government securities:
Bonds
Treasury noise
certificated of Indebtedness
912,349,0 50,244.0
257,315,0 4,773,0
Total IT EI Gov't securities -
326.098.0 12,133.0
62,791,0
134,649,0
128,658,0
689.0
2,105,0
9,339,0
128,977,0
73,447,0
1
25,155,0
78,408,0
55,796,0,
91,184,0 104,947,0 52,641.0 58,484,0 165,998.0 41,781,0 27,531,0 63,047,0 29,581,0 97,934,0
42.0 2.894,0 17,878,0 10,548,0 29,476,0
9,709,0 34,070,0 17,231.0 20.342.0) 36,905,0
1
1
7,814,0
68,0
585,0
88,0 19,927,0 2,125,0 4,640,0
548,0 1,152,0
263.0 3,510,0 10,600,0
9,557,0 10,922.0
372.0 3,384,0 4,147,0 7.614,0 3,767,0
16,930,0 4,259,0
285.0 5.411,0 18.203,0 7,332,0 1,517,0 2,800,0 5,570,0 1,216,0
159,359,0 27,072,0 15.729,0
1,809.0
8,883,0 42.277,0 17,071,0
9,924,0
3,063,0 16,894,0 11,884,0
3438
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Dther securities
Foreign loans on gold
Total bills and securities
Dee from foreign banks
Uncollected Items
Bank premises
Ill other
Total.
$
18,698,0
Boston.
New York.
$
1,000,0
$
9,350,0
[VoL. 129.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Han.City. Dallas. Basins's
Phila.
$
1,150.0
$
1.500,0
$
1
$
2.000,0
$
II
3.698,0
3
$
11
371,133,0 129,115,0 156,248,0 71,681.0 87,709,0 247,180.0 58,894,0 44,047.0 83,988,0 57,023,0 139,294,0
220.0
74,0
33.0
69,0
29.0
28.0
18.0
99.0
24,0
24.0
52,0
184,176,0 59,346,0 65,416,0 50,883,0 20.546,0, 82,028.0 30,238.0 14,656,0 37,177,0 25,502,0 37.486,0
16,087,0 1,762,0 8,536,0 3,395,0 2,744,0 8,629,0 3,997,0 2,110,0 4,140,0 1,922,0 4.234,0
203,0 1,185,0
3,382.0
632.0 3,618,0,
517,0
403,0
567.0
162,0
365,01
508,0
. 1,514,460,0 68,150,0
723,0
63,0
676,919,0 69,466,0
59,157,0 3,702.0
11,637,0
95,0
Total resources
5.478.577.0 460.662,0 1,683.264,0 387,183,0 477,937,0 231,850,0 253,118,0'803.006.0 221,072,0 142,339,0 223,508,0 158,034,0 436.604,0
LIABILITIES.
I
I
Is R. notes In actual circulation_ 1,930,181.0 208.149,0 354,243.0 153,850,0 184,129,0 94,291,0 149,301.0 310.258,0 92,025.0 65,200,0 85,661,0 49,312,0,183,762,0
Deposits:
I
Member bank-reserve awl 2,375,650,0 147,046,0 986,239,0 132,725,0 181,544,0 63,630,0 61,682,0 346,337,0 78,186,0 52,529.0 88,425,0 64,890,01 172,417,0
Government
6,341,0 2,886,0 2,965,0 6,116,0 2,368,0. 5,268.0
35,847,0 2,980,0
930,0
689.0 1,204,0 1,724,0
376.0
Foreign bank
5.021,0
595.0
955,0
432.0
268.0
560,0
233,0
227,01
146.0
799,0
193,0
193,0
420.0
Other deposits
42,0
85,0 1,272,0
20,519,0
8,745,0
104,0
92,0
202,0
855,0
183,0
211,0
37,0 8,691,0
,
Total deposits
2,437,037,0 150,500,0 1,002,280,0 136,256,0 186,376,0 69,118,0 64,389,0353,259,0 79.560,0 53,566,0 90,005,0 66,844,0 184,904,0
Deferred availability Items
641,558,0 68,383,0 177,192,0 53,237,0 61,137,0 47,781,0 20,395,0 76,111,0 31,155,0 11,888,0 32,797.0 25,456,0 38,026.0
'ulna! paid in
168,321,0 11,280,0
64,887,0 16,532,0 15,615,0 6,077.0 5,383,0 20,029.0 5,271.0 3.076,0 4,284,0 4,465,0 11,422,0
kirplus
71,282.0 24,101,0 26,345,0 12,399,0 10.554,0 36,442,0 10,820,0 7,082,0 9,086,0 8,690,0 17,978.0
254,398,0 19,619.0
\nether liabilities
45,082,0 2,731,0
13.380,0 3,207,0 4,335,0 2.184,0 3,116,01 6,907,0 2,241,0 1,527,0 1.675,0 1.267.0 2,512,0
Total liabilities
5.476.577.0460.662,0 1.683,264,0 387,183,0 477,937.0 231,850,0 263,118,0803,006,0 221,072.0 142,339.0 223,508,0 156,034,0 436,604,0
Memoranda.
Swerve ratio (percent)
86.0
71.8
66.3
79.3
67.3
61.6
72.1
82.6
66.9
68.8
54.8
58.8
67.8
7ontingent liability on bills purchased for foreign correspondls 509,380,0 37,578,0 155,440,0 48,749,0 51,796,0 23,359,0 19,804,0 69,569,0 20,312,0 12,695,0 16,758.0 16,758.0 36,562,0
V. R. notes on band (notes reed
tram P. Ft. Agent less notes In
elirwelattnnl
4011 R56 n 411 726 0 164 4Rri 0 IR 5711.0 22.1140 18.932.0 29.15211 86.8115.0 14.590.0 8_503.0 In1108.0 10.004(1 114 225 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS NOV. 27 1929.
Federal Reserve Agent asTotal.
Boston. New York. Phila. Cleveland Richmond Atlanta Chicago. &. Louis. AIinneap. Nan City Dallas. Ben Pros
.-.
Two ciphers (00) omitted.
$
$
$
$
$
I
$
$
3
$
S
3
/.R.notes reo'd from Comptroller 3,601,128,0 320,925,0 952,237,0 233,926,0 290,363.0 166,777,0 281,933,0 532,643,0 132,265,0 127,130,0 122,467,0 81,578,0 358.884,0
7.R.notes held by F. R. Agent.... 1,172.108,0 66,050.0 403,535,0 63,700,0 84,120,0 65,554,0 103,480,0 155,800,0 25,850,0 55,127,0 26,710,0 21,282,0 110.900,0
I. R. notes issued to F. Ft. Bank_ 2,429,020,0 254,875,0 548.702.0 170,226,0206.243,0 111,223,0 178,453,0 376.843,0 106.415,0 72,003,0 95,757,0 60,296,0 247,984,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates._ 355,695.0 35,300,01 177.045,011 28.600.01 16,900,011 16,190,01 7,480.01
7,800,0 14,157,01
17.223,0 35,000,0
Gold redemption fund
1
Gold fund-F.It. Board
1 273.770,0 179,617.0 253,626,0 63.400,0 90,000,0 40,000,0 92,300,0 259,564,0 60,000,0 35,000,0 50,000,0 13,500,0 138,763,0
Eligible parser
1,125,269,0 54,941,0 185,882,0 80,043,01 138,8S1,0 84,615,0 78.760,0 202,627,0 41.698,0 30,181,0 80,520,0 40,036,0 127,079,0
Total collateral
2,754,734,0 269,858,0 616,553,0 172,043,0 245,787,01 120,805,0 178.640,0 462,191,0 109,498,0 79,338,0130,520,0 70.759,0298,842,0
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 resourcer
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the state*ment of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3398, 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 en
dorsement. and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of tile banks included mortgages in investments. Loans secured by U. 8. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. 8. 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 has been substituted. The
figures have also been revised to exclude a bank in the San
Francisco district with loans and investments of 513.5,000.000 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 U.NKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS NOVEMaER 20 1929. (In millions of dollars)
Federal Reserve District-
Total.
Boston
Vete York
Philo
3
s
$
Leans and investments-total
s
s
23,512
1,570
9,479
1,267
2,200
Loans-total
17,861
1,234
7,178
971
7,991
9,871
.521
713
3,546
3,632
5,650
337
2,784
2,867
163
174
1,875
259
On securities
MI other
Investments-total
U.8. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government del:wefts
Due from banks
Due to banks
Rnrrnaritursa frtiln F R. Rank
Cleveland Ilkhmond Atlanta. Chicago. St. Louis. Minneap. Kan City Dallas. San Peon
$
s
$
$
$
$
s
s
675
641
3,420
708
404
700
492
1,954
1,592
518
518
2,763
550
283
473
382
1,402
509
483
748
843
190
328
143
373
1,336
1,427
254
297
90
193
125
348
103
279
426
976
2,301
295
608
157
128
667
158
121
$27
110
562
1,231
1,071
83
212
287
321
74
84
se
70
297
361
47
111
66
55
102
125
69
41
309
243
103
17
969
85
78
16
119
30
40
13
37
10
263
38
44
7
25
6
55
11
34
8
107
20
14,227
6,722
58
955
463
3
6,769
1,708
18
717
259
6
1,027
927
7
346
238
2
316
225
4
1,914
1,213
6
381
230
1
ias
129
483
179
1
296
138
4
785
924
7
1,211
2,943
99
162
167
1,143 .
59
175
9.5
184
51
100
76
106
209
397
63
123
51
73
127
198
57
96
157
186
597
12
69
49
82
30
41
86
34
21
43
23
108
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.27 1929,
In comparison with the previous week and the corresponding date last year:
ResonrcesGold with Federal Reserve Agent
Gold sodomy fund with U B. TreastitY-
Nov. 27 1929. Noe. 2) 1929 Nov. 28 1928.
$
$
430,671,000 430,671.000 169,462,000
21,136,000
16,814,000
16,814,000
447,48.5,000
273,8/50.000
44e,901,000
190,598,000
283,466,000
360,903,000
1,032.749,000 1,162,236,000
48.771,000
43,368,000
834,967,000
20,875,000
1,076,117.000 1,211.007,000
Total reserves
32.491,000
32,149.000
Non-reserve cull
Bills discounted64.353,000
69,225,000
Secured by U.8. Govt. obligations__
61.587,000
59,752,000
Other bills discounted
855,842,000
14,493,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank
Totalgold reserves
Reserves other than gold
447,48.5,000
182,369,000
422,905.000
272,212,000
44,494.000
Total bills discounted
Bills bought In open market
U. B. Government securitiesBonds
Treasury notes
Certificates of indebtedness
128,977,000
73,447,000
125,940,000
73,754.000
316,706,000
143,086,000
25,155,000
78,408,000
55,796.000
38.705,000
65.295.000
55.169.000
1,384,000
22,655,000
20,493,000
Total U.S. Government seouritkeOther securities (Wisiets)
Foreign loans on gold
159,359,000
9,350,000
159,109,000
10.4.50.000
44,532,000
200,000
Noe. 27 1929. Nov. 20 1929. Nov.28 1923.
Amounts (Concluded)Gold held abroad
Due from foreign banks (See Nets)
Uncollected items
Bank premises
All other reeouroes
Total resources
L1a01404erFed'I Reserve notes In actual circulation.
Deposits-Member bank, reserve sect
Government
Foreign bank (See Nets)
Other deposits
Total depoosita
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
220,000
184,176,000
16,087,000
3.382,000
225,000
215.145.000
16,087,006
3,046,000
368,000
199,827,003
16,675,000
1,491.000
1.683,264,000 1.847.314,000 1,593,220,000
354,243,000
375.974,000
343,818,000
986,239.000 1,119,508,000
6.341.000
2,930.000
955,000
1.413.000
8,918,003
8.745,000
932,608,000
1,367.0640
1,916,000
9,169,000
1,002,280.000 1.132.775,000
177.192,000 189.805,000
64,887,000
64,558,000
71,282,000
71,282,000
12.920,000
13,380.000
945,060,000
178,992,000
49,724,000
63.007,000
12,619,000
1 683,264.000 1,847,314,000 1,593,220,000
Ratio of total reserves to deposit and
Fed'I Relive note liabilities combined.
79.3%
80.3%
66.4%
Contingent liability on bills purchased
155,440,000 156,231.000
for torsion correspondence
371.133.000 369.313,000 504,524,000
80.224,990
Total bills and securities (See NOW)
NOTE.-Beginning with the statement of Oct. 7 1925. two new Items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets." Previously cnade up of Federal Intermediate Credit bank debentures, was changed to
,arising assets" to "Total bills and securities.- Tile latter term WWI adopted as a more accurate description of the total of the
"Other securities." and the caption "Total'
discounts,acceptances and securities acquired under the DroViSIOn4 or 33etioni 13.15.1 It or the los lend Rotary° het, o Welt. It was stAtod. are toe only item.' lucludud therein
Nov. 30 1929.]
Cankers'
3439
FINANCIAL CHRONICLE
STOCKS.
Week Ended Noe.29.
azette
Sala
for
Week.
mowsfor Week.
Zeman.
Highest.
Range Sines Jan. 1.
Lowest.
Meath.
Indus. & Misc.(Cone.)
Revere Cop & Brass--• 2,000 3054 Nov 2 3154 Nov 25 3054 Nov 3154 Nov
Nov 78
Nov
•
111 78 Nov 25 78 Nov 25 78
Class A
Wall Street, Friday Night, Nov. 29 1929.
Nov 04
Nov
100
50103 Nov 25 103 Nov 25 103
Preferred
-The review
the Reynolds
Railroad and Miscellaneous Stocks.
3.6 Nov 1
% Nov 2.
% Nov 25
Oct
Spring rights - 5.11 1
Apr 8934 Oct
80 75 Nov 25 7734 Nov 25 70
Reynolds Tobae cl A.. _.
Stock Market is given this week on page 3425.
Nov 1534 Nov
100 1454 Nov 2. 1454 Nov 25 14
Second Nat Inv Tr etre*
Nov 6331 Nov
•
300 62 Nov 25 6331 Nov 25 45
The following are sales made at the Stook Exchange this Preferred ars
• 13,700 856 Nov 25 93.4 Nov 25 731 Nov 213.4 Aug
Servel Inc
week of shares not represented in our detailed list on the Sharp & Dohme
Nov
•
400 21 Nov 27 2136 Nov 26 1934 Nov 22
Nov 6554 Aug
•
100 6714 Nov 25 5754 Nov 25 50
Preferred
pages which follow:
Ja. 5531 Jan
400 4534 Nov 27 4531 Nov 21 43
Shell Trans & Trad_ AM
Nov 111
Sept
Solvay Am Inv Tr pf100 2,800 9334 Nov 26 98 Nov 26 85
Oct 4434 Sept
Standard Brands
• 67,100 26 %Nov 27 2834 Nov 26 20
Range for Week.
Range Since Jan. 1.
Sales
STOCKS.
200117 Nov 26 117 Nov 26 11434 Nov 118% Sept
•
Preferred
Week Ended Nov.29.
for
May
No 45
100 29 Nov 27 30 Nov 27 20
Stanley Co of America_
Lowest.
Week.
Lowest.
Highest.
Highest.
Sterling Secs class A • 10,700 12 Nov 27 1434 Nov 25 834 Nov 38
Sent
20 1,300 12 Nov 27 1234 Nov 25 834 No 1534 July
Preferred
Par. Shares. $ per share. $ per share. $ per share $ per share.
Oct 5534 Sent
Cony prof
50 3.400 40 Nov 26 43 Nov 25 31
RailroadsUnited Carbon
* 2.300 453.6 Nov 27 50 Nov 25 4034 Nov111% Sell
Nov 118
Jan Unit Cigar Stores ctfe_* 2,200 234 Nov 26 33.4 Nov 25 1
Ala & Vicksburg__ _100
1011154 Nov 27 11,6 Nov 27 108
Oct 1831 July
% Nov 25
% Oct 434 Oct United Dyewood__ _100
Bangor & Aroostook rt
2,900
% Nov 26
Oct 21
May
30 7 Nov 25 7 Nov 25 4
Nov 1254 Sept Unit Gas & Improve..' 15,200 2934 Nov 27 313.4 Nov 25 22
Bklyn & Queens Tr_ - -•
700 854 Nov 25 854 Nov 25 7
Oct 5134 Oct
Ja 105
_100
50 100 Nov 25 00 Nov 2 98
Oct
Buff Roch & P pref.
• 1,311 95 Nov 25 96 Nov 28 9054 Oct 9836 Aug
Preferred
Nov
26
170
200
191
%
Nov
26
9154
Nov 191% Nov
Can Pacific 3d paid-% Nov 134 Oct
Rights
98,000 1 Nov 25 131 Nov 25
Caro Clinch & Ohlo_100
170 82 Nov 25 82 Nov 2 7954 Nov 9251 Feb Unit Piece Dye Works• 6,500 20 Nov 25 2334 Nov 25 1554 Nov 4834 Aug
Nov 360
Feb United Stores class A _• 22,200 736 Nov 25 836 Nov 25 63.6 Oct 14
Central RR of NJ.100
200 282 Nov 26 262 Nov 26 240
Oct
Erie & Pittsburgh_ _5
Oct 6234 Nov
70 6031 Nov 25 6034 Nov 25 56
Nov 403.4 Oct
Preferred
• 4.000 20 Nov 28 25 Nov 25 20
U S Freight
• 8,900 8631 Nov 27100 Nov 25 8654 Nov 13454 Sept
Nov 80
Feb U 8 A Foreign Sec's-* 5.200 2254 Nov 27 2454 Nov 25 1754 Nov 72
20 7254 Nov 25 7256 Nov 25 71
Ill Centleased line_ _100
Aug
100 154 Nov 27 154 Nov 27 154 Nov 434 Jan Univ Leaf Tob pref _100
Manhat Elev guar...100
Nov 12334 Mar
110100 Nov 27104 Nov 25 100
Jan Va El & Pow pf (6).100
100 754 Nov 25 754 Nov 25 754 Nov 15
Market St RY pref._100
50 9534 Nov 27 9934 Nov 25 9554 Nov11034 Jar
100
200 334 Nov 25 354 Nov 25 334 Nov 754 Feb Webster-Eisenlohr pfd_
2d preferred
Nov 82
Oet
10 50 Nov 27 50 Nov 27 50
N Y Central rights-- 48,900 534 Nov 27 8% Nov 25 534 Nov 654 Nov Wells Fargo & Co_ _ _ _1
Nov 5
Mal
200 3 Nov 26 3 Nov 26 3
100
Oct 1434 Mar %smith Thulln r!nrn
300 234 Nov 26 434 Nov 25 1
N Y State Rye
* 14200 MB Nnv 97 14 Nov 25 1074 Nov 52,1 dist
Nov 41
Jan
240 4 Nov 25 454 Nov 25 3
100
Preferred
Nov 8654 Feb
10 8131 Nov 27 8154 Nov 27 80
Northern Central_ _5
• No par value.
Nov 15354 Feb
310 14256 Nov 26 14354 Nov 27 142
Pitts Ft W & Ch 00.100
Wheeling & L E pt._100
Mar 110
July
200 100 Nov 26 100 Nov 26 70
Quotationsfor U.S.Treas.Ctfs.of Indebtedness.-p.3428.
Indus. & Miscell.
3.4 Oct
Allis-Chalmers rights- 4,200
31 Nov 25 1-16 Oct
54 Nov 25
Nov 3634 Nov New York City Realty and Surety Companies.-p. 3428.
Alpha Portl Cement_. 8,000 30 Nov 25 3631 Nov 26 23
Jan
Amalg Leather pt_ _100
2554 Nov 26 2554 Nov 28 2034 Nov 73
New York City Banks and Trust Companies.-p.3428.
Feb 100
Feb
Am & For Pow pf(6) •
50 9654 Nov 26 9634 Nov 26 95
Nov
Am Mach & Fdy 00.100
102 25 Nov 26 225 Nov 26 225
Nov 228
% Nov 26
31 Nov 25
% Oct 3
Oct
Am Rolling Mill rights_ 7,500
Jan
Artloom Corn Prof-50 9054 Nov 25 9034 Nov 25 9054 Nov 106
United States Liberty Loan Bonds and Treasury
Art Metal C,onstruct..1
500 2354 Nov 27 233.4 Nov 25 2034 Nov 3036 Feb
Aviation Corp
• 23,000 654 Nov 27 734 Nov 25 556 Nov 20
Aug Certificates on the New York Stock Exchange.
500 2434 Nov 25 2434 Nov 25 20
Nov 43
July
Briggs & Stratton.._.'
Brown Shoe pref___11111
50 114 Nov 26 114 Nov 26 11136 Aug 121
Oct Below we furnish a daily record of the transactions in Lib34 Nov 25
% Nov 2
3-6 Oct
Bucyrus-Erie rights__ 9,000
3-6 Oct erty Loan bonds and Treasury certificates on the New York
Budd (E G) Mfg
• 1,100 11 Nov 2. 1154 Nov 25 9
Oct 2254 Oct
Bulova Watch
1,000 2556 Nov 25 2734 Nov 25 2154 Nov 3254 Oct Stock Exchange. The transactions in registered bonds are
of
Campbell(W & C)Fdy• 1.100 20 Nov 27 22 Nov 6 20
Nov 4934
Capital Admin cl A__• 2,800 2454 Nov 25 2954 Nov 26 17
653.4
50
1
34 Nov 27 34 Nov 27 29
Preferred A
Nov 3934
Checker Cab Mtif.---• 23,200 3754 Nov 25 48 Nov 27 18
Oct 8034
400 3634 Nov 26 3754 Nov 27 25
Clark Equipment....'
Nov 6134
20 132 Nov 25 134 Nov 25 126
Colo Fuel & Iron pt_l
Oc 13754
100 8854 Nov 25 8834 Nov 25 86 June 9656
Columbia & E pfB1
10 8834 Nov 25 88% Nov 25 88
Columbia G & E pf13100
June 963
Receipts part paid.-100 69 Nov 26 89 Nov 26 4234 Nov 130
Iii 87 Nov 26 67 Nov 26 50
Receipts full paid-Nov 72
% Oct 1054
Columbian Carbon rt.& 8,500 231 Nov 27 234 Nov 26
1,2
3254 Nov 26 35 Nov 25 28
Nov 5154
Comml Credit cl A_
40 70 Nov 25 75 Nov 25 85
let prof ex-warr__100
Nov 95
200 110 Nov 25 110 Nov 25 10734 Jan 246
Commonwealth Power•
50 76 Nov 27 78 Nov 25 70
Nov 100
Consol Cigar pret (7)°
Oct 2334
Como'Film Industry.' 2,800 1554 Nov 25 2031 Nov 26 10
Continen'l Bk of N Y 10 1,600 38 Nov 26 40 Nov 25 38
Nov 8331
Continental Can pf_100 1,130 125 Nov 25 12554 Nov 27 115
Oc 128
500 2654 Nov 27 2934 Nov 25 2031 Nov 2954
Coot Diamond Fibre....'
Nov 3734
Continental Oil
• 31,500 25 Nov 28 2734 Nov 25 18
Nov 31
•
Cream of Wheat
800 27 Nov 26 28 Nov 25 24
• 78,300 754 Nov 27 854 Nov 25 754 Oct 3054
Curtly-Wright
Oct 373-4
* 28,700 1634 Nov 27 1831 Nov 27 14
Class A
NON
Aug
Oct
Oct
Sept
Oct
Sept
Oct
Oct
Sept
Nov
Oct
Sept
June
June
Mar
Sept
Oct
Feb
Nov
Aug
Nov
Aug
Aug
given in a footnote at the end of the tabulation.
Daily Record al U. S. Bond Prices. Nov. 23 Nov. 25 Nov. 26 Nov. 27 Nov. 28 Nov. 29
98"ti 99,n
99
First Liberty LoanHigh
98"n 98"rs 98"n
334% bonds of 1932-47_4Low_
Close
984•3$ 984433 994,
(First 33.4)
50
74
24
Total sales in $1.000 units-------Converted 4% bonds or igh
Low_
------.-193247 (First 4e)
Close
Total sales in 81.000 units_ _Igh
101',,
166
;
1
100"
- ;1:1
Second converted 4 si%
100"n 100"ri 100"re
bondsof 1932-47(First Low_
100"n 1002,1s 100,,,s
Close
Second 434,
)
78
251
142
Total sales fri $1,000 wills...
Converted 454% bondstli teh
of 193247 (First 4 gs Low_
Close
Total sales in 81,000 units__
100,n 1011n 101
1H Igh
Fourth Liberty Loan
HOW- HOLI.
4%% bonds of 1933-38- Low- HOLI- 100",,100•412 101
DAY DAY
101
Close DAY 100"ri 101
(Fourth 4 Kii)
182
180
199
units.
Total
31.000
sales
in
Nov
25
25
20
Nov
Nov
30
18
rights_
103.4
Oct
2,600
Detroit Edison
iiill
Li.
112423 112143, 112",,
July 102
10 95 Nov 25 95 Nov 25 92
Jan Treasury
Duplan Silk pref. _1
11240, 112•32 1121032
Low.
434*, 1947-52
Oct 3954 Sept
700 2154 Nov 26 2234 Nov 26 19
. Eastern Rolling Mill...*
112"n 11214c 1124432
Close
200 91 Nov 25 91 Nov 25 8431 Oct 109
Oct
Eng Pub fiery 1)1 (534)•
13
22
51
Total sales in $1.800 units__
6 Nov 27 331 Nov 10
300 33-4 Nov 2
Apr
•
Fairbanks Co
108", 108",,108"11
II
igh
.
27
28
Nov
Nov
Nov
27
3654
2,400
3534
Sept
A.*
5634
Federal Water Serv
1081,
, 108,n 1081,n
jLow.
ts„ 1944-1954
300 3854 Nov 28 363.4 Nov 26 31
Nov 7634 Sept
Filene's Sons Ws
108"n 1087n 108,,r1
Close
! 173'( Nov 2 193.4 Nov 25 15
Nov 8236 Jan
Fisk Rub let pf cony 100
3
26
3
Total salts in 31.000 units_
Nov 95
9,500 45 Nov 25 5154 Nov 27 33
Sept
Foster Wheeler
la ire;
1,100 68 Nov 26 70 Nov 25 6554 Nov 6.354 July
Gamewell Co
Low_
334s.
1946-1956
1
Nov
25
26
%
Nov
Nov
%
8
25,200
Oct
Gen Asphalt rights
Close
Jan 122
10111 Nov 26 III Nov 26 111
Jan
General Cigar prof..100
---------Total sales in 81.000 units_
• 37,000 4834 Nov 27 513.1 Nov 25 35
Oc 7734 July
General Foods
100
100
100
(High
Nov
27
104
Nov
27
104
Nov
200104
110% Mar
Gen Motors deb (63_10
992,81 99,481 100
Low_
3,1s, 1943-1947
Nov 98
Gen Public Service...* 3,700 3134 Nov 26 35 Nov 25 20
Aug
100
9944n 100
Close
154 Nov 25 1
Nov 3
15,200 154 Nov 2
Oct
Grant rights
4
25
400
Total sales in $1,000 units _
• 27.400 1734 Nov 25 1941 Nov 25 1434 Nov 70
Sept
Grigsby-Grunow
-100
100
IH lib
...._
9941C
9914a
354,,
1940-1943
LowNov
25
25
Nov
2
700
23
163.4 July 31
Sept
Hartman Corp el A_ _ •
99"n 100
--Close
10 12554 Nov 25 12554 Nov 25 12334 Jan 135
May
Helme(0 W) pref _ _100
Tr
slut
Nov 130
• 1,300 85 Nov 25 85 Nov 25 80
July
Hercules Powder
Nov
26
45
Aug 5231 Sept
Househ Fin part prof 50 1,300 47% Nov 26 48
Nov 5936 Sept
Note.-The above table includes only sales of coupon
Int Hydro-El Sys A_ _ ..• 4,200 3234 Nov 27 34 Nov 25 23
No 128
7 112 Nov 25 113 Nov 27 112
Mar
Int Nickel prof
Ozt 773.6 Sept bonds. Transactions in registered bonds were:
100 60 Nov 27 80 Nov 27 54
International Shoe _ _•
Nov
1,700 15 Nov 27 16 Nov 26 1534 Nov 16
Insuranshares
1 1st 434s
10011c to 1001632
10 100 Nov 25 100 Nov 25 8936 Nov 150
Jan 101 4th 4345
Interst Dept St pret 100
100nm to 10021n
10 77 Nov 27 77 Nov 27 753.4 Nov 97
May
Preferred x-warr__
1254
Nov
21
22
Nov
Nov
27
7234 Aug
•
900 2031
Investors Equity
Sept 10534 Mar
10 105 Nov 26 105 Nov 26 103
Island Creek Coal prof 1
Foreign Exchange.
1,300 1034 Nov 27 12 Nov 25 1074 Nov 133.6 Nov
Karstadt Rudolph
To-day's (Friday's) actual rates for sterling exchanges were 4.87 5-16@
Kelly-Springfield TireOct 100
100 35 Nov 27 36 Nov 27 30
Feb 4.87 9-16 for checks and 4.87 29-32(84.87 31-32 for cables. Commercial on
6% preferred_ _..100
3.6 Nov 156 Nov banks, sight, 4.8734 Ig114.87 ; sixty days, 4.5234@4.83, ninety days,
% Nov 27
34 Nov 26
Kreu,ger & Toll rights 483,7
4.81, and documents for payment 4.83. Cotton for payment, 4.86 9-16
Kuppenhehr,er dr Co105
Nov
27
105
Nov 112% June and grain for payment 4.86 9-16.
Nov
27
105
10
100
Preferred
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93 11-16
Nov
25
17
2236
Oct 43
Aug
Libby-Owens Glass __• 3,200 2154 Nov 26
Oct 110% Jan @3.9351 for short. Amsterdam bankers' guilders were 40.33@40.3334
700 8834 Nov 25 90 Nov 25 80
•
Loew's Inc prof
for
short.
Nov
26
80%
No
Nov
28
8454
95
100
8454
Mar
Preferred x-warr •
Exchange for Paris on London, 123.85 francs; week's range, 123.86 francs
Nov 59% Aug
• 3,700 25 Nov 27 27 Nov 26 21
McLellan Stoves
high and 123.85 francs low.
Milwaukee El Sty & Lt
Sterling ActualJa 110
Cheeks.
Cables.
3010554 Nov 25 10554 Nov 2 101
100
Oct
Preferred
4.87 9-16
Nov 12334 Sept High for the week
4.87 31-32
Minn-Honeywell Reg.. 1.300 68 Nov277154 Nov 25 59
Oct 4354 July Low for the week
4.8734
4.87 11-16
3,100
1454 Nov 26 16 Nov 25 10
Minn-Moline Pow Imp'
Nov 102
7031 Nov 27 7154 Nov 26 65
5
•
July
Paris Bankers' FrancsPreferred
Nov 803.6 Oct High for the week
3.93g
Monsanto Chem Wke_.) 1,800 49 Nov 27 53 Nov 25 47
3.94 146
Oct 6734 Oct Low for the week
800 3854 Nov 26 4154 Nov 25 30
Myers F & E Bros_ _ _•
3.9334
3.9351
Amsterdam Bankers' GuildersNov
25
113
111
Nov
25
113
July
117
10
Apr
_100
Nat Supply prof_
for the week
40.35
40.37
Nov 9854 Oct Highfor the week
400 53 Nov 'J. 5336 Nov 27 50
•
Neisner Bros
40.30
Low
40.34
20 123.4 Nov 25 1236 NOV 25 12
Nov 45
Jan
Norwalk T & R prof 100
Bankers'
Marks
Germany
Nov
25
68
Nov
26
59
62
Nov
40
9634 Jan
Outlet Co
•
23.9434
23.9334
Nov 193.4 Nov High for the week
1,600 1734 Nov 25 1954 Nov 26 18
Parmelee Tramp Co_
23.88
23.92
Nov 10554 Oct Low for the week
• 5,300 7536 Nov 25 80 Nov 25 66
Penney (.1 C)
Oct 95
100 9454 Nov 25 9454 Nov 25 93
Oct
100
Preferred
Pitts Screw & Bolt_ _ _ _• 1,300 18 Nov 25 19 Nov 27 1736 Nov 2736 Aug
The Curb Exchange.-The review of the Curb Exchange
100
30 100 Nov 25 100 Nov 25 9234 Feb 110
Oct
Pittsburgh Steel
Aug
Procter & Gamble _ • 3.60 5854 Nov 27 5954 Nov 25 4356 Nov 98
given this week on page 3427.
is
27
Nov
9254
Nov
27
9
9234
No
96
200
Jan
23.4
pf
Pub Ser of NJ (5)- -•
68 Nov 27 72 Nov 2. 62
Nov 8254 Apr
Radio Corp prof Cl B_ _• 2,5
A complete record of Curb Exchange transactions for the
No 6134 Sept
3234 Nov 25 3434 Nov 25 24
Railway & Express.. _• 2,3
900 3334 Nov 27 35 Nov 25 28
No 5854 Sent week will be found on page 3457.
Raybestos Manhattan •
Mar
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
4.1
For gales during the week of stocks not recorded here, see perceding page.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
'Saturday,
Nov. 23.
Monday,
Nev. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nov. 28.
Nov. 27.
Friday,
Nov. 21.
$ per share $ per share $ Per share $ per share 5 Per share $ per share
1
4 21912 22338
22412 22634 220 224/
104 104
*102 10214 *102 104
178 17934
178 179
179 179
1
4 11814 11612 11712
1171
/
4 11838 116/
7812 784 7814 7812 7878 7878
6438
*81
63 x63
64
63
106 10634 106 10812 *108 10534
100 101
100 100
*100 107
5714 5714 5734 5814 .5812 5912
1
4
8314 8312 *8012 8334 8334 83/
*834 934
10
978 104 10
84
*50
84 .50
84
*50
*67
70
*66
70
*63
70
20018 20212 199 20034 19838 201
*931
/
4 95
95
95
95
*93
19712 2004 1964 199
199 201
5
5
518 518
514 514
6
6
1
4
614 614 *618 6/
*15
25
45
*33
10
1018 10
10
104 10
2912 2934 2912 30
2912 30
2314 234 2218 2312 2218 224
40
4238 3938 414 395g 4034
8914 8718 8812 8734 8812
88
13814 13912
1
4 139
139 139 *138/
118 11912 118 11914 x117 11712
107 107 *104 10812
•10612 108
1
4 101
102 10214 10212 10314 x100/
*82
90
*82
90
90
*89
*7112 73
73
*71
71
71
*____ 70 *__ _ 70 •____ 70
*4812 50
4814 *4812 50
48
165 16612
1
4 2164 170
17012 176/
1
4
151 151/
151 152
145 150
Stock
Stock
*56
60
59
57
60
60
Stock
2
2
212
*214 212 *2
*234 334 '
'1 234 334 *214 314 Exchange Exchange
Exchange
5358 55
5418 56
56
55
Closed
Closed
6312 64
64
63
6214 63
Closed
61
58
5814 *57
.58
58
Extra
9712 Thanks9/
9734 97
9614 98
Extra
9614
96
97
9714 9712 97
giving
Holiday
3012
30
3012 30
31
30
Holiday
94
*91
95/
1
4 94
92
94
Day
*6/
1
4 7
*63
7
*6/
1
4 7
*6712 74
*67/
1
4 74
*6712 74
435 440 *415 43434 *415 43434
47
47
47/
1
4 4838 4778 48
7514 7514 *7314 7514 *7214 75
13012 13112 131 1314 132 132
*125 130 *120 130 *115 130
*70
70
71 I 70
7114
71
1612 18
1714 1634 17
17
*2614 20
*2614 30 1 *2614 30
*___ 30 ,*--- 30 *____ 30
1
4 68
1
4 *65/
1
4 65/
6678 6934 65/
1
4
78/
1
4 78/
81
8032 81 i 80
67
67
67
664 67 I 67
71
6978 684 6914 68
69
130 13133 131 131
133 133
3034
x30
32
3134 3212 31
17
16
16 I 164 1618 *16
14
14
14
14
14
14
43
40 .35
4234 *35
40
75
*50
75
*50
,
75
*65
*534 55
*5312 55
55
54
1
4 3712
3814 4038 3712 3878 36/
1
4 102 102/
1
4
10214 10212 10134 102/
16912 7034 6918 7018 6812 69
1
4 12512 12458 126
12518 12518 124/
*7334 82
79
79
82
*79
190 195
*191 197 *196 197
114
1
14 *118
•118
114
174 17612
177 17934 175 178
12734 12734 12612 12612 12412 12412
10612 10612 1064 1064 *105 108
185 185
185 189 .187 190
11018 111
111 114
10912 112
12134 12212 12214 12234 12238 12212
1318 1318
1312 14
1478
14
238
*178 238 *2
2
2
20
194 1834 1834 *19
19
230
x228
23212
231
2311
/
4 237
*85 _ _
8253 8412 85
82
9012 9138
91
90
9232 93
88/
1
4 90
90
9078 9178 89
8114 8578
8312 8572 8314 85
20
20 .11
•11
__
20
146 153
146 155
150 155
96
*9412 96 .95
9512 96
93
934 93
92
118 11914
119 120
48
146
48
148
48
*4658 4978 *46
*4518 60
*4518 60
1
4 11018 11114
112 112/
111l 112
91
9114 9218 91
9118 93
/
4 6134
6112 614 601
*6212 64
89
*85
89
*85
89
*85
1018 1112
1018 1012 104 12
25
2634
25
2114 2334 23
11778 119
2120 12212 118 120
13418 13514
13412 137
*135 137
9618 9618
96
96
96
95
*80
9018 *8314 89
894 90
125 130 *126 130 *126 135
*94 912
10
934 *9
9
29
*28
2878 29
28
28
_
1
4 220 22012 22011 227
224/
1
4 225/
804 8178 8112 82
82
81
4934
119
*4612
*4612
94
122
48
50 _
•Bid and asked prices: no sales on Ulla
Es-days-dividend
Sales
for
the
Week.
STOOKS
NEW YORK STOOK
EXCLIANUcl
PIR SHARI
Rasa, Siege Jan. 1
Os Oasis of 100-rears Iola
Lowest
Highest
Shares
per shore
Railroads
Po/ ;a9 Del shore
6,800 Atan Topeka & Santa Fe__ 1001254 Mar 20 2984 Aug 30
100 99 May 16 104 Oct 22
300 Preferred
1,100 Atlantic Coast Line RR__ .100 161 Nov 13 209',July 16
10,100 Baltimore & 01210
100 105 Nov14 13 145128ept 14
1
4 Nov 4
_100 75 June 13 80/
1,500 Preferred
900 Bangor & Aroostook ....... 50 55 Oct 29 90128ept 19
100111038* Oct 17 115 Sept 33
180 Preferred
1001 85 Apr 4 145 July 25
1,400 Boston & Maine
2,800 Bklyn- Wenn Trao•t o_No par 40 Oct 29 814 Feb 25
No par 7612N ,v 14 9258 Feb 1
400 Preferred v t e
412 021 29 444 Jan 18
601 Brunswick Term & Ry Bec_100
Buffalo & Susquehaana_ _.100 544 Jag, 26 85 Mar 2
Preferred
100 51.2July i 8112 Aug 2
7,100 Canadian Pacific---------100 1894 Nov 13 2694 Feb 2
10 Caro Clinch & Ohio elf,st1c1100! 90.2Sv v 17 1014 Mar 14
100 160 Nov 13 279i4 Sept 3
9,600 Osesapeake & Ohlo
4 Nov 13 194 Feb 4
100
700 Chicago & Alton
312 Nov 13 2514 Feb
100
800 Preferred
Ohio & East Illinois RR-100 25 Auu 36 63 Feb
48 Jun* 241 864 Feb
Preferred
7 NJV 13 234 Feb 1
2,100 Chicago Great Weetern- ADO
Preferred
100 1712 NJV 13 8312 Jan 31
5,900
16 Nov 13 4412 Aug 39
7,900 Chicago Milw St Pau, A Pao_
2812 Nov 13 684 Aug 29
25,100 Preferred new
7,900 Chicago dr North Weetern_100 75 Nov 13 1081213ept 7
400 Preferred
100 134 Apr 24 145 Feb 6
& Paclfle-100 101 Nov 13 14312Sept 3
2,200 Chicago Rock
200 7% preferred
100 100 Nov 14 109 Oct 10
2,100 6% Preferred
100 9478 Nov 14 10314 Nov 26
Colorado & Southern
100 98 Nov 8 135 July 20
10 First preferred
100 6512 Oct 29 8t) Jan 26
Second preferred
100 84 Ain 22 7212 Mar 6
550 Conaol RR of Cuba Orel-.100 45 Nov 14 7012 Jan 2
2,700 Delaware & Hudson
100 14112 Oct 29 228 July 20
6,500 Delaware Leek & Western_100 1204June 11 18914Sept 10
300 Deny & Rio Gb, West pref-100 49 Oct 30 774 Feb 21
100 Duluth So Shore & All... 100
178 Nov 14
44 Feb
Preferred
2 Nov 13
100
74 Feb
19,900 Erie
100 4112 Nov 13 9312Sept 9
1,900 First preferred
100 554 Nov 14 6814July 2
800 Second preferred
100 52 Nov 7 634July 2
4,700 Great Northern preferred_ _100 8514 Nov 13 12814 July 22
1,000 Pref certificates
100 8512 Nov 14 12214July 22
2,000 Gulf Mobile & Northern
100 18 Nov 13 39 Feb 4
400 Preferred
100 70 Nov 13 103 Jan 3
Havana Electric Hy.
___No For
614 Nov 18 114 AIN 20
Preferred
100 55 Feb 16 73 Apr 15
40 Hocking Vane,:
100 370 Nov 18 600 Oct 16
1,600 Hudson & Manhattan_ -100 8412May 28 5842 Jan 5
100 Preferred
100 60 Oct 28 84 Jan 18
1,600 Illinois Central
100 116 Nov 13 15312July 20
Preferred
100 120 Oct 29 15112July 20
30 RR Sec Stock certificates.- - 70 Nov 19 804 Feb 21
2,500 luterboro Rapid Trail•t 0.100 15 Oct 24 511/2 Feb 28
hut Rye of Cent America_100 25 Nov 21 50 Jan 28
Certificates
No par 334 Oct 28 5912 Jan 25
170 Preferred
160 64 Oct 31 8014 Jan 2
2,500 Kansas, City Southern......100 60 Oct 29 1084July 20
600 Preferred
100 63 Nov 15 704 Jan 15
4,300 Lehigh Valley
so 65 Nov 14 10214 Feb 2
1,000 Louliville & Nashville__._100 110 Oct 29 15434Sept If)
2,100 Manhat Elev modified guar100 24 Oct 29 4712 Jan 11
450 Market St RY prior prat _100 144 Nov 15 394 Jan 4
400 Minneapolis & St Louts_ .100
11
/
4 Nov 14
34 Jan 19
2,400 Minn St Paul & 89 Marle_100 36 May 31 61148ept 24
Preferred
100 68,4June 3 87 Jan 23
180 Leased lines
100, 52 Nov 19 66 Jan 25
15,800 MO-Kan-Tegae RR_ ___No marl 274 Nov 13 65/4July 30
3,600 Preferred
100 9375 Nov 13 10712 Apr 25
10,500 Missouri Peens
100 46 Nov 13 10112July 15
1,700 Preferred
100 105 Nov 13 149 Oct 23
20 Morris & Ease:
60 7512 Oct 30 864 hill 17
140 Nash Chatt & St Louie_ _ _100 173 Nov 13 240 Aug 29
aft Jan 25
800 Nat Rye of Mexico 2d pre'_100
1 Oct 29
8,600 New York Central
100 160 Nov 13 2564 Aug 30
400 N Y Chic & IR Louis Co_ _100 110 Nov 13 19214 Aug 30
300 Preferred
100 100 May 28 1094 Jan 4
110 N Y & Harlem
60 155 Oct 29 379 Jan 18
24,800 N Y N H & Hartford
100 804 Jan 4 13212 Oct 15
1,500 Preferred
11412 Jan 8 1344 Aug 15
700 N Y Ontario & Western...100
8 Nov 13 32 Feb 4
94 Feb 21
400,N Y Railways prel___No par
11
/
4 Oct 24
400.Norfolk Southern
100 17 Nov 13 4812 Feb 4
1,900 Norfolk & Western
100 191 Jan 9 290 Sept 3
270 Preferred
100 82 Nov 19 8714May 14
2,700 Northern Pacifie
100 754 Nov 13 1184July 22
4,300 Certificate,
100 75 Nov 13 11412July 22
38,700 Pennsylvania
50 7212Mar 26 110 Aug 29
Peoria & Eastern
100 22 Oct 21 35 July 16
Pere Mar/11113114
100 140 Nov 13 260 Aug 29
50 Prior preferred
100 114 Nov 13 101 Mar 22
Preferred
lOn 90 Nov 8 97 Jan 8
400 PIttaborgb & Weer Ya...--100 90 Nov 14 1484 Jan 10
4,200 Reading
60 10112Nfay 27 147140eut 5
First preferred
50 414 Apr 22 50 Sept 7
Second preferred
60 4312May 21 60/4Sept 7
Rutland RR prof
100 4972 Oct 29 7414Seut 18
3,300 St Louis-San Fruncleeo____100 101 Nov 13 13314 Aug 30
2,700 let pre paid
100 87 Nov 15 WI Feb 2
2,00082 Louis Southwestern_ _ 100 50 Nov 13 1154 Feb IL
Preferred
ioo 84 Oct 30 94 Apr 26
9,000 Seaboard Air Line
100 10 Nov 19 214 Mar 5
3,900 Preferred
100 1614June 14 4112 Oct 15
3,200 Southern Pacific Co
100 105 Nov 13 15712Sept 3
3,300 Southern Railway
100 109 Nov 13 182125e04 4
400 Preferred
100 93 June 14 9912 Oct 19
100 Mobile & Ohio oertifa
100 74 Nov 13 1404 Jan 14
800 Texas & Pacific
100 115 Nov 7 181 May
400 Third Avenue
612 Nov 13 39 Feb 25
100
800 Twin City Rapid Transit-100 27 Nov 20 5814 Jan 25
Preferred
100 84 Nov 14 100 Jan 5
3,700 Union Pacific
100 200 Nov 13 2975* Aug 29
3,000 Preferred
um 80 Nov 13 854Sept 4
y Ex-tights.
PBX MARI
Maw for Precise.
Year 1928
Lowest
Highest
per Mare /1 per she,
1824 Mar 204 Nov
1024 Jan 1084 Ain
1574 Oct 19112 Mai
10314 June 12512 Des
77 Nov 85
AM
61 June 844 Jan
104 Dec 115/4 May
58 Feb 91 Dee
334 Jan
774 May
82
Jan 95/2 Ma)
1412 Jan
474 Sept
324 July 644 Nov
38 Sept 63 Nov
1951: June 253 Nov
98 Sept 10712 Mai
17512 June 2184 Dm
54 Jar
184 Mal
74 Feb
28112 May
37 Feb
1814 Ma,
7814 May
58 Aug
25 Dee
912 Feb
2012 Feb
504 Dee
2214 Ma, 6012 Apr
37 Mar 505
.71(•
2414 Mc;
78 June
135 Dec 150 Msy
106 Feb 18912 N.,
105 Dec 11112 IP y
99j Dec 105 MI17
105 Aug 128 May
07 July 88
AN
694 Nov 88 M117
0912 Dec 974 June
Apt
1934 Feb 236
Apt
12514 Dec 150
604 Feb 65/2 API
3 Aug
614 Jan
912 May
Me June
1212 Dee
4,
84 June
50 June 834 Jan
Jan
494 June 62
931
: Feb 1144 Nov
914 Feb 111.44 No
433 Aug 81-s Mal
911
Acts .02 May
1171
/
4June
7 Aug
81
340
5012
81
1314
1304
76
39
3812
Deo 784 04/1,‘
July 478 Nor
Dec 734 Am
Oct 9312 Apr
Jan 1484 Ma)
Jan 147 May
July 83/2 June
Jan
32 May
Mar 5212 No,
6958 Jan
43 June
8012 Aug
8412 Feb
1394 Nov
40
Jan
384 Dee
14 May
40 June
7014 Dec
00 Dee
301
:June
10112 Jude
414
105
8212
17112
Feb
Feb
Aug
Aug
Feb
156 Feb
12114 Oct
10412 Aug
188
Jan
544 June
112 Sept
Feb
24
54 Jan
82 June
175 June
8411 Oct
924 Feb
9012 Feb
1314 June
25 Mar
1244 Feb
90
Oct
92 Nov
214 Feb
9414 Feb
6112 Nov
44
Jan
60 Fab
,09 Feb
414 Dec
6712 Feb
89 July
101 Mar
17 Aug
1174 Feb
18912 Feb
9814 Sept
100
Jan
9912 Jan
2812 Jan
8314 Sept
903 Oct
18612 Feb
824 Oct
.82. May
95 No,
77 Apt
116
Ain
15912 may
64 Mso
mai May
all May
6719 Jac
874 May
714 Jan
68 Der
109 Fit
7814 Seel
1284 Dee
89 June
30482 May
Ws apt
190. Nov
146 MAY
110
Jan
505 Apr
824 Der
117 May
39 May
13 May
68 No
1911,1 N6i
00 June
118 Nov
15 Nov
7812 Dee
7 May
154 Nov
1014 Ma,
10084 Mar
itql
001
1194 Ma)
46 Apr
694 May
77 Dee
122 Mai
101 May
1744 Nov
94
Jar,
8012 Jan
88 Jan
1314 May
168 May
1024 hut
15911 Jae
1944 OM
data May
56 May
107 Feb
234% Noe
9714 yap
3441
New York Stock Record-Continued-Page 2
VIoil tiles dueling the mask at 000 -• not recorded here. se second page orieriedfill.
STOCKS
NEW YORK STOCK
EXCHANGE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
[Saturday,
Nov. 23.
Monday,
Nov. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nov. 28,
Nov. 27.
Sales
for
Friday, 1 the
Nor. 29. 1 Week
Pig MARI
Raw &see Jan. 1.
On basis of 100-share logs
HSgIesl
Lowest
Pli 1111.4.1111
lassie? Presiasi
Tear 11128
Lazuli
Mobs.;
per share 8 Per share 8 per share $ per share
51 Feb 9614 MAP
40 Nov 27 8138 Jan 5
8818 Feb 102 May
82 Nov 15 1047g Jan 7
87 Feb 99'g May
91 Jan 8
774 Oet I
31% Feb
54341447
10 Oct 29 54 Feb 4
3318 Feb 647k May
145,Nov 14 5811 Feb 4
8811 Dec
284 Feb
15 Oct 30 4178 Mar 5
521. Aug 11218 Jan
3712 Nov 14 6734.1,117 22
Railroads (Cos.)
P31r
$ per share $ per share $ per share $ per share $ per share $ per share , Shares
100
1,700 Wabash
40
4318 4134 4134 40
43
100
700 Preferred A
87
8634 8734 87
87
87
100
Preferred B____
78
*68
78
•68
78
•70
100
Maryland
Weatern
7,000
1814 1914
1858 20
1878 20
100
200 Second preferred
2112 1934 1934
1912 1912 •20
100
Pacific
Western
1,400
20
8
197
21
1978 20
20
100
Preferred
703
46
4212 45 •43
46
47
Industrial & allecellanootur
Apr
884 Nov 88
No par 3618 Nov 14 57% Aug 15
300 Abitibi Pow & Pap
3918 3918
39
836
3812 39
76 Nov 1025, July
100 69 Nov 13 8C38 Jan 7
1,300 Preferred
7812 79
7812 79
Dec
7812 79
90 June 143
Nov 27 1594 Jan 8
58
par
Straus____No
&
Abraham
1,000
60
6312 5912 6112 58
63
Octp 1141,June
100 10012 Nov 15 11212 Oct 25 109
60 Preferred
108 108 .10312 108
106 108
Jan 625 Dec
4 195
12,600 Adams Express new__ _ No par 20 Nov 13 34 Nov
2914 2558 2612
27
2838 27
Jan 991,Ma,
93
3
Jan
96
18
Nov
84
_100
Preferred
500,
8512
*84
85
85
8512 •84
304 Dee 334 Dec
No par 19 Nov 14 3578 Jan 15
200'Adams Millis
2378 *2212 2378
23
23,
4 •22
11
Jan 65 Sera
7 Oct 29 1047,May 1
100
1,100,Advance RumelY
1314
13
1314
13
13
13
8...4 Jar 694 Sell
1
May
119
29
Oct
15
100
400 Preferred
21
*20
55, Mar
2014 21
21
21
3% Jan
478 Feb 20
1
34 Oct 29
7,500 Ahumada Lead
1
7
1
34
78 1
59 June 9931 Dee
Nov 13 2235, Oct IS
77
par
.,.No
Inc...
Reduction.
Air
66,000
12514 13434 12612 13112
125 133
1,000 Air-Way Elec ApplianceNo par 201,Nov 14 4878May 13
2734
27
27
2478 258 27
71. Jul e -1-6-11; -,14-ii;
2 Nov 13 114 Jan 2
No par
1,600 Ajax Rubber,leo
258 252
238 258
238 258
10 Nov
Jan
1
414 Nov 13 104 Jan 8
2,200 Alaska Juneau Gold Mln_.1r
5% 6
8
618
6
4 Dec 8114 Jan
225
3
Jan
25
29
Oct
5
500 Albany Perf Wrap Pap_No Par
*912 10
*912 10
10
10
17 Nov 13 51112Sept 3 ---- ---- ---- ---par
Corp
No
Allegheny
62,700
225, 244 22,4 2334
2318 25
100 90 NOV 14 11834July 15---2,300 Preferred
9712 9734
9712 98
9612 973
80188ept 4 92 Oct 25
400 Prof ex-warr
8734 *8612 87$4
871 *87
87
Feb 2-5-23-4 Nov
pa 197 Nov 13 354% Aug 30 148
&Dye_No
Chemical
Allied
4,600
241 24912 242 24512
24512 249
16 Ma
1
,p,
Nov 15 125 Apr 27 1204 June 127:
11812
100
500 Preferred
122 1221 12212 123 *122 124
__- -6,200 Allis-Chalmers Mfg new No par 351s Nov 13 75121.3%4 26
4612
4412 4534 44
4612 48
Oct
b
e
s
14
ia
I
Jan
1118
15
Nov
2
par
Leather_No
Amalgamated
33
.2%
*24 312
•234 38
27 Febn Nov
No par 1712 Oct 29 42% Jan 3
4,200 Amerada Corp
2158 2178 218 22
2112 22
26 Nov
1538 Feb
4 Oct 29 23% Jan 15
500 Amer Agricultural Chem_ _100
63
63
68
654
634 63
5538 Feb 7978 Nov
11
Jan
13
Nov
18
735,
100
2,400 Preferred
2412 243 2514 2414 2614
24
744 Jan 169 May
65 Nov 13 157 Oct 10
10
Bank
Note
Amer
1,900
87
89
8712 88
8712 90
Oct 6578 Jan
80
50 57 July 23 6534June 14
170 Preferred
60
6112 6112 60
60
60
741s Aug
145, July
718 Nov 14 2018 Jan 16
2,800 American Beet Sugar_No par
812
712 734
8
734 8
ell% Sept
Feb
88
Apr 24 6014 Feb 5
46
100
Preferred
3
45
4712 840
•40
4712 •40
44% Nov
Feb
8
153
7
76128ept
13
Nov
27
5,500 Amer Bosch Magneto--No Dar
33
31% 32%
32
3372 32
7 July 494 Jam
39,
par 4012 Nov 14 82 Feb 4
F____No
&
Brake
Shoe
Am
1,300
4712
4712
49
49
4918 49
100 113 Nov 20 1264 Mar 21 120 Dec 128 June
40 Preferred
119 119 •11812 119 011614 119
1031 Apr 264 MAY
44 Oct 29 3434June 1
3,000 Amer Brown Beverl liel_No par
114 1114
11
1134 1078 12
4014 Apr 65% Mal
100 493 Jan 7 104 June 12
160 Preferred
65
6518 6412 6412
63
62
7018 Jan 1174 Nov
25 86 Nov 13 18418 Aug 24
98,5001Amerloan Can
11018 11578 11038 11484
112 117
Apr
100 1334 Nov 14 142 Mar 28 1384 Jan 147
700 Preferred
140 14034
140 140
139 139
8814 July 11118 Jan
75 Nov 12 1064 Jan 3
par
__No
Car
Pay
&
American
2,100
86
863
8838 80
885,
88
Aug 18718 Mal
Jan
39
120
10
Oct
1105,
11011
100
Preferred
100:
114 114 •114 11612'1114 11612
Dec 108 June
71
100 7014May 81 954 Oct 10
100 American Chain pref
7912
80
876
77
*76
77
Dec 5054 Dec
44
No Par 27 Nov 13 8158Sept 5
5.800 American Chicle
4012
3958 41
3812 3934 39
20
May
55
par
29
Oct
20
No
.
7,500 Am Comnfl Alcohol
2772 2812 2818 2812 2758 2812
--_- ---1814 Nov 14 474 Feb 25
1,300'Amer Encaustic Tiling_No Dar
22
2338 2312 2318 2212 2212
No par 23 Nov 13 9812Sept 8
1,700 Amer European Sec's
36
35
3612 37
3712 39
Dee
Feb
i
if:
9
-_
21
Sept
19914
29
Oct
No par 50
186,800'Amer & For'n Power
71
7612 6838 7558 6834 7314
1i-0
y
No par 10112Nov 18 10812 Feb 14 1044 June 1-8
1,3001 Preferred
10578 10578 106 1061, 107 10718
100
Sept
Feb
81
21
Feb
103
30
Oct
8614
par
No
700, 2d preferred
Stock
Stock
91
92
Stock
9018 901s 9014 91
10 194 Oct 30 42 Apr 19
2,200 Am Hawaiian 88 Co
2014 *1914 2012
-4
1918 2014 20
a-,7,
Oct -113; Feb
358 Nov 18 10 Jan 2
100:American Hide & Leather 100
478 47g Exchange Exchange
*5
6
6
Exchange
*5
81 Nov 675, Fab
100 2314 Nov 14 5214 Aug 29
I Preferred
030
31
*3012 31
*2912 31
Feb
88 Nov
59
par 40 Nov 13 854 Jan 24
Producta_No
Home
Amer
13,800
Closed
Closed
58
52
4
533
54
8
505
Closed
5118
Jan 46% Aug
28
No par 29 Oct 30 5312 Aug 23
1,800,American lee
3818 3712 3734 3734 3778
38
9918 Ms
Jan
90
6
Mar
98
7
Nov
.100 86
100 Preferred
Extra
Thanks08612 89
87
*8612 89
87
Extra
2 Sept 20
30,000iI Amer Internet Corp__ NO Par 2912 Nov 12 95
39
3914
4112 373g 4032 38
iiiis Oct
Jan
4
51
10
Jan
8
87
29
Oct
212
1,500,Amer La France & FoamIte_10
Holiday
3
3
giving
3
3
Holiday
234 278
Jan 8511 Oot
56
100 2712Nov 26 75 Feb 31
1201 Preferred
2712 2712 *30
35
•___. 40
Jari
June 113
87
16
July
138
13
Nov
90
Par
4,900'American Lotromotive_No
11014 112
Day
1087 11212 10814 111
100 1114 Nov 15 11974 Aug 2 1034 )011 184 Mar
800, Preferred
1164 11612
115 1154 11512 116
Dee
June
0
1294
Oct
1835,
279%
14
1,300'Amer Machine & Fdy__No par 142 Nov
190 212
185 192
193 193
39 Mar 6334 Nov
Nov 13 814 Feb 6
3,200 Amer Metal Co Ltd_No Par 314 Nov 13 135 Feb 6 109 Aug 11712 May
43
4412 4012 4112 407s 42,4
100 108
1 Preferred (8%)
0111 113 *109 112 *109 112
9834 Dec 99% Nov
par 58 Nov 21 98,4 Jan 7
pref____No
Gas
Nat
Amer
330
70
6514 70
60
70
65
1214 July 25 Feb
1 Nov 18 17% Jan al
No par
3,800 American Plano
212 212
212 3
212 3
Jan
Dec 90
88
8 Nov 20 55 Jae 31
100
450 Preferred
15
1212 1258 *12
14
1212
624 Jan 98 May
13 17534Sept 7
Nov
6414
par
No
Light__
&
Power
12,700Am
8058 8512 7914 84
7912 86
Dec
10714
MAY
10018
28
Feb
29
Oct
105
9214
No pa
8001 Preferred
9912 9912 100
9912 10018
99
7018 Nov 774 Nov
No par 70 May 31 80 Feb 13
100, Preferred A
74
724 7214 *7214 7412 *72
814 Dec 8614 Nov
7278 Nov 14 8418 Feb 15
1,8001 Pref A stamped. _ No pa
82
8012 8012 81
7834 80
7
8Sept
28 Oct 28 553
, Na pa
33,9001 Am Rad & litand Saul)
341g 3572 3214 3414 3232 34
100 125 Nov 26 139 Sept 13
101 Preferred
125 125 •____ 130
•125 130
1›;
.
1212 Nov 12 6434 lap 2III;-Feb -18- .A.
1.500 American Republics___No pa
2178 *1812 211
1912 2138 20
25 60 Nov 13 1445,Sept 9
9,000'Amer Rolling Mill
80
8114 7878 805, 774 79
-471 Sept
7
..ii;
31
80Jan
74%
14
Nov
44
par
Rasor_No
2,600 American Safety
5713 56
5732 5612 5733
56
45 May
,Mar 15
275, Nov
No par 2112 Nov 20 417
600,1 Amer Seating v t a_
2112 2134 2178 2178
•21314 22
64 Map
84 Aug
7 Feb 5
% Oct 29
3001 Amer Ship & Comm_No pa
13
112
14 .14 14
•112
Jan
119
Sept
80
8
Aug
11218
29
Oct
70
_100
440'American Shipbuilding _ __
85
85
85
85
85
85
Dec
Feb 398
62 Nov 13 13014Sept 5 169
RefinIng_100
&
Smelling
65,3001Am
8
727
70
70
7214 76
72,4
Apr
Jan 4 131 Mar 142
138
15
Nov
12318
100
Preferred
600,
13412 135
13412 135 *135 136
38 Oct 30 49 July 28
2
1,100, American anuff__
431 1
4212 43
414 4212 42
13 112 Jan 24 1-66- Oct fin -.1u-T4
Nov
98
100
Preferred
I
8101 103 .101 103 *10112 103
1
3
4' 504 June1 705, Jan
8,700 Amer Steel Foundrfee_No par 35 Oct 29 7978 Feb 18
4812 49
49
5014 4812 49
109 June 120 Feb
100 110 June 171 114 Mar
100' Preferred
111 111,4
11014 11014 1103 II 1
29, 85 Apr 25 ---- - - - Oct
par
40
No
Stores
American
1,100;
4612
46
48
47% 47% 47
55 Feb 9312 - ov
25
Jan
,
945
131
Nov
56
100
61
4,300' Amer Sugar Refining
60
6034 6212 597g 61
.May
100 99 Nov 131 111 Feb I 100 Feb 1101
900 Preferred
10212 103
10318 10312 103 103
Feb 73% Sept
66
2
Jan
60
13
Nov
par
18
No
Tab
7
Sum
1,900 Am
2318 2414
25
2512 2412 24
Jan
32
Dec
174
25
Mar
3278
2
Jan
800 Amer Telegraph & Cable...100 17
24
243 25
24
•24
25
100 1934 Jan 8 810148ept It) 172 July 211 May
32.700! Amer Teter, & Teleg
21712 223
22012 22412 218 223
Dee
June
1845,
152
Oct
14
23212
28
160
Mar
2,7001American Tobacoo eom____50
197 2001
199% 20412 200 204
60 160 Oct 4 235 Oct 14 153 June 18478 Nov
8,800: Common class B
196 201
19814 20334 19714 204
Apr
100 114% Nov 14 12114 Jan 15 1155, Sept128
5001 Preferred
118 1183
11712 118 *11714 118
Aug 1424 Nov
200,American Type Founders..100 115 Nov 13 181 Sept 11 10978 Nov 115 Mar
130 130
.129 13212 0 130 134
Apr 5 107
112
13
Nov
103
100
Preferred
120!
103
*1055
108
108
106 108
82 June 7618 Nov
No par 50 Nov 13 199 Sept 27
33,000!Am Wat Wks & El
841_ 7612 8384 7612 81
79
AD/
Oct108
98
97 Jan 3 104 Jan 28
300, lot preferred
100 100 *100 1008 100 1031
325, Nov
16 July
578 Oct 24 277k Jan 3
____100
Woolen-.
5,300,'American
85, 8%
85, 934
918 972
No
654
Aug
39
2
Jan
8
100 1512 Nov 13 685
2,100: Preferred
204 21
2114 217
22
21
194 Feb
, June
10.
4 Nov 14 1618July 18
200 Am Writing Paper etfe_No par
63
63
8
*7
634 63
5/334 Oct
84 Jun
400 Preferred certificate_ _ 100 28 Nov 14 48 Mar 1
33
31
32
34
32
•28
Oct
57
Jar
.
61
7 Nov 13 4914 Mar 18
5,100,Amer Zino. Lead & Smelt___25
10
105,
97 10,4
934 1114
Jr.,, 117% Oct
40
25 4934 Nov 13 1114 Mar la
1,10(J, Preferred
575 613
61
61
595, 61
32
Mar
140
277,000 Anaconda Copper kiln new50 70 Nov 13
77%, 754 773
75
76% 81
---- ._
1,000 Anaconda Wire & Cable No par 5512 Nov 27 89114Sept 7 -- --..---' 5512 59
. 1),
48 Dee 645
Yo par 25 Oct 29 80 Oct 151
401
2,500 Anchor Cap
39%
404'
4018 42
40
De
ill
Dec
1064
15
Oct
15412
13
Nov
par
96
No
Preferred
•10512 115
58 Nc
354 Nov
5 Mar l
6,200 Anise Copper Mlning_No par 30 Oct 29 68.
34% 3634 3218 W1,-81'13112 132
8 Nt .
1127
Feb
5514
4
Mar
4918
13
Nov
par
1812
Midad_No
Danis,
2614
4,600 Archer,
2614 25
2612 2732 25
8838 Jan 974 Jut.e
200 Armour & Co (Del) prof._ _100 75 Oct 29 96 Jan 30
80
80
80
81
80
•79
3312 Sep.
111. Jan
1818 Jan 2
54 Oct 29
10,800 Armour of Illinois class•....ZS
618 63,
614 6%
614 63,
1818 May
638 Jan
2
Jan
1014
13
Nov
4
23
25
16,200 Close B
3
3,4 38
312
s
,
3
74 Jan 9118 June
86 la.. 24
. 100 57 Nov 14
65
200 Preferred
65 *62
*61
6214 65
1 Jan 3
,
4 Apr
Jule
813
354
40
13
Nov
8
73
Corp.
JI
Constable
Pa'
1014
1,100
Arnold
104
105, 11
1018 101
455 La
25, rm.
30 Feb 5
P. par 16% Nov 11
20
20
300 Artloom Corp
19
•17
•17
19
1,800 Associated Apparel Ind No par 34 Nov 14 5834June 18
#354 371
36
36
37
37
fat, lver
401-4 June
No par 23 Nov 13 7014 Jan 10
2,800 Aelee Dry Goode
3512 37% 3412 36
343, 37
4714 Apr 5
3718 Feb 531. Sept
25 4012May 31
41
Aseoclated Oil
*35
41
41
•35
*35
5978 Mal
864 Oct 10
3714 Feb
DI
Feb
par
Line_No
325,
86
I
W
A
0
721
All
72
2,500
74
7312 71
72
Feb 864 Oct
38
6278Sept 26
100 455 Feb I I
5712
300 Preferred
5712 *56
*56
5712 57
50 Nov 6818 Dee
28 30 Oct 29 7778July 8
24,300 Atlantic Refining
414 42% 4012 42% 405, 415,
Jar 114 Doe
No par 67 Nov 7 140 Sept 10 , 83
81
700 Atlas Powder
85 281
87
8812 85
100 90 Nov 14 10618 Jan 14 I 102 July 110,8 May
97
97
110 Preferred
99
96
*97
95
174 June
1778July 16 1
814 Jan
5 Nov 14
No par
300 Atlas Tack
812 812
8,4 8'4
812 812
._ •.
, ---- --_2,700 Auburn Automobile _No par 120 Oct 29 514 Sept 181
150 150
149% 15914 142 150
1
11
• Dld and naked prices; no sales on this day, z Ex-dividends
I/ Ex-rights
New York Stock Record-Continued-Page 3
For sales during the week of stock, not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
&nurday,
Nov. 23.
Per there
Monday.
Nor. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nov. 27.
Nov. 28.
Friday,
Nor. 29.
Sales
for
the
Week.
STOOK
NEW YORK STOCK
EXCHANGE
PER SHARE
Bow Mum Jas. 1.
Os basis of 100-skars loll
Lows(
Hlohosi
per share 8 per share 8 per share $ per share
5
5
4% 478
434 5
2714 2714 *24
29 *25
27
64
54
5312 5312
*5312 54
1
PBX SHARI
Raw for Profess
Year 1928
Lewin
Moles
per share Shares Indus. & bifocal. (Cos.) Par $ Per sears I I per Mars
pot skate I Pat char,
900 Austin, Nichol. & Oe_No Par
314 Oct 30 1184 Aug 27
94 May
682 Jan
100 Preferred non-voting-AO° 18 Nov 7 4212 Jan 14
25 July 39 Jan
300 Austrian Credit Anstalt
4912Nov 12 65 Jan 8
68
Oct 76 May
Autosales Corp
No Par 22 Nov 6 35% Aug 16
612 Jan 3484 Na;
Preferred
60 32 Nov 7 4572 Aug 19
25 Aug 41 Nov
41
'37
-4.312 375
;5i" 39
400 Autostr Sal Rasor"A"_No par 34 Nov 14 50 Jan 11
43 Oct 5212 May
284 29% 27
3012 254 2838
124,500 Baldwin Loco Wks new No par 15 Oct 24 6683 Aug 12
*11218 113
11218 11212 11234 11278
140 Preferred
100 10912 Nov 14 125 Apr 8 1-11- Oct 124% Apr
105 105 *10434 106
105 105
170 Bambereer(L)& Co prof-100 9312 Nov 13 1104 Feb 1 1074 Nov 111% Jan
2212 20
2112 2212
*20
21
5,080 Barker Brothers
No :oar 18 Noy 18 3384 Jan 23
2878 Aug 8514 Deo
533 70
•70 92
70 *60 92
40 Preferred
100 70 Nov 26 97 Jan 28
9178 Dec 1014 June
*413
*44 414
*418 5
Barnett Leather
312 Oct 30 2914 Jan 15
No par
2312 Aug 6212 Feb
2678 2514 2632 2518 2534
26
Barnadall
17,300
Corp class A
26 20 Oct 29 4912Mar 10
20 June 63 Nov
*134
*64
70
70 •65
70
Bayuk Cigars, In,
No par 55 Nov 13 11334 Jan 26
98 June 1404 Mar
95 95
95
95 *95
9612
20 Finn preferred
100 05 Oct 23 10638 Jan 29 10312 Vve 110% Mar
1634
17
1612
1712 1712
16%
2,800 Beacon 011
No per 15 Nov 13 8272July 17
124 Mar 2418 flea
64 *6134 6312
64
s65
65
400 Beech Nut Packing
20 45 Nov 13 101 Jan 12
70% July 1014 Deo
200 Belding Elem'way Oo_No par
612 612 *614 612 *638 612
514 Nov 14 175 Apr 18
12 Dec 22 Jan
76% 7634 7612 77
7812 7812
400 Belgian Nat Rye part prof-- 75 Nov 13 We Jan 8
8218 Sept 9312 May
3112 3238 31
3238 3014 317
15,000 Bendlx Aviation
No par 25 Nov 13i 10488July 24
35
34
36
Z344 3534 34
2,300 Belt 12 Co
No par 25 Nov 13 1231:Sept 24
6354 Jan 102 "Ekig
894 9112 88
9012 88 8932
59.300 Bethlehem Steel Corp____100 784 Nov 13 14034 Aug 24
5172 June 8812 Da
12212 12034 12234 12278 12212 12224
1,400 Beth Steel Corp pf (7%)_100 11638MaY 31 128 Sept 18 11618 June 126 Age
*3012 32 i *25
30
32 .28
Bloomingdale Bros--__No par 25 Nov 13
pr
8318 July 50 Sept
*96 103 ,*100 103
103 105
Preferred
100 100 Oct 15 111 Jan 16 10912 Jan 111% Jul)
80 *____ 80 1*____ SO
Blumenthal & Co prof ____100 80 Nov 20 118 Jan 2
87 June 122 Des
4314 4738 3912 434 3912 4078
7,600 Bohn Aluminum & Br__No par 37 Nov 13 13634May 4 _
71
71 1 71
71 1 71
71
700 Bon And class A
No par 70 Oct 29 894 Jan 12
654 Jan 851s De.
332 37
*34 4
*34 4
3,600 Booth Fisheries
332 Nov 27 1138 Jan 2
No par
612 Jan 1212 Nos
35 •15
•19
25
25 .15
1st preferred
100 21 Nov 22 6338 Jan 18
414 Mar 7218 Nov
6414 6678 641t 6634 6414 6514
8.600 Borden Co
25 53 Oct 29 10012July 10
3134 3312 3112 325
, 3112 327
4,100 Borg-Warner Corp
10 26 Nov 13 14332May 1
*652 672 *612 678
612 612
100 Botany Cons Mills doss A-60
5 Nov 13 1612 Feb 11 -184 Aug 23 Jo.
104 1138 1118 1112 11
31,900 Briggs Manufacturing_No par
1214
812 Nov 13 6318 Jan 3
2118 Feb 63% Oes
•138 2 1 •138 2 I *138 2
British Empire Steel
1% Nov 18
100
672 Jan 28
118 Jan
94 May
*312 4
4
*318 412
4
100 211 preferred
100
372 Nov 13 1812 Jan 28
214 Jan 12 Fes
1918 1978 1912 1912 19
1918
2,100 Brockway Mot Tr--No par 14 Nov 14 7378 Jan 2
454 June 7612 Nov
*75
77
Preferred 7%
100 75 Nov 14 145 Jan 2 110 June 150 Nov
126 132
132 136
12614 131
2.800 Bklyn Union Elaa
No par 99 Nov 13 24812 Aug 28 189 June 203% No;
4212 4212 4112 4112 4112 42
700 Brown Shoe Inc
No par 36 Oct 24 511s8e04 4
44 Dec 6512 Ain
24
24 1 2114 23
2834 22
2,800 Brune-Balke-Oollander..No par 16I4, Nov 13 5514 Jan 18
274 Feb 62% Sega
1934 2112 x1912 2078
20
21
4,200 Bucyrus-Erie Co
10 14 Oct 29 475, Jan 6
2412 Feb 48% Ma,
3438 3534! 3434 3512I x34
3438
4,900 Preferred
10 .2612 Oct 29 50 Feb 5
Ws Feb 5488 Mal
11012 11012 10912 11012 x111 111
210 Preferred (7)
100 10912 Noy 26 117 Apr 25 11014 Mar 117 Apt
3412 31
34
33
30 '
1,900 Bullard Co
No par 25 Nov 14 6418Ju1y 19
90
90
92
*91
94
92
700 Burns Broe new clAcomNo par 88 Nov 13 127 Jan 11
Dili Feb 127 "Zio;
*25
26
*25
26
25
25
100 New clams B comNo par 2238Juoe 4 39 Jan 14
urs Mar 4313.11111.
9114 9114 *92
98
95
95
50 Preferred
100 88 Nov 15 1054 Jan 7
9784 Feb 11084 Jun,
4414 4212 44
s42
4238 4278
6,400 Burroughs Add Maoh_No Par 29 Oct 29 132984May 21 139 Jan 249 Del
40
401
37
38
39's 40
Bush
Terminal
1,200
No pa
3114 Nov 14 894 Feb 2
50 June 88 Der
9714 994 99 101
1004 102
200 Debenture
100 9112 Nov 14 11012 Mar 2 10472 Aug 116 Ma)
112 112 1 10714 10714 *107 112
60 Bush Term Bldg, pref....100 10534 Nov 18 11812 Feb 19 111 Aug 1194 Juno
6
558 8
6
6
6
800 Butte & Superior Mining_10
5 Oct 29 124 Jan
8/
3
4 Aug 1684 Mal
4 7-414
418
4
4
418
5,100 Butte Copper & Zino
2 Oct 30
5
94 Jan 8
11.4 Jan 124 Nov
Stock
Stock
Stock
Butterick Co
100 2712 Oct 28 41 Jan 2
3712
Dec 6712 May
.11.S
87
7178 8618 7134 6612 6938
12,600 Byers! & Co (A 14)---No par 50 Nov 7 192% Jan 2
9012 Jan 20684 Des
Exchang *109 116 *109 116 *109 116 Exchange Exchange
Preferred
100 103 Apr 3 1214 Jan 8 108% Apr 118 Des
2614 2714 26
•4
2712 2678 27
4,200 By-Producta Coke
No par 20 Oct 29 474 Oct 7
Closed
69
7012 6912 70
Closed
6814 8912 Closed
1,300 California Packing_._ _No par 6312 Oct 29 8472 Aug 29 -ifirs Jae 82's Sep
28
28 •28
3012 *28
•
3012
30 California Petroleum
25 25 June 17 344 Aug 28
2514 Mar 38 SW
Extra
14
114
114
138
Extra
118 D4 Thanks1,700 Callahan Zlno-Lead
1 Oct 29
10
4 Jan 22
1% Mar
5% AP•
8512 9234 8434 8734 8418 90
8,500 Calumet & Arizona AllnIng 20 7312 Nov 14 186% Aug 7
Holiday
35
37
giving
3312 3512 x3218 3332
Holiday
23,500 Calumet & Heels
26 25 Oct 29 61% Mar 1
2018
Jan
66
6812 64
6538 6334 6512
4,000 Canada Dry Ginger Ale No par 45 Oct 291 984July 13
5472 Jan 8812 Map
3012 3114 31
31
2818 3032
Day
2.900 Cannon Mills
No par 2812 Nov 271 6884Sept 7
43 Des 50 ger
182 20312 19014 206
19014 19912
29,800 Case Thresh Machine et/2100 130 Nov 12 487 Sept 16
120 121 *118 124 120 120
400 Preferred MB
100 113 Nov 18 12212 Aug 6
912
9
ply 912
9
9
900 Cavanagh-Dobbs Inc_No par
872 Nov 21 42is Feb 28
•61
74
*61
74
61
6134
50 Preferred
100 60 Nov 7 10512May 8
3838 3838 37
3712 38
38
600 Celotex Corp
No Par 31 Oct 30 7932 Feb 4
7734 *60
*50
7734 *60
Preferred
7734
100 80 Oct 18 9312 Feb 7
2518 2578 2578 257
25
2518
600 Central Aguirre Also_ No per 21 Oct 29 4834 Jan 30
8838 Dcc
3438 364 3318 3511 3338 34
10,500 Central Alloy Steel-- _No Par 2612 Nov 11 5934 Oct 14
2818 Mar
•100 10734 _--- 10734,..-_ 108
Preferred
100 1065, Apr 2 11212 Jan 28 107 Jan 111% May
412 412. *04
412 514
500 Century Ribbon Mills_No Par
11 Aug 24 Oev
3 Oct 29 2012 Jan 3
*5312 60 1 *5312 60
*5312 80
Preferred
77 Aug 92 Mar
100 57 Nov 4 82 Jan 17
62
6712 6014 6434' 6012 64
14,600 Cerro de Pasco Copper_No par 5214 Nov 13 120 Mar 1
6818 Jan 119 Nov
1334 14
13% 14 I 14
14
1,100 Certain-Teed Producto_No par 1112 Nov 12 82 July 30
2318 Dec 84% Alp
*55
*55
60 *56
60
5938
7% preferred
75 Noe 100 Map
100 46 Nov 7 814 Jan 11
48
464 4618 *464 47
*46
1100 City Ice & Fuel
No par 397 Nov 14 62% Jan 30
*9612 9812 •96
9812
9814i *96
Preferred
100 96 Sept 6 1064 Jan 24
Certo Corp
-13-3-1;-De;
No par 56/14 Mar 28 92% Jan 31
-13-634 -6912 -136
- 1-21 - 514 16.8,600 Chesapeake Corp
62% July 8118 Jae
No Par 4218 Nov 12 112 July 2
26
26
264 264 26
26
400 Chicago Pneumat Tool No par 21% Oct 30 4712Sept 21 111 Aug 1784 Dee
*52
5114 52
5212
5114 517
900 Preferred
No par 47 Nov 13 61 Sept 20
28 *26
29
284 *27
__ _ Chicago Yellow OabNo par 2178 Oct 29 86 Jan 7
*26
2978 Aug 63 Jae
29
2818 2812
*28
2812 29
400 Chickasha Cotton 011
45 Dec 5812 001
10 2712 Nov 13 60 Jan 2
6312 5512 5532 5512 55
554
1,500 Childs Co
37 Apr tla Dee
No par 444 Nov 13 7578Sept 3
0604 75 I *6012 75 *6012 75
Chile Copper
3788 Mar 7478 Nov
25 53 Nov 14 1271,Mar 21
3212 3338 3112 324 3138 33
51,300 Chrysler Corp
611% Jan 14012 Oes
No par 26 Nov 13 135 Jan 2
41
41
42
*40
40
40
250 City Stores oboe A----No Par 38 Oct 20 62 Jan
514 Jan 544 Juns
6,300 New
104 104 1014 1038 1018 1118
714 Oct 24 27 Feb
No Par
37
364 37
1,400 Cluett Peabody & Oo_No par 3518 Nov 14 7214 Jan
•3615 37 I 36
1104 Dec ioei, Api
9712 9712 9712 9712
98
160 Preferred
98
11118 Dec 1248. Mai
100 9314 Nov 13 119 Jan
2,500 Coca Cola Co
12314 12438 121 1227 121 12234
No per 101 Nov 13 15412 Aug 30
4918
47
464 4612 4834 47
900 Class A
No par 4414 Oct 30 60 Feb
1712 1634 17
17
177
2,300 Collins & Altman
17
44's Dec 11134
No per 10 Nov 14 734 Mar I
7434
Preferred non-voting.. 100 78 Nov 8 1034 Feb
90 Nov 109 Jas
3,900 Colorado Fuel & Iron
3412 3234 3514 3114 3314
33
5212 June 844 Jam
100 2714 Nov 14 784 Mar
11,700 Columbian Carbon•t oNo par 105 Nov 13 344 Oct
142 14812 1384 14714 140 145
79 June 18484 Dee
62,700 Colum Gas & Eleo---No Par 52 Nov 13 140 Sept 2
7334 677 7214 6712 71
894 Mar 1078 Du
70
1,800 Preferred
106 'use 1104 Jae
104 10514 103 103 102 10434
100 9912 Nov 19 109 July 1
169,700 Coltunbla Graphophone
61 Dec Ws Nov
2218 2512 2438 2678 2538 2812
164 Nov 13 88% Jan
24
21 Feb 71 Nov
6,900 Commercial Credit_Ne par 18 Nov 13 6212 Jan
2418 254 2314 2472 23
22
23 Feb 27 May
540 Preferred
*21
21
21
20
22
23 20 Nov 13 2612June 1
22
2212 *21
23 Feb II Des
530 Preferred B
2238 2212 22
26 0032 Nov 13 28 June 1
260 let preferred (634%)-A00 70 Oct 24 106% Jae 2
77
7778 77
85 June 107 No;
77
78
78
8,800 Corn Invert Truet new. No Par 2812 Nov 13 79 Oct 1
4118 424 3912 4114 3912 4184
Feb
99
Jan 109 Map
7% preferred
109
15
Nov
*96 10012 *96 10012 *9812 10012
98
100
600 Preferred (634)
92% June 98% Au
8912 8912 8912 90 *8912 93
100 87 Nov 18i 99 Jan 2
Warrants
30
64 Aug 80% Deo
*13
30
30 1 *13
*16
100 10 Nov 61 69iSent
55,300 Comm Solvents new-- No Par 204 Oct 29 63 Oct 1
2632 28
208 2812 2612 283
77.400 Commonwealth&Bou'rnNs Par 10 Oct 29 2484 Oct 1
1314 1338 134 1334
1338 137
48 Jan 54 Oil
300 Conde Neal Publlea___No par 35 Nov 13 93 Joel
38
39% 39%
3512 3512 38
22 June $14 Apr
17.300 Congoleum-Nairn Ine-No Par 11 Oct 24 5534 Jan 2
134 1412 1312 1418 1312 1334
67 Feb 2714 Dee
1,300 Congress Mar
52
52
53 5412 52
527
No Par 43 Nov 13 92% Feb
•2
2
Feb
112
Conley
12
Tin
14 Jan
Nov
Fell
234 May
14
stpd_No
par
is
511
38
*32
*32
794 Jan 100 Des
800 Consolidated Chgar---No Par 40 Oct 29 964 Jan
474 4711 4512 4534
47
46
94% Oct 103% ADs
280 Prior prof
72
74
7414 7414 7212 7414
100 63 Nov 14 96 Jan
23 July 2912 Sept
1,500 Consol Film Ind pref-No Par 154 Oct 29 30% Apr 2
2034 2034 2012 2034 2012 2078
P74 Aug 1704 Mal
83.6001 Consolidated Gas(NY)No par 8018 Nov 13 183',Sept
964 10012 9538 9912 9518 973a
974 Aug 106 Mai
4,400 Preferred
9834 9938 9814 994 9838 98%
No par 924 Nov 14 100% Mar
882 Joel
4,600 Consolidated Textile_No par
314 Aug
138
138 14
112
64 Dee
1 Nov 14
114 112
20 Nov 36 Apt
1,800, Container Gory A yot-No Par 12 May 24 2311 Jan
1512 1212 15
15
15
1514
Jan
9% Oct 194 AN
1112
14
Ciall
2,100
IS
Nov
voting
434 5
312
No ear
513 514
5
5
2612 Apr 834 Jo.
3,4001Coatinental Baking el ANo par 2514 Oct 29 90 July
37
3814 3612 3734 3614 37%
57
384 Apr
612 6
8,200 Class B
9% Des
618
4/
3
4 Oct 30 15',July
512 6
No Par
73 Apr 964 Jae
1.100t Preferred
87
88
8612 8738 8612 8612
100 7912 Nov 14 100 June
53 Dee 12871 Sept
7
33,600 Continental Oan Ine-No Par 4018 Oct 29 92 Sept 2
53
5534 5112 53,
50 5134
78 Feb 1147$ May
2,300 Continental Ins
62
6532 60 624 6018 6012
10 4618 Nov 13 1104Sept
10 Mar 2012 Nov
ell Oct 24 28% Jan 2
84 812
10,000 Continental Motors--No Par
84 84
8
814
.4 A
l Al
U •Bid and asked prisms: no sales on this day. It Ex-divr. 100% in common stook. 0 Ex-divideud;and ex-rights
Ex-dividend. p Hz-rights,
New York Stock Record -Continued--Page 4
3443
For sales during the week of stocks not recorded here, see fourth page preceding
5HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
(Saturday,
Nor. 23.
$ per share
Monday,
Nov. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nor. 28.
Nov. 27.
Friday,
Nov. 29.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
80
*60
92
92
•125 200
9934
*98
8349
7012 72
7
7
39
•30
*9712 98
5618 593
412
414
20
19
40
40
*90
9134
42
42
1812 18l2
5912 63
367
34
974 977
612 7
413 45.
92
90
5134 54
80
80 .60
*60
94
94
94
94
190 190 •125 187
993 .98 100
*98
8lt 8l
*813 87
70
70
71
70
*718 712
71
*7
38
38 .27
•33
974 08 .0712 98
5614 583s
591
57
44 438
438
418
18
18
19
18
40
40 .37
40
974
9113 911 .90
4078
411 x40
41
19
1834 183 017
604
6014 6233 56
3518 36's 3512 3612
98
090
97
.90
07
614
65. 614
412
4
45.
418
904 0138 9014 0112
5018 5078
35033 52
29
2934 *25
2938 • 5
•25
3012
3112 29
3314 30
33
73
72
7613
7612
80
78
10212 103 *103 10314 .103 10314
5212 5484 5234 5312 .5314 544
20734 216
208 220
210 222
1114 114 1118 1114
1118 114
80
784 80 x79
80
79
90
x90
*90 120
95
95
•116 118 *116 118 .115 118
10113 102 .102 10211
10034 101
---- ---- ---- - -- - -- -- - - - 5238 5334 5218 5278 5118 5234
894 8912
8912 •_-- - 80
.86
394 394 39,8 40,8
40
39
11933
11914
1194
11912
4
1193
11834
41
41
'4018 41
4012 41
1978 1978 194 1978 1818 1934
8934 8612 9014 8718 8834
87
594 60
594 60
62
80
100 10378 9912 1024
102 104
1712 18
1734 1938 1734 18
78
78 .76
.75
78
•76
8 3512
337
36
344
3611
3518
101 101
9912 101
101 101
1312 1413
1388 14
1478
14
4238 3938 4178 394 404
41
4514 4618 4518 4512
47
46
99 .9812 9912
99
99
99
6534 6814 6638 6814 6614 WI
95
9412 9512 9514 0512 x95
2212 2312
224 2438 224 24
•__ 75 •____ 75 •____ 75
__ 80 •____ 80 •____ 80
712 712 *7
758 •7 74
al, 834 818 878
812 9
9
8
84 9
9
9
504 54
55
5838 52
54
40
40
4012 4018 404 40
1314
13
13
1234 1312 13
3412 3458
34
3533 34
35
40
3912 40
39
41
40
I
•Bid and asked prices: no sales on this day. 3 Ex-dividend. b Ex-dividend ex-rights.
PER IR All
Saws for PrilsOst
Year 1928
Lowest
Rifles,
Lowesi
Monett
Shares Indus. & Miscel. (Co..) Par S PIT More I per share I per tiara Sper skirt
134% Jan
94 Not
12,400 Corn Products Reflning___28 70 Nov 13 1264 Oct 2:,
18812 Jan 1464 Apt
100 137 Nov 13 14414 Jan II
240 Preferred
8233 Dec 894 Nat
No par 2018 Oct 29 8214 Jan 32
15,000 Coty Inc
1212 Sept 27 Not
100 20 Oct 28 5733 Apr 11
100 ere' Carnet
17 Nov 13 125 Feb 2f
3,600 Crosley Radio Corp____No par
f
Aug
79
14
Nov
3718
par
____No
Seal
&
Cork
Crown
2,500
9613 Jan 1054 Oct
160 Crown Will Pap let pl_No par 00 Nov 18 1014 Jan 12
2314 Dec 2834 Nov
17 Oct 30 254 Jan 1
No par
Crown Zellarbach
894 July 93 Fe)
1.200 Crucible Steel of A1xierica_100 71 Nov 14 1214 Aug 2e
111 Dec 121 Ma/
100 103 Nov 14 11834 Feb 28
Preferred
Oct 2878 Mar
20
5 Nov 13 2411 Jan 2
No par
6,600 Cuba Co
638 July
74 Ma)
512 Jan 2
34 Aug 13
No par
800 Cuba Cane Sugar
13114 Oct 32% Jae
1878 Jan 2
234 Oct 28
100
100 Preferred
Dee
Ma/
2414
8
153
2
Jan
17
13
Nov
7
Sugar_-__10
2,500 Cuban-American
9384 Dec 108 Feb
100 60 Nov 22 95 Jan 2
220 Preferred
12
Jan
6 Noy
634 Jan 2
1 Nov 13
300 Cuban Dom'can Bug__No pit
Jan
784 AIM
84
50 36 Nov 14 8772 Jan If
4,100 Cudahy Packing
534 Feb 19214 May
Curtiss Aer & Mot Co_No par 8033 Nov 11 1734 Feb 1
_
600 Curtis Publishing Co___No par 100 Nov 13 132 Oct IC
No par 11218 Nov 19 12134May 2f
300 Preferred
Oushman's Sone pref(8) No par 1081:Feb 4 11514 Feb 8
ifi- Jan fif- ee-pi
100 11814sept 25 130 Mar 21
Preferred (7)
52 June 6512 Not
10 58 Nov 131 12114Sept 21
800 Cutler-Hammer Mfg
Oct
49 July 83
No par 83 Jan 8 12612 Oct If
1,400 Cuyamel Fruit
3433 Feb 884 Nov
31
Jan
29
Oct
2114
8918
par
No
3,600 DavI3on Chemical_
Oct 4914 AM
88
58 2318 Nov 181 4878 Jan 21
1,700 Debenham Securities
1154 Feb 12634 Map
100 109 Nov 18, 128 Jan I
160 Deere & Co pref
16613 Jan 22414 Deo
100 151 Nov 13 285 Aug 1
400 Detroit Edison
Apt
Jan 81
40
1,200Devoe It Reynolds A__No par 24 Nov 13 8478 Feb I
Jan 120 Me)
108
11
Jan
11513
71
Jan
112
100
preferred
1st
100 117 Nov 14, 1844 Jan l' 13438 Jan 172 Not
410 Diamond Match
8 June 184 Jan
6 Nov 141 1114 Aug
No par
3,700 Dome Mines, Ltd
No par 12 Oct 291 6414July
5,500,Dominlon Stores
80 Mar &Ole No,
No par 69 Nov 141 1284 Feb
12,200 Drug Inc
5513 Jan 9954 No,
4,600I Dunhill International_ _No par 25 Oct 29i 92 Jan
994 Oct 11811 Mai
100 DUQUe011e Light let pref___100 494 Jan 341 10078 Mar
814 Mat
3 Aug
212 Nov 12 1113 Mar
Durham Hosiery Mills B__ 60
188 Feb 194.14 Jul)
5,000 Eastman Kodak Co____No par 150 Nov 13 26434 Oct
Apt
1234 Aug 184
100 117 Nov 7 128 Mar
Preferred
Jan 5814 Nov
20
18 Nov 14 7834 Feb
4.000 Eaton Axle & Spring___No par
20 80 Oct 29 231 Sept
25,700 El du Pont delNem
114 toiy 13113
100 10712 Nov 15 11934 Aug 2
3,600 6% non-vol deb
an Nov
1133 yet 29 3933 Jan 1
8314 Aug
No par
1,000 Minion Bend
1014 Aug 1214 Not
14
1
Nov
m
./
5514
113
100
Preferred 83.4%
500
80 June 18613 Del
No par 50 Oct 29 174 July 1
10,600 Electric Autolite
10812 Sept 11212 Dec
100 10234 Nov 15 115 Apr
1 Preferred
834 Aug
1734 JUDI
314 Oct 29 184 Max 1
No par
2,700 Electric Boat
49Is Dee
2834 4,n
23.500 Electric Pow & Lt__No par 2918 Nov 13 8633Sept 1
105 Dec 11018 Ma/
No par 98 Nov 14 10914 Feb I
2,200 Preferred
106 Nov 15 14012June 2
1204 Nov 1294 Apt
1 Certificates 80% Paid
89 Feb 914 Dec
3,400 Elec Storage Battery_ __No par 84 Nov 14 10412 Oct 1
9 Jai
une
8
84June 16 1012 Oct I
300 Elk Horn Coal Corp-No Par
2 Dee
1
15/
Si, Feb
34 Oct 29 224 Feb
Emersoo-Brant Mass A.No par
Apt
88
Jan
Dec
4
834
743
13
Nov
4914
1,000 Endicott-Johnson Corp____50
1314 Jan 1274 Dec
100 108148ept 21 1244 Feb 2
Stock
1 Preferred
Aug
Feb
8
793
Not
83
51
29
Oct
31
par
Serv__No
Public
Engineers
11,400
9012 Dec 1324 Oct
No par 80 Nov 13 12314 Aug
Exchange
200 Preferred
194 Get 334 July
400 Equitable Office Bldg No par 31,4 Jan 4 41 May
2
Feb
63 Dec 79 Jae
8
54
25
Nov
37
par
Closed
100 Eureka Vacuum Clean_No
5 15 Nov 13 7334 Mar 15
3,500 Evans Auto Loading
1934 July '146, Oet
Extra
40 Exchange Buffet Corp__No par 2214 Jan 15 2711 July 20
3213 Jan
54 Apt
No par 2934 Oct 29 547sSept 9
4,600 Fairbanks Morse
Jan 11414 Mal
100 103 Nov 12 1.1078 Jan 9 104
Holiday
' Preferred
2
Mar
1
8
723
27
Nov
2514
par
_No
1,900 Fashion Park Assoc_
100 86 Nov 4 10118 Mar 21
Preferred
62
Jan 71 Dec
15 6012 Nov 18 109 June 19
!Federal Light & Eras
109
Feb
Jan
Ain
104
98
11
a
Nov
90
par
No
40 Preferred
Ara 280 Des
100 Federal Mining & Stnelt'g_100 190 Nov 26 310 Feb a 120
914 Jan 10212 Sept
100 95 Oct 29 102 July a
1 Preferred_
184 Aug 254 May
5 Oct 29 224 Feb
1,200 Federal Motor Truck _No par
7514 June 10713 Dec
2,800 Fidel Phen Fire Ins N Y____10 4712Nov 13 123 Sept a
1114 Jan
154 Ma,
Mar
4
133
2
24
Oct
6
par
No
330 Fifth Ave Bus
No par 33 Nov 14 984 Feb 2
'Filene's Sone
100 9578 Oct 30 107 Jan 23
60 Preferred
4 Dec
1
Apr 78/
28
7,500 First National Stores__No par 4412 Nov 14 90 Sept I
1734 las
878 Aug
312 Oct 30 204 Jan 23
No par
8,800 Fisk Rubber
4
1
Jan
7212
31
Oct
15
100
preferred
890, 1st
itil; Nov 66' Nov
200'Floreheira Shoe Cl A___No par 38 Nov 18 54 Jan
984 Oct 100 Dee
100 904 Oct 29 1024 Jan 1
100' Preferred 8%
2
Aug
4
823
5878 Dee 694 Del
13
Nov
3218
No par
1.300'Follansbee Bros
864 Oct 5711 Dee
No par 1234 Nov 14 8933 Apr)
8001Foundat1on Co
4
72 June 11911 Sept
2
Sept
Oct
8
1053
29
40
par
No
A
class
Film
96,100 Fox
Oct 10914 2.1
43
10.700 Freeport Texas Co__ No par 2334 Nov 13 6411 Jan 25
No par 8212 Nov 13 10712MaY 7 102 Mar 1094 Apt
100 Fuller Co prior pref
Mar
15
2812 Jai
Feb
8
33
29,
Oct
5
No par
1,700 Gabriel Snubber A
17a4 Dec
714 June
334 Oct 29 25 Jan 2
5
1,000 Gardner Motor
6078 Feb 101 Dec
12,000 Gen Amer Tank Car___No par 75 Nov 13, 12312 Oct 1
100 4214 Nov 13 944 Aug I 71 88 June Ws AP,
20,400 General Asphalt
100 10412 Mar 28 138 Aug 1 5 1104 Jun 14114 AP'
Preferred
No par 24 Nov 7 0934June 8
General Bronze
Not
No par 23 Nov 13 61 Feb 1 8 -if- Feb
4.200 General Cable
56 Feb 884 Not
No par 654 Nov 14 12012 Feb 1 8
1,600 Class A
Oct
107
Oct
1
1
Jan
102
1074
21
Nov
102
100
1,100 Preferred
7538 Feb
594 Nov
No par 42 Oct 30 74 Feb: A
1,900 General Cigar Inc
No par 16818 Nov 13 403 Aug:0 124 Feb 22112 Dec
132,865 General Electric
11 Sept 12 Juno
10 11 Jan 8 114 Feb 4
4,100 Special
8514 Jan 74 NCO
7,000 General Gas & Elea A __No par 5934 Nov 13 112 Sept 1 3
Jan 80 NOT
37
9
1
Oct
116
3
Jan
76
par
No
200 Class 13
Oct 164. Ain
No par 11112July 18 135 Feb 1 4 121
Pref A (8)
110 Preferred A (7%)___ No par 99 Oct 30 11613 Jan: 1 10812 Jan 11812 Dec
Oct 11672 Mat
106
No par 99 June 20 115 Feb 1
Pref 13 (7)
79 Dec litaly Not
N. par 50 Oct 29 894 Jan 1 8
3,100 General Milli
10014 Dee
Dec
9813
Jan
100
6
Nov
8
877
100
100 Preferred
734 Dec 904 Net
10 3312 Oct 29 914 Mail 1
193.600,General Motors Corp
100 112 Nov 15 13813 Jan 2 12313 Jan 12713 Apt
1,700 7% preferred
49 Aug 6878 Jai
300.0en Outdoor Ads A___No Par 30 Oct 30 52 Jan 2
4 Jan
1
52/
2911 Aur
91s Oct 30 41 Mar . 2
2,800 Trust oortificates.---No par
June 1284 Jan
844
1
Aug
12813
29
Oct
70
par
No
5,500 Gen RP Signal
Jan
4514 June 82
2,000 General Refractories
No par54 Oct 30 884 Aug'2
974 June 1184 Oct
22,400 Gillette Safety Rasor No par 80 Nov 13 143 Oct 8
84le Mar 594Juni
No par
101/Nov 13 484 Jan:
1,300 Gimbel Bros
87 Mar 101 June
100 71 Nov 141 94 Oct 3
1 Preferred
204 Jan 87 Dec
No par 26 Oct 29, 64'. July 0
9.80011:Bidden Co
Jar 105 Sept
96
100 95 Nov 131 1064 Apr 1 2
140; Prior preferred
424 Dec 824 Nov
918 Nov 131 56 Feb
No par
5,300
(Adorn
(Ado
Jan 1434 DO.
/1
No par 314 Oct 29, 82 Jan 9
45,000 Gold Duet Corp•t o
6814 June 10914 Des
No par 42 Oct 291 1064 Jan 2
8,300,Goodrich Co (B F)
100 984 Nov 201I 11818 Fell: A 10913 Feb 11534 Map
2001 Preferred
4613 June 140 Dee
7.800 Goodyear T & Rub_-__No par 60 Oct 29, 1644 Mar 8
9113 Mar 105 Dec
1,300 1st prederred
No par 87 Nov 141 10478 Feb: 8
70 Dec 93 AO
2.700 Gotham Silk Hos new No par 14 Nov 13 80 Apr 1
100 Dec 180 AM,
100 75 Nov 19 10114 Jan
I Preferred new
98 Dec 112 May
Preferred ex-warrants___100 845. Oct 9 100 Jan 2
84 Dec 124 Fri
4 Oct 29 14 May 8
No par
400 Gould Coupler A
11344 Feb 8114 Sept
733 Oct 30 54 Jan 2
8,20)) Graham-Palge Motors_No par
264 June 68 Sept
7 Nov 8 494 Jan 1
No par
1,1001 Certificated
394 P.M 113 Dee
9,500 Granby Cons M 13m & Pr_100 464 Nov 14 10278 Marl 0
6614 June 9471 Oct
100 39 Nov 13 9812 Mar:8
800 Grand Stores
2834 July 4117s Oct
13
2
Nov
Jan
824
918
par
No
Co
Union
1.800 Grand
CPI Aug 6233 Oct
No par 30 Oct 30 5433 Jan a
1,200, Preferred
No par 32 Nov 13 6338Sept
1,I00111ranits City Steel
5 per share $ per share 5 per share 16 per share $ per share
8838
91
87
8634 8912 87
140 140
13812 13813 13838 141
2978 274 284
2838 30
28
20
20 .18
•18
20
20
1814 1912 1912 2014 181, 1934
5113 4012 5014
48
5114 51
92
9634 92
9214 .92
92
.1878 1912 •1812 2012
•1878 20
7812
78
7912 80
7773 80
*102 107 *105 106 .105 106
1078 11
114
1034 1114 11
114
118
114
118
114
114
*214 3
*24 312
313 31
712 778
74 818
8
814
64
6012 .60
6012 6118 60
*112 2
2
2
218 218
4312 4518
43
42
44
43
*4212 60
*4212 60
*4212 60
112 112
112 113
112 112
11412 115
114 114
•11378 114
109
*101
109
......._
108
•____
•__ 115 *_ 115 *105 111
774
77
78
7512 7734 77
107 107
107 108
•104 117
29
2913 28
28
294 301
26
2618 2018 26
*234 29
11612 117 .116 117 .116 117
200 200 *195 203
1994 200
37
37
361
36
3612 37
•102 111 *102 110 *102 110
129 12934 12712 12812 .12614 130
678 7
7
74 *64 718
23
22
2534 221, 24
23
79
773* 7884 77
7614 797
39
38
43
4213 4212 43
99.8 9938 .100 101 .100 101
3
.2
180 18212 1734 179 x1734 176
•121 1244 •121 12434 *11912 123
2814 304 2718 2812 274 28
11238 115
110 11312 x10914 113
1131 114
113 114
11312 116
124 1212 124
1234 134 12
80
•55
60
6012 6014 6014
7812
7712 75
774 79
76
•106 11034 *106 108 .106 110
512 64
512 6
612
6
3912 4134 3912 4111 40
4214
107 10738
10714 108
10738 108
•116 136 .11712 136 .11713 134
714 7234
804 8412 x7478 76
6
512 •5
5
'54 534
54
*5
6
*5
6
*5
6038 58
5912 .5678 57
58
Stock
•109 11212 .109 11213 .109 113
Stock
3978
3838 4012 38
41
39
Exchange
92
92
92
92
94
Exchange *92
3634 3634 3634 3634 3678 3678
at
Closed
38
38 .37
•37
37
37
, Closed
231
22
2218 23
2312 24
2412 *2334 244 •2334 2414 Thanks24
Extra
3611 37's
38
3714 38
37
giving
Holiday •10313 105 *10312 105 *10312 105
271
26
254 27
30
29
Day
84
*60
82
•60
84
•60
PRA SHAM!
Ranee Mese Jae. 1.
Os Oasis of 100-glare lots
3444
New York Stock Record-Continued-Page 5
Pew sales during the week of stocks not recorded here, see fifth page
preceding.
111011 AND LOW SALE PRICES-PER SI1ARE, NOT PER CENT.
Saturday,
Nov. 23.
Monday,
Nov. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nov. 27.
Nov. 28.
Friday.
Nov. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
P15 SHARI
Lases Blue Jae. 1.
Os bares of 100-211are lois
PER MARI
Nano.for Prettoss
Year 1928
Lowest
illgaes4
1•010081
SWAB
$ per share $ per share $ ner share $ per share $ per share $ per share Shares
Indus. & Mace!. (Co..) Par
per teere
per share $ par share Per Jaen
42
4378 4218 4218 411g 42
4,700 Grant (W
4118 Nov 27 14458 Feb 6 1111
No pay
/
4 Dec 12512 Sept
2312 24,8 2312 24
2312 2334
3,200 Gt Nor iron Ore Prop-No Par
19 Oct 24 3914 Feb 1
1914 June 8332 0.2.
3058 3138 3014 31
3012 30,2
2,800 Great Western Sugar
No par 28 Nov 13 44 Jan 26
31
•112 115
Jan
113 115 •113 115
3812
200 Preferred
100 105 Nov 18 1194 Feb 1 1124 Feb 120 Der
11612 116,2 115 115 •115 116
„fas
300 Greene Cananea Copper 100 106 Nov 14 20012Sept 7
891
/
4 June 17712 Dee
•158 2
158
158 *158 238
1.500 Guantanamo Sugar__--Ne Par
1 Nov 14
512 Jan 3
4/
1
4 Dec
*____ 59 *_-__ 58
58
83
4 Jae
Preferred
100 44 Sept 27 90 Jan 2
90 July 107
4812 4812 48
48
4634 48
Jae
900 Gulf States Steel
100 42 Nov 13 79 Mar 6
51
Jan
•100 101 •100 101 *WO 101
737
8
Preferred
100 100 Aug 5 109 Feb 19 10318 Nov 110 Sept
2612 2612 2612 2612 *265s 27
Apr.
20 Hackensack Water
Nov
26
2312
14
Aug
35
27
23
Jan
2618 26,8 *2618 28
*2618 28
ao Jar
30 Preferred
25 2334 Nov 13 31 Mar 8
23
Jan 30 Do..
*26
2612 *2614 2612 2614 26,4
10 Preferred A
2/ 28 Jan 31 30 Aug 8
3512 Jan 29 Jan.
1414 15
1312 1478 1312 15
11,300 Hahn Dept Store.
par
No
12
29
Oct
MN Jan 10
7658 7834 7818 80,s 801s 8312
5,100
Preferred
100 7414 Nov 20 115 Jan 31
99
99
99
99
*9914 100
30 Hamilton Watch pref
100 99 Nov 25 10532 Jan 8
29 Aug 104 Apr
10714 10714 10712 10812 108 108
110 Hanna 1st pre alai A
91
100
Jan 14 11312 Oct 18
59 May
*____ 61 •____ 6278
97 Nov
60
Harbison-Walk
Jan
54
"ac_No
8774,
3
Oct
Par
24
54
Dec 5712 Oat
16
1712 1514 1712 1612 17
3,300 Hartman Corp clans B_No par 13 Oct 29, 4172 Aug 28
1858 Aug
*6312 68
371 Dot
*6312 68 .6312 68
Hawaiian Pineapple
20 5978 Nov IS 724 Aug 30
61
Dee 68 Nov
812
812 87,1
8
812
2,000Illayes Body Corp
No par
512 Nov 13 6838May 17
*85 10434 *90 105
90
90
100'Helme (14 W)
84
Nov
25
1184
13
Jan
29
fol. Dec lila-- -CIO;
7014 72
6812 70
67
68
1,900 Hershey Chocolate__ __No par 45 Nov 13 143/
1
4 Oct 15
3014 Jan 7212 De.
80
84
83
8312 82
8212
2,800 PreferredNo par 6058 Nov 13 14314 Oct 15
704 Feb 89 Nov
•105 106 *105 10512 105 105
200 Prlor preferred
100
104
Jan
4
1063
3 Oct 24 10014 Aug 108
17
1612 1612 1658 1638
18,2
Apr
800 Hoe (R) & Co
No par
15 June 4 33 Aug 13
154 Sept 80/
29
*29
30
•29
30
1
4 Jae
30
600 Holland Furnace
No par 21 Nov 13 51 Mar 9
£018 Dec 49/
•7
*7
*7
10
1
4 Om
10
10
Hollander & Son (A)___No par
1312May 27 24/
1
4 Aug 3
18 Dec 361
80
80
*80
95
*80
95
/
4 API
100,Hornestake Mining
100 65 Nov 12 93 Aug 22
07
Jan 80 No.
1912 2012 1812 20
1838 1978
13,600.Houdaille-Hershey cl B No Par
13 Nov 13 5234May 20
5212 53
52
5278 5018 537s
9,300 Househ Prod Inc
No par 40 Oct 30 7912 Jan 7
64Is Feb 84
4814 51
4618 5038 4534 5818
OeS
7,700 Houston 011 of Tex tern etfir 100 26 Oct 29 109 Apr 2
711 Dec 167
35
3978 3434 3834 3612 38
Apt
12,200 Howe Sound
No par 3434 Nov 26 8212 Mar 21
401
/
4 Feb 73/
4614 48
4514 47
1
4
4514 4738
Nov
15,0001Hudson Motor Car
No par 38 Nov 13 9312 Mar 15
75
Jan
2118 2178
99/
1
4 Mat
1912 21,4 1934 20
9,800'Hupp Motor Car Corp____10 18 Nov 13 82 Jan 28
29
Jan 84 Nov
2434 25,4 2438 25
2412 2434
6.9001Independent Oil& Ciaa_No Par 1734 Oct 29 3938May 7
211
/
4
Feb
881
51a
/
4
578 578
5,4
Not
512 578
500 Indian Motoeyele
No par
312 Oct 29 324 Jan 2
20
Oct 70
2038 2138
1958 21
1938 20
Apt
19,800 Indian Refining
10 1318 Oct 29 53 Aug 17
9 Feb 3932 July
1814 1914
1814 19
18
19
5,100 Certificates
10 1112 Oct 28 5114 Aug 17
812 Jan 3714 July
81
8334 8218 84
81
85
2.400'Industrial Rayon
par
No
6812
Nov
135
13
Jan
18 118 Dec 146
•153 165 *153 165
152 155
004
400 Ingersoll Rand
No par 120 Jan 3 22312 Oct 10
90 Feb 127 Ncv
*7312 75
75
75
7478 7478
600 Inland Steel
No Dori 7478 Nov 27 113 Aug 28
40 Mar 80 Des
2914 31
2714 29
28
29
11,500 InspiratIon Cons OODDer___201 22 Oct 24 6612
Mar 1
18 Feb 481
/
4 Nov
5
5
412 ,D2
512
518
900 Interoont'l Rubber__ No par
2 Nov 13
1414 Jan 11
5
434 43
818 July 218d Jan
5
414 458
1.500 Internal Agricul
par
No
4
Oct
29
17
/
1
4
Jan
28
13
49
49
48
Feb
48
48
2078 May
48
400 Prior preferred
100 40 Nov 14 8812 Jan
11832 Ma
138 13918 13958 14912 140 14334
85 Des
3,800 Int Business Machines_No par 100 Nov 14 255 Oct 26
5834 61
5978 63
Jan 186/
61
1
4 Not
6212
10.300 International Cement__No par 48 Nov 15 10234 Feb 14 114
12
4
56
13,2 1112 13
Jan 9478 Des
1112 1212
29,000 Inter Comb Ens CorP_No Par
8 Oct 29 1034 Feb 15
4578 48
42
4514
47
Feb
40
80
Dee
40
1,800 Preferred
100 30 Nov 13 121 Feb 16 103 Mar 110 Sent
84
79
7958 84
773s 81
12.200 International Harvester No par 65 Nov 13 142 Aug
30
80 Dec 977
13912 140 .13958 140
13912 1401,
. Dee
2,000 Preferred
100 137 Aug 5 145 Jan 18 13614 M
63
73
6812 70
6734 69
147 May
19,400 International Match pref _35 47 Nov 13 1024
26
2638 26
4
85 Dec 121. May
26
2534 26
2,000 Int Mercantile Marine ctbs_100 1818 Nov 13 3918 Jan
Oct 18
Preferred
100 3812 Feb 1
Stock
311 29 -3-64 thi; "365-8 Stock
/
4 Apr 23
30
341
/
4 June 4i138 Jae
Stock
100,000 lot Nickel of Canada_No par 25 Nov 13 511
7234 Jan 23
*56
80
*56
73/
1
4 Feb 26912 Dee
80 .57
95
International Paper__.No par 574 Jan 11 112 Oct 18
Exchange .82
84
*82
60
86
Oct 813h May
84
84
Exchange Exchange
100 Preferred (7%)
100 77 Nov 13 9412 Jan 8
28
2958 2912 2912 2938 20,2
89 Dec 108
Jae
1,600 Inter Pap & Pow el A__No par 20 Nov 13
• Closed
4414 Oct 17
18
19
22
1912 20
Dec
/
4 Nov
341
19
1934
Closed
Closed
1,100
Class B
No par
12 Nov 13 3378 Oct 18
1334 1434 14
1478 Dec 19 Nov
1434 1312 14
3,700
Class
C
No
par
9
Nov
Extra
13
2618 Oct 18
8134 82
8112 8112 8112 8112 Thanks10/
1
4 Nov
1
4 Des
13/
Extra
600 Preferred
100 77 Nov 13 95 Oct 14
4912 4912 4912 4958 4912 50
88 Dec 91 Des
500 Int Printing Ink Corp__No par 40 Nov 14 6838
Holiday
47/
Oct 7
1
4 Oat 60 Dad
9614 98,4 *9614 99
giving
*9614 99
Holiday
30 Preferred
100 911
/
4 Nov 6 106 Mar
*6312 64 , 63
100 Dec 100 Dee
6312 .61
63
130 International Salt
100 5512 Jan 4 9034 Feb 4
494 Mar 6814 Jae
103 103
10234 103
103 103
1)ay
500 International Silver
100 95 Nov 13 1594 Aug 8 126 June 196
Jan
*99 105 1 105 105
104 105
80 Preferred
10314
100
Oct
26 119 Jan 17 11214 Deo 131
7014 74 I 6838 72
Jae
68
71
70,400 Internet Telep & Teleg_Ne
53 Nov 13 14914E18in 3
Po
3314 3334 3312 34
33
35
5,100 Interstate Dept Btoree_No par 254 Oct 29 9312 Jan 2
6118 Nov 90 Des
26
26 , 24
25
25
25
600 Intertype Corp
17 Nov 14 3872July 20
No Par
2384 Sept 3818 Jae
45
45 I 4512 4512 45
45
700 Island Creek Coal
39 Oct 29 69 Mar 5
47
Oct 81 May
4512 4712 4518 4612 4512 4634
2,700 Jewel Tea, Inc
No par 39 Nov 13 18214 Feb 5
77/
1
4 Mar 179 Not
11512 12112 1141* 121
11334 119
21,700 Johne- Manville
No par 90 Nov 13 24234 Feb 2
964 June 202 Dee
120 120
12012 12012 12010 120,2
40 Preferred
100 118 Nov 6 123 May 15 11812 Oct 122
119 11918 119 119
118 119
ADP
780 Jones & Laugh Steel pref 100 117 June 14 120 Oct 24
119 Dec 1241g My
258 3
278
3
234 234
2,400 Jordan Motor Car
112 Oct 31
No par
1612 Jan 2
818 Aug
19/
1
4 OW
*108 10910 *108 10912 .108 10912
Kan City P&L let pf B_No par 106 Feb 16 11234 Jan 22 108 Aug 116
1818 1814
Aro
1814
8 18,8 1834
1,500 Kaufman Dept Stores_312.50
18'a Nov 25 3718 Feb 6
294 Dee 34
Oct
4018 4238' 4018 4134 4014 4158
7,000 Kayser (J) Co• t 0.__.No par 30 Nov 13 5812July 2
.18
•1612 1912 *1612 10
17
Heith-Albe
e-Orpheum_
No
14
par
Nov
1512
48 Jan
1512 May 514 Nov
*8011 83
8012 8012 80
8018
300 Preferred 7%
100 70 Nov 14 138 Jan 5
7512 May 180 Nor
438 478
412 458
412 434
5,600 Kelly-Springfield Tire-No par
1
4 Jan 2
378 Nov 13 23/
1914 Dec 254 Nov
•____ 2934 *2712 29
2612 2712
20 8% preferred
100 2812 Nov 27 9478 Jan 9
554 Feb 95 Not
23
2318 24
2312 2212 23
2,800 Keiser HayesWheelnewNo par 1858 Nov 13 8924May 13
838 938
91s 1018
834 9
16,000 Keivinator Corn
No par
5 Oct 30 1914 Feb 6
714 July 2278 API
*81
8112 *81
8012 82
8112
40 Kendall Co prof
No par 75 Nov 19 96 Feb 15
5812 6234 5614 5858 x553* 5734
171,400 Kennecott Conner
No
par
493
8 Nov 13 10474 Mar 18
5058 51
5034 5034 5012 51
1,400 Kimberley-Clark
No par 4514May 25 5732 Oct 11
24
.2414 30
2438 2314 23,4
600 Kinney Co
No par 2112 Nov 13 4418 Jule 17
86
891g 87
87
86
90
200 Preferred
100 80 Oct 30 10934Mar 6
8718 Mar 100 Ap7
638 718
634 7
6
678
34,300 Holster Ftadio Corp _ - --No Par
54 Oct 24 7832 Jan 3
5114 Aug 9578 Nov
3834 35311 3678 3512 363s
37
3,800 Kraft Cheese
7614
Oct
Nov
27
13
par
No
14
32 Dec 62 No•
*95
98
•95
•96
98
98
Preferred
_ 100 95 Apr 20 10578 Oct 23
994 Dec 10114 Ded
34
3573 3012 3438 3112 3338
27,600 Kresge (85> Co
10 28 Nov 13 574 Mar 4 085 Feb 91h Nov
*105 10934 *10834 10934 10834 10934
30 Preferred
100 10312 Nov 20 116 June 7 1104 June 118
Apr
110
11
10
10
*10
1212
1,100 Kresge Dept Stores____NO Par
10 Nov 12 23 Jan 2
1812 Jan
274 Bet
*63
65
*63
65
*63
65
Preferred
100 62 Nov 4 76 Sept 17
5114 Feb 76 Aug
6378 68
*60
64
*60
64
300 Kress Co
14
par
Nov
5314
No
114
Jan
5
87
Feb
12434 Not
2438 2538 2438 2514 2412 2534
89,000 Kreuger & Toll
2218 Nov 13 4032 Mar 6
3'21
/
4 Dec £034 Oct
55
5734 5038 543•
5078
4 49
31,600 Kroger Grocery & Bkg_No par 3814 Nov 13 12212 Jan 3
7314 Afar 1824 Nov
*2212 2278 2214 2214 2114 2238
700 Lago 011 dr Tranaport_No par
1812 Nov 12 3838June 17
27/
1
4 Feb 894 Apr
10218 10438 9814 102
9818 10038
14,700 Lambert Co
No par 8018 Nov 13 1571
/
4 Mi.r 19
7912 Jan 1361
/
4 Nov
638 634
638 7
7
7
2,000 Lee Rubber & Tire_
No par
6 Oct 211 25 Jan 14
174 Jan 264 Oaf
41
4214 40
4134 39
3978
3,900 Lehigh Portland Cement__ 50 30 Nov 14 65 Feb 6
4214 June 584 Noy
10212 10212
10212 10212 103 103
1,100 Preferred 7%
100 100 Nov 7 11034May 9 10614 Dec 110/
1
4 May
17
1618
1718
1612 17
16
5,300 Lehigh Valley Coal _ _ _.No par 10 Oct 30 32 Oct 2
38
3712 3712 *37,2 38
38
200 Preferred
50 344 Mar 27 4414 July 17
34
34
3478 36
33
3314
3,400 Lehn & Fink
NO Par 28 Nov 13 6812 Feb 4
88
Jan 647k Oo
88
0012 88
*90
87
89
600 Liggett & Myers Tobacco__ _25 8014 Nov 14 106 Oct 18
884 June 12213 Joe
89
89
9234 88
8012 91
4,500 Series II
Nov 14 10614 Oct 13
80
25
8014
June
12318 Jan
13512 136
13512 13512 13512 13612
1,100 Preferred
100 125 July 29 13712 Mar 1 184 Aug 147
Apt
3578 3614 35
3578 35
35
1,100 Lima Locom Works_No par 30 Nov 14 5734Jub,18
88 July 8578 May
*41
42 I *41
40
42
41
,200 Link Belt Co
par 373eNov 15 81 Fob 14
5414 5514 54
55
54
5578
3,300 Liquid Carbonic
40 Oct 29 11378 Jan 3
1241k NO
Feb631*
4818 4938 4634 4812 45
48
5,900 Loew's Incorporated
32 Oct 30 8412 Feb 27
N
N000 rpar
a
494 June 77 May
434 478
434 5 I
412 478
4,600 Loft Incorporated
par
4 Oct 30 1112 Apr 1
514 Feb
191
/
4 Aug
15
15
1434 1434, 15
15
300 Long Bell Lumber A
Nov
1212
8 324 Jan 5
N nar
26
Jan 8514 Fab
5034 5338 50
52
5112 50
7,000 Loose-Wiles Biscuit
25 3918 Nov 13 8778 Sept 7
4414 June 8834 Sept
*11712 119 *11812 119 I 11958 11958
10 let preferred
100 11534June 20 12112 Apr 2 11712 Aug 125 May
1712 1878 1714 1838 1718 1858
16.500 Lorillard
25 1414 Oct 29 3112May 17
2834 June 4678 Apr
*80
83
83
83
100 Preferred
*8018 85
100 67 Nov 13 9914 Oct 14
864 Dec 114 Mar
934 10
934 10
7,300 Louistana Oil
912 934
No par
7 Oct 29 18 Jan 9
9/
1984 Apo
1
4 Feb
85
85
*85
86
*80
100 Preferred
85
100 80 Nov 14 100/
1
4 Feb 21
78 July 96
Ant
37
40
36
3912 136
69,200 Louisville0& El A----No par 28 Oct 29 72538e111 12
38
28 Feb 41 May
2912 31
2912 3012 2912 30
7,200 Ludlum Steel
22 Nov 13 10872July 8
*7912 90
*7812 90
*78
Preferred
90
76 Nov 13 118 June 1
..._.
3212 10
33
7:8
4
34 .33
500 MacAndrews & Forbee_N
34
NNO
oo p
pPaa
arr 3014 Oct 29 46 Jan 4
44 Aug 614 -Ip•
Preferred
107,4 *-___ 107,4
100 104 Jan 8 10714 Apr 19 106
Oct 110 Nov
6912 7218 68
71
10,100 Mack Trucke,Inc
6712 71
No par 5518 Nov 13 11434 Feb 5
83 Apr 110 Nov
148 151
148 150
148 148
2,700 Macy Co
No par 110 Nov 13 25512Sept 8 9134 Aug 382 Aug
13
13i4
13
1212 13
13
5.200 Madison Sq Garden_ _.No par
1112 Nov 13 24 Feb 28
1814 Dec SA May
4514 5014 4518 4618 46
47,2
6.500 Magma Copper
No par 35 Nov 13 8212 Mai 21
43/
1
4 Feb 75 Not
•Bid and asked prime; no gams on this day
a Ex-div. 1 additional oh. for each till. held. S Ex-div. 75% in stook. x Ex-dlv. I Shillings.
y Ex-r ghte.
3445
New York Stock Record-Continued-Page 6
preceding
Poll de* during the week of alio 'Ire not recorded hero. see sixth page
PER CENT.
NIGH AND LOW SALE PRICES-PER SHARE, NOT
Friday,
Wednesday, Thursday,
Tuesday,
Monday,
figlurday,
Nov. 29.
Nov. 28.
Nov. 27.
Nov. 26.
Nov. 25.
Nits. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
P511 SHARI
Range Mace Jail. 1.
Om baits of 100-411are lois
Ream
I
LOWS;
PBR SHARI
Limo.for Prsegost
Year 1928
Lowest
Molest
per ober
per sear. $ per .8,8 $ Per share
Indus. & Sfiscel.(Cm) Par
Per share $ per share $ per share $ per share Shares Mallison (H R)&
Jan 384 Not
16
per share 5 Per share
6 Nov 111 3938 Jan 15
par
1,300
1014 1014 19% 10
Om
10
1014
8718 Jan 110
76 Nov 211 1)54 jan 18
104'
Preferred
85
85 •76
al
85
21 Nov
Jaa
*76
•76
6% Nov 13 25 Jan 14
101
50 Manatl Suaar
734 734
734 734
Jan
40 Nov 88
734
*2
20 Nov 13 5012 Jan 10
Preferred
800
20
•1012 19% 20
21
32 June 4011 Jae
20
14 Oct 30 3838 Mar 9
No par
1,100 Mandel Bros
1934 20
1934 20
4 Jun.
1
1958
2812 Sept 65/
•16
107a Nov 8 378 Jai. 14
1,900 Manh Elec Supply__ _No pal
2212
224 21
21
31% Feb 43 May
Jan 4
2112 23
353*
141
N.rv
194
25
Shirt
Manhattan
2,200,
21
20
Al)/
2512
Feb
21
1212
2014 21
21
18
Apr
1811
4
Nov
10
Maracaibo 011 Expl____No par
10
10
Feb 4952 NOV
33
•-___ 10
3318May 311 4718 Jan 3
No par
Marland 011
83 Not
Mar
20
4514
8972May
29
Oct
30
par
No
550 Marlin-Rockwell
411y 42
Dec 85 Des
77
428 4215 ;iti"
19 NJ.' 13 104 May PI
No par
1.500 Marmon Motor Car
25
2318 2634 23
1218 Mar 25% June
27
27
212 N.),- 14 18 Jan 3
No par
900 Martin-Parry Cory
3%
3
318
190 Des
June
27
Feb
1173*
218
29
Oct
34 314
29
4,500 Mathleson Alkali WorksNo
Apt
4018 3714 39%
Jan' 130
115
39
4012 39
100 120 Jab 281 125 Jae
10 Preferred
11312 Not
123 123 *123 124% •123 12458
July!
75
10
Jan
1084
13
Nav
46
25
Stores
Dept
6,700 May
57
Not
am,
Augl
2
8
174
Aug
133
5834 6012 5534 5914 57
294
29
Oct
No par
1,400 Maytag Co
1613 16% •1614 1634
4018 Augi 53 May
16
1678
NO pa' 2914 Nov 20 494 July Si
Preferred
700
30
2914 2912 30
30
8912 Dec 101 Mal
30
No pa, 7512 Xlv 20 9018 Jan 10
300 Prior Preferred
7512 7512 7612 7612
Feb 80 Del
76
56
76
1',
0,1
No par 73 Nov 13 108
McCall Coro
78% 80 •7812 80
*75
79 .
77 Feb 109% Not
8412 Nov 22 113% Feb 5
fuir
No
A
class
Stores
McCrory
140
85
85
86
8012 Mar 1193* Not
*85
86
90
71 Nov 27 1161/ Feb 6
No par
1,100 Class B
79
79
80
80
8014 80
100 8612 Nov 22 120 Feb 7 109 Feb 1184 Not
100 Preferred
_
9812 9812 *9312 100 •9312 100
Oct 28 48 Fen 14
30
par
No
Publica's
WC:raw-Hill
37
033
*33
37
1914 Sept 2-8-1; Mao
*33
37
1212 Nov 4 2312 Jan 5
McIntyre Porcupine Mines_ _5
.
824 June 7838 Not
•1378 1412 *13% 1438 .13% 14
par
54 Nov Is 82 Jan 31
Plate.No
Tin
NicKeeeport
1,000
58
•57
58
5034 Del
4518 Nov
59
5914 *56
21 18 Oct 29 59 Mar 4
1,100 McKeoson & Robbins_No par
32% 3318 *3212 33
34
14 Nov 53% Not
34
40 Oct 29 63 Jet) 19
51
500 Preferred
4614 4614
46
70 Bern
4614 46
6078 Nov
98
30 Nov 7 72 Jan 3
par
No
Shoe
Melville
1,100
33
33
34
33
3314 34
254 July 61 Sera
9 Oct 29 347s Jan 4
No par
Mengel Co(The)
2,600
163
16
8
16%
Dee
274 May
1678 1718
2411
26
164
Feb
600 Metro-Goldwyn Pl.:Aurae p1_27 2112 Oct 29 27 Jau ii
2312
73 Dec
2312 2312 2312 •23
23
44 Jan
9,4 Oct 24 5932
27,000 Mexican Seaboard 011_ _No par
1814
17
83 Der
11158 1914
1714 1878
Jae
2
173
Mar
20
5412
29
Oct
a 20
9,600 Miami Copper
2612 28
28
28
3014 26
,July22
50 Nov 13 1227
par
No
Steel
Michigan
57
59
*52
52
5834 .
*55
254 Feb 6412 Nov
2218 Nov 14 397 Jan 3
No par
7,900 Mld-Cont Petrol
2818 29% 2812 2912 2818 2834
612 Aug 1
1 Nov 12
Middle States Oil Corp new 10
57z May
14 Jan
12
3
3
31
%Nov
2.1.1,
,
It
Certificate/
300
4
uS --1-111
-;i
193 June 2116 Not
600 Midland Steel Prod prat.104 135 Oct 30 321 7,01 27
16014 16014
Jai
27
16014 165
165 165
184 Aug
541 Oa 30 28% Mar 20
pa
No
Rubber
Miller
1,200
618
6
612 613
7572 Des
612 6%
Si', Aug
35 Nov 13 801,Mar 1
3,500 Mohawk Carpet Mille_No pa
42
Des
4214 4012 42
40% 42
1684
Dec
1151
2
Jae
4
4914 Nov 13 15678
162.900 Mont Ward&Coll1CoryNo pa
5718 5958 5512 5858 5518 57
5 Oct 25
112 Oct 31
23,900 Moon Motor Car new. No pa
334
312 414
3% 412
3
42 Oct 29 813* 00 11
No pa
'Morrell 01 & Co
5812
59
*57
*57
60
*57
Ws MAY
335 Aug
112 Oct 29, 64 Mar 4
4.000 Mother Lode Coalltban_No pa
2
18 2
2
17
17
1472 De
5 Mar
124 Jan 81 603/June 21
No pa
1MotIon Picture
I
og
A
3114
Oet
34
241
2,900 Moto Meter Gauge&Eo No Pa
3
612 612 - 638 -1;
94 July 31814 Om
36 Nov 13 208 Mar 1
900 Mote: Products Corp No Pa
5134 5212 4812 5034 50 50
5114 Oct
2512 Jan
21 Nov 13 5518 A ,or 1
No Pa
1,400, Motor Wheel
2612 2712 2614 2678 *2614 2012
June 9514 001
4
Jan
814
24
Oct
6914
10
No pa
5,700 Mullins Mfa Co
1534
1114 1178 12
1218
11
Dec 104% Not
98
5812Nov 27 1024 Jan 11
pa
No
Preferred
820
5812 67
59
60
60
41614 Mar 624 May
No par 38 Nov 12 613.May 4
1.000 MunsIngwear Inc
51
•50
51
483* 50
*50
2112 Feb 1144 Get
147 Nov 13 10070une 17
No pa
20,600 Murray Body.
163* 1734
1638 18
163* 1714
Feb t 12 Not
804
25
Jan
118%
29
Oct
40
pa
No
Co
Motors
Nash
14,400
517
5112 5234 51
537
53
324
74 Jau
13 414.11ily 18
187
1,900 National Acme stamped_ _ _ _10 1458N
18
18
18
1812 1912
29 00.May 24
Oct
13
pa
No
Transport
Air
Nat
1,000
1312
1312
1514
14
1378 15
1
Mar
13
71
Nov
10
pa
No
Hess
Stock
Stock
5,400 Nat Belles
157
1612 153 1'38 15
16
Stock
904 Jan, 1181a De
100 7934 Oct 30 115 Jan 3
Preferred
7712
7712 •59
7712 057
*57
2. 140 Nov 13 23834 oct 10 15911 JUIY 11151.4 No
Exchange Exchange
8,700 National Biscuit
177 18312 178 182
Exchange 18112 188
AD,
Feb 150
1371g
8
146
oct
15
Aug
140
100
Preferred
200
142 142
141 141
•14012 141
4714 Jan 1043* Der
Nov 13 l45s Mar 20
Closed
Closed
23.800 Nat Cash Register A wINer par 59
7534 80% 754 793* 7534 79
Closed
27
tog
864
29,
Oct
36
par
No
23,400 Nat Dairy Prod
50% 5134
50% 523* 5012 52
324 Om
217z Jan
21114 Nov 14' 3734 Mar 5
Extra
500 Nat Department Store, No Pa
214 2212 Thanks.
2334 2314 *2212 237
Extra
Jan 102 May
91
100 90 Oct 31 96 June 8
let preferred
91
210
90
00
9212 00
•90
5812 Jab
June
2914
17
June
58
29
Oct
15
pa
giving
Holiday
14,300 Nat Distill Prod ctfe___No
38
344 354
35
3412 357
Holiday
514 June, 713* Jan
674 Feb 7/ 11052 Aug 23
Preferred temp ctfs__NO Pa
Marl 87tz Not
234
9
Jan
624
15
Nov
2614
.100
Stamping_...
Day
400 Nat Enarn &
28'z -Za" 28 ;27- -33
28
Jas
100 12914 Nov 12 210 (It 15 1 116 July 136
500 National Lead
114614 14614 140 14314 140 140
Jan 14714 Mal
100 138 Nov 15 14117 Feb I. 139
90 Preferred A
13912 13912 13912 13912 2138 138
24 11012 Mar 122 Julp
Ayr
1233*
is
Oct
115
100
B
Preferred
130
116 116
116 116
116 116
2172 Jan
4658 Dee
No par 23 Nov 13, ,13. Aug 20
17,100 National Pr & Lt
31
3134
31
317
3118 33
14 July 4038 Jag
2 Oct 241 17 Jan ill
,Vs par
400 National Radiator
312 338
312 312
.312 37g
Jan
984
36
Dec
29
Jan
41
30'
Oct
6
par
_ No
300 Preferred
7
6
.612 738 *612 74
644 June 146 Dee
50 9812 Nov 14 144 Jan 2
I National Supply
*109 112 .10518 112 .105 110
1 1383* Dec 150 Not
Feb
155
14
Nov
80
50
Surety
1,100 National
85
8812 8734 8734 85
87
Jan 390 De.
No p...r 314 Nov 13 3138 Mar 1 0180
5,300 National Tea Co
411g 3014 3913
40
4038 417
We Dee
173* Jan
Nov 13 62% Mar 21
40,400 Nevada ConsolCoPIler_No par 2314
2714 3112 2712 2934 2838 3034
26
Sept
103
43
28
Mar
51
600 Newport Co class A
6014
5912 6012 •58
59
59
par 3514 Nov 13, 113 .1,11y IS
No
Steel
Newton
400
48
.47
1
48
48
48
48
11971 Oct 504 Not
No par 3512 Oct 30 493 Mar 4
3.800 H Y Air Brake
4234' 4214 43
41
40
40
47 Aug 3414 Jan
100 33 Nov 13 583* Feb 2
700:New York Dock
3618 3612
39
*36
37
37
Jan
85 Sept 35
8234 .1,ily 29 90 Ayr 10
100
Preferred
90
.86
90
*86
90
086
984 Oct 10512 May
3312 Nov 13 103 Jan 10
300' NY Steam pref (6)___-No Pa
98
96
06
Apr
957 9578 95
116
Jan
102
30
Aug
115
No pa 107 Nov 15
1st preferred (7)
•10814 110 *10814 110 *10814 110
5852 Jan 97 Not
6612 Nov 13 18634elept 3
28,400 North American C0 _No pa
89%
9238 871s 9012 87
88
5638
May
51
Scot
9
Ian
1
,
54
14
Nov
48
50
300 Preferred.
5114 5114 *5114 52 .51 1 4 52
993* Oct 10572 Pet
98 Nov 14 103% Ian 15
600 No Amer Edison timer _No pa
10034 10078 10012 10012 1005 10038
513% June 6912 Nor
454 Oct 30 641, Jan 12
46
500 North German Lloyd
464 46
46
4678 47
Oct 55 May
48
18
Mar
50
43
30 Northwestern Telegraph_50 41 Oct 26
43
43
4512 4512 43
212 Mar
74 SeC11
64 Feb 4
21
0.3
1
4
3
Rubber_
&
T're
Norwalk
118
700
14
114
114
114
D4
13 Mat
6to Dec
8 Feb 8
5 July 29
6
'Shuman) Co (The)___No pa
*4
6
*4
6
*4
Ja
41
June
204
3
Jan
32
15
Nov
12
.2
12
1,600 011 Well Supply
1214 .11
1234 12
12
97 June 11012 Ja.
100 92 May 31 1064 Jan 16
94
I Preferred
•-___ 95 •____ 94
25
Apr
6412
29
Oct
8
2,900 Oliver Farm Equip_ _ __No Pa
1414 1514 14
1412
1414 147
17 Oct 29 6932 Apr 25
2,600 Cony parttelpating _ _No pa
2912 3178
3178 2918 31
31
70 Nov 13 9912May '2
No pa
700 Preferred A.
2 7112
7012 7112
73
73
0
-6Z.Feb 28
212 ()et 241
37
2,650 Omnibus Corp..... __No pa
338
31s 34
34
334
834 Dec 9912 Jam
Nov 14 90 Feb 38
65
IGO
A
1
Preferred
80
.06
1
80
*66
80
*66
884 Jas
Aug
AN
13
Apr
844
13'
Nov
50
pa
524 5212
200 Oppenhelm Collins & CoNo
*5312 56
54
54
76 May 104 Not
.100 5018 Det 251 9534 fa° 2
6114
190 Orpheurn Circuit. Inc pref.
58
61
63 .60
61
14718 Feb 2854 Des
II
Oct
450
13,
Nov
195
50
Elevator
Otis
1,400
238 239 2231 231
23812 244
100 118% Oct 81 125 Jan 24 11314 Jan 1265. July
210, Preferred
120 121 1 119 119
120 120
404 Not
1012 Jan
No par 2214 Nov 13 55 Oct 8
324
2,100 Otis Steel
3432 3112 33 1 32
33
824 Jan 103 Not
100 8934 Nov 13 108 Feb 20
400 Prior preferred
8934 8934 *3934 90
8034 91
16
24
t
6
p
i
Ne
se
2
14
8.
9
43 Nov 13 :
54
2,200 Owen,- Illinois Glaris Co ____2
54 1 53
5578 54
54
6312 Feb 584 Not
25 42 Nov 13
5512' 53
6.200 Pacific Gas & Elea
5413
5312 5634 53
63 Dee 815% Juno
No par 584 Nov 13 14612Sept 27
73
74 1 71
6,900 Pacific I.tg Corp
7518 71
72
Oct 3512 Not
25
Apr 17
87
14
Nov
1712
0
100
5111.2
22
Pacific
10
2412
2312
2412
2412
*22
314 AP/
1 Sept
10
Jan
Pt
30
Oct
8
7
8
3
8
7
I
1
No par
78
78
78
2,200 Pacific 011
169 Des
June
165
25
100 131 Nov 13 220 July
Pacific Telep & Teleg
•16014 160 *1504 157 *155 157
Oot 1254 Map
114
Oct
16
138
3
Jan
4
1163
100
121
Preferred
.110
0115 122 1•110 121
13 Nov 13 3212sept 9
78,400 Packard Motor Car_ .._ No par
1513 1434 1514
153* 1534, 15
3814 Feb 65,2 Not
28
61
8,500 Pan-Amer Pete & Trans__50 4014 Feb 18 69 Aug
6218 62121 6134 6212 61
373* Feb 58% Not
Aug 28
ao 4012 Feb 10 6914
6158
19,600 Class IL
6278 6138 6212 60
62
28% Apt
1612 July
3
Jan
1712
9
On
1278
_
Pan-Am West Petrol B_No par
1111 Feb 21% May
3 Nov 7 1514 Jan 3
1,500 Panhandle Prod & ref __No par
_5- --538
4%
5
5
Feb
1064
70
16
Jan
May
76
26
Feb
474
100
52%
Preferred
200
50 •50
50
*5012 52
4714 Oct 56; Des
Oct 15
4818 50
33,900 Paramount Lam Lasky _No par 35 Oct 29 7512
4858 5034 487 50
7k Jan 14
34 Mar 98 Nov
87
30
Oct
par
23
No
TlIford
25
&
Park
25
700
2812
2812 •28
27
144 Jag
9 Aug
31. Oct 30
134 Feb 28
37
2,500 Park Utah C
334 3%
334
334 4 1
15 Not
2 Feb
ICI Jan 9
34 Nov 13
No par
44 438
5.500 Paths Ezchauge
44 438
43* 412
26 Ana
Feb
812
9
Jan
30
29
Oct
5
par
No
1.700 Class A
7% 7%
712 311
8
812
API
42
Jan
2372
4
Mar
47%
4,600 Patton Mines & Enterpr____20 24% Oct 29
3112 3114 3218
31
313
31
1418 Sept 35% Mat
ao 518 Oct 29 224 Jan 11
678 7
1.300 Peerless Motor Car
67
67
678 678
414 Oct
Jan
223*
17
Sept
6078
13
Nov
par
22
No
4,000 Penick & Ford
2838 2812 29
31 I 27
30
Oct 115 Mar
100 Apr 2 110 Jan 9 103
104 104
100 Preferred
104 104 ,.104 105
144 Jaz
8 Aug
14 Sept 10
ao 54 Nov 12 27
912
•9
9
200 Penn Coal A Coke
9
912
*9
31 May
July
5
Jan
143*
13
Nov
par
312
9
9
13,900 Penn-DWG Cernent___No
838 10%, 878 978
75 Sept 98% Apt
Nov 15 94 Jan 22
2018
100
Preferred
42
4112
800
4514
1
43
40
4038
404 Aug 5 15144 Jan 217 Not
200 People's0 1,&0(Chle)_ _.100 208 Jan 11 451s Jan 3
239 240 ,•230 245 •215 240
4118 Dec 6614 Des
No par 20 Nov 13
1,200 Pet Milk
2012 20%
2014 21
2012 203
797sMay 10
13
Nov
31
25
Corp
Dodge
Phelps
10,400
3818 3912
40
434 384 40
-Mar
ia; gay
145
10
Oct
286
17
1674
Apr
Philadelphia Co (Pittsb)-50
•175 185 .3,150 175 •160 180
454 Mar 49
Ault
60 47% Aug 9 61 May 20
5% preferred
47
.30
47
47
•_
Oct 57 Mao
613*
18
Mar
64
19
Nov
4712
60
300 8% preferred
LoTs 54:02 so% 503 •50% 51
elm sad asked prices; no sales on this day, a ExmlIvIdend and ex-rtghse
s Ex-dividend.
3446
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh
page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday,
Nov. 23.
Monday,
Nov. 2.,
Tuesday,
Nov. 26.
IVednesday, Thursday,
Nov. 27.
Nos. 28.
$ Per share $ per share $ 9.r share
per share $ Per share
14
15181 1334 1414 1314 14
10
1034 1018 1014 *1014 1012
24
2573 24
24
*23
28
70
70
73
73
70
7158
3518 39
3618 3812 3614 38
•1212 16
13
13
*- - 90 *____ 90 *---- 90
1912 1912 1918 1918 1918 1812
*69
70
69
69
68
69
114
138
114
133
114
114
*2712 2812 2812 2812 27
27
258 234
258 234
25/3 234
3434 36
3578 36
3512 3534
4712 4834 47
47
47
4714
6812 6812 *65
657g 64
65,8
10012 102 *10014 11978 "10014 105
*10
2012 *1
21
*15
21
*40
50
*40
50
*40
50
31
3112 30
3078 30
30
.67
70
*66
75
*67
75
1634 17
1578 16
*1512 16
96
96
96
96 .95
98
531 -5318 161
53
56
4 x55
5778 583* 5838 59 x5814 5878
9
95s 1014
934
953 1072
597s 60
*5812 6038 *5812 6038
9
938
9
934
858 9
3212 3212 3214 3212 *32
3212
*37
3712 3712 3712 *37
371
.
781g 8112 77
8078 76
7878
10512 10512 10512 10512 106 106
•118 11918 11812 11912 11912 120
14012 14012 *142 145
145 145
•10512 10712 *106 10738 *106 10712
8014 8112 8014 8034 8018 81
*8
912 *812 9
8,
4 8,
4
2278 2378 23
2338 2234 231s
11034 11078 11034 111
11012 111
7812
77
80
75
7518 7878
3378 3534 3318 35
3258 3414
53
53
53
53
53
53
1678 18
1653 1758 1612 1714
47
48
45
477
4538 4634
88 •__
87
87
90
Ws 534
5.1-8 51
558 534
50
53
*50
53
*50
53
29
3058 2718 2958 2714 29
9134 9234 9134 9134 •9114 9178
*91
9834 *91
9814 •91
98
1112 1178
1112 1178 1112 1134
*3114 3134 ---- _
•103 10512 --*75
80
_
7312 75
7078 -7-31-2 7012 7213
Stock
105 105 *10412 105
104 105
Stock
438 472
434 5
5
5 Exchange
4512 4814 45
4638 4558 4814
Exchange *4612 4718 *4534 46
4514 4514
Closed
2858 2912 283* 2914 285g 29
Closed
1978 2114 1012 2034 19
1958 Thanks43
43
*43
45
45
45
Extra
38
39 i 3758 39
37
giving
371s
I
3312
Holiday *105
____ •105
*105
Day
5258 55381 5273 5414 5212 63,4
4912 5034 47
4918 4714 4818
118 1227g 11858 125
119 12034
9434 9434 9412 95
9478 9512
10418 10418 105 105
105 10514
2712 277s 26
26
25
2512
8
818
8
818
6612 6612 69
6978 6712 6712
1114 1114 *11
1112 11
1112
9612 987e 9312 9734 93
9478
234 3
212 258
212 234
36
3714 37
4034 37
3814
2118 25
2438 2612 24
2418
2312 2414 2278 24
231
. 24
1514 16
13
1318
1538 12
7914 F 334 77
8238 7614 8114
2278 2312 2218 2338 x2318 2318
27
2734 2638 3758 2618 27
10612 10712 107 107
107 10734
3318 34
33
3378
3312 33
32
32
*32
40 •32
40
6618 6618 .63
67
*6412 67
5
5
5
5
•434 518
1812 184
1814 1814 1812 1812
2814 29,4 2712 2812 28
2814
553s 58
5
56
55
5638
•15
30
•15
30
*15
30
*412 512 *4
512 *4
512
3514 3514 3478 3512 3412 3434
•110 113 *110 113 *110 11112
2218 2212 22
227g 2278 2434
*90
94
*00
94
*9212 94
1738 1932
1812 1938 1838 1834
412 412
4
4
414 412
•72
73
72
72
72
72
23
24
23
23
23
23
22
2258 22
23
2112 2178
41
41
41
41
4012 4012
45
3934 44
45
40
4018
9
9
9
9
878 9
10412 11212 10514 11438 107 11078
6318 6378 6312 65
6414 65
*1214 13
1214 13
1114 12
6118 64
61
6238 6118 62,2
63
6538 63
65'4 6212 64
3518 3578 3518 35$4 35
3512
*212 278 *212 234
212 212
*612 7
6
7
6
6
*3258 3412 *323* 3413 *34
34,2
4278 4312 4112 43
41 18 4218
88
8978 5314 8812 82
8412
45
4812 4334 4512 4134 4514
11512 11512 119 119 *11514 120
78
1
1
78
1
1
16212 621i 5612 60
59
6134
•10212 103
10278 10272 "10212 103
818 834
734 8
z
•18
20
1714 1878 17
1718
871 878
814 814 *9
10
*312 5
*312 412 *334 412
8
9
812 812 "8
812
1512 1512
1514 1512 1512 1512
1112 1212
1112 1134 x1134 1214
551: 5678 5518 56314 5478 56
5618 57
5514 5612 551 4 5734
1134 1-'4
114 1172 1112 1178
832 932
Vs 9
812 852
Bid and asked prices, no sales on Ills day
s Hs-dividend
Friday,
Nov. 29.
Sales
for
the
Wee/C.
STOCKS
NEW YORK STOCK
EXCHANGE
PR SHARI,
Range Since Jan. 1
On basis of 100-share loll
Pall SEARS
Rasps for Prertsus
Year 1928
Lowell
Lowell
Highest
Shares Indus. & MIscell. (Cow.) Pat $ Per liars
8 per 'hare $ Per liars 5 per share
5,300 Phila & Read 0& I___-No Par
918 Nov 13 34 Jan 8
2718 June 3914 Jan
3,000 Philip Morris & Co., Ltd_ 10
534 Oct 30 234 Feb 26
15 Mar 2511 May
400 Phillips Jones Corp----No par
1912 Nov 14 73 May 17
38
Apr 54 Aug
360 Phillips Jones peel
100 65 Nov 13 106 May 1
85
Apr 99 May
67,900 Phillips Petroleum-__No par 2414 Nov 13 47 Jan 3
3514 Feb 5378 Nov
300 Phoenix Hosiery
1038 Oct 25 374 Jan 22
21
Oct 38 May
Preferred
100 914 Aug 21 100 Jan 6
94 Dec 10314 Feb
400 Pierce-Arrow Class A__No-par
18 Nov 13 374 Jan 9
1813 Oct 3078 Dec
700 Preferred
100 68 Nov 27 874June 7
6813 Oct 7478 Dec
1,400 Pierce 011 Corporation
25
1 Oct 29
338 Mar 18
4 Mar
514 Apr
200 Preferred
1(10 20 Oct 31 514 Mar 18
1614 Feb 30
Oct
1,800 Pierce Petram
12
No par
Oct 29
571 Jan 15
811
Feb
65
8 Apr
2,900 Pillsbury Flour MIlls-No Par 30 Oct 28 637s Jan 15
324 Feb 5878 Dee
1,400 Pirelli Co of Italy
4314 Oct 29 68 Aug 1
1,600 Pittsburgh Coal of Pa
100 54 Nov 13 8334 Jan 9
86's June 781* De;
900 Preferred
106 8312June
110 Oct 18
81 May 1004 Dee
Pitts Terminal Coal
100 20 June 10 3438 Jan 9
26 Feb 38 Dee
Preferred
100 52 Nov 12 7814 Jan 9
6318 Oct 82 Mar
1,500 Poor & Co class B
No var
20 Nov 13 4374 Aug 1
Porto Rican-Am Tob Cl A_100 51 Nov 13 9534 Mar 15
534 July 854 Din
800 Class 13
No Par
8 Nov 14 6034 Jan 2
234 Aug
5171 Del
300 Postal Tel dr Cable prat_ _100 93 Nov 15 105 Jan 31 1004
Aug 106 Sent
Postum Co, Ina
No par 624 Mar 28 8134May 3
614
July 13612 May
12,500 Prairie 011 & Gas
26 404 Oct 30 654 Jan 2
5912 Dec 64% Deg
5,300 Prairie Pipe & Line
25 45 Oct 29 65 Aug 23
6,700 Pressed Steel Car
No par
618 Nov 13 2538 Mar 22
18 June 334 CIS
200 Preferred
100 57 Nov 14 81 Mar 27
70 Aug
9312 Gel
2,400 Producers & Refiners Corp 50
4 Oct 24 2572 Jan 3
16 Feb
2972 Not
640 Preferred
50 2512 Nov 13 464 Mar 21
41 Feb
42% June
20'Pro-phy-lact-tic Brush _NO Par 35 Oct 30 824 Jan 14
52
Nor
91
Feb
36,900 Pub Set Corp of N J__NO Dar 54 Nov 13 13734Sept 23
4113 Jan
8312
900 6% preferred
_100 98 Nov 13 10818 Feb 5 1064 Jan 1115 Del
May
500 7% preferred
100 105 Nov 13 124% Jan 3 117
Oct 12912 May
400 8% preferred
100 1394 Nov 13 151 Sept 4 134
Pub Serv Elec & Gas pre!_100 10412 Nov 14 1094 Jan 28 10612 Jan 150 May
Dec 11012 Apt
7,100 Pullman, Inc
No Da
73 Nov 13 9914Sept 30
777s Oct 94 May
100 Punta Alegre Sugar
50
818 Nov 19 2112July 24
174 Dec 34% las
10,400 Pure 011 (The)
25 20 Nov 13 304May 9
19 Feb
314 No1
550 8% preferred
100 108 Nov 8 116 Feb 25 108 Mar 119 June
8,700 Purity Bakeries
55 Oct 29 1484 Aug 20
75 June 1394 Oaf
151,300 Radio Corp of Amer___No par 26 Oct 29 11414Sept 12
2,700 Preferred
50 50 Nov 6 57 Jan 3
5413 Jan 60 MO
29,700 Radio Keith-Ory al A_No Par 12 Oct 29 4673 Jan
34l4 Dec 51% No,
3,600 Real Silk Hosiery
10 364 Nov 13 8438 Mar 4
244 Jan 604 Dee
90 Preferred
100 87 Nov 22 10212 Feb 8
804 July 9712 Del
1,600 Rela (Robt) & Co
44 Nov 13 164 Feb 1
No par
6% Feb
15 Del
400 First preferred
100 50 Nov 4 10812 Feb 6
61% Feb 8912 Del
23,000 Remington-Rand
No par 2038 Nov 13 574 Oct 14
23% Jan
Bah May
1,000 First preferred
100 81 Nov 14 9612 Oct 15
874 Dec 98 AIM
Second preferred
100 93 Mar 20 101 Apr 15
884 Oct 100
Jae
4,700 Reo Motor Car
10 1018 Oct 29 314 Jan 3
22% Jan
3514 Oct
Republic Brass
No par 25 Nov 13 5472May 3
Preferred
100 103 Nov 11 107 June 5
Class A
No par 75 Nov 13 111 May 6
- - --Stock
4,100 Republic Iron & Steel__ - _100 6214 Nov 13 14614 Sept 20
Atilt' June 94% NOV
500 Preferred.
100 10334 Nov 14 01512 Feb 27 102 June 112 Fell
Exchange
2,000 Reynolds Spring
358 Nov 14 124 Jan 16
No Par
814 Feb
1474 June
71.600 Reynolds (RI) Top clans 13.10 39 Nov 14 66 Jan 11
Closed
200 Rhine Westphalia Elea Pow.. _ 4514 Nov 27 64 Jan 2
50
Oct
51
DU
6,600 Richfield 011 of California...25 244 Oct 30 494 Jan 3
2313 Feb 56 Not
Extra
23,000 Rio Grande Oil
No Par 15 Oct 24 4212 Mar 28
800 Ritter Dental Mfg
No par 40 Nov 14 70 June 29
Holiday
2,300 Roesta Insurance Co
10 28 Nov 13 96 May 9
Royal Baking Powder__No Par 26 Nov 12 4312Sept 9
40 Deo 493* Dcl
Preferred
100 05 June 12 1147
,Sept 16 10411 Dec 10613 Dee
21,000 Royal Dutch Co(N Y Oates)
434 Oct 29 64 Sept 16
445s Jan
OA
OM
5,000 St Joseph Lead
10 3812 Nov 13 94 Jan 21
37 Mar 7113Del
12,600 Safeway Stores
No Par 9018 Nov 14 19514 Jan 4 171 Dec 20144 Dee
1.090 Preferred (6)
100 85 Oct 29 101 Sept 17
95 Dec 97 Del
330 Preferred (7)
100 100 Oct 28 108 Jan 18 106% Dec 10613 Del
,Savage Arms Corp_.„NO Par 2012 Nov 14 5172 Jan 24
364 Dec 81 De,
6,700 Scbulte Retell Stores_No par
30
Oct
8
41% Jan 8
354 Dec 674 Apt
60 Preferred
100 65 Nov 13 11812 Jan 2 115 Dec 129
API
400 Seagrave Corp
No par 1018 Oct 29 2214 Apr 12
10 Feb
1711 Junt
19,900 Sears, Roebuck & Co No par 80 Nov 13 181 Jan 2
8218
Jan
1974
NO!
3,700 Seneca Copper
No par
2 Nov 13 1012 Mar 20
2
Jan
713 001
16,000 Shattuck (F 0)
No Dar 2518 Oct 29 194 Aug 30
8012 Feb 14014 GO
4,100;Sharon Steel Hoop
No Par 20 Nov 15 53'* July 1
10,000 Shell Union 011_ _ _ .._ _ _No par 19 Oct 29 314 Apr
2
234 -1-/St-t 519-4 WO;
3,200 Shubert Theatre Corp_No Par 12 Nov 27 744 Jan 24
544 June 854 Nes
32,300.Simmons Co
No par 5912 Nov 13 188 Sept 26
55% June 101% NO7
5,100 Simms Petrolem
10 15 Nov 13 404 Aug 17
1818 Feb 274 Nos
63,900 Sinclair Cone 011 CorP_No Dar 21 Nov 13
45 Jan 2
174 Feb
46% Nov
1,2001 Preferred
100 103 Oct 30 111 Jan 29 1024 Jan 110
Oat
7,800 Skelly 011 Co
25 28 Oct 29 4612Mai 6
25 Feb 424 Nos
100'filoss-Sbeffield Steel & Iron _00 21 Nov 15 126 Jan 19 102 June
134 Feb
100 Preferred
100 6212 Nov 14 112 Jan 18 10413 Oct 123 Mai
400 Snider Packing
No par
318 Nov 13 1614 Feb 5
11 Dec 20
API
500 Preferred
14 Nov 14 841* July 9
No par
31 Nov 60
Jan
3,300 So Porto Rico BUR
No par 234 Nov 13 45 may 13
3212 Feb 491e May
6,300 Southern Calif Ecilmon
25 4518 Nov 13 9314 Sept 30
A312
Jan
564
Nov
Southern Dailies Cl A__No Par 21 Oct 30 504June 14
2412 Jan 6052 Mat
Class B
No par
212 Nov 13 1558 Jan 12
Jan 80
9
Apr
1,100 Spalding Bros
No par 30 Nov 13 6312May 6
Spalding Bros 1st pref
100 107 Nov 6 117 Feb 6 1011
Jan 120
Api
3,100 Spans Chalfant&Co IneNo par
15 Oct 29 5214 Jan 3
26 July 57% Dell
Preferred
100
Mar 19 98 Oct 15
97
Oct 100 Au,
15,500 Sparks Withington __ __No par 89
1318 Nov 13 73 Aug 22
330 Spear & Co
No par
Oct
2
4
20
Feb
143
4
Nov
16- Irei
200 Preferred
100 70 Aug '23 8012 Jan
7614 Nov 92% FM
600 Spencer Kellogg At Sons No par 20 Nov 13 45
Aug
20
4,900 Spicer Mfg Co
No par 21 Nov 14 66% Mar 1
-2111 -.Wu; 11-% 15-ei
400 Preferred A
No par 38 Nov 15 5578 Mar 1
1,690 Spiegel-May-Stern
Co_No Par 3934 Nov 26 11778 Feb 6
653, Sept 91 Noi
700 Stand Comm Tobacco.No par
8 Sept 23 43% Jan 11
24
Oct 6014 Noe
43,400 Standard Gas & El Co.
No Par 7312 Nov 13 2434Sept 27
574 Jan 54% Dee
2,600 Preferred
&I 5812 Nov 14 67 Feb 4
644 Dec 714 may
Standard Milling. _____. 100 1024 Aug 16 16314 Jan 18 100
Jan 142% Dm
1,100 Stand Investing Corp_
10 Nov 15 48 Sept ID
Par
21,700 Standard 01101 Cs_____NO
No par
83 Feb 80 - No
96,700 Standard 011 of New Jersey.25 514 Oct 29 817sMay 6
68 Feb 16 83 Sept 16
8744 Feb 69% Nor
15,000 Standard 011ef New York _25 3184 Nov 13 4818
Sept 12
284 Feb
itils Des
300 Stand Plate Glass CoNo par
134 Nov 13
21
Jan
64
214 Jan
74 Feb
180 Preferred
100
4 Oct 30 31 Jan 18
10
Jan
40
Feb
Starrett Co (The I. S)__No par 3018 Oct 29 4778 Oct 17
4,400 Stewart-Warn Hp Cory
10 30 Oct 29 77 May 10
8,500 Stone Ar Webeter
No par 64 Nov 13 20112
37,500 Studeb'r Corp (The___No par 384 Nov 13 98 Aug 30
Jan 26
37
Jan 874 Oct
120 Preferred
100 115 Nov 20 126 June 25 1211s Feb 127 June
1.100 Submarine Boat
No par
412 M ar 14
38 Oct 29
3 Feb
614 Mai
1,200 Sun Oil
No par 554 Nov 14 863s Oct 16
311k Jan
77 Not
10 Preferred
100 100 Jan 3 1051t Jan 8 100
Jan
110
Apr
9,600 Superior Oil new
No par 514 Nov 13 24 Aug 20
700 Superior Steel
100 15 Nov 7 73% Apr 9
18
Jan
5(17
, NoT
200 Sweets Co of America
50
518 Nov 13 224 Apr 11
115* Feb 234 8030
Symington
No par
24 Nov 20
9 May 2
Aug
7 May
2,000 Class A
No par
Nov 15 194May 2
614
10
Aug
193* AP,
1,600 Telautograph Corp_.No par
15 Nov 14 254 Mar 28
1614 Jan
225* Mc?
5,400 Tenn Copp At ChemNo par
912Nov 13 204 Apr 29
1012 Jan
197 Di,
20,300 Texas Corporation
25 60 Nov 13 717sSept 12
50
Feb 724 Nor
33,400 T3183 Gulf Sulphur_ _ _No par 4212 Nov 13 8514 Apr 18
624 June 8212 Nos
7.300 Texas Pacific Coal & (311
10
9l2Nov 13 2371 Mar 21
1218 Mar 264 Not
7,800 Texas Pao Land Trust
1
614 Oct 30 2411 Jan 17
20 June
AO% Mil
per share
Es-r Was
Ex-div. 200% In Common
3447
New York Stock Record-Concludea-Page 8
For sales doting the week of stocks not recorded here, see eighth page preceding.
NIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 23.
Monday,
Nov. 25.
Tuesday,
Nov. 26.
Wednesday, Thursday,
Nov. 28.
Nov. 27.
Friday,
Nov. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PIM dli ARS
gauge Macs Jim 1.
011 nags of 100-skere lots
Lowest
kligheal
PER &HAIM
&Enosfor Prestos,
Year 1928
L men
MOW
$ per share $ per share II per sitars 1 Per IWO
Jan 8912 May
22
164 Mar 14 35 Sept 10
Oct 884 Juni
66
35 Mar 9 4978Scpt 4
Jan 621k Des
34
2912 Nov 12 5172 Jan lb
102 Nov 7 11014 Oct 9 104% Jan 114% Ott
564 Jut'. 71% June
30 Oct 30 62 Jan 12
25 Sept
102 Fe
10 Nov 13 3312J00e 7
"72 Mar 91% Det
7418 Nov 14 9072 Aug 2
408 Mar 611* Des
14 Nov 13 40 June 7
86% July 10012 Doe
8518 Nov 14 974 Jan 17
1112 Oct 30 3432Sept 24
5812Nov 13 160 Jan 7 1-1-24 ,Ifir I-66- No,
3 Oct 29 2218 Mar 18
--- ---5,4 Nov 13 2238 Mar 18 .....
134 Oct 30 16 July 10
412 Nov 12 19 Aug 22
19 -Dee -23 Aug
6 Oct 25 194 Jan It
Ws NOV
4 June
6,
518 Oct 29 1614 Aug 28
4 Dec 693* Fe)
441
ls,
Apr
534
19
1712 Nov
824 June 447a Seel
31 Nov 12 63 July 31
14 Nov 7 3178 Jan 23
5514 Nov 6378 DIN
3018 Nov 13 614 Jan 3
03 June 9378 nett
82 Nov 13 18114 Oct 10
Apr
125 Jan 6 125 Jan 5 119 Mar 125
80 Dec 694 Fe)
7 Nov 13 43 Jan 14
59 Nov 13 140 Sept 10
58 Nov
624 -Feb
4218 Nov 13 57 Sept 30
Oct 12814 May
12172 Jan 15 16334Sept 11 110
---- ------31 Nov 13 162 May 1
4478 Nov 14 1091/May 1
-lit, Apr -57 0-et
3334 Nov 13 60 Oct 10
Oat
11412June II 136 Oct 2 11214 Mar 136
2272 Aug 34% Fe)
8 Oct 29 2712 Jan 11
4,
1 Apt
31 Nov 25 104 Jan 2 10372 Dee 114,
---- ----19 Nov 13 7612MaY 11
__
4212 Nov 14 4972July 29
,
1012 Nov 20 814 Feb 6 -684 Oct -10,-2 -De
99 Oct 29 15812 Jan 31 13112 June 148 Nov
1612 Dec 2778 Apr
7 Nov 19 2632 Jan 22
4 Nov
1
87/
60% June
2518 Nov 13 8572May 10
Fe)
914 Nov 100
4012 Nov 12 93 Jan 2
1522 June 8678 Orl
3 Oct 2 2214 Jan 2
87% Sept 1061r Dre
58 Oct 30 10012 Jan 9
38 Dec 63 Nov
12 Oct 29 5672 Mar 18
1912 Nov
18 Nov
10 Jan 11
1,5 Oct 24
1914 Del
184 Nov
1814 Nov 27 20 June 18
1312 June 2014 Jan
9 Oct 29 23 Sept 24
Oet 90% Jai
76
7114 Mar 12 97 Sept 24
Jan
6
272 Nov
2 Jae 22 10 Apr 8
Dec 583* Jos
ill
22 Nov 27 4971 Jan 2
001
188
June
10218
11
95 Nov 13 24338 Oct
Jan 61 May
22
5 Nov 13 3512 Jan 14
Apt
72
Jan
52
15 Nov 13 6178 Jan 14
4 Dec 1994 May
8978 Nov 27 107 Feb I 100,
6114 Feb 9314 May
5012 Nov 13 11912 Feb 6
27 June 634 Jai
15 Oct 29 65 Mar 18
65 July 10932 Jan
4018 Nov 14 9212 Jan 10
7113 Not
89% Feb
2978 Oct 29 7278 Mar 20
Jan 68 Des
al
48 Nov 4 58 Jan 3
48ept 3
150 Nov 13 261,
137 Nov 14 14414 Mar 1 1384 Jan 14714 Apr
5512Nov 13 7134 Nov 6
12514 Nov 13 143 May 3 12712 Jan 139 Juni
Jan 273 Del
22478Nov 25 353 Mar 19 139
2812 Feb
We Mae
2418 Nov 13 681/ Aug 5
21
Jan
1312
14
Nov
3
_
10
Jan
100 50 Nov 13 82
Preferred
Jan 11112 Nov
00
374 Nov 13 1164 Feb 8
No pa
6,500 Vanadium Corp
Oat
8
407
Jan
74
6
Sept
42
27
Nov
20
No pa
100 Van Ranee
6378 Jan 78 Nov
100 50 Nov 27 83 Apr 24
550 let preferred
Jan 86 Del
58
33 Oct 29 109 May 16
No pa
1,900 Vick Chemical
Jan 11212 Dea
10112
6
11678July
!
Mar
Vie Talk Mach 7% pr pref_100 110
12 June 204 Nov
4 Jan 2e
34 Oct 29 24,
No pan
2.200 Virg-Caro Chern
Jan 6414 Nov
8
443
26
Jan
6512
29
Oct
15
100
2,000 6% preferred
8812 Jan 9912 N07
100 69 Nov 13 9712 Feb 4
300 7% Preferred
11611 AP,
Dec
1004
16
Sept
110
12
Nov
102
100
&
Elea
(7)
Pow
pf
90 Vtrg
Ott 6214 Jae
47
160 Virg Iran Coal & Coke pf 100 40 July 22 68 Jan 29
224 June 74 Nov
100 38 Nov 13 14978 Aug 12
170 Vulcan Detinning
74 .nne 99 SePi
100 81 Nov 14 110 Apr 26
10 Preferred
1912 June 4834 Not
100 40 Jan 2 142 Sept 9
30 Clam A
2816 Del
194 Jan
11
Oct
3612
12
Nov
par
20
System
ho
Waldorf
900
Dec 1061/ Sept
105
24
Jan
100 100 Oct 19 106
Weigreen Co pref
2672 flepi
1412 Aug
Na par 22 Nov 13 494 Oct 11
6,800 Walworth Co
70 Dec 123 1er2
4 Jan 17
. 130 Weed Baking Class A._No par 23 Nov 18 84,
1514 Dec 2942 Jaz
11 Oct 30 2114 Jan 1.6
No par
2,500 Class li
77 Dec 974 Jae
No per 60 Nov 13 8712 Jan 15
500 Preferred (100)
30 Nov 13 6412 Aug 20
138,700 Warner Bros Pictured
4 Dec 674 Del
61,
254 Oct 30 504 Jan 22
No pa
new__Feb 044 021
20
15 Oct 24 4272 Jan 2
No pa
9.600 Warner Quinlan
June 19212 Api
140
9
Oct
4
2073
No ,arl 115 Nov 13
2.900 Warren Bros
Api
61
4914 Nov
50 39 Aug 15 8318 Oct 17
210 First preferred
3678 Oce
18 June
1518 Mar 26 344 Jan 3
7,200 Warren Fdry & Pipe.,__No pa
4 Oct 28 1134 Feb 6
25
4,500 Webeter Elsenlohr
87 Nov 110 Dei
2,300 Weason Oil& Snowdrift No par 20 Oct 29 48 Mar 7
No pan 4912 Nov 14 7211Mar 9 105% Dee 1084 NOI
1,300 Preferred
Oel
2,300 Western Union Telegram 100 160 Nov 13 27214 Oct 23 13912 July 201
6212 June 57% Jail
Ms Oct 29 0732 Aug 18
9,300 Wstnghse AB Brake_ _No pa
8812 Jan 164 No
79,500 Westinghouse Elee & -Mfg__60 100 Oct 29 29238 Aug 23
954 Jan 139 NOT
50 103 Nov 13 284 Aug 23
210 1s1 preferred.
1212 Jan 2812 Juni
2SePt 18
1918 Nov 13 64,
5,600 Weston Elee Instrurn't _No par
4011 Mai
3014 Jan
No par 324 Aug 8 384 AM' J3
700 Clam A
Api
No par 90 Nov 18 110 Feb 1 103 June 112
2,50 West Penn Elec el A
100 97 Nov 14 11114 Jan 17 10712 Oct 1154 Ap1
380 Preferred
9812 July 1002 API
100 8812 Nov 14 102 Jan 17
60 Preferred (6)
100 West Penn Power pref
100 110 Nov 6 117 Mar 18 11312 Oct 118 JUDI
Jai
100 102 Sept 27 11012 Jan 10 103 June 113
290 6% Preferred
Api
5212 Dec 78
600 West Dairy Prod el A_ _No pa
3612Nov 13 60 Sept 23
49 Apo
2012 Jan
No pa
7 Nov 6 40 Sept 4
2,900 Clem B
500 Westvaco Chlorine ProdNo par 30 Oct 29 9418May11"16i8 Feb -38- Nov
900 White Eagle 01 & Refg _ No par 25 Oct 29 88 Feb 25
4382 JUDO
3014 Feb
1,500 White Motor
No vor 2714 Nov 13 6312 Mar 2
497g Nov
sefr Jan
1,000 White Rock Min Sp elf
50 2778 Nov 13 5534Sept 9
Par
3 per share S per share $ per share $ per share Shares Indult. & Mlscel. (Co..)
No par
2,700 Thatcher Mfg
2118 2112 2112 2112
No par
100 Preferred
45 *4318 44
*43
No par
900 The Fair
30
3012 3012 30
100
Preferred 7%
_ *____ 107
____
25
200 Thompson (I R) Co
3612
364 -3-6-12 *36
par
011__No
Assoc
Tidewater
13,000
1312
1312 1378 13
100
400 Preferred
8178 8178 8118 82
100
200 Tide Water 011
2018 2018
20
20
100
300 Preferred
8778 88
*8612 88
10
21,400 Timken Detroit Axle
1414 1512 1438 1478
par
Bearing_No
Roller
Timken
24,300
7412 6978 72
70
4,900 Tobacco Products Corp __20
45
478
434 5
20
3,200 Chats A
718
7
74 734
20,400 Certificates
8
24 278
24 2,
3,200 Certificates A
53* 54
434 5,2
_.
Dividend certificates C
7
*2
6
•2
115,500 Transell Oil tern elf_ NO_-par
84 914
84 9
Transue & Williams St'l No par
*1712 20
*1712 20
1,900 Tee* Product, Corp__ _No par
34
33 *33
33
No par
900 Truax Truer Coal
1514 1514
1534 17
17
•15
10
200 Truscon Steel
*3612 37
37
*36
3518 36
No par
Co
Fisher
Elliott
Under
3,500
10112
10034
100 103
10412 106
100
Preferred
_ _ *120
•I20 124 "120
1,800 Union Bag & Paper Corp 100
1114 1218 1-3
14
15
14
No par
43,900 UnlonCarbi&Carb
7938 x754 78
7534 794 76
25
5,900 Union 011 California
4434 4514 444 4538
4514 46
100
Car
Tank
Union
145
*140
I
*130 135 *130 145
29,700 United Aircraft & Tran No par
4112
4214 4512 4012 434 38
50
1,500 Preferred
564 5612
56
5612 55
56
No par
1,200 United Biscuit
3512 3812
37
37
38
38
100
Preferred
*10434 13512 *10434 11912 '10714 1191 2
10
3,500 United Cigar Stores
514 878
5's 54
54 6
100
900 Preferred
3212 3378 3378 3314 34
31
No pat
164,100 United Corp
2912 3134 2312 314 283* 3018
No par
5,900 Preferred
4614 4778 4618 4612 4618 4612
No par
13,000 United Electric Coal
1278
12
14
12
13
12
par
No
Fruit
United
6,700
10912
110
10714
10738 10912 108
100
300 United Paperboard
8
8
738 738
*738 8
1,000 Universal Leaf Tobacco No par
3634
3678 3812 36
3812 39
Universal Pictures let old _100
44 *____ 44
*40
45
4,300 Universal Pipe & Rad__No par
43*
4
4
4
414
4
100
Preferred*__-- 55 *____ 55 *-- 55
7,300 US Cast Iron Pipe & Friv..20
1918 1934 1912 204 1834 194
par
ho
Preferred
let
1,200
1534 1618
1534 1534 1578 16
100 Second pr lerred_ _ No par
1814 1811
•I814 19
*1814 19
par
No
D1etrib
S
Corp
Cl
4,700
1812 1712 18
1318 17
17
100
2,000 Preferred
9134 9034 92
90
90
84
100
100 13 S Express
5
*3
4
*3
5
5
1,100 08 Hoff Mach CorP___No par
22
234 22
2438 2412 23
100
58,400 U S Industrial Alcohol
13734 143
138 14378 134 13934
No par
1
800 U 3, I saltier
1014
10
10
10 4
1038 10
No par
1.900 Clem A
163* 1734
1634 1634 1612 17
100
800 Prior preferred
8978 90
90
90
90
90
10,900 US Realty & Inipt____No par
6712 6914 6514 6834 654 6734
10
Stock
2734
11,600 United States Rubber
Stock
2712 2918 2634 2738 26
stock
100
1st preferred
51
1,700
50
4914 51
54
53
3612 3834 354 3018 353* 3612 Exchange Exchange
Exchange
3.800 US Smelting. Ref & Min ___50
50
51
600 Preferred
5114 5012 5114 51
51
Closed
Closed
177.500 United States Steel Corp_100
16414 1674 16214 188 51803* 16334
Closed
100
3,600 Preferred
140 14012 140 14018 140 14014
No par
6614 664 ThanksExtra
65
6638 65
Extra
66
600 US Tobacco new
100
Preferred
•12614 138 •12614 144 *1264 144
10
giving
Holiday
22478 22478 •250 375 •250 375
Holiday
50 Utah Copper
par
A__No
1.3
&
Pow
Utilities
3214
11,400
31
3112 3234 3112
314
No par
Day
478 512
514
5,000 Vt.dsco Seim
6
638
5
$ per share
8 per share
2138 22
4318 4318
8 37
30,
•103 10814
3678 3978
1312 14
8312
*81
23
*21
*8612 88
1612
14
7314 77
47
514
712 778
318
212
5
512
5
*2
8a2 912
*1712 20
3318 3334
1380
5134
•20
545
36
618
2712
77
106
*40
7518
95
'73
24
•95
2978
25
84
68
4334
39
2214
145
48
1978
914
2614
6212
188
4614
1333*
130
2878
33
9772
103
96
112
103
44
133
*41
28
33
4018
*9
*32
15
.326
18
938
7614
418
812
4414
7338
62
*85
*80
40
69
74
1138
*60
35
10712
*60
68
5334 5018
*20
29
*45
55
3612 3534
6812 *60
5312 5112
20
29
50
66
3512
36
67
5278
20
5012
35
512 6
534 6
634
2914 2312 3014 2812 29
*2514 26
76
7712 76
106 106 *10214 10614
106
40
40
40
40
41
70
7434 68
70
77
95
*88
95
*91
95
79
*64
70
68
79
25
2412 24
24
25
*95 100
*95 100
100
3012 294 30
3078 30
2634 2978 *2712 30
25
64
6
612
678 618
68
68
68
68
68
4118 444
454• 4318 45
4014 3912 39,2. 3714 3814
2312 2238 2332' 2212 2334
145 1494 1414 145
150
4934 50
50
50
48
204 204 2312 2212 2312
84 812
884 94
1014
2612
2712 2714 2714 26
5212 5212 5278 524 524
180 189
178 185
192
4772 4618 4312 464 4778
12814 134
13834 1293 137
125 125
127 13014
132
30
28
2712 2938
315
33
33
3312 3312
33
9778 95
96,4 *9614 98
103 104
103 10334
103
96
9112 94
9578 9578
11312 11312 11312 11312 113,2
10318 103 10412 103 103
4312 4378 4378
444 43
1418 1434 1434
16 I 14
41
*41
43% 41
4378
28 1 2818 2878 2814 29
33
33
324 32/
33
4
1
40
41
*4014 41
41
9
2
83
812
9141
93*
33
33
*30
34 1 33
1512
15 1 .1514 1512 15
2612 28
288
28
28
1814 1634 1734
17
1978
9% 10
94 94
1012
75
75
76
76141 76
4
4
43* 438
4381
812 812
81* 811
812
45
44 "42
4414 "42
7312 7612
7338 76
77
72
714 7014 7578 68
8914 844 843.1
88
86
84
82
*8713 88
84
40
45
*42
4231
40
6712 6814 6712 70
69
7334 75
70
7412 *73
1138 104 11
11
1134
80
*50
80
•50
80
34% 15
3434 36,2
35
10012 105
10712 106 106
• Bid awl $71c$(1 pricer: no oales on Ibis day. 0 Ex-41v. 20% 10 'Seek.
White Sewing Machine-No Par
Preferred
No par
Wilcox 011 & Gas
No par
Wilcox-Rich Chilli8 A ___ _No par
Class B
No par
5
Willys-Overland (The)
Preferred
100
Wilson & Co Inc
No par
Class A
ho par
Preferred
100
Woolworth (F W) Co
10
Worthington P & M
100
Preferred A
100
Preferred B
100
Wright Aeronautical__ _No par
Wrigley (Wm Jr)
No par
Yale & Towne
25
Yellow Truck & Coach el 9_10
Preferred
100
3,000 Young Spring & Wire__No par
200 Youngstown Sheet & T _No par
2,700
200
600
500
3.500
12,900
300
1,800
600
100
34,400
13,800
600
400
300
700
400
6,800
Ex-cl1rIdeod. 1 Ex-rights
1 Oct 29
3012 Oat 30
1278 Nov 14
19 Oct 30
1238 Oct 30
514 Oct 29
75 Nov 27
312 Nov 13
638 Nov 14
3534 Nov 13
5214 Nov 1:3
43 Mar 26
75 Nov 12
66 Apr 6
30 Nov 13
65 Nov 13
6184 Feb 11
712 Nov 13
80 Mar 8
3312 Oct 30
91 Nov 14
68 Jan 2
6772 Jan 16
29% Feb 0
e1l4MaY 3
62 May .3
35 Jan 3
103 Jan 3
1812 Jan 23
27 Jan 21
79 Jan 23
112 Sept 6
1374Sept 20
100128ept 9
9012Sept 9
290 Feb 8
8078 Jan 30
88 Aug 30
6114 Apr 24
964May 10
594 Aug 19
175 Sept 3
3316 June 623* Dee
Dee
58
5114 Aug
2212 Nov
1714 Dec
---- ----_
---- ---•
--fig; Jan 33 Dee
.92% Jan 10412 Deg
Fe!
16
Oct
11
Jan 86 May
32
6314 Oct
7734 Fe)
28
MN
Al
69
88
6112
ntr
83
Jan 66
93
Jan
Jan 80
Feb 289
84
Illy
8412
Nov
57%
Feb
96
Nov
8312 June
NOT
Nov
Nov
Nov
Aug
Apt
NOT
Apt
115% Dot
3448
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
190.1 5. Sseeon,. seellloel of 411471110 5O*44 seal slowed mid prices are goo "asg faitress"-ezeepl for Imam and 4faejia.4
kegs)
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
Price
Wednesday,
Nov. 27.
t
U. S. Government.
.4sk
Bid
reit Liberty Loan
1114% of 1912-1947
JD 99.0 Sale
Oonv 4% of 1932-47
JD
Cone 444% of 1932-47
Sale
D
241 cony 434% of 1932-47-___
D
Fourth Liberty Loan-Sale
*0 101
434% of 1933-1938
Treasury 4448
1947-1952 AO 112",, Salo
!rascal, 45
/
42 Sale
1944-1954 JO 10811
.
Treasury 3(s
1948-1956 MS 105/221051132
Treasury 334e
1943-1947 JO 991122 100
Sale
Treaeury 3Ke June 15 1940-1943
100
fiats and City Sseurithos.
Y U 811% Corp et_ _Nov 1954 MN
% Corporate st May 1954 MN
45 regiatered
1936 MN
41 reglatered
1956 MN
l% corporate stock
1967 MN
1957 MN
ASS% corporate stook
444% corporate at
_
1957 MN
it% corporate stock
1968 M N
1959 MN
a% corporate stock
1931 *0
418e corporate stork
&Ka corporate stock
1960 M 6
4K a corporate stoat _ _ _1964 M
41424 corporate stock
1966 *0
£34e corporate stook
1972 AO
1971 J
1134e corporate stock
140 corporate stock
14463 M
434s corporate stock
1966 J
444e corporate stock_Jula 1967 J
New York State Canal le_ _ _19130
La Canal
Mar 196$ Ms
Week's
Range or
Last Sale.
Low
I
S •
c
4,4
High No. Low
981342 9942 198
93 Nov'29
1001042 101342 471
98 Nov'29
10033$4 1011n 561
112134,112,31$ 86
10834$ 1081142 29
10.52334Nov'29
404
9921.2 100
596
991142100
1
4 Oct'29
85/
8814 Aug'29
---- 9934 Mar'28
---- 95 Nov'29
95 Nov'29
10112 Nov'29
98 104 10172 Nov'29
9414 - -- 9414 Nov'29
1
4 9534 June'29
9112 94/
Oct'29
96
98 Nov'29
99 Mar'29
101 Mar'29
9912 Oct'29
19034 Sept'29
98 103 10114 Nov'29
98 106 102 Nov'29
98 101,
4 1011
/
4 Nov'29
10114 May'29
10114 July'29
_
Fersign Govt. A Municipals.
7212 Sale
71 Sale
8712 Sale
80 Sale
81 Sale
79 Sale
8018 Sale
771
/
4 Sale
7718 Sale
77 Sale
91 18 Sale
99 Sale
,
721/4
72121 11
8734 33
80 i 17
81
27
80
17
8018 10
7718 16
7712 10
77
37
9118 16
99
:11
Agile Mtge Banks I 64.....__1947 F A
@Latina fund fie A._ Apr 15 1940 A 0
Akerehue (Dept) eat' _ _ _ _1963 M
Antioquia(Dept)coils A _ ..1943 J .1
External e f 714 ear B
1945 J J
External of 78 series C
1946 J J
External e f 785er 13
1946J
External a i713 let sir.
1967 A 0
Ext1 sec C 1 78 2d sea
1967 A 0
Sit) 91,0 f 7s 34I ler
1967* 0
Antwerp(City)BIBS.
1958 J
Argentine Goat Pub Wks 68_19114) A 0
Argentine Nation (Goat of)Sink fund he of June 1925-1969 .4 4)
Eat! a I 6a of Oct 1925 _1969 A 0
Oink fund 6s series A
1957 M
External 63 series B. _Dec 19683 D
Eat' e f 6s of May 1926 _ _1960 M N
External e f 63(State ity)_191111 M $
Extl to Sanitary Worke_ _ 196 I F A
Kit 6a Dub wks(May '27) 1961 M N
Public Wore3 eat! 54s._.1962 F A
Argentine Treaaury 5a £ _ 1945 NI 5
Australia 30-yr 54. _July 15 19563
External S,of 1927__Sapt 1957 Pa S
Ext1 g 4346 of 1928
1956 M N
Austrian (Goat) e f 78
1943 J I)
99 Sale 9714
9834 Sale 98
1)9 Sale 9814
98/
1
4 Sale 97/
1
4
99 Sale 98
99 Sale 98
9812 Sale 98
9878 Sale 98/
1
4
9434 Sale 9318
90 Sale 90
93 Sale 92
93 Sale 92/
1
4
8512 Sale 85
10234 Sale 10218
Bavaria (Free State) 6;45..1945
A
Belgium 25-yr eat a 17lie 9-1946.1 11
20-yr f 8s
1944 F A
16-year external 6 Ke
1949 M
External a f he
1966 2 .1
External 30-year. 7s..,..1955 2 1)
Stabilisation loan 78
1956 M N
Bergen (Norway).1 Ple
M N
I6-year sinking fund 68.__1949 A 0
Berlin (Germany)if 6 Ka. 1964) A 0
External sink fund Sa___ _1968 J it
Bogota (city) ext'l of 8e..
1945 A 0
Bolivia (Republic of) seal lis_1947 M N
External see 75
1968 .1 1
Ni 6
External s 173
_
Bordeaux (City of) 15-yr 611_1934 M N
arasil(US of) external tie ._ _1941 J
External if 64441 of 1928 _1967 A 0
Exti if 814e of 1927
1957 A 0
T1 (Central Railway) - --1952 J
?Ks(coffee @emir) (flat)_1952 A 0
Bremen (State of) eat' 7a
1935 M S
1967 PA 11
Brisbane (City)•I 5e
Slaking fundgold 58
1950 P A
Litulapeet (City) extl a Ile _19452 1 0
Buenos Aires(City)8 K e_ _ . _1965 J
1960 A 0
Exti a 1 8e eer C-2
1960 A 0
Stalls f 68 eer C-3
Boomed Atree (ProY) call 05_1961 M
Bulgaria (Kingdom)ills...1987 J J
litabTarn of 7 Ke_Nov. 1568 -
93
9414 92
9312
116 Sale 11514
116
11012 Sale 10778 1101:
105 Sale 10412 10512
101 Sale 100
101
108 Sale 107/
1
4 108
10334 Sale 10534
10614
11012 Sale 11012 11012
100 Sale 9914
100
9534 Sale 0314
9534
8934 Sale 8812
89/
1
4
96 Sale 95
9614
95 Sale 95
97
78/
1
4 Sale 78
79/
1
4
7712 Sale 74
7712
10114 Sale 10012 10114
9814 Sale 9814
10012
82 Sale 80
86
82 Sale 80
8634
9018 Sale 9018
9114
9912 Sale 9712
9912
100/
1
4 Sale 100
10014
88 Sale 87
88
88 Sale 87
89
78 Sale 7,514
78
10012 Sale 10012 10034
9518 9712 9512
9612
95
96 Nov'29
891
/
4 Sale 8818
8934
7338 Sale 7212
73/
1
4
85 Sale 81
85
Callas Dept of(Colombia)734e'46 J J
Canada (Dominion of) 544....1931 A0
1952 MN
58
1936 F A
414.
-I
1954
Carlsbad (City) e I 85
Cauca Val (Dept) Colom 744a '63 *0
Central Agrie Bank (Germany)
Farm Loan s f 78 Sept 15 1950 M
Farm Loan e f 8s_July 15 196C1 23
Farm Loan e f 6a_Oct 15 1960 AO
Farm 1 oan6s ear A _Apr 15'38 A 0
chile (Republic of)1942 M
20-year external a f 7e
External sinking fund 68 1960 A 0
1961 F A
External a 1 6e
1961 J J
By ref exti a (la
1961 MS
Kill sinking fund tle
1962 MS
ExIleinking fund 631
Chile Mtge Bk ISM June 30 1957 J
43 f 644e of 1928. _June 30 1981 J D
Guar f as
Apr 30 1961 A0
Chinese(Efukuang ay)5...j961 J0
lttriatiania (Oslo) 30-yr e f (le '54 M
Cologne(City)Germany 83481950 M
1961 J J
Colombia (Republic)6e
External a fee of 1928_1981 *0
Colombia MIS Bank of 6;48_1947 A0
1946 MN
Sinking fund 7.01 1926
Sinking fund 79 of 1927..1947 FA
1952 J
Copenhagen (City)68
1953 MN
25-yr g 4 Ks
Cordoba (City) extl a f 7e.._ _1957 LA
External e f 70 Nov 15 1937 MN
Cordoba (Prov) Argentina 751942 .1 1
Coate Rica (Ref/at:)42'U 75_1951 MN
Cuba (Repub) 5.01 1904_1944
External 56 of 1916 ser A 1949 LA
External loan 4 Ka ear C....1949 VA
Sinking fund 5141- -Jan 16 1953
J
CaistUnamarea(Dept) Columbia_
Blatt a OKs
_1969 MN
71
71
86
771
/
4
77
77
77
72
73
7318
9018
98
8312 Sale 83
10014 Salo 99/
1
4
1021
/
4 Salo 10214
9814 Sale 97
10314 104 10212
8512 88
85
9412
81
8134
8614
20
70
100
28
156
26
117
1
13
21
42
7
30
21
32
55
140
113
182
29
14
51
31
8
72
17
30
38
14
10
86
27
10014 57
103
139
98,4 30
10212
3
85
2
28
53
85
35
9912 Sale 9714
9914
9012 Sale 8914
91
90 Sale 89
90
9914 Sale 88
9014
891
/
4 Sale 89
91
88 Sale 88
88/
1
4
9214 Salo 90
93
95
9414 Sale 9334
90
88 Sale 86
25
2212 Sale 22
10112
10112 Sale 101
9312
9328
9312 95
7614 Sale 7612
7814
7612 Sale 7112
7712
711
/
4 Sale 6912
71
72 Sale 71
73,4
7612
73 Sale 72
9412
9312
9412 95
89
89 Sale 8838
89
88
89 Sale 8812
89
97
97
9634
95
87
85 Sale 55
9734
9714
10212 Nov'29
9734
9638 Nov'29
98
92
10012 Sale 10012 101
47
36
51
13
73
18
23
51
36
17
4
14
48
50
20
11
11
10
50
2
2
6
10
2
75
Sale
92/
1
4
78
79
84
70
440a the baste of 88 to tbe £slorilng, • Bales for easbe
99
87
99
63
9914 84
9914 189
99
30
9918 198
99
3r
9914 36
941
/
4 11
90
4
94
85
9314 53
8534 133
10312 29
9412
87
8134
86
Sale
Sale
Sale
Sale
Range
Since
Jan. 1.
75
23
31
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
5,i
ta
z t..
-...,,,,
Price
Wednesday.
Nor. 27.
Week's
Range or
Last Sale
43,..,
ti
s'o
High
Bid
Ask Low
High No
Cseettoeloyakia (Rep of) 85_1951 A 0 10812 Sale 10812 111
41
991142
Sinking fund 88 ser B
1952 A 0 10812 Sale 10812 10912 13
991,42 Danish Cons Municip 8. A....1946 F A 109 Sale 109
10912 10
101,11
Series B.I 844
1946 F A 10912 10934 10912 10912 13
994142 Denmark 20-year ext16e
1942 J J 10414 Sale 10312 10414 02
Ent g 534a
1965 F A 10038 Sale 9934 10034 25
98342 101142
Esti); 43.1e____ . _Apr.15 1962 A 0 9012 Sale 89
9012 130
105 112,I3, Deutsche Bk Am part etf 68_1932 M S 98 Sale 9712
9812 31
101 42310831n Dominican Rep Cast Ad 544e '42 M 3 9312 94
92
94
8
9811421053,22
1st ser 534e of 1926
1940 A 0 92 Sale 92
92
4
95342 100342
24) series sluk fund 5448_1940 A 0 91 10018 911x
92
6
95142 100142 Dresden (City) external 79..1945 M N 05 Sale 95
95
1
Dutch East Indies extl6s
1947 J 1 10114 Sale 1011g
10112 15
40-year external 6e
1962 al El 10138 Sale 101
10158 41
85/
1
4 8812
30-year external 83-4s__,1953 M S 101 102 191
101
1
8814 881
/
4
30-year external 534a
1963 M N 101 10114 10034 101
5
El Salvador (Republ 80
__ .
1948 J 1 104 Sale 10312 106
20
95
95
Estonia (Rep of) le
1967 7 J 82 Sale 7978
82
2
95
99
Finland (Republic) extl 5....1945 M 5 8614 Sale 8478
88
12
98 194
External slat fund 7a
1960 PA 8 96 Sale 9514
96
8
101 104
1956 M S 93 Sale 9212
External a f 5S4e
93
33
9414 9712
Eat) sink fund 5Ke
1968 F A 8514 Sale 8514
86
54
9584 98
Finnish Mun Loan 634e A 1954 A 0 8812 Sale 88
89
12
1-11
96
External 634a aerie() B._ 1954 A 0 88 sale 88
8812
7
96 10018 French Republic ext 7 Ke_ MI J r) 11712 sale 1171, 119
399
99
99
External 75 of 1924
19493 D 11012 Sale 10912 Ill
261
101 10114 German Republic ext'l 71_1949 A 0 1.0612 Sale 10534
106/
1
4 187
9814 101 1s Gras (Municipality) 80
1954 MN 94
95
04
94
2
10154 10134 Gt Brit St Irel ((5K of) 548_1937 F A 10312 Salo 10278 10)12 57
9912 10512
e4% fund loan .4 op 19811._1990 M N e82
8414 84
84
1
101 103/
1
4
c57$ War Loan t opt 1929.1947 1 1.) 0712 ----9758 Oct'29 -___
9734 1041g Greater Prague (City) 7448_19)52 M N 103 Sale 103
103
4
991
/
4 101 14 Greek Government s t sec 73_1964 MN 9512 98
90
951
/
4
2
9941 101 14
Sinking fund eec 68__ ._1968 F A
80a8 Sale 803g
82
56
Halt! (Republic) of de .....1952 A 0 9812 Sale 08
9812 19
Hamburg (Slate) Its
1946 A 0 9414 Sale 94
12
95
Heidelberg (Germany)eat 744450 J 1 193 Sale 100
10312 14
65
9012 Hungarian Munk+ Loan 744s 19453 2 9138 Sale 89
911
/
4 29
65
90
External e f 7s.. __Sept I 194)1 J J 83/
1
4 Sale 79
8414 22
80
8912 Hungarian Land M bet 744e '61 lat N 90
92 90
4
92
S 1 714e vet B
69
-''''.,,
1961 M N 90
9212 92
92
2
61112 247s Hungary (KIngd of) a 17404.1944 F A
89 Sale 97
99
26
69
957, Irish Free State extla 8 1 lis. _1960 M N 96 Sale 96
9612 21
9512 Italy (Kingdom of)(mei 7o..1951 J 0 96 Sale 9433
72
96
145
Italian()red Conaortium 78 A1937 M 3 93/
69
415
04
1
4 95
93
7
65
96
Ext1 eve,17. ser B
1947 M Pi 9212 Sale 9212
93
17
6934 93
Italian Public Utility eat 79_195'2 1 J 9212 Sale 921$
9278 53
93
86
Japanese Goat E loan Ca__ .1931 1 J 9412 Sale 9334
94121 107
1954 F A 102 sale 102
95 10014
30-year a 1 OKI
10234 15
.1w40.dayla (State Nitg Bank)95 10118
)4,teored 8 IC is
1957 A 0 8012 Sale 7512
8012 32
98
95144 10014 beiasig (Germany) a 1 742.. _1947 ir A 9712 Sale 9712
15
11512 9512 Nov'20 1....1
95 101
Lower Austria (Proy) 7 Ka._1954 3 0 91
9434 10034 Lyons (City of) 15-year 69_1934 M N 10134 Sale 10012 10154 59
95 10034
95 10034 Marsellee (City of) 15-yr 61_1934 MN 10118 Sale 10012 10114 72
69
9434 101
Medellin (Colombia) 514e 1954 J 0 7018 72
71
39
95 10034 Mexican[Mast Asetng 4 34o.1943
____ 16
1.534
1534
1
9012 9712 Mexico(US)exel 6a of 1899 E'45 Q
- - - 4934 Jan'28 __
_- .1 _
gale
1514
89
iiii',
1614
9212
44
Assenting 55 of 1899
1945
us
97
Oct'29 __
Assenting S.large___ 20
88
9612
77
Assenting 4ei of 1904
14
1134 gala 11 14
802 /4814
l412 59
Assenting 40 of 1910 large_ _ 14114 Sale 1178
10014 105
121
12 Sale Ii
/
4 57
Anaemia); 413 of 1910 small. __ _ ._
1612 12
_ _ 16
Trans 641 of •13 assent(large)'33 .1 1 _ ._
90
9611
Small
ie gale 16
17
10
11213 116
%Clan (City, Italy) ext'l 634e '52 A 0 86 Sale 8412
8612 77
10511 11012 NI load Genteel (State) Brasil10213 107
1956 Pa 8 8018 Sale 79
82
23
Esti e 1 64Se
1959 NI 5 81 Sale 80
F.xt sec 6143 series A
85
42
973. 10138
10684 109
9812 37
Montevideo (City of) 7a_. 1952 1 0 9812 Sale 9714
10418 10612
9214 95
1959 M N
05
97
Ext1 a f (Beer A
3
109 1141, Netherlands 6s Mot prfres)_ .1972 M S 10312 ____ 10412 105
2
9253 101
New So Wales (State) ext 6.1957 F A
9118 Sale 91 1$
9132
7
8712 99
92
External e f Ea
Apr 1958 A 0 92 Sale 9012
60
8012 92
103
Norway 20-year exti 15o......1943 F A 103 Sale 10214
61
9112 ;04
20-year external 6.
10258 47
1944 F A 100 Sale 100
1952 A 0 102 Sale 10112 192
87 !04
41
10-year external Be
70
96
40-year e I 534e
.1966) 17 10012 Sale 100
100/
1
4 48
6434 92
/
4 38
961
External of 6. -----Mar
_feta? lb 19(13 NI S 9518 Sale 9512
tolq 10114
04,8 17
N1uoletpal Baniesti a f 68_1967 J 0 94 Sale 9314
8518 199
85
Nuremberg (City) mai 135.._ _1952 F A 85 Sale 85
1
43
63
0812 Oelo (City) 34)-years T 5,...1955 M N 10058 Sale 10012 101
70
98N
/
4
08
Sinking fund 542
1946 F A 9634 Sale 961
8
74 102
Panama (Rep) esti 5341...l953 J 0 I0012 Sale 10012 10073 19
97 10733
91
Extle 1 Ita ear A .. May 5 1963 M N 90 Sale 90
11
9812 1021
/
4 Peraambuco (State of) ext 75 '47 1.41 H 7778 Sale 75
7814 27
8414 93/
1
4 Peru (Rep 15) exti 78
1959 M S 95 Salo 9178
95
18
9)
84
.1960 3 0 80 Sale 7712
Nat!man extl at 68 let ear.
80
133
70
8312
Nat loan extl 8 f lis '211 ear _1961 A 0 78 Sale 75
78
19
95 102.4 Poland (Rep of) gold go__ _1940 A 0 75
77
7412
75
10
94 lot)
Stabilization Inane 175. _1947 A 0 84 Sale 8112
8514 145
94,$ 100,11
Extl sink fund g 8e.
96
1950 1 J
96 Sale 9312
72
8212 04
Porto Alegre (City of) 85_1961 .1 0 9312 Halo 92/
1
4
9312 19
72
90
Kati guar sink id 114e. ._1966 J 1 8418 Sale 84
8112 23
9714 Queensland (Slate) extl a 17.1941 A 0 108 Sale 108
75
10818
9
'26-year external 68
1947 F A 10134 Sale 10134 102
11
76 101
Rio Grande do Sul eztl 8188_1940 A 0 10012 102
11938 100
0
9812 1011
/
4
1968 J 0 76 Sale 75
Ertl e 1 642
7614 78
9934 10534
Eat' 41 f 78 of 1926
1960 al N 8418 Sale 8418
8778
10
9514 9932
Esti s f 7s tnunIc loan
80
84
1987 1 II 82
85
40
0834 10712 Rio (le Janeiro 26-yr e f8..,.1948 A 0 10012 Salo 100
101
40
76 102
Ell' a 1 634.
841
1953 F A 8333 Sale 79
: 127
Rome (City) eat! 634e
1952 A 0 8038 Sale 8512
8678 59
90
99
Rotterdam (City) extl 68_1964 ad N 10314 Sale 103
104
10
70
4838 aaarbrueeken (City) es
1953 1 J ____ 81
79 Nov'29....
70
88
"boo Paulo(City)8 f So.-Mar 1952 M N 10314 10758 103 Nov'29 ___.
80
9210
Ent If 6%e 01 1927
1967 PA N 81 Sale 801g
88
20
dan Paulo (State) tall of 88_1936 1 J
9612 Sale 9513
97
33
96 103
19611 1 J 99 Sale 93
External nee le 1145
9314 41
86
94
External a 1 in Water L'0_1956 M S 80 Sale 82
87
56
8614 94,4
Exit a 1 tle {Int rata
1968 J J 77
7712 22
791 75
8618 04
Santa Fe (Pro, Arg Rep) Te 1942 NI S 94 Sale 93
94
16
89
94
Baton State MIS mat 78_
1946 J D 9018 Sale 8714
9018 30
80
94
6 1 g 6 Ka
Dec 1946 J 0 88
8814 8814
90
6
8312 9914 Seine. Dept of (France) sill 7.'42 1 J 106 Sale 10534 10938 91
9018 10072 Serbs. Croatn 44 Slovenes 80'62 PA N
77 Sale 75
7912 77
831 2 1*4
Eat! gee le ear B
1962 NI N 89 Sale 86
89
113
22
4448 811eala (Prov of) ext 7e
19514 1 0 7612 Sale 72
7612 109
9811 102
allemian Landowneri Alien 88_1947 F A
7678 Sale 7212
76/
1
4 17
87741 9733 Soimona (city of) ext1 84_1936 al 54 10014 Salo 9912 10014 62
70
01
Styria (Prov) extl 70
1946 F A 85 Sale 85
1
85
62
ill
Sweden 20-year de
1939 .1 0 102 Sale 10134 10218 21
54
8812
External loan 61.4e
, 10312 11)
1954 MN 10114 sale t023
9314 Series Confed'n 10-yr if 8e 1949 J 2 11012 Sale 11014
70
11034 32
59
9514 Switzerland Govt ext 544e 1944 A 0 10234 Salo 10214 10358 10
91
97
Tokyo City bo loan of 1912_1952 M S 75 Sale 741s
7512
6
90
84
Extl I f 544e guar
8812 28
198 1 A 0 83 Salo R71:
8412 98
Tolima (Dept of) sill 78_
1947 M N 74 Sale 74
84
7
88
9712 Croodhjem (City) let 510..1957 MI N 95
_ 93
95
32
94K 101
Upper Austria (Proy) 7. _ _1946 1 13
_ -93
- -12 9234 Nov'29 __
31
90
8334
jo
Externals f 8 Ha__Juee 15 1957 J D -634 sale 833,
9734 10212 Uruguay (Republic) sill 811_1946 F A 105 Salo 103
17
105
External a 1 68
973. 103
9612 29
101 N 9638 Sale 96
1960
9312 904 Venetian Proy Meg Bank 7..1962 A 0 88 Sale 88
89
8
Vienna (City of) exit.1 64_1952 kf N 8134 Sale Alia
9734 107
831g 35
Warsaw (City) external 78_1958 F A 7712 Sale 76
7712 38
65
8914 Ynkohams (Cite) sat) ROI
be) 2 171 05 Sale 94
9514
32
9E1
93
98142
98
Range
Since
Jan. 1.
Low
J14j5
1061g 111
10612 111
1071a 111
10712 11012
1017s 10471
9834 1021s
8618 9012
96 10244
9114 99
8814 9812
87
9754
93 1013a
/
4
10118 1041
101 104
19034 103/
1
4
100 10311
102 111
6912 861:
84/
1
4 97/
1
4
9212 101
89
9912
8212 92
9912
88
88
9814
10941 119
10512 111
102 108
9278 1021s
10114 10431
c7914 8772
c9534 100
19214 107/
1
4
91
99
7534 87.
8
9612 Dm
984
88
9818 104/
1
4
8418 100
73
94
8842 984
88
94/
1
4
96 19112
95
9714
1
2
0132 97/
9012(MA
8912 95i,
8834 954
90
9112
9872 103
69/
1
4 MK
95 10011
92% 100
9814 10;34
9812
67
14
_
"ii
20
10
10
10
16
15
80
10114
894
25
75
78
9513
9313
10214
88
8818
100
100
100
9811
2134
8814
80
973$
9414
981a
887s
73
8912
72
71
72
72
81
9212
83
10534
100
9414
65
69
7014
89
70
fil
10038
79
9954
75
90
80
82
64,
4
89
87
83
10214
75
7012
65
68
9731
8211
10114
1004
10711
100
7212
831e
71
9041
90
954
8714
10338
97
108
95
9414
10344
Ii
54
223t
234
2212
3712
354
9131
mu
10374
10134
9730
95
9011
1023)
102
10212
9414
95
103
9014
9011
3313
881$
99
10612
1021s
113
10472
1061.4
93
Ma
9$
1061s
2534
9114
10413
911t
115
9811
108
10711
102
9314
98
1901
/
4
95
10812
96
89
80
8478
10014
94
10414
10514
11034
10514
784
9011
92
9614
981,
80 891,
99 10931
94 RIO
86
96
8012 9011
1151.
67
5914 964
3449
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
•
Price
Wednesday.
Nov. 27.
Rid
Railroad
Ali(it Sou let cone A 5/____1943
1943
11t con/ le ser B
Alb & Suso 1st guar 314e
1996
Alleg & West let g go As_ ___1998
1942
Alleg Val gen guar g 41
Ann Arbor let g de _ __July 1995
Allah Top & S Fe—Gen g 46_1995
Registered
Adjustment gold 4, July 1995
Stamped
July 1995
Reghstered
1955
Cony gold te 01 1909
Cony As of 1905
1955
1960
Cony g de issue of 1910
Cony deb 414s
1948
Rocky Mtn Div let 4.5_ _1965
Trane-Con Short L let 41e_1958
Cal-Ads let & ref 434MA.1962
All Knox,& Nor let gfe___1946
At/ & Cheri AL lit 434e A__1944
161 30-year 56 eerie/ B _ ...._1944
Atlantic City let cons 42_1951
all Coast Line let cone Li July '62
Registered
General sniffled 4141
1964
N coil gold es____Oct 1952
1948
All & Day letg4i
241 es_
1948
4*1 & Yea lit guar 41
1949
Atietin & N W letgug6il94l
Bill & Ohio 1sta 461____July 1948
July 1948
Regleterel
20-year cony 4140
1933
Regletered
Refund & gen 8s series A__1995
Registered
lit gold As
July 1948
Ref & gen 65 eerie!
____1995
PLE&W Va Sys ref 4.5_1941
gouthw 13Iy lit 66
1950
Tol & Cin Div let ref es A_1959
Ref & gen be series D____2000
Bangor & Aroostook lit 56_1943
Con ref le
1951
Battle Crk & Stu/ let gu 3e 1989
Beech Creek let gu ft 4a
1936
Registered
241 guar g So
1936
Beech Crk Ext let g 314s____1951
Belvidere Del cons gu 3141_1943
Big Sandy lit Ls guar
1944
Bolivia Ry let 51
1927
Boston dr Maine let MA C_ _1967
Boston ANY Air Uncle* As 1955
Brum dr West let gu g 444_1938
Buff Roch & Pitts gen a 66_1937
Consol 414e
1957
Burl C R & Nor 111 & co1156 1934
Week's
Range or
Last Sale.
Ask Low
•; •
High No. Low
High
10038 103 10018 Nov'29
9112 10
0112
94
91
8234 -- 8112 Nov'29
9212 Mar'29
8414
92 Nov'29
9214 -113
4
7838
8012 7812
77
89
95
93 Sale 9212
8
92
02 Sale 92
7
8934
8938 Sale 86
8912 46
8912 Sale 8812
Oct'29
_ 85
8812 Nov'29
862 -89
2
8514
88
8514
86
Oct'29 _
8514 8834 85
312
135
134 Sale 134
31
89
89 Sale 8812
9
90
8918 -- 8978
9812 27
9734 Sale 9712
102 103 102 Nov'29
94- 9238 Nov'29
102
102 Sale 102
84 July'29
8314 87
43
94
9378 92
92
9014 June'29
9878 53
99 103
9812
9112 34
8918 9034 8918
2
65
65 Sale 65
62
55
53 Nov'29
2
84
82 Sale 82
9812 Nov'29
9918 10312
94
93
81
8612
90
9212
9014 95
7858
71
95
90
92
85
843s 92
831s 90
8014 85
90
85
91
85
8158 90
10812 '65
8312 92
8518 93
93 100
101 10314
9238 9618
99 104
84
8712
8614 94
9014 9014
93
9912
84
91
55
75
53
671t
84
78
9514 10314
9278 38
913e
Oct'29 _
87
9814
9814 151
98 June'28
160
103
101
9914 June'29
54
10318 105
10834 110
108
9338 25
02
10212 10318 32
24
88
86
10112 10214 73
2
100
99
83 Nov'29
6812 Feb'28
8
9912
9412
95 Aug'28
87 June'28
80 Mar'29
8812 1)314
87
92
9412 99
02
Sale
-6;12 Sale
10112 gale
10318 Sale
10812 Sale
9112
91
10318 Sale
8678 Sale
10214 Sale
100 Sale
8318 833.
_68
5rir4
-95
7714
8214
88
oJa6 -_-_-_-_
9913 493
it;
99 Sale
8134 20
9214 95
8134
100 101
9012 Oct'29
3
100
100 Sale 100
10
90
90 Sale 89
9912 31
9812 100
9834
105 10218 10238 13
6
9412
Sale 9438
3
Sale 9978 100
Sale 9334
9414 43
17
94
Sale 93
11012 30
Sale 10914
11.5 114
11514 75
112 Apr'29
4
981s
9812 98
98
8412 74
84 Sale 8312
975
14
9738 Sale 9733
103
10138 Sale 10038 102
9818 Mar'28
73
80 Nov'29
80
10012 Sale 10012 10012
6
10634 Sale 10634 10634
1
8712
8712
85
2
78
7712
7812 81
Canada Sou cone go 5/ A_ _ _1962
Canadian Nat 614e_Sept 15 1954
5-year gold OM_ _Feb 15 1936
1957
80-year gold 43.in
Gold 4;le
1968
Canadian North deb I f 71 1940
25-year i f deb 6341
1946
Registered
10-yr gold 4;is__ __Feb 161835
Canadian Pm Hy 4% deb stock
Col tr 414e
1946
64, equip tr temp etfe
1944
Carbondale & Shaw let g 4i-I932
Caro Cent let eons g 48
_1949
Oaro Clinch &0 Ist 30-yr 68_1988
let & con g 88 ser A_Deo 16 '52
Cart dc Ad 1st gu g ee
1981
Cent Branch U 1' let g 44_1948
10214
9412
9978
9378
94
11012
11414
Central of Oa let gs_Nov 1945
Consol gold Si...1945
Registered
Ref & gen 694e Perim B___1959
Ref & gen 56 merles C
1959
Chatt Div Our moneys 46_1951
Mac & Nor Div let g Se_ _.194ti
Mid Oa & Atl di, Our m 66 1947
Mobile Div let g 55, _____ 1946
Cent New Rug let ou teL___1961
Central Obloreorg let 4 tie_ ..1930
Cent RR& Ilkg of Ga ooll be 1937
Central of N J gen gold 6._ _ _ 1987
18/47
Registered
1987
General as
1949
Cent Pao let ref gu g de
Registered
Through Short L let gu 41_1954
1960
Guaranteed g 5/
102
_ 102 Nov'29
2
10018
10014 1-()314 10018
97 Sept'29
18
104 Sale 10318 104
10118 33
10012 Sale 100
Oct'29
8418
84
89 1-07 101 June'29
05
9978 9878 Aug'29
_ _ 100 Sept'29
83
8112 8412 8278
969
96,4 100 100 Aug'29
2
9512
9512 Sale 9512
3
10912
10912 10912
1
10612 10812
9118
89 Feb'29
9112 63
91 File 91
2
89
89 Sale 89
8938 Nov'29
8914 90
109
10234 Sale 10218 103
Charleston &13avu'h let 75_1936
Chas & Onio lutcon g&.___1939
11139
Registered
1992
General gold 4141
Registered
1930
20-year cony 4.141
1993
Ref & Inlet 434e
Registered
Craig Valley let 5e__May 1 '40
Potts Creek Branch let 41.1946
R& A Div let con g es. _ I 989
19449
241 oonsol gold 41
Warm Springs V 1st g be_ _1941
Champ Corp cony Si May 161947
Chic & Alton RR ref g 38 _ _1949
CU den stpd Oct 1929 Int
Railway first lien 8 4e_ ___1950
Certificated of depoelt
Ohl° Burl & Q-111 Din 3343-1949
Registered
1949
Illinois Division as
1968
General es
Registered
1977
let& ref 411sserB
1971
lit ref 15.9 miles A
Chicago & East Ill let 6s._ __1934
& E Ill Ry (sew co) eon 65.1951
C7ble& Erie 1st gold 5,4 _ _ _1982
Chicago Great West lit 411-.1959
Chle Ind & Loulay—Rof131__1947
1947
Refunding gold 64
Refunding 4e Series 0___1947
1966
1st & gen 54 ger A
let & gen 6s ser B _ _ _May 1966
1956
Ohio Ind & Sou 50-year 4s
1969
Chia L & East 1st 4)41
108 110 11114 Mar'29
10112 Sale 10112 10218
11
9718 Sept'29
9814 69
To gave- 96
- - - _ - - - 9134 Oct'29
9978 101
WS Sale 9934
96
96 Sale 9518
100
9014 Sept'29
_ 10314 June'29
68
- - 8812 Mar'29
0018-88
8812 20
8738 Sale 8738
9112 95
8114 Nov'29
94
99 100 Mar'29
9914 145
99 Sale 08
67
67
67
3
69
65
8
65 Sale 65
4
62
6012
61
6012
6278 60 Nov'29
61
84
8434 8512 84
19
84 Apr'29
9212 9018 Nov'29
91
9258 48
9214 9278 9178
9134 Sept'28
98
9712 Sale 9712
23
10538 11
10538 10612 10538
101
6
101 10412 101
7612 48
76 Sale 75
3
10114 Sale 10114 10114
65
49
64 Sale 64
11212 Nov'29
1 1012 10118 1-04-38 10014 Nov'29
8738_ _ 88 Oct'29
9914
9934 19
9912 gile
112
10411 10612 112
3
8618 Nov'29
87
90
9312 ---- 9312 Oct'29
Range
Since
Jan. 1,
99 103
9914 9914
10012 105
1(1512 110
8512 94
99 10311
7812 87
99 103
98 106
86,4
78
93
14c-
80
80
85
9314
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29,
t
4
Price
Wednesday,
Nor. 27.
Range
Since
Jan, 1,
4,53
High No.
sk Low
Bid
9
85
85 Sale 8314
Ch 31 & St P gen g 46 A_May 1989 J
Oct'29
80
Q
Registered
7212 Nov'29 -.
__
74
Gen g 34s ser B_May 1986 J
1
95
Gen 494s eerie(' C___May 1989 .1 4 95 Sale 9438
100 May'28
Registered
_
4
933
Nov'29
04
90
J
J
Gen 414s series E _ _ May 1989
8178 Feb.28 - _ _ _
Deb 45 (June '25 coup on)_1925 3D
9338 477
Chic Mllw St P & Pao 5e____1975 FA 9318 Sale 8234
7214 758
Jan 1 2000 AO 7134 Sale 71
Cony ad) be
Chic & N'weet gen g 334e___1987 MN 76,8 ---- 75 Nov'29
__
Oct'28
7712
F
Q
Registered
9018 28
904 89
1987 MN 89
General Is
Q F - - - — -- 84 Apr'29 _ _
Registered
Stpd 45 non-p Fed In tax '87 MN 89_ 8338 Oct'29 _ _
2
104
104 104
Gen 454s stpd Fed inc tat,1987 MN
__
Gen 55 stod Fed Inc tax_ _1987 MN 10612 107 10438 Nov'29
_
_
Apr'29
101
_
MN
Registered
Sinking fund deb 5e.___._1933 MN ("&2 gale 10012 10212 17
Oct'29
98
MN
Registered
10-year secured g 7s
1930 JD ibi gti,Ce 10078 10118 36
15-year secured g 614e_ __ _1936 MS 10738 108 10712 10758 19
May 2037 in 10418_ 10118 Nov'29 24
let ref g 5s
9634
May 2037 JD 9612 6.it-e 95.58
let & ref 434e
8812 38
Chic RI & P Railway gen 4.1988 JJ 8712 Sale 8712
Oct'29
82
'4
Registered
9514 245
RefunclIng gold 44
1934 AG 9518 Sale 9412
.5
94
AO 94 Sale 94
Registered
9412 335
1952 51 S 9334 Sale 9314
Secured 4115 series A
_
Oct'29
87
JO
NO
41_1951
Oh St L &
Mem Dl,
1
102
102
Gold 58
June 16 1951 JD 102
107 Apr'28
3D
Registered
81 July'29
June 15 1951 3D 7518 80
Gold 3(4e
78 Apr'29
_
3D
Registered
Oct'29
100
iggia
100
AO
let
P
&
6e____1932
Cb St L
coma
10158 June'28
AO
Registered
9
Chic St P M & 0 cons(Se____1930 in itioia gale 10014 10038
99
9718 Nov'29
Cons Cl reduced to 310_1930 3D 98
9978 12
Debenture 5e
1930 MS 9978 Sale 9934
2
__
9934
9934
Stamped
MS 100
29
97
Chic T HA So East let be_ _ _1960 JO 9634 Sale 96
8812 30
Dec 1 1960 MS 8812 Sale 88
Inc gu 6s
9734 12
87 Sale 97
ChicIIn Sta'n let gu 4;is A.1963 J
10312 18
let 58 series B
1963 J J 10312 Sale 102
2
102
D 102 Sale 102
1944
Guaranteed g Se
20
115
.11 11518 -- -- 114
let guar 6 SO series C
1063
10012 Oct'29
M 10038
Chic & Weet Ind gen Ci Dec 1932
21
88
88 Sale 8712
1952 J
Consol 50-year 4.
24
104
let ref 514e series A
1962 MS 10312 Sale 103
__
98 Nov'29
Choc okla & Gulf cons 56_ _1952 MN 9878 100
_
Oct'29
1937'3 9512 9712 93
Cin FI & 1)2d gold 4146
Oct'29
Cl St L h C let g 49_ Aug 2 1936 Q F 9418 9512 93
_
9238 Sept'29
Aug 2 1936 Q
Registered
1
8712
8712
CIn Leb & Nor let con gu 4s 1942 MN 8712 9
9912 Clearfield M Mali 1st gu 5i,,j943 J J
82
Cleve CID Ch & St L gen 4s_ _1993 in
1931 J J
20-year deb 414s
10012
D
1993
10134
General 6e series 13
1941 34
Ref & Inuit 66 sir C
9272
J
1963
Ref & front 6sser
102
1939 J J
Cairo Div list gold 45
100 10634
Chi W & M Div 1st g 45 1991 J J
9634
90
St L Div let coll tr g 444 1990 MN
MS
9734 100
Spr& Col Di, let g
J
1940
90
W W Val Dly let g 4e
96
8834 95
Ref & Rapt 4148 ser E____1977 J J
1934 J
108 113
CCC&Igencomig 60
112 11611 Clay Lor & W con 1st g 5e__ _1933 AO
112 113
Cleve & Mahon Val g he_ ___1938 ii
95
99
Cl & Mar lot sue 414e_ _. _1935 MN
Cleve & P gen go 43.4e ser B_1942 AO
8018 86
1942 AO
95
Series B 5-4e
99
1942 ii
9834 10214
Series A 414e
1998 MN
Berko C 3 414.
70
Settee[333.40...1950 FA
SO'e
98 102
Cleve Shot Line let gu 4549_1961 AO
106 109
Cleve Union Term let 5341-1972 AO
*0
80
Registered
8734
1973*0
1st el 58 ger B
7612 85
1977 LO
let s f guar 414eserC
101 10312
1946 in
Coal River Ry let gu 4e
8 103
92,
Colo & South ref & ett 414/1-1935 MN
97 100
1948 A 0
9214 10612 Col & H V 1st ext g 4e
A
1956
9414 1011z Col & Tol let ext 44,
C0120 & PIMA= Riv let 48..1943 A
8378 87
A
1930
consol Ry deb 4e
101 101
1954
Non-conv 411
95
9976
_J&J 1955
0,134 101
Non-cony deb 41
Non-cony deb 4s _ _ _A&O 1955 A 0
78
84
Non-cony debenture 4s.__1956
97 100
1992
95
9914 Cuba Nor Ry let 540
105 111 16 Cuba RR let 50-year re g__ A952
1936
,
1031e 1091
let ref 714e aeries A
0
let Hen & ref 6e eer B _.l936
89
89
8712 93
J
8714 89
Day & Mich let cone 414e_ _1931
87
9114 Del & Hudson 1st & ref 4e_ _ _1943 M
1936 AO
99 103
30-year cony be
1937 MN
15-year 654e
1930 in
11114 113'1'
10-year secured 7s
101 14 10411 D RR & Bldge let gu a M._1936 FA
3
9718 9718 Den & RU let cons g 4 _ _ _1936
93 10014
1936'4
Consol gold 414e
9114 98
Den & RU West gen lie_Aug 1955 MN
9814 997s
Ref dr impt 56 Der B Apr 1978 MN
904 96
Dee M Ft D 1st gu 4s
1936 .1
Temporary ctfs of deposit_
90,4 9214
9914 10314 Dee Mime Val let gen 410.1947 73
8814 881, [Jet & Mae bit lien g es
1995 JD
81h 88'.2
1996 J
Gold 41,
88
81
Detroit River Tunnel 410 1961 MN
100 100
Dul Mlasabe & Nor gen 5e1941 34
03 1001: [Jul & Iron Range let be _ _ _ _1937 AO
6314 707s
AO
Registered
64
[Jul Sou Shore & Atl g 5e__1937 J
70
5878 71
East Ry Wm,Nor Div let da '48 AG
71
60
F.ast T Va & Oa Div g bet___1930 J
88
81
19541 MN
Cons let gold 511
84
84
Elgin Joliet & East 1st g 5s_ _1941 MN
8818 94
El Paso & W let
1965 A0
88
9312
Erie let consol gold 75 ext__1930 MS
-934 -ail;
lit cone g 4ss prior
1996 J
101,
1 10612
1996 J
Registered
98 105
let consol gen lien g 6e
1996 J J
7218 8518
1996 34
Registered
9938 106
Penn coil trust gold 4s__ _1951 PA
5914 6978
50-year cony 46 series A._.1953 AG
1953 AO
1001a 11334
Series B
1953 AG
9938 108
Gen cony 4s series D
1967 MN
Ref & !mot be
823s 92
947s 10314
Erie &Jersey 1st I 6._...1966 J J
103 112
Geneesee River lit e f I._ _1957 .1 1
8511 94; Erie & Pitts itu g 314s ear B.1940 .1 1
1940 .1 1
Series C )41
914 94
1954 MN
Eat RR esti s 71
-9111
76
9012
99
85
9512
Week's
Range or
Last Sale,
100 July'28
-88
87 Nov'29
Sale 99
9912
- 10478 Nov'29
103.12 103 Nov'29
Sale 10212 10278
9412 9314 Nov'29
84
8414 Nov'29
_ 82 Nov'29
92
- 9218 Mar'29
84-934
Oct'28
- - --- 90
9634
9634 Sale 9624
10218 -- -- 101 Nov'29
9914 ---- 9914 Nov'29
100 Oct'28
_ _ 95 July'29
9338
9538 _ _ _ _ 10034 Mar'28
_ 97 Mar'29
9538 9812
84- - 9512 Nov'29
8518 May'29
84
8934 Jan'29
9614 -977
- 9614
--8
9814
107
107 Sale 107
Oct'28
- - 107
10312 gale 10312 10312
97
97 10214 97
91
8734
99
106
10314
10212
03
8234
Oct'29
87
9712
97
84 Aug'29
92 Attg'29
88 Apr'29
9312
9412 June'29
60 -6-i7g 6712 Oct'29
6712 Oct'29
67
60
6814 Oct'29
60
60 -6-7-4 6814 Oct'29
7612
75,8 Sale 7518
8634
8334 Sale 8312
9878
9834 Sale 9838
92 Nov'29
891, 92
84
9712
8612
84
90
Sale
88
00
9712 Oct'29
9212
92
98 Nov'29
10312
10114
102
101
9614 Aug'28
9414
0134
94
9338
9234
91
8912
9034
23 Nov'29
-3712 2618 Oct'29
9258 Feb'29
90T4 97
60
_- 60
62
Oct'29
66
60 -6-5
9712
9712 Sale 96
10034 Oct'29
10138
9912
9912 1-0012 9912
Oct'29 97
7212
7212
7258 75
87 Aug'29
93
88
99
99
9918 100
10434 Sale 10434 10434
10014
10014 Sale 10014
9912 ____ 98 Sept'29
9818_
92 Sale
8 102,
10114Sale
1014 sate
___91
9414 Sale
9414 95
9112 Sale
8912 Sale
10112 Sale 10118
8538 Sale 8412
7778
8012 Sale 7912
78 Sale 78
_
101 10112
8412 Sale 8418
8412 Sale 8412
83,8
82
9714 Sale 9634
111 112 108
11034 112 111
8578
____ 8578
96
10334 Sale 10334
Low
80
761/
70
895e
High
8614
80
75
9514
9434
86
6014 80
72
8011
9111
-83
84
84
8338 9014
9711 1041,
10118 10934
101 101
0612 10212
98 100.
1
100 103
10534 11114
10018 10514
9012 9714
8114 91
8118 86
9112 9519
9314 94
8514 9514
83
88
101 105
81 114
80
78
9912 Fel
97 101
4 9712
95,
96 101
9712 997s
8912 10012
7818 021,
9012 10858
10011 Fowl
100 104
111h 11632
9914 10114
8312 8914
9912 108
9712 1011,
943s
92
9614
93
9238 9231
953s
81
"iiis
97
10034
10034
31
98
90
80
80
9218
19
if"
9912
112
10558
1031,
9811
92
891,
9202
91
98
10038 1041,
97 10111
97
6612
8518
8934
92
10512
1
5
37
52
51
15
9
43
82
17
53
55
9
34
1
1
3
1
1
9
10112
35
86
Oct'29
80,2 200
1
78
Nov'29
8433 13
847s 29
Nov'29
9734 490
Nov'29
1
111
_
Nov'29
Oct'29
10458 37
97
,
983
8518
8934
9934
109
100 leS7i
957s 101
8412
8318
8 78
9112
88
9412
65
67
6814
6814
75
80
98
9012
9034
9834
91
92
90
9411
75
72
6816
75
9314
96
1011
98
97
8814
9678
100
10011
9912
9411
1041,
10612
,
11131
878, 9414
8812 Salt
98
82
9314
81
40
23
86
25
s 92
92,
1
,
7614
60
75
65
93 1001,
10018 1031.
971i 10111
97
97
81 14
70
94
87
90 101
101 RNA.
971, lub
9572 10514
100
8014
7778
74
7112
1001e
7814
7878
7914
91
105
105
8578
857i
10112
104
86
811,
801,
78
103
85'12
8471
83
98
11112
112
887,
884
106
3450
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
New York Bond Record-Continued-Page 3
v
zt3t
Price
Wednesday.
Noe. 27.
Week's4...
Range or
gat,
Last sate. CO0
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
Pries
Week's
I
- t Wednesday. Range Of
Nov. 27.
Last Sale.
ioi53
Range
Sines
Jan. 1,
Ask LW
Bid
High No Low
Hioh
Bid
Ask Low
High No Low
Via Cent & Pen let ext g fie-1930 ii
mob
97 Oct'29
97
93
Louisville & Nash,(Coscladstillit oonsol gold 5e
3
1943 .1.1
- 9612
9634
93
9914
lit refund 5346 series A.,,2008 A 0 105 Sale 105
105
32
100%
Florida East Coast let 5341_1959 .113 9710714
90
907
- 8
1
- 90
90
8812 94
let & ref 56 settee B99A
A 0 10258 10178,10258 10258
1 101 10578
& ref 511 series A
5834 Sale 5834
1974 M
55
60
5834 80
lit & ref 4346 series 0_---2200.33
9312 9712'101
101
150 914 101
Sonde Johns & Glov let Ms 1962 MN 2834 30
2812
5 254 50
29%
N 0& M lst gold 66
9978
10018
1930.1
J
10()
1
100
994 101
Fort 114 U D Co 1st g 11342
1941 '.1 9334
- 933 Sept'29
9314 94
Ed gold 64
1910 J J 10018
_ 9978 100
2
9918 10112
St W & Den c let g 530-1961
D 104 105 10312 Nov'29
10312 10714
Paducah & Mem Div 48_1946 F A -„- 90 90 Nov'29
85
91%
gram Elk & Mo Val let 88 1933 AO 10214 -- 10214 10214
8 100 10372
St Louie Div 20 gold 32_1980 M 13 6314 __-_ 65 Nov'29
6011 674
OH& SA M&P 1st 5e1931 MN 9912 Sale 95%
994 15
954 100
Mob
&
Monts
lit
-_
g 4 lis_ _1915 M S
97 Sept'29
93%
243 axiom 5e guar
97
1931 .1
9914 10014 99 Nov'29
9814 100
South By blot Monon M_1952 J J 98128718 8912 8978
90
84 9014
Clalv How & Heed 1st 56_1933 *0 96 Sale 94
98
5
92 100
Atl ICDOIT & Cin Div M1..1955 M N 8912 9012 89 Nov'29
86
93
Ga & Ala By lit 0001 51 Oct 1945 3.1
88 Nov'29
85 69
Lenin Cin & Les Div g 4%6'31 MN 9712 9734 97 Nov'29
96 994
Lis Caro & Nor let gu g 56_ 1929 J 1
Mahon Coal Brt let la
1934 J .1 9812 ____ 99 Nov'29
9714 100
Extended at 0% to July E1934 J 1
9812 Oct'29
94% 100
Manila
RR
74
M
Bale
N
Lines)
74
(South
4e.1939
74' 14
72
77
(Morels Midland let 38
1946 *0
74 Mar'29
734 781s
1st ext 4e
1959 P41 N 88
72% 73 Nov'29
85 77
Clow & Oswego let 5e
1942 D
98% Feb'24
Manitoba 8 W Colonlaa'n Si 1934 1 D 97
98 97 Nov'29
97 10016
Or Ft & ext 1st gu g 43.24.._1941 3.1 9412 Sale 9412
9412 10
9335 97
Grand Trunk of Can deb 82.1940 *0 10914 Bale 109
110
45 10512 113 Man 0 B a N W let 330-1941
.1 ____ 90 8538 Sept'29
811/
1
4 Wits
15-year s f Se
1936 M S 10312 Bale 10312 1044 106 10214 1064 Mlob Cent Det& BaY CIO'51281 i
99
PA 13 99 Bale 99
99 100
Greys Point Term let 58..„1947 JO 9314 ---- 9712 Oct'29
92% 9712
Registered
1008 Apr'28
QM
Mich Mr Lice 414
92
194011 J
92
2
92 93
Oreat Nor gen 78 seam A
136 166/4 112%
1936 .1 .1 10934 Sale 10834 110
Registered
9218 July'28
.J J
Registered
.1
10712 Aug'29
10712 109
Jack Lane & Bag 3)0_1951 M 13
79
Mar'28
_
95%
lit & tel 4 Miseries A----1981
Sale 94
.1
9514 85
99 98
let gold 3346
8218 84 78 Nov'29
1962 PA N 80%_
78 Via;
General 634e series B-......1952
107% Sale 10712 10814 39 10412 109/4 Mid
N J let ext 54
1940 A 0 91 Bale 91
91
19
872496;
104% Sale 10358 10412 31 1001s 10414 MilkofNor
General 56 melee C
1973
let
430(1880)1934
ext
9412
J
13
Nov'29
95
88% 90
General 4346 series D
9538 9618 9514
1978
9614 38
914 9714
Cons ext 4344 (1884)--1934 1 D 95 Sale 95
95
15
92 98
General 4346 eerie,E
953e 97 9614
2
1977
964
92 97% Mil Bpar & N W 1st gu es_ _1947 PA 8 8912 ---- 8912
1
8912
-Green Bay dc Weet deb WE A---- Feb 81
8714 93
-- 88 Oct'28
_ 90 Apr'28
Milw & State Line let 3%1 1941 J J 93%
Debentures otfe B
Feb 2012 15 20 Nov'29
20 -110.78 Minn & St Louis let con/154_1934 M N 3858
e 3858 38% 2 -5/ 6624
Greenbrier 11.lit go ds......1940 MN 9114
91% Aug'29
9114 91%
Temp otfs of deposit_ _1934 M N 3712 40 3712 Nov'29
8712 5316
GM! Mot' A- Nor let 530_1950 £0 102% Sale 10214 102% 15
97 106
let & refunding gold 46__ _1949 PA 8 15
174 14%
15
12
lit M 56 series C
1216 38
1960 60 9812 9812 964 Nov'29
100
913
Bet& ext 50-yr Suer A__1982(a F 18 20 18 Nov'29
15% 23
Golf & B I Ins ref & ter g 51E81962
J 10014 107 10324 Oct'29
101 103
Certlficatee of depoeit
17
- 1712 Aug'29
16
Hocking Val let cone g 430-1999 1.1 9614 Sale 96
19%
9614
2 91% 99
MEEP &1313M oong4eIntgu
We
89
884
______-il
'38
89
3,7
1i7
2 63 8914
Registered
1999 ii
10212 Mar'28
at eons 56
l 9312 94% 97
9814 18 0099
Housatonic By eons g 5e
1937 MN 98% 99 9512 Nov'29
92 9818
Ist
eons
56
gu
as
to
9718
Int-1928
9814
97
J
.1
Nov'29
EI & T C 1st g 56 Int guar1937
9014 9911
J 100 101 100 Oct'29
100 10214
10-year coil trust 6346._ 1931 M 11 9912 Bale 9812
9912
4
9714 101
Waeo & N W div let(le_ 1930 MN 99 100 10014 Mar'29
lst & ref Miseries A
1004 102
19461 J 9712 Bale 9612
9734 14
Houston Belt & Term let M_ 1937 J
91 102
97
99% 9$ Nov'29
95
100
25
-year
Bale
1949 M B 87
530
87
87
4 81
Houston H & W Tex lit g 54_1933
N 99%
98%
9714 00.'29
951. 9912
1st Chicago Terms f le......1941 M N 8514 :
- 8312 Jan'29
lit guar Si red
934 Mk
N
Sale 9814
1933
1
9814
9418 1024 Mlielselppl Central let 52 1949 .1 .1 95 Io 96 Nov'29
Had & Manbat let Steer A _ 1967 PA 97 Bale 96
95 99%
66
97
9812 Mo Kan & Tex lit gold 4e.1990) D 87 Bale 86%
87
21
87
81% 87
Adiustmentlnoome Be Feb 1957 AO 7512 Sale 7512
78
62
7014 8414 %10-K-T RR pr lien Meer A.1962 J .1 10012 sale 10014 101
40
9512 102
40-year 42 serial B
1962) .1 85% Sale 8534
86% 23
Illinois central lit gold M
.1 9214
1951
7914 116/4
92%
92%
2 894 9514
Prior lien 434a ser 13
1978J .1 9312 Sale 9312
9412 73
Registered
'3
8716 9214
87 Oct'29
87
87
Cum
adjust
58
Alan
ler
1967*
0218
0
103
35 94 1074
let gold 334e
804 Nov'29
79
We Mo Pao 1st ad ref 68 ser A _ _19116 F A 101 difi 0018 101
34
Registered
'.1
95% 101%
84 Nov'28
General 42
1975 It B 77 Bale 7558
77 388
Extended let gold 3142-__1951 *0 80% 83i 8318 Apr'29
70
77
331s
8318
let
&
ref
59
series
F
1977 It 0 99% Bale 994
9978 275 902 99
lit gold 36 sterling
1951 MS 87
7118 7118 June'29
.
7
714 7414
let & ref g 58 ser G
1973 IA N 9958 Sale 9938 100
Collateral trust gold M
187
1952 *0
9319 100
8912
9012 48 861.9335
Cony
gold
530
1949
MN
10812
Bale
109
08
309 97 1224
MN
Registered
81 Oct'28
Mo
Pao
3d 7e ext at 4% July 1928 MN 9014 9214 91
1st refunding is
91
23 8914 9171
(11- 9014
1955 MN 91 129 86
92
92? Mob & Bit prior lien g 54-1945 J
8812 10058 00 Apr'29
rupolumed lines 3328
1952 J
99 100
80 837s 77 Nov'29
7684 8384
997s 99 Feb'29
13 95
Registered
J
99 100
87 Nov'28
Mt NI gold es
19461 J 86 Sale 86
8812 17 8601
C011ateral trust gold 55_ _1963 MN 89 Bale 88
8918 35
91
84
Small
19451
7978
.1
79 Nov'29
Registered
MN
88 99
8512 Oct'29
834 8512 Mobile & Ohio gen gold 41a_1938 M II 88
89
8158
8158
actunding 8.
1966 MN ioirs 105 10412 Nov'29
8158 93%
10014 10514
Montgomery DI, 1st g 5d 1947 F A 98 103 00 Nov'29
15-year secured Me g____1936 .1 .1 1074 -- 107
97 100%
107
8 106 111%
Bet
&
lmpi
4326
1977 M S 954 Bale 954
98
-18-year 234o
64
Aug 1 1988 FA 9912 Bale 99
90 9711
10012 81
9413 1004 Mob & Mar 1st gu gold As_ _1991 MS 88
884 86 Nov'29
Calm Bridge gold ia
1950 JO 8538 90 87 Oct'29
82% 87
86
90 Mont C 1st gu es
19373 r 103 ---- 06 Nov'29
Litchfield Div let gold 36_1951 J
102
724 702 7412 00'29
1011%
71%
75
14
lit
guar
gold IM
1937 .1 J 994
100 Oct'29
Louth, Div & Term g 834.1953 Ii 7712 81
11312 101
79
79
2 77
84% Morris & Essex ist gu 3%4_2000 J D 7712 Sale 774
79%
Omaha Div ist gold 3a
1951 VA
7314 Nov'29
7114 8016
77
724
It Louie Dl,& Term g 38_1951
J 74i 7612 7414 Nov'29
7414 75% Nash Chatt & St L Cs ger •_1978 F A 9112 Bale 91
Gold 3349
9112
7 85 9112
1951 3, 79% 83 84 Oct'29
73 8812 N Fla & 8 1st gu g569F
7 A
7
99 Aug'29
Registered
J
9816 UN
-- 76 July'29
76
76
Nat Ry of Mei pr lien 4%1_1196377
18 July'28
Springfield Div lslJ 1154c_,951
3 7758, - 72 Sept'29
82 82
July 1911 coupon on
J J
Western Lines let g 22_ _ _1951 PA 8814 91
7814 July'28
88% Nov'29
88
9012
Assent
web
war
on
rot
Nod
TO
712
Registered
814
VA
814
92 Apr'28
Guar 70-year s f
iii
Ill Cent and Chic St L & N 0
8712 Aug'28
Aseent cash war
4s77
rot No 5
19w
814 Bale
8
814
Joint let ref 54 series A_ __1963 JO 103% 10434 10312 105
2 'T Ta;
15
9912
Nat
1051
RR
4
Mex
pr lien 414s Oct'213 J J
354 July'27
lit & ref 4 Ms serlea 0_ _1963
D 96
9712 96
9634 41
92% 9712
ImAgemo
nticas
1613 14 Nov'29
ub war rot No.41 on
12
14 114
1)
1.
22 Apr'28
Lad Bloom & West let ext 4i1944) A0 8618 _ - 91 Nov'28
-Arent cash war rot No 4o
196n1
5
612 618
8%
2 -Ws
LndIil&Iowalstgdi
1960 3, 88 91 8758 Nov'29
88 9214 Naugatuck RR 1st g M....1954 Pi ii 701
Ind & Louisville let en M__ _1956 .1.1 8158 87
-- 78 Sept'29
76 82
8112 Oct'29
80 8814 New England RR Cons 54_1945 J .1 9512
6-913 98 Nov'29
Lnd Union Ry gen 5eier A_1966.13 101[12 Sale 10112 10112
9112 99%
96% 103
Consol
19453
guar
46
Bale
.1
86
86
86
Gen&,et6eeerieeB
80
1965 .1
801
9812
.
9912 Oct'29
9912 103
NJ June RR VW lit M.__ _1986 F A
Nov'29
83
1st & Get Nor lat(Ss ser A_ _1962 3
7814 88
103 Sale 10212 103
33 99 108
NO&NE Ltref.tImp4)48A112 J .1
92%
-- 9258
2
Adinetmentes Der A July 1952
8518
974
82 Sale 82
84
17
78 98
New Orleans Term let de__ _1953 1 J 921s8712
89
87
87
1
Stamped
8311 91
7712 Feb'28
N0
144Tm
etzas
sertnex n-a Inc 64-1935 A 0 96 1001s 9618
9618
5
10 54 merles 13
90 100
1966 I
96 Bale 96
97
80
1954 A 0 9814 Bale 97
9814 15
lit g as series 0
1 911% Hale 96
90 10014
1956
0684 31
90%
963
4
let
asserts,
1958
98
F
C
A
10014
3
98%
98%
441 By.Cent Amer lit 58._1972 MN 7412 Sale 7414
9712 101
7412 18
73
82
lit{Memories D
1968 F • 9258
_ 894 Nov'29
lit coil tr 8% notes__1941 MN 9612 Sale 9512
11514 96
9512
3 90
9614
let 5344 melee A
1954 A 0 102 Sale 10158 10212 60
Irt lien & ref 6301
98 1054
1947 PA 9C34 Sale 9134
92
89
98% N & C Edge gen r1112 4%8_1945 .1 1 93 95 93 Nov'29
taws Central let gold 5_...,,.1938'U 35 Sale 35
93
911,14
7
3512
35
31
NYB&MB1rt con g 54-1936 A 13 95 100 97 Sept'29
Certificated' of depoeit
9318 97
3514 Sale 3514
3514
2
3514 5112 NY Cent RR oonv deb 66_1936111 N
10412 Bale 10358 104% 96 10014 108%
Refunding gold de
B
1951
9 Sale
9
938 14
ft%
20
PA N
108 Jan'29
James Frank & Clear lit 58_1959 D
106 106
____ 8634 Oct'29
83% 92
Collegli
nsol r
esS
1998 F A 90 Bale 90
eries A
9318 54
Han•& G R 1st gu g 541938 .1
844 90
'
- 10014 Apr'29
9914 1001 1
Ref &impt 43/swim A__2013 A 0 98 Sale 974
9818 108
Kan & id let gu g
1990 *0 8112 83
94 10014
83
8212
6
8412
80
Nor0Are0
& 1m
t pt54 series C.- __ _2013 A 0 1054 Sale 10418 10512 96 10114 10711
A
0
108
Mar'28
£0 Ft SC M Ry ref g 44_1936 £0 9334 Sale 0381
9334
2
89
95
Kan City Sou let gold 844.._1950 *0 77 Sale 75
77
35
70
76
N4ig
nai
NY C
ttlud Riv M 33411 1997 i .1 8186 Bale 80
81% 44
Ref & MLA as
76 82,
Apr 1950 J J 9914 Sale 99
4
100
76
9414 100
1997 .1 .1
76 Oct'29
[anise City Term lit 4/.. _1960
.1 8814 Sale 8712
7416 7811
8858 Si
84
DOI:
gide 95%
1954 151 N 96 Sale
Debenturegold ea
904 84
Kentucky Centre] gold M_ _1987 J J 83
9384
85 85 Nov'29
97%
83%
90%
It
N
July'29
94
Kentucky & Ind Term 4%4_1961 J
94
98
85 .18.n'29
96
95
30-year
1942 J .1 93 94 0318 Nov'29
de
Stamped
J 87
1961
90 9678
8714 87 Nov'29
88
90
Lake Shore ooll gold 3346_1991 F A 78 Bale 7678
78
Plain
8144
73
1961 '.1 84
_ _ 8338 Nov'29
83%
96
Nov'29
79
75
Lake Erie & Weil let g Si_ 1937
731% 76
97
9912 9912
9912
3
97 10218
Mileg
ich C
9'et.r
nt
eS
F
81
A
9
8
7412
coll
Nov'29
75
3%9
gold
WI gold Si
1941 JJ 9818
732
4
79
14
99
2
- 99
9538 100
75 Sept'29
Registered
A
1998 A
F0
Lake 1311 & Mk% Bog 3328- _1997 JD 8012 Sale 98
78
79
79
80
77
6
7534 8112 N Y Chic & St L 1st 6 416
9512 9613 95%
9512
914
D 7714 Sale
Registered
974
1937
1997
30
741i 7812
A N
O
103
927
924 Sept'29
1 m
9018 9214
1931 MN 9858 Sale
116-yesz gold as
08-24 56
96% 9912
2es11
1t rbe
rred
denture es
5-ye 98
9824 98
3
98%
MN
96% 98%
Registered
9d 6e eerie/ A B 0
10124 Bale 101
44
1013
4
100
Lela Val Harbor Term gu 58_1954 PA 103 104 10:112
1021s
8 10078 10518
i7
811
77: Apr'289 80
3::
Refunding 534s Berke A_ _1197
7.N
41 1014 1074
O 106 Bale 10413 106
934
1;
Leh Val N Y let gu g 4346_ IWO J J 9758 Sale
4
9518 100
IRte
cift.4111:11
.45
rth
eeeo
eerfee B. 1075 3 1 106 Bale 1054 1064 50 101 107
fell'gh Val(Pa) cons g 0_2003 MN 87 Sale
37
33
88,
8
9512 Bale 9412
954 30 91
98
MN
Registered
Oct'29
_ 85
8238 86
NY Connect 1st gu eMs A.1
A 954 10112 95
78 F
MS
953
95
15
19
39 974
General eons 434s
2033 MN 9712 Sale 95
98
37
92 100
let guar 64 eerie. B
11994573 F A 9812 Sale 9812
9612
1
9612
MN
Registered
10254
99 Nov'28
NYC Erie In BIS gold CsM N 88
- 88 Oct'29
38
pg
itd en gold 4344
_
100 9812 Mar'28
Uhl Valley RR gen 54 series 2003 MN 10514 Sale 1044 105% 15 10078 10714
4th
it
gold
Si
O
S
9
3
N
3
M
A
1
99 Aug'29
OW.
A0
99 100
Term
Lab V
Ry lit gu g 5s__1941
10114 10212 l0178 10178
1
1/9 10312 N Y & Greenw L gu g 64_._1948 151 N
ax
Oct'29
96
91
£0
99
Registered
10558 Feb'28
N Y&Hariem
0mistAlAd golg gm__ _2000 M N
75 Oct'29
Leb & N Y ist guar gold 46_ _1946 MI 8618 ____ 86
70 83
86
86
88
111 N
7514 Oct'29
_
tax & East let 50-yr 158 gu 1965 *0 10312 10712 10218 Nov'29
7514 7514
9818 108% N Y Lack & W let & ref gu lis'73 M N 100
9718 Oct'29
LItUe Miami gen Meenes A.1982 MN 83
9714 100Id
8612 Dec'28
_
1st &
gu 4349 oon
9814 Nov'29
661.
Long Dock oonsol g Se
90 10019
1936•0 10212 Sale 10212 10212
156 loth NY LEref
& W 1st 74 ext
973 M N
1930MS
10018 Sept'29
1004d 10019
Long mild 1 Icon gold as Jul71931 Q
9712
9314 10114 N Y & Jersey 1st 54
9812
9812
1932 F A 100 Sale 100
100
92 1004
1st oonsol gold 41____July 1931 51
97 Sept'29
8978 92
9814 100
N Y & Long Branch 4e
87 Sept'29
1041 NI S
87 87
3eneral gold die
1938 3D 9512 9758 92 Nov'29
8914 94
N Y & N IS Bost Term da_ _1939 A 0 ---- -- 9518 July'29
9514
Geld As
964
1932 JD 84
8934 9912 Dec'28
NYNH&Bn-c4ob451947M 13 8134 83 80 Oct'29
Unified gold is
7414 Si
B 9612 99 90 Oct'29
1949
IF
1914
Non-cony debenture 3324_1947 PA 8
-- 7318 Nov'29
Debenture gold Ye
73
77%
1934 JD 98
2
July'29
6
9812 9
95
100
96
054
Non-conv debenture 3340_1954 A 0 73
7452-75
73 Nov'29
90-year p m deb 54
6811 75%
1937 MN 964 Bale
17
9212 99%
Non-oonv debenture 44_ _1956 .1 11 80% 83 81%
8112
2
74
Gum ref gold As
$4%
B 8734 Bale 8724
1949
2
88
84% 91%
82
804 83 814
18
7419 84%
Nor SD B lit con gu 54-0ot'32 G 1 9712 99 97 Nov'29
95 100
C
Non
•deben
en-c°9
v 9t
eure
M 31
.1 NJ 73
bentiris99
1966
74% 73
7312 27
Lou & Jeff Bdge Co gd g 0_1946 MB 89
68% 75
93 88% Oct'29
9412 90
Cony debenture Si
1943 -I .1 127 Bale 127
129
44 116 137
Louisville & Nashville 5s.....1937 PA 1/ 10012 ---- 10012 Nov'29
10212
9911
Registered
125
J .1
125
1 115
Cfnined gold M..
1940
9412 11
9358 Bale 9358
914 9514
Collateral trust811940 A 0 I OL14 1-65-1-8 10514 105116 123 103 199
1054
Registered
9314 May'29
034 934
Debenture 441
l967 MN
N 74 Bale 74
7418
4
Collateral trust gold as__ 1931 MN 9918 10334 99 Nov'29
70
79
9818 10054
let & ref 434s ser of 1921.19673 D 9214 Bale 9112
93
90
10-year leo 72_ _May 15 1930 MN 101 Bale 00% 101
9414 9312
18 101 102
Harlem B.& Pt Ches lit 44 1954 IN N 84% 90 88 Nov'29
$414 9011
98.4
I Due Feb. 1.
3451.
New York Bond Record-Continued - Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29.
Brice
Wednesday,
Nov. 27.
Week's
Range or
Last Sale.
Ask Low
High No Low
High
Bid
6112 22
527s 75
I Y 0& W ref lst g As-lune 1992 M a 60 Bale 60
Reg 85.000 only_June 1992 M S ___- -- -- 70 Apr'28
1 "66- 1/1112
5272
General 45
1956.7 I) 53 Sale 5272
9012 June'29
90 91
0 Y Providence & Boston 4s 1942 A 0 8312
8934 Jan'28
A 0
Registered
83
891:
X Y & Putnam let con gu4a 1933 A 0 8412 10- 8712 Nov'29
7478 8612
‘11 T Buse & West let re/ 5s-1937 1 .1 75; 824 82 Nov'29
311 gold 430
1937 F A ____ 7978 8434 Nov'28
6 -693, 82
7614
1940 F A 7614 Sale 73;
General gold IN
91 1014
Terminal let gold Si
1943 M N 9314 100 91 Aug'29
45
87
79; 87
N Y W-abes & B let seri 410'46 .1 J 86 Sale 8512
Nord By ext1 a 1 630
1950 A 0 102; Sale 102; 10234 29 100 105
61
30
5914 9034
Norfolk South let & ref A 58_1961 F A 8914 Sale 594
qv, 102
100 Sept'29
Norfolk & South let gold 56_1941 M N
Nerfolk & West gen gold 0_1931 M N
Improvement & ext es_ _ _1934 F A
New River let gold 135____1932 A 0
N & W Ry 1st cons g 0_1996 A 0
1996 A 0
Registered
VIVI let lien & gen g 0.A944.7 J
10-yr cony 6e
1929 M I
D
Poosh C & joint 44
_1941
forth Cent gen & ref 53 A_ _1974 M S
Goll & ref 431e sear A stp5_1976 M S
North Ohio let guar g Ss_ _1945 A 0
Worth Pacific prior lien 0_1997 Q
1997 Q
Registered
Gen lien 17 & Id g as_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & impt 430 series A-2047 J
Ref & impt 6s serial B_2047 J J
J
Ref & Impt &Berke C2047
Ref & Impt 5e aerial D_2047 J
IOC Pao Term Co let g 62_1933 J
Woe By of Calif guar a 0_1938 A 0
101 -- 10018 Nov'29
10134 ---- 104; Aug'29
-- 102 Nov'29
102
92
9214 13 9134
86 Sept'29
9115 ---- 9114 Nov'29
---- 270 Aug'29
Oct'29
91
90 Nov'29
91
9614 00.'29
9014 -95 90 Nov'29
90
8912 Bale 8914
8412 Oct'29
6412
6412 Bale 6414
62 Oct'29
97 98
98
96
11214
112 Bale 112
103
10312 1017s 103
103; Sale 10314 103;
107; --- 107 Nov'29
100 Aug'29
North Wisconsin let as _ _1930 S J
Og & Cham lat gu g 43___1949 J J
Ohio Connecting Ry let0 _1943 M S
Ohio River RR let g 5e___ _1936 J
General gold Si
1937 A 0
Oregon RR & Nay con g 0_1946 J D
Ore Short Line let cons g 51-1946.7 J
Guar Mod cons 55
1946 J J
Guar refunding Ls
1929.7 D
Oregon-Wash let & ref 4s 1981 J
Pacific Coast Co let g 13e_ _ _1948 .1 13
Pao RR of Mo 1st ext g 4a__1938 F A
241 extended gold 5s
1938.7 J
Paducah & Ills let ef 410._1955 J
Parts-Lyons-Med RR Intl es 19514 F A
Sinking fund external 72__1958 M
Parts-Orleans RR s 72„ _ _1954 M $
Ext sinking fund 630____1968 IN S
fauUsta Ry lst & ref s f 73_1942 M S
100 Sept'28
9934
761:
7612 Bate 7612
9558 Nov'28
9812
97 Nov'29
9712
9714
97'4
9012
9012 921 90
103
101 1041 103
104
10312 104
997s
9978 Sale 9978
8914 Sale 8838
8914
673 65 Nov'29
65
9158
91 Nov'29
97 Coo 97 Oct'29
9418
9418_
9418
101 gale
10134
100
10312 Sale 10312 105
1034 Jan'28
98
97 Sale 97
9814 Nov'29
Plennsylvania RR cons g 0_1943 IN N
Consol gold 45
1948 IN N
Si sterl utpd dollar_May 1 1948 M N
Registered
0011501 oink fund 430____1960 F A
General 434e oeriee A _ _1965 D
1988.7 0
General Si eerie' B
1930 A ()
10-year secured 72
1936 F A
15-year secured 630
F A
Registered
40-year secured gold 5s___1964 M N
ra Co gu 3%5 coil tr A reg__1937 MS
Our 330 coil trust ser B_1941 F A
Guar 830 truat ode C_1942 J D
Guar 330 trust Mfg D___1944 .1 D
Guar 15-25-year gold 45 _ _1931 A 0
Our La sir E trust otfm_....1952 IN N
1963 MN
Seoured gold 4513
ea Ohio & Det 1st & ref 430 A'77 A 0
Peoria & Eastern lst eons 46_1940 A 0
Apr111990 Apr.
Income0
Peoria & Pekin Un lit 6%3_1974 F A
Pere Marquette let ler A 51.1966,7 J
1966.7 1
lst 4s series B
I'bllaBalt& Wash lst g 0-1943 MN
1974 F A
General 5s series B
PhIllippins Ry let 30-yr.f0'37 J
Plne Creek registered lit 61,1932.7 D
D
1958
Phis & W Va let 430
1'0 C & St L gu 410 A1940 A 0
1942 A 0
Series B 430 guar
1942 MN
Serial C 430 guar
1945 MN
Belles D 4s guar
Swim E 3341, guar gold_ 1949 F A
1953.7 D
Cer1esFLiguarao1d
1967 M N
Series CI As guar .
1960? A
Series H oon guar .
aeries I cons guar 430....19133 F A
Series .1 00O8 guar 131s-1964 MN
General M 55 series A.l970J D
S D
Registered
Gen mtge guar Oa ear B-1975 A 0
A0
Registered
_- 924 Nov'29
92;9212 931 9112 Nov'29
9132 9234 9118 Nov'29
8812 Oct'29
10012 Sale 10012 1001
983
98 Sale 9712
1051
105 Sale 105
10034 Sale 10013 1004
108
107 Sale 107
112 Apr'28
10414 Sale 10334 1041
84 Aug'29
8414
___ 8414
83; 85 83; Sept'29
85821:
8212 -- 824
981,2
9814 Sale 98
881
8812
91
88
9878
9878 Bale 98
9518 9612 9515
951
83 85 82 Nov'29
30
25
30
30
101
100ss -- 101
10215 Bale 1024 1021
91
91 Bale 90
92 Nov'29
_ 10318 Nov'29
28
2712 273
103;- - 4 2712
- 100 Nov'29
10138
94
94 Eitil-e 94
9634 9972 97 Nov'29
9634 9978 9618 Nov'29
9634 98 9714 Nov'29
9418 Nov'29
9418
9214
93 June'29
9614 May'29
9418
94 Nov'29
9418
94 Nov'29
9418
98
98
9618
98 Sept'29
9618
10513 Bale 1054 1651
102 June'29
10314 Nov'29
jail!
11312 Jan'28
Pitts MoK & Y lit gu 65 __AMU J 3
....1984J
2a guar es
1940w o
PION Sh & L let g
1943 J J
let oonsol gold 55
1943 MN
Pith Va & Char 1st 45
Pats Y & Ash let Li ser A._1948 S D
1962 F A
1,1 gen Si series B
1974 J I)
Ist gen 5s serial 0
Providence Smut deb Li__ 1967 N N
__1956 M S
Providence Term let
Reading Co Jersey Can coil 45,51 A 0
A 0
Registered
J
Oen & ref 430 Berke A__1997
Rensselaer & Saratoga 63_1941 M N
1948 M N
Rich & Mack let g As
Richm Term By lit gu 5s-1952 J J
Rio Grande June let gu St ,1939J D
Rio Grande Bou lit gold 0_1940 J
Our 45 (Jan 1922 coupon)'40 J
11.10(kande Weet 1st gold 0_1939 J J
Ist COD & coil trust gs A-1949 A 0
II I Ark & Loula let 430_1984 IN S
Rut-Canada lit gu g 4s____1949 .1
1941.7 J
Rutland let con g 4342
_ 100 Nov'29
103; July'28
99 Nov'29
i54"
10014 Aug'28
9918 Sept'28
911: Apr'29
66"
10078 -_-_-_-- 10214 Oct'29
100 -7512 Sale 7314- /11i
80;- 80 Nov'29
91
91 Bale 8918
9414 July'28
98
98 Sale 9678
- 10018 Mar'21
1001*
__
-7-81
4 7818 May'28
9512 9912 102 Oct'29
94 97 94 Nov'29
6 May'28
712 Apr'28
9114 92 9034 Nov'29
8412
83 844 8312
9534
95; Sale 934
_ 80 80 Oct'29
87 85 Nov'29
86
10
62
45
56
10
17
100 10314
104; 105
9978 104
9212
88
8912
86
89
94
13212 270
9558
91
90 10778
954 99
8812 9614
84 90
8334 89
604 1374
62 6312
8914 9878
109 1131:
10012 105
10012 1044
107 10914
99 100
20
3
2
1
57
51
74
-kis 11-91a
97 100
85
921:
1004 10638
10018 106
9771 9972
83% 8914
83
84
8914 94,8
9614 99
9112 98
9712 10134
100; 105
16 IF
-919814 104
141
52
138
127
45
1
2
20
10
194
3
5
4
24
9
14
1
92
8941
90
8812
95
9312
10214
1004
105
98
94
9814
8812
10112
1004
10812
10378
111
100 1051-2
90
84
83; 8712
83; 89
8114 85
9612 994
85; 92
94% 9912
974
91
7914 87
2972 48
99; 103
100 10478
86
91;
90
96
10318 108
27
39
100 103
92 96
95% 904
954 10014
071, 9914
008
92
93
93
94; 064
9218 (0818
9218 9612
9614 100
9618 9344
10214 1081s
102 102
1024 10814
--- -100
99
102
iini
-Rio 1313
1004 10312
2
11
70
75'2
791a 844
9312
86
57 •92
99
99is 102
91% 94
47
33
87
4
881: 87
9634 Nov'29
102 Aug'29
97
1
98 97
4
Bale 9934 100
10134 Deo'28
83
Sale 9514
96
99 99 Nov'29
Bale 88
89 273
91
341
Sale 90
Bale 1004 101; 47
_ 101; 101; 16
1-00 9912 100
24
8134
78
9178
78
804
Vat;
87
9878
81
9012
80; 8812
9412 10478
100 102
9513 9718
97 101
96
3614 100
83 8912
8314 91
97 102
984 102
95; 1004
PrW,
Wednesday,
Nut. 27.
Week's
Range or
Lard Sets.
Reined
Since
Jan. 1.
•1gogt
..1.4 Low
High
High No. Low
Bid
984 10114
St L Poor & N W let gu 53_1948 ii 9911 10312 99; Nov'29
954 974
9618 July'29
9512
gu g 45__1931 M
St Louie Sou
8712 19 804 39
St LB W let g 45 bond ctfs__1989 MN 8534 Sale 8534
1 70; MI
7518
2.1 g 43 Inc bond ctis Nov 1989 I .1 7518 Bale 7518
D 9634 Sale 9634
9754 81 984 97%
1932
Consol gold 4a
72
914 10114
9812
96;
Sale
9712
/
55_1952
lit terminal & unifying
10 8914 9514
94
St Paul & K C Sb L 13t 410_1941 FA 9312 Sale 9312
98 9914
St Paul & Duluth let 6e____1931 PA 99; ____ 9818 Oct'29
8818 Mar'29
8014 884
D
I965
let consol gold 45
9718 Jan'28
J
St Paul E Or Trunk let 430_1947
-66- 9818
St Paul Minn & Man con 46_1933 1 1 -654 -9-6-12 9518 Nov'29
lout 100
1933 1 1 10214 105 10212 Nov'29
let consol g Se
103 1034
103 Jan'29
I 1
Registered
9812
5 95 100%
9812 Sale 97;
6s reduced to gold 4101933
95 Dec'28
ii
Registered
10
95
94
1937 913 94 Bale 93
Mont ext lit gold 45
86 894
Pacific ext guar0(sterling)'40 ; a 8712 8912 8912 Nov'29
a 10332 105 104
10412 45 100 107
St Paul Un Dep let & ref 53_1972
8 864 91%
9112
1948 ii 0112 Bale 9114
S A & Ar Pass let go g 4m
7 95 102
10014
10014 Bale 100
Banta Fe Pres & Phan let 54_1942 Si
Nov'29
109 106
102
10214
0
1934
let
6e.,.,..,
g
West
&
FM
Say
Nov'28
98 1001a
9818
1934 *0 9812
let gold 55
87 904.
Scioto VA NE let gni;0_1981 MN 88 12 90 Oct'29
1
71
6978
62;
6978
Bale
694
A0
195(
let
g 4a
Seaboard Air Line
6612 55 6012 764.
0 8812 Sale 6578
1951
Gold 45 stamped
5715 19 35; 64
A 5714 Bale 52
Oct 1949
Adjustment 5s
165 39
48
68
4652 Sale 43
Certificates of deposit
15 51
1
.
63
60
1951 to 5912 Bale 54
Refunding 45
75
85
7414
6414
7134
Bale
7414
S
1941
A
let & cons 63 series
73
75
75 Mar'29
%I
Registered
8 78
85
89
Atl& Blrm 30-yr Mt g 45_1193 MS 85 Bale 8412
6718 25 5712 81
A 67 Sale 63
Seaboard All Fla 1st gu 65 A_193/
3 57 8014.
67
193/ CA 67 Bale 60
Series 13
97 9814
974 97 Oct'29
Seaboard & Roan let &end 193 1 1 97
99 10018,
A 99; -- 9938 Nov'29
193,
S & N Ala cone gu g 5e
10212 107
10218 1-074 10612 Nov'29
Gen cons guar 60-yr 68-196' t
704 88
10014 -
II Joe & Grand IN lit 0.....1947 3 J 87
J 96
IN Lawr & Adlr let g 5N----1996
1996 A 0
24 gold es.
19315 J 5'74
82 L & Cairo guar g 45
es L Ir Mt & S gen con g 53_1931 A 0 100
1981 A 0
Stamped guar as
Riv & G Div Ist g 0__1933 M N 9578
L M Bridge Ter ffU g 34..1930•0 9834
Iffe 1,8•11 Fran pr lien de A..1950 M 8 8834
1978 Al b 9034
Con M 4 3333eries A
19503 J 101
Prior lien Si eerie. B
gs Louis & Ban 17 RY gen 51_1931 J J 10114
1931 .1 1 9934
General gold Si
4 Due May e Due June 1 Dun August
BONDS
N. Y STOCK EXCHANGE
Week Ended Nov. 29.
Range
Since
Jan. 1.
6 8513 01;
90
89
8778 June'29
8314 874
96 Nov'29
921g 994
10118 101; 25 974 109
9712 61 884 9712
9618
99; 377 8934 100
974
4 86; 91
90
9014
83 May'29
83
83
1 9814 103
10014 102 10014 10014
_96 9514 Apr'29
954 954
2 sale 89; 92 64 85 924
864 Aug'29
8612 Ms
log" Bale 10714 108 42 1044 110
10312 July'29
10315 102
77 83
90
90
8912 Bale 89
874 Rept.28
11714 Bale 1164 11714 14 10911 118
12112 Bale 12114 123 123 117 123
.
10314 10614 103 Nov'29
10212 1061
8634 90 8658 Nov'29
82; 89
964 106
_
100 9844 July'29
8514 9312
lior4 93 914 Nov'29
So Pao ooll 43(Cent Pao WI) k17. 9 a
1 D
Registered
lett 430(Oregon Lines) A.1977 81 9
1934 1 D
20-year cony 68.
196$M 13
Gold 4345
May 1 1969 MN
Gold 470
San Fran Term lit 4s___1950 A 0
A 0
Registered
So Paco!Cal 1st con gu g 53_1937 MN
So Pac Coast 1st gu g 4s____1937 J 1
19553 J
So Pac RR let ref0
1 J
Registered
Southern By let cons g 55-1994 J 1
J 1
Registered
Devel & gen 43 eerie' A-1956 A 0
A ()
Registered
1956 A 0
Develop & gen 65
19511 A 0
Develop at gen 610
19991J 1
MOM Dly let g 55
1951
St Loula DM lst g 45
East Tenn reorg lien g 0-1938 M 3
Mob & Ohlo ooll tr 0.-1938 M I
8834 904
_
95_
-10118 Sale
9634 Sale
9812 Sale
90 Bale
Spokane Internat let g 5s---1955 Si
Staten Island By let 430-1943 ID
Sunbury & Lewiston lit 4s1936 3.7
Superior Short Line let 53.-41930 MB
Term Assn 01St L 1st 1143Ss-1939 A0
1944 FA
1st cons gold 541
1953 1 .1
Genrefundefg4s
Texarkana & Ft B lit 530 A 1950 FA
1943
Tex & N 0 oom gold 5/1
D
2000
Texam & Pac 1st gold 56
2d linc55(Mar'28cp on)Dec 2000 Mar
1977 AO
Gen & ref 53 series 13
1979 *0
Gen & ref 54 series 0
1931
La DM Et lst g 5s
Tex Pao-Mo Pao Ter 530..1964 MI
Tol & Ohlo Cent let gu 58.-1935 J
1935 *0
Western Div lit g 55
1935 SD
General gold 55
3
44_1917
1st
West
&
Peoria
Toledo
1950 *0
Tel St L& W 50-yr g 43
Tol W V & 0 gu 434s A__1931 ii
lot guar 434s series B_1933
1942 MS
lit guar 43 series C
Toronto Ham & Buff lit g 41 1946 3D
75 Oct'29
814
65
88 Nov'28
95 Apr'28
9832 ____ 99 Mar'29
9999
2
96
96_ 95
98
10112 We 10112 10112 26 984 103
8818 11 8012 90
8818 9014 8818
1044 18 9814 105
10412 Sale 104
97 95 Nov'29
98
96
79
10612 13 10112 10932
106 10712 108
95 Mar'29
95 95
1004 37 92; 10214
/(1
@FedFRASER