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The
I financial
hrtintrie
VOL. 129.
SATURDAY,NOVEMBER 9 1929.
financial Chronicle
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The Financial Situation.
The past week has witnessed the after effects of
the panic in the stock market which swept over the
Stock Exchange with such devastating consequences
during the closing days of October. There has been
further liquidation, and on a very extensive scale,
too, with the result that the general level of stock
prices has been drifting back to the low level reached
in the great break on Tuesday of last week and on
Thursday of the previous week. Not only that, but
in numerous instances new low records have been
reached—that is, there have been new downward
plunges in many stocks which have carried such
stocks lower even than on the two occasions when
values suffered such utter collapse and when so
much havoc was wrought. The more important of
the stocks which sold down to new low levels for
the year appears iu our review of the stock market
further along in this article. It will suffice here
to say that our records show that no less than 307
stocks established new lows in 1929 during the
present week on the Stock Exchange and 252 on
the Curb Exchange.
There is nothing new or unusual in a sagging
market following such a collapse as that witnessed
last week and the week before. The explanation is
found in the fact that at a time of great stock market
convulsion, when banking interests have to come
to. the rescue of the market, as happened in this instance the same as on previous occasions, a good
many stock accounts have to be taken over and the
collateral behind them gradually disposed of. Often
a considerable amount of time is required to do this.
Where the value of the collateral is seriously impaired, because of the great decline in prices, the
utmost caution and exercise of sound judgment are
necessary in order to prevent the lenders from becoming involved in losses which might lead to their
NO. 3359.
own undoing. In such a state of things the collateral
is fed out to the market by degrees, as circumstances
and market conditions may warrant. The painful
process is continued no longer than absolutely necessary, but deliberation and delay are often essential
in the interests of borrower and lender alike. The
present collapse is of vastly greater dimensions than
any preceding one, and the task of nursing the vast
army of stock market cripples which the wreck has
left behind is correspondingly more difficult and
may require a greater amount of time than has been
the experience of the past in dealing with lesser
catastrophes, but it would appear that the process
of liquidation is approaching its end, if the end has
not already been reached—after which the stock
market may be expected to settle down and become
quiescent for a time, perhaps for a considerable time.
With the panic behind us, it will be possible to
take reckoning and see what can be done to retrieve
the situation, and, what is more important, see what
can be done to guard against recurrences of the same
kind in the future or to mitigate their consequences
and ill effects. And here it is important that hasty
conclusions should not be drawn. To that end it is
important, above all, that a correct diagnosis should
be made of what actually happened and how it came
about. We are prompted to this suggestion because
a disposition is already growing up to ascribe the
whole trouble to "mob psychology," when it seems
perfectly plain that mob psychology had absolutely
nothing to do with bringing it about. By mob psychology is meant a sudden simultaneous desire on
the part of the entire mass of speculators to get rid
of their holdings and throw them on the market
because of loss of confidence in their value, for one
reason or another.
Professor Irving Fisher is the disciple of the
theory of mob psychology as the reason for the breakdown. In the "Herald Tribune" of last Sunday he
undertook to elaborate the theory and to enlarge
upon it. Thus we find him saying: "It was the
psychology of panic. It was mob psychology, and it
was not, primarily, that the price level of the market
was unsoundly high. In a degree they were too high,
because there had undoubtedly been over sanguine
speculation, but this was only partly true. . . .
People had tried to do business on a shoestring.
. . . There are solid reasons for believing that
the long bull market could not be explained by the
simple formula that it 'went up because it went up.'
But the fall in the market was very largely due to
that psychology by which it went down because it
went down."
The learned professor is wrong, as he usually is
when he talks about the stock market. There was
no mob selling. Rather, the mob held on to the
last minute with the greatest tenacity and finally
2900
FINANCIAL CHRONICLE
got sold out instead of selling out. In the last
analysis the break in the market was due to the fact
that stocks had been carried to absurdly high levels.
And as has been repeatedly pointed out in these
columns, the doom of the speculative movement had
long been inevitable. As to the immediate cause
of the break, which was bound to come sooner or
later, it only remains to say that the market had
been sent on a new upward journey by Federal Reserve action in the early part of August in sanctioning an increase in the New York Federal Reserve
discount rate from 5% to 6%, but with the simultaneous lowering of the buying rate for bankers'
acceptances and the concurrent purchase of acceptances on a large scale. This meant the forcing out
of ,Reserve credit by the act of the Reserve System
itself, and involved Federal Reserve inflation of a
peculiarly objectionable type. Speculation then
grew apace. The latter part of September, however,
some of the large groups of operators, having accomplished their purpose of carrying prices to new extremes, began unloading their holdings, and this
had the effect of weakening the market. As the
process continued the weakness became intensified.
More and more stock poured out from the same
source. At the end of September the market was
exceedingly weak, and this weakness extended into
October. The market now suffered numerous bad
spells, and they came with increasing frequency as
the month advanced. But the great mass of the
general public still held on and showed little inclination to get rid of its holdings. There was not the
slightest indication of mob selling or mob desire to
sell.
But after the decline had been going on for several
weeks, there came an entirely new development,
namely, the calling of loans on a huge scale, not by
the banks themselves, but by the mongrel crowd
of outside lenders. The statement of brokers' loans,
issued by the Federal Reserve Bank for the week
ending Oct. 30, furnishes absolute conclusive proof
that the flood of stock which came on the market in
a perfect torrent the last ten days of the month was
forced out by the calling of loans on a scale which
itself spelled disaster. This calling of loans, as
stated, was entirely by outside lenders whose operations have long been looked upon as a positive bane.
The figures referred to show that the loans "for
account of others," representing funds loaned out
by the banks for account of large depositors, corporate and individual, and against which no reserves
are maintained, fell during the week referred to,
that is, from Oct. 23 to Oct. 30, in the tremendous
sum of $1,359,000,000, while in addition the loans
for account of out-of-town banks, also consisting
very largely of money loaned out for the benefit of
large depositors, underwent a diminution in the
further sum of $728,000,000.
In other words, there was a shrinkage in these
two divisions of loaning in amount of over two
billion dollars in these seven days, or, to be precise,
in amount of $2,087,000,000. That this represented
the calling of loans, rather than liquidation as the
result of voluntary selling, appears from the fact
that while this prodigious reduction in the two
classes of loaning referred to occurred, the loans
made by the reporting member banks on their own
account actually increased in the amount of almost
a full billion dollars, the aggregate of such direct
loaning rising during that week from $1,077,000,000
[Vor.. 129.
Oct. 23 to $2,069,000,000 Oct. 30—that is, nearly
doubling. What happened appears to be perfectly
plain. The outside lenders, either because they got
scared or because they wanted to make purchases of
stocks at the low figures to which the market had
dropped, called loans on the perfectly prodigious
scale just shown, and the banks thereupon were
obliged to jump into the breach and save the situation by taking over a portion of these loans in order
to prevent the stock market from going altogether
to pieces. The evil genius has been the vast mass
of outside lending, and efforts ought to be directed
towards curbing this evil.
This week's returns of the Federal Reserve Banks
brings the figures of brokers' loans down a week
later and shows that in the process of general
liquidation, which has now come as the result of
the panic, the contraction in brokers' loans has been
carried a step further. This week's figures are for
the week ending Nov. 6. In this week there was a
further contraction in the grand total of these brokers' loans in the sum $656,000,000. This follows last
week's reduction of $1,096,000,000 and the previous
week's reduction of $167,000,000, the result being
that for the three weeks combined the grand total of
these loans has fallen from $6,801,000,000 to $4,882,000,000, and is now below the amount for the corresponding date last year, when, however, the total,
namely $4,979,000,000 Nov. 7 1928, was already inordinately large.
But it should be noted that this week's reduction
is of a wholly different character from that of the
previous week. This time the reduction is mainly
in the loans made by the reporting member banks in
New York City for their own account. These loans
for own account had the previous week been increased from $1,077,000,000 to $2,069,000,000 in
order to offset the destructive work done by outside
lenders in calling loans to an aggregate of over
$2,000,000,000—in brief, to save the situation. This
week these loans for own account have been
reduced, falling from $2,069,000,000 to $1,520,000,000. There has also been some further decrease,
but only moderate, in the outside loans, those for
account of out-of-town banks having dropped from
$1,005,000,000 to $963,000,000, and those "for account of others" from $2,464,000,000 to $2,399,000,000.
As to the Reserve Banks themselves, the changes
this week are not very striking. The discount holdings, which represent borrowing by the member
banks, are $990,880,000 this week in comparison
with $991,038,000 last week, and the acceptance
holdings are $330,374,000 against $339,885,000,
while the holdings of United States Government
securities stand at $292,749,000 against $292,688,000.
The result is that the total of all bill and security
holdings, representing the total of Reserve credit
in use, stands at $1,637,634,000 against $1,648,742,000 last week. This is a reduction in the relatively small amount of $11,108,000. At the New
York Reserve Bank, however, the reduction is considerably larger, being $48,445,000, which indicates
that outside of New York the amount of Reserve
credit employed has increased by the amount of the
difference, and we notice that at San Francisco
the discounts during the week were augmented in
amount of $24,700,000.
Nov. 91929.]
FINANCIAL CHRONICLE
2901
the correThe Department of Agriculture has again raised compared with 1,436,000 bales ginned in
its estimate of the probable yield of cotton from sponding period of last year.
this year's growth,for the third consecutive time, in
Mercantile insolvencies in the United States
its monthly statements. The November report,
a favorable comissued yesterday by the Department at Washington, during October continued to make
of preceding
months
nding
correspo
now foretells a production this year of 15,009,000 parison with the
past.
months
some
for
doing
been
have
bales. This is an increase of 94,000 bales over the years, as they
States
United
the
in
failures
ial
commerc
estimate made in the October statement, when the Strictly
compiled from the
indicated yield was placed at 14,915,000 bales and for the month just closed, as
numbered 1,822 and
compares with the final production last year of records of R. G. Dun & Co.,
of liabilities. In
14,477,874 bales. Only in the years 1925 and 1926 involved a total of $31,313,581
similar defaults
was the yield larger than that now promised for this October of last year there were 2,023
number and
both
in
year. The low figure in the estimates this year came for $34,990,474. The decrease
about ten
is
year
this
in the September report, when the forecast was of a indebtedness for the month
more
were
years
both
in
crop of 14,825,000 bales, and both October and No- per cent. October defaults
is
this
but
er,
Septemb
in
numerous than they were
vember have added to that amount.
that
in
son
compari
year's
This
For the crop harvested last year the November unusually the case.
e than the
estimate indicated a yield of 14,133,000 bales. The respect, however, is much more favorabl
true as to
is
same
The
ago.
year
actual harvest in that year was 345,000 bales in comparison of a
month just
excess of the November estimate. The harvest is the amount of liabilities shown for the
numfrequently larger than the indicated production in closed. Thus, September defaults this year
year
this
the closing months of the year—in 1926, the year of bered 1,568, and the increase for October
year
a
the banner production, it was larger by more than over September was 16.2 per cent. whereas
for
cent.
per
1,350,000 bales over the earlier estimates. This ago there was an increase of 23.7
indebted
In
year's yield of cotton is now based on an average October over the preceding month.
the
were
year
this
production of 154.1 pounds per acre, which is slightly ness, the figures for October
fact
higher than was indicated in the October report, the smallest of any month for the year to date—in
they
ore,
furtherm
1928;
July
latter being 153.2 pounds. For the crop harvested were the smallest since
for
last year the final estimate was 152.9 pounds per show a reduction of 8.2 per cent. from those
the
in
increase
an
was
there
acre, while the ten-year average yield has been 155.8 September. Last year
October.
pounds.
liabilities in
cies in
In its report issued yesterday the Department
For the ten months of this year insolven
of
total
a
says that "decreases in Virginia and the Carolinas the United States numbered 19,076 with
period
same
are more than offset by increases in Georgia, Ala- liabilities of $363,739,217, while for the
involving
bama, Tennessee, Louisiana and Arkansas. No in 1928 there were 20,061 similar defaults
5 per
about
of
number
change is shown in Texas and Mississippi. Further $408,184,029, a reduction in
These
cent.
per
11
of
damage to weevil punctured bolls became apparent cent., and in the indebtedness
Insolvenduring the month in the Carolinas and Virginia. figures do not includes banking failures.
d with
compare
as
year
this
s
Elsewhere weather has generally favored the ma- cies were more numerou
to the
as
increase
the
July,
turing and picking of the crop. Loss from frost last only in April and
small.
very
being
ed
appears to have been unimportant to Nov. 1." The last month mention
trading diBoth in the manufacturing and the
yield in Texas is down to 3,950,000 bales, the same as
ment is
in October, while the 1928 growth in that State was visions of the October report an improve
the
year,
last
5,106,000 bales. This year's harvest is now based on apparent in the comparison with
better
the
a yield of only 108 pounds per acre in Texas, against large trading section making slightly
manufacturing
138 pounds last year. For Arkansas the November showing of the two. There were 483
$12,071,429
with
report shows an increase of 60,000 bales over Oc- defaults in the month just closed
trading
the
in
cies
tober; for Georgia, 40,000 bales; for Alabama and of indebtedness; 1,211 insolven
agents
of
failures
128
Tennessee, 35,000 bales each, and for Louisiana, division for $14,463,657, and
OcIn
95.
$4,778,4
of
10,000.
and brokers with liabilities
528
d
numbere
defaults
The reduction in the estimate for North Caro- tober 1928 manufacturing
total of
lina during the past month amounts to 75,000 for $13,490,206; trading failures 1,369 with a
brokers
bales, while for South Carolina the decrease is indebtedness of $17,268,263, and agents and
is
class
latter
the
in
Only
10,000 bales. For the other cotton States no change 126 owing $4,232,005.
of importance is apparent. The Department further there an increase this year.
improvement
sets forth that the indications point to a producIn the manufacturing division the
machtion of American-Egyptian cotton this year in Ari- this year is mainly in the classes embracing
s;
chemical
zona of 35,000 bales, which will be 5,000 bales larger inery and tools; clothing; hats and furs;
Detobacco.
than in 1928.
printing and engraving; bakers, and
iron
Ginnings to Nov. 1 reached 10,889,314 bales, as faults are somewhat more numerous in the
shoes.
g
includin
compared with 5,905,650 bales to Oct. 1 and class, and in leather lines, the latter
the
10,162,482 bales to Nov. 1 1928. In Texas 3,142,858 In the large lumber section the figures are about
large
the
of
all
lly
Practica
bales have been ginned to Nov. 1 this year against same in both year's.
better
3,865,022 bales ginned for that State to Nov. 1 1928. classes in the trading division make a much
year
a
did
they
than
year
this
According to the latest estimate of yield for Texas, showing in October
large
the
in
marked
is
ment
improve
only 807,000 bales now remain to be ginned in that ago. The
State; during the same period a year ago 1,241,000 grocery section; also, for clothing.
Fewer failures occurred last month than a year
bales were ginned in Texas after Nov. 1 1928 to the
from
during
Texas
ao among general stores; hotels and restaurants;
close of the season. The ginnings
0
as
to
d
1,013,00
bales,
dealers in tobacco, in dry goods; shoes; furniture;
October this year amounte
2902
FINANCIAL CHRONICLE
hats and furs, and jewelry. The only important
lines showing increases were drugs, hardware, and
paints and oils, the number of defaults last month
in these three classifications among tradin
g concerns being slightly larger than they were a year
ago.
Of the total of all insolvencies in the United States
for October this year, there were 43 where the liabilities for each failure was $100,000 or more, the aggregate indebtedness for the 43 above mentioned being
$10,919,959. The corresponding figures for October
of last year were 45 defaults involving a total
of
$12,983,630 of liabilities. As will be seen the record
in respect to the larger failures shows little variation in the comparison for the two years.
[Vou 129.
tended all through the list, and at the end of the
day gains as compared with the close on Wednesday
appeared, running all the way from 3 to 34 points.
& Foreign Power closed on Thursday at 73, as compared with 60 the close on Wednesday; Bethlehem
Steel at 93 as against 86%; Atchison at 2351/
4 as
against 217; Columbian Carbon at 1373
4 as against
124; Amer. Tel. & Tel. at 226 as against 215; Auburn
Automobile at 169 as against 135; Johns-Manville
at 115 as against 102, and Standard Gas & Elec. at
107 as against 95. A few of the big declines for the
day were Adams Express at 210 against the close
on Wednesday of 250; Central RR. of N. J. at 260
as against280;Hocking Valley at 400 as against450,
and Nash. Chatt. & St. Louis at 190 as against 200.
On Friday the market, while irregular, showed
The stock market this week has been a disap- greater stability
and the further large contraction in
pointment. After the sharp rally experienced on brokers' loans (in
amount of $656,000,000) was
Wednesday and Thursday of last week, following hailed as indicat
ing the near approach of the end of
the utter collapse on Tuesday, when the bottom the long period
of liquidation. Among the gains were
almost dropped out of the market, it has again Columbian
Carbon, which closed at 152 compared
moved sharply lower the present week. The Stock with 137%
at the close on Thursday of last week;
Exchange was closed both on Friday of last week Central
RR. of N. J. at 274% as against 260; Amer.
and on Saturday, in accordance with previous
an- Tobacco at 186 as against 180; J. I. Case at 168 as
nouncement, for the purpose of allowing brokers
to against 159, and Austin Nichols preferred, 26 as
straighten out their accounts after handling
the against 18. Some of the declines were: Atchison,
tremendous amount of business with which they which
closed at 225% as against the close the prewere overwhelmed. The resumption of trading
on vious day of 235%; Western Union Tel. at 185 as
Monday was awaited with no little interest. From against
190; Amer. & Foreign Power at 67% as
all the accounts a tremendous volume of orders
had against 73, and Standard Gas & Elec. at 101 as
'accumulated in the interval between Thursday
and against 107. On Friday the Stock Exchange deMonday. Hence, expectations were that prices at cided
on abbreviated sessions for the coming week,
the opening would show sharp advances. Instead, too,
the Exchange to close each day at 1 P. M.instead
declines appeared all through the list, with only of 3
P. M. Next Saturday it will again be closed
relatively few exceptions. Thus, United States the
entire day.
Steel showed a loss of 8%, Westinghouse Electric
The volume of trading, while, of course, falling
101/
4, Union Carbide & Carbon 8, Timken Roller far short
of the record-breaking figures of last week
Bearing 7, Radio 8, North American 10, Int. Tel. & or the
previous week, has nevertheless been large,
Tel. 9%, Gold Dust 6, Columbia Gas & Elec. 1134, especia
lly considering that abbreviated sessions
American & Foreign Power 10%, and so on through were
held after Tuesday. On Saturday last the Exthe list. The railroads formed no exception, Penn- change
was closed in accordance with previous ansylvania showing a loss of 534,Baltimore & Ohio 43
%, nouncement. On Monday (the only day when busiNew Haven 4%,&c. As the day advanced these losses ness
was done the full number of hours) the sales
were increased, the amount of the same at the end on the
New York Stock Exchange were 6,202,930
of the day running all the way from 2 to 17 points. shares.
Tuesday was Election Day and a holiday.
General Electric, which opened at 249, closed at At the abbrevi
ated sessions the rest of the week the
235. It was then announced that abbreviated ses- sales on
the Stock Exchange were 5,914,760 shares
sions would be held the rest of the week, the hours on Wednes
day, 7,184,060 shares on Thursday, and
of trading on Wednesday (Tuesday being Election 3,214,660 shares
on Friday. On the Curb Exchange
Day and a holiday), Thursday and Friday lasting the sales were 3,001,4 shares
00
on Monday, 2,131,600
only from 10 A. M. to 1 P. M. Instead of the cus- shares on Wednesday, 2,380,1
00 shares on Thursday,
tomary closing hour of 3 P M., and the Exchange and 1,274,100 shares on Friday
.
to remain closed altogether on Saturday.
It is needless to say that compared with Thursday
When the market reopened on Wednesday after of last week (the Exchange
having been closed on
the Tuesday holiday further liquidation on a large Friday) prices are lower all around
notwithstanding
scale took place, the additional declines running all the prodigious previous losses.
United Aircraft
the way from 5 to 66 points ensued. U. S. Steel, as closed yesterday at 46% agains
t 64 on Thursday of
one illustration, sold down to 165 as compared with last week; American Can at 1151%
against 13534;
193% the close on Thursday of last week. Other United States Industrial Alcohol
at 130% against
declines were Otis Elevator at 240 compared with 151%; Commercial Solvents at 29
against 38; Corn
299 the close on Thursday of last\week; General Products at 90% against 103%;
Shattuck & Co. at
Some of the important gains for that day were Amer. 38 against 45%; Columbia
Graphophone at 24%
Electric, 205 as against 252; Columbian Carbon, 152 against 29%; Brooklyn Union Gas
at 123% against
as against 170; Auburn Automobile, 135 as against 134; North American at 90 against
110; American
210; Norfolk & Western, 221 as against 250, and Air Water Works at 70 against 97%;
Electric Power &
Reduction, 100% as against 142%.
Light at 407
/s against 47; Pacific Gas & Electric at
At the opening on Thursday, further sharp breaks 52% against 58%; Standard Gas &
Electric at 101
occurred, U. S. Steel at one time selling down as against 1343%; Consolidated Gas
of N. Y. at 963
4
low as 1611
/
2,from which, however, a sharp recovery against 110; Columbia Gas & Electri
c at 681/
4
occurred, the close being at 174%. The rally ex- against 87%; Public Service of
N. J. at 70 against
Nov. 9 1929.]
FINANCIAL CHRONICLE
2903
Industrial dc Miscellaneous
86; International Harvester at 80 against 951/
8; Industrial & Miscellaneous
Concluded—
Continued—
Sears, Roebuck & Co. at 102% against 116%; Mont- Truacon Steel
U. S. Steel
Warren
Bros.
Underwood
Elliott
Fischer
gomery Ward & Co. at 58% against 74; Woolworth Union Carbide & Carbon
Western Union Telegram
West Penn. Elec., class A
at 69 ex-div. against 80; SafewaY Stores at 110 United Biscuit
White Motor
Electric Coal
against 135; Western Union Telegraph at 185 United
White Rock Mineral Springs
Universal Leaf Tobacco
Wilson & Co.
U.
S.
Hoffman
Machinery
against 210; Amer. Tel. & Tel. at 222 against 24634, U.S. Industrial Alcohol
Woolworth
Wright Aeronautical
and Int. Tel. & Tel. at 76 against 95.
U.S. Leather
Wrigley
Allied Chemical & Dye closed yesterday at 210% U.S. Realty & Improvement
conspicuous in the
steel
shares
were
quite
The
against 251 on Thursday of last week; Davison Chemical at 31 against 37; E. I. du Pont de Nemours at renewed downward plunge. U. S. Steel closed yes107 against 140; Radio Corporation at 35% against terday at 171 against 1931% on Thursday of last
50; General Electric at 215 gainst 252; National week; Youngstown Sheet & Tube at 115% against
% against 8734,
Cash Register at 78% against 90; International 1201%; Republic Iron & Steel at 773
Nickel at 32% against 393%; A. M. Byers at 65 and Ludlum Steel at 35 against 487/s. The motor
against 89%; Timken Roller Bearing at 811% against stocks shared in the general decline. General
93%; Warner Bros. Pictures at 40% against 46%; Motors closed yesterday at 43 against 48 on Thurs/
8;
Mack Trucks at 70% against 783
%; Yellow Truck & day of last week; Nash Motors at 511% against 607
Coach at 123
/
8 against 15%; Johns-Manville at 115 Chrysler at 33 against 39; Packard Motors at 17%
against 142; National Dairy Products at 51/
1
2 against 20%; Hudson Motor Car at 47% against
%, and Hupp Motors at 223
% against 25%. In
against 57; National Bellas Hess at 15% against 543
the
20%;Associated Dry Goods at 341/
rubber group Goodyear Rubber & Tire closed
8 against 40;Lamyesterday
at 70% against 75 on Thursday of last
against
bert Co. at 100
1097
/8; Texas Gulf Sulphur
at 561% against 617
/8, and Kolster Radio at 9% week; B.F.Goodrich at 52 against 56; United States
/
8 against 367
/
8, and the preferred at
against 12. Long lists of stocks dropped lower even Rubber at 273
than they did before. On. the Stock Exchange no 50 against 61%.
Railroad stocks have at times been under special
less than 307 separate stocks made new low records
for the year, and on the Curb 252 more did. The pressure. Pennsylvania closed yesterday at 853
/
8
,following shows the more important of these:
against 95 .on Thursday of last week; New York
Central at 1841% against 204; Erie RR. at 557
/
8
STOCKS MAKING NEW LOW FOR THE YEAR.
Railroads—
Industrial & Miscellaneous
against 61%; Delaware & Hudson at 163% against
Chesapeake & Ohio
Continued—
177%; Baltimore & Ohio at 118 against 125%; New
Chic. MIlw. St. Paul dt Pee.
Granite City Steel
Chic. & North Western
Grant
Haven at 108% against 114%; Union Pacific at
Colorado & Southern
Greene Cananea Copper
Gulf States Steel
Duluth S. S. & Atl.
221% against 24234; Southern Pacific at 120%
Int. Rys. of Cent. Amer.
Houdaille-Hershey, class B
against 1333
%; Missouri Pacific at 66 against 77;
Lehigh Valley
Howe Sound
Minneapolis & St. Louis
Int. Cement
Kansas
City
Southern at 73% against 837
/8; St.
Int. Mercantile Marine
N. Y. Central
Int. Silver
Pitts. & West Virginia
Louis Southwestern at bid 65 against 80; St. LouisTexas & Pacific
Intertype
San Francisco at 111% against 114%; MissouriJohns-Manville
Third Ave.
Kayser
Twin City Rapid Transit
/8; Rock Island at
Kansas-Texas at 36 against 417
Keith-Albee-Orpheum
Union Pacific
1141% against 124; Great Northern at 97% against
Kennecott Copper
Kresge Dept. Stores
Industrial & Miecellaneoue—
101%, and Northern Pacific at 883
% against 94.
Kress
Abraham & Straus
Layo Oil & Transport
Adams Mills
The oil shares have again suffered less than the
Lehn & Fink
Air Reduction
general list. Standard Oil of N. J. closed yesterday
Lima Locomotive Works ,
Allied Chem. & Dye
Link Belt
American Bank Note
at 62 against 70% on Thursday of last week; Simms
Long
Bell
Lumber
A"
American Beet Sugar
Ludlum Steel
American Can
Petroleum at 22% against 25%; Skelly Oil at 31%
Mack Trucks
American European Secs.
against 321%; Atlantic Refining at 42% against
Madison Square Garden
American Hide & Leather
Magma Copper
American Locomotive
467
8; Pan American B at 61 against 62; Phillips
Mallinson & Co.
American Power & Light
Manati Sugar
American Seating
Petroleum at 30% against 347
/
8; Texas Corporation
American Smelting & Refining
Manhattan Elec. Supply
3
at
537
/
8
against
57
%;
Richfield
Oil at 30 against 29;
American Sugar Refining
McIntyre Porcupine Mines
American Type Founders
McKeesport Tin Plate
Standard
Oil
of
N.
Y.
at
35%
against
383
%,and Pure
American Water Works & Elec.
Melville Shoe
Atlas Powder
Mohawk Carpet Mills
Oil at ex-div. 23% against 25.
Atlas Tack
Murray Body
The copper group has been perhaps the weakest
Autosales
Nat. Enameling & Stamping
Autostrop Safety Razor A"
Nat. Supply
of all. Anaconda closed yesterday at 86% against
Bayuk Cigars
N.Y. Dock
100 on Thursday of last week; Kennecott Copper at
Oppenheim Collins & Co.
Brockway Motor Truck
Bullard
Otis Elevator
67% against 761%; Calumet & Hecla at 32% against
Burns Bros., class A
Pacific Gas & Electric
Byers & Co.
Pacific Lighting
37%; Andes Copper at 361% against 43%; InspiraCalumet & Arizona
Pacific Tel. & Tel.
tion Copper at 317
Case Thresh. Mach.
/
8 against 38%; Calumet & AriPanhandle Producing & Refining
Cavanagh-Dobbs
Penick & Ford
zona
at 923
% against 105; Granby Consolidated
Cerro de Pasco Copper
Pet Milk
Chesapeake Corp.
Phelps Dodge
Copper at 607
/8 against 683%; American Smelting &
Cluett Peabody
Phillips Jones
Refining
at
757
/
8 against 89%, and U. S. Smelting &
Porto Rican Amer. Tobacco A"
Collins & Ackman
Pressed Steel Car
Comm. Credit
Refining
at
361
/
8
against 401/
8.
Pub. Serv. Corp. of New Jersey
Conde Nast Publications
Consolidated Gas
Crosby Radio
Curtiss Aeroplane & Motor
Debenham Sea.
Diamond Match
Endicott Johnson
Evans Auto Loading
Fashion Park Association
Filene's Sons
Florshehn Shoe
Foundation
Gen. Bronze
Gen. Electric
Gillette Safety Razor
Gimbel Bros.
Gotham Silk Hosiery
Republic Brass
Rossia Insurance
Safeway Stores
Savage Arms
Sears, Roebuck & Co.
Simmons Co.
South Porto Rico Sugar
Spalding Bros.
Spencer Kellogg & Sons
Spicer Mfg.
Stone & Webster
Superior Oil
Superior Steel
The Fair
Transue & Williams
Truax Truer Coal
Stock exchanges in the important European centers were depressed in almost all sessions this week,
with the decline at New York exerting a powerful
influence in the direction of lower prices. In Europe
as in America, the Wall Street market was the cynosure of all eyes, and every effort was made to discover the genuine significance and the probable
ultimate outcome of the crash in prices during the
last two weeks. In London financial quarters it
2901
FINANCIAL CHRONICLE
[vol.. 129.
was again pointed out that the American speculation the new Tardieu regime. Prices on the Bourse were
had become somewhat of a menace to the financial firm yesterday.
well-being of the whole world, and a certain grim
The Berlin Boerse opened weak on Monday, and
satisfaction was expressed regarding the drastic re- the entire session was irregular. Some selling was
adjustment. French financiers were surprised at the occassioned at the start of trading by the formation
extent of the decline at New York, while German of a reactionary Cabinet in France and the unobservers wondered whether the decline was suffi- expected outcome of the referendum on the Young
cient to offset six years of advancing prices. Nowhere plan. The trend improved slightly in later dealings,
was there any disposition to consider that the crash stimulated by gains in motor shares. The Boerse
will seriously affect the fundamental condition of was depressed Tuesday by unfavorable reports
American business. That financial interests consid- from New York. Selling extended throughout the
ered the abrupt drop in New York beneficial to Eu- list and losses were heavy. After a further weak
rope from a monetary angle was again indicated by opening Wednesday, the Boerse recovered slightly
additional downward adjustments of Central Bank with automobile stocks leading the advance. Reichsdiscount rates on the Continent. The Reichsbank bank shares also were in demand,the inquiry originrate was lowered from 7/
1
2 to 7 per cent last Satur- ating principally in Holland. Most issues again
day, and the Hungarian National Bank reduced its turned weak in Thursday's trading, but buying then
figure on the same day from 8 to 7Y2 per cent. 'appeared and the losses were confined within moderThe London Stock Exchange opened with a con- ate limits. Reichsbank shares and the motor issues
fident tone Monday in the expectation of higher were well taken, but these also declined a little at
prices at New York, but as these failed to mate- the close. A steadier market developed at Berlin
rialize a general decline set in and the close was yesterday, and price changes were small.
weak. Gilt-edged securities were off at the start,
partly because of the announcement of a loan conA formal report was made by Prime Minister
version scheme by which more than £2,000,000,000 Ramsay MacDonald to the British House of Comof 5% war loan bonds will be converted into a new mons, Tuesday, on his recent visit to the United
serial issue. Tuesday's market at London was again States and on the present status of the naval disfeatured by uncertainty in the gilt-edged list, armament negotiations that prompted his journey.
which was increased as sterling exchange declined Mr. MacDonald returned by way of Canada and
and gold shipments were resumed to Paris. Busi- reached England Nov. 1, taking his place as Prime
ness was of small proportions, but the trend in all Minister in the Commons early this week. In his
departments was downward. The unemployment speech to the Members. of Parliament, the Prime
schemes announced in the House of Commons the Minister made it dear that he could add but little
previous evening had an unfavorable effect. Gilt- to what had already appeared in the press regarding
edged securities recovered to some extent in Wed- his visit. Reiterating that his journey was undernesday's trading, but the international list again taken not as a party leader but as a national repreturned weak on unfavorable advices from New York sentative, Mr. MacDonald again expressed his thanks
and this upset other issues as well. Home rails to President Hoover and his Cabinet, the Senate
showed a little improvement after a weak opening, and the House of Representatives for the welcome
occasioned by poor traffic returns. With the ex- and the honors accorded him. "They showed the
ception of British funds, the entire London list best kind of friendship by the candor with which
sagged in Thursday's dealings. The necessary ar- they exchanged views and the straightforwardness
rangements for the fortnightly settlements caused with which they raised and discussed questions of
much liquidation and overnight reports from Wall delicacy," he said. The press also was praised by
Street also were unfavorable. A slight rally oc- the Prime Minister, who said he found nothing but
curred just before the close. Gilt-edged securities thoughtful fairness and a desire to co-operate in
receded slightly at London yesterday, but other placing the facts and issues justly before the
country. "No Ambassador could have received a
issues were firm.
The Paris Bourse was distinctly firm in the open- warmer welcome," he added, "no government or
ing session of the week, partly because of the cheaper people could have opened their doors, their minds
money rates in other centers and partly because and their hearts wider to a guest."
M. Andre Tardieu had finally succeeded over the
Mr. MacDonald informed the House of Commons
week-end in forming a Cabinet and ending the twelve that he had no draft agreements in mind or in hand
days of ministerial crisis. Government securities when he came to America. His chief aim, he said,
improved rapidly, and bank stocks, rails, electrical was to try by personal contact and direct address
issues, chemical and motor shares followed. The to establish a relationship between the two peoples
tendency of prices was abruptly reversed in Tues- based on mutual understanding, not only of the
day's dealings at Paris, chiefly because of the weak- common subjects to be pursued, but of the mutual
ness in Wall Street on the previous day. Heavy differences to be respected. "The breeze which blew
selling was reported for foreign account and the me across the Atlantic was created by the conversagains of the first session of the weak were com- tions I had had during the Summer with the Amerpletely erased. A firmer tendency was noted Wed- ican Ambassador," he pointed out. Mr. MacDonald
nesday, although the market remained somewhat indicated that in his conversations with President
uncertain. Some of the groups showed good gains, Hoover these negotiations were reviewed and ways
but this was offset in part by losses elsewhere. and means studied for solving the remaining diffiWith overnight reports from Wall Street again very culties centering around the principle of parity in
unfavorable, prices on the Bourse dropped Thurs- strength and variety in the use of tonnage. The
day. Selling orders from foreign sources were heavy, upnderstanding between the two powers, he again
it was said, and domestic holders also were inclined indicated, is a preliminary one which is to be used
to liquidate because of the supposed instability of as a basis for discussions with the other powers
Nov. 9 1929.]
FINANCIAL CHRONICLE
that have accepted invitations to the London conference in the third week of next January. Informal conversations between and with these powers
will continue, he declared.
After quoting liberally from the joint statement
issued in Washington by the two Government heads,
Mr. MacDonald pointed out that America continues
to pursue the historic policy of freedom from Old
World entanglements and is therefore not in the
League of Nations. Britain, however, is in the
League and has contracted obligations to the League
to which she will remain loyal, he added. "In the
course of our conversations," he said,"the President
raised some of the major historical causes of difference between us like belligerent rights, so-called
fortified bases, and so on, which are still active in
forming public opinion, and we agreed mutually
to examine them in the hope that we might arrive
at understandings upon them." The Prime Minister
also adverted to his Canadian visit, on which he
said he exchanged views on political and economic
subjects of mutual concern.
Following this formal address by Mr. MacDonald,
speeches were made by Stanley Baldwin, leader of
the Conservatives, and David Lloyd George, leader
of the Liberals, in which both former Premiers
praised Mr. MacDonald for his success and hoped
his trip would bear fruits. Mr. Baldwin extended
the warm and cordial felicitations of his party
members to the Labor leader on the statement made
before the House, and added that he had felt for a
long time that British statesmen needed a better
understanding of America. "There has always been,
even amongst some of our public men, a profound
ignorance of the nature of the Constitution, executive and administration of the United States, which
at any time might lead this country and has at times
led Europe into difficulties in dealings with America," the Conservative leader said. He revealed that
as Prime Mi4ister three years ago he had contemplated a similar trip and had discussed it with
Alanson B. Houghton, then Ambassador from America. The time was not then judged right, he added,
but he graciously declared that Mr. MacDonald had
taken the first moment that had been possible in
recent years to make the trip. Mr. Lloyd George
also extended felicitations and congratulations to
the Prime Minister on his journey and added that
he considered it a success from every point of view.
Especially gratifying, the Liberal leader said, was
the warm welcome accorded the British Prime Minister in the United States.
A short debate on naval matters and on the negotiations between the two countries followed the
formal statement and the two speeches by the Conservative and Liberal spokesmen. Mr. Lloyd George
opened this discussion by asking the Prime Minister
whether he had abandoned any of Britain's rights
in the Washington discussions. He was assured
by the Prime Minister that no commitment had
been made. Lieut. Commander J. M. Kenworthy, a
Labor Member; interposed at this point and accused
Mr. Lloyd George of being mischievous in asking too
many questions. Mr. MacDonald closed the debate
by thanking the House of Commons for the reception
accorded his statement. He added the following
comments: "As regards the statement about cruisers, that was made before I left and I did not see
why I should repeat it. As regards belligerent
rights, no commitment whatever was made beyond
2905
the promise that the matter would be considered.
As regards general disarmament, I certainly did not
raise the suggestion as to what support America
might or might not give us in the matter of general
disarmament. Preparing for the five-power conference, which is naval pure and simple, is sufficiently
great, and when we have got the five-power conference out of the way then will be time for consideration of general disarmament. The five-power
conference was called for a specific purpose and
our aim should be to get it to a successful conclusion.
As regards debts, we did not discuss debts."
Having received the assurances of all parties in
the House of Commons of their whole-hearted support, Prime Minister MacDonald is now in a position
to join with the American State Department in
diplomatic conversations with Japan, France and
Italy on differences in their respective views. One
of the chief points of diffculty will concern the
reported Japanese intention of demanding a 70 per
cent ratio of strength in 10,000-ton cruisers as compared with the American fleet of these vessels. In
a Tokio dispatch of Monday to the New York Times
it is asserted that Japanese officials declare emphatically that this demand is not a trading point
and in its essential elements cannot be altered. As
the preliminary agreement between Britain and the
United States gives America a greater number of
10,000-ton cruisers in return for British preponderance in smaller craft, the Japanese demand would
imply that British strength in 10,000-ton cruisers
would exceed but slightly the Japanese strength.
Such an arrangement would cause grave concern in
the United Kingdom and the Japanese demand therefore is viewed as a serious obstacle to the smooth
conclusion of the proposed naval accord. The
Japanese and American delegations will discuss this
matter in Washington late in December, before proceeding to London. A second prominent point of
uncertainty centers around the question of equality
of the French and Italian fleets. Italian spokesmen have asserted with great emphasis that they
could not accept any arrangement which left them
in a position of naval inferiority to any other Continental power, while France on the other hand
maintains that she needs a larger fleet than Italy
because of the fact that she has an Atlantic as well
as a Mediterranean coast. The question of submarines also promises to cause trouble at the London gathering, Britain and American joining in a
demand for their abolition, while Japan and Italy
wish to retain them.
A draft convention for a tariff truce among the
States of Europe was completed by the Economic
Committee of the League of Nations late last week
just before the Committee adjourned. Formulation of this convention was considered notable as
the first international attempt in history to effect
an armistice in the economic warfare of nations.
The draft was framed at the request of the recent
League Assembly to form a basis for discussion at
the plenary conference which the January Council
meeting is expected to convoke early in 1930 to
consider the adoption of a truce for a period of two
or three years. It will be sent to all countries of
the world for study, with a request that the governments notify the League Secretariat before the end
of this year whether they are prepared to participate in the proposed conference. Although the con-
2906
FINANCIAL CHRONICLE
vention is left open to all nations, it is generally
assumed in Geneva, a dispatch to the New York
"Times"said,that it will end by being a purely European truce since all non-European delegates seemed
to favor the truce for Europe while declining to
entertain it themselves. If carried out, the plan
will form a substantial preliminary step toward M.
Aristide Briand's proposed United States of Europe.
Articles 1 and 2 of the draft convention provide
that the contracting parties will refrain from levying higher duties than prevailed on a retroactive
date in 1929 left to the conference to specify, but
with Oct. 1 suggested. This applies both to import
and export duties, and it is also provided that the
signatories shall not establish accessory duties on
products previously exempt. Fiscal charges to
which domestic goods are subjected are exempted
from these provisions, but the States are to agree
not to impose fresh internal charges liable in any
manner to place a greater burden on imported than
on domestic products. All the contracting parties
are called upon to accept the League's 1927 convention for the abolition of import and export restrictions and prohibitions. Within specified conditions, the nations are to retain the right of adjusting their tariffs "for the purpose of meeting
grave emergencies affecting essential factors in
their economic life." One of the great problems
confronting the proposed truce, the "Times" dispatch
pointed out, arises from the most-favored-nation
clause, which has been left for the conference to
deal with.
An active stage has been reached in the negotiations between Germany and the United States
for the conclusion of a separate accord on reparations payments to this country. Discussions to this
end were instituted in Berlin two months ago, according to recent dispatches from the German capital, and were carried on largely by Ambassador
Jacob Gould Schurman. It was indicated in Washington late in October that State and Treasury
Department officials had virtually completed the
preliminary draft of the proposed agreement. Formal conversations were begun in Berlin Thursday,
when Edwin C. Wilson, First Secretary to the United
States Embassy at Paris, arrived in Germany to
assist Dr. Schurman. Mr. Wilson brought with
him the draft of the agreement and it was believed
that the entire matter would be concluded within
a week or two. The German Government has already indicated its full concurrence in the proposal,
a Berlin report of Monday to the New York Times
said. The understanding will lift the entire question
of German payments to the United States out of the
mechanism of the Young plan. It was remarked in
the dispatch that "as the American Government
does not intend to become an official party to the
Young plan and also will not be identified with
the Bank for International Settlements, its decision
to arrive at a direct understanding with the German Government is heartily approved in official
circles. Gratification is felt over the procedure
now to be adopted which will give Germany the same
moral and political position in relation to her debts
to America as now is accorded to her by the former
Allies." Unofficial discussions of the negotiations
in London and Paris have indicated considerable
perplexity regarding the significance of the direct
agreement now being negotiated. Both British
[voL. 129.
and French observers remark that a number of
complications may arise, affecting all parties to
the Young reparations plan.
Progress was again made this week by the Bankers Committee in Baden-Baden on the statutes of
the Bank for International settlements, which the
Experts' Committee made an integral part of the
Young plan of German reparations payments. The
labors of the bankers, which began on Oct. 4, appear
definitely to have entered the final stages, as the
major portion of the statutes and the charter of
the institution were completed last week. Outstanding questions of a political nature, such as
the location of the proposed bank, are to be referred
back to the conference of governments at The Hague,
although it is understood the committee will make
suggestions regarding the location. A further
question that the bankers found necessary to refer
back to The Hague gathering concerns the exact
amounts and dates of German payments. Attempts
to incorporate the German payments in the trust
deed formulated at Baden-Baden .were unsuccessful,
as the terms of reference of the Young plan and the
Hague conference were too vague to permit exact
definitions. Accordingly, the bankers decided to
eliminate the German side of the question from the
trust deed and elaborate a document that would
regulate the distribution of any payments upon
which the political conferees at The Hague might
agree. The subcommittee charged with formulating the trust deed was instructed accordingly last
week and asked to present a revised document early
this week. Plenary sessions were suspended for
four days to allow time for this task.
A new draft of the trustee deed was prepared by
the subcommittee and presented to the bankers' gathering last Monday. The document was discussed
for eight hours in two plenary meetings, but the
problems raised by the deed proved exceedingly
vexatious and final acceptance was again delayed.
In a dispatch to the New York "Times" it was remarked that one delegate explained the quandry
by saying that if the committee made the deed too
broad and general, it would not sufficiently protect the interests of the bank, which must have a
precise legal document upon which to base its administration of reparations funds. If, on the other
hand, they attempted to frame a document with
minute and definite instructions •as to sums and
dates, they would immediately find themselves lost
in political quarrels. Differences between the delegations as to the source of the sums conceded to the
British Chancellor of the Exchequer at The Hague
again made their appearance. "France urges that
the sum should come from the profits of the bank,"
the "Times" report said, "while the British have
another interpretation and have adopted Mr. Snowden's tactics to get it carried out." After further
revisions of some of the articles, the new trust deed
was approved in principle at a plenary session Tuesday. Dr. Schacht, President of the Reichsbank, declared that the American delegation deserves great
credit for the "splendid draft of the trust agreement."
It was ascertained Tuesday by the correspondent
of the "Times" that a loophole has been left in the
bank statutes through which at some future time a
connection can be established between the Bank for
International Settlements and the League of Na-
Nov. 9 1929.]
FINANCIAL CHRONICLE
tions or some other international body of control.
Many requests were received from different organizations urging League affiliation, the report said,
but the bankers dropped all thought of any such
connection for the present, although some delegates
looked favorably upon the idea. Opposition to any
such affiliation from American interests was said
to have determined the stand of the bankers' committee against any immediate action in this direction. "There still persists hope here," the dispatch
said, "that this opposition, once the bank is established and has proved its value to world finance, will
diminish and that the Federal Reserve may see its
way toward collaboration. This hope is not due to
anything the American delegates here have said.
On the contrary, it is due rather to the eternal hope
that makes some Europeans still optimistic that the
United States one day will drop its antipathy to the
League." A revision clause was included in the
statutes, it appeared, which stipulates that upon
the consent and approval of the governments the
statutes can be revised so that the bank can draw
its authority from some international source.
In order to clear up remaining questions, meetings were arranged at Baden-Baden between the
members of the bankers' committee and the committee charged with revising the regulations for deliveries in kind. Chairman lIosca of Italy, who heads
the latter committee, reported fully to the bankers'
committee Tuesday on the steps taken to simplify
and liberalize the Wallenberg regulations of 1924,
under which deliveries in kind have been carried on
to date. The question before both committees was
that of supervision of the contracts which will be
passed between the importers and exporters of Germany and the creditor nations under the Young
Plan. The Reparations Commission was the ultimate arbiter under the Dawes Plan, but control by
this body lapses under the Young Plan and the question of control therefore appeared. After discussing
the matter Tuesday and Wednesday, the committee
of bankers informed the representatives of the deliveries-in-kind committee that the function of supervising such contracts would not properly come
within the range of the Bank's activities. Only the
payments for such contracts could be made part of
the Bank's functions, it was held. The delegates
of the deliveries-in-kind commission thereupon returned to Paris to complete their report in the light
of the decision rendered by the bankers' committee.
The decision, it was held, amounts in effect to telling the governments that they must arrange for such
matters in their political discussions. The question, a "Times" report indicated, will probably have
to be fought out at the second Hague conference
along with a large number of other questions of
similar character which have met with rejection
by the organizing committee of the bank.
A fresh complication was added in Germany this
week to the already highly complex international
program for ratification of the Young Plan of German reparations payments which the Experts' Committee in Paris elaborated earlier this year. The
change of Government in France and the unexpected
British demands at The Hague conference had
already introduced elements of the greatest uncertainty into the general scheme. The possibilities of
discord among the interested governments were also
increased by the American steps for a separate
2907
agreement with Germany on reparations, by the
apparent inability of the bankers' committee in
Baden-Baden to agree on many important sections
of the statutes for the Bank for International Settlements, and by the profound differences between
France and Germany on Rhineland evacuation and
the question of sovereignty in the Sarre area. To
these uncertainties has now been added the necessity
for a referendum within Germany on the Nationalist-Fascist agitation against the Young reparations
plan and war guilt acknowledgment. Contrary to
expectations, the campaign for petitions requesting
the plebiscite has brought out the signatures of very
slightly more than the necessary 10% of the German
electorate, and under the Weimar Constitution the
matter must now be referred to the Parliament and
ultimately to a national vote.
The campaign was started some weeks ago by Dr.
Alfred Hugenberg, leader of the Nationalist Party,
and Adolph Hitler, leader of the Fascist Party.
These reactionary parties sponsored a bill which is
strongly opposed by the Coalition Government in
the Reich, and in order to secure consideration of
the proposal by the entire electorate the campaign
was instituted. The bill provides that the German
Government shall notify all foreign powers that the
enforced acknowledgment of war guilt in the Treaty
of Versailles is contrary to historical truth, is based
on false premises and is not binding in international
law. Under the terms of the bill, the German Government is to use all endeavors to secure annulment
of the war guilt acknowledgment and shall also
undertake to secure the immediate and unconditional evacuation of the occupied German territories, without any remaining control commissions.
No further financial burdens or obligations based
on the war guilt acknowledgment shall be assumed,
inclusive of those arising from the recommendations
of the Experts' Committee. The bill states further
that Ministers or representatives of the Reich who
lend their signatures to agreements contrary to the
above provisions shall render themselves liable to
prosecution for high treason. This bill, commonly
referred to in Germany as the "Liberty Law," was
strongly opposed by the Government and an emphatic adverse statement also was made by President Paul von Hindenburg.
On the basis of the returns available last Saturday, it was officially acknowledged by the Federal
Election Commissioner that the total number of
subscribers to the petition will exceed by 15,000 the
required 4,127,890, which represents one-tenth of the
Reich's eligible voters, the percentage necessary to
make the plebiscite binding on the Reichstag. The
Minister of the Interior will now have to submit the
bill to the Reichstag where its rejection is a foregone
conclusion. To override the Reichstag veto and
make it a Federal statute will require 20,000,000
supporting votes, which is half the total of the
eligible electorate. "Measured by the support given
to the measure in the present initial voting, the bill
is doomed to defeat when it is put up to the voters for
final approval," a Berlin dispatch to the New York
"Times" points out. The Nationalist leaders in Germany associated with Dr. Hugenberg are none too
happy over the "success" of their plan for a nationwide plebiscite on the Young Plan and the war-guilt
issue, according to Berlin reports. The voters who
responded to the frantic appeals for signatures number only four-sevenths of the "nationalistic" sup-
2908
FINANCIAL CHRONICLE
porters, and it is therefore considered that many
adherents of the party disavowed the party leadership.
Although there is no reasonable likelihood of a
favorable national vote in Germany on the Nationalist-Fascist referendum, the task of the German
Government in securing Parliamentary ratification
of the Young Plan will doubtless be rendered just
so much the more difficult thereby. The prevailing
uncertainty regarding the date of the second Hague
Conference of Governments contributes to this difficulty. "If the Hague conference is indefinitely postponed," a "Times" dispatch says,"the Reichstag will
have to take action on the referendum, and the plebiscite which will speal the fate of the 'Liberty Law'
will in all probability be held before the reparations
powers meet at The Hague. On the other hand,
the present coalition parties who control a majority
in the Reichstag may succeed in deferring action on
the petition until the Young Plan is formally ratified, in which ease the plebiscite, which has no prospect of contravening such action, will be held early
in January. The Government has enough legitimate
parliamentary expedients at its disposal to rid itself
of a possible menace to its foreign interests by having the plebiscite at a time when it is least likely
to prove a disturbing factor to its internal and foreign issues."
Debate on some of the pressing issues before the
British Government was begun in the House of Commons Monday, when Prime Minister Ramsay MacDonald made his first appearance in Parliament
following his return from America. The questions
of unemployment,the resumption of diplomatic relations with Soviet Russia and the status of India
were brought up in rapid succession. The new
Labor regime made its attitude and its programs
clear on all points, and as a rule the Conservatives
and Liberals offered only mild criticism. Several
divisions of the House were taken on points of the
debate, but no upset occurred as the Liberal members voted with the Laborites and a sufficient number of Conservatives refrained from voting to insure
a Labor victory in any case. Thus it appears that
the Labor Government will indeed be granted a
respite to work out its proposed reforms. Warnings
have been issued by his Majesty's Opposition party
and the Liberals that the Labor program must not
tend too far toward Socialism, and it is believed
that the Labor Cabinet will carefully avoid any
unduly radical experiments that might bring it into
jeopardy. Since the Labor members do not constitute an absolute majority, the Government could be
easily upset by the Conservatives and Liberals together. Mr. MacDonald's chief difficulties at present, it is thought, will result from the demands of
the Clydeside group within his own party for "Socialism in our time."
Exceptional interest was manifested Monday in
the long-awaited statement of J. H. Thomas, Lord
Privy Seal, on the Labor plans for reducing unemployment in England. The success of the Labor
Government largely depends on its attempts to solve
this question, which has baffled all Governments
since the war ended. Mr. Thomas sought to disarm
criticism at the outset by declaring that he had
found no magic cure for unemployment, and as he
proceeded it became clear that his proposals differed little from those advocated by the Conserva
[VOL. 129.
tives before they were overthrown in the May elections. The chief element in the proposals again
consisted of huge public undertakings, designed with
an eye to the number of men who would thus be
employed. Mr. Thomas reported that work had
already been begun on projects costing approximately $200,000,000, almost all of which will go
directly to the workmen employed in wages, and
indirectly to other workmen employed in other undertakings which will be stimulated by the new
enterprises. The Minister also indicated that efforts
would be made to increase the export trade and to
develop the resources of outlying sections of the
Empire in order to stimulate the demand for home
products. Very optimistic statements were made
by Mr. Thomas regarding his recent trip to Canada,
which was undertaken for the purpose of interesting
Canadian industrialists in using more British coal
and steel. The chief criticisms of the plans came
from the radical wing of the Labor Party and from
David Lloyd George, leader of the Liberals. The
radical Laborites condemned the schemes because
they "meant nothing to the workers," while Mr.
Lloyd George pointed out that they failed to meet
the immediate emergency of unemployment distress
in England as they would not furnish work for more
than 30,000 men this Winter.
The first division of Parliament on a question of
policy took place Tuesday, when the House of Commons considered the MacDonald Government's program for immediate resumption of diplomatic relations with Russia. The vote on the question was
324 to 199, the Liberals supporting the Labor Government, while a good part of the Conservative
strength was reported absent. A Government motion, offered by thePrime Minister and Foreign Secretors' Arthur Henderson, stated that in the opinion of
the House resumption of full diplomatic relations
is desirable. Approval was sought for the procedure
adopted in the recent discussions between Mr. Henderson and the Russian Ambassador to Paris, M.
Dovgalevsky. Two Conservative amendments were
offered, but these were set aside and the vote was
taken on the Government motion. In the course of
the debate, Mr. Henderson assured the House that
before he had agreed to the exchange of Ambassadors he had obtained a guarantee from Russia
against hostile propaganda and that arrangements
had been made for a discussion of all the outstanding
questions between the two countries as soon as relations were resumed.
The Indian question came up in the House of
Commons late Thursday, and in this instance both
the Conservative leader, Stanley Baldwin, and the
Liberal whip, David Lloyd George, offered criticisms of the Labor policy. The debate concerned a
statement on India issued last week by Lord Irwin,
Viceroy of India, to the effect that the ultimate goal
of the constitutional development of India was
dominion status. Since this has been the declared
policy of every Government since 1917, no surprise
was expressed at the statement itself. It appeared,
however,that the MacDonald Government had failed
to consult Sir John Simon's Indian statutory commission, which is considering the whole Indian
question, before authorizing the statement. The
opponents of the Labor Government were solicitous
as to whether the Viceroy's declaration denoted any
change in the Government's policy toward India.
An impression of such a change in policy had been
Nov. 9 1929.]
FINANCIAL CHRONICLE
2909
Merchant Marine has been created. The incumbents
of these new Cabinet positions are, respectively,
Germain Martin and Louis Rollin.
A ministerial declaration was made by Premier
Tardieu before the Chamber of Deputies Thursday.
This statement was considered remarkable, not only
for firmness of tone, but also because of the bid
made for nation-wide support irrespective of party
affiliations. While M. Briand will remain in complete charge of the foreign negotiations initiated
by him in previous regimes, there will nevertheless
be a closer watch in the future over the interests
of France, and above all of her security from attack,
M. Tardieu said. At the London naval conference
adequate protection of the communication lines
between France and her colonial empire will be a
Twelve days of ministerial crisis in France were dominant consideration. On the Eastern frontier
ended late last Saturday when Andre Tardieu suc- of the country the work of fortification begun last
ceeded in forming a Cabinet that differed in per- year will be pushed faster. The promise made to
sonnel but little from the previous Cabinets of M. evacuate the Rhineland when the Young Plan is
Aristide Briand and M. Raymond Poincare. M. accepted will be kept. The Premier next detailed a
Tardieu was the third French political leader invited striking program for internal reform and tax reducby President Doumergue to form a Cabinet, since tion. "He presented a business man's program for
the Briand regime was incontinently overthrown in the Government," a dispatch to the New York "Herthe initial session of the current Parliament. The old Tribune" said, "and in so doing swept aside
task was first attempted by Edouard Daladier, the half-promises traditional on such occasions.
leader of the Radical-Socialists, and then by Sen- He declared that his Ministry would put into effect
ator Etienne Clementel, who also is considered a the whole list of reforms outlined in his speech,
radical. Although the Left groups predominate in which featured tax reductions, agricultural relief
the Chamber of Deputies, lack of unity made it clear and other measures, if supported by the Chamber.
that any Government formed by the radicals could The declaration adroitly was designed to retain the
not survive the first test and the attempts were support of the Right, while allaying Radical anabandoned. M. Tardieu is distinctly Conservative, tagonism."
and he will have to rely upon a combination of Right
A momentous speech in explanation of his policy
and Center parties for support. His position, how- on the Rhineland and Saar area questions was begun
ever, is a very difficult one and political observers late yesterday by Foreign Minister Briand, who
in Paris are none too confident that his Ministry ascended the rostrum in the Chamber in defense of
the newly formed Ministry. M. Briand warned the
will last any length of time.
In addition to the post of President of the Council, Chamber that his speech would be one of the longest
M. Tardieu also took the portfolio of Minister of he has ever made. For the first time in his long
the Interior. M. Briand remained as Minister of political career the former Premier carried volumiForeign Affairs, this appointment having been well nous documents instead of speaking without notes.
foreshadowed by the consultations of all prospective The atmosphere in the Chamber was tense as M.
Premiers with the veteran statesman during the Briand announced that he would give an explanacrisis. He made it clear that he placed foreign tion on these matters. It was realized, an Associpolicy and the success of the Young Plan above every ated Press dispatch said, that he was agreeing as
other consideration. In a statement outlining his Foreign Minister in the Tardieu Government to
position he remarked that "at this moment, when supply Parliament with information his refusal of
most important negotiations, not only for the in- which on Oct. 22 had caused his overthrow as Preterests of France but for peace, are in progress, I mier. After a most brilliant speech by M. Briand
have not the right to desert my present post when and a debate which was protracted late into the
it is offered to me again." M. Briand's position in night, the new Ministry received a vote of confidence
the Tardieu Cabinet is an anomalous one, as his in the Cliamber of Deputies by a majority of 71.
own sympathies are more with the Left groups in
the Chamber and his support has come chiefly from
Poland was again rudely reminded of the virtual
that side. The parties of the Right joined to over- dictatorship of Marshal Joseph Pilsudsky, Minister
throw his Government on Oct. 22, and they did so of War, when the Parliament attempted to resume
precisely on questions involving his foreign policy. its sessions in Warsaw last week after an enforced
The same parties are now to be asked to support vacation of seven months. Ordinarily the Sejm is
the policies which they questioned a few days ago, presided over by the Premier, but M. Switalski
with the situation quite unchanged save for the pleaded illness last week and Marshal Pilsudski proselection of a Right Premier in place of M. Briand. ceeded to the government buildings to take his place.
In view of this situation observers are not optimis- An hour before the Sejm meeting was scheduled to
tic. The most marked change effected by M.Tardieu begin, ninety armed officers, adherents of Marshal
among the Ministers was the selection of Andre Pilsudski, marched into the Sejm building and occuMaginot as Minister of War in place of Paul Pain- pied the entrance hall. They refused to leave, sayleve. The list of the full Ministry is two larger than ing they were there to protect Marshal Pilsudski.
the previous Cabinet, as the portfolio of posts and M.Daszynski, Marshal of the Sejm, thereupon called
telegraphs has been raised from an undersecretary- a meeting of the Presidents of the Sejm parties and
ship to a full Ministry, while a new Ministry of declared that he would not open the meeting of
created, they said, and it might give rise to misunderstandings in India. A Labor plea for the nationalization of railways was discussed in the Commons Wednesday, but no -vote was taken on the
main issue, although a division occurred on a Conservative amendment. The Laborites declared that
50,000 motor trucks are now doing work which a
decade ago had been done by railways, and it was
pointed out that this imposed a double burden on
the community because of the need for road repairs.
The Conservatives offered an amendment stating
that the present development of road transport
could not have been achieved under any system of
State ownership, but it was defeated by 227 to 139
votes.
2910
FINANCIAL CHRONICLE
[Vol.. 129.
Parliament until the officers departed. All but the ,Sweden and
Spain; at 5% in Holland and Belgium,
Government party leaders agreed with him, and the and at 3/
1
2% in France and Switzerland. In the
Sejm Marshal then sent a letter to President Mos- London
open market discounts for short bills yescicki stating that he was unable to open the session terday
were 5/
1
2%, the same as on Friday of last
because of the presence of the armed officers. The week, and
5 13/16% for long bills, also unchanged
President, who is a follower of Marshal Pilsudski, from the previous
Friday. Money on call in London
replied that he must communicate with Marshal yesterday
was 414%. At Paris open market disPilsudski, who was "Acting Prime Minister in view counts remain
at 31/
2%,and in Switzerland at 3%%.
of M. Switalski's ill health." After a conference
between Marshal Pilsudski and President Moscicki,
The Bank of England statement for the week ended
M.Daszynski was advised to postpone the Sejm meet- Nov.
6 shows a gain of £124,253 in gold holdings.
ing, and this was accordingly done.
Reserves increased £540,000, note circulation having
At a conference of leaders of all the Opposition been
contracted £416,000. The Bank now holds
parties in the Sejm, Monday, it was agreed to open £132,266
,076 of gold in comparison with £164,989,the Sejm on the following day. "The Sejm to-day 383
last year and £151,637,047 in 1927. The rate of
looked like a garrison in. defense," a report of Tues- discount
remains unchanged at 6%. Public deposits
day to the New York "Times" said. "M. Daszynski decreased
£4,857,000 but other deposits increased
had instructed the guardsmen to watch the entrances
£4,136,425. Other deposits is divided into bankers'
carefully. Everybody had to produce a certificate
accounts and other accounts which increased £3,514,permitting them to enter the Sejm building, and a
933 and £621,492 respectively. The reserve ratio
police detachment guarded the adjacent streets."
now amounts to 30.81% in comparison with 30.12%
As it happened, however, Prime Minister Switalski
last week and 43.30% a year ago. Loans on governhad recovered his health sufficiently to attend the
ment securities showed a decrease of £1,680,000,
Sejm meeting in his official capacity. He arrived
while those on other securities expanded £447,073.
at the Parliament buildings with a decree, signed
The item of other securities includes "discounts and
by President bioscicki, postponing the Sejm session
advances" and "securities." The former increased
for one month. The Deputies were openly relieved
£863,144, while the latter decreased £416,071. Below
at this turn of events, and the political storm that
we furnish a comparison of the various items for the
was brewing was thus averted for a time at least.
past five years:
BANK OF
ENGLAND'S COMPARATIVE STATEMENT.
Important changes in the policy of the Spanish
1929.
1928.
1927.
1926.
1925.
Nov. 6.
Nov. 7
Nov. 9.
Nov. 11.
Nov. 10.
dictatorship were announced in Madrid Tuesday in
Circulation
a358,403,000 133,938.000 135,928,710 138,834,000 141,519,165
a communication from Premier Primo de Rivera to Public
deposits
9.526,000 17,739.000 18,412,592 18,637,000 13,168,592
the Council of Ministers. The communication, Other deposits
100.367,521 99,500,000 95,467.372 102,163,819 109.199.348
Bankers' accounts__ 61,620,909
which was quickly approved by the Council, states Other accounts
38,746,812
Governm't securities 67,171,855 44,553,000 41,310,178 36,210,435 39,402,794
that for the present a halt will be called in the Other securities
26,570,232 39,690,000 54,853,660 69,386,346 74,422,075
Disct. & adv._ _ 8,754,012
efforts to provide Spain with a Constitutional
Securities
19,817,220
regime. The National Consultative Assembly, Reserve notes dt coin 33,861,000
50,802,000 35.458,337 32,976,049 26,288,904
Coin
and
bullion_
_
A32,266,078
164,989,383 151,637,047 152,060,534 148,058,069
which was to have entered upon the third and last Propottion
of reserve
to liabilities
year of its life in October, will not now be summoned
43.30%
30.81%
31.14%
2134%
27.31%
rate
6%
434%
5%
434%
4%
until January. This means, according to a Madrid Bank
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note
issues
adding
£234,199,000
time
at
to
amount
that
the
Bank
Engof
of
dispatch to the New York "Times," that there will land
notes outstanding.
be no discussion of the draft constitution until then.
"Indeed," the report continued, "certain passages
In its statement for the week ended Nov. 2, the
of the communication which speak of a new plan of Bank of France shows another gain in gold holdings,
action to be brought about by the Dictator between this time of 207,391,578 francs. The total of gold
now and the new year seem to indicate that some now stands at 40,050,927,906 francs, as compared
drastic changes are being contemplated which may with 39,843,536,328 francs last week and 30,771,796,affect the fate of the new Constitution." Although 771 francs the corresponding week last year. Credit
Premier de Rivera had previously forecast the end balances abroad and bills bought abroad show inof his dictatorship, he now declares that the "fruit creases of 84,000,000 francs and 1,000,000 francs,
is not yet ripe," as the old regime is still alive. respectively. Note circulation expanded 2,121,000,-.
"Reading between the lines of the communication," 000 francs, raising the total of the item to 68,266,760,the "Times" report adds, "it is evident that the 840 francs which compares with 62,759,166,255
Premier indirectly admits that, although the dic- francs of the corresponding week last year. A decline
tatorship continues to make good progress with the of 654,000,000 francs is registered in French commermaterial reorganization of the country, little head- cial bills discounted and 494,000,000 francs against
way has been made in the path of conciliation. The creditor current accounts while advances against
dictatorship still has many enemies who apparently securities reveal a gain of 160,000,000 francs. A
are in a position to undo much of the Dictator's comparison of the various items of the Bank's return
work should he abandon his office too soon."
for the past two weeks as well as for the corresponding
week last year is furnished below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
The Bank of Germany on Saturday reduced its
Changes
Stains as of
rate of discount from 7/
The
7%.
Nov. 2 1929. Oct. 26 1929, Nov. 3 1928.
7
/
1
2
to
%
%
1
2
for Week.
rate
Francs.
Francs.
Francs.
Francs.
had been in, effect since the previous April 25. The Gold holdings _ _ _ _Inc. 207,391,578 40,050,927,906 39,843,538,32
8 30,771,796,771
Hungarian National Banlyon the same day lowered Credit Dais. abr'd_Inc. 84,000,000 7,220.830,509 7,136.830,509 13,900,027,121
French commercial
its rate from 8% to 7/
1
2%. Other than this there bills cilscounted_Dec. 654,000,000 8,499,594,291 9,153,594,291 2,372,238,252
1,000,000 18,683,811,789 18,682,611,769 18,642,447,083
bought abr'd _Inc.
have been no changes in Central Bank rates. Rates Bills
Adv. agt. secure_ _Inc. 160,000,000 2,594,146,438 2,434,146,436 2,273.471,422
continue at 8/
1
2% in Austria; at 7% in Italy; at 6% Note circulation_ _Inc.2121,000,000 88,286,760,840 86,145,760,840 62,759,186,255
Cred. curr. accts. _Dec.494,000,000 20,054,087,274 20,548,087,274 17,499,379,428
in England and Norway; at 5/
1
2% in Denmark,
Nov. 9 1929.]
FINANCIAL CHRONICLE
The German Bank statement for the fourth week
of October shows a gain in gold and bullion of 10,170,000 marks, raising the total of the item to 2,229,123,000 marks which compares with 2,532,815,000
marks the corresponding week last year. A large increase appears in bills of exchange and checks namely
555,162,000 marks whereas deposits abroad remains
unchanged at 149,788,000 marks. An increase of
722,534,000 marks is shown in note circulation,
bringing the total of notes outstanding up to 5,507,541,000 marks, as compared with 4,672,013,000
marks the corresponding week last year and 4,230,568,000 marks in 1927. Reserve in foreign currency
gained 5,075,000 marks and advances 64,614,000
marks, while investments remains unchanged. A
decrease is shown in notes on other German banks of
20,838,000 marks, in silver' and other coin of 27,873,000 marks and in other daily maturing obligations of 100,503,000 marks. Other assets increased
14,300,000 marks while other liabilities decreased
21,421,000 marks. Below we furnish a comparison
of the Bank's return for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Oct. 31 1929. Oct. 31 1928. oa. 31 1927.
Assets—
Reichsmarks.
Reichsmark,. Reichsmarks. Reichsmark:.
Gold and bullion
Inc. 10,170,000 2,229,123,000 2,532.815,000 1,851,309,000
of which depos.
Unchanged
149,788.000
85,626,000
66.543,000
Rex've In teen curs_ _ _Inc. 5,075,000 359.203,000 163,248,000 161,446,000
Bills of exch.& checks.Inc. 555,162,000 2,542,173,000 2,348,280,000 2,802,380,000
Silver and other coin- -Dec. 27,873,000
98.236.000
86,508,000
51,816,000
Notes on oth.Ger. blcs.Dec. 20,838.000
3,846,000
8,739,000
8,142,000
Advances
Inc. 64,614,000 106,613,000 175,227,000
45,978,000
Investments
Unchanged.
92,562,000
93,514,000
92,075,000
Other assets
Inc. 14,300,000 650,002,000 523,280,000 570,771.000
Liabilities—
Notes In circulation _ _Inc. 722,534,000 5,507,541,000 4,672,013,000 4,230,568,000
0th. daily matur.oblig.Dec.100,503,000 453,797.000 493,903,000 608,073,000
Other liabilities
Dec. 21,421.000 353,008,000 268,711,000 379,095,000
Quiet conditions were restored in the money market this week, with rates ruling throughout virtuails at the levels established in previous sessions.
Call loans were quoted at 67
0 on the Stock Exchange
in all sessions, and time loans also prevailed at this
figure for all maturities. Money was in good supply
in the early sessions, notwithstanding withdrawals
by the banks of $20,000,000 Monday and a further
$20,000,000 Wednesday. In these two sessions loans
were obtainable in the unofficial "street" market at
51/
27
0. No concessions were made, however, in the
later periods. Because of the striking changes in
brokers' loans in the different categories of lending
shown in the statement of the Federal Reserve Bank
last week, much interest was manifested in the return the present week. The previous statement indicated that loans were called on a prodigious scale
by the corporations and wealthy individuals included in the "others" classification, making it
necessary for New York banks to assume this load
in, order to prevent money rates from rising to fantastic heights. The statement issued late Thursday
showed that relative stability has again been restored in this respect, as the total of loans for
"others" changed but little compared to the aggregate drop of $656,000,000 in the loan total by all
classes of lenders. This decrease follows a contraction of $1,096,000,000 in the previous statement, and
this release of funds tied up in speculation is considered an assurance of easier money rates than had
prevailed in earlier months of the year. The drop
in brokers' loans, as recorded by the Stock Exchange
for the month of October was $2,440,559,111. Gold
movements at the Port of New York for the week
ended Wednesday were reported by the Federal Reserve Bank as imports of $746,000 and exports of
2911
$6,500,000. Gold ear-marked for foreign account increased $1,000,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on every
day of the week were at 670, including renewals.
The market for time money has remained dull. On
Monday, Wednesday and Thursday the quotations
were each day uniformly 670 for all dates. On Friday the rates were 53
/1@670 for 30 days, 6%
for 60 days, 90 days and four months, and
534(4)670 for five and six months. In commercial paper the transactions were unusually
heavy on Monday and Wednesday, but simmered
down on Friday. Rates for names of choice character maturing in four to six months are/
1
470 lower at
53
/
4@670, while names less well known command
6@61/
47
0, with New England mill paper also quoted
at 6@6%7
0.
The market for prime bank acceptances was extremely active during the greater part of the week,
but quieted down on Friday. The busing rate of the
Federal Reserve Bank was reduced last Saturday
from 57
0 to 43
4%. The posted rates of the American Acceptance Council are unchanged at 434% bid
and 4%7
0 asked for bills running 30 days, and also
for 60 and 90 days; 47
/870 bid and 4347
0 asked for
120 days, and 57
0 bid and 47
/8% asked for 150 and
180 days. The Acceptance Council no longer gives
the rates for call loans secured by acceptances, the
rates varying widely. Open market rates for acceptances also remain unchanged.
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days—
—150 Days—
Bid. Asked.
Bid. Asked.
5
5
—60Days—
—90Days—
Bid. Asked.
Bid. Asked.
4%
4%
4%
4%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
—120 Darr—
Bid. Asked.
44
—30Days—
Bid. Atka)
43i
4)f
4%
5
5
bid
bid
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.
Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Nov. 8.
5
5
5
5
5
5
5
5
5
5
5
5
Dale
Established.
Preefous
Rate.
July 19 1928
Nov. 1 1929
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
434
6
434
434
434
4%
434
434
434
434
434
434
Sterling exchange has been dull and irregular, but
firm on the whole, showing no fundamental change
from last week, though being slightly lower. The
range this week has been from 4.87 3-32 to 4.875
/g
for bankers' sight, compared with 4.87 to 4.87%
last week. The range for cable transfers has been
from 4.873A to 4.88, compared with 4.87 9-16 to
4.88 the previous week. Since the reduction in the
rediscount rates of the Bank of England and the
New York Federal Reserve Bank on Oct. 31 sterling
and most of the leading exchanges have taken on a
steadier tone and the European money markets have
been tending toward a more normal basis with
respect to New York, so that there is a feeling
in
foreign exchange circles that steadier sterling
levels
2912
FINANCIAL CHRONICLE
may be expected from now until the close of the
period when exchange seasonally turns in favor of
London as against New York. This seasonal change
usually takes place around February. Meanwhile the
steady ease in money rates at New York favors the
view that conditions will shape themselves more
advantageously for sterling and the major European
currencies, enhancing even the prospect of gold withdrawals from New York before the spring and summer
seasons, when all factors of demand for exchange
become favorable to Europe and gold shipments
from New York to the other side are regarded as
normal.
Despite intimations to the contrary, bankers here
look for a further reduction in the rate of rediscount
of the Bank of England, which has been at 6% since
Oct. 31. Recent London advices state that the
Bank of England indicated to the money market
that it takes the view that it will not be justified in
putting its rate still lower until it has actually built
up its gold reserves, even though it considers the
outlook more hopeful than for some time. This week
the Bank of England shows an increase in gold
holdings of £124,253, although the Bank continues
to lose gold heavily to Paris. Total bullion stands
at £132,266,076 as of Nov. 7, compared with £132,141,823 on Oct. 31, with £154,989,383 a year ago,
and with the Cunliffe minimum of £150,000,000.
The London money market entertains a strong hope
that since Paris has now begun to take gold in quantity
from New York, there will be relief from direct
withdrawals by Paris from London and the Bank
may be able to increase its gold holdings, if only
through open market purchases. On Saturday the
Bank of England sold £5,139 in gold bars and
exported £2,000 in sovereigns. On Monday the
bank sold £268,119 in gold bars. On Tuesday the
Bank sold £701,452 and bought £348,500 open
market gold. There Was approximately £700,000
open market bar gold available, of which £250,000
were reported purchased for shipment to France
and the above £348,500 was bought by the Bank of
England. The balance was absorbed by the trade
and India. On Wednesday the Bank sold £149,152
in gold bars and exported £6,000 in sovereigns. On
Thursday the bank sold £99,497 and bought £1,558
in gold bars. On Friday the Bank sold £17,249 and
bought £2,725 in gold bars. Practically all the larger
sales by the Bank were reported by London bullion
dealers as taken for shipment to France.
At the Port of New York the gold movement for
the week Oct. 31-Nov. 6, inclusive, as reported by
the Federal Reserve Bank of New York, consisted of
imports of $746,000, of which $700,000 came from
Argentina and $46,000 chiefly from other Latin
American countries. Exports totaled $6,500,000, all
to France. The Federal Reserve Bank reported an
increase of $1,000,000 in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended Nov. 6, as reported by the Federal Reserve Bank of New York,
was as follows:
[VOL. 129.
on Monday at 1 13-16%; on Wednesday at 1%%;
on Thursday at 2%%,and on Friday at 1%%•
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in an inactive market.
Bankers' sight was 4.87%@4.87%;cable transfers
were 4.87 15-16@4.88. On Monday the market
was irregular. The range was 4.873@4.87 9-16
for bankers' sight and 4.87%@4.87 15-16 for cable
transfers. On Tuesday, Election Day, there was
no market in New York. On Wednesday the market
continued dull and irregular. The range was 4.87%
@4.87Y2for bankers'sight and 4.87 13-16@4.87 15-16
for cable transfers. On Thursday the market showed
a slightly better tone. Bankers' sight was 4.873/i
@4.87%; cable transfers, 4.87%@4.87 15-16. On
Friday the market was easier; the range was 4.87 3-32
@4.873/ for bankers' sight and 4.87 13-16@4.87%
for cable transfers. Closing quotations on Friday
were 4.87% for demand and 4.87 13-16 for cable
transfers. Commercial sight bills finished at 4.873i,
sixty-day bills at 4.823'1, ninety-day bills at 4.797A,
documents for payment (60 days), at 4.823.1, and
seven-day grain bills at 4.86%. Cotton and grain
for payment closed at 4.873.i.
The Continental exchanges continue firm. The
outstanding events of importance this week are the
further heavy shipments of gold from New York to
Paris and the reduction in the rate of rediscount of the
Reichsbank on Saturday last, when the rate was
reduced from 732% to 7%. The 732% rate had been
in effect since April 25. Prior to the reduction in the
Reichsbank rate the mark had been ruling for fully a
week at 23.94 for cable transfers. Subsequent to the
reduction, the currency receded fractionally without
any great activity. Bankers he're have foreseen the
rediscount rate decrease, feeling that internal conditions in Germany favored it. Only the stringency
of world money rates prevented the step earlier.
With the heavy stock liquidation in New York and
the reduction in the rediscount rates at New York,
London and Amsterdam, a reduction in the German
rate was to be expected as a logical development.
This week, Berlin cable transfers have ruled around
23.93, which compares with dollar parity of 23.82.
Dr. Schacht, Governor of the Reichsbank, declared
that the lower rate reflects a fundamental improvement in the situation of the Bank since the exchange
crisis in April. At that time, in addition to raising
the bank rate to 7 2%, the Reichsbank was forced
to inaugurate a period of stringent credit restrictions.
The reason for reducing the rate only % of 1%,
which leaves it a full 1% above London and 2% above
New York, is found in the position of Berlin money
market. Foreign credits are badly needed by German
industry. During the first 10 months of this year
foreign loans to Germany totaled only 331,000,000
marks, whereas in the corresponding period of 1928
they totaled 1,300,000,000 marks. From these
figures it is plain that German money rates must be
kept at a level which will encourage ain inflow of
fnreign funds. Berlin bankers are confident that as a
result of the changed money situation here there
GOLD MOVEMENT AT NEW YORK,OCT.31-NOV.6. INCLUSIVE.
Exports.
will be a heavier flow of American credits to GerImports.
36,500,000 to France
3700.000 from Argentina
46,000 chiefly from other
many. The Reichsbank is in a strong position with
Latin Amer. countries
to gold reserves. Its statement as of Oct. 31
respect
$6.500.006 total
3746.000 total
an increase in gold coin and bullion of
showed
Account.
Foreign
for
Earmarked
Net Change in Gold
Increase 31.000,000
10,170,000 marks, the total standing at 2,229,123,000
Canadian exchange continues at a discount. On marks. This compares with the high mark on
Saturday last Montreal fundslwere 1 7-16% discount; Jan. 7 this year of 2,729,345,000 marks, and with the
Nov. 9 1929.]
2913
FINANCIAL CHRONICLE
for cable transfers, in comparison with
low holdings for the year, on June 22, of 1,764,327,000 19.383/2
1 2 a week earlier. Copenhagen
19.38/
and
2
19.373/
marks. As noted above, the Federal Reserve Bank of
26.78 and cable transfers at
New York reports a shipment of $6,500,000 gold to checks finished at
2. Checks on
26.783.' and 26.803/
France during the week, which follows upon a ship- 26.80, against
26.85 and cable transfers at 26.87,
ment of $3,005,000 a week ago, and, as already Sweden elosed at
26.87; while checks on Norway
stated, most of the heavy gold withdrawals from against 26.85 and
2,
and cable transfers at 26.803/
the Bank of England during the week were also finished at 26.783/2,
closed
pesetas
Spanish
2
.
26.803/
engaged for French account. The withdrawals from against 26.78% and
at 14.14 for cable transfers,
and
checks
for
14.13
the
at
to
largely
ed
attribut
New York to Paris are
and 14.24 a week earlier.
14.23
collapse of prices on the New York Stock Exchange which compares with
and to the sharp decline in money rates here. The
dull,
The South American exchanges have been
Bank of France gold holdings are now at record
s.
weaknes
showing noticeable
volume of 40,050,000,000 francs as of Nov. 1, show- with Argentine pesos
As
tone.
display a weaker
ing an increase over the previous week of 207,000,000 Brazilian milreis also
occasions, the weakness in
several
on
here
stated
francs.
demoralized state of business
Italian lire have been inclined to ease, moving Argentine is due to the
ns. The heavy gold shipcontrary to the general trend of the leading exchanges. and radical labor agitatio
to London and New York
The Italians have no heavy balances outside Italy ments from Buenos Aires
adverse exchange. Brazilwhich might be withdrawn at this season to offset seem powerless to correct
sharp deMeanwhile, of ian exchange has been forced down through
autumn pressure on exchange.
closed
pesos
paper
ne
Argenti
course, tourist remittances have been ended for clines in coffee prices.
with
d
compare
as
checks,
for
several weeks, and there has been no resumption on Friday at 41 7-16
cable
for
at
and
week;
last
413'
of
Friday
of the flow of foreign funds to Italy which was so 41 11-16 on
41.75. Brazilian milreis finished
conspicuous a feature of exchange prior to the transfers, against.
and at 11.78 for cable transfers,
checks
for
extraordinary firming up of money rates in New at 11.75
against 11.82 and 11.85. Chilean exchange closed at
York more than a year ago.
8 for checks and at 12 3-16 for cable transfers,
The London check rate on Paris closed at 123.87 123/
at 3.99 for checks and
on Friday of this week, against 123.82 on Friday of against 123g and 12 3-16; Peru
3.99 and 4.00.
last week. In New York sight bills on the French at 4.00 for cable transfers, against
centre finished at 3.93 9-16, against 3.93% on
The Far Eastern exchanges have been dull and
Friday a week ago; cable transfers at 3.93 13-16
on of exchange on Japan.
against 3.9438, and commercial sight bills at irregular with the excepti
noticeable firmness
shown
has
3.93 5 16, against 3.93%. Antwerp belgas finished Japanese exchange
moving up sharply
yen
the
with
week,
at 13.98 for cheeks and at 13.99 for cable transfers, during the
s with dollar
compare
which
49,
mately
% on Friday of last week. to approxi
2 and 13.991
against 13.983/
yen is due
the
in
ment
enhance
The
49.85.
Final quotations for Berlin marks were 23.91 for parity of
Japanese business and
checks and 23.92 for cable transfers, in comparison to the steady improvement in
ce that the gold embargo
with 23.92 and 23.93 a week earlier. Italian lire to the prevailing confiden
and complete gold parity
closed at 5.23% for bankers' sight bills and at 5.23% will soon be removed
3 and 5.24 on Fri- restored. Chinese currencies are lower on average,
for cable transfers, against 5.23%
of silver. Closing quotations
day of last week. Austrian schillings closed at owing to the low prices
E RATES CERTIFIED BY FEDERAL RESERVE
143 on Friday of this week, against 143 on Friday FOREIGN EXCHANG
ACTS OF 1922
BANKS TO TREASURY UNDER TARIFF
finished
lovakia
Czechos
E.
on
e
of last week. Exchang
NOV. 2 1929 TO NOV. 8 1929, INCLUSIV
st
at
0.60,
Buchare
on
1
4;
2.96
3 , against
at 2.96%
York
Noon Buying Rate for Cable Transfers to New
Value to United States Money.
against 0.60; on Poland at 11.25, against 11.25, and Country and Monet
_
Nov. 7. Nov. 8.
on Finland at 2.52, against 2.52. Greek exchange
Nov. 2. Nov. 4. 1 Nov. 5. Nov. 6. 1
s
$ .140542
s .140523
8
$
4 for checks and at 1.30 for cable EUROPE$
closed at 1.293
.140583
140519 .140514
schilling
Austria.
.139877
.139865
.139880
4 and 1.30.
139877 .139871
transfers, against 1.293
Belgium, belga
.007257 .007236 .007247
The exchanges on the countries neutral during the
war have been dull but firm, in sympathy with the
general firmness in sterling and the leading Continentals. Holland guilders have been more active
than the other neutral currencies. This activity is
ascribed to the withdrawals of Dutch funds from the
New York market. Guilder cable transfers have
'ruled as high as 40.38, which compares with dollar
parity of 40.20. These rates make it seem probable
that gold may move from New York to Amsterdam.
The Bank of the Netherlands, however,is not anxious
for any increase in its hold holdings, as might be inferred from the fact that, as noted here last week, the
rate of rediscount was reduced from 532% to 5% on
Oct. 31. All the Scandinavians have been firm but
dull. Spanish pesetas have again moved lower.
Bankers' sight on Amsterdam finished on Friday
at 40.35, against 40.34 on Friday of last week;
cable transfers at 40.37, against 40.36; and commercial sight bills at 40.30, against 40.28. Swiss
francs closed at 19.373/2 for bankers' sight bills and at
007222 .007242
Bulgaria, lev
Czechoslovakia, krone .029618 .029618
267948 .267932
Denmark, krone
England, pound ster.879415 .878722
ling
.025167 .025175
Finland, markka
039399 .039391
France, franc
.239191 .239123
reichsmark
Germany,
.012987 .012977
Greece. drachma
.403612 .403506
Holland, guilder
.174714 .174792
Hungary, pengo
.052394 .052389
Italy, lira
.267978 .267950
Norway, krone
111965 .112022
Poland,zloty
.045083 .045050
Portugal, escudo
.005978
.005074
Rumania,leu
.142169 .141637
Spain, valeta
.268546
.268584
Sweden,krona
Switzerland. franc-- .193792 .193796
Yugoslavia, dinar__ .017660 .017661)
ASIAChina.573125 .572500
Chefoo tael
.563125 .564531
Hankow toed
.549428 .549017
Shanghai. tael
.582291
.579166
Tientsin taxi
.431250 .431482
Hong Kong dollar
.395000
.394531
_
dollar_
Mexican
Tientsin or Peiyang
.3964.58 .399166
dollar
.303125 .395833
Yuan dollar
362235 .362039
India, rupee
.483265
.481340
yen
Japan.
.562916 .562916
Singapore (8.8.) do
NORTH AMER.
985763 .982530
Canada, dollar
.909431 .999810
Cuba, peso
.480350 .480325
Mexico. peso
.983125 .979735
Newfoundland, do
SOUTH AMER..939211 .947515
(gold)
Argentina, peso
117881 .118045
Brazil. milrols
120689 .120649
Chile, peso
.962106
.954869
Uruguay, peso
.963900 .960900
Colombia. Deno
.029622
.267956
4.878573
.025176
.039386
.239227
.012084
.403632
.174785
.052377
.267967
.112027
.045140
.005980
.140938
.268622
Boll.193773
Day
.017666
.029622
.267950
.029615
.267948
.878705 4.878062
.025172 .025177
.039386 .039378
.239226 .239235
.012983 .012988
.403708 .403648
.174780 .174771
.052380 .052373
.267961 .267975
.111984 .112069
.045050 .045150
.005980 .005981
.142085 .140915
.268626 .268635
.193793 .193788
.017674 .017670
.570208
.559687
.545321
.576666
.433642
.393125
.572291
.561582
.547750
.578333
.432767
.394375
.570625
.560625
.546857
.577083
.432500
.392812
.396250
.392916
.362128
.487006
.562500
.395000 .393750
.391666 .390416
.362075 .362221
.487035 .487731
.582916 .562916
.982343 .977416 .981884
.999609 .999625 .999750
.479150 .479325 .479650
.979375 .975500 .979812
.939906
.117945
.120856
.971986
.983900
.937738
.117325
.120828
.971369
.963900
.939863
.117433
.120716
.973078
.952900
2914
FINANCIAL CHRONICLE
for yen checks yesterday were 48.75®48%,
against
48 3-16®481
4 on Friday of last week. Hongkong
closed at 43%®43 13-16, against 43/®43 9-16;
Shanghai at 543', against 551
/
8®55 5-16; Manila at
50, against 50; Singapore at 563
%, against 56%®
56%; Bombay at 36 7-16, against 36 7-16; and
Calcutta at 36 7-16, against 36 7-16.
[VoL. 129.
"with no draft agreements, either in my mind or
in
my pocket. I went to try by personal
contact and
by direct address to establish a new relatio
nship
between the two peoples, a relationship based
on
mutual understanding not only of the commo
n subjects to be pursued but of the mutual differe
nces to
be respected, but I must leave the result to
fructify
in policy and action as time goes on."
Owing to a marked disinclination on the part of
The positive information which Mr. MacDon
ald
two or three leading institutions among the New gave to the House
was not extensive. What was
York Clearing House banks to keep up compiling said on the subject
of naval parity did not go beyond
the figures for us, we find ourselves obliged to dis- the general stateme
nt issued jointly by Mr. Maccontinue the publication of the table we have been Donald and Mr. Hoover
at Washington, and tended
giving for so many years showing the shipments and to confirm the impress
ion that the difference of
receipts of currency to and from the interior.
opinion between the two Governments over cruiser
s
As the Sub-Treasury was taken over by the Fed- or cruiser tonnage had
not been adjusted. No
eral Reserve Bank on Dec.6 1920, it is also no longer attempt on either side
was made, Mr. MacDonald
possible to show the effect of Government operations declared, to change a
situation in which the United
in the Clearing House institutions. The Federal States "pursues with
vigilant jealousy its historic
Reserve Bank of New York was creditor at the Clear- policy of keeping free
from Old World entangleing House each day as follows:
ments, and is therefore not in the League of
NaDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
tions," while Great Britain, as a member of
BANE
the
AT CLEARING HOUSE.
League, has "contracted obligations" to that body
Batarday. Monday, 1_Twain/. Wednesd'it, 77stissday, Friday.
Agoregate
to which it will "remain loyal." The most significant
Nov. 2.
Nov. .4
Nov. 5.
Nov. 6.
Nov. 7.
Nov. 8.
for WeeR.
revelat
ion of the speech was the statement that "in
$
$
195,000,000 179,000.000 Holiday. 374,000.000 199,00,000
213.00.000 C.1.060.000,00 the course of
our conversations the President raised
Note.—The foregoing heavy credits reflect the huge mass of checks
to the New York Reserve Bank from all parts of the country in the which come some of the major historical causes of
operation of
difference
the Federal Reserve System's par collection scheme. These large credit
balances, between us, like bellige
however, reflect only a part of the Reserve Bank's operations with
rent rights, so-called fortified
the Clearing
House Institutions, as only the items payable in New York City
are represented bases,
the daily balances. The large volume of checks on Institutions located
and so on, which are still active in forming
outside of
New York are not accounted for in arriving at these balances, as
such checks do public
not pass through the Clearing House but are deposited with the Federal
opinion, and we agreed mutually to examine
Reserve
Bank for collection for the account of the local Clearing HOW* banks.
them in the hope that we might arrive at
understandings upon them."
The following table indicates the amount of bulThis latter statement must be read in the light
of
lion in the principal European banks:
some important information (if it be information)
revealed on Tuesday by the usually well-informed
Nov. 7 1929.
Nov.8 1928.
Banks of
but
Gold.
Meer.
strongly prejudiced French Journalist who
Total.
Gold.
Silver.
Total.
writes
over the pseudonym "Pertinax." Writing in
England__ 132.266,07
132.266,07 164,989,383
164,989,383
France a__ 320.407,423
d
the
320,407,423246,174,374
d
"Echo
246,174,374
de Paris," Pertinax declares that Mr.
Germany b 103,966,700 c994,600104,961.35 122,359,450 c994,
123,354,050
Spain
102,597,000 28.191,111 130,788,
104,365,000 27.737,000132,102.000 MacDonald, in his conversations
with Mr. Hoover,
Italy
55.984,00
55,984,
54,221,000
54,221,000
Netherrds. 36,893,
36,893.
36,248,000 1,802,000 38,050.000 "approved in principle a project
Nat. BeIg_ 29.357,000 1,286,r
supposed to settle
30,643,
23.180.000 1,266,000 24,446,000
Switzeri'd. 21,348,II; 1,098,101 22,446,
18,789,000 1,912.000 20.701,000 to the satisfaction
of both nations the problem of
Sweden___ 13,420,
13,420,
13,187,000
13.187,000
Denmark _ 9,584,111
406.
9,990,
9,605,000
590,000 10.195,000 the freedom of the seas, which
in point of fact signiNorway
8.152,
8.152,
8,168,000
8,168,000
Total wee 833,975,249 31,975,
865,950,849801,286,207 34,301.600 835,587,807 fied the abandonment of the right of search by the
Prey. week 831,647,36 31,887,55 863,534,963797.719,680 33,601,600 831,321,28
0 British Admiralty, neutral
ships and merchandise
a These are the gold holdings of the Bank of France as reported In the new form
Of statement. b Gold holdings of the Bank of Germany are exclusive, of gold held being declared unseizable in time of war. In adabroad, the amount of which the persent year Is £2,481,300. c As of Oct. 7 1924.
dition, acording to the terms of the same project,
d Silver is now reported at only a trifling sum.
the Canadian naval bases of Halifax and Esquimault
must be disarmed and abolished." Fortunately, this
British and French Politics and the London writer continu
es,"before pledging himself definitely
Conference.
in the matter and permitting the publication
of a
The report which Prime Minister Ramsay Mac- communique which
had hastily been drawn up,"
Donald made to the House of Commons on Tuesday Mr. MacDonald,
at the instance of the two Foreign
• regarding his American visit was interesting for Office official
s who accomr tnied him, consulted the
the information which it gave and also for the in- British Cabinet, and was
informed bluntly by Mr.
formation which it withheld. Premising that any Snowden, Chancellor of
the Exchequer and acting
statement that might be made could "add but little Prime Minister in Mr.
MacDonald's absence, that
to what has already appeared in the press," Mr. "neither public opinion at home
nor in the Dominions
MacDonald gracefully expressed his thanks to Mr. would ever accept such an
abandonment of the
Hoover, the Cabinet, and the Senate and House of rights of the Empire and of
its principal instrument
Representatives for the welcome that was extended of security." Rather than
acquiesce in such an
to him. "No ambassador could have received a action, Mr. Snowden himself
threatened to resign.
warmer welcome; no government or people could With this pronounced oppooition at home,
reinforced
have opened their doors, their minds and their by the opposition of the Premier of Canada
, the prohearts wider to a guest." "Though the many ques- posal was transformed into an agreeLie merely
t
to
tions I had to deal with," Mr. MacDonald said, discuss the subjects later.
"might easily have been presented to the public so
Although Mr. Lloyd George, the Liberal leader,
as to arouse prejudice from beginning to end, I in the debate on Tuesday, insisted upon a more
found nothing but thoughtful fairness and a desire specific denial by Mr. MacDonald that any British
to co-operate in placing the facts and issues justly rights had been surrendered in his conversations,
before the country.""I went," he added significantly, both he ttnd Mr. Baldwin, the Conservative leader,
Nov. 9 1929.]
FINANCIAL CHRONICLE
2915
commended the speech. Their remarks may be taken garded as both a strength and a weakness; a strength
as indicating that the two Opposition parties are because of M. Briand's commanding influence in inindisposed to put any obstacles in the way of the ternational affairs and his personal popularity with
London Conference, and that the preparations for many members of the Left parties; a weakness bethe Conference will go on unhindered by partisan cause the extremists of the Right have all along
interference. At several other points the position opposed M. Briand's foreign policy, and because of
of the MacDonald Government appears to have been the uncertainty whether the more radical Left, openstrengthened, at least for the moment. On the same ly hostile to M. Tardieu, would decide to withhold
day on which Mr. MacDonald spoke, the opposition its support even with M. Briand as a member of the
which had been aroused in the House of Lords by new combination. Even under the most favorable
the statement of Lord Irwin, Viceroy of India, that circumstances, it was not believed that the new
a "dominion status" was the ultimate goal for India, Ministry would be able to command anything more
was allayed by the declaration by Lord Parmoor, the than a bare working majority in the Chamber of
Government spokesman, that the statement involved Deputies.
no change of policy, and that the conditions laid
The distinguishing characteristic of the Minisdown in 1919 were still in farce. A debate terial declaration which was read to the Chambers
on the same subject in the House of Commons on on Thursday, aside from a long list of domestic matThursday showed a clear majority opinion in favor ters regarding which M. Tardieu pledged the Govof the Government. On Tuesday, also, the House, ernment to take action, was its emphasis upon peace
by a vote of 324 to 199, approved the Govern- and security. The new Government, M. Tardieu
ment's proposal for a resumption of diplomatic declared, would take part in the London Conference
relations with Russia, the Liberals voting with the "in the friendliest spirit," although remembering
Government. The fate of the Government program "that general disarmament must include that on
for the relief of unemployment, on the other hand, land and in the air as well as on the sea." It would
remains to be determined. The plan, which calls for "not refuse any accord of a nature to alleviate the
the completion of public works already begun to irritating heritage of the past, to reinforce throughthe amount of some $200,000,000, was laid before out the world the bases of peace, and to develop
the Commons on Monday, and brought criticism among the peoples understanding and confidence."
not only from the Conservatives and the Liberals It was in the light of these principles he said, that
but also from some of the radical Labor members. the questions of the Young Plan, the evacuation of
According to Mr. Lloyd George, the program would the Rhineland, and the economic regime of the Saar
furnish work for only about 30,000 men out of more would be considered. The declaration was equally
than a million unemployed.
outspoken, on the other hand, in announcing the
It is from France rather than Great Britain that purpose of the Government to press forward the
danger to the complete success of the London Con- work on fortifications and to safeguard communicaference has been feared, and for more than two tion with the colonies. The debate was prolonged
weeks Paris has vied with London as the center of into Friday, when M. Briand ably defended his forEuropean political interest. The extraordinary eign policy. The general impression made by the
difficulty which has developed in forming a new declaration was favorable, and the emphasis which
Ministry to succeed that of M. Briand, which re- M. Tardieu put upon national defense undoubtedly
signed office on October 22, has made clear the reflected a prevailing opinion in the country, but
peculiarly unstable character of the French party the references to the London conference were even
situation. Until M. Clementel failed to form a more cordial than some of M. Tardieu's critics had
Cabinet, it looked as if the parties of the Left, per- expected. Late at night the Chamber of Deputies on
haps with some support from the moderate Centre, Friday approved the Ministerial declaration and the
might be able to harmonize their differences suf- parliamentary crisis was ended.
ficiently to give support to a Government which
should, in general at least, represent their principles
Side-lights On the "Smash."
and attempt to put them into practice. The action
of President Doumergue, however, in asking Andre
It is not pleasant to look upon any form of wreckTardieu to undertake the task of forming a Ministry age—least of all upon that occasioned by man's own
indicated his belief (based, of course, upon his con- folly. Nor is there any real gratification in repeatsultations with various party leaders) that a new ing that age-old saying, so often thoughtlessly inGovernment must look for it support to the Centre dulged in,"I told you so"! For philosophic reasons
and the Right—to the parties, that is, which tend we may recur to the origin and course of "the greatto conservatism and nationalism rather than to est bull market in history," but it is much more
radicalism and internationalism.
practical to clear away the debris and rebuild. If,
M. Tardieu's success in forming a Ministry and in truth, "business is fundamentally sound," let us
presenting it to Parliament for approval was a all return to it and forget the "popular delusion"
tribute to his energy and courage as well as to his through which the people have just passed.
ability. His announcement that he proposed to pay
Speculation of any kind is not a stable factor in
no attention to party issues, but would make up his human affairs. Slow growth is sure growth. No
Cabinet of the ablest men whom he could induce to one can actually get something for nothing. The
serve, was reminiscent of the old Union Sacree buying of stocks for rapid turnover is not true investwhich controlled the government of France during ment for earning returns. Care must be taken that
the later years of the World War and for a time buying and selling in a free market, anywhere at
thereafter. Actually, the Cabinet which faced the any time for anything, be not curtailed by onerous
Chambers on Wednesday and Thursday was drawn outside statutes lest the liberty of trade be delargely from the Centre and moderate Right. The stroyed. When a "popular delusion" has run its
presence of M. Briand as Foreign Minister was re- course it carries its own lesson of reform. Yet as
2916
FINANCIAL CHRONICLE
[Vou 129.
we write we cannot forget that there is a meed of recuperate more or less quickly; and in orderliness,
sympathy due those who mayhap have "lost their sobriety, and strength will again take its place as
all" in the sudden slump in stock prices due to the the generous means by which we live.
bursting of a bubble, the iridescent hues of which
There will be a new definition of "prosperity."
fascinated the gaze of the multitude. Rich and poor, It will come to mean the widespread employment of
dealers and outsiders, looked too long upon its lure, all our powers and faculties. It will come to mean
complacently if not longingly.
the day by day and year by year employment of
If we go back a few years we find the genesis of those activities that supply our needs first and our
the great boom in the much too optimistic view of luxuries second. It will come to mean reality and
so-called "prosperity." Not that there was none; not romance. Credit-capital will be used to safenot that there is none now. There was and there is guard our industries rather than to unduly expand
to-day. There has never been a time, however, in them. Legitimate business, freed from the conthis uprush of business activity and prices when tagion of an inordinate desire to get-rich-quick,
careful analysis did not show that this "prosperity" ought to have a better chance than before. When
was more or less "spotted." There has never been the half gods go, the gods arrive.
a time when luxuries and semi-luxuriees were not in
"Business is fundamentally sound," this is the
the lead in the remarkable activities in trade. It is clarion pronouncement in this hour of distress. It
but three or four years ago that we became conscious is always so when it confines itself to its normal
that we were at last out of the woods of the war. A and honest purpose. But it is not, it never will be,
certain degree of calm had settled over the world. wise to translate this into a reason for colossal and
The war debts were in process of adjustment. For- increasing speculation. The handwriting has been
eign nations, in the first flush of recuperation, were on the wall for a long time. The wreck is evident.
beginning to take their place in international com- But such is the action and reaction of all the forces
merce. The acknowledged "creditor nation" of the of production and distribution that the oscillation of
world was making loans, privately and publicly, the pendulum will not subside until the full realizaabroad. Credit was freely extended and accepted, tion of the debacle has permeated the consciousness
domestic and foreign. In the United States, combi- of all forms of business.
nations, consolidations, were transforming and en"Consolidations" are not a warrant for "great
larging the corporate agencies of production and expectations" until the normal years have tried them
distribution. The whole outlook was inviting, out. Credit, though it is light and life, cannot prestrengthening, buoyant. As a consequence there serve a sick industry by a forced transfusion.
were increasing large undertakings.
Mergers are necessary to prepare the way for the
What was not thoroughly or adequately realized needs of an expanding commerce, but they do not
was that manufactures were, in certain lines, reach- in themselves create that expansion; they aid it and
ing the saturation point; that agriculture, though yet follow it. In our boastful excitement have we
normally domestically well-to-do on its productive not taken too much for granted? If, on the other
side, was beginning to meet in the world's markets hand, we have resorted to government for guidance
the competition of the recuperated countries of other and relief, shall we now follow one mistake with a
continents; and that the too free use of cheap credit larger one by putting too much power in its hands
was unduly accelerating and expanding our domestic for the control and regulation of that which must
industries. As a consequence,for the last five years be essentially free if it is effectual and beneficial?
and more we have not only been living in an oftThere is much unexplained mystery about this
asserted "fools' paradise," but we have indulged in late stock market boom. One thing we know, that
the optimism of "success" and the pragmatism of cheap credit due to the Federal Reserve Board's
undue profits, and lulled our senses with the reitera- domination was one of the chief original causes.
tion of the permanence of our "prosperity."
Men do not usually borrow money to buy, for mere
We were told that business itself was "sound," investment, securities that return normal rates.
that we must never "sell the United States short," But when speculation is rife and credit cheap on an
for its manifest destiny was world leadership, and upward trend they will borrow. Then, when the
that all values must increase accordingly and ever- prices are rising and the "money" remains low, they
lastingly. All this feeling and talk centered in the see the chance for sudden or quick profits and plunge
stocks that represent corporate endeavor and that on borrowings. This process grows by what it feeds
are bought and sold on the Exchange. Hence, the on until we have high inflation; the momentum of
long, long boom; hence the prices that came to bear buying and selling increases; money from the outno relation to the earning power; hence the specula- side is attracted to "call loans" and the saturnalia
tion that engulfed the whole country and spread to goes on until at a "psychological moment" a realizaforeign shores. And hence the debacle of the last tion comes that the pyramided structure is in danfew weeks that has impoverished so many.
ger of falling and everybody tries to "get out" at
The downfall had to come, and it has come. It is the same time. And then the collapse—and the
inconceivable that the rapid pace of "trading" can "devil is to pay."
be resumed for a number of years, no matter what
Where lies the responsibility? On those who
"support" is given to the "market." We have at preached the "persistence" of this condition? Howlast definitely realized our fiction. It is to be borne ever, this is a poor time for implied recrimination.
in mind, however, that a part of our optimism was It takes two to make a trade, the buyer and seller.
well founded, though it was misplaced. We have There have been innumerable buyers, and it is unthe resources, the energy, the confidence and cour- fortunate that they have been "caught." They have
age, of a great people. We have only mistaken the yielded to the desire for riches that is a part of all
froth for the substance, and for our "orgy" we must of us, though there can be no satisfaction to any
now pay the fiddler. Business, when it has recov- of us in recalling the fact. A new attitude of mind
ered, as it will, from the shock of the operation, will will not point to a new outlook. When the "little
Nov. 9 1929.]
FINANCIAL CHRONICLE
2917
have had time to forget—not soon. Foreign purchasers will conclude they have had enough whether
they have won or lost. Consequently, the transactions on the Exchange will be "more orderly." This
is a new and a good word, and we might translate
it into "more honest." There will be money enough
and credit enough; the latter has been too abundant
all along and money cuts little figure in this regard.
But, especially in luxuries, there will, be decreased
retail buying. Already automobile dealers anticipate less selling of high-priced cars. Jewelry will
immediately be dull-sale; diamonds that have been
bought out of paper profits may be all that some have
left and find their way into second-hand shops.
There will be a tightening of the belt by those who
hunger for easy riches, as the spenders diminish.
We may expect, since we have been living at the
"top of the pot," happy in the plethora of unrealized
profits, that even normal needs will be curtailed—
affecting the factories that supply them. The manufactories are, true it is, all here as before, but it is
easily possible that they will run, many of them, at
less than capacity. This brings us to wages and
employment. And unless there is a quick renewal
of the general buoyancy some degree of dulness may
be expected. As for the release of money to go into
the building trades and real estate, we may discount
this by saying that credit liquidated under forced
pressure does not turn into money—and such expectation may not be realized. Certainly little substantial good can come out of this unprecedented
debacle. We must begin again—to build on realities, to realize the strength of slow growth, and to
live in an "orderly" way. Intensive cultivation will
The Return to "Normalcy."
become a necessary duty. We have vast resources
Surgery may remove a health-sapping growth from and abundant energies left, but we cannot longer
the body, but it is a shock to the system nevertheless. employ them to gratify a fictitious "prosperity."
Those who preached "perpetual prosperity" a few Supplying normal needs for normal people is a good
weeks or months ago are now saying: "Behold, we business and a proper exercise of capital and brains,
have all tangible things that we had before!—Money, and makes a real prosperity, but this is never speccredit, prosperity, labor!"—and so we have, but tacular.
under different conditions. Our convalescence from
It is all very well to talk of the fundamental
the "speculative debauch" may be rapid and com- soundness of business, but the disappearance in a
plete, or it may be slow and partial; the resources, month of from twenty-five to forty billions of paper
the industries, the energies, are still here; but the values in the leading industries of the country canconfidence that lies behind all health is not quite not fail to affect the real values thereof. Of course
the same.
the wheels will continue to turn, production of some
Fever may recur intermittently, but we will cer- volume will go on, there will be employment and
tainly feel for some time the weakening effect of the wages, but the buying power of the people must be
disease and the shock of the operation. We must less. As said, luxuries will be first affected. But
ask ourselves as to the reality of the vaunted "pros- these have fattened on imagined profits and riches.
perity"; and as we gauge business to meet normal Dealers in luxuries had more to spend. But neither
demands, we must consider the nature of the ener- they nor their customers, then or now, bought more
gies we employ and the purpose that promotes all of necessities as a consequence. We cannot escape
effort. One thing appears at the outset. Produc- the conviction that a reaction on real values will
tion is first related to needs, then to wants, then to result. And as this manifests itself there will be
the accumulation of fortunes. We may think most less corporate flotations for improvements and exon the last, but we cannot reach this save by way tensions. This, in turn, will slow down the resumof supplying needs and wants—unless, perchance, ing stock market, which, without fresh buyers and
we "speculate."
new issues, must lag and grow dull. Fundamental
On the theory that it will take a period of years business has been looking into the mirage of "conbefore a similar speculative craze can grip the coun- tinuous prosperity" and must now return to seeing
try, trading in stocks will be reduced to the volume things as they are. Stocks bought as investments,
of normal investment. There will be those who "got bought to hold, will be no greater in volume than the
out early in the game" who will re-enter for bargain savings of the people living frugally and thriftily.
purchases. But they will be compelled largely to The inflation squeezed out of the power to buy rehold what they buy for want of a "market." The duces it to a small fraction of the credit-buying of
"bull" influence for a time, how long depends on the recent years.
conditions, will be quiescent. At the least, the
When a bubble bursts it leaves nothing behind.
small-town customers will not come back until they And it is idle to talk of the settlement of this gigan-
fellows are squeezed out" the bulls and the bears,
the pools and the corners will proceed to devour
each other, and when this is over the country will
settle down.
The general effect on "business" of the subsidence
of this stock boom we may anticipate in part. Credit
as a whole will shrink to normal needs. Real values
to corporate stocks will reappear—but it will be
slowly. Buying and selling on 'change, reduced to
actual transfers to real and paid-for investments,
will be smaller and more orderly. The inflation of
real corporate values because of wild and swelling
speculative values will disappear; and, again slowly,
the earning-power prices based on period-returns
will come again—but with prospective increases reduced to a sane minimum.
,Speculation always discounts the future; investment should discount the past. Men who feel rich
because of paper profits will feel poor, and, in fact,
be poor because more than paper profits in many
instances will have melted away and there will be
less money to spend and retail trade will be curtailed. Undigested securities will clog some of our
financial institutions. "New issues" will be rarer.
Confidence generally will be shaken. But—though
comparatively slowly—the trade genius, the initiative and enterprise founded on unexhausted resources, the impressive and lucrative business
already established, will become the sole and brightening thought of the people. It will not be long
before the country at large will look back on this
"orgy of speculation" as a nightmare from which it
has been happily delivered.
2918
FINANCIAL CHRONICLE
[VOL. 129.
tic speculation leaving money, credit, or capital, free proving physical properties, in substantial albeit
to re-enter legitimate trade. And the rosy light it slow ways, is the safe, sure means of return. The
cast on real values placed them in a false position dream is over. The craze is spent. Business now
before the people. Coming down to estimating is business.
values on earning power, this earning power must
be freed from the influence of an inflated boom
Public Utility Earnings for the Month of
period, and related closely to carefully appraised
September.
rational income—to the normal needs and the
Gross earnings of public utility enterprises in September,
rational wants of the consuming people. New inven- exclusive of telephone and telegraph companies, as reported
tions, new aggregations of capital, an increase in to the Department of Commerce by 95 companies or systems
steel, in building, in internal improvements, in or- operating gas, electric light, heat, power, traction and water
services and comprising practically all of the important
ganizations for foreign trade, in public utilities to organizations in the United States, were $185,000,000, as
meet a growing population, in institutions public compared with $179,500,000 in August, and $179,346,145
and private that minister to the aesthetic, these will in Sept. 1928. Gross earnings consist, in general, of gross
continue, and afford endless opportunities for men operating revenues, while net earnings in general represent
of toil and talent to accumulate as of yore. But the gross, less operating expenses and taxes, or the nearest
comparable figures. In some cases the figures for earlier
there will be caution and hesitancy. By no rational years do not cover exactly the same subsidiaries, owing to
conjecture can we believe the momentum of general acquisitions, consolidations, &c., but these differences are
business will not slow down for a period of years. not believed to be great in the aggregate. This summary
But it is the steady pull, the strong pull, and the presents gross and net public utility earnings by months
from Jan. 1926, the figures for the latest months being
pull all together that brings true prosperity.
subject to revision.
Viewing the general situation—a tremendous drop
PUBLIC UTILITY EARNINGS.
in "brokers' loans," a precipitate slump in stock
1927.
1928.
1929.
1926.
prices, an uncertain, unsteady market making wide Gross Earnings-$191,702.022 $196,573,107 $203,000,000
$177,473,781
January
swings up and down—it is difficult to see the wis- February
177,612,648
187,383,731
165.658,704
194,000,000
179,564,670
187,726,994
167,642,439
195,000,000
dom in lowering the loan rate, that once too low is March
176,467.300
181,143,683
166,927,022
190,000,000
AprIl
171,255,699
159,135,618
180,255,407
189,750,000
May
charged with contributing to the long period of June
157,744.715
167,975.072
178,696,556
183,000,000
161,638,462
153,245,315
173,645,919
178,000.000
speculation now approaching a close. Is it neces- July
162,647,420
153,188,101
173,952,469
179,500.000
August
169,413,885
159,519,246
179,346,145
185,000,000
sary to prevent complete collapse? Will it not September
Total (9 mos.)-----81,460,534,941 $1,558,277,178 $1,638,724,011 81,697,250,000
renew the speculative fever? We read in addition
177,734 493
170,732,069
190,795,668
October
182,077,497
176,000,649
to this that different companies are increasing their November
198,032,715
194,985,134
188.146,705
202,000,000
December
dividend distributions. Much is made of this as
21,995,415,364 $2.113,074,302 $2,229,562,394
Total (year)
confirmation of the new boast, "Business is fundaNa Earnings-$73,746,891
$66,974,941
$79,013,279
$92,000,000
January
mentally sound." Not a whisper is heard of any February
61,555,164
66,907,757
74,296,576
86,000,000
60.696,920
65,412,739
72,811,146
85,000,000
passed dividends. Not a word is said of the possible March
64,907,729
59,471.359
68,971,324
83,000,000
April
54,993,907
61,194,779
67.732,911
82,500,000
May
curtailment in production to meet the reasonable lune
55.699,751
39,167,096
67,537,149
79,000,000
53,980,280
49,238,806
62.260,333
71,000,000
Fuly
assumption that business may expect a decrease be- August
53,551.164
49,844,522
61,809,794
73.000,000
61,897,207
56,930,481
68,235,698
80,000,000
September
cause of damaged confidence.
All this "whistling to keep the courage up" is not Total (9 mos.)...... $515.405,851 $560,765.642 $622,668,210 $731,500,000
65.259,727
60,878,181
73,670,561
a rational reasoning. We have already suffered )ctober
70,214.468
65,844,729
81,363.806
qovernber
78,937,417
73,023,848
91,000,000
December
enough from manufactured "prosperity." It is time
TntAi (vaxpl
5715 1 52 MO
0775.177.254 5868.702.577
to look the situation squarely in the face. Reduced
to investments for long holdings, that earnings may
Is the Growth of Bankers' Acceptances
be regularly received, what would be a normal turnAbnormal?
over on the Exchange, how many shares a day? We
[Editorial from New York "Journal of Commerce" of Oct. 21.1
have so long witnessed millions of shares a day for
After a September increase of $71,734,000, bankers'
quick price-increase that we are unable to get down
acceptances
in the United States have reached the very high
to a real basis; we are talking and acting as if we
figure of $1,272,270,000. It is supposed that another very
expected speculation to renew and repeat itself.
substantial increase will take place before long, due to the
In view of all the conditions, who can say, after development of differences in bill rates between the United
a twenty to eighty point drop, that now or now is the States and London. How far these differences in bill rates
time to buy? This can only be good advice on the will be likely to increase the total volume of paper is necesbut there is every reason to
supposition that this whole craze has been justified sarily a matter of conjecture,
suppose that present conditions are very far from representbecause the country is rich; present so-called "pros- ing the final advance in this paper, even for the present.
perity" has come to stay, and "business is funda- The attitude of the Reserve banks in buying freely has an
mentally sound." There is the possibility of another important effect, the higher cost of credit in foreign countries
slump, and a probability of large swings yet to come. has some results, but the major factor underlying this great
exceedingly lax attitude toward the whole
If the country is ever to get back to the normal, it growth here is the
acceptance question which our Reserve system has long
must look away from stock speculation as a means exhibited.
to get rich quick. It must eschew speculation for
It was only a few months ago that a well-known banker
work. It must be willing to "dig in" and prepare of this city computed from an inspection of the bills that
passed over his desk that probably 50% of the acceptances
for another attack from the visionaries.
outstanding were based upon frozen or slow assets.
then
Encouragement to renewed speculation may have So largely had such bills accumulated in the Reserve banks
its justification in preventing another avalanche of of this city that early in the present year a vigorous effort
selling—but this virus must be driven from the body was made to dislodge some of them. The endeavor was not
of the people if business is ever to "go on as usual." successful in any continuous measure, although at one time
We have already anticipated the harvest to come a substantial reduction in Reserve holdings was effected,
resumption of liberal buying was too
from mergers, consolidations, investment trusts, But the preesure for a
strong, and during the past summer, at the same time that
and other combinations. Producing and distribut- the discount rate was raised, the acceptance buying rate was
ing, buying and selling real things, building and im- 'cut. Since then expansion has gone ahead rapidly.
Nov. 9 1929.]
FINANCIAL CHRONICLE
The American Acceptance Council in analyzing the present
situation notes that now for the first time, the volume of
acceptances based on goods stored in, or shipped between,
foreign countries exceeds the volume used, for the importation of goods into this country, amounting as it does to about
$347,000,000. If a careful computation were to be made,
with a view to showing the total of goods stored abroad,
and combining it with goods stored in this country, the
result would be a surprising figure. Acceptances based
upon domestic warehouse credits are already nearly 30%
larger than they were last year, being $137,000,000. A very
large part of our Federal Reserve bank credit in this acceptance form is thus used for the purpose of holding over stocks
of goods here and elsewhere.
The acceptance as developed in this oountry is being used
for purposes radically different from those which controlled
its inception and evolution abroad. It is a morbid growth
2919
to-day, representing so largely as it does stored or heldover goods, or goods that are temporarily frozen, instead of
representing goods that are actively in process of transmission from producer to consumer. The stored and speculatively held products of industry ought never to be carried
by bank credit; least of all by that form of bank credit ordinarily described as the most liquid. Our use of the acceptance represents as great a perversion of the original
purpose as our use of the investment trust represents a.
variation from the original object of that form of financial
organization.
The Federal Reserve Board in Washington long ago gave
up the duty of giving very much direct attention to the
acceptance practices of Reserve banks. Speculative and
slow borrowers have profited accordingly. The Board
ought to r6sume an active and efficient supervisory authority
in this important branch of lending.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 8 1929.
The feeling is somewhat less apprehensive, now that the
speculation in the stock market is gradually decreasing, and
it looks as though the worst were over. Whatever may be
said about the matter from this, that or the other angle
the tremendous liquidation has been borne by the country
in a manner that contrasts remarkably with other years
when panic has struck Wall Street. Failures have been
practically absent. In former times they were at such times
a conspicuous and regrettable feature. Money has been 6%
through all the period of storm and stress in curious contrast
with the money rates of old days. The failures in general
trade in October were fewer and the liabilities were samller.
Of November's statement will be more to the point. In
general commodity prices have declined in sympathy with
falling prices for stocks. But at times during the week
the stock market has rallied sharply, and to-day the least
that can be said of it is that it was more of a two sided affair.
Such a state of things is apt to be a hint in markets in general
of an approaching turn of the tide. Nobody looks for or wants
a return to the hysterical speculation in stocks which distinguished such an extraordinary epoch as that in recent
American history. But it would not be surprising to see a
quieter end more orderly market and eventually a gradual
recovery from the hectic decline which has proceeded to
limits quite as absurd as the feverish advance. Doubtless
many stocks are selling below their intrinsic worth. Such a
state of things in the ordinary course of events is bound to
be corrected, though in this cass it will probably be done
gradually and with no excitement.
As the case stands in trade, wholesale and jobbing business
is smaller now than it was a year ago. And there need be no
glossing over the fact that this is due largely to the unhealthful excitement in the Stock Market for several years
past, and the fear that the recent collapse in securities may
have an aftermath of reduced buying power for a time at
least by the American people. On the other hand, retail
buying is larger than it was a year ago. Take it for all and
all, the industries are somewhat more active than at this
time last year, even though at that time business was increasing. It is true that the output of automobiles in October
was somewhat smaller than in the same month last year.
Lower prices are reported for iron and steel.
Cotton declined $2.50 a bale this week partly owing to
the depressing influence of the stock market, a fear that
the government crop estimate might reach 15,250,000 bales
or at least run some 200,000 bales above the last one on
Oct. 1 of 14,915,000 bales. Besides, there has been some
heavy liquidation, partly for Southern account. To-day a
government crop estimate of 15,009,000 in the end caused a
rise for the day of $1 to $1.50. There was a report, too,
that the Farm Board had granted a loan of $5,000,000 to
the Oklahoma Co-operative Association and $2,500,000 to
North Carolina's. This had a distinctly encoruaging effect.
Evidently the Farm Board is indulging in no more beau
geste. It means business. Wheat declined 8 cents or more
in sympathy with lnwer prices for stocks and reports that
the Canadian pool finds it difficult to sell its holdings. The
export demand, it is true, has at times been better, and
world's shipments have decreased sharply. That may be a
sign that American wheat is to have its turn at last in the
foreign market. Prices are not far above the point at which
the Farm Board may step in with stabilizing measures looking to the more gradual and so to say more scientific methods
of marketing rather than the old semi-barbarous way of
throwing the wheat on the market at times for what it will
bring. Corn declined 2 to 3 cents, partly because wheat
and stocks fell and partly because there was no great speculative demand. On the other hand the new crop is not being
hurriedly thrust on the market and some think a rise may
not be far off, unless the marketing is greatly increased.
Oats declined 3e. with other grain and rye 6c. with wheat
lower and no pressing demand especially for export. A report that German rye was selling at 79c. was naturally no
good augury for an early resumption of the long delayed
American export trade. Previsions were lower because of
declining prices for hogs and grain. Sugar declined 4 to
7 points after a sharp fall last week. Wall Street and
European selling played its part; also heavy selling of the
near months attributed to the Cuban pool. Prompt Cuban
raws have been quiet, with sales reported at as low as 1 15-16e.
though there was a rumor late in the week that 100,000
bags had sold at 2e. But to-day 1 15-16c. is called the
market. Coffee has still been in the rapids, falling some
20 to 65 points under persistent liquidation and the announcement that larger receipts will be permitted. Rumors
that new measures would be taken in Brazil to stabilize
prices were accompanied by Brazilian selling and the coffee
trade has drawn the natural inference that the rumors were
without foundation. Besides, Brazilian exchange was so
depressed as to give rise to not a little uneasiness. The
Bank of Brazil, it seems, will continue to furnish money
for legitimate business, but will not supply foreign exchange
for speculation and would defend itself against the alleged
"speculation of certain foreign banks."
Rubber has dropped 1 to 15ic. coincident with declining
foreign markets, liquidation of "stale" long accounts, large
foreign selling apparently in part for London, a steady increase in the London stock, fears that the Maylayan shipments for the last quarter may exceed 140,000 tons and
finally the decline in the New York Stock Market. The
budget is rather formidable. Pig iron is said to be declining
in some parts of the country in a dull market. October
production exceeded that of October last year by 6%.
Steel as a rule has been quiet. Buyers are more cautious
than ever, and annealed sheets are lower in Youngstown.
Steel output is now down to 75 to 80% with the range as low
as 60 and sheets, strips and heavy scrap have declined.
This has a rather significant ring. Wool has been quiet,
but about steady. The jewelry trade is said to be in fair
shape. Radio material is reported active, at the cut prices
recently made by a number of companies. With cooler
weather the domestic coal trade was somewhat larger.
October output increased somewhat, as compared with last
year, both as to bituminous and anthracite. Finished cottons have been in steady demand. Cancellations were infrequent and so were requests for delay in making delivery.
Unfinished cotton goods were very quiet. Coarse yarn was
dull. So were fine and fancy cloths for forward delivery.
In general the sales of cottons were in small quantities for
prompt shipment. With prices as a rule reported firm,
though now and then some shading has been reported of
3ic. Second hands sold small lots at slight declines. Sheet-.
2920
FINANCIAL CHRONICLE
[VOL. 129.
+
4
100=0
W
Mr+NN.A.00
ot04•4...
•
o+1+
WW.+
•••
Montgomery Ward & Co.'s October sales are said to have
ings have been dull and generally unchanged. As usual at
this time of the year woolens and worsteds are quiet. Broad been $32,181,217, which is said to have been the largest in
silks have been in less demand. Raw silk declined in New the company's history and which shows an increase of $5,York. Carloadings for October were only M of 1% smaller 596,430 over October last year. Sales for the first 10 months
than for the same month last year, and they were 4.7% larger of this year are given at $225,880,002 compared with $174,than in October two years ago. There was some slight 946,812 for the same period last year, or an increase of
decline in loadings, this year, however, in three out of the 29.11%. Sears, Roebuck & Co.'s sales for October were
four weeks of October. Lumber was selling less readily $47,074,565, an increase of 27.2% over October, 1928. Sales
than had been expected, so far as soft wood was concerned. for the first 10 months of this year amounted to $345,386,827,
The log market was dull and weak and there may be no im- an increase of 28.7% over the corresponding period last year.
provement until next spring. It is not expected. Hard F. W. Woolworth & Co.'s sales for October amounted to
$27,678,092, an increase of 2.91% over October 1928. Sales
wood was in fair demand.
On Nov. 4th when the Stock Exchange reopened prices for the first 10 months of this year amounted to $232,720,402,
declined 2 to 17 points with sales of 6,202,930 shares. There an increase of 7.14% over the corresponding period last year.
was no hysteria. That has disappeared. Big blocks of stocks, S. S. Kresge Co.'s sales for October amounted to $13,760,748,
it is true, were thrown on the market and prices did break an increase of 6.46% over October 1928. Sales for the first
indespite the predictions of a rapid even a runaway rise after 10 months of this year amounted to $118,047,694 an
last year.
period
the
over
corresponding
7.82%
of
crease
opening.
the
at
came
selling
Hurried
vacation.
days'
three
the
On Nov. 7th deep snow fell over a wide area of the West;
It was said, rightly or wrongly, to be liquidation of stocks
Montana
taken recently on supporting orders. It was announced early i.e., in Kansas, Colorado, Nebraska, Wyoming,
2%2 feet.
to
Kansas
inches
6
had
Western
the
and
Dakotas.
on
m.
p.
1
Wednesday,
at
close
would
that the Exchange
Thursday and Friday of this week and close entirely on In Montana it was down to 16 degrees. There seemed a
Saturday to relieve the personnel of Wall Street and enable possibility of snow in New York late on Friday. Predictions
commission houses to catch up on their bookkeeping. Odd of snow here to-night were not verified. To-day's temperalot buying was heavy. Bonds on the other hand were strong tures were 48 to 51 and the forecast for to-night and toand advancing, led by Treasury issues. Convertible issues morrow is cloudy and probably showers. Yesterday New
were an exception. Some of them dropped 2 to 12 points. York was 48 to 56 with a little rain. There was a trifle
Money was plentiful at 6% on call. On the 6th inst. stocks towards nightfall to-day. Yesterday Boston was 40 to 56,
fell 5 to 66 points, the latter on Auburn Automobile with Philadelphia 48 to 58, Chicago 38 to 48, Cincinnati 34 to 50,
U. S. Steel off 143' points net after being down 183. The Cleveland and Milwaukee 38 to 44, Kansas City 38 to 42,
total sales in three hours trading closing at 1 p. m. were St. Paul 30 to 34, Winnipeg 18 to 26.
5,914,700 shares. The decline ran into billions of dollars of
Monthly Indexes of Federal Reserve Board.
losses including $116,000,000 in U. S. Steel common, $289,The monthly indexes of production, employment and
000,000 in Amer. Tel & Tel. and $209,000,000 in General
Electric to go no further. Exhausted margins and failure of trade issued by the Federal Reserve Board about the first of
customers to increase them led to furious selling. Some big each month in advance of publication of the indexes in the
accounts were closed. The big decline in U. S. Steel was the Federal Reserve Bulletin were made available as follows,
most disquieting incident of the day. Out-of-town markets Nov. 2. The terms "adjusted" and "unadjusted" refer to
all declined. The average decline here was $23. Bank stocks adjustment for seasonal variations.
(Monthly average 1923-25=100)
fell 12 to 1,000 points. Bonds were mostly higher but convertibles dropped, Amer. Tel & Tel. 4s falling 14 points
Sept. Aug. Sept.
Sept. Aug. Sept.
1929. 1929. 1928.
1929. 1929. 1928.
to a new low of 135. On the 7th inst. stocks advanced 3 to
34 points after a sharp decline at the opening. Brokers' loans
Building Contrads—
Industrial Produe106 107 140
Adjusted
fell off $656,000,000. Pools gave support to various stocks. Totaltion, adjusted—
108 119 143
123 114 Unadjusted
124 115
The day's sales were approximately 7,200,000. Brokers' Manufactures
DistribuWholesale
107
115
Minerals
lion, adjusted—
loans totaled $4,882,000,000, the smallest since Oct. 24 1928, Manufactures, ad96
99 103
Total
92
and $1,922,000,000 under the record of Oct. 2 1929. Margin Ironjusted—
93 100
143 128 Groceries
and steel
120 118 122
Meats
107
120
Textiles
were
Some
disposed
to
responses.
think
calls brought better
84
91
88
95 Dry goods
:97
Food products
89
95
91
125 118 Men's clothing
that the worst was over. Bank stocks declined for a time but Paper and printing_ _.
90
106 118
147 139 Shoes
Automobiles
hunters
were
Bargain
92
buying
98
later.
97
Hardware
cases
110
x116
rallied in some
Leather and shoes- - _
116 124 112
Drugs
130
142
brick,
Cement,
glass_
stocks and bonds, especially stocks. The idea of many is Non-ferrous metals.115 115 112
x122 117 Furniture
176 162
refining...
that if the advance went too far on the great upward turn in Petroleum
Wholesale Distribu114 169
Rubber tires
Hon, unadjusted.
133 128
recent years the decline has been quite as irrational. To-day Tob. manufactures_ _
113 111
114
Total
Minerals, adjusted100
102 101
94 Groceries
97
some stocks closed higher and others lower in the three-hour Bituminous
81
128 120 130
95 Meats
Anthracite
next
continued
week
be
will
with
way,
the
session which, by
109 111
105
146 124 Dry goods
Petroleum
139 156 137
110 Men's clothing
121
Iron ore,shipments_.
Saturday again a full holiday. The trading to-day was :IoPPer
129 130 110
119 123 Shoes
against
7,175,000
99 100
yesterday.
105
as
Hardware
114
shares
127
3,200,000
Hoc
around
119
124 sl2l
x107 115 Drugs
Lead
6%.
was
Some
high- 31Iver
This is a hopeful slackening. Money
130 117 128
79 Furniture
zlOO
Freight Car Loadpriced stocks which were lower yesterday made substantial
Department Store
ings, adjusted—
Sales—
109 106
rota'
advances to-day. But United States Steel ended 33/i points ;rain
123 112 119
109 109 Adjusted
109 x90 107
93 Unadjusted
78
lower and some other stocks were down 1 to 5% points. Avestock
Department Store
100 100
L'oal
of
most
regained
convertibles
their
Utility
Bonds advanced.
Stocks—
90
94
orest products
,
99
09 100
Adjusted
recent declines. Silver was down to a new low level here 3derehandlse 1.0.1. dr
ns 102
102
TTniv1141,214w1
111
112
London.
and in
a Preliminary. x Revised.
The Federal Reserve Board announces that its indexes of
At New Bedford, Mass. the Beacon Mills plant was
closed down on Thursday night for the remainder of the factory employment and payrolls have been revised and will
week. This curtailment was about a month ahead of the appear in the November issue of the Federal Reserve Bulletin.
slack season usually felt by the corporation, which generally The index numbers formerly shown in conjunction with the
starts after Thanksgiving, when Christmas orders have been above statistics have been discontinued.
completed. At Fall River, Massachusetts, trade has been
quiet. At Manchester, N. H. the Amoskea.g mills will Wholesale Trade in September as Reported to Federal
be closed Armistice Day, Nov. 11 at the request of the
Reserve Board Shows Less Than Usual Seasonal
workers. At Rock Hill, S. C. operations will be resumed at
Increase.
the plant of the Cutter Manufacturing Co., Rock Hill, within
Wholesale distribution increased during September by less
the next week or ten days according to official announcement, than is usual at this season, according to reports made to
the
get
mill
in
preliminary work now being carried on to
the Federal Reserve system from firms in eight lines of
running shape. Several weeks ago the mill was shut down trade. The largest increases over the previous month were
250
around
persons.
At
Indefinitely. The plant employs
in the sales of meats, hardware,and furniture, while decreases
Charlotte, N. C. cloth mills were about holding their own. were reported by distributors of dry goods, men's clothing,
Novelty mills were doing better. At Charlotte, the Leaks- and boots and shoes. The Board, under date of Oct. 29,
vine Woolen Mills, following a partial strike at their local reports further as follows:
plant has announced that the mill will be closed for an inSales in September were 2.7% larger than for the corresponding month
definite period. At Chattanooga, Tenn. textile mills were In 1928. increases being reportedf or all lines of trade, except meats which
showed smaller sales,
working at 80% of capacity.
The following table summarizes percentage changes in sales by lines
1928:
during September. as compared with August 1929 and September
PERCENTAGE OF INCREASE (+) OR DECREASE (-) IN SALES.
September 1929, Compared with
September 1928.
+2.0
-1.7
+3.8
+1.5
+17.3
+5.0
+4.2
1- 3.2
Federal Reserve District.
+2.7
+0.9
Total, eight lines
% Inc. (±) or Dec. (-1: 1929 Compared with Same Period or Date in 1828_
Sales of agricultural implements during September were in larger volume
than a year ago, but showed smaller sales than during the previous month.
More detailed statistics by districts and lines follow:
CHANGES IN SALES AND STOCKS OF WHOLESAE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase(+3 or Decrease (-)Per Cent.)
Sales September 1929
Compared with
Stocks September 1929
Compared with
(Per Cent.)(Per Cent.) (Per Cent.)(Per Cent.)
+4.8
+2.0
+1.0
-1.4
+16.1
-4.3
-5.6
+8.6
+12.4
+5.3
+3.7
+10.6
+1.0
+2.2
-1.0
+0.3
+0.4
-1.7
+5.2
+6.3
-4.1
+1.5
-7.0
+9.6
+5.8
+3.6
-11.3
+5.0
-1.7
-0.3
+6.0
+6.9
-5.1
-0.7
-1.0
-1.0+4.0
-17.3
-10.6-0.4
-9.3
+4.8
-1.8
+0.8
-36.2
+0.1
+3.8
-3.6
-6.5
-8.9
-1.7
-4.2
-7.7
4.2
8.0
-12.3
8.2
9.7
5.1
-10.2
-8.0
15.1
10.6
+0.1
16.0
19.0
11.0
+1.6
7.2
5.3
-11.1
11.5
15.4
17.5
-1.3
15.5
14.0
8.9
-1.1
+0.8
+0.3
+1.0
+1.5
-0.9
+0.6
-4.2
+1.0
-6.8
+0.8
-3.0
+4.7
5.6
+6.5
+9.0
+0.1
+1.3
+8.9
+1.0
+1.0
+25.0
+4.8
+1.6
-1.0
+5.0
-3.7
+22.9
-----__
____
+1.9
+8.0
+2.2
1.3
+6.7
-------52
-i-- -.
+15.1
+3.8
+23.9
+4.4
2.1
+2.1
+2.2
-9.5
-10.6--Yu
-0.8
+62.5
+3.0
+10.0
+1.2
.1.-s-1)
•Quantity not value. Reported by Silk Association of America.
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index Numbers, Monthly Average 1923-25=100.)
Adjusted for
Seasonal Variations.
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines
Without
Seasonal Adjustment,
Sept.
1929.
Aug.
1929.
Sept.
1928.
Sept.
1929.
Aug.
1929.
Sept.
1928.
93
120
88
91
106
07
116
115
100
118
91
95
118
98
124
115
92
122
84
89
90
92
112
112
102
128
109
139
129
105
124
130
101
120
111
156
130
99
121
117
100
130
105
137
110
100
119
126
99
103
96
114
113
.111
Federal Reserve Board's Survey of Retail Trade in the
United States-September Sales 2% Above Same
Month Last Year.
Department store sales for September were 2% larger
than in the corresponding month a year ago, according to
reports to the Federal Reserve System by 523 stores in 229
cities. For the first 9 months of 1929 sales were1.3% larger
Sept. 30.
+0.7
+5.3
-2.0
+0.1
+5.8
+0.03
+0.2
+11.4
+1.0
+2.2
-2.9
+1.1
-1.8
+2.4
-9.3
-0.9
-3.9
-4.1
+2.7
-1.4
-11.0
-1.4
+0.1
+0.6
+1.4
+4.9
-0.4
+3.2
+3.1
-1.6
+4.8
+2.8
-2.0
+3.3
+0.2
+2.5
+2.8
+ 1.9
United States_b
this year and last year.
a The month had the same number of business days (24)
stocks, from 433 stores.
b Based on statistics of sales from 523 storm of
More detailed statistics follow:
DEPARTMENT STORES-SALES AND STOCKS, BY
DISTRICTS.
FEDERAL RESERVE
Index Numbers. (mighty Average 1923-1925=100.
Federal Reserve
Districts.
No. of
Stores.a
Adjusted for Seasonal
Variations.
SalesBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
United States
StocksBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
August. Sept.
114
136
104
114
122
112
136
123
102
111
117
95r
109
113
110
I22r
113
87
113
127
109
114
114
112
132
110
104
iiii
iii
Hi
127
122
127
523
123
112
119
1928.
1929.
1928.
1929.
Sept.
Tilthout Seasonal
Adjustment.
Sept.
August.
Sept
83
82
69
92
81
85
100
87
78
85
85
120
97
Ill
89
101
96
98
124
107
99
102
112
113
t-ChCOWMWO
.X0
.
.."
C,
00,.=t.
S
OWC,
..
.
. .
---4.4
--'i-2 -.
8.3
19.1
-5.-.4.
-10.8
-7.0
9.1
Stocks.
September. a Jan.-Sept.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Aug. 1929. Sept. 1928. Aug. 1929. Sept. 1025.
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
San Francisco District
Dry Goods-1.8
+3.8
United States
+1.1
+6.8
New York District
Philadelphia District--- +12.8
+1.7
Cleveland District
+19.6
+4.2
Richmond District
+19.9
+7.6
Atlanta District
+20.9
+2.6
Chicago District
-12.3
+0.9
St. Louts District
+2.2
-10.3
Kansas City District
-5.0
-9.5
Dallas District
-7.8
+1.2
District
Francisco
San
Boots and Shoes-0.8
+17.3
United States
+6.1
+7.3
Boston District
-5.9
+5.4
New York District
-3.8
+23.2
Philadelphia District
-16.7
+6.8
Cleveland District
+12.5
+2.6
Richmond District
+9.1
+4.7
Atlanta District
-4.6
+1.5
Chicago District
-3.8
+31.6
St. Louis District
-5.0
+4.0
Minneapolis District
-2.2
-0.4
Ban Francisco District
Hardware+6.1
+5.0
United States
+4.1
-3.9
New York District
+3.5
+6.5
Philadelphia District
-4.5
+1.0
Cleveland District
+6.3
+7.6
Richmond District
+10.1
+2.9
Atlanta District
+4.9
+3.5
District
Chicago
+3.7
+2.8
St. Louis District
+10.0
+15.0
Minneapolis District
+7.6
+10.0
Kansas City District
+2.7
Dallas District
+2.3
+3.2
District
San Francisco
Drugs+4.2
+2.5
United States
+12.1
+2.7
New York District
-0.5
+3.4
Philadelphia District
+6.2
+0.7
District
Cleveland
+1.0
-0.8
Richmond District
+9.7
-2.4
Atlanta District
+0.7
-3.1
Chicago District
+13.7
+6.6
Bt. Louis District
+11.2
-7.0
Kansas City District
+2.7
-6.9
Dallas District
+2.9
-3.4
San Francisco District
Furniture+3.2
+11.1
United States
+15.6
+16.4
Atlanta District
+1.6
+11.2
Chicago District
-3.0
+5.9
St. Louis District
+11.3
+10.1
Kansas City District
-2.2
San Francisco District
+5.6
Agricultural Implements+5.8
-29.9
United States
+13.2
-6.4
Silk Goods*
Saks.
1
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
stores at the end of September
Inventories of the reporting department
according to reports from 433
were at about the same level as a year ago,
stores.
stores are summardepartment
reporting
Changes in sales and stocks of
ized by districts in the following table:
-SALES. STOCKS.
DEPARTMENT STORES-DATA BY DISTRICTS
(Based on Value Figures.)
... .. .. .
..0ONNC0000.0
..40W-4W.4.coW
W00,
+1.0
+6.5
-1.8
-10.9
-0.8
+6.1
+2.5
+11.1
than for the same period lastlyear.X.ThelBoard under date
of Oct. 29 further states:
W.N..0.100W
CCO.P.00
0..404.4.,
August 1929.
Line and Federal
Reserve District.
2921
FINANCIAL CHRONICLE
Nov. 9 19291
9)r
87
94
94
94
38
101r
101
106r
104
45
80r
88
85r
85
47
90
96
95
94
53
89
97
97
93
29
93
98
95
93
31
113r
107
116r
113
81
90
93
90
91
19
71
80
72
71
16
21119
81
-ii
o
-iii
21
102
102
103
103
32
107
98
100
92
100
102
104
114
98
84
123
88
106
103
96
103
99
100
00
433
United States
-.
period,
a Stores for which figures are avallab e since bsse
b Monthly average 1925 equals 100. r Revised.
DEPARTMENTS-SALES. STOCKS.
DEPARTMENT STORES-DATA BY
1929, Compared
Percentage Increase(+)or Decrease(-):Sept.
with Sept. 1928.
Saks.
Department.
Federal Reserve District.
T tai
(a)
Boston.
San
DalSt.
New Cleve- Rich- ChiYork. land. mond. cago. Louie. las. Franc.
Piece Goods-4.4 -11.6 -9.6 -0.7 --8.9 -12.7 +5.4 -3.6
Silks & velvets- -- --23.5 -4.5 -6.5 -2.0
Woolen dress goods -16.0 -21.5 +17.2 -24.6 -14.6 -3.8 +21.0 +8.3 -4.8
Cotton wash goods +1.1 -11.9 +5.6 +1.9 +19.3 +19.5 -8.4 -6.7 +4.5
+0.8
+0.7
+10.9
+6.9
+6.4
Linens
.4 MN
Domestics, muslins
+4.4 +19.1 -18.6 -5.6
+2.0 +0.6 +14.6 -3.0 +2.3
&c
Ready-to-Wear Ac reasont es-4.0 -15.4 -3.1
--12.7 +10.7 -2.3 +4.1 +2.7
Neckwear,scarfs-+10.5
-2.2 -2.6 -2.3
-1.7 -5.1 +1.4
Millinery
Gloves (women's &
+8.2 +37.1 +3.5
+2.5 -1.6 -3.0 -2.6 +8.4 +12.5 +0.5 +12.9 +3.9
children's)
+15.7
Corsets, brassieres +11.0 +8.9 +14.6 +12.1 +14.0
Hosiery (women's
-6.1 +6.6
+.5.8
-0.4
+2.8
+6.4
+3.4
& children's).-. +3.6
-19.2 -1.4
Knit underwear_ - - -1.4 +8.9 -3.5 -1.8 +4.9 -7.1 +1.8
Silk, muslin under+7.1 +3.8 +12.4 +3.2 +1.7 +10.1 -1.7 +7.3 +10.4
wear
+3.1 +2.1
+4.2 +3.9 +13.9 -0.7 -1.6 +6.1 +1.2 +17.3
Infants' wear
+6.7
Small leathergoods +1.6 -3.0 -2.0 +0.1 +10.3 -0.3 +8.6 -3.3 +7.9
+1.2
+10.7
+13.0
+7.2 +1.1 +13.3 +5.7
Women's shoes-.
+2.3 -4.0 +4.4 -0.9 -6.0-10.6 -2.4
Children's shoes- - -1.1
Pi
Women's Wear+19.2 -8.9
co'ts,sults -14.1 -23.6 -13.9 -21.5 -21.2 +0.3 -8.7
+0.7
+17.6
+3.7
+5.8
+11.9
+5.6
-1.4
+1.1
+5.5
Women's dresses_ +11.3 +21.7
Misses' coats, suits -7.2 -10.0 -5.5 -19.3 -11.8 +0.5 -12.8 +12.7 +10.5
+13.1 +7.3 +17.4 +8.9 +17.6 +32.1 +6.0
Misses' dresses-0.8 +19.4
-4.0
+10.1
+0.8
-3.6
+16.4
Juniors'. girls'wear +5.1
Men's, Boys' We srMen's clothing- - - -5.0 -11.5 +4.3 -8.7 -5.3 -1.9 +2.8-19.8 -8.7
+3.3 +0.1 +10.8 -0.8 +13.3 +4.7 +2.4 -0.6 +0.2
Men's hats, caps
-5.8 -7.5 -7.2 -12.3 -0.2 -0.2 +1.6 -8.4 -0.8
Boys' wear
Men's, Boys' shoes +1.6 -0.4 +12.9 +1.2 -7.6 +1.3 +1.3-13.7 +0.9
House Furnishes
3 +18.2 +4.5 +24.4 +7.4 +9.9 +36. +9.8
:
+12.3 +1
Furniture
+100.
+15.2 -11.4 -2.6 -3.9
+7.1
Oriental rugs
+17.2
Dorn,floor cover'gs +9.7 +1.4 +12.3 +7.0 +22.3 +13.2 +1.2
Draperies, uphol+6.4 +8.2 +17.1 +9.4 +1.5 +14.0 +10.7
+8.5
stery
-0.4 -0.4 +16.6 +10.3 -11.9 +8.4 +9.8
China, glassware_ +1.7
a Departmental data of sales are for about 200 reporting stores with total sales
In Ibted departments of somewhat less than 5850,000,000 per annum and in ail
departments of somewhat less than $1,223,000,000 per annum. More than 50%
of these:sales are,for about 40 stores located In 6 cities: Boston. New York, Pitts-.
2922
FINANCIAL CHRONICLE
burgh Detroit, Cleveland and Los Angeles. In the individual Federal Reserve
Districts more than half of the reported sales are made by reporting stores in the
following cities: No. 1-Boston; No. 2-New York City; No. 4-Pittsburgh and
Cleveland; No. 5-washing5on: No. 7-Detroit and Milwaukee; No. 8-St. Louis:
No. 11-Dallas and Houston; No. 12-Los Angeles and San Francisco.
The number of stores Is not uniform for all items. It varies, for the 8 districts
combined, from about 65 for certain items to about 175 for certain other items:
In the individual Federal Reserve Districts the corresponding ranges are usually
about as follows: No. 1, 8-30; No. 2. 8-12; No. 4, 18-64; No. 5, 7-11; No. 7, 8-30;
No. 8, 6-10: No. 11, 6-14; No. 12, 8-20.
Sept.
Jan. 1Sept. 30.
Ot.pC......0.40...m
Per Cent.
-1.8
-5.2
-1.1
+3.4
+4.1
-2.0
+1.6
+4.6
+6.5
-13.8
.35
.26
.26
.39
.28
.30
.39
.33
.29
.35
3.17
2.23
2.94
3.00
2.50
2.39
2.93
2.51
2.76
2.74
+1.8
-5.4
+4.0
-2.9
-5.1
-1.7
-4.6
+1.5
+8.0
+23.7
+1.9
.35
.27
.25
.29
.29
.26
.33
.30
.48
.40
.33
2.68
2.36
2.44
2.50
2.31
2.37
2.95
2.61
3.71
3.05
2.75
-7.0
-7.1
-0.1
-1.6
+3.9
-6.5
-1.1
3.2
+3.6
-5.0
+3.4
-2.2
+2.3
.31
.29
.34
.21
.17
.21
.15
.42
.20
.26
.27
.28
.19
.26
2.41
2.49
2.15
1.76
1.65
2.08
1.42
2.98
1.77
2.26
2.29
2.28
1.80
2.37
-15.0
-18.0
-7.0
+1.8
-0.6
+2.2
.57
.34
.44
.24
.21
.28
4.36
2.94
3.14
1.96
1.76
2.30
-'7:7
-0.3
+2.0
+9.3
-4.0
-2.7
-6.2
".ii
.24
.30
.21
.26
.31
.19
iii.
2.17
2.51
2.29
2.34
2.51
1.53
SouthernBaltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louts
Little Rock
Louisville
Memphis
Dallas
Fort Worth
Houston
+14.1
+2.5
+15.8
-0.9
-10.4
-6.2
-6.2
+17.3
-3.5
+0.9
-1.2
+8.3
-6.2
-9.0
WesternMinneapolis
Duluth-Superior
It. Paul
Kansas City
Denver
Dklahoma City
Dmaha
Topeka
tan Francisco
Los Angeles
Jakland
3alt Lake City
3eattle
3pokane
+1.0
-5.0
+4.0
+4.2
+1.6
-1.1
-2.1
+7.3
+2.9
-0.2
+11.2
-3.6
+4.5
-8.7
i:ObiT;PiOL.10 .
00b .
0;JOOP
+5.2
5.7
1.8
-3.9
-0.5
1.9
+4.5
-1.0
+0.1
+33.0
+0.4
1+1114- 1111+++
MidwesternCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee
I
Per Cent.
+2.4
-0.3
-1.3
+7.4
3.1
-0.7
+6.8
-6.7
-11.0
+1.2
1+++++++++++11
NortheasternBoston
New Haven
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia
W.P.ODN .
WON:•14);P:P.i.A.-.0
Stocks.
Sept. 30.
.17
Sales.
September. Jan.-SeM.
N0,4
City.
a Ratio of sales during given period to average stocks on hand.
SALES OF CHAIN STORES.
(Index Numbers of Sales Monthly Average 1923-1925=100.)
Chains.
Grocery
Ten-cent
Drug
Number of
Adjusted for Sea- Without Seasonal
No. of
Stores.
sonal Variaens.
Adjustment.a
Reporting
Sept.
Sept.
Sept.
Sept.
Sept.
Serf.
Firms. 1929. 1928. 1929.
1928.
1929.
1928.
34
14
13
30,131 29,308
3,534 3.126
1,267 1.020
240
168
215
224
165
177
216
147
200
202
144
164
a Figures relate to reportings firms-with no adjustment to eliminate the in
fluence of increase in the number of stores operated; thus indexes given reflect the
growth of the business of the reporting companies.
(Adjusted for seasonal variations and usual year to year growth).
Primary DistributionCar loadings, merchandise and miscellaneous _r__
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to ConsumerDepartment store sales, 2nd District
Chain grocery sales
Other chain store sales
Mail order sales
Life insurance paid for
Advertising
General Business ActivityBank debits, outside of New York City
Bank debits, New York CRY
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits, N. Y. City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment lathe United States
Business failures
Building contracts, 36 States
New corporations formed in N.Y. State
Real estate transfers_r
General price level
Composite index of wages
Cost of living
July
1929.
Aug.
1929.
Sept.
1929.
100r
99
114
123
88
104
10Ir
97
100
122
92
107
100r
96
985
1175
103
99
94
100
136
99
98
99
96
103
139
101
99
104
92
103
134
111
103
112
181
131
208
429
88
111
104
102
130
119
79r
181
226
172
117
195
135r
228
404
87
110
104
109
96
113
78r
182
227
174
116
203
135
242
426
81
103
99
99
107
183
230
173
P Preliminary. r Revised
Monthly Indexes of Department of Commerce Show
Slight Decline in Industrial Production During
September as Compared with Previous Month.
In its monthly indexes of production, stocks, and unfilled
orders, issued Nov. 2, the Department of Commerce at
Washington says:
Production.
Industrial production during September, after adjustments for seasonal
conditions,showed a slight decline from the previous month but was higher
than a year ago, according to the weighted index of the Federal Reserve
Board. The output of manufactures declined from August, but was
larger than a year ago. The production of minerals, on the other hand,
showed gains over both periods. As compared with the previous month.
manufacturing was smaller in industries producing iron and steel, textiks,
automobiles, loather and shom while gains were registered in cement,
non-ferrous metals, rubber tires, and tobacco products, if allowance is
made for seasonal changes.
Commodity Stocks.
Stocks of manufactured goods at the end of September were lower than
at the end of the previous month and showed no change from a year ago.
Raw-material stocks showed gains over both periods.
Unfilled Orders.
The general index of unfilled orders showed no change from the previous
month, but was higher than a year ago. All groups included within the
index showed larger forward business than in September 1928. except
textiles, which declined.
Index Numbers, 1923-1925=100.
The "Annalist" Weekly Index of Wholesale Commodity
Prices.
Sept.
1928.
0000000
CAGANA.
1929.
Rate of Stock Turn.a
Bank adds:
Average daily carloadings both of merchandise and miscellaneous and of
bulk freight increased in about the usual seasonal proportions in Sop-.
bomber. Foreign trade showed some decline, but remained at fairly high
levels, as did also the domestic distribution of goods to consumers. Bank
debits in 140 centres outside of New York City, reduced to a daily basis,
were in about the same volume as in August, and continued well above
a year ago.
This bank's indexes of business activity are shown below.
00o-.000
0_00-O
Increase (+) or Decrease (-),
1929 Compared with 1928.
business activity computed by this Bank show in general
no change of direction in September from the generally
high level which has characterized recent months. The
a0.0tao-Jaooecn
DEPARTMENT STORES-DATA BY CITIES-SALES, STOCKS, RATE OF
STOCK TURN.
[vol.. 129.
August
1929.
September September
1929.
1928.
4.a.c.t.Dmwcocoo
ProductionRaw materials:
Animal products
100
99
92
The "Annalist
" weekly index of wholesale commodity
Crops
135
181
178
Forestry
92
84
77
prices stands at 143.6, a decline of 0.4 points from last week's Industrial
(compiled by Federal Reserve Board).123
121
114
Minerals
115
119
144.0 and comparing with 149.0 last year at this time. The
107
Total manufactures (adjusted)
124
122
115
Iron and steel
"Annalist" also says:
143
139
128
Textiles
120
117
This is the lowest figure the index has reached since the lows of last May
107
Food products
97
97
95
and June. The Index has dropped almost continuously from the high on
Paper and printing
125
-118
July 30, a total of 4%. the drop being due to falling prices of live stock and
Lumber
88
82
Automobiles
146
grains, and during the last two weeks' declines in sympathy with the de136
139
Leather and shoes
116
114
110
clines in the stock market. Steers, hogs, hides, rubber and cotton were
Cement, brick and glass
142
143
130
the chief items In the decline this week; wheat also declined for the week,
Non-ferrous metals
123
124
117
Petroleum refining
though It gained on the day the index was made up, declines in copper,
176
112
Rubber tires
114
1.17
zinc, tin and lead were small, though probably of greater significance. This
169
Tobacco manufactures
133
143
128
is the fifth decline in tin prices within six weeks and lead and zinc have
Commodity Stocksboth lost in each of the past two weeks.
Total
128
137
116
Raw materials
136
156
119
THB ANNALIST INDEX OF WHOLESALE COMMODITY PRICES.
Manufactured goods
113
I11
111
1913=100)
Unfitted OrdersTotal
76
76
75
Textiles
67
Nov.4 1929. Oct. 29 1929. Nov. 5 1928.
64
69
Iron and steel
70
711
75
Transportation equipment
Farm produote
79
140.2
148.6
75
60
Lumber
Food products
86
148.9
151.7
85
84
Textile product;
146.2
155.6
Fuels
163.5
166.0
--Metals
126.1
123.6
Chain Store Sales Continue to Increase.
Building materials
153.8
152.3
Chemicals
134.9
134.0
Sales of 38 leading chain store companies for
Miscellaneous
117.2
125.4
the month
All commodities
143.6
149.0
of October amounted to $211,268,967, an increase
of $29,-
Monthly Indexes of Business Activity of Federal Reserve
Bank of New York.
The Federal Reserve Bank of New York, in its monthly
"Review,"
Nov. 1
states that indexes of various types of
667,798, or 16.33% over the same month a year ago,
according to a compilation by Merrill, Lynch Sc Co. of
this city.
The Morison Electrical Supply Co., Schiff Co., Lerner
Stores
Corp. and Isaac Silver Bros. Co. led all others in point
of
percentage gain, with increases of 75.09%, 72.93%, 63.98%
and 50.68%, respectively. Montgomery Ward & Co. led
all others in point of dollar gain with an increase of $5,596,430.
Sales of these same 38 chain store companies for the ten
months ended Oct. 31 1929 totaled $1,628,828,811, an increase of $265,051,754, or 19.43% over the same period last
year. A comparative table shows:
Month of October
1928.
1929.
$
Sears-Roebuck
2923
FINANCIAL CHRONICLE
Nov. 9 1929.]
$
Inc.
POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY
PLANTS IN THE UNITED STATES(IN KILOWATT HOURS).
First Ten Months
Inc.
1928.
1929.
%
47,074.565 37,002,370 27.22 345,386,827 268,367,828 28.70
_.32,181,217 26,584,787 21.05 225,880,002 174,946,812 29.11
Montgomery Ward_
F. W. Woolworth...-27,678,092 26,896,467 2.91 232,720,402 217,213.701 7.14
23,301,812 19,446,880 19.82 165,682,150 132,289,679 17.68
J. C.Penny
13,760,748 12,925,338 6.46 118,047,694 109.484.820 7.82
S. S. Kresge
7,711.721 7,445.888 3.57 74,176,773 70.181,807 5.69
Co
Tea
National
6,164,325 5,417,581 13.78 47,401,319 39,143,127 21.09
W.T.Grant
National Bellas Hess_ - 5,588.551 6,150,403 d9.16 39,147,005 34,188,787 14.50
3,798,278 3,476,912 9.24 33,558,398 30,436,028 10.25
McCrory Stores
Daniel Reeves
83.379,589 a3,178.259 6.40 28,051,715 26,071,706 7.59
May,
3,008,000 2,447,336 22.90 19,094,000 15,633.492 22.13
Stern
Spiegel.
H. C. Bohack
62,917,610 b2,591,159 12.60 c21,190.085 c18,709,497 13.26
J.J. Newberry
2,542,613 1,871,286 35.88 20,030,109 14,193,342 41.12
Interstate Dept. Stores 2,494,388 2,091,599 19.25 19,688.305 15,722,096 25.22
Childs Co
2,412,655 2,265,804 6.48 22,818,162 21,849,586 4.43
Melville Shoe Corp._ _ 2,263,444 1,980,719 14.27 20,884,651 17,820,106 17.20
McLellan Stores
2,219,804 1,777,769 24.86 17,061,118 12,560.430 35.83
F.& W. Grand
2,015,944 1,756,404 14.78 16.260.684 12,054,189 34.90
0.R. Kinney Co
1,813,482 1.699,671 6.70 16,045,484 14,871,604 7.89
Westein Auto Supply- 1,682,000 1.461,000 15.12 13.180,154 10,237.594 28.75
Metropol. Chain Stores 1,662,925 1,231.061 35.08 12,871,027 9,515,313 3.5.27
986,442 63.98 13,897,889 8.823,263 57.51
Lerner Stores Corp.__ 1,617.550
Lane Bryant
1,485,043 1,123.525 32.18 12,963,219 9,418,151 37.64
Waldorf System
1,420.788 1,267,056 12.13 13,232,631 12,007,835 10.20
G. C. Murphy
1,402,500 1,055,894 32.83 11,616,416 8,536,340 36.08
David Pender
1,400,955 1,271,991 10.14 12,874,283 11,827,704 8.85
974,626 40.45 12.421,875 8,990,385 38.17
1,368,846
Peoples Drug Co
7,162.162 51.45
966,605 42.50 10,847,231
Neisner Bros
1,377,421
6,133,705 4,663,456 31.53
610,226 50.68
919,485
Isaac Sliver Bros
5.579,635 29.73
7.349,822
739,473 14.73
848,461
Mangel Stores
4,009,278 70.76
473,906 72.93 6,846,456
819,520
Schiff Co
2,827.275 13.25
3,202,064
521,467 16.91
609.643
Exchange Buffet
2.540,666 45.08
3,686.077
361,054 46.01
527,160
Kline Bros
5,087,169 4,259,301 19.43
538.914 d6.46
51,4,074
Winn & Lovett
3.307.138 10.87
3,666,500
375,135 8.99
Federal Bake Shops._. 408,860
2.399,073 25.60
3.013,398
313.277 20.40
377,196
Edison Bros
1,000,350 65.85
1.659,176
168.919 75.09
295,776
Mortson Elec. Supply_
933.521 23.70
1,154,834
155,966 34.12
209,194
Kay-Bee Stores
Total Si, Water Power and Fuel
Dtotslony.
1929.
July
1929.
August
Change in Otapta
from Previous Yr.
1929.
September
+12%
+14%
+7%
+11%
-2%
+30%
+21%
-3%
+14%
+13%
+13%
8.012.565.000 8.284.592.000 7.997.814.000 +10%
+10%
521,141,000 543,856.000 551,396,000
New England
Middle Atlantic_ __. 2,010,124.000 2,091.508,000 2.064.649.000
East North Central_ 1,839,995,000 1,884,900,000 1,828,742.000
487.242,000
West North Central 476,254,000 503.624,000
910,930,000 909,797,000 891.588.000
South Atiantle
317.216,000
336,935,000
297,581.000
East South Central441.180,000
West South Central_ 425,373,000 450.294.000 334.963,000
355,097,000
357,144,000
Mountain
1,174,023,000 1,208,581,000 1.080,838,000
Pacific
Total for U.8- -
Aug.'29. Sept.'29.
+5%
+15%
+3%
+25%
+21%
-3%
+11%
ility power plants
The average daily production of electricity of public-ut
the same as the allduring September was 268.600.000 k.w.h. practically
k.w.h. per day.
time record rate established during August of 267,300.000
total output for the
On account of September being a 30-day month, the
the total output
month was less by about one day's average output than
for August.
practically parallel for the
The total daily outputs for 1929 and 1928 are
demands for elecperiod from June to September, indicating that the
of these two years.
tricity were about the same during this period in each
the flow in the
The continued drought during September decreased
the production
streams of the country, with a corresponding decrease in
of the total
of electricity by the use of water power. The proportion
only 31% in
was
power
water
output of electricity generated by the use of
The rains which
September. This is the lowest ratio since October 1925.
Fuelhave occurred in October will improve the water-power situation.
the demand reburningllants have fortunately been able to take care of
output
total
The
sulting from decrease of output by water-power plants.
hours
for September was 10% greater than for Sept. 1928. The kilowatt
was 12%
of electricity produced by water power in September of this year
In Septemless than in September last year. The output by the use of fuels
ber of this year was 23% greater than for Sept. 1928.
PUBLIC
TOTAL MONTIILH PRODUCTION OF ELECTRICITY BY
UTILITY POWER PLANTS IN 1928 AND 1929.
211,268,967 181,601169 16.33 1,628828811 1.363777057 19.43
Total
•Five weeks ended Nov. 2. b Five weeks. c 39 weeks. d Decrease.
National Fertilizer Association Reports Further Decline in
Wholesale Prices.
For the sixth successive week a decline in wholesale
prices was reflected by the weekly wholesale price index
of the National Fertilizer Association. Under date of Nov.
4 the Association says:
1928.a
7,265,000.000
6,868,000,000
7,241,000.000
6,845,000,000
7,118,000,000
6,998,000,000
7,142,000,000
7,510,000,000
September... (.276,000,000
7,922,000,000
October
November ... 7,753,000,000
7,912,000.000
December
January _ __.
February .....
March
April
May
June
July
August
1929.
8,241,000.000
7,429.000.000
7,989,000,000
7,881.000,000
8,084.000,000
7,768.000,000
8,012,000,
8,284.000,000
7,998,000,000
Incrsase Increate
1928
1929
Over
Over
1927.
1928.
13%
8%
10%
15%
14%
11%
12%
10%
10%
6%
bll%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
Produced Si,
Water Power.
1928.
1929.
38%
38%
39%
43%
45%
44%
43%
40%
38%
365'.
365'.
355'.
33%
33%
39%
42%
43%
40%
38%
34%
31%
------
The decline during the week ended November 2 was three-tenths of
--40*1
BM
07 f1r.fl Mil non
IN-...I
1%. The total decline for the six weeks amounted to 2%. Since
being one day
a Final re% ision. b Part of increase is due to February 1928.
July 27 the total decline has amounted to 3%.
During the past week seven groups declined, and only one advanced. longer than February 1927.
operation of all power
The quan ides given in the tables are based on the
The only group that advanced was fertilizer materials, which was caused
in generating
plants producing 10,000 k.w.h. or more per month, engaged
by seasonal price schedule advances.
and electric-railway
stations
including central
use,
public
for
The
electricity
advanced.
twenty-four
largest
and
declined
items
Thirty-six
received from plants representing over 95% of the
declines occurred in fats, other foods, textile raw materials, metals, and plants. Reports are
submit reports
total capacity. The output of those plants which do not
miscellaneous commodities.
as reis estimated; therefore the figures of output and fuel consumption
Based on 1926-1928 as 100, and on 473 quotations, the index for the
basis.
tables are on a 100%
accompanying
the
in
ported
week ended November 2 stood at 95.7; for that ended October 26, 96.0;
of Commerce, co(The Coal Division, Bureau of Mines, Department
for October 19, 96.4; and for October 12, 96.9.
Operages in the preparation of these reports.]
Orders for Electrical Goods in Third Quarter of Year
Below Those for Second Quarter.
New orders booked during the third quarter of 1929, as
reported to the Department of Commerce by 81 manufacturers of electrical goods, were $336,806,037, as compared
with $340,898,469, for the second quarter of 1929 and $264,466,257 for the third.quarter of 1928. The following totals
of bookings for each quarter since the beginning of 1924
include motors, storage batteries, domestic appliances, and
industrial equipment, and are presented, not as a complete
statement of the industry, but as probably sufficiently
representative to indicate the trend:
ORDERS FOR ELECTRICAL GOODS.
Qua?.
1924.
1925.
1926.
1927.
$
$
8
s
lqt __ 221.687,030 227,767,511 255,917,883 235,883.303
2d___ 216.637,855 222.058,450 240,855,953 229,353,332
3d._ .. 181,160,835 225,184.732 233,873,171 228,610,346
4th... 225,070,111 237,225,521 251,442,991 232.877,670
1928.
1929.
$
$
237,508,001 *322,424,619
245,520,801 340,898A9
264,468,257 336,8067037
282,226.449
Total 844.555.831 912.234 214 052 ngo COS 926.724.651 1.029.721.508
•Revised.
Output of Electric Power in the United States in
September 1929 Was 10% in Excess of Corresponding Period Last Year.
According to the Division of Power Resources, Geological
Survey, the output of electric power by public utility plants
in the United States for the month of September totaled
approximately 7,997,814,000 k.w.h., an increase of about
10% over the same period last year, when production totaled
around 7,276,000,000 k.w.h. Of the total for September
of this year, 5,518,748,000 k.w.h. were produced by fuels
and 2,479,066,000 k.w.h. by water power. The Survey
further shows:
Year
Agriculture in Stronger Position This Year Than
Ago, According to Department of Agriculture.
Most of the important farm products are in relatively
strong statistical position on account of the lower production and higher prices as compared with last year, says the
Bureau of Agricultural Dconomics, United States Department of Agriculture, in its Nov. 1 report on the agricultural
situation. The Bureau's advices, Nov. 1, go on to say:
groups of farm comSince early Summer the prices of practically all
increased. The index
modities, with the exception of meat animals, have
148 in
of thirty items combined is 141 for September, as compared with
period 1909-14 being
August, 140 in July, and 135 in June, the five-year
year
last
used for the base of 100. The combined index for September
bought is
was 141. The index of prices paid by farmers for commodities
products in
154 for September, so the index of purchasing power of farm
date, the highest
terms of commodities that farmers buy was 92 on that
point reached this year.
year will be
The total outturn of the principal food and feed crops this
the acreage harsomewhat below that of last year, despite the fact that
only important
vested will be about the same size as in 1928. Hay is the
Notwithstanding the
crop which substantially exceeds that of last year.
the grains,
favorable weather in September, the Bureau says, the crops of
will be smaller
potatoes, sweet potatoes, and tree fruits all apparently
per acre
crops than last season's, and it now seems probable that yields
and 4%
of all crops combined will average 7% below yields last year,
below the yields of the preceding 10 years.
The Bureau, in its comments, says:
to
"The poorer corn prospect this Summer influenced cattle feeders
ago. Also,
reduce their operations somewhat as compared with a year
the lower level of fat cattle prices this year and smaller feeding profits
during the first half of the year have tended to slow down cattle feeding
operations. The number of cattle and calves shipped from markets into
the Corn Belt during the three months, July through September, was 20%
smaller this Summer than last. It was the second smallest movement ef
feeder cattle for that period in 12 years.
"Information the early part of last month indicated that there would be
about as many sheep and lambs fed this Fall as a year ago. It appears
that
that the Eastern part of the Corn Belt will feed more lambs and
Colorado and Western Nebraska will feed as many as last year, but there
ewe
on
premium
The
Northwest.
will be decidedly fewer fed in the Pacific
2924
FINANCIAL CHRONICLE
lambs that has prevailed for some years is largely lacking this
year, a fact
which is not without significance as related to the general trend
of sheep
production."
As to other commodities, the Bureau states:
"Action of the potato market has followed rather closely the generally
strong underlying conditions, and prices have continued from two to
three
times as high as a year ago. Price trends of fruits and vegetables generally
have been downwad recently, but there may be some recovery once the
Fall crops are in storage and can be moved out gradually. The number
of birds in poultry flocks this Winter probably will be in excess of last
year's numbers. The leading turkey States also report about 9% more
birds this year than last. The smaller supply of apples this year has
already reflected itself in a higher price level.
"Dairy markets have been snore or less unsettled the last thirty days,
but the egg markets have been featured by continued firmness and seasonal
advances in prices. The market movement of wheat in September was much
lighter than in September in either of the two preceding years; corn
movement was about like that of a year ago; decidedly more hogs came to
market; about the same number of cattle and sheep moved to market;
and about the same quantity of butter was shipped."
Loading of Railroad Revenue Freight Falling Off.
Leading of revenue for the week ended October 26 totaled
1,'33,8'0 cars, the Car Service Division of the American
Railway Association announced on Nov. 5. Compared with
the corresponding week last year, this was a reduction of
29,164 cars, but an increase of 20,994 cars above the corresponding week in 1927. The total for the week of October
26 was a reduction of 51,700 cars under the preceding week,
due to the usual season decline in freight traffic that always develops at this time of the year. Other particulars
given follow:
Miscellaneous freight loading for the week toteled 449,075 cars, 7,566
cars under the same week last year but 2,320 cars over the corresponding week two years ago.
Loading of merchandise less than a carload lot freight amounted
to 270,298 cars, an increase of 278 cars above the same week
in 1928
and 1,780 cars over the same week two years ago.
Coal loading amounted to 208,005 cars, an increase of 317
cars over
same week in 1928 and 25,869 cars above the same period in 1927.
Forest products loading totaled 62,605 cars, 4,995 cars below the same
week in 1928 and 6,694 cars under the corresponding week in 1927.
Ore loading amounted to 50,288 cars, a decrease of 9,161 cars
under
the same week in 1928 but an increase of 7,878 cars compare with
the
corresponding week two years ago.
Coke loading amounted to 11,840 cars, an increase of 1,294
cars
above the corresponding week last year and 2,553 cars over the
same
week two years ago.
Grain and grain products loading for the week totaled 42,996
cars,
a reduction of 10,072 cars under the corresponding week last
year
and 13,301 cars under the same period of 1927. In the western
districts
alone, grain and grain products loading amounted to 30,060
cars, a
reduction of 7,123 under the same week in 1928.
Live stock loading to totaled 38,760 cars, 741 cars above the
same
week last year and 589 cars above the corresponding week in 1927.
In
the western districts alone, live stock loading amounted to 31,456
cars,
an incrase of 1,309 cars compared with the same week in 1928.
All districts reported reductions in the total loading of all
commodities compared with the same week in 1928 except the Central
Wstrn
and Southwstern Districts, while all showed increases over the
same
week in 1927 except the Southern and Northwestern.
Loading of revenue freight in 1929 compared with the two
previous
years fallows:
1929
1928
1927
Four weeks in January
3,570,978
3,448,895
3,756,660
Four weeks in February
3,767,758
3,590,742
3,801,918
Five weeks in March
4,807,944
4,752,559
4,982,547
Four weeks in April
3,983,978
3,740,307
3,875,589
Four weeks in May
4,205,709
4,005,155
4,108,472
Five weeks in June
5,260,571
4,924,115
4,995,854
Four weeks in July
4,153,220
3,944,041
3,913,761
Five weeks in August
5,590,853
5,348,407
5,367,206
Four weeks in September
4,538,575
4,470,541
4,370,747
Four weeks in October
4,677,375
4,703,882
4,464,872
Total
44,556,961
42,928,644
43,637,626
Farm Price Index Sept. 16-Oct. 16 Higher Than Year
Ago.
At 140% of the pre-war level on Oct. 15, the index of
the
general level of farm prices was one point lower than on
Sept. 15 and three points higher than a year ago, reports
the Bureau of Agricultural Economics, United States
Department of Agriculture, under date of Oct. 31. The Bureau
adds:
Seasonal declines in the farm prices of meat animals and lower prices
for cotton, corn, barley, wheat, wool, horses, and chickens were
partially
offset by seasonal advances in the farm prices of dairy and poultry
products
and higher prices of oats, rye, hay, fruits and vegetables, cottonseed
and
flaxseed. On Oct. 15 the prices paid to producers for flaxseed were
the
highest since July 1920.
Changes in the indices of prices of farm products, by groups of commodities, in the period from Sept. 15 to Oct. 15 were: Meat animals,
cotton and cottonseed down five points, grains down three points; poultry
and poultry products up 16 points ; fruits and vegetables, up eight
points;
and dairy products up two points.
Grain prices on Oct. 15 were 12 points higher than on the same
date
In 1928, fruits and vegetables were up 54 points, and poultry and poultry
products were 13 points higher. Meat animal prices were nine points lower
than on Oct. 15 1928; dairy products were down two points, and cotton
and cottonseed down six points.
[vol.. 129.
The decline in t.! e farm price of live hogs, which began in
August,
continued to Oct. 15. On Oct. 15 hog prices were about 5% lower
than
on Oct. 15 1928. The recent price decline of approximately 5%
was due
in a large measure to seasonal increase in receipts. Hog receipts
at seven
primary markets during the four-week period ended Oct. 12 were
about 7%
larger than in the corresponding period ended Sept. 14.
The corn-hog ratio advanced 0.1 points to 9.9 from Sept. 15 to
Oct. 15,
due to a decline in the farm price of corn slightly greater than
that for
hogs. The feeding ratio for Iowa advanced 0.2 points to 10.6 in the
same
period.
The farm price of beef cattle has been downward since Aug. 15, the
recession from Sept. 15 to Oct. 15 amounting to approximately 3%.
On
Oct. 15 farm prices of beef cattle were about 7% lower than a year ago.
Sheep and lamb prices have declined on account of seasonal increases in
marketing& The United States average farm price of sheep was about 3%
lower on Oct. 15 than a month previous, and lamb prices showed a 1%
decline, but the extent of these declines varied somewhat throughout the
country. The farm price of sheep declined 5 or 6% in all sections except
the Far West, where the decline was only about 1%. Lamb prices declined
approximately 9% in the South Central States, 1% in the North Central
States, and only a fraction of 1% In the Far West. These declines brought
the average farm price of sheep to a point approximately 9% lower than
a year ago, while lamb prices averaged about 5% below the Oct. 15 1928
figure.
The farm price of corn declined slightly less than the usual seasonal
decline from Sept. 13 to Oct. 15, and averaged about 5% for the United
States as a whole. Farm prices fell about 10% in the South Atlantic States,
where local marketing of the 1929 crop is now under way. Changes in
the farm price of corn from Sept. 15 to Oct. 15 have been accompanied by
an increase in the forecast of corn production for 1929, due to favorable
weather for maturing the crop over the greater part of the United States
in the latter part of September. The Oct. 15 farm price of corn, however,
was approximately 8.5% higher than a year ago.
The farm price of wheat on Oct. 15 changed little from that of a month
previous. Slight advances in prices paid farmers in Southern States was
more than offset by declines In the rest of the country. As a result, the
United States average price of 111.5c. per bushel was only 0.6c. below
the September figure. Despite this decline, the Oct. 15 farm price of
wheat remained about 13% higher than a year ago.
The decline in the average farm price of wheat Sept. 15 to Oct. 15 was
accompanied by an increase of less than 1% in estimates of 1929 wheat
production. Heavy marketings, large stocks, and heavy Argentine wheat
shipments are other factors which tended to depress wheat prices.
Prospects for a smaller potato crop than anticipated a month ago, due
to inadequate rainfall in the Northwest and widespread frost injury, resulted
in an advance of about 2% In the United States average price in the
period Sept. 15 to Oct. 15. Advances in potato prices during the period
amounted to about 7% in the Southern States, 4% in the North Central
States, and 3% in the Far Western States. These advances were partly
offset by a 6% decline in the North Atlantic States. As a result of the
advance in the United States average farm price, the Oct. 15 figure was
about 138% above the year before.
Dun's Record of Failures for October.
With a continuation of its relatively favorable trend, the
insolvency record for the United States discloses improvement over the corresponding period of 1928. Data compiled
by R. G. Dun & Co. show commercial failures last month
numbering 1,822, with liabilities of $31,313,581. Not unnaturally, the present number is above that for the shorter
month of September, when the low point for each year is
usually reached, and experience has demonstrated that the
number of defaults invariably rises during the last quarter
of a year. The latest total, however, is practically 10%
below the 2,023 insolvencies of October, 1928, and, the
indebtedness reveals a reduction of 10.5% from the $34,990,474 of the earlier year. More than that, the numerical
upturn last month over the 1,568 failures of September was
considerably less marked than the increase which occurred
for the same period a year ago, while last month's liabilities
decreased about 8.2% from those for September, in contrast
with an expansion of 3% in October, last year.
With the declines which occurred last month in comparison with totals for 1928, the margin of betterment for the
year to date has been widened. Thus, the 19,076 commercial defaults reported for the ten elapsed months of this year
compare with 20,061 for the corresponding period of last
year, which is a reduction of about 5%. The falling off in
the indebtedness is even more pronounced, an aggregate
of $363,739,217 for the ten months contrasting with $408,184,029 for the same months of last year, or a decrease of
nearly 11%.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
NumDer.
Liabilities.
1929.
1928.
1927.
1,822
1,568
1,762
1,752
2,023
1,635
1,852
1,723
1,787
1.573
1,708
1.756
Third Quarter.. 5.082
June
1,767
May
1,897
A prIl
2,021
5,210
1,947
2,008
1,818
5,037
1,833
1,852
1,968
Second quarter 5.685
March
1,987
February
1,965
anuary
2,535
5,773
2,236
2.176
2.643
5,653 $107,860,328 $103,929,208 5125,405.665
2,113
36,355,691 51.814.145 57,890,905
34,035,772 45,070,642 46,940.716
2,035
2,465
53,877,145 47,634,411 51,290,232
7,056
6,643 $124,288,508 $147,519,198 $156,121,853
October
September
August
July
First Quarter
6,487
1929.
1928.
1927.
$31,313,581 $34,990,474 $36,235,872
34,124,731 33.956.686 32,786,125
33,746,452 58.201,830 39,195,953
32,425.519 29,586.633 43,149,974
$100,206,702 $121,745,149 5115,132,052
31,374,761 29,827,073 34.465,105
41,215,865 38.116,990 37.784,773
35,269,702 37,985,145 53,155.727
2925
FINANCIAL CHRONICLE
Nov. 9 1929.]
FAILURES BY BRANCHES OF BUSINESS-OCTOBER 1929.
Mailitie.e.
Number.
1929. 1928. 1927.
1929.
1927.
1928.
of water
may be occasioned, in part, by the increase in the proportion
lesser extent by an
shipments and drive-aways from auto plants, and to a
increase in motor truck transportation.
for several months. EmployInterest rates are lower than they have been
large. In spite of the
ment is well sustained and payrolls are relatively
compares favorably with 1928.
declines noted in some lines, activity still
Manufacturers$161,000 $3,459,444
284,500
11
7
11
Iron, foundries and nails_ __
Conditions in the rubber and tire industry are reviewed
753,539 1,804,699
430,830
21
26
24
Machinery and tools
55,700
200.000
5,100
1
as
3
1
follows by the bank:
g'ds
k-nit
Woolens,carpets&
592,848
4
__
_
Cottons, lace and hosiery -Rubber and Tires.
2,492,680
4,019,046
4,351.789
75
94
94
&
coopers
carp'ters
Lumber,
of automobile tires showed that
781,503
671,337
595,444
50 42
44
The preliminary report of dealers'stocks
Clothing and Millinery __ __
270,200
268,500
casings on hand on Oct. 1,
308,927
12
26
21
Hate, gloves and furs
the average dealer had 67.7 automobile and truck
226,452
136,100
20,550
8
12
2
drugs
Chemicals and
in 1927.
57.6
and
1928
in
64.8
with
25.000
compared
as
7,756
15,000
1
1
1
Paints and oils
latest figure available, as
336,048
139,632 1,341,303
22
18
August production of pneumatic tires, the
Printing and engraving_ _ _. 10
amounted to 4,354,353
376,513
495,821
483,661
39
36 47
Rubber Manufacturers' Association,
Milling and bakers
the
by
reported
114,500
131,600
166,825
8
from August 1928 of 22.5%.
14
17
Leather. shoes and harness_
casings, a decline from July of 10.3% and
47,534
94,473
70,600
6
6
4
exceeded the same
has
Tobacco. &c
72,800 For the first eight months of this year, production
47,800
284,320
7
7
8
Glass, earthenware &brick
units, exceeded
210 217 231 5.114,251 5,161,931 6.478,121 period of 1928 by 7.9%. Shipments, totaling 5,883,561
Another
August 1928. As a
the month, but were 6.6% less than in
for
production
$17,134,042
third consecutive month and on
Total manufacturing- 483 528 488 212,071,429 $13,490,206
result, inventories have declined for the
Traders1.8 months' supply. The above
or
units
$490,612
10,669,370
$757,138
to
$838,905
57
amounted
1
78 87
Sept.
General stores
295 378 270 2,469,449 2,671,364 1,419,200 figures represent reports from 75% of the tire industry.
Groceries, meats and fish_
curtailed production rather
689,979 2.410,748 1,334,095
93
96 103
Hotels and restaurants_
Rubber companies in this District have
119,711
9,3785
195,157
17
22 21
Tobacco, &c
. Third quarter output was about
138 159 148 1,650,902 1,744,840 1,750,054 sharply in response to large inventories
_
Clothing and furnishings _ .
y under the
77 72 1,128,200 1,446,012 1,462,535 20% below that of the second quarter and was considerabl
56
Dry goods and carpets_ _ _ _
949,610
498,118
473,703
43
51
Shoes, rubbers and trunks.- 47
1928.
of
900,185 same period
679,648 1,295,733
43
39
48
September amounted to 32,515 tons.
Furniture and crockery__
Imports of crude rubber during
410,269
325,863
625,300
36
35
43
tons in September
Hardware, stoves and tools
357,567 which compares with 38,292 tons in August and 46,662
763,369
641,251
53
75 69
Chemicals and drugs
112,700 1928. Stocks on hand and in transit on Oct. 1 increased slightly from the low
67,023
95,445
7
9
11
Paints and oils
374,960
733,628
618,300
32
30
29
Jewelry and clocks
on Sept. 1.
269,900 point for the year reported
128,800
11
142,300
10
10
Books and papers
nt was made of an upward
24,382
About the middle of October announceme
194,000
75,200
1
15
6
Hats, furs and gloves
The increase was not a
271 276 283 4,141,918 4,140,042 4,681,367 revision in the wholesale prices of all types of tires.
All other
are lower than they
in the prices of raw materials, which
advances
of
result
decreased stocks, but is
1,211 1,360 1,171 $14,483,657 $17,268.263 $14,657,147
Other commercial
ago, or operating expenses or because of
year
a
were
4,444,683
4,232,005
4,778,495
129
128
126
Total trading
by dealers and, through a bonus
an attempt to stabilize the prices charged
1.822 2.023 1.787 831.313.581 234.990.474 236.235 872 system, increase the profits of the smaller dealer.
Total United States
Federal
Industrial Employment Conditions in Chicago
Dun's Price Index.
Satisfactory
on
ent
Employm
District
Reserve
Monthly comparisons of Dun's index number of wholeLevel-Less Favorable Payroll Conditions.
sale prices, based on the per capita consumption of each of
employment in
Most of the industrial groups reporting on
the many commodities included in the compilation, follow:
showed a
the Seventh (Chicago) Federal Reserve District,
aggrethe
earlier,
Nov. 1
month
Nov. 1
a
Nov. 1
Oct. 1
Nov. 1
than
15
Sept.
larger volume on
1927.
1926.
1928.
1929.
1929.
increase
e
percentag
same
the
gate gain amounting to 0.7%,or
231.703
229.408
231.934
333.333
$34.678
Breadstuffs
period. This statement is
23.571
20.090 as was reported for the preceding
25.570
24.901
23.110
Meat
24.405
22.847
22.535
22.729
22.657
of Chicago, in its Monthly
Bank
Dairy and garden
Reserve
19.984 made by the Federal
19.439
18.987
19.533
18.890
Other food
in which it also says:
1,
32.788
Nov.
35.028
35.425
34.568
34.841
Report
s
Clothing
Condition
23.691 Business
22.007
21.272
21.038
21.148
Metals
of workers were registered by food
Miscellaneous
Total
36.328
36.377
36.364
2191.179
2192.204
8192.945
37.432
1191
715
37.540
8107 ens
Real Estate Market Index Figure for September 79.8,
National Association Reports.
Real estate market activity for September is indicated by
the figure 79.8, according to the index of real estate market
activity compiled monthly by the National Association of
Real Estate Boards. The index is based upon official reports of the total number of deeds recorded in 64 typical
cities. Real estate activity for the year 1926 is taken as the
base year in computing the monthly figure.
Continued Evidence of Irregularity in Business Conditions in Cleveland Federal Reserve District-Review of Rubber and Tire Industry.
In its "Monthly Review," Nov. 1, the Federal Reserve
Bank of Cleveland states that "the irregularity of conditions
recently commented upon seems to be more in evidence than
It was a month ago." The Bank in its further comments on
the situation in its District says:
Business generally is above last year levels but declines In several lines
have been reported at a time of normal seasonal expansion, and the trend
Is moderately downward.
In two out of three highly important industries, declines in September
from the preceding month were reported. Iron and steel production receded
faster in the Fourth District than in other parts of the country because of the
decline in automotive requirements. Some orders for railroad steel were
placed but these were not large enough to counteract the declines shown in
other lines. Building in September showed an increase of 3% from August,
contrary to the decline shown for the country, but is still below 1928 levels.
Automobile production declined in September for the fifth consecutive
month and barely exceeded last year's output for that month.
Based on reports received from 80 large manufacturers throughout the
District, third-quarter operations were about on a par with the same period
of 1928 but were below the second quarter of this year which, however, was
unusually high. Tire production has been sharply curtailed as a result of
large inventories. September shoe production was slightly below 1928.
Clothing manufacturers have been operating at higher levels than in previous
months of this year. Radio and electrical supply concerns continue at satisfactory levels. Retail trade has held up well, reflecting in part the larger
payrolls of manufacturing concerns. September department storesales were
only 0.1% larger, but the first nine months of this year showed an increase
of 3.2% compared with the same periods of 1928. Wholesale trade continues
to show gains and the trend for the first part of the year has been upward.
Distribution, as shown by carloadings in the first two weeks in October,
registered declines from the same weeks in 1928 for the first time since
March. This bank's index, seasonally adjusted, has been higher than in
either 1928 or 1927 but the increase which usually takes place in the fall
has not occurred this year. As shown on the chart, the spread between the
the carloading curve and the Federal Reserve Board's index of production
increased during latter 1928 and early 1929. Since there is no evidence of a
substantial increase in manufacturing or merchandising inventories, the
apparent increase in production over distribution as reflected by carloadings
Substantial additions to the number
group furniture factories accounted
products, by lumber products in which
products, and by the paper and printfor most of the increase, by rubber
were reported for the chemical ining industries. Losses in employment
products group where there has
dustries, and the stone, clay and glass
since last May.
been a gradual curtailment of operations
t has been maintained at a satisfacAlthough the volume of employmen
plants of the district reflect a less
tory level, payroll amounts at industrial
of the reporting industries showed a
one
but
All
condition.
favorable
month, the aggregate declining
decrease in this item from the preceding trend in payroll amounts was
downward
2.3%. The exception to the
in which meat packing as well as
furnished by the food products group,
were seasonally active. Vehicles
industries
preserving
and
the canning
to a curtailment in working hours.
due
decline,
heaviest
the
registered
glass products also showed heavy reducChemicals and the stone, clay and
tions in payroll figures.
industries, there :was little change in
Outside of the manufacturing
labor remaining practically the same
for
demand
the
conditions,
general
operations were somewhat less active.
as a month previous. Building
unemployment indexes indicated no
At the free employment offices, the
for each 100 positions available
definite trend, the number of applicants
from 119 to 107 for Indiana.
and
Illinois
for
136
to
137
decreasing from
for August to 209 in September.
Iowa showed a slight increase, from 196
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Number of Wage Earners
Week Ended
Industrial Groups.
Per
Sept.15 Aug.15 Cent
1929. Change.
1929.
Total Earnings.
Week Ended
Sept. 15
1929.
Aug. 13
1929.
Per
Cent
Change.
$12,179.002 -2.8
458,622 455,581 +0.7 $11,893,026
All groups (10)
Metals & metal prods.
5,503,957 5,625,338 -2.2
+0.1
(oth, than vehicles). 212,329 212,090 -0.6
1,284,219 1,386,379 -7.4
46.719 47,006
Vehicles
745,538 -1.9
731,325
Textile & textile prods. 30,803 30,469 +1.1
1,382,269 1,360,799 +1.8
+3.4
51,757
53,518
Food & related prods
392.693 -4.7
374.240
13,301 13,555 -1.9
Stone,elay & gl. prods_
641,128 -0.1
640,589
+2.6
Lumber dr Its products_ 28,213 27.496 -2.3
417,891 -6.0
392,694
Chemical products__ _. 14,942 15,287 -0.5
450.148 -3.9
432,413
19,342 19,438
Leather products
94.3.59 -1.0
93,376
+3.4
4,167
4,308
Rubber products
-0.6
1,064.729
1.057.944
25 167 24.2111 +2.4
Panay.Anti nrintino
Reserve
Merchandising Conditions in Chicago Federal
Trade
Store
ent
Departm
in
Gain
al
-Season
District
Trade
Except
e
Wholesal
of
Increases in All Lines
Groceries.
Department store and other retail trade in the Chicago
Federal Reserve District underwent seasonal expansion in
September, according to the Monthly Business Conditions
Report, Nov. 1 of the Chicago Federal Reserve Bank.
The report indicates that in the ease of wholesale trade, all
groups, except groceries, sold a greater volume in September
this year, than in the same month a year ago. The survey
of merchandising conditions, as given in the Bank's monthly
report, follows:
Wholesale Trade.-Half the reporting lines of wholesale trade had larger
sales in September than a month previous, the various groups following
2926
FINANCIAL CHRONICLE
the trend shown a year ago for the same period; despite slight decline
a
recorded for the wholesale grocery trade, about three-fifths of the firms
reported increases. All groups except groceries sold a greater volume
this
year in September than a year ago. In the first nine months
of 1929,
grocery firms reported sales 1.2% above the corresponding period of 1928,
hardware sale; were 6.8% larger, dry goods, 5.3, drugs, 2.3, and electrical
supplies 15.1% heavier, while sales by wholesale firms totaled 0.1 smaller
in the comparison. With the exception of groceries and drugs, September
collections were heavier than a month previous and except for shoes above
a year ago. General comments by reporting firms, however, show that
collections are no better than fair, except in the hardware trade where they
are improving. Price levels in drugs, hardware, and shoes remain firm,
grocery and dry goods prices trend upward, while those on electrical supplies
are steady to lower.
WHOLESALE TRADE DURING THE MONTH OF SEPTEMBER 1929.
Groceries
Hardware
Dry Goods
Drugs
Shoes
Electrical supplies
Net Sales During Month
Per Cent Change From
Stocks at End of Month
Per Cent Change From
Preceding
Month.
Preceding
Month.
Same Month
Last Year.
(30)- 0.3 (31)- 1.7 (20) + 5.0 (20) -11.3
(13) + 3.5 (13) + 4.9
(9) + 0.6
(9) + 8.9
(9) +20.9
(9) + 2.6
(7)- 8.0
(7) + 0.1
(13)- 3.1 (13) + 0.7 (12) + 1.9 (12) + 5.2
(8)- 4.6
(8) + 1.5
(6)- 5.4
(6)- 1.3
(33) + 7.5 (33) + 8.9 (26) + 6.7 (26) +14.3
Accounts Outstanding End of Month.
Per Cent Change From
Preceding
Month.
Groceries_
Hardware Dry Goods
Drugs
Shoes
Elec. suppl.
Figures in
Same Month
Last Year.
Same Month
Last Year.
Ratio to
Na Sates
During
Month.
Collections During Month
Per Cent Change From
Preceding
Month.
(27) + 4.8 (28)- 6.8 (28
92.9 (24)- 8.2
(13) + 5.1 (11) + 5.7 (13) 206.1 (10) + 4.2
(8) +14.7
(8) + 0.5
(9) 263.4
(8) + 6.6
(11) + 0.0 (11) + 1.8 (11) 141.8
(7)- 2.0
(7) + 8.2
(7) + 7.5
(7) 285.9
(6) + 1.8
(32) + 5.5 (32) + 3.9 (32) 134.6 (22) + 3.9
parentheses Indicate number of firms included.
Same Month
Last Year.
(22) + 1.1
(10) + 5.0
(8) + 2.0
(7) + 2.5
(6)- 4.8
(21) +22.8
WM,. 129
Automobile Production and Distribution.-A sharp drop took place during
September in automobile production; the number of passenger cars manufactured in the United States totaled 364,786, a recession of 17.5% from
the preceding month and only 1.7% above a year ago. For the 9 months
of this year output of passenger cars totaled 4,005.177, which
compares
with 3,059,938 for the same period last year, or an increase of
30.9% and
greater than for the entire year 1928 when 3,821,136 cars were produced.
September truck production of 49,681 compared with 55.379 for August
and 56,423 a year ago; truck output for the three quarters of 1929 aggregated 618,702 against 405,963 for the 9 months of 1928, and compared
with 530.910 for all of last year.
Wholesale distribution of automobiles in the Middle West continued to
decline in September and remained considerably under the 1928
level.
Sales at retail likewise were less in both comparisons, the recession in the
number of cars sold from last September being the first In the year-to-year
comparison since April 1928, although declines in aggregate value
were
recorded in January and February this year. Used car sales, though
smaller than in the preceding month, remained much larger than
a year
ago. Deferred payment sales constituted 44.6% of the total retail sales
of forty dealers in September, which compares with 49.8% a month
previous and with 42.5% for 22 dealers in September 1928.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
(Changes In September 1929, from Previous Months.)
Per Cent Change From Companies Indud'4
New CarsWhole:
Number sold
Value
Retail:
Number sold
Value
On hand Sept. 30:
Number
Value
Used CarsNumber sold
Salable on hand:
Number
Value
August
1929.
September
1928.
August
1929.
Sept.
1928.
-26.7
-23.1
-44.2
-42.1
37
37
27
27
-19.4
-11.4
-6.6
-12.3
63
63
41
41
+14.6
+13.4
+28.0
+17.7
65
65
43
43
-17.0
+17.5
64
42
+22.6
+5.9
64
42
Department Store Trade.-A further seasonal gain was recorded during
+12.5
+0.9
64
42
September in Seventh (Chicago) District department store trade, sales of
Furniture.-Twenty-six furniture manufacturers in the Seventh District
121 firms totaling 23.2% heavier than the August volume. As compared
with September last year,sales were only 0.2% larger; Detroit, Indianapolis booked orders during September totaling 12.8% greater than In August,
though
falling 5.8% below a year ago. Sixteen of the firms reported a
and Milwaukee effected this increase, as a decline of 1.0% was shown for
Chicago and one of 7.1% for other cities. In the first nine months of 1929, gain over the preceding month, while fourteen indicated an increase over
sales have aggregated 4.8% more than in the same period of 1928,stores in September 1928. Shipments increased 11.2 and 1.6% respectively, over a
the four larger cities sharing in the gain, while those in smaller centers month and a year previous. The volume was greater than orders received
recorded a decline of 0.4%. Stocks continue to increase slightly; on In September and, with :ancellations, effected a decline of 11.8% in unfilled orders on hand Sept. 30 from those held Aug. 31. The item, howSeptember 30 they averaged 5.5% heavier than a month previous and
2.7% ever. was 5.6% above the
larger than a year ago. The rate of turnover, however, remains about
amount held a year ago. Production, averaging
87.8% of capacity for 20 firms, increased somewhat over August and was
the same. averaging 0.35 times for the month and 2.86 for the year
to date. also
above the corresponding period of last year.
September collections totaled 0.4% more than in August and were
9.5%
above last September, while accounts receivable the end of the month
were
larger by 19.0 and 9.9%, respectively, than a month or a year previous.
Improvement in
Retail DisCollections averaged 38.9% of accounts outstanding the end of August,
tribution of Merchandise in
which compares with 38.6% a year ago.
Federal
Chain Store Trade.-Twenty-two chains reported September sales aggreDistrict.
gating 7.3% less than in the preceding month but 6.0 above a year ago.
From the District summary in the Monthly Review of the
The 2,711 units operated during the period represented an increase of
0.4% over August and of 15.2% over September last year. Average sales Atlantic Federal Reserve Bank it is learned that distribution
per store declined 7.7 and 8.0% in the respective monthly and year-to-year of merchandis
e at both retail and wholesale increased furcomparisons. Aggregate sales of grocery, cigar, drug, shoe and five-andten-cent chains were smaller than a month previous, while those in the ther in September over preceding months, and sales by
musical instrument, furniture, and men's and women's
clothing groups wholesale firms were 7.7% greater than a year ago, while
Increased; as compared with September 1928, only grocery and musical
those of retail firms were approximately the same as in
Instrument chains showed declines.
Other Retail Trade.-The usual heavy seasonal expansion took place during September last year.
According to the Bank, savings
September in sales of shoes by 27 dealers and 23 department stores in the deposits reported by 77 banks declined 1.7%
compared with
district, the volume sold gaining 50.1% over the preceding month; the
August, and averaged 7.5% smaller than for September
increase was mostly attributable to department stores, however, as the
majority of dealers recorded declines. As in previous months since April, last year. Debits to individual accounts at 26 reporting
sales wera larger than for the corresponding month of 1928, the gain aver- cities declined 3.6% in September compared
with August,
aging 4.1%, and for the three quarters of 1929, sales have totaled 4.5%
but were 2.5% greater than in September, 1928. The Bank
more than for the same period a year ago. Stocks on hand Sept. 30 were
5.4 and 4.7% heavier, respectively, than a month or a year previous. further says:
Loans and investments of weekly reporting member banks on
Accounts receivable the same date on dealers' books, aggregated 23.0%
Oct. 9
more than on August 31 and 11.4% above a year ago; collections during were only slightly greater than four weeks earlier and loans were greater
the month fell 23.7% below the August volume and were 0.3% smaller than a year ago but investment holdings were smaller. Borrowings of these
than on Sept. 30 last year. Accounts receivable averaged 51.8% of Septem- banks from the Federal Reserve Bank of Atlanta declined nearly 124 milber sales, as compared with 60.4% for August and 52.4% for September lions between Sept. II and Oct. 9, and were also less than at the same time
a year ago, and discounts by the Federal Reserve Bank for all
1928.
member
Further gains were shown for September in retail distribution of furniture banks in the district declined more than 163i millions between Sept.
11
and house furnishings; increases of 37.0% over August and of 3.0% over a and Oct. 9 and were 20 millions less than a year ago. Building permits
year ago were recorded in aggregate sales of 25 dealers and 28 department Issued at 20 reporting cities, and contracts awarded in the district, declined
stores. Installment goods sold by dealers totaled 26.6% above the pre- compared with the previous month and the same month last year.
Conceding month but 5.5% less than for last September. Stocks of dealers sumption of cotton in the cotton-growing States declined 1.2% in Septemand department stores changed little in the month-to-month comparison and ber compared with August, while in other States there was a decrease of
were 3.6% heavier than on Sept. 30 1928. Accounts receivable on dealers' 5.5%. The number of cotton spindles active in September in the cotton..
books increased 5.0% between Aug. 31 and the end of September and growing States increased 68.054, while there was a decrease of 213,012
gained 1.6% over a year ago, while collections during the month were less in other states. Production of cotton cloth by reporting Mills in the sixth
by 3.9% and larger by 3.8% in the respective monthly and yearly com- district declined in September and was smaller than in September last year,
parisons. Collections on installment sales fell 9.3% below August, totaling and production of cotton yarn decreased slightly compared with
August
but was at a higher level than a year ago. Order for
1.6% under September last year.
both cloth and yarn
September sales of hardware by 205 retail dealers in the five States in- Increased materially during September. Output of pig iron in Alabama
cluding the Seventh District aggregated 0.2% more than in the preceding decreased In September and was the smallest monthly total reported since
month, Iowa and Wisconsin showing gains of 9.1 and 2.7%, respectively, April 1922. Coal production continued larger in Alabama, but smaller In
and Illinois. Indiana and Michigan declines of 5.2, 3.2 and 1.3%. For Tennessee, than at the same time last year.
97 firms for which both the monthly and yearly comparisons aro available.
As to Agricultural conditions in the District the Bank
September sales totaled 1.0% above the corresponding month of 1928;
says:
Illinois dealers reported the volume sold as 1.8% heavier than a year ago;
Agricultural prospects improved during September in all
Michigan 2.9%, and Wisconsin 7.2% greater, while sales in Iowa were
of the States
of the Sixth [Atlanta] district. The October
estimate by the United States
5.6% smaller and in Idnlana 14.4% less. For the nine months of 1929,
Department of Agriculture indicates a cotton crop
sales of 97 dealers have been 6.8% larger, with all States except Indiana
in these six States
larger by 518.000 bales, or 9.7%, than was indicated
a month earlier.
contributing to the gain.
and 1,123.000 bales greater than last year's production
in these States.
Most other crops, except potatoes, rice and fruits, show
increases over last
year.
Seasonal
serve
Manufacturing Activities and Output in Chicago
Federal Reserve District-Continued Decline in
Midwest Distribution of Automobiles.
In indicating the course of the midwest distribution of
automobiles, the Federal Reserve Bank has the following to
say in its Nov. 1 Monthly Business Conditions Report:
Wholesale and
Atlanta
Re-
The Bank's survey of wholesale and retail trade in the
Atlanta district follows:
Retail Trade.
The disteibution of merchandise at retail trade in the
Sixth District.
as reflected in sale figures reported confidentially to (ho
Federal Itesoevs
Bank of Atlanta by representative department stores located
throughout
the district, increased seasonally in September to a level higher than
for the
Nov. 9 1929.]
FINANCIAL CHRONICLE
three preceding months. The index number for September this year
Is the same as for September a year ago, and is higher than for September
of any other year since 1920. Stocks of merchandise increased over thosa
a month earlier, but were smaller than a year ago.
September sales by 42 department stores increased 14.0% over those in
August, and, because of an increase at Atlanta, were three-hundredths
of 1% larger than in September. 1928. For the period Jan. 1 to Sept. 30
sales by these firms have averaged 1.6% less than for that period last year.
Stocks of merchandise on hand at the end of September averaged 6.0%
greater than for August, but were 4.1% smaller than a year ago. The
rate ofstock turnover for September was the same for the district as a whole
as for September last year, but for the period since Jan. 1 it has averaged
somewhat less. Accounts receivable at the end of September averaged
7.1% greater than for August, and 2.4% greater than a year ago. Collections in September averaged 1.7% less than in August. but were 0.8%
larger than in September last year. The ratio of collections during September to accounts outstanding and due at the beginning of the month for
32 firms was 28.5%; for August this ratio was 29.1%, and for September
last year 29.0%. For September, the ratio of collections against regular
accounts for 32 firms was 30.2% and the ratio of collections against installment accounts for 9firms was 17.0%.
Wholesale Trade.
Further seasonal improvement was evidenced by the total of September
sales figures reported confidentially to the Federal Reserve Bank by 121
wholesale firms in eight different lines of trade in the Sixth District. Increases over August were shown in seven of these individual lines of wholesale trade, but a small decline was reported in sales of drugs. Compared
with September of last year all of the eight lines reported increases, but the
gain in sales of electrical supplies was less than 1%. Total sales of these
121 firms in September were 6.4% greats!' than in August, and 7.7%
greater than in September 1928. The September index number, computed
from figures for most of the reporting firms, and based upon the monthly
average for the three-year period 1923-25 inclusive, is higher than for any
other month since October, 1927. In the table immediately following are
shown percentage comparisons of figures reported by all of these eight lines
combined.
September 1929 compared with:
Sept. 1928.
Aug. 1929.
Sales
+6.4
+7.7
Stocks on hand
+0.2
-3.6
+3.4
Accounts receivable
+8.6
+7.1
Collections
+6.5
2927
or Sept. SO, 1928, but dry goods and shoe stocks was in smaller volume
on Sept. 30 this year than at the end of the preceding month this year or
the corresponding month last year.
Collections in wholesale lines in September were better this year than
last in dry goods, shoes, hardware and drugs, but there was a slight
decline in collections in groceries. The percentage of collections to outstanding receivables for September 1929 varied from 59.0% in groceries
down to 20.6% in shoes.
High Rate of Business Activity Maintained in St. Louis
Federal Reserve District.
The Federal Reserve Bank of St. Louis states in its
"Monthly Review," issued Oct. 30, that, "taken as a whole,
business and industry in this District, during the past 30
days, maintained the high rate of activity which has marked
the preceding several months." The Bank goes on to say:
While there was a slowing down in production in certain industries,
others increased their outputs, and in a majority of distributive lines
investigated September sales were in excess of the volume in the corresponding period in 1928. The movement of seasonal merchandise was held
down to some extent by the warm weather during September and early
this month, but despite this fact the volume of goods going into consumptive channels was in heavy volume. Wholesalers dealing in merchandise for
ordinary consumption, notably dry goods and apparel, reported marked
improvement in advance business. Sales for future delivery in the agricultural sections made a particularly good showing, numerous country merchants who had postponed their commitments awaiting more definite information relative to the outcome of crops, having covered their full late fall
and winter requirements. However, there is still a disposition on the part
of retailers in both city and county to purchase conservatively and only
suficient for well defined needs.
There was a recesion in distribution of automobiles in September, both
from the preceding month and a year ago, according to reporting dealers.
Iron and steel plants specializing in automotive materials curtailed their
operations, and reported a reduction in new orders and specifications on
goods previously purchased. Demand for ferrous goods from the building
industry, also, sustained a further contraction. Increased requirements
of railroad equipment, farm implement, machinery and engine builders
and other users of iron and steel served largely to offset the reduced demand
form automotive and building industries. Wholesale distribution of boots
Basic Conditions in Richmond Federal Reserve District and shoes, drugs and chemicals, hardware, dry goods, and electrical supplies in September was larger than a year ago, while a smaller volume was
Regarded as Better Than Year Ago.
shown in the comparison by clothing, furniture, groceries, and stoves. Sales
In summarizing conditions in its district, the Federal of department stores in leading cities of the district in September gained
in 1928, and for the first nine months this
Reserve Bank of Richmond, in its Oct. 31 "Monthly Review," 11.4 per cent over the same month
year there was an expansion of 2.8 per cent as compared with the corressays:
ponding period last year.
Fall trade began well in September and early October in the Fifth
According to officials of railroads operating in this district, freight
[Richmond] Federal Reserve District, and, on the whole, basic conditions continues in larger volume than at any similar period in past years. There
seem to be better than they were at this time last year. Building con- was a reduction in the movement of grain and grain products as construction is in smaller volume at present than in the Fall of 1928, but trasted with a year ago, due to the unusually early forwarding of the
this is about the only definitely unfavorable factor in evidence. Com- wheat crop. In all other clasifications, excepting forest products, increases
mercial and Reserve Bank credit in use at the middle of October was were recorded, with an especially favorable showing being made by merpractically the same as on the corresponding date last year, and was in chandise and miscellaneous freight. For the country as a whole, loadings
moderate volume. Debits to individual accounts during the four weeks of revenue freIght for the first 39 weeks of this year, or to September 28,
ended Oct. 9 this year were 3% higher than debits in the four weeks totaled 39,879,586 cars against 38,224,762 cars for the corresponding
ended Oct. 10 1928. Business failures were fewer in the Fifth District period last year and 39,172,754 cars in 1927. The St. Louis Railway AsIn September than in any month since the Fall of 1920, and aggregate sociation, which handles interchanges for 28 connecting lines, interchanged
liabilities involved were the lowest in six years. Employment conditions 288,769 loads in September, which compares with 252,629 loads in August
are reasonably good. West Virginia's output of bituminous coal is up to and 242,543 loads in September 1928. During the first nine days of October
seasonal level. The textile outlook, while less satisfactory than that of the interchange amounted to 74,060 loads, against 66,515 loads during the
some other industries, is distinctly better than it was last Fall. Prospects corresponding period in September, and 73,815 loads during the first nine
for the district cotton production are above those of last year, although days of October, 1928. Passenger traffic of the reporting lines in September
cotton prices at present are lower than they were at mid-October 1928. decreased 10 per cent as compared with the corresponding month in 1928.
The total tobacco production of the Fifth District is above that of 1928, Estimated tonnage of the Federal Barge Line between St. Louis and New
and this year's prices generally are perhaps running somewhat higher. Orleans in September was 91,000 tons, against 86,135 tons in August, and
The yields of most other crops were fair to good, and prices, on the whole, 148,377 tons in September, 1928. The low stage of water in the alisissippi
have not been unsatisfactoy. Retail trade in September as reflected in River was responsible for the heavy decrease in the yearly comparison.
preceding issue
department store sales was considerably better than in September 1928 in
Improvement in the bituminous coal trade, noted in the
the upper half of the district, although in smaller volume in the Carolinas. of this report continued generally through the district during late SeptemWholesale trade not only showed seasonal gains in September over August, ber and early this month. Purchasing by householders was stimulated by
but exceeded the volume of sales made in September a year ago in four the approach of cold weather, and a desire to take advantage of prevailing
was reof the fiye lines for which data are available.
prices. The greater activity on the part of ultimate consumers
stocks on the part of retail
Wholesale and retail conditions are indicated as follows flected in an active movement to replenishreported
in considerable volume
dealers. Contracting by yard interests was
sizes
by the Bank:
in the Illinois, Indiana and Kentucky fields. Prices of domestic
Confidential reports from 30 representative department stores in the were strong, with further slight advances recorded by a number of mine
Fifth Federal Reserve District show an average increase of 5.8% in operators. Relatively less satisfactory conditions existed in the steaming
September 1929 sales, in comparison with sales in September 1928. Most fuel situation. Due to excesive supplies of screenings, caused by the larger
of the increase was in the upper half of the district, Baltimore leading all output of lump coal, prices weakened and difficulty was experienced in
other cities in percentage gain. Total sales this calendar year average snaking sales. Railroads and large industrial users generaly are less dis3.1% higher than sales in the first nine months of 1928, and September posed to build up their storage stocks than in past seasons. Contracting
1929 sales were 19.8% higher than average September sales during the for winter requirements by public utilities companies, municipalities and
Operations
three years 1923-1925, inclusive.
public institutions, continued, however, in considerable volume.
Stock on hand in the 30 reporting stores at the end of September was in all fields in September were at a substantially higher rate than during
3.9% less in selling value than stock on hand on September 30 1928, but the same month last year. For the country as a whole production of soft
showed a seasonal increase of 10.8% over stock on hand at the end of coal during the present calendar year to October 5, approximately 236
August this year. The percentage of sales in September to average stock working days, totaled 391,357,000 tons, against 362,213,000 tons for the
carried that month was 28.2%, and the percentage of sales from Jan. 1 corresponding period last year and 399,281,000 tons in 1927.
but the
through September to average stock carried during each of the nine
Reports relative to collections reflect rather spotted conditions,
elapsed months was 233.7%, indicating business at an annual turnover average was slightly smaller than at the corresponding period last year.
rate of 3.116 times. During the first nine months of 1928 the turnover Settlements with wholesale establishments in the chief distributing centers
and
was at an annual rate of 2.98 times.
were, in the main, fully up to expectations, and in the case of boot
Collections in September were better than in September last year, 25.7% shoe firms, with which October is an important collection month, payments
of outstanding receivables as of Sept. 1 having been collected during the were the largest in recent years. Wholesalers and jobbers of dry goods,
month in comparison with 24.5% of outstanding receivables collected in hardware and furniture, also, reported Oct. 1 settlements in considerable
in the
September 1928.
volume. Increasing complaints were received of poor collections
clay
building material lines, particularly among the lumber and fire
Wholesale Trade, September 1929.
•
rice,
cotton,
South, where
the
through
Generally
products
interests.
five
in
lines
jobbers
important
and
Sixty-seven reports from wholesalers
marketed, liquidation with merchants
show the usual expansion in trade in September over August. Grocery, tobacco and other crops are being
usual seasonal betterment. In the principal
dry goods, shoe and hardware sales last month were larger than sales in and country banks showed the improvement in September collections over
August, bat drug sales fell slightly below those of the earlier month. urban centers retailers reported
betterment has continued through the first half
In comparison with September 1928 sales, those of September this year those of August, and the
questionnaires addressed to representative interests
to
Replies
of
October.
drugs,
while
and
sales
grocery
hardware
were larger in dry goods, shoes,
through the district showed the following results:
fell below those of a year ago. In total sales from Jan. 1 to Sept. 30, in the several lines
Poor.
Fair.
Good.
Excellent.
all lines for which information is available except drugs, show lower
6.9%
61.1%
30.6%
1.4%
September,1929
figures than those for the corresponding period of 1928.
12.5%
55.6%
30.6%
1.3%
Stock on the shelves of the reporting firms at the end of September this August,1929,._
5.4%
55.3%
38.0%
1.3%
year was larger in groceries and in hardware than on either Aug. 81 1929 September,1928
2928
FINANCIAL CHRONICLE
Commercial failures in the Eighth Federal Reserve District in September,
according to Dun's, numbered 98, involving liabilities of $1,762,109,
against 103 defaults in August with liabilities of $1,393,363, and 85 failures
for a total of $1,010,897 in September 1928.
Lumber Consumption Continues Below Production.
Both softwood and hardwood lumber orders for the week
ended Nov. 2, were less than production, according to
reports from 807 mills to the National Lumber Manufacturers
Association. Softwood orders were 12% below and shipments 14% below production. Hardwood orders were 8%
below and shipments 9% below production. Unfilled softwood orders at the close of the week were the equivalent of
20 days' production, the same as a week earlier. A group
of 336 identical softwood mills showed unfilled orders
19% less than those on hand on the same date a year ago.
Softwood production of 390 identical mills was4% less than
that of a year ago, and orders were 17% and shipments
19% down. Hardwood orders for the week slightly exceeded
those for the same week last year, for 208 identical mills,
and shipments were 10% less and production 10% greater
this year.
Lumber orders reported for the week ended Nov. 2 1929,
by 614 softwood mills totaled 301,472,000 feet, or 12% below
the production of the same mills. Shipments as reported
for the same week were 293,706,000 feet, or 14% below
production. Production was 342,163,000 feet.
Reports from 219 hardwood mills give new business as
43,467,000 feet, or 8% below production. Shipments as
reported for the same week were 42,940,000 feet, or 9%
below production. Production was 47,199,000 feet. The
Association's statement further says:
[You 129.
new business 39.796.000. One hundred and eighty-two identical
mills
report an increase of 11% in production and of6% In orders, compared
with
1928.
The Northern Hemlock and Hardwood Manufacturers Association
, of
Oshkosh, Wis., reported production from 26 mills as 3,783,000 feet,
shipments 4,932,000 and orders 3.671,000. The same number of identical
mills report production 1% less and new business 34% less than for
the same
week a year ago.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO
PRODUCTION FOR WEEK ENDED NOV.2 1929 AND FOR 44 WEEKS
TO DATE.
Association.
Southern PineWeek-144 mill reports
44 weeks-6,569 mill reports
West Coast Lumbermen'sWeek-223 mill reports
44 weeks-8,961 mill reports
Western Pine ManufacturersWeek-52 mill reports
44 weeks-2,030 mill reports
California While & Sugar PineWeek-18 mill reports
44 weeks-1,135 mill reports
Northern Pine ManufacturersWeek-9 mill reports
44 weeks-396 mill reports
No. Hem.dr Hardwood (Softwoods)
Week-28 mill reverts
44 weeks-1,794 mill reports
North Carolina PineWeek-128 mill reports
44 weeks-3,793 mill reports
California RedwoodWeek-14 mill reports
44 weeks-618 mill reports
Softwood totalWeek-614 mill reports
44 weeks-25,294 mill reports
Hardwood Mfrs. InstituteWeek-193 mill reports
44 weeks-9,126 mill reports
No. Hemlock & HardwoodWeek-26 mill reports
44 weeks-1,794 mill reports
Production Shipments % of Orders
M Feet.
M Feet. Prod. .11 Feet.
% of
Prod.
81,791
59,653 97
2.953,802 2,974,560 101
60,219 97
2,981,774 100
178,845
154,206 86
7,741.366 7,728,035 100
163,446 91
7,785,844 101
43,390
34,028 78
1.858,184 1,651,942 100
33,274
1,530,221
77
92
24,517
14,291
1,237,102 1,177,577
13,850
1,181,515
56
98
58
95
7,804
348,264
8,371 107
381,556 110
6,062 78
355,279 102
2,348
210,269
2,444 104
184,405 88
1,810
184,694
77
78
15,63
463,880
13,852
450,404
12,563
430,471
93
7,835
330,978
7,061 90
333,708 101
87
97
10,448 133
349,010 105
3 42,163
293,706 86
301,472
14,941,645 14,882,187 100 14,758,808
43,416
38,008 88
1,791,980 1,709,908 100
3,783
450.740
4,932 130
382,798 85
80
88
99
39,798 92
1,826,459 102
3,871
354,946
97
79
Hardwoods totalReports from 494 softwood mills give unfilled orders of 1,037,727,0
00
Week-219 mill reports
47,199
42,940 91
43.467 92
feet, on Nov. 2 1929. or the equivalent of 20 days' production. This
44 weeks-10,920 mill reports
is
2,242,720 2,182,706 97 2,181,405 97
based upon production of latest calendar year-300-day year-and may
Grand totalmay be compared with unfilled orders of 512 softwood mills on Oct.
26
Week-807 mill reports
1929, of 1,081,458,000 feet, the equivalent of 20 days' production.
389,362
336,646 86
344,939 89
AA vombe_R A Ann ...III ...........
I., 104 'AA I,
, na.. en,
nn i0 nAn 010
00
The 338 identical softwood mills report unfilled orders as 775,121,000
feet on Nov. 2 1929, as compared with 847.972,000 feet for the same week
a year ago. Last week's production of 390 identical mills (softwood) was
257,779,000 feet, 4% under a year ago, and a year ago it was 269,251,000 West Coast Lumbermen's Association Weekly
Report.
feet; shipments were respectively 229,690.000-19% under a year agoAccording to the West Coast Lumbermen's Association,
and 282,544,000 feet, and orders received 217,054,000 feet-17% under
a year ago-and 260,830,000 feet. In the case of hardwoods. 208 identical reports from 223 mills show that for the week ended Oct. 26
mills reported production last week and a year ago 44,949,000 feet
and 1929 orders and shipments were 9.42% and 12.53%, respec40,829,000 feet; shipments 41,037,000 feet and 45.764,000 feet, and
orders tively, below production, which amounted to 184,088,6
41.159.000 feet and 41,027,000 feet.
63
feet for that period. The Association's statement follows:
West Coast Movement.
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENT
The West Coast Lumbermen's Association wired from
S.
Seattle that new
223 mills report for week ended Oct. 28 1929.
business for the 222 mills reporting for the week ended
Nov. 2 totaled
(All mills reporting production, orders and shipments)
163,414,000 feet, of which 62.420,000 feet was for domestic
cargo delivery. Production
184,088,663 feet(100%)
and 26,214,000 feet export. New business by rail amounted
166,762,180 feet( 9.42% under production)
to 55,549,000 Orders
feet. Shipments totaled 154,174,000 feet, of which 47,447,000
Shipments
161,024,816 feet (12.53% under production)
feet moved
coastwise and intercoa.stal, and 25,158,000 feet export.
COMPARIS
ON
OF CURRENT AND PAST PRODUCTION AND WEEKLY
Rail shipments
totaled 62.338,000 feet, and local deliveries 19,231,000 feet.
OPERATING CAPACITY (308 IDENTICAL MILLS).
Unshipped
orders totaled 639,255,000 feet, of which domestic cargo
(All mills reporting production for 1928 and 1929 to date)
orders totaled Actual production
week ended Oct. 26
280.695,000 feet, foreign 204,647,000 feet and rail trade 153,913,000
209,071,202 feet
feet. Average weekly production 43 weeks ended Oct. 26
206,127,866 feet
Weekly capacity of these mills is 251,847,000 feet. For the
43 weeks ended Average weekly production during 1928
'206,075,276 feet
Oct. 26, 138 identical mills reported orders 2.9% over production,
Average
weekly
production
last
three years
and
212,258,400
feet
•Weekly operating capacity
shipments were 1.4% over production. The same mills showed
208,805,136 feet
a decrease
* Weekly operating capacity is based on average hourly production for
In inventories of 4.6% on Oct. 26, as compared with Jan. 1.
the
12
last
months preceding mill check and the normal number of operating hours
per week.
Southern Pine Reports.
WEEKLY COMPARISON (IN FEET) FOR 219 IDENTICAL MILLS
-1929.
The Southern Pine Association reported from New Orleans
(All mills whose reports of production, orders and shipments are
that for
complete for
144 mills reporting, shipments were 3% below production, and
the last four weeks.)
orders 3%
below production and 9% above shipments. New business taken during
Week EndedOct. 26.
Oct. 19.
Oct. 12.
Oct. 5.
the week amounted to 60,219,000 feet (previous week 69,385,000
Production (feet)
183,717,278 184,998,104 167,848,030 171.938,591
for 149 Orders (feet)
166,559,980 157,919,843 183,177,218 187,533,771
mills); shipments 59,663,000 feet (previous week 65,358,000), and
producRail
85,019,518
68,906,889 63,079,600 65,705,009
tion 61.791.000 feet (previous week 65,363,000). The three-year
Domestic cargo
average
57,449,796 57,879,661
63,720,050 53,881,661
production of these mills is 74,245,000 feet. Orders on hand at
Export
31,551,268
19,229,735
the end of
39,320,929
31,545,101
Local
the week at 107 mills were 157.816,000 feet. The 123 identical
12,539,400 11,903,558
17,056,639
16,422,000
mills re- Shipments (feet)
180,703,216 167,523,637 167,951,213 178,354,602
ported a decrease in production of 13% and in new business a decrease
of
Rail
68,461,507
66,820,557 64,755,883 66,233,583
21% as compared with the same week a year ago.
Domestic cargo
52,229,528 57,805,936 58,724,310 58,692,936
The Western Pine Manufacturers Association, of Portland,
Export
27,472,781
30,993,588 29,414,381
Ore., reported
37,005,883
Local
production from 52 mills as 43.390,000 feet, shipments
12,539,400
11,903,558
17,056,639
10,422,000
34.025,000 and new Unfilled orders (feet)
630,703,195 629,530,092 647,054,485 635,300,729
business 33,274.000 feet. Forty-seven identical mills report production
Rail
161.177.292 164,152,668 162,642,881 165,864,375
15% more and new business 4% less than for the same week
Domestic cargo
a year ago.
264,375,913 261,591,285 264,280,911 258,294,482
The California White and Sugar Pine Manufacturers Association
Export
205,149,990 203,788,139 220,130,693 211,141,872
, of
San Francisco, reported production from 18 mills as
24,517,000 feet, ship112 IDENTICAL MILLS.
ments 14,291,000 and orders 13,650,000 feet. The same
number of identi- (All mills whose reports of production, orders and shipments are complete for 1928
cal mills report production 8% more and a decrease
and 1929 to date.)
of 22% In new business
compared with the same week last year.
Average 43
Average 43
Week Ended
Weeks Ended
Weeks Ended
The Northern Pine Manufacturers Association, of Minneapolis
, Minn.
Oct.
1929.
26
Oct.
1929.
28
Oct.
27 1928.
reported production from 9 mills as 7,804,000 feet, shipments
112,405,430
109,858,985
8,371,000 and Production (feet)
114,486,091
new business 6,062,000. The same number
Orders (feet)
98,917,059
110,793,820
120,009,035
of Identical mills report a Shipments
(feet)
12% decrease in production and a decrease of 28%
99,584,530
111,847,697
120.012.035
in orders compared with
the same week a year ago.
DOMESTIC CARGO DISTRIBUTION WEEK ENDED OCT.19 1929(118 mills)
•
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh, Wis., reported production from 26 mills as 2.348,000
Orders on
Unftlled
feet, shipHand Bements 2,444,000 and orders 1,810,000. The same number of
Orders
identical
Orders
Cancelring Week
ShipWeek Ended
mills report a decrease of 19% in production and 29%
in new business in
Oct. 19 '29 Received. lotions.
runts. Oct. 19 '29.
comparison with 1928.
The North Carolina Pine Association, of Norfolk, Va., reported
Washington & Oregon
pro(98 Mills)Feet.
Feet.
Feet,
Feet.
duction from 128 mills as 15,633,000 feet, shipments 13,652,000 and
Feet. '
new California
91,738,217 26,010,061 1,185,098 19,908,579 96,654,801
business 12,563.000. Fifty-one identical mills report a decrease
Atlantic Coast
122,265,608 22,756,959 1,004.536 28,680,545 115,337,486
of
16%
in production and an increase of 1% in new business compared
Miscellaneou
3,016,315
484.383
s
None
533.767 3,006,931
with the
same week in 1928.
Total Wash. & Oregon 217,060,140 49,251,403 2,189,634 49,122,891 214,99,018
The California Redwood Association, of San Francisco, reported production from 14 mills as 7,835,000 feet. shipments 7,061,000 and orders
Brit. Col.(18 Mills)California
1,455,424
10,448,000. The same number of identical mills report an increase of
934,000
10.000
None 2,379,424
16,068,929 5,006,381
in production and of 140% in orders compared with the same week in 16% Atlantic Coast
None 4,045,430 17,029,880
1928. Miscellaneous
244,000
1,446,000
None 1,420,000
270,000
Hardwood Reports.
Total British Col_ _
18,970,353 8.184,381
10,000 5,465,430 19,679,304
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
Production from 193 mills as 43,416.000 feet. shipments 38.008,000 and
Tntstl Annwedle mown 225 020 402 55.438.784 2.199.634
54.888.321 234.678.822
Unfilled Orders.
Nor. 91029.]
MITANOTAL
CHRONICLE
2929
Business Failures Reported in Dallas Federal "This circumstance," the Exchange remarks,"is said by some to be due
Reserve District—Seasonal Increase in Department to competitive conditions in the retail tire trade, but according to others
In the industry, the fewer dealers are also due to concentration and consoliStore Trade.
dation in the retail tire line."
The Government reported that dealers on Oct. 1 last held an average
According to the Federal Reserve Bank of Dallas a sharp
67.7 tires, against 64.8 on Oct. 1. 1928, or a total of 1.513,054. against
decline in the business mortality rate in the Dallas Reserve of
1,685,689. Holdings of inner tubes averaged 101.1 to dealer on Oct. 1
District and a rapid liquidation of indebtedness at the last, against 107.4 on the same date in 1928. or a total ofa2,280,080,
against
Federal Reserve Bank were important developments in the 2.750,768.
district during the past month. In reporting this in its
Monthly Business Review, dated Nov. 1, the Bank goes Proposed International Selling Organization Has
Small Effect on Crude Rubber Price Values.
on to say:
Developments in the proposed Central Selling OrganizaAs compared to the previous month there was a reduction of 24% in the
number of failures and a decline of 61% in the amount of indebtedness tion had little effect on values of crude rubber prices, accordInvolved. The number of defaults with one exception was fewer than in
any month of the current year and the liabilities of insolvent firms were ing to F. R. Henderson, President of the Rubber Exchange
smaller than in any month in more than two years. Federal Reserve Bank of New York, in a weekly review of the rubber situation on
loans to member banks rose to a seasonal peak of $48,761,167 on September Oct. 26. The review follows, in part:
7, but the subsequent rapid liquidation carried these loans down to $29,959,The trade has watched with interest the developments in Amsterdam in
Decline in
355 on Oct. 15, and on the latter date they were only $1,032,940 larger
than a year ago. While the decline in loans was seasonal in character.
It was in marked contrast to developments last fall when loans remained at
a high level until the latter part of the year. The daily average of combined net demand and time deposits of member banks rose from $860,552,000 in August to $892,636,000 in September. Coincident with the liquidation of loans and the rise in deposits, there has been a heavy demand for
bankers' acceptances and commercial paper. Debits to individual accounts
at banks in larger centers reflected a gain of8% as compared to the previous
month and were 5% greater than a year ago.
The distribution of merchandise in both wholesale and retail channels
during September reflected a slowing down as compared to the strong demand evident during the two preceding months. While department store
sales showed a seasonal increase of 31% as compared to previous month.
they were 3% smaller than in September. 1928. Wholontiesale distribu
reflected a noticeable decline as compared to August, but in a majority of
reporting lines, sales were larger than a year ago. This let-up in trade was
occasioned in part by the unseasonable temperatures prevailing throughout
the month and the unsatisfactory returns from crops in some areas.
The agricultural situation showed no marked change from a month ago.
The September rains were very beneficial to some crops which showed a
material improvement, but other crops continued to decline as they were
too far advanced to be benefited by the rains or conditions remained unfavorable for proper maturity. The crops most adversely affected were
cotton and grain sorghums. On the basis of the October 1 estimates of the
Department of Agriculture, the production of cotton in the Eleventh
(Dallas] District this year will be smaller than in any year since 1923 and
the prospective production of grain sorghums is the lowest since 1925.
Farmers have made good progress with the harvesting of crops due to the
long period of open weather. A heavy general rain is needed throughout
the district to enable farmers to proceed with the seeding of small grains
and with fall plowing. The physical condition of ranges and livestock
showed some improvement during September, but the Oct. 1 condition
was considerably below that of a year ago. Livestock prices have evidenced
a further recession.
The valuation of building permits issued at principal centers reflected
a decline of 23% as compared to the previous month, but was 2% larger
than a year ago. The operation of pine mills in this district showed a
substantial recession from both the previous month and the same month
last year. The production and shipments of cement remained near the high
level of August and reflected a large gain over a year ago.
respect to the proposed international selling organization. On Oct. 22
1929, there was a raeeting of Dutch rubber producers representing a production of about 42,000 tons annually. The total annual production of
purely Dutch plantations is estimated at 65,000 tons. Of those present at
the meeting, producers representing about 30.000 tons declared themselves
ready in principle to accept the committee's proposal in favor of the creation
of a reserve of 45,000 tons, to be placed under the control of a central selling organization. In view of the fact that representatives of only 46% of
the total annual production voted in favor of the plan, Burger, who proposed the plan, Is said to be sailing forthwith to the Dutch East Indies to
discuss the proposals with producers who were not represented at the
meeting. It therefore appears that little more will be heard from this
source for several months.
The volume of trading during the week ended Oct. 25 declined slightly
to a daily average turnover of about 930 tons. The range of price fluctuations was 1.1c. per pound.
There has been a fair factory Interest the latter part of the week for all
grades for the first six months of 1930.
The news from Amsterdam regarding the Central Selling Organization
failed to exert any lasting effect on rubber Prices.
There have been numerous attempts to explain the continued heavy
shipments from the East, among them being an assertion to the effect that
on many plantations a small task tapping system is being adopted. The
principle of the system is that a tapping coolie is given 200 trees to tap
daily instead of 350 trees as before. Tapping has to be commended and
finished as nearly as possible in the morning, during which hours the rubber
trees are said to yield much more profusely. It was stated that this new
method has resulted in increased outputs, varying from 10% to 40%. This
is a plausible explanation of the increased production in Malaya, and may
account in part for the continued heavy monthly shipments.
Failures.
A marked improvement was shown in the business mortality rate in
the Eleventh Federal Reserve District in September. The indebtedness
Involved in failures,amounting to $315,886, was the smallest of any previous
month since July, 1927 and compares with $817,829 in August and $533,137
In the corresponding month last year. The number of defaults in September was 38 as against 50 in the previous month and 41 during the same period
of 1928.
supplying parts and accessories to the car and truck makers as original
equipment and parts, accessories and garage repair equipment to the wholesale trade in September were 175% of the January 1925 base index of 100,
as compared with 182 in August, and 202 in September last year.
By divisions, member manufacturers reported their September business
as follows: Parts-accessory manufacturers selling their products to the car
and truck manufacturers for original equipment, made shipments aggregating 186% of the January 1925 figure, as compared with 193 in August;
205 in July: and 218 in September a year ago.
Shipments to the trade in September of service parts were 173% of January 1925 as compared with 169 in August, 152 in July and 185 In September
1928.
Accessory shipments to the trade in September were 84% of the 1925 base
as compared with 88 in August, 92 in July and 122 in September last year.
Service equipment shipments, that is, repair shop machinery and tools.
In September were 147% of the January 1925 figure as compared with 170
in August, 170 in July and 140 in September a year ago.
Motor and Equipment Association Reports PartsAccessory Industry in Moderate Recession.
Manufadturers of parts, accessories and garage repair
equipment who have enjoyed record business during the
first 8 months of the year are now curtailing operations in a
moderate way and will continue on slightly reduced schedules
throughout October and November, according to the Motor
With reference to the decline in business failures the and Equipment Association. The advices from the Association, under date of Oct. 28, add:
Bank says:
Aggregate shipments of a large and representative group of manufacturers
Tire Price Rise Only 2%—United States Rubber's
Maximum Advance 5%, Says Official.
Supplementing the item appearing in our issue of Oct. 19,
page 2459, regarding the increase in tire prices, we quote
the following Detroit advices Oct. 18 from the New York
"Times" of Oct. 19:
H. A. Farre, Assistant General Sales Manager of the tire department of
the United States Rubber Co., said to-day that the company, effective on
Oct. 15, increased prices of tires by a maximum of 5% and an average of
2%. He denied prices had been advanced 10 to 20% as rumored and said
reasons for the increases which were made were to stabilize prices and give
the dealers a better deal.
The "Times" also stated that it was reported on Oct. 18
that Sears Roebuck & Co. would not advance the price of
tires until after Jan. 1 next. D. M. Nelson, general mer°handi:. manager, was quoted as saying:
We are watching the tire price situation with much interest but have
formulated no policy in regard to it. Our fall and winter catalogue has
been distributed and the prices in that remain in effect until Jan. 1. Our
midwinter flier catalogue is distributed shortly after Christmas, so we cannot say yet what tire price changes we may decide to make. Our tire
volume is, of course, an important part of our business, particularly in our
retail division."
Dealers in Tires Reduced—Government Figures Show
Decrease of 3.66 in Number in Year.
Dealers in rubber tires have decreased in number more
than 14%, the New York Rubber Exchange reports as a
result of a study of statistics procured from the government
on Oct. 1. We quote from the New York "Times" of Oct. 19
which said:
On that date dealers numbered 22,012, against 25,677 on the same date
in 1928. a decrease of 3,665.
Walter D. Hines Resigns as President of CottonTextile Institute, Inc.—Elected Chairman of
Board—George A. Sloan President.
Walker D. Hines resigned as President of the CottonTextile Institute, Inc. and was elected Chairman of the
Board of Directors at a meeting on Nov. 7 of the Institute's
Executive Committee. George A. Sloan, who has been
Secretary of the Institute for the past three years, was
elected President. The Executive Committee chose Paul B.
Halstead, Secretary to succeed Mr. Sloan and created the
new office of Executive Vice-President which will be filled
by William Raymond Bell.
By its action on Nov. 7 the Executive Committee follows
recommendations which Mr. Hines made at the annual
meeting of the Institute last month. At that time Mr. Hines
stated that he wished to be relieved of the strain and pressure
of his duties as administrative head of the Institute, hut if
desired by the Institute would be glad to continue as chairman of the Board. His suggestion that Mr. Sloan be rumed
the President was accepted with the understanding ihai. the
Institute and the industry will continue to have the twIlefit.
of Mr. Hines' experience and advice in a very n otive way.
The new office of Chairman of the Board was crow ocl by the
2930
FINANCIAL CHRONICLE
Executive Committee in order to effect this change. Mr.
Hines will continue to be a member of the law firm of Hines,
Remick, Dorr, Travis & Marshall in which he has been a
partner for several years. The changes authorized by the
Executive Committee will be effective at once.
Mr. Sloan has been identified with the Institute since its
organization in Oct. 1926. Prior to that he was for four
years Secretary of the Copper & Brass Research Association.
Mr. Halstead has been in charge of the Institute's statistical
work during the past two and a half years. Prior thereto he
was for seven years assistant to the late William Whitman,
Sr., President of the William Whitman Co., Inc. of Boston,
Mass. Mr. Bell has been associated with Cannon Mills in
New York City for the past 18 years.
[VOL. 129.
SUMMARY.
Imports During the Month.:
1928.
1927.
1929.
1928.
1927.
58.384
43.278
48,103
47.762
49.894
54.031
46.795
65.516
so.q70
66,514
46.408
44.828
50.520
36,555
52,972
45.090
38,670
62.930
47,286
48.857
48.134
44.128
48,456
33,991
38.600
46.486
49.264
42.809
47.856
59,819
52.475
51.207
36.650
44,828
49.943
46.993
45,218
39.125
39.898
47,425
42.596
48,408
55.104
64.129
47.528
41,677
40,186
35.483
42.088
41.127
38.866
50.975
50.464
49,381
49.806
48.908
52.627
43.768
33.116
31.749
35.527
37.024
43,841
56.618
58.986
62.366
52.069
53,540
Total
540,247
Average monthly_
54,025
566,378
47,198
552,441
46,037
47,884
44,107
40.768
January
Febrwtry
March
Atoll
May
June
July
August
September
October
November
December
approximate Deliveries
go American Milts.y
Investigation of Production Conditions in Worsted
Sales Yarn Industry by Wharton School of University of Pennsylvania.
The Industrial Research Department of the Wharton
School of the University of Pennsylvania has recently completed an investigation of production conditions in the
worsted sales yarn industry. It is stated that this is one of
the first studies of its kind to be undertaken. The detailed
treatment according to the various branches of sales yarn
production is intended to bring out the important changes
that have taken place in this industry since the close of the
war. In addition, as far as is possible without disclosing the
identity of individual producers, the present relationships
among groups producing yarn for the same markets are
presented.
The representative character of the study is indicated by
the fact that the production of over 80% of the spinning
spindles in the industry is included. The spinners, it is said,
have gone to great trouble and no small expense in providing
the data for the Research Department, which in turn has
spent considerable time and effort in the statistical analysis
and in the preparation Of the findings. These were presented
to the spinners' group at a meeting on Nov. 7.
This book has been awaited with considerable interest by
the spinners because of the vast amount of information contained therein, which has not been available previously.
The book bears the title, "Analysis of Production of Worsted
Sales Yarn."
31,615 Bales of Raw Silk, Valued At About $20,000,000
Traded In on the National Raw Silk Exchange During
October.
Reflecting on the active market for stocks and commodities on the leading exchanges of the country, transactions
In raw silk features on the National Raw Silk Exchange
established a new high record during October, with price
fluctuations also showing record ranges for the month. A
total of 31,615 bales of raw silk, valued at approximately
$20,000,000, was traded in on the exchange during October.
This compared with 25,705 bales in September, the previous record month, and 11,950 bales traded on the exchange in October, 1928.
While trade operations have furnished the bulk of the
trading volume on the National Raw Silk Exchange, the
extreme activity and wide price movements during the
month attracted considerable speculative interest, and it
is believed that outside interest in silk futures will steadily
widen because of this development, says the National Raw
Silk Exchange, Inc.
Record Raw Silk Imports-Deliveries to American
Mills Increase-Inventories Larger.
According to the Silk Association of America, Inc., imports of raw silk totaled 66,514 bales in October, an increase of 17,657 bales over the same month a year ago and
6,544 bales over September last. Approximate deliveries
to American mills in October 1929 amounted to 57,489
bales, or 4,215 bales over the preceding month and 7,549
bales over October 1928. Stocks of raw silk at Nov. 1 1929
totaled 64,129 bales, as against 49,381 bales at Nov. 1 1928,
and 55,104 bales at Oct. 1 1929. The Association's statement follows:
RAW SILK IN STORAGE NOV. 1.
(As reported by the principal warehouses in New York City and Hoboken.)
Japan. All Other.
European.
Total.
Figures in Bales11.188
43,146
55,104
770
Stocks Oct. 1 1929
9,933
53,283
66,514
3,298
Imports month of October 1929.x
4,068
1,132
96.429
47,704
21,121
15,293
121,618
64,129
Approximate deliveries to American mills
during October.y
2.936
48.725
5,828
57,489
Total amount available during October
Stocks Nov. 1 1929_z
&areas at End of Months
1929.
January
1February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
Approximate Amount in Trensa
Between Japan & New York.
End of Month.
1929.
1928.
1927.
1929.
1928.
1927.
57.349
46,228
49.878
53.855
49,121
46.504
51,624
59,704
63.274
57,489
52.420
50.679
52,011
41.258
46.367
46,051
40,931
50.821
47,797
49,940
47,709
45.026
48,307
42,860
49.242
47,853
45.486
41.312
41,039
47.042
50.107
47.827
46.947
43,357
31,000
30.000
29,000
30.700
28,000
21,200
34,100
41.600
34.000
49,000
25.000
23,500
19,200
28.500
24,000
17,600
32.300
27,500
25.600
81,200
22,800
42.500
17.700
19.000
21,700
25.000
22.900
26,600
29,000
28.400
21.500
18.500
26.900
83.500
525,026
52,503
571.010
47,584
551.37C
45,948
33;aio
26.642
24.225
a Imports at New York during current month and at Pad ic ports previous to
the time allowed In transit across the Continent (covered by Manifests 244 to 274.
Inclusive). y Includes re-exports. a Includes 817 balm held at railroad terminals
at end of month. Stocks In warehouses include National Raw Silk Exchange
certified stocks, 1,560 bales.
Petroleum and Its Products-Former Price Levels Resumed at Seal Beach, Calif., as Operators Meet
Curtailment Requirement-Prices at Other Fields
To Be •Raised as Soon as Production Schedules
Meet Approval of Producers.
The strategic move led by the Standard Oil Co. of California two weeks ago in announcing drastic reductions in the
prices they would pay for crude oil at certain California
fields has proved successful, and on Thursday, Nov. 7, the
former price structure in effect at Seal Beach, Calif., was
resumed as of Nov. 4, by the Standard Oil Co. and the other
large producers who had originally followed the Standard in
its effort to force curtailment. The official announcement of
the Standard follows:
"The Standard Oil Co. of California announces the restoration of prices
It offers for crude oil produced at Seal Beach, bringing the schedule back to
the prices in effect prior to the recent cut of Oct. 21. The advanced prices
will be effective on all deliveries made on and after November 4, that being
the date on which the production at Seal Beach was curtailed to the amount
agreed upon in the general curtailment plans for the southern California
flush fields. While the contract under which the company purchases crude
days after publication,
oil specifies that price changes become effective
the company in this case has waived that clause, giving the sellers the
Immediate benefit of the advanced prices. The increases in prices offered
cents a barrel."
for crude oil at Seal Beach are approximately
10
50
Other companies which followed the lead of the Standard
in restoring prices at Seal Beach included Shell Union, Tide
Water Associated, and Union Oil Co. of California. This
action on the part of the large producers follows the agreement of the operators in the Seal Beach fields to cut their
production 30%. Similar agreements are being prepared at
the Signal Hill and Santa Fe Springs fields, and as soon as
operators in those fields complete their negotiations definitely, it is generally understood that the price cuts made in
those fields will be revoked and the former levels restored.
The drastic action on Oct. 21 was taken after it be ame
apparent that groups of small operators were consistently
opposing and blocking every move made to observe the new
State conservation law, and that there would be no real
reduction in output until the industry's leaders took definite
action. The price cut resulted, and its success is now apparent.
The situation in California has changed from one of dark
and pessimistic outlook to directly the opposite. It would
appear from late developments that the obstacles facing the
enforcement of the State conservation law have been surmounted through the sagacity of leaders of the industry,
whereas the moves of the State officials met with failure.
Meanwhile the proration program in the Mid-continent
territory is becoming increasingly effective, with Oklahoma,
Kansas and Texas Panhandle operators proceeding with their
short-term proration production. The change in the California situation has greatly strengthened the co-operative
spirit in Mid-continent fields and seems to assure success of
what has now become a Nationa-wide curtailment movement.
E. B. Reeser, President of the American Petroleum Institute, as well as President of the Barnsdall Oil Corp., summed
Nov. 91929.1
2931
FINANCIAL CHRONICLE
up the general situation several days ago when he declared
that if California is successful in cutting its production down
to the suggested level of 650,000 barrels a day the production
and consumption of crude oil will be in balance in the United
States for the first time in many years.
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. 2. was 1,578,800 barrels, as compared with
1,604,250 barrels for the preceding week, a decrease of 25,450 barn Is. The
Mid-Continent production excluding Smackover (Arkansas) heavy oll„
was 1,533.050 barrels, as compared with 15.559,050 barrels, a decrease of
Prices of Typical Crudes per Barrel at Wells.
26,000 barrels.
(All gravities where A. P. I. degrees are not shown.)
The production figures of certain pools in the various districts for the
Bradford, Pa
3.90 current week, compared with the previous week, in barrels of 42 gallons,
$3.05 Smackover, Ark., 24 and over
.75 follow:
Corning, Ohio
1.75 Smackover, Ark., below 24
Cabe11, W. Va
1.14
1.35 Eldorado. Ark., 34
-Weak Ended-Week EndedIllinoIs
.90
1.45 Urania, La
Southwest TexasNot. 2. Oct. 28.
OklahomaNov. 2. 02. 28.
1.23
Western Kentucky
1.53 Salt Creek. Wyo., 37
9,400 9,300
Allen Dome
22,350 23,600 Laredo District
Mont
1.65
Midcontinent, Okla., 37
Sunburst,
1.23
10,850 10,700
5,500 LtlillIg.
Asher
5,300
1.08
Corsicana, Texas, heavy
.80 Artesia, N. M
34,900 36,000
Bowlegs
26,650 28,150 Salt Flat
Hutchinson, Texas, 35
.60 Bristow-Slick
.87 Santa Fe Springs, Calif., 33
North Louisiana19,500 20,500
Luling, Texas
.80
1.00 Midway-Sunset, Calif., 22
4,800 4,800
17,750 18,050 HayneerIlle
1.09 Burbank
Spindietop, Texas, grade A
1.20 Huntington. Calif., 26
5,800
5,700
Carr City
9,950 9,850 Urania
1.18
Spindletop, Texas, below 25
1.05 Ventura, Calif.. 30
A rkansasCromwell
7,700
7,600
Winkler, Texas
1.90
.65 Petrolia, Canada
5,250
5,400
Champagnolle
66,500
Earlsboro
66,600
5,800
5,800
5,800 Smackover (light)
5,200
REPINED PRODUCTS-U.S. MOTOR GASOLINE HOLDS STEADY East Seminole
45,750 45,200
Little River
70,150 71,250 Smackover(heavy)
IN TANK CAR AND TANK WAGON QUOTATIONS-TRADE Logan County
Coastal Tesas15,850 16,000
22,000 21,950
SEES NO CHANGE DUE THROUGHOUT MONTH-GASOLINE
Maud
10,400 9.450 Barbers Hill
9,950 10,850
17,050 18,950 Hull
EXPORTS SHOW LARGE GAIN OVER NINE MONTHS PERIOD. Mission
12,100 11,400
Oklahoma City
65,150 73,400 Pierce Junction
8,450 8,500
There have been no changes in posted prices of U. S. St. Louis
11,650 10,400 Raccoon Bend
22,800 23,400
50,950 54.750 Spindietop
Motor gasoline either in tank car or tank wagon shipments. Sasakwa
11,600 12,400
Searight
10,450 10,600 Sugarland
6,400 6,600
Seminole
27,250 28,950 West Columbia
From reports current in the trade, it appears as though this Tonkawa
9,000 8,750
Coastal
Louisiana
Kansasprice structure will hold firm throughout November, and Sedgwick County
3,900
1.800
22,000 20,250 East liackberry
1,900 2,100
Old Hackberry
Panhandle Texaspossibly throughout December. The straightening out of
6,000 7,000
Carson County
9,500 10,200 Sulphur Dome
the California crude situation has done much to lend con- Gray County
4,600 4,650
66,200 65,450 Vinton
WyomingHutchinson County---- 27,630 27,500
fidence to eastern operators.
31,450 31,350
Salt Creek
North TexasMontana18,250 18,400
An important development this year is the increase Archer County
6,900 6,900
Wilbarger County
30,500 30,600 Sunburst
West Central Texasrecorded in gasoline exports for the first nine months. These
CanforniaBrown County
11,200 11,000
figures show a 12% gain over the same period in 1928. Al- Shackelford County.... 9,950 10,000 Dominguez
8,000 8,000
Elwood-Goleta
30,000 34,000
West Texas-'though exports of other petroleum products from the United Crane
42,000 42,000
and Upton Cos.-- 45,400 47,650 Huntington Beach
23,000 23.000
froward County
39,600 38,400 Inglewood
States showed a decline, the total gasoline exports were Pecos
10,000 10,000
137,800 139,000 Kettlernan Hills
County
168,000 169,000
44,132,887 barrels as compared with 39,503,897 in the first Reagan County
17,350 17,500 Long Beach
71,500 71.500
109,700 110,550 Midway-Sunset
nine months of 1928. However, the total refined petroleum Winkler County
252,000 270,000
Santa Fe Springs
exports at the end of September, this year, had amounted
Seal Beach
East Central Texas37,000 37.500
7,100
7,000 Ventura Avenue
62,000 62,000
to 92,224,018 barrels as against 96,963,524 barrels in the Corsicana-Powell
first nine months of last year. The greatest decline was in
gas and fuel oils, with the 1929 figure of 25,229,077 barrels
almost 7,000,000 barrels less than in 1928.
The past week has shown a brisker movement in domestic
heating oils, which are selling in good volume and with
prices steady. Bunker fuel oil is strong at $1.05 a barrel
refinery, and Diesel holds firm at $2 a barrel, also refinery.
There has been a slight drop in demand for kerosene, due
probably to the mildness of the weather throughout the
East. However, sales have been heavy in kerosene for
4 cents
December delivery, and the present price level of 73
per gallon at refinery, for 41-43 water white, holds firm.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
N Y(Bayonne)$.08340$.091Arkansas
$ 064 North Louisiana - -$.07
08)i North Texas
.06h
West Texas
004 California
.07
Chicago
etiti Los Angeles, export_ .07)4 Oklahoma
.094
New Orleans
07(I Gulf Coast. export- .084 Pennsylvania
Gasoline, Service Station, Tex Included.
Minneapolis
$.182
New York
$.18
$.18
Cincinnati
New Orleans
195
.16
Atlanta
.21
Denver
.21
.188 Philadelphia
Baltimore
.22
Detroit
.215
San Francisco
18
Boston
20
Houston
Spokane
24
.205
Buffalo
15
Jacksonville
.161
179 St. Louis
Chicago
15
Kansas City
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
3.054 New Orleans
8.0754
NY(Bayonne)$.07".1(48.08 Chicago
.0634
North Texas
054 Los Angeles. export- .054 Tulsa
Refinery
or
Terminal.
Fuel Oil, 18-22 Degree, F.O.B.
$ 75
8.85 Gulf Coast
New York(Bayonne)$1.05 Los Angeles
.951Chicago
55
Diesel
2.00 New Orleans
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
8.031Tulsa
8.00
New York(Bayonne)$.05)( Chicago
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,499,800 barrels, or 95.1% of the 3,678,700
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week
ended Nov.2 1929, report that the crude runs to stills for the
week show that these companies operated to 78% of their
total capacity. Figures published last week show that companies aggregating 3,330,400 barrels, or 95.4%,of the 3,491,200 barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to 83.9% of their total capacity, contributed
to that report. The report for the week ended Sept. 28 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDING NOV. 2 (BARRELS OF 42 GALLONS).
District.
'....'ast Coast
kPpalachlan
.nd., Ill., Ky
)kla., Kan., Mo
rexas
Louisiana-Arkansas
Rocky Mountain
Dalifornia
P. C.
PotenNat
Capac'y
Report.
100.0
89.9
98.8
86.2
91.8
95.1
91.5
99.3
Crude
guns
to
Stills.
3,441,600
649,600
2,079,000
1,938,400
4,035,500
1,439,000
407.800
5,105,600
P. C.
Oper.
Of Tot.
Caper.
Report
Gasoline
Stocks.
81.2
80.6
83.7
69.5
90.0
71.9
42.8
81.8
4,355,000
800,000
4.116,000
2,235,000
4,974,000
1,567,000
1,637,000
13,895,000
Gas
and
Fuel 011.
Stocks.
9,026,000
766,000
3,651,000
3,964,000
14,366,000
5,033,000
992,000
110,034.000
Crude Oil Output in United States Declines.
The American Petroleum Institute estimates that the
Total week Nov.2
95.1 19,096,500 78.0 33,579,000 147,832,000
daily average gross crude oil production in the United States Daily
2,728,200
average
19,563,400 83.9 32,802,000 147,955,000
rotal
week
95.4
Oct.
26
for the week ending Nov. 2 1929, was 2,819,450 barrels, as
Daily average
2,794,800
compared with 2,869,700 barrels for the preceding week, a rexas
10,904,000
4.192.000
3,138,500 85.2
(Gulf coast)
100.0
4,285,000
1.302,000
decrease of 50,250 barrels. Compared with the output for Louisiana (Gulf)
950.000 76.5
100.0
the week ended Nov. 3 1928 of 2,497,150 barrels per day, Note.-All
ha and stocks figures ollow exactly the present Bureau
crude
runs
test
the current figure represents an increase of 322,300 barrels of
definitions. In California, stocks of heavy crude and all grades of fuel
daily. The daily average production east of California for oil Mines
are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs
the week ended Nov. 2 1929 was 1,960,450 barrels, as to stills Include both foreign and domestic crude.
compared with 1,989,200 barrels for the preceding week, a
decrease of 28,750 barrels. The following are estimates of
daily average gross production, by districts for the weeks Crude Petroleum Output in the United States in Sepshown below:
tember Below That of Previous Month-Stocks of
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
All Oils Rea h New High Peak-Slight Decline in
Nov. 2 '29. Oct. 26 '29. Oct. 19 '29. Nov. 3'29.
Week &Wed-661,450
680,650
708,250
Oklahoma
725,450
Gasoline Production.
110,450
110,700
111,500
96,950
Kansas
104,900
104,600
107.650
68,200
Panhandle Texas
According
to reports received by the Bureau of Mines,
91,250
91,900
92.900
88,600
North Texas
59,100
58,000
57,300
55,400 Department of Commerce, the production of crude petroWeed Central Texas
360.150
363,400
364,500
329,250
West Texas
17,900
18,000
18,450
21,600 leum in the United States during Sept. 1929, amounted to
East Central Texas
74.850
72.730
73.000
26,850
Southwest Texas
This represents a daily average of
38,200
36,200
39,450
38,150 87,269,000 barrels.
North Louisiana
63,950
64,800
64,650
83,300
Arkansas
barrels,
a
decline
of 68,000 barrels from the record
2,909,000
147,300
144,650
143,500
115,600
Coastal Texas
23,700
24,450
24,750
21,250 figures of the previous month. All three of the leading proCoastal Louisiana
119,800
120,250
Michigan).___
119,300
110,400
Incl.
(not
Eastern
18,100
16,750
16,800
ducing States, California, Texas, and Oklahoma, declined in
Michigan
53.350
53,500
54,950
61:3 00
Wyoming
daily average output in September. The decrease in Texas,
10,950
10,750
10,650
11,800
Montana
5,350
5,350
5,450
6,950 exclusive
Colorado
of the Gulf Coast area, was particularly severe.
6,400
6,450
2,500
7,000
Mexico
New
880,500
859,000
822,500
631,000 The Santa Fe Springs field of California failed to establish a
California
new peak in September and the State showed a small decrease
2,869,700
2,819,450
2,903,200
2,497.130
Total
in daily average output from the'previous month.gaThe
Seminole area of Oklahoma declined in daily output to the
extent of 15,000 barrels, which was nearly equal to the drop
of the State as a whole. Production in Kansas, continued to
decline slowly but the output of some of the less important
States, like Louisiana, Kentucky, and New Mexico, showed
material increases. The material decline in output of crude
petroleum east of California in September was reflected in
the record of stocks of Sept. 30. Total crude stocks east of
California on that date amounted to 386,662,000 barrels, a
decrease from the previous month of 15,000 barrels. This
compares with an increase of 3,334,000 barrels in August.
Production in California continued well above requirements
and stocks of both light and heavy crude continued to accumulate. Stocks of light crude in that State on Sept. 30
amounted to 40,433,000 barrels, an increase during the
month of about 2,750,000 barrels; stocks of heavy were
110,010,000 barrels, a gain of nearly 1,650,000 barrels.
Although stocks of both crude petroleum and gasoline
held east of California fell off in September, the material
accumulation of crude stocks in California was reflected in
total stocks of all oils which rose from 672,066,000 to 677,421,000 barrels, a new high figure. However, in terms of
days' supply, the latter figure represents only 211 days'
supply as compared with 204 a year ago, continues the
"Bureau," which adds:
All of the leading producing areas of the country fell off in daily average
production in September. The Seminole district fell from a daily average of
420,000 barrels in August to 405,000 barrels in September, the lowest since
May. In spite of a material increase in total initial production from new
wells in 1,Vt Texas, that district continued to decline in output. This was
due to the fact that a large part of the total initial production was from
new wells in the Yates field which were pinched in immediately after the
test. The feature of the month in California was the failure of the Santa Fe
Springs field to attain a new high level. Nearly 80,000 barrels of new
initial production was brought In at Santa Fe Springs in September but
that was only sufficient to about balance the decline of the older wells.
Stocks of crude petroleum held in the Seminole district increased in
September and amounted to 18,541,000 barrels on Sept. 30.
During September a total of 160 wells were completed in the four districts
of Seminole, West Texas, Long Beach, and Santa Fe Springs as compared
with 154 in August. The total number of drilling wells fell off from 813 in
August to 800 In September, this decrease resulting from a slowing up of
operations in the Seminole area.
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
August 1929.
September 1929.
Total.
405.000 13,050,000
33,000 1,242,000
376,000 12,218,000
170,000 5,426,000
281.000 8,727,000
September 1928.
Total.
DatlyAver.
110401 000
420,000 13,333,000
40,000
394,000 10,760,000
175,000 5,940,000
282.000 1,121,000
347,000
111,000
359,000
198,000
37,000
STOCKS AT SEMINOLE,ST. LOUIS. &c.(BARRELS OF 42 U.S. GALLONS).
Total stocks
556.000
17,985,000
642,000
17,678,000
475,000
17.368,000
18,541,000
18,320,000
17,843,000
b Includes stocks at Seminole only.
1
22
66,300
900
281
32
__
--
274,400
11,400
78,500
6,400
700
2,800
268
76
175
c From "011 ez Gas Journal.'
barrels, a slight decline
Daily average gasoline production was 1,238,000
month. Exports were materially
from the record figures of the previous
grade, amounting to 33,222,000
lower but stocks continued on the down
barrels on Sept.
The
barrels on Sept. 30 as compared with 33,788,000
September, when the daily
turning point in consumption was reached in
1,218,000
barrels
with
compared
average amounted to 1.140.000 barrels as
September 1928. At the current
the previous month and 992,000 barrels for
of Sept. 30-33,222,000 barrelsrate of total demand,the gasoline stocks as
24 days' supply on hand a
represent 26 days' supply as compared with
ago.
month ago and 23 days' supply on hand a year
the minor products were
of
Of outstanding interest in the statistics
and lubricants, a gain of
oil,
fuel
kerosene,
of
material decreases in exports
demand for kerosene and a
10% over August in the Indicated domestic
further decline in stocks of wax.
from schedules of 347
The refinery data of this report were compiled
crude-oil capacity of
refineries which had an aggregate daily recorded
the Bureau is able to
3,497,000 barrels. These refineries, which, as far as
at 80% of their
determine, cover all operations during September, operated
recorded capacity, given above, as compared with 345 refineries operating
at 81% of their capacity In August.
97,059
3,131
80,203
2,673
799,704
2,929
699,076
2,551
6,953
2,725
5,800
3,429
7,139
.598
62,727
20,403
59,349
9,295
101,774
3,392
106,288
3,429
87,940
2,931
882,834
3,234
767,720
2,802
5.355
5,104
e2,409
64,217
16.776
96,419
3,214
101,184
3,264
90,349
3,012
818,617
2,999
750,944
2.741
1,988
8,555
85,876
2,863
2.238
12,621
86,327
2,785
1,506
11,288
77,555
2,585
18,836
99,223
700,558
2,566
13,731
104,474
632,739
2,309
ncrease in stocks, all oils
Demandrotal demand
Daily average
ilxports: f
Crude petroleum
Refined products
)omestic demand
Daily average
Cxcess of daily average domestic production over domestic
demand
207
346
88
363
242
Stocks (End of Mont/I)rude petroleum:
Pipe-line, tank-farm, and
refinery:
386,662
East of California_d
150,443
California_g
386,677
146,047
373.497
113,433
386,622
150,443
373,497
113,433
537,105
661
139.655
532,724
893
138,449
486,930
436
126,553
537,105
661
139,655
486,930
436
126,553
Grand total stocks all oils_ 677,421
211
lays' suPPIY-h
Bunker ohl (included above in
4.424
omestic demand)
672,066
206
613,919
204
677,421
226
613,919
224
4.734
4,053
39.558
38.245
Total crude.g
latural gasoline at plants
teflned products
d 1928 figures are final and include producers' stocks. e Decrea-se. f In
eludes shipments to Alaska, Hawaii, and Porto Rico. g Includes fuel oil in Calif.
h Grand total stocks all oils divided by daily average total demand.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).
August 1929.
September 1929.
Total.
Daily An.
Total.
Daily An.
Jan.-Sept.
1929.
Jan.-Sept.
1928.
/lad94,000 24,601,000 23,168,000
94.700 2,914,000
Appalaphian___ 2,839,000
5.000 1,190,000 1,290,000
154,000
4,200
LirMS.1191diana. 125.000
362,000
21,000 3,084,000
650,000
Michigan
17,000
510,000
20,800 5,423,000 5,581,000
111.-S. W. In&
645,000
601,000
20,000
Mid-Continent 50,112,000 1,670,400 53,549,000 1,727,300 443,170,000408,030,000
Gulf Coast
4,659,000 155,300 4,780,000 154,200 39,860,000 34.052,000
76,200 19,552,001 121,962,000
2,319,000
Rocky Mtn
77,300 2,363,000
California
26,104,000 870,100 27,233,000 878,500 222.119,000 171,053,000
U. S. total
87,269,000 2,909,000 92.288,000 2,977,000 758,999,000 666,107,000
Slate-Arkansas
1,953,000
California
28,104,000
182,000
Colorado
Illinois
531,000
75,000
Indiana:
Southwestern
70,000
5,000
Northeastern
3.959,000
Kansas
Kentucky
722,000
1,780,000
Louisiana
Gulf Coast
636,000
Rest of State 1,144,000
510,000
Michigan
255,000
Montana
New Mexico
216,000
New York
282,000
Ohio:
541,000
Cent. es East
421,000
120,000
Northwest'n.
Oklahoma:
21,372,000
OsageCounty 1,178,000
Rest of State 20,194,000
Pennsylvania
959,000
Tennessee
1,000
Texas:
25,707,000
Gulf Coast
4,023,000
Rest of State 21,684,000
West Virginia.
454,000
Wyoming:
1,666,000
Salt Creek
972,000
Rest of State
694,000
2,056,000
27,233,000
189,000
571,000
80,000
74,000
6,000
4,186,000
678,000
1,668,000
594,000
1.074,000
650,000
265.000
145,000
285,000
577,000
429,000
148,000
22,632,000
1,255,000
21,377,000
1.042,000
2,000
27,787,000
4,186,000
23,601,000
478,000
1.764,000
1,022.000
742,000
66.300 19.424,000 24.305,000
878.500222.110,000 171.053,000
6,100 1,813,000 2,108,000
18,400 4,743,000 4,882,000
768,000
730,000
2.600
699,000
680,000
2,400
69,000
50,000
200
135,000 32,288,000 29,728,000
21,900 5,530,000 5,494,000
53,800 14,906,000 10,667,000
19,200 5,347,000 5,279,000
34.600 9,559,000 11,388,000
21,000 3,084,000
362.000
8,500 2,441,000 3,041,000
962,000
4,700
660,000
9,200 2.478,000 1,838,000
18,600 5,038,000 5,356,000
13,800 3,898,000 4,135,000
4,800 1,140,000
1,221,000
730,100 193,790,000 181,195,000
40,500 11,439,000 15,352,000
689,600 182,351,000 16,5.843.000
33,600 8,521,000 7,385,000
100
16.000
39,000
896,300 222,622,000 190.796,000
135,000 34.513,000 29,373,000
761,300 188,109,000 161,423.000
15,400 4,158,000 4.277,000
56.900 14,336,000 16,147,000
33,000 8,494,000 10,743,000
23,900 5,842,000 5,404,000
!
Daily average runs to stills of domestic crude petroleum
reached a new peak in September but daily runs of foreign
crude continued to decline and fell below 200,000 barrels for
the first time since April 1928, adds the "Bureau," which
is further continued:
92,096
3,070
OCCOCOQ
00000oc
Co -.00N ,,,,-.
3
3
666,107
2,431
30,897
2,072
Total production
Daily average
mports:
Crude petroleum
Refined products
CMN..CMN
00..C.
72
43
17
28
758,999
2,780
38,398
2,307
M4c.i.i
Dry.
Oil.
Seminole
Bt. Louis, Ac
West Texas
Long Beach
a...,,,, r.. enri,,,,a
Total Initial Ayer. Initial Drilling
Sept.
Production Production
(Barrels).
30.
(Barrels).
Gas.
76,484
2,540
3,488
231
..olt.M
C. Co
Completions.
92,288
2,977
4,507
264
....
RECORD OF WELLS, SEPTEMBER 1929.c
87,269
2,909
4.574
253
M N .0N M ,
-.
..
Sept. 30 1929. Aug. 311929. Sept. 30 1928.b
Producers' stocks
Tank-farm stocks
Sept.
1928.d
C
a From American Petroleum Institute.
Aug.
1929.
New Supply3omestie production:
Crude petroleum
Daily average
Natural gasoline
Benzol
rota' new supply all oils
Daily average
Jan.-Sept. Jan -Sep1
1929.
1928.d
Sept.
1929.
COCQQ0OCCOOCCQ0.000Q0Q00
0C00.000000C0000QQ00c0C
......,,
)mC40.-.MN-+OCC4.1...C.I.M....
12,138,000
663,000
11,279,000
5,096,000
8.427.000
Daily Aver.
Total.
Daily Aver.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S.gallons.)
;,.,. .
Seminole,
St. Louis, &c_
Oklahoma City
West Texas_ _ _
Long Ileacha_ _
Santa Fe Spr_a
[Vox,. 129.
FINANCIAL CHRONICLE
2932
Classification by Gravity (approx.)
..ight crude_ 78,509,000 2,617,000 83,407,000 2,690,500 684,260,000 594,920,000
_Wavy crude
8,760,000 292,000 8,881,000 286,500 74,739,000 71.187.000
I Includes 6,000 barrels for Alaska and Utah.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce)
September 1929.
Total.
ImportsFrom Mexico
1,604,000
From Venezuela _ 4,395,000
From Colombia..... 845,000
From other countr's 109,000
Total imports_
6,953,000
ExportsDomestic crude:
To Canada
1,782,000
To other countes 206,000
Shipments
Foreign crude oil_
Total exports
1.988.000
Daily An.
A ugus 1929.
Total.
53,500 1,445,000
146.500 3,016,000
28,200 914,000
3,600 425,000
_
231,8005,800,000
Daily Av.
January- January.
September September
1920.
1928.
46,600 10,200,000 13,091,000
97,300 41,246,000 34,705.000
29.500 8.913,000 9,528,000
13,700 2,368,000 2.025,000
187,100 62,727,000 50.340,000
59,400 1,922,000
6,900 314,000
62,000 15,942,000 11,171,000
10,100 2,887,000 2,555,000
4,000
7,000
1,000
66.300 2.236.000
72100 IR R/R Ann 1/ 771 nnn
2933
FINANCIAL CHRONICLE
Nov. 9 1929.]
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES (Bbls.)
Sept. 30
1929.
At Refineries (and in coastwise transit thereto).
Reported by location of storage:
East coast-Domestic
Foreign
Appalachian
Indiana, Illinois, Kentucky. &c
Oklahoma. Kansas, and Missouri
Texas-Inland
Gulf coast-Domestic
Foreign
Arkansas and inland Louisiana
Louisiana Gulf Coast-Domestic
Foreign
Rocky Mountain
Sept. 30
1928.
Aug. 31
1929.
8,053.000
3,964.000
2.185.000
2.759.000
5,247.000
1,767.000
8,189.000
128.000
852.000
4,656.000
1.117.000
1.680.000
18,899,000 9,221,000
3,748,000 4,370,000
2,803,000 2,697.000
2.809,000 2,834,000
15.3693300 6.475.000
1,745.000 1,716.000
10,438,000 10,461.000
557.000
372,000
1,347,000 1,468,000
4,384,000 4,164.000
1.663,000 1,469.000
11.343.000 1,811,000
145,105,000 46,998,000 40,597,000
Total east of California
Elsewhere than at RefineriesDomestic-Reported by field of origin:
Appalachian-N. Y., Pa. W. Va., Gross 4,888,000 4,819,000 5,689.000
Net
4,555,000 4,578,000 5.375.000
Eastern and Central Ohio
Gross
967.000
905.000
999.000
Kentucky
Net
764.000
806.000
845.000
Gross
820.000 1.529,000
Lima-Indiana
715.000
Net
529,000
637,000 1.346.000
Gross 11.004.000 11,254,000 12,195.000
Illinois-S. W. Indiana
Net
10,302,000 10,598,000 11.527.000
Kan., Pan- Gross 270,512.000 268,483,000 248,361,000
Mid-Continent-Okla..
handle. Cent.. North& West Texas Net 1257611,000 255.199.000 236,105.000
Northern Louisiana and Arkansas_ Gross 25.958,000 26.608,000 28.894,000
Net
22.252,000 22.856,000 26,125.000
Gulf coast
Gross 21.180.000 20.915,000 18,795.000
Net 120.637.000 20.374,000 18,308.000
Rocky Mountain
Gross 24.850,000 24,522,000 26,333,000
124.791,000 24,465.000 26.295.000
Net..
Total pipe-line & tank-farm stocksjGross 360.012,000 358,388.000 342.795.000
east of California
'Net 1341441,000 339,513,000 325,926,000
Foreign crude petroleum on Atlantic Coast...
Foreign crude petroleum on Gulf Coast
45,000
71,000
67,000
99,000
43.000
154.000
116,000
166,000
197,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crude
386,662,000 386,677,000 366.720,000
petroleum east of California
Classification by Gravity (Approximate)East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)
California-Light (20 deg. and above)
Heavy (including fuel)
345,673.000 344,701,000 317,203,000
40,989,000 41,976.000 49,517.000
40,433,000 37,685.000 16.870,000
110,010,000 108,362.000 96,563,000
Producers' Stocks (not Incl. above approx.)East of California
California
6,450,000
316,000
6,450,000
252,000
6,777,000
k
j Approximately 1,500,000 barrels transferred from refinery to tank-farm storage.
k Not available.
INDICATED DELIVERIES OF CRUDE PETROLEUM. EXCLUSIVE OF
CALIFORNIA GRADES. TO DOMESTIC CONSUMERS(BARRELS).
Domestic Petrol.
by Fields of
Origin.
September 1929.
Total.
August 1929.
Daily Av.
Total.
Daily As.
Jan. Sept.
1929.
Jan.-Sept.
1928.
96,800 2,915,000
94,000 24,797,000 24,302,000
Appalachian __ 2,904,000
249,000
8,000 1,823,000 1,082,000
7.800
Lima-Indiana. 233,000
650.000
21,000 3,084,000
17.000
Michigan
510,000
363,000
662.000
21,400 6.488,000 6.228,000
897,000
29,900
Ill. & S. W.Ind
Mid-Continent 48,304,000 1.610.100 48,071,000 1,579,700 429,055,000 393,198.000
4,396,000 146,500 4.879,000 157,400 37,495,000 34,334.000
Gulf Coast
71,800 20.262,000 23,017,000
66,500 2.226,000
1,993.000
Rocky Mtn
Deliveries and
59.237,000 1.974,600 60,552,000 1,953,300 523,004,000 482.524.000
exports
57,639,000 1,921,300 58,925,000 1,900.800 509,861,000 473.115.000
Deliveries
Forn petram. 7,003,000 233,400 5,856,000 188,900 62,870,000 59,235,000
Deliveries of domestic & for.
natrnipmn_ 64.642.000 2.154.700 64,781.000 2,089,700 572,731,000 532.350.000
NUMBER OF WELLS COMPLETED.'
September
1929.
August
1929.
September
1928.
Jan.-Sept.
1929.
Jan.-Sept.
1928.
1.440
240
680
1,671
256
743
1,185
231
637
11,610
2,022
5,848
9,063
1,956
5,257
19,480
2,053
Total
2,670
2,360
I From "Oil & Gas Journal' and California office of A. P. I.
16,276
Oil
Gas
Dry
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
September
1929.
August September Jan.-Sept. Jan.-Sept.
1928.
1929.
1929.
1928.
198,000
Crude oil
Refined products:
Gasoline
TOPS
Kerosene
Gas oil
Fuel oil
Lubricants
Asphalt
Total refined products
100,000 1,299,000 2,154,000
2,050,000 2,367.000 1,269,000 17,077,000 12,003,000
259.000
72,000
1,000
79,000 2,385,000 1,689,000
658,000 203,000
2,000
73,000
715,000
3,000
71,000
24.000
159,000
9,000
256,000
2,000
3.000
22,000
20.000
2,000
2,722,000 2,643.000 1,377,000 19,788,000 14,943,000
STOCKS HELD BY REFINING COMPANIES IN THE UNITED STATES
SEPT. 30 1929.
(/n Barrels)
East coast
Appalachian
Indiana. Illinois. Kentucky. &c._
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total Aug. 31 1929
Texas Gulf coast
Louisiana Gulf coast
Gasoline.
Gas Oil
Lubricants.
Kerosene. & Fuel Oil.
(Bbls.)
1,334.000 9,130,000
246.000 1,060.000
1,082.000 3.465.000
657,000 5,438.000
1,355.000 14,237.000
752.000 6.071.000
328.000 1.245.000
3.110,000
2.433.000
1,145.000
668,000
372,000
1,827,000
04,000
173.000
877,000
33,222.000
8,864,000 m40,646000
7,589,000
33,788.000
3.120,000
1,397,000
8,689,000 m39316.000
1,187.000 10.209.000
726.000 4,843,000
7,478.000
1,789.000
87,000
4,112,000
1,066,000
4.375.000
2.937,000
4.087,000
1,684,000
1,843.000
13,118,000
Oth.Finished
Products
(Bbls.)
Unfinished
Oils
(Mts.)
96,000
1,600
42,100
3,600
8.400
27.300
6,700
44,800
118,000
67,000
128,000
54,000
14,000
65,000
45,000
191,000
8.757,000
1,435,000
4,290,000
2,207,000
12,829.000
2,025.000
1.906,000
n9,926,000
183,714,000 648,500 230,500
682,000
43,375,000
190.878.000 608,000 246,800
5.688,000 239.000 8.300
27,694.000 55,600 21,200
742.000
5,000
62,000
43.251.000
11,343,000
1,668,000
Wax
(Lbs.)
East coast
Appalachian
Ind., Ill., Kentucky, &c
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total Aug. 31 1929
Texas Gulf coast
Louisiana Gulf Coast
Coke Asphalt
(Tons) (Tons)
85.372,000 20,000
20,176.000 4.500
14,146,000 72,000
8,419,000 99.900
5,888,000 256.800
27.694,000 55,600
22,019.000 106.300
33,400
m East of California. o Includes 2.980.000 barrels tops.
Standard Oil Co. (New Jersey) Reduces Crude Oil
Stocks in Storage 20,000,000 Barrels, or 22%, in
23/i Years Ended June 30 1929-Future Held No
Longer Uncertain-Oil Industry Can Attain a
Financial Equilibrium by Utilization of Stocks,
Says "The Lamp."
The Standard Oil Co.(New Jersey), in its official publication, "The Lamp," holds that the future supply of crude oil .
is no longer an uncertainty and that the industry can now
with safety reduce the quantities in storage as opportunity
offers. The enormous growth in the consumption of petroleum products had in the past supported the view that in
time demand would overtake supply and that the stocks in
storage would then be justified and would serve their true
function as a reservoir. The Standard Oil Co.(New Jersey)
has been sufficiently convinced of the soundness of the new
policy to reduce its own stocks from 90,000,000 barrels at
the end of 1926 to 70,000,000 barrels at the middle of this
year, adds "The Lamp," which goes on to say:
With much of 1929 behind it, the petroleum industry N almost on the
eve of its annual stock taking. Events which have shaped the course and
policies that have determined the extent of its prosperity are already in
the past and it is not too soon to discern the outline of the picture that the
year in retrospect will present.
Despite kaleidoscopic changes of the last decade it appears that in its
essentials the 1929 showing will not be greatly different from that of previous years or at least greatly different from the trend in that period. There
will be found in it the familiar sequence of events which has characterized
the conduct of the industry since the inauguration of the policy of carrying
large accumulations of reserves above ground. This policy has been regarded
as an insurance against a contingency of depleted or insufficient supply, a
contingency which it would seem the industry has rendered virtually impossible of occurrence. The fact that it has not arisen nor is likely to arise
and that every year's progress in the scientific exploration for petroleum
fields and in the increased extraction of their valuable constituents is
rendering it more remote has been ignored when the industry has been
making provision for the current requirements of its markets. The
existence of these reserves and the costly burden they have imposed have
in the past failed to prevent advances in the posted prices of crudes when a
temporary shortage threatened. With almost mathematical precision there
has resulted from these advances a stimulus of crude producing operations
which in turn have still further augmented the stocks of crude and finished
products above ground to larger and more unwieldy proportions.
The cycle of an advance in the crude market, followed by an acceleration
of drilling operations and a resultant steadily mounting volume of stocks
In storage has been already faithfully repeated in 1929. The extension of
pipe line facilities increased the quantities of Mid-continent crude available to the refining centers and in anticipation of large consumption during
the Summer season, stocks of this crude were drawn upon during the
months of April and May to the extent of some two and a half million
barrels. In May the Mid-continent posted price was advanced. In May and
June the advance was reflected in an increase in the number of wells
drilling in the United States, over the same two months of 1928 by nearly
15%. There were 4,478 completions in June and July of this year as
against 3,779 completions in June and July of 1928 and in the first seml
months the completions reached 14,143 as against 11,999 in 1928. As a
result, when the record of the year comes to be written, the industry will
find itself in possession of a reserve above ground which has more than
tripled in ten years and which will not fall far short of 700,000,000 barrels.
In other words, in a year of unparalleled consumption of petroleum its
production has run ahead of all domestic and export requirements at the
rate of more than 5,000,000 barrels a month.
Petroleum stocks in storage were originally accumulated for utilization
In time of need. They were intended to level off the high places and fill
up the low ones, thus creating stability of price and certainty of supply.
Their economic function is that of a balance wheel which in periods of
scarcity or oversupply insures against extreme fluctuation in price. The
greater part of them went into tanks on a basis of cost above the level of
prices which has prevailed most of the time since or that is in effect to-day.
It was a natural expectation that they would be disposed of at cost or at a
profit. But an actual shortage of current producton had never developed,
hence the theory that since the owners of the stocks would be reluctant to
draw on them at less than cost, prices would go to permanently higher
levels has proved unsound. At times individual necessities have carried
prices to levels approximating the cost of crude in storage, but for the
most part advantage has not been taken of these situations to draw upon
stocks and price increases have again stimulated production of more crude.
It is becoming more apparent that a sound basis of crude prices cannot
be establi.hed on the cost of crude already in storage but must depend upon
what the industry can obtain for its products. Almost one-half of the
contents of the crude in storage is fuel oil and regardless of its percentage
of the original cost, this fuel oil content cannot, under existing conditions,
be sold for more than the price obtainable in competition with coal. As a
smatter of fact, it has been selling far below the equivalent coal value.
Nearly ten years ago, in 1920, the American industry was carrying
203,000,000 barrels of crude oil and products in storage. This was appraised
as being ample reserve to tide the country over any probable shortage.
In 1924, in a discussion of "Over-Production, Its Causes and Effects," "The
2934
FINANCIAL CHRONICLE
situation and was the direct cause of the lower prices
named in the domestic trade.
Lead has been more active than last week, though one
seller was responsible for most of the business. A few
good sized orders for prompt or November shipment were
placed by cable, sheet lead, and pipe manufacturers, this
business being supplemented by fifteen or twenty carload
lots from smaller consumers, also for prompt shipment.
Tin holdings in London are in process of liquidation, and
prices have fallen along with those of lead and zinc. No
interest in the market here was aroused until yesterday,
with pries below 40 cents.
Production of Slab Zinc Again Exceeds ShipmentsStocks on Hand Continue to Increase.
According to the American Zinc Institute, Inc., 50,938
short tons of slab zinc were produced in October last as compared with 53,285 tons in the preceding month and 50,259
tons in October 1928. Shipments in October 1929 amounted
to 48,184 short tons, of which 67 tons were exported. This
compares with 47,755 tons shipped in September last and
52,106 tons in October 1928. Stocks at Oct. 31 1929,
totaled 57,116 short tons, as against 46,068 tons a year ago
and 53,363 tons on Sept.30 1929. The Institute also released
the following statistics:
Metal sold, not yet delivered, at the end of October amounted to 14,724
tons; total retort capacity at Oct. 31 1929, was 119,921 tons; number of
Idle retorts available within 60 days. 49.769; average number of retorts
operating during October, 70.036, number of retorts operating at the end
of October, 66.998. A comparative table shows•
PRODUCTION. SHIPMENTS AND STOCKS AT END OF PERIOD.
(Figures In Short Tons.)
Month of1929.
3ctober
September
kugust
filly
rune
Way
tpr11
Warn ______
February
lanuary
Total 10 mos...29
1928.
3ecember
41'ovember
)etober..
leptember
Lurruat
My
une
day
1prIl
dwell
rebruary
anuary
Total in 1928
Tntal In 1997
Domestic
Shipments.
50,038
53,285
55,290
54,441
52,953
56,058
54.653
55,471
48,154
49,709
47,117
46,287
50,610
46,570
47.973
56,614
56.558
56,267
51,057
47,677
67
1,468
969
681
1,874
1,106
1,469
1,862
1,895
2,055
47,184
47,755
51,579
47,251
49.847
67,720
58.027
58,129
52,952
49,732
531,852
506,730
13.448
520,176
50,591
50.260
50,259
49.361
52.157
50,890
50,825
53,422
53,493
55,881
50,042
52,414
49,625
48,698
50,126
44,103
47.050
49.510
49,780
49,818
46,517
51,856
46,754
45,771
2,067
1.088
1,980
1,759
2.901
3.538
1,802
3,138
3.746
3.786
4,134
5,231
51,692
49.785
52,106
45.862
49.951
53,148
51,582
52.956
50,263
55,642
50,888
51,002
619,595
579,608
35,270
614.878
52,347
49,217
50,185
47.735
49,012
47.827
49.718
51.296
51,626
56,546
51,341
56,898
46.483
44.374
46.602
44.038
49.739
43,359
43,122
45,560
44,821
48,107
43,655
45,884
4,433
1,746
1,637
4,007
4,009
4,803
4.784
4,898
1,876
5,098
4,760
2,989
515 KAI2
RACI Add
Exports.
AR 11411
Total
Stoats
Shipments. &ad of Mo.
EcTo6o3e4
1927.
)member
rovember
1etober _____
Wernher
,t1gUlit
ury
une
fay
pril
larch
ebruary
mammy
ProSuction.
10005.30Degt.01101,V1.M
•-.C4C2•0•000.0020.....
Ot•-• C101,0”41.
NCO 22
Lamp" called attention to the fact that these stocks had more than doubled
and amounted at that time to 530,000,000 barrels. In the intervening years
the increase had been rapid and sustained until it reached the record figure
mentioned. What should be the eventual utilization of these stocks was
certain to receive more and more consideration as their size increased.
The attitude of the industry in this regard is influenced by certain factors
which have arisen within recent years.
These factors largely represent the contribution of the refining branch of
the industry to overproduction. Had refiners been content with the obsolete
practices of ten years ago there would be no surplus overhanging the markets
to-day. The technique they developed has made it no longer possible to
measure the reserves of gasoline held for the protection of the future
consumer in terms of the sweet crudes available. Successively, the refiners
have solved the refining problems of the so-called heavy or sour crudes
and have given them a value in direct proportion to their naphtha content
comparable to the Mid-continent crudes.
While some sweet crudes possess a special value for the manufacture of
lubricating oils and specialities, further improvement in processes will
tend to eliminate or diminish this value. Moreover, from the sour or
heavy crudes the refiners are now manufacturing a motor fuel which by
reason of its lower knock rating appeals to large and growing markets.
It is fair to assume that the potential naphtha content of all crudes above
and below ground represents the gasoline reserve of the industry.
Of equal importance is the influence upon future markets of the
increased cracking operations and the large straight run yield being secured
of late years. On another page appears a chart-originally published in
"The Lamp" in 1924 and now revised to date-which illustrates the
trend. [We omit this chart.-Ed.] The chart has been projected to the
end of 1930, and it portrays strikingly the extraordinary extent to which
these operations have reduced the amount of crude necessary to maintain
as a safeguard against future consumption. Going back to the period from
1916 to 1920 the consumption and exports of gasoline is shown to have
made an average gain of 21.92%. In that period, the refinery gasoline
output was 23.99% of the crude run. In 1916 cracked gasoline was 12% of
the total manufactured, which meant 6,000,000 barrels. In 1920 it was
17%, the extra 1% adding 14,000,000 barrels. By 1928 it had jumped
to 32.5%, or 122,000,000 barrels.
If the average gain of 21.92% in the consumption and exports of gasoline
which existed from 1916 to 1920 had continued in the same ratio until 1928,
and if the refinery gasoline output-23.99% of the crude run-had
remained stationary, the refineries last year would have required 6,496,636
barrels of crude daily to provide for their gasoline markets. In other
words, had there been no improvement in refinery and absorption processes
the producers probably could not have supplied enough crude in that year
to meet requirements.
However, consumption after 1920 gained more slowly and by 1928 the
Increase was down to 11.44%. In the eight years after 1920, however, the
improvements in processes raised the refinery output of gasoline from
the 23.99% average of the 1916-20 period to 35.55%. The larger straight
run yield secured by the refiners and the increase in cracking operations
reduced the daily prude requirements of the refineries from the theoretical
6,496,635 barrels to 2,494,073 barrels actual.
The possibilities which tomorrow's augmented yields from crudes hold
for the future is indicated by the fact that in August of the present year
the refinery output of gasoline was 44.40% of the crude run.
The enormous growth in the consumption of petroleum product' has in
the past supported the view that in time demand would overtake supply
and that the stocks in storage would then be justified and would serve
their true function as a reservoir. The other view is that the future is no
longer uncertain and that the industry can now with safety reduce the
quantities in storage as opportunity offers and, more important, that it can
attain a financial equilibrium by utilizing these stocks regardless of coat in
time of shortage instead of stimulating greater production of crude by
advances in the price schedule.
Whether this latter policy has been right or wrong, the Standard Oil
Co. (N. J.) has been sufficiently convinced of its soundness to reduce its
own stocks from 90,000,000 barrels at the end of 1926 to 70,000,000 barrels
at the middle of this year. This reduction of 22% in 2% years was not
accomplished without substantial losses, but these were not sufficient to
outweigh the resultant advantages. These gains are not reflected in the
overproduction situation to the extent that would have been the case if in
that period the aggregate stocks in storage in the United States had not
increased 27%.
Since the factors of higher efficiency in refining and the growth in the
manufacture of absorption gasoline referred to have come into play, the
aspect of the overproduction problem has entirely changed. Its success
• in handling the enormously increased demands for gasoline in the past ten
years warrants the belief that the industry will solve its own production
problem without endangering the supply for the future. The solution would
'seem to be to withdraw reserves of crude oil from their natural reservoirs
only as they are required.
[Vol- 1.29.
57,116
53,363
47,833
44,122
86,932
33.828
34,588
37.962
40,420
45.418
45,441
46,562
46,068
47,815
44,416
42,210
44.468
45,225
44,759
41.529
41,290
42,163
40.751
39,320
36,223
34,277
34,587
39,329
43,858
42,046
41,208
36.27(
32,938
29,912
MA flea
Record October in Pig Iron Output.
With actual production reported from all operating furCopper Holds Steady at I8-Cent Level-Zinc and Tin Sales naces to the "Iron Age" this week, the October coke pig
Down-Lead More Active But Easy.
iron output declined less than 1% from the revised data
Domestic fabricators of metals were disposed to hold off for September. Because of errors in estimates and transfrom placing business pending a return to stability in the mission on Oct. 1, September production was revised
securities markets though there was moderate improvement upward (see V. 129, p. 2157). The October production
in export demand for copper during the week, "Engineer- was a new total for that month and for 10 months a new
ing and Mining Journal" reports. The price of copper high was attained.
was maintained at 18 cents but lead, zinc, and tin sold at
Output in October was at the rate of 115,745 gross tons
lower levels. It is added:
per day, a decline of 840 tons, or 0.72%, from the SepCopper transactions for domestic account were few. tember rate of 116,585 tons per day. The nearest approach
Production is to be curtailed further so as to keep the out- to this for the same month was 113,189 tons per day in
put more in line with actual consumption requirements. October 1916. The October daily rate was the smallest
One producer already has announced that its output would since March this year, when it was 114,507 tons. In
be reduced about 25%. The sharp decline in the price of October 1928 the daily rate was 108,832 tons. The "Age"
standard copper in London-almost 4 pounds for the week also adds:
Operating Role on Nov. 1.
-attracted attention here but had no influence on the marEvidently there was a sharp decline in the operating rate of the furnaces
ket. Sales for export were more in evidence thanin the
active on Nov. 1. The 203 furnaces blowing on that day had an estimated
prceding week. Export business booked so far this month operating rate of 113,600 tons daily compared with 116,405 tons per day
totaled 4,500 tons, the price holding at 18.00 cents, c.i.f. for the 205 furnaces blowing on Oct. 1. The large difference for a lose of
only two furnaces is due to a marked lowering of the rate toward the end
European ports.
of the month with a number of furnaces shut down on Oct. 31 and Nov. 1.
Zinc sales were the smallest in volume in weeks. Weak- Eight furnaces were blown in and 10 were shut down by Nov. 1-a not loss
ness in London had a depressing influence on the general of two. In September there was a net loss of five furnaces.
The Steel Corporation blew out seven furnaces and blew in two while
independent steel companies blew in three and shut down two-a net loss
of four steel-making stacks. Three merchant furnaces were blown in and
one was blown out-a net gain of two. Thus the net loss for the month
was two steel-making stacks.
New Record for Ten Months.
For the ten months ended with October a new high for any such period
was recorded-36,267,442 tons. The nearest approach to this was 34,244,031 tons to Nov. 1 1923, an increase this year of 2,023,411 tons, an
Increase of almost 6%.
Steel-Making Iron Declines.
Loss in steel-making iron was 1,782 tons per day from September with
the production 93,644 tom per day against 95,426 tons per day in September.
Merchant iron gained in October at 22,101 tons per day compared with
21,159 tons each day in September.
Large Gain in Ferromanganese.
At 31,108 tons as the production of ferromanganese in October, the
month's total was the second largest this year. The high for the year was
Production Somewhat Lower in October.
The American Iron and Steel Institute in its monthly statement, issued Nov. 7, reports the production of steel ingots
during October, in which month there were 27 working days,
as 4,511,650 tons, against 4,510,879 tons in September,
which month contained only 25 working days. For the 27
working days in October last year the output was 4,649,968
tons. The approximate daily output in October 1929 was
167,098 tons, in September 1929, 180,435 tons, and in October 1928, 172,221 tons. Below we show the statement by
months back to Jan. 1928:
33,363 tons in Juno. A Western steel company blew in a furnace on ferromanganese last month.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928, TO
OCTOBER 1929-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.5151 of the Open-hearth
and Bessemer Steel Ingot Production in 1928.
Possibly Active Stacks Reduced.
With the dismantling of the Big Stone Gap furnace of the Intermont
Coal & Iron Corporation in Virginia, the possibly active stacks in tho
United States has been reduced from 318 to 317.
Furnaces Bi02071 in and Out.
Among the furnaces blown in during October were one furnace of the
Witherbee-Sherman Co., Port Henry, N. Y.; the Pulaski furnace in Virginia; one Toledo furnace in northern Ohio; No. 5 Iroquois furnace of the
Youngstown Sheet & Tube Co. in the Chicago district; one furnace of the
Colorado Fuel & Iron Co., in Colorado;one Pioneer furnace of the Republic
Iron & Steel Co.and one Bessemer and one Ensley furnace of the Tennessee
Coal, Iron & Railroad Co. in Alabama.
Among the furnaces blown out or banked during October were one Carrie
and one Edgar Thomson furnace of the Carnegie Steel Co. and one Eliza
furnace of the Jones & Laughlin Steel Corp. in the Pittsburgh district; the
Colonial furnace in western Pennsylvania; one furnace of the Carnegie
Steel Co.In Mahoning Valley; two Newcastle and one Farrell furnace of the
Carnegie Steel Co. in the Shenango Valley and No. 2 Weirton furnace of
the Weirton Steel Co. in the Wheeling district.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
January
February
March
April
May
June
First six months
July
August
September
October
November
December
12 months'average
2935
FINANCIAL CHRONICLE
Nov. 91929.]
1924.
1925.
1926.
1927.
1928.
1929,
97,384
106.026
111.809
107.781
84,358
67,541
95,794
57.577
60.875
68,442
79.907
83,856
95.539
85,075
108,720
114,791
114,975
108.632
94,542
89.115
105.039
85.936
87.241
90.873
97,528
100,767
104,853
99,735
106,974
104,408
111.032
115,004
112,304
107.844
109.660
103,978
103,241
104.543
107.553
107,890
99,712
107,043
100,123
105,024
112,368
114,074
109,385
102,988
107.351
95,199
95,073
92.498
89,810
88.279
86,960
99.266
92.573
100,004
103.215
106,183
105,931
102,733
101,763
99.091
101,180
102.077
108.832
110.084
108,705
103,382
111,044
114.507
119,321
122.087
125 741
123.908
119,564
122.100
121,151
116.581
115,741
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Works.
Merchant.*
69,520
78,444
83,489
85.183
85,576
81.630
23,053
21,560
19,726
21,000
20,355
21.103
19,578
18,538
19.487
20,781
21,610
23,290
25,514
25,201
24.361
26.407
25,571
23.915
24.056
22,251
21,156
22,101
1928-January
February
March
April
May
June
July
August
September
October
November
December
1929-January
February
March
April
May
June
July
August
September
October
79,513
82.642
82,590
88,051
88.474
85.415
85.530
89.246
95,461
95,680
100.174
99,993
98,044
98.900
95,426
93.644
Total.
92,573
100,004
103.211
106.181
105,931
102,732
99,091
101.18(
102,077
108,831
110,084
108.7W
111.044
114.501
119,822
122,081
125.741
123,901
122,10(
121.151
116,58:
115,741
•Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JAN. 1 1927-GROSS TONS.
1929.
1928.
1927.
1929.
1927.
1928.
Jan___ 3,103,820 2,869,761 3,442,370 July_ .2,951,160 3,071,824 3,785.120
3,755.680
Feb__ 2,940,679 2,900,126 3,206,185 Aug_ _2,947.276 3,136.570
3.497.564
Mar_ _ 3.483,362 3.199,674 3,714,473 Sept- 2,774,949 3,062,314
3,588,118
Apr_ _ 3,422,226 3,185,504 3.662.625 Oct__.2,784,112 3,373,806
3,302.523
.2,648,376
Nov_
3,898,082
May__ 3,390.940 3,283,856
Jam._ 3,089,651 3.082,000 3,717.225 Deo...2,695,755 3,3139,846
yr_19,430,678 18,520,921 21.640,960 Year•36,232,306 37.837,804
•These totals do not include charcos pig iron. The 1928 production of this
Iron was 142,960 gross tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Total Pig IronSpiegel and Ferromanganese.
1927.
Ferrornandatiescx
1928.
1929.
1927.
1928.
1929.
31.844
24.560
27,834
22.298
19,320
27,912
28,208
26.979
24.971
84,238
24,735
28.734
29,232
69.530
18,405
29,940
82.088
79,154
22,418
25.896
33.363
tannery
rebruary
%birch
2,343.881
2,256,651
2,675,417
2.155,133
2,274,880
2,588,158
2.651.416
2.498.901
2,959,296
3 months
April
Way
lime
7,275,949
2,637,919
2,619,078
2,343,409
7,018.171
2.555.500
2,652.872
2,448,905
8,109.612
2,828.028
3405,404
2,999,798
Half year
fuly
August
1September
14.876.355 14.675.448 17,040,842 166,939 149,963 150,836
2463,101 2,464,896 3,039.370 26,394 32.909 31.040
2,213,815 2,561,904 3,065.874 21.279 24.583 28.461
2.090,200 2.477.695 2,862.799 20.675 22.278 27.505
9 months
October
November
December
21,343.571 22,179,943 26,008.885 235,287 230.733 247,842
2,076.722 2,729,589 2,902,960 17,710 23.939 31,108
17,851 29.773
1,938,043 2,654.211
20,992 28,618
1,987,652 2,647.863
27,345.888 30,211,606
Year
a Inoludee output of merchant furnaces.
291%840 312,061
Months
1928.
Openhearth.
4PIP702. Per
Calculated
Monthly
Cent.
Monthly No.of Datiy
Output
Bessemer. Companies. Output. all Wks. Output. OperReporting. Companies. Days. all Co.'s. Mons
26
25
27
25
27
26
25
27
25
27
153,496
161,738
166,938
172.215
155,823
143.996
152.224
154.783
165.916
172.221
81.42
85.80
88.55
91.35
82.66
76.38
80.75
82.10
88.01
91.36
10 mos. 33,795,431 5,503,869 39,299,300 41,580,142 260
159,924
84,83
26
25
164,109
160.728
87.05
85.26
40.538,657 6.591,217 47,129,874 49,865,185 311
160.338
85.05
Jan
Feb
March
April
May _ _ _ _
June... _
July
Aug
Sept
Oct
Nov
Dec
Total_
3,273,294
3,300.407
3,692,648
3,505,104
3,394,301
3,010.341
3,068,257
3.379,625
3.375,654
3,795,800
3,442,112
3,301,114
1929
Jan
3.694,218
3,599,224
Feb
March
4,183,869
April
4,026,576
May.,.. _
4,276,186
June_ _ _. 3,990,798
July_ _ _. 3,922,532
Aug
.3,988,729
Sept ..
3,627,639
3,619,432
Oct __ _ _
498,691
521,250
567,330
564,110
582,128
528,193
528,588
569,771
544.710
599,098
590,669
496.679
3.771.985
3,821,657
4,259,978
4,069,214
3,976,429
3,538,534
3,596,845
3,949,396
3.920.364
4,394,898
4,032,781
3.797.793
3,990,902
4.043.457
4,507.217
4,305.382
4,207,212
3,743,903
3,805.598
4.178,610
4,147,893
4,649,968
4,266,835
4,018,208
549,616 4,243,834 4,490,354
489,279 4,088,503 4,326,000
598,1391 4,780,560 5,058,258
1 A„).A51 4,666,927 4,938,025
707,484 4.983,670 5,273.167
6210,385 4,613,383 4,881,370
649,950 4.572,482 4.838,093
663,023 *4.656,752 '4,927,258
635,593 4,263,232 4.510,879
644,528 4.263,960 4,511,650
27
24
26
26
27
25
26
27
25
27
166,309 84.80
180,250 91.91
194,548 99.20
189,924 96.84
195.302 99.59
195,255 99.56
186,080 94.88
*182.491 .93.05
180,435 92.01
167,098 85,21
183,673 93.66
10 mos. 38,929,203 6,204,100 45,133,303 47.755.054 260
x The figures of "per cent of operation" in 1928 are based on the annual capacity
as of Dec. 311927. of 58.627,910 gross tons for Bessemer and open-hearth steel Ingots, and In 1929 are based on the annual capacity as of Dec. 31 1928 of 60,990,810
gross tons for Bessemer and open-hearth steel ingots.
* Revised.
Steel Buyers Cautious-Railroads Active PurchasersPrices Unchanged.
The initial effect of the stock market break on the iron and
steel industry has been to accentuate caution on the part of
buyers, the "Iron Age" states in its issue this week. New
business has been light and the placing of some prospective
tonnage has been delayed, indicating that purchasers wish
to obtain a better appraisal of the influence of the securities
debacle on their own businesses before making further commitments in their raw materials, adds the "Age," which goes
on to say:
Cancellations reported, however. are almost negligible and specifications
against unfilled orders have held up well, with reductions chiefly 'of the
kind that would have been made regardless of developments in Wall Street.
The low iron and steel inventories of largo consuming industries are one
of the favorable features of the situation. Many companies that use steel
in a big way have no more than a fortnight's supply. Jobbers' stocks,
also, are reported to be low.
If there is an inventory problem among manufacturing users of iron and
steel, it is due more largely to an accumulation of finished product than to
the stocking of materials. Supplies of manufactured goods that have
heretofore been regarded as normal might easily become excessive if the
buying power of ultimate consumers were seriously curtailed.
Thus far few evidences of reduced popular demand for consumption
goods have appeared except in the automobile industry. Motor car manufacture was suffering from the effects of overproduction before the stock
market collapse, being one of the few outlets for steel in which excessive
activity developed, but the period of readjustment, if present Indications
are borne out, has been prolonged by the Wall Street crash. Automobile
makers generally are revising production schedules downward.
Consumer demand for goods outside of the luxury or semi-luxury class
is expected to hold its own unless serious unemployment should develop.
Farm implement manufacturers have not altered their production programs, which remain at a high rate. The output of stove manufacturers
In the St. Louis district is one-third greater than a year ago. Operations
of a loading radiator manufacturer are the highest since February.
large
Chicago reports that a more active bond market will release a
mortgage
accumulation of public improvement work and that the floating of
loans will have a stimulating effect on private building within six or eight
weeks. More conservative opinion postpones general acceleration of building activity for four or five months.
Demand for rolling stock was active even before the stock market break,
but more favorable buying terms are expected to speed up action on pending inquiries and to bring out now equipment programs. Freight cars now
In the market number 14,000, including 2,300 on which the Missouri
Pacific has just asked for figures. Inquiries from Eastern lines for 20,000
additional cars are looked for before Jan. 1. The Missouri Pacific, the St.
Louts-San Francisco, the Rock Island and the Wabash have asked for
tenders on a total of 125 locomotives.
The Missouri Pacific has bought 61,000 tons of rails and the Southern
Pacific has entered the market for 122,000 tons.
Steel ingot output has receded to 60% in the Valley district and to 75%
averat Pittsburgh and Cleveland, but remains at SO% at Chicago. The
plants is
age for Steel Corporation subsidiaries and for the Bethlehem
the
by
part,
in
up,
held
estimated at 82%. October output of steel was
continued.
stocking of ingots and semi-finished steel, but this cannot be
2936
FINANCIAL CHRONICLE
['You 1211.
Pig iron production in October totaled 3,588,118 tons, the largest output
for that month on record. At 115,745 tons, the daily rate showed a decline
of only 0.72% from that of September. There was a net loss of two active
stocks in the month. The operating rate Nov. 1 of the 203 active stacks
was 113,600 tons, compared with 116,405 tons on Oct. 1.
The steel and iron composite prices of the"Iron Age" remain unchanged.
That for steel is 2.362c. a lb. and that for pig iron, $18.38 a gross ton, as
the following table shows:
September was also larger than in the corresponding month
a year ago.
For the nine months ended with September, the exports of
meats and meat products and of animal oils and fats were
larger in both quantity and value than in the corresponding
nine months of the previous year. The report is as follows:
Finished Steel.
Pig Iron.
Nov. 4 1929, 2.3620 a Lb.
Nov. 4 1929, $18.38 a Grose Ton.
One week ago
2.362c. One week ago
$18.38
DOMESTIC EXPORTS OF MEATS AND FATS.
One month ago
2.369c.
One year ago
2.3690.
10-year ore-war average
1.689c.
Based on steel bars, beams,tank plates,
wire, rails, block pipe and black sheets,
These products make 87% of the United
States output of finished steel.
High.
1929__2.412c. Apr.
19282.391c. Dec.
1927_2.453c. Jan.
1926_2.453c. Jan.
1925-2.560c. Jan.
Low.
2
11
4
5
6
2.362c.
2.3140.
2.293c.
2.4030.
2.3960.
Oct. 29
Jan. 3
Oct. 25
May 18
Aug. 18
One month ago
18.29
One year ago
18 34
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
1929_318.71
1928.__ 18.59
1927___ 19.71
1926_ __ 21.54
1925___ 22.50
Low.
May 14 218.25 Aug. 27
Nov. 27
17.04 July 24
Jan. 4
17.54 Nov. 1
Jan. 5
19.46 July 13
Jan. 13
18.96 July 7
First reaction to the recent drastic adjustment in security
values is developing in the automotive industry, the "Iron
Trade Review" states in its current issue. On short steel
rations since early September, the industry has tightened up
considerably in the past week. With the general course of
business still difficult to discern and the opinion rather widespread that sales of automobiles will early be affected by any
contraction in buying power, manufacturers find it expedient
to mark time. The "Review" also states:
Month of September.
1928.
9 Mos. Ended Sept.
1929.
1928.
1929.
Total meats and meat products, lbs. 25,316,031 33,667,880 319,821,129 341,596.232
Value
$4,516,603 $5,794,527 $53,551,209 $61,025,714
Total animal oils and fats, lbs
54,770,800 69,554,464 629,984,125 678,893,266
Value
$7,457,505 $8,880,047 $81,962,927 $86,756,067
Beef and veal, fresh, lbs
100,783
178,953 1.470,195 2,229,559
Value
$25,030
$41,364
$321,403
$506,377
Beef, pickled, &c.. lbs
497,837
865,269 7,200,323 8,646,636
Value
$87.604 $106,309
$907,119 $1,051,659
Pork, fresh, lbs
618,810
857.470 8,771,877 8.685,916
Value
$91,070 $139.707 $1,347,102 $1,347,333
Wiltshire sides, lbs
39,719
356,391
590,526 3.902,033
Value
$7.339
$52,989
$97,564
$580,423
Cumberland sides, The
355,084
302,484 4,386,997 4,592.781
Value
$70,087
$61.134
$731,901
$891,997
Hams and shoulders, lbs
6.680,586 8.477.776 103,245,457 99,604.025
Value
$1,431,756 $1,842,169 $18.798,176 $21,126.576
Bacon, lbs
6.880,703 10.288,015 96,546,893 107,130.306
Value
$1.109,102 $1.516.768 $13.466,126 $16,221,299
Pickled pork, lbs
2,947,433 3.901.564 25,275,958 33,753.425
Value
$442,815 $532,829 33,454,599 $4,901.496
Oleo oils, lbs
5,839,444 7,829.288 49,052.121 53,130.580
Value
$728,940 $829,677 26,573.186 $5,837,025
Lard. lbs
46,158.066 58,329.212 545,783,811 595,310,112
Value
$6.365,519 $7.646.314 $70.875,708 $77,243,969
Neutral lard, lbs
1.456,106 1,397,402 19,939.082 14,763,791
Value
$213.596 $190.764 $2,691,532 $1,958.527
Lard compounds dr animal fats. lbs277,540
218,868 3,362.626 2,686,252
Value
$33,067
$27,401
$438,325
$340,082
Margarine of animal or vegetable
fats, lbs
29.380
105,552
498.759
638,433
Value
$5,320
$17.241
281,640
2113,872
Cottonseed oil, lbs
2.013,334 2,379,709 39,042,551 16,544,818
Value
$186.193 $210,298 $3,490,665 $1,596.621
Lard compounds & veget. fats, lbs_
321.601
473.302 4,075,040 4,739.778
inthlw
Sql 210
597 919
5064 1.62
I1161 70
One important maker of high-price cars has suspended all commitments
for steel. A producer of low-price cars is buying no material before Dec. 1.
Other makers are holding up schedules on new models. Automobile production having slipped considerably from the year's high prior to the stock
market crash, the effect is not so much to depress production further as to
defer the resumption looked for this month.
Other than this retrenchment in automotive requirements, which has
hit sheet, strip and bar mills hardest, the decline in iron and steel buying
and production, under way for two months, has not been quickened materially. There is, however, an unmistakable atmosphere of caution and
a more frank and searching view of the general business situation. It is
Domestic Exports of Grain and Grain Products.
more freely conceded that iron and steel production will show a sharp
decline this quarter, which after nine record months should be more of a
The Department of Commerce at Washington gave out
healthy corrective than an indication of weakness.
Through the confusion which Wall Street has created, an underlying on Oct. 24 its monthly report on the exports of the principal
current of confidence is emerging. Beyond possibly an overproduction of grains and grain products for September and the nine months
automobiles, there is no speculative element to be shaken out of the indus- ended with
September, as compared with the corresponding
try. Railroad business in hand or in prospect promises unusual support
for the first half of 1930. In that period shipyards will be operating at periods a year ago. Total values of these exports were
capacity, building may be aided by an improved credit situation and the smaller in September 1929 than in September 1928, $32,farm situation now compares more favorably with industry. Iron and 926,000
being the value in September 1929 against $44,steel cannot be immune to any general business reaction, but producers
671,000 in September 1928. The shipments of wheat in
cannot bring themselves to believe that a severe depression awaits them.
October's showing in pig iron production is important in that it reveals September this year were 13,104,000 bushels and in Sepextraordinary activity despite a steady decline since the all-time peak of
tember last year 17,939,000 bushels. Wheat flour shipments
last May. The October daily rate was 115,747 gross tons, compared with
118.548 tons in September, the record 125,753 tons of May, and 108,824 in September 1929 were 1,163,000 barrels, against 1,020,000
tons last October. The previous October record was 113.167 tons, in 1916. barrels. Exports of barley in September 1929 were 5,991,000
The 3,588,146 tons made in October brings the 10-month total to 36,250.846
tons, also a record. Five merchant and three steel-works stacks were bushels, against 14,363,000 bushels; exports of corn, 600,000
lighted and seven steel-works stacks were dropped in the month, making bushels, against 611,000 bushels; exports of oats, 1,059,000
205 stacks active as of Oct. 31, or one more than on Sept. 30. However, bushels, against 2,291,000 bushels; exports of rice, 7,816,000
two steel-works stacks went out Nov. 1.
Railrbad participation in the steel market has been heightened, if any- pounds, against 9,056,000 pounds, and exports of rye only
thing, in the past week. Active freight car inquiry includes 5,000 for the 1,217,000 bushels, against 2,450,000 bushels. Exports of
Rock Island, 3.800 for the St. Louis-San Francisco, 2,304 for the Missouri malt, hominy
and grits, cornmeal and oatmeal, however,
Pacific and 600 for the Burlington. The Now York Central, Illinois Central
and Missouri Kansas & Texas are expected in the market shortly. The went out in larger quantities in September this year as
Southern Pacific will place 122.000 tons of rails, the North Western 40,000 compared with September last year.
to 50.000 and the Baltimore & Ohio and Denver & Rio Grande unstated
For the nine months ended with September 1929 the
tonnages. Track fastening orders of unusual size are slated for early
release. The unusual total of 410 locomotives, including 135 for Chesa- exports of all grains except barley, oats and rye were larger
peake & Ohio and 130 for Erie, is expected before builders shortly.
in quantity and value than in tho corresponding period a
Shipyards, already well booked for the next six months, are weighing
year ago. The details follow:
additional business. Two United States Lines ships will require 28,000
tons of plates and shapes, two Standard Oil tankers 12.000 to 14,000 tons DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN
PRODUCTS.
and a Hudson River steamer 3,000 tons. Plato mills also are entertaining
an inquiry for a Standard Oil pipeline in California, requiring 40,000 tons.
September.
9 Mos. Ended September.
Demand for pig iron continues light, to be expected in midquarter, with
1928.
1029.
shipments declining, especially to automotive users. Some first quarter
1928.
1929.
inquiry has appeared, and 1.000 tons has been closed at St. Louis. Ala14,363,000 5,991,000 31,620.000 26,160,000
Barley, bushels
bama producers have sold 10,000 tons of basic iron in eastern Pennsylvania.
$11,601,000
$4,523,000
Value
$28,377,000 $21,148,000
Scrap iron and steel prices are generally off.
219,000
Malt, bushels
242.000
2,147,000
2,707,000
611,000
600.000 10,868.000 31,653,000
Structural demand is fair in most districts and good in the East. Moderate Corn. bushels
$645,000
$630,000 $17.793,000 $32,041,000
Value
buying of bars, sheets and strips by other users fails to neutralize defection
14,000
23,000
Cornmeal, barrels
188.000
203,000
of automotive consumers. Cold finished bars have declined $2 per ton.
$72,000
$112,000
Value
$926,000 $1,007,000
697.000
Sheet and strip prices are under pressure, with some shading. Warehouse Hominy and grits, pounds987,000
7.406,000 12,795,000
2,291,000
1,059,000
Oats,
bushels
7,076.000
prices in some cities reflect adjustments in wire products and sheets.
4,847,000
$1,049,000
$537,000 83,555,000 $2,432,000
Value
While ingot operations are not much below 80%, finishing departments Oatmeal.
8,859.000 11,151.000 42,016.000 62.626.000
pounds
are not averaging over 70%. At Youngstown 27 out of 51 independent
8504,000
$469,000 $2,726,000 $3,232,000
Value
open-hearth furnaces and 79 out of 120 independent sheet mills are on. Rice, pounds
9,056,000 7,816.000 192,477,000 234,147,000
$367,000
3284,000 $7,357,000 $8,792,000
Value
Chicago and Pittsburgh ingot production is 80% and Buffalo 70. Strip
8,235,000 5,335,000 68,972.000 52,773,000
broken, pounds
mills are hardest hit, some being down and others not over 50%. Sheet Rice,
$167,000
$161.000 $1,706,000 $1,478,000
Value
mills are about 70% active and tin plate 60.
2,450.000 1,217,000
Rye, bushels
9,547,000
2,836,000
$2,578,000 $1,285,000 $12,176,000 $2,984,000
Value
After declining for six consecutive weeks the "Iron Trade Review" com17,939,000
13,104,000 55,090,000 64.236,000
Wheat.
bushels
posite of 14 leading iron and steel products is stationary this week at $36.09.
$21,116,000 $18,997,000 $73,076,000 278,604,000
Value
The October average was $36.23 and the year's high $37.13.
1,020,000 1,163,000
Wheat flour, barrels
8,330,000
Value
Biscuits, unsweetened, pounds_
Biscuits, sweetened. pounds
10,129.000
$6,061,000 $7,225,000 $53.013,000 $59,177,000
342,000
372,000
5,225.000
5.282,000
208.000
346,000
2.877.000
3.033,000
714,000
930.000
7,005,000
8,015.000
Domestic Exports of Meats and Fats for September.
Macaroni.Pounds
The Department of Commerce at Washington on Oct. 26
844,871,000 $32,926,000 $207,237,000 $218,123,000
Total value
made public its report on the domestic exports of meats and
September.
This shows that in the month of Sept.
fats for
1929 the value and quantity of meats and meat products Domestic Exports of Canned and Dried Foods in
September and the Nine Months.
exported was larger than in September 1928, 33,667,880 lbs.
being shipped in September 1929 against 25,316,031 lbs. in
The report of the exports of canned and dried foods, reSeptember 1928, and valued at $5,794,527 against $4,516,603 leased by the Department of Commerce at Washington on
The quantity and value of animal oils and fats exported in Oct. 26, covers the month of September and the nine months
FINANCIAL CHRONICLE
Nov. 9 1929.]
2937
period ending with September for the years 1929 and 1928. Pennsylvania anthracite, 1,879,000 tons, and beehive coke,
95,500 tons. This compares with 11,248,000 tons of bituThe report in detail follows:
minous coal, 1,959,000 tons of Pennsylvania anthracite and
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
100,300 tons of beehive coke produced in the week ended
9 Mos. Ending Sept.
Month of September.
Oct. 27 1928, and 11,150,000 tons of bituminous coal, 1,1929.
1928.
1929.
1928.
967,000 tons of Pennsylvania anthracite and 104,500 tons of
801,956 1,388,945 11,878,215 13.031,697 beehive coke in the week ended Oct. 19 1929.
Lbs.
Total canned meats
$316,077 $428,575 $4,336,131 $4,497,219
Value
For the calendar year to Oct. 26 1929, the output of bituTotal dairy products
Lbs. 9,894,725 8,028,905 99,892,298 95,187.685
$1,466,434 $1,255,225 $14,184,554 813,772,788 minous coal amounted to 425,467,000 net tons as compared
Value
Lbs. 12,204,428 16,715,050 64,550,149 66,265,429
Total canned vegetables
Value
$1,037,287 $1,498,155 $6,164,141 $6,793,909 with 395,567,000 tons in the corresponding period a year ago,
Tot.dried & evaporated fruits--Lbs. 38,676,460 29,116,669 274,619,212 275,716,466
$2,858,314 $2,619,688 $18,888,008 $19,845.100 while production of Pennsylvania anthracite totaled 61,Value
Lbs. 38,764,371 36,706,884 185,869,011 210.492,930
Total canned fruits
tons in the calendar year
$3,317,942 $4,079,961 $16,533,245 $20,963,810 983,000 tons as against 62,111,000
Value
to Oct. 27 1928. The Bureau's statement shows:
214,577 1,568,003 1,974,188
Lbs
Beef,canned
98,304
$708,267
$565,857
Value
$74,761
$18,682
Lbs.
Sausage,canned
182,120 1,522,357 1,678,274
182,105
$537,460
$500,992
Value
$58,130
871,319
Milk, condensed (sweentened)_Lbs. 3.410,818 3,116,142 30,004,183 31.385,913
Value
$565,021 $475,918 $4,785,341 $4,913,584
Milk, evap. (unsweetened)____Lbs. 5,583,329 3,703,002 60,428,427 53,630,328
Value
5587,493 $383,415 $6,123.181 $5,348,354
Salmon,canned
Lbs 7,690,489 6.717,177 25,262,117 27.604.147
Value
$1,404,183 $1,379,629 $5,095.036 $4,883,802
Sardines,canned
Lbs 4,838,565 12.197,056 53,697,415 82,787,586
Value
$419,200 $946,103 $4,408,812 $6,387,149
Raisins
Lbs. 20.485,368 16,912,034 109,651,855 99.890,463
Value
$1,217,745 51,069,278 56,568,276 55,265,038
Apples,dried
Lbs. 1.692,460
249,551 8,695,095 21,140,598
Value
534,345 51.172,592 82,470.644
$187,419
Apricots,dried
Lbs. 3.469,861 4,897.079 17,892,199 16,063,261
Value
$545,452 $896,109 82,641,249 52,633,714
Peaches,dried
837.572 4,885,459 6,245.621
Lbs. 2,033,479
8617,739
Value
$198,212 $112,220
5504,504
Prunes,dried
Lbs. 10,014.668 5,373,624 125,574,603 122.714,013
Value
$602,475 $401,166 $7,309,115 $7,902,108
Apricots,canned
Lbs. 3,105,972 3,352,595 19,635.793 21,316,647
Value
$287,605 $349,426 81.782.606 82,047,364
Lbs. 11.914,632 11,191.941 63.553.177 65,276,640
Peaches,canned
5949,568 81,173,417 85,029.830 55,746,459
Value
Lbs. 13,705,634 7,595,835 37,913.721 34,648,258
Pears,canned
$1,221,361 5918,732 $3,806,066 $3,709,150
Value
Lbs. 7,634,406 8,539,173 40,052,571 31,111,826
Pineapples, canned
8621 477 5802.138 53.606.019 53.053 11
Value
BITUMINOUS COAL.
The total production of soft coal during the week ended Oct. 26 1929.
including lignite and coal coked at the mines, is estimated at 11.383,000
net tons. Compared with the output in the preceding week, this shows an
Increase of 233,000 tons, or 2.1%. Production during the week in 1928
corresponding with that of Oct.26 amounted to 11,248,000 net tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1928
1929Cal. Year
Cat. Year
to Dates
Week.
Week Endedto Date.
Week.
373,487,000
11,274,000
Oct. 12
402,934,000
11,574,000
1,545,000
1,879.000
Daily average
1,687,000
1.929.000
384.319.000
10.832,000
Oct. 19b
414,084,000
11,150,000
1.552.000
1,805.000
Daily average
1,672.000
1,858,000
395.567.000
11,248,000
Oct. 26.c
425,467,000
11.383,000
1.559,000
1.874,000
Daily average1.897,000
1.677,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Oct. 26 (approximately 254 working days) amounts to 425.467.000 net
tons. Figures for corresponding periods in other recent years are given
below:
450,756,000 net tons
1928
395,567,000 net tons[1926
408.862,000 net tons
1927
430,014.000 net tons11925
As already indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended Oct. 19 is estiDomestic Exports of Cotton, Cotton Cloths, Yarns,
mated at 11.150,000 net tons. Compared with the output in the preceding
Threads and Hosiery.
weak, this is a decrease of 424,000 tons. or 3.7%. The following table
apportions the tonnage by States and gives comparable figures for other
The Department of Commerce at Washingtod on Oct. 25 recent
years:
issued its monthly report on the domestic exports of cotton,
Estimated Weekly Production of Coal by States (Net Tons).
Oct. 1923
iVeek Ended
cotton cloths, yarns, threads and hosiery for the month of
StateOct. 19'29. Oct. 1229. Oct. 2028. Oct. 22'27. Arerage.a
398,000
363,000
328,000
344,000
332,000
September and the nine months ending with September, Alabama
28,000
55.000,
46,000
54,000
Arkansas
217.000
193,000
237,000
with comparisons for the corresponding periods a year ago. Colorado
213,000
206,000
Illinois
1,164,000 1,220,000 1,228,000 1,292,000 1,558,000
The exports of raw cotton were smaller in quantity and Indiana
520,000
327,000
232,000
367.000
380,000
116,000
54,000
87,000
82,000
75,000
value in September this year than in September last year, Iowa
91.000
80.000
73.000
d
d
Kansas
764,000
970,000
1,035,000 1,077,000 1,056,000
725,876 bales having been shipped in September 1929 against Kentucky-Eastern
238,000
353,000
333,000
322,000
290.000
Western
35,000
54,000
59,000
809,953 bales in September 1928, and the value of these Maryland
58,000
57,000
28,000
17,000
3,000
17,000
14,000
exports having been $76,213,459 in September this year as Michigan
70,000
87,000
76,000
76.000
76,000
Missouri
82.000
73,000
94.000
72.000
63.000
compared with $85,071,924 in September last year. For the Montana
58.000
61.000
56.000
55,000
54,000
New Mexico
36.000
55,000
67,000
47,000
44,000
nine months ending with Sept. 1929 the exports of raw North Dakota
817,000
173,000
432,000
583,000
576.600
Ohio
60,000
98,000
74.000
cotton were 4,207,353 bales against 4,820,870 bales in the Oklahoma
75,000
71,000
2,925,000 2,979.000 2,752,000 2,476,000 3,149,000
(Bit.)
nine months ending with Sept. 1928. The exports of cotton Pennsylvania
118,000
105,000
114,000
115.000
124,000
Tennessee
26,000
30,000
20,000
18,000
18,000
manufactures were larger in Sept. 1929 and in the nine Texas
121,000
96,000
130.000
141,000
111,000
Utah
231,000
248,000
255,000
280,000
277,000
months period ending with September than in the correspond- Virginia
68,000
60,000
49.000
44,000
41,000
Washington
ing periods a year ago. Below is the report in full:
2,200.000 2,309,000 2,110,000 1,941.000 1,521,000
W. Va.-Southern_b
772,000
809,000
773,000
787,000
735,000
Northern_c
184,000
177,000
143,000
166,000
166,000
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARNS,
Wyoming
4,000
7,000
3,000
72,000
62,000
Other States
THREADS AND HOSIERY.
Total bituminous coal..11,150.000 11,574,000 10,831,000 10,245,000 11,310,000
Month of September.
Nine Mot. End. Sept.
Pennsylvaniaanthracite__ 1,967,000 1,956,000 1,994,000 1,787.000 1,968,000
1928.
1929.
1928.
1929.
Raw cotton,except linters, bales
4,820,870
725.876
4,207.353
809,953
Value
585.071.924 176,213,459 $517,668,966 $439,741,924
Cotton manufacturers, total__ - $9,200,519 $10,958,099 $97.271,841 8106,546.672
Cotton cloths, total, sq. yds.- _ 35,850,563 43,105,931 380,679,404 449,396.616
Value
$5,234.575 $6,221,113 156.339,537 583,681.731
Tire fabrics, sq. yds
774.661
4.982.231
249,856
5,462,000
Value
$326.519 82,054,538 52,360,707
$132,714
Cotton duck.sq. yds
818,832 1.246,013 10,089.689 11,920,103
Value
$465,722 $3,441,736 $4,111,329
$279,346
Other cotton clothsUnbleached, sq. yds
7,424.089 10,939,751 82,713.301 107,267,968
Value
$973,568 V7.926.068 59,771,385
$768,224
Bleached, sq. yds
6,542.316 6,056.234 66,955,262 72,749.490
Value
$701.334 $7,724,218 S8,591,918
$770.874
Colored, sq. yds
20,815,470 24.089,272 215.938,921 251.997.055
Value
83.283,417 83,753,970 $35,192.977 $38,846.892
Cotton yarn, thread, &a.
Carded yarn. the
9,737,229 10,800,891
727,517 1,302.881
Value
$434,213 83.628.589 $3,639,770
5269,768
Combed yarn, lbs
9,500,167 10.304.554
990,464 1.213.837
Value
5959,783 67.635.924 18,317,070
$757,497
Sewing,crochet,darning, and
874,358
embroidery cotton, lbs.._ _
106.200
899.643
85,316
Value
$885,685
3133.600
5950,774
$90,911
Cotton hosiery. dos. prs
2,921.651
266,490
3.035,827
235,794
Value
$457.107 $5,120.904 $5,172.976
$409,24
Output of Bituminous Coal for Week Ended Oct. 26
1929 Higher-Anthracite and Beehive Coke Production Below That in Preceding Week and a
Year Ago.
According to the United States Bureau of Mines, Department of Commerce, the output of bituminous coal in the
week ended Oct. 26 1929, was higher than in the corresponding period last year and also was in excess of that for the
week ended Oct. 19 1929, while production of Pennsylvania
anthracite and beehive coke decreased as compared with
both periods. Total output for the week ended Oct.26 1929,
was as follows: Bituminous coal, 11,383,000 net tons;
13,117,000 13,530,000 12,825,000 12,032,000 13,278,000
Total all coal
Average weekly rate for entire month. b Includes operations on the N. & W.,
C. & 0., Virginian, K. & M., and Charleston division of the B. & O. c Rest of
State, including Panhandle. d Kansas included in "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Oct. 26 is estimated at 1.879.000 net tons. Compared with the output La
the preceding week, this shows a decrease of 88,000 tons, or 4.5%• Production during the week in 1928 corresponding with that of Oct.26amounted
to 1,959,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons)
1928
1929-Cal. Year
Cal. Year
to Date.n
Week.
Date.
to
Week.
Week Ended58.158.000
2,003,000
58,137,000
1,956,000
Oct. 12
60.152,000
1,994,000
60.104.000
1,967,000
Oct. 19_6
62,111,000
1,959,000
61.983.000
1,879.000
Oct. 26_c
equalize
of days in
number
to
January
in
a Minus one day's production first week
the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Oct. 26 is estimated at 95.500 net tons. This Is in comparison with 104,500 tons in the preceding week and 100.300 tons in the corresponding week of 1928. Total production of beehive coke from Jan. 1
to Oct. 26 amounts to 5,191,900 tons. This indicates a gain of approximately 1.689.800 tons,or 48.3%,over the output in the corresponding period
of 1928.
Estimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
to Date.a
to Date.
Oct. 26'29.1, Oct. 19'29.c Oct. 2728.
Region79.300 4,197.100 2,493,700
79,300
69.600
Pennsylvania and Ohio__
489.400
469,600
8,200
13,200
12.900
West Virginia
128.400
64,400
1,500
1,200
900
Georgia, Ky. and Tenn_
205,100
245,900
5,400
6,800
6,800
Virginia
185,50
214,900
5,900
4,000
5.300
Colorado, Utah and Wash.
100,300 5,191.900 3.502,100
104.500
95,500
United States total16,717
13.680
17,417
20,281
15,917
Daily average
a Minus one day's production first week in January to equalize number of days_in
the two years. b Subject to revision. c Revised.
2938
FINANCIAL CHRONICLE
[VOL. I29.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 6, made public by the Federal
Reserve Board, and which deals with the result for the
12 Reserve banks combined, shows a decrease for the week
of $9,500,000 in holdings of bills bought in open market,
with practically no change in holdings of bills discounted and
Government securities. Member bank reserve deposits
decreased $93,900,000 and cash reserves $6,400,000, while
Government deposits increased $12,000,000 and Federal
Reserve note circulation $38,100,000. Total bills and securities were $11,100,000 below the amount reported a week ago.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Nov.6 1929. Oct. 30 1929, Nov. 7 1928.
Reserve with Federal Reserve Dank_ --- 908,000,000 982.000,000 712,000,000
Cash in vault
83,000,000
76,000,000
81,000,000
Net demand deposits
6 588,000.000 6,851,000,000 5,210,000,000
Time deposits
1 236,000,000 1,257,000,000 1,206.000,000
Government deposits
24,000,000
36,000,000
28,000,000
Due from banks
124,000,000 120,000,000
98,000,000
Due to banks
1 273.000,000 1,389,000,000 987,000,000
Borrowings from Federal Reserve Bank_ 135,000,000 170,000,000 203.000,000
Loans on securities to brokers and dealers
For own account
1,520,000,000 2,089.000,000 1,064,000,000
For account of out-of-town banks
963,000,000*1,005.000,000 1,726,000,000
For account of others
2 399,000,000°2,484,000,000 2,188,000.000
Total
On demand
On time
4 882,000.000 5,538,000.000 4.979,000,000
4,411,000,000 5,083,000,000 4,368.000.000
471,000,000 475,000,000 811,000.000
Chicago.
Holdings of discounted bills, while showing little change for the System
as a whole, increased $24,700,000 at the Federal Reserve Bank of San Loans and investments—total
2,128,000,000 2,173.000,000 2,064,000,000
Francisco.39,100.000 at Philadelphia.85,900.000 at Chicago and $4,700.000
1 740.000,000 1,786,000,000 1,610,000.000
each at Cleveland and Dallas, and declined $24,8e0,000 at New York, Loans—total
$8.300.000 each at Boston, Richmond and St. Louis and $4,000,000 at
On securities
1,009,000,000 1,034,000.000 888.000,000
Minneapolis. The System's holdings of bills bought in open market
All other
732.000.000 752.000,000 742,000.000
declined $9.500,000, of United States bonds $4,000,000 and of United
388,000,000 387,000,000 455,000,000
States Treasury notes $6,200,000, while holdings of Treasury certificates Investments—total
increased $10,200.000.
U. S. Government securities
165,000,000 162,000,000 204,000.000
Federal Reserve note circulation increased $23,500,000 during the week
Other securities
223,000,000 224,000,000 250.000,000
at the Federal Reserve Bank of New York, $4,500,000 at San Francisco,
Reserve with Federal Reserve Bank_
108,000,000 194,000.000 180,000,000
$4.000.000 at Philadelphia, $2,500,000 each at Chicago and St. Louis and Cash
In vault
16,000,000
17,000,000
19,000,000
$38,100,000 at all Federal Reserve banks.
Net demand deposits
1,335,000,000 1,387,000,000 1,273,000,000
The statement in full, in comparison with the preceding Time
deposits
878,000,000 881,000,000 674,000,000
week and with the corresponding date last year, will be found Government deposits
6,000,000
5,000,000
9,000,000
on subsequent pages—namely, pages 2975 and 2976. A Due from banks
171,000,000 172,000,000 183,000,000
321,000,000 314,000,000 349,000,000
summary of the principal assets and liabilities of the Reserve Due to banks
Borrowings from.yederal Reserve Bank
8,000,000
banks, together with changes during
1,000,000
84.000,000
the week and the year
ended Nov. 6, is as follows:
Total reserves
Gold reserves
• Revised.
Increase (4-) Or Decrease (—)
During
Noy.6 1929.
Week.
Year.
$
$
3,170,631,000 —6,377,000 +402,264.000
3.018,904,000 —2,047,000 +378.137,000
Total bills and securities
1,637.834.000 —11,108,000
Bills discounted, total
990,880,000 - —158,000
Secured by U.S. Govt. obliga'ns_ 512,832,000 —19,756,000
Other bills discounted
478,248,000 +19,598,000
Bills bought in open market
330,374,000 --9,511,000
C. S. Government securities, total_ 292,749,000
+61.000
Bonds
77,252,000 —4,009,000
Treasury notes
114,117,000 —8,177,000
Certificates of indebtedness
101,380,000 +10,247,000
Federal Reserve notes in circulation-1,918,327,000 +38,135,000
Total deposits
2,1322,700,000 —73,771,000
Members' reserve deposits
2,557,708,000 —93,900,000
Government deposits
31,010,000 +12,043,000
+5,187,000
+33,490.000
—71,522,000
+105,012,000
--118,271.000
+70,067,000
+22,893.000
—178,000
+47,352,000
+175,918,000
+237.991.000
+227,888.000
+8,339,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 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
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week has decreased $656,000,000 bringing the total amount of these loans down to
$4,882,000,000, which compares with the high record of
$6,804,000,000 established on Oct. 2 1929 and with $4,979,000,000 on Nov. 7 1928. The loans for own account
decreased $549,000,000, the loans for account of out-oftown banks $42,000,000, and the loans for account of others
$65,000,000.
RESERVE CITIES.
New York.
Noe.6 1929. Oct. 30 1929. Nov.7 1928.
Loans and investments—total
8,658,000,000 9,010,000,000 7.059,000,000
Loans-4otal
8,733,000,000 7,191,000,000 5.258,000,000
On securities
Ail other
Investments—total
U. S. Government securities
Other securities
3,751,000.000 4,205,000,000 2,874.000,000
2,982,000,000 2,986,000,000 2,528,000,000
1 925,000,000 1,819.000.0001,802.000.000
1,064,000.000
861.000,000
990,000.000 1.099.000.000
829,000,000 703.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Oct. 30:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Oct. 30 shows increases for the week of
$1.536,000.000 in loans and Investments, $1,796,000,000 in net demand
deposits and $175,000,000 in borrowings from Federal Reserve banks
and
decreases of $15.000,000 in time deposits and $4,000,000 in Government
deposits.
Loans on securities increased $1,180,000,000 in the New York district,
$33,000,000 in the Chicago district, $27,000,000 in the Cleveland
district,
825,000,000 in the Philadelphia district and $1,259,000,000 at all reporting
banks. "All other" loans increased $175,000,000 at all reporting
banks,
8100.000.000 in the New York district, $31,000,000 in the Chicago
district
and $14,000.000 in the San Francisco district.
Holdings of U. S. Government securities increased $28,000,000
at all
reporting banks, an increase of 841,000.000 in the New York
district being
partly offset by decreases of $12,000,000 in the San Francisco
district and
$4.000.000 in the Chicago district. Holdings of other securities
increased
$58,000,000 in the New York district. $7,000,000 in the Cleveland
district
and $74.000.000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks
for the
week comprise increases of 5131.000,000 at the Federal Reserve
Bank of
New York. $30.000,000 at Cleveland and $21,000,000 at
Philadelphia, and
a decrease of $11,000,000 at San Francisco.
A summary of the principal assets and liabilities of weekly
reporting
member banks, together with changes during tho week and the
year ending
Oct. 30 1929, follows:
Increase (+) or Decrease (—)
Since
Oct. 30 1929. Oct. 23 1929.
Oct. 31 1928.
8
i
s
Loans and investments—total-._24,431,000,000 +1,536,000,000
+2,403,000,000
Loans—total
18,934,000,000 +1,434.000,000 +2,857,000,000
On securities
All other
Investments—total
9,179,000,000 +1,259,000,000 +2,221,000,000
9,755,000,000 +175,000,000 +638,000,000
5,496,000,000 +101,000,000 —155,000,000
U. S. Government securities— 2,682,000,000
Other securities
2,814,000,000
+28,000,000
+74,000,000
—345,000,000
—110,000,000
Reserve with Federal Res've banks 1,990,000,000
Cash in vault
269.000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
+265,000,000 +252,000,000
+31,000,000
+20.000,000
15,110.000,000 +1,798,000,000 +1,785.000.000
6,888,000,000
—15,000,000
+3.000.000
127,000,000
—4,000,000
—8,000.000
1,257,000,000 +113,000,000 +103,000.000
3,290,000,000 +805,000,000 +215,000,000
729,000,000
+175,000,000
+26,000,000
Nov. 9 1929.]
FINANCIAL CHRONICLE
2939
local market are causing many silk failures to suspend operations, and a
number of financial failures have occurred. Renewed disturbances in
Central China provinces are seriously affecting transportation facilities by
both land and water. Freight services have been suspended since early
October on the Peking-Hankow, Lunghai, and the southern section of the
Tientsin-Pukow railways, with passenger traffic on the first two lines also
affected. It was officially announced that long-distance through passenger
express and passenger trains on the Peking-Hankow railway will be maintained until Oct. 31. Since Nov. 1, railways entering Shanghai are operating in excellent condition. Last month, 55 Chinese and foreign river and
coastwise steamers were commandeered for the transport of troops, and a
few of these steamers have been returned to commercial services. Freight
rates on the upper Yangtze have considerably increased, thus handicapping
export business which should be under full swing at this time of year.
Shanghai customs revenue on imports for the first 10 months of the year
show an increase of 16% over that period last year. while revenue on export
shipments increased by 10%%. At Shanghai alone. additional revenues
collected under the new tariff increase between Feb. 1 and Oct. 31 totaled
28,231,390 Haikwan taels. (1 tael equals approximately $0.64.) The official
inauguaration was reported on Nov. 1 of the commission for rehabilitation
of China's foreign and domestic loans. Uncertainty in the political situation
is likewise disturbing to North China trade. Ordinary commodities,
however, are normally moving into consumption, but imports are reported
off by
showing slight increases, and forward orders abroad are being held
of export comSummary of Conditions in World Markets, According many importers until the situation clears. areMovements
volume,
fair
in
continuing
from nearby North China districts
to Cablegrams and Other Reports to the Depart- modities
but it is still too early to estimate the possible effect of present disturbances
ment of Commerce.
on items due to arrive from distant interior points.
FRANCE.
The Department of Commerce at Washington releases for
Imports into France during September exceeded exports by 132.000.000
publication Nov. 9, the following summary of market condifrancs as compared with an import surplus of 535,000,000 francs during
tions abroad, based on advices by cable and radio:
August and of only 11,000,000 francs in Sept. 1928. The adverse trade
balance for the first nine months of this year was 6.938.000,000 franca as
ARGENTINA.
with unfavorable balances of 1.119.000,000 francs and 2.101.Business for the week ended Nov. 2 was still quiet and crop conditions compared
during the first nine months and the entiregear
were good. The Argentine peso fluctuated considerably, dropping to a level 000.000francs,respectively,
during September were valued at 4,353,0011.000
not experienced for several years, but rose again by the close of the week. 1928. Total imports
as against 4,339,000,000 franca during the preceding month and
The demand for carded cotton yarns during the last half of Octover was francs,
francs during Sept. 1928. Exports during September totaled
good but the price trend is downward. However, the outlook is fair. There 4,220.000.000
francs as compared with 3,804,000,000 francs during August
has boen no change in prices of mercerized yarn and the demand continues 4,221,000,000
francs in Sept. 1928. Total tax returns under the
fair. The local hosiery and underwear mills are working normally, and and 4,209.000.000
for the first nine months were 33.642,000,000 francs, of
budget
general
increasing.
duck weaving continues
which 33,157,000,000 francs wen from normal and permanent sources.
AUSTRALIA.
showing an increase of 3,329,000,000 francs as compared with the same
More frosts in Victoria and New South Wales have done further damage period of last year and exceeding budget estimates by 4,954,000,000 francs.
to the fruit crops in these States, particularly to apricots and peaches. Independent receipts of the Autonomous Office for debt amortization
Frosts in eastern wheat States have caused estimates of the crop to be during the nine months' period reached 5,821,000,000 francs, an increase of
reduced to 193,000,000 bushels and the exportsurplus to 58,000,000 bushels. 823,000,000 francs as compared with the similar period of 1928.
In Western Australia the wheat crop is officially estimated at 34,500,000
GREAT BRITAIN.
bushels. Wool prices are slightly firmer and good clearances have been
With trade indicators pointing to improvement in some lines of British
reported. It is reported that the Federal Parliament which is scheduled to
others, it is not possible to generalize on present
meet Nov. 20 will revise the budget and consider changes in the tariff industry and recession in
to say that the situation, taken by and large, does not
schedule. A conference between mine owners and operatives has been conditions other than
anticipated for the fall season. Steel producarranged by the Federal Government with a view to straightening out the yet indicate the active revival
been at higher levels, and there has been greater
present difficulty. The Commonwealth Bank has announced that Z4.000,- tion and coal output have
and
employment in a number of industries—notably in coal-mining, boot
000 gold will be transferred to London to improve balances there.
carpet
shoe manufacturing, in the silk, rayon, and linen trades, and in
BRAZIL.
making. On the other hand, unemployment has increased in the shipbuildGeneral business in Brazil is very dull with apprehension of further fail- ing, tinplate, and jute industries. Also September returns of export trade,
ures, one firm this week having petitioned for a composition of its 50,000 largely influenced by production during the summer, were somewhat below
conic. ($6,000,000) liabilities at 25%. Exchange has been inactive on expectations in view of the improvement shown in previous months over
of
account of the lack of foreign bills. The political situation is being strongly comparable levels in 1928. The value of exports from the beginning
in
the current year, however, continues higher than for the same period
affected by the coffee market which has been very weak.
possibility of
1928. Provincial bank clearings have been felt over the
CANADA.
retardation in industrial development as a result of the increase on Sept. 26
The Canadian Adivsory Board on Tariff and Taxation has announced a in the Bank of England rediscount rate from 534% to 635%. To a large
comprehensive schedule of hearings on the iron and steel items of the extent, however, this anxiety has now been replaced by optimism resulting
Canadian tariff to begin Nov. 26. All the iron and steel sections of the from the reduction to 6% in the Bank's rediscount rate on Oct. 31. Also.
tariff will be considered in this investigation which will take up also the it is hoped that increased industrial activity may result from the Governmajor applications from the primary steel producers previously heard. ment's efforts to reduce unemployment.
Prominent groups of manufacturers listed are machinery, railway equipJAPAN.
ment, automobiles, cutlery, as well as alloy steels and rolling mill products.
Report,
Business and industrial depression appear quite pronounced.
The hearing with regard to the regulation requiring 50% of British Empire
koku
goods in imports admitted under the preferential tariff has been postponed indicate that Japan's rice crop will probably not exceed 58.500,000
of Comfrom Nov. 7 to Nov. 12. Canadian security markets followed the load (one koku equals 5,119 bushels). The Japanese Department
to
Government
the
of Now York during the week ended Nov. 2. General opinion is to the merce and Industry is sponsoring a bill authorizing
effect that Canadian economic conditions remain sound and that specula- recompense exporters for credit losses up to 70% on shipments to certain
tive losses will not be widely felt in the buying power of the agricultural undeveloped foreign markets.
communities. Participation in the market, however. is believed to have
MEXICO.
been a major factor in the slump in Canadian exchange on Now York
Business conditions continue steady with collections remaining satisfacduring the week and the continued depreciation can be considered unfavorappointed a special commission to inveshas
tory. President Fortes Gil
able to Canadian purchases in the United States. Stocks of wheat at
the
tigate the extent of the damage caused by recent frosts to cross in
Fort William and Port Arthur on Oct. 25 amounted to 53,690,000 bushels
central states for the purpose of purposing a relief measure. Pullman
(previous week, 52,364,000 bushels: a year ago, 40,110,000 bushels).
is
border,
service between Mexico City and Suchiate, on the Guatemalan
Colder weather with snow and sleet in the Prairie Provinces is expediting
hi-weekly instead of weekly as heretofore. The Chamrendered
being
now
the
outlook
agricultural
improving
the movement of winter lines as well as
ber of Deputies of the Mexican Congress still has the labor bill under confor 1930 by providing much needed moisture for fall plowing operations.
sideration. Bank deposits are increasing, but interest rates continue
Most wholesale linos in Montreal report a satisfactory turnover and collechigh, according to the local press. Taxes on gasoline production and extions there are considered good. Employment figures for Oct. 1 register
portation during the first eight months of 1929 amounted to 6.764,471.08
1
on
Oct.
a decline from September but are still materially heavier than
pesos. The tax on petroleum for same period amounted to 5.857,272.57pesos.
in
registered
manufacturing
gain
the
1928. The feature of the month was
whereas a year ago a seasonal decline was reported. Logging, mining, and
NETHERLAND EAST INDIES.
trade also show improvement and in the first of these the gain was more
drought which is particularly affecting East Java is
of
period
long
The
extensive than for any other year for which statistics are available. Constru- now slowly breaking. A feature of the past week was the inauguration of
still
is
activity
although
curtailment
Exports of
'don registered the most pronounced
a five-hour airplane service between Batavia and Surabaya.
greater than in any previous year. Transportation released employees rubber in September amounted to 4,708 long tons from Java and Madura;
chiefly as the result of grain congestion which has materially decreased
rubberother
all
7,517 from the Sumatra East Coast, and 10,149 from
western carloadings. Another reflection of the light movement of grain Is producing districts, making a total shipment of 22.374 long tons.
of
revenues
the
Gross
Canadian
recorded in railway earnings in September.
THE NETHERLANDS.
Pacific declined 9% from last year and gross revenues of the Canadian
movement
National are 7% lower in the same comparison.
The Amsterdam Stock Exchange following a reactionary
on
which persisted throughout the month, suffered a heavy drop in prices
CHINA.
leading
shares
other
and
29. Numerous popular industrials
and
28
Oct.
Shanghai trade is already feeling the effects of disturbed political con- dropped by from 40 to 100 points and other shares generally also declined.
ditions. Business in all lines is quiet, although import commodities pre- Market losses were uniformly heavy, but economic conditions are sound
viously ordered for October and November deliveries continue to arrive in and conditions in the securities market are not considered to reflect the
largo quantities. Local warehouses are well filled, and shipments to con- business situation.
suming centers are few. Due to uneasiness in the Central China situation.
NEWFOUNDLAND.
considerable fluctuation was experienced in exchange and in the bonds and
The absence of any widespread and intensive speculation in recent
stock market at Shanghai. Shanghai cotton prices are slightly firmer than
effect of stock exchange recessions on the busilast week, with holders inclined to wait for better prices. Both cotton and months has minimized the
Newfoundland. The local money supply is fairly easy
flour milli] are operating at full capacity, with plentiful raw materials in ness structure of
trade continues dull a good fall buying season
retail
and
stock. Local silk stocks are reported low, with 1,340 Pieula bake in ware- and while wholesale
of American flour have been imported
houses on Nov. 1. Of the total, 700 bales are awaiting shipment to the is anticipated. Larger quantities
the favorable price differential over Canadian bard
United States, 500 bales to Europe, and the remainder to Asiatic des- recently because of
beef and pork products are in good demand and
tinations. Scarcity of orders from abroad and extremely low prices on the wheat flour. Barreled
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
FINANCIAL CHRONICLE
f. 13 1
E Ii t°, 8
'8
w
O
Li
The Department's summary also contains the following
with regard to the territorial and Island possessions of the
United States:
To Displace Numbers on Reserve Bank Notes—Treasury
Department Will Use Letters to Avoid Confusion With
Small Currency.
The Treasury Department has decided to change the
design of the new Federal Reserve Bank notes so that the
large figurs designating the number of the bank issue,
which appear on the face of each note, will be replaced
with the letters from A to L. From Washington, Nov. 6,
advices to the New York "Times" in announcing this said:
The notes carry the figures of their denomination from $5 to $10,000,
and the use of the second figures has caused some criticism. Complaints were made that the small size of the notes and the large bank
numbers might cause them to be confused with currency of small
denomination.
The Reserve Bank not esare now th most popular of the issues,
and the total outstanding, old and new, is almost $1,900,000,000. It was
said at the Treasury that the new notes in circulation would not be
recalled, but would be replaced by the later design as they were turned
in when no longer fit for use.
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PHILIPPINE ISLANDS.
Business in general continues slow. The buying power of the people is
considered definitely lower than a year ago owing to lack of improvement in
the Rrincipal export markets, and the closing of the sugar season. The
textile business remains depressed, with only slight interest shown in isolated lines. The abaca market continues dull with no interest from the
United States. Local stocks are heavy and arrivals continue high. However, practically all receipts are for exporters and little unsold cargo is
arriving. Direct sales at Bavao are being made at prices lower than those
quoted on the Manial market in spite of the fact that some Davao grades
are 15% higher than equivalent grades in Manila. The copra market
remains firm. Local arrivals are lower than anticipated and buying pressure is heavy owing to pessimism regarding future arrivals during the
coming rice harvesting season. October arrivals at Manila to the 29th of
the month totaled 388,429 bags, and receipts at Cebu to the 25th amounted
to 174,207 bags.
[VOL. 129.
and gold held abroad for Federal Reserve banks is
now included; (3) minor coin (nickels and cents) has been
added.
On this basis the figures this time, which are for
Sept. 30
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 $4,819,274
,941,
as against $4,839,858,913 Aug. 31 1929 and
$4,846,198
Sept. 30 1928, and comparing with $5,698,214,612 on ,357
Oct.
31 1920. 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:
MONEY OUTSIDE OP THE TREASURY.
prices are firm. The season's catch of codfish is now estimated at 1,000.000
quintals, 10% under the 1928 catch and much under the average for the
past several years. The paper mills and mines continue to operate at
maximum capacity.
NEW ZEALAND.
Country trade in New Zealand Is reported to be more active since recent
rains have insured a good hay crop and improved pasturage. Increased
production of dairy products, particularly butter, is being depended upon
to offset lower wool prices and maintain purchasing power at a favorable
level. From all indications motor business will continue good for the
remainder of the year, but optimism for 1930 has been dulled somewhat
by predictions of lower wool prices and reduced dairy output. Encouraging
progress is being made in absorbing unemployment in Government works.
PORTUGAL.
Improvements in the ports of Lisbon, Leixoes, Viana do Castello, Aveiro.
Setubal, Lagos, Portimao, Olhao and Vila Real de Santo Antonio are,
according to the Portuguese press,at present projected by the Government
and it is anticipated that the work will entail a cost of 500,000 cantos
(approximately $22,525,000). The work of improving these ports is to be
spread over a number of years, but according to present advices the Minister
of Commerce in concurrence with the Minister of Finance, is expected to
ask the Government for an immediate appropriation of 250,000 cantos so
'that the work may be begun without delay. The general board of the
port of Lisbon and the general board of waterworks have been authorized
to accept competitive bids from general contractors for the work which
Is to be executed in the ports of Lisbon, Leixoes, Setubal, Vila Real de
Santo Antonio, Aveiro and Viana do Castello.
I
2940
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Editorially the New York "Journal of Commerce" of Nov.
8 referred to the announcement as follows:
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Before the public has had time to become accustomed to the new
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currency, announcement is made that a change is contemplated in the
design of the Federal Reserve notes. The statement will be received
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with relif, but also with surprise that it did not come sooner. In fact
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it is amazing that the new Federal Reserve notes ever succeeded in
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passing the scrutiny of responsible officials aftr they issued from the
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press. It is even more difficult to understand how the design came
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to be approved in the first place.
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The undue prominence given to the district numbers of the issuing
E. 8
banks and the relative inconspicuousness of the numbers indicating
a includes United States paper currency In circulation In foreign countries
the denominations of the bills made it a foregone conclusion that mis- amount held by
and tbe
the Cuban agency of the Federal Reserve Bank of
takes would be numerous. The change to letters to designate districts
Does not include gold bullion or foreign coin other than that Atlanta.
held by the TreasFederal
ury.
Reserve
Federal
and
banks
rectification
therefore
Reserve
is
of an error of judgment that is so glaring Rese.ve
agents.
held by Federal
banks undet earmark for foreign account is excluded,Gold
and gold held abroad
as to suggest serious incompetence in those who had anything to do for
Federal Reserve banks Is Included.
with the designing and authorization of the work done on these notes.
c These amounts are net Included In the total since the money
held In trust against
As the notes now in circulation will only be gradually retired, the gold and silver certificates and Treasury notes of 1890 is Included under gold
coin
bullion and standard silver dollars, respectively.
losses to the public due to errors will continue over a considerable and
d The amount of money held In trust against gold and silver certificates
and Treasperiod of time. • In the future, it is to be hoped that greater prelimi- ury notes of 1890 should
be deducted from this total before combining it with total
nary care will be exercised to prevent a repetition of similar errors. money outside of the Treasury to arrive at the stock of money In the United States.
This total Includes $16,044,771 of notes in process of redemption,
Lack of time in comparison is no excuse, since the public had been ofegold
$67,241,980
deposited for redemption of Federal Reserve notes, 87,968,727 deposited
for
told many months in advance of the intention to put new bills in cir- redemption of national
bank notes, $1,950 deposited for retirement of additional
circulation (Act of May 30 1908), and $7,463,088 deoosited
culation.
as s reserve sauna
postal savings deposits.
I Includes money held by Cuban agency of the Federal Reserve Bank
of Atlanta.
Stock of Money in the Country.
Note.—Gold certificates are secured dollar for dollar
for their
by gold held in the Treasury
redemption; sliver certificates are secured dollar for dollar by standard silver
The Treasury Department at Washington has issued the dollars held In the Treasury
for their redemption: United States notes are secured by
reserve of 3156,039,088 held In the Treasury. This reserve fund
may also
customary monthly statement showing the stock of money abegold
used for the redemption of Treasury notes of 1800, which are also secured
dollar by standard silver dollars held In the Treasury. Federal Reserve dollar
in the country and the amount in circulation after deducting for
notes
are obligations of the United States and a first lien
on all the assets of the issuing
the moneys held in the United States Treasury and by Fed- Federal Reserve bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or pureral Reserve banks and agents. It is important to note that, chased paper as is eligible under the terms of the Federal Reserve
Art. Federal
Reserve banks must maintain a gold reserve of at least 40%.
beginning with the statement of Dec. 311927, several very demption
Including the gold refund, which must be deposited with the United States Treasurer. against
Federal Reserve notes in actual circulation. Lawful money has been deposited with
important changes have been made. They are as follows: the
Treasurer of the United States for retirement all outstanding Federal Reserve
(1) The statement is dated for the end of the month instead bank notes. National bank notes are secured by of
United States bonds except where
lawful money bas been deposited with the Treasurer of the
States for their
of for the first of the month;(2) gold held by Federal Reserve retirement. A 5% fund is also maintained in lawful moneyUnited
with the Treasurer of
United States for the redemption of national bank notes secured by Government
banks under earmark for foreign account is now excluded, the
bonds.
. FINANCIAL CHRONICLE
Nov. 9 1929.]
J. P. Morgan Planning to Return to United States.
J. P. Morgan, it is reported, will return from England
next week aboard the S. S. Olympic. Mr. Morgan has spent
his vacation abroad at his home at Hartfordshire, England,
and at his shooting lodge in Scotland.
2941
of Treasury bills, the amount of which in the hands of the market had
increased considerably recently.
Challenged to explain why the Government had obtained "guaranteed
subscriptions" for £30.000,000 at a cost of ;4%,or £150,000. Mr. Snowden
said:"The course of underwriting a Government loan is exceptional, but
it has been done on previous occasions. I thought it prudent to provide
against unforeseen contingencies and insure the subscription of a sum
sufficient to meet earlier maturities of the £30,000,000."
New Low Price for Silver.
Loan Price Cut by Australia—Reduced from Par to
From the New York "Sun" of last night (Nov. 8) we
99 and Also Available in Case of Conversions.
take the following:
From the "Wall Street Journal" of Nov. 6 we take the
The price of silver metal fell to 49g cents in this city today, while following Sydney advices:
the New York
Ad.
to 220d. per ounce. Both
in London the price fell
and London quotations established today are new lows for the year.
Local silver dealers pointed out that the drop today, which amounted
here to ;4 cent net, was merely a continuation of a downward trend
which has been in progress since the beginning of the year. In January, bar silver in this city sold at 5734 cents per ounce. Since then
there has been a gradual decline of about 8 cents.
New British Conversion Loan.
Regarding the new British conversion loan, we quote the
following London advices appearing in the "Wall Street
Journel" of Nov. 6:
British Government funds opened lower on announcement by the treasury
of next Friday's offering of an unlimited amount of 5% conversion loan,
repayable 1944-1964, at par. War Fives were quoted £100;‘, off 3.4, and
U. K. Funding Fours £84, off 234.
Subscription lists for the new issue close on or before Nov. 15. Subscribers for cash must deposit 10% of the amount of their application at
the time of subscription. Balance is payable Dec. 2 or can be deferred to
Feb. 1 1930.
Holders of the 5% War Loan 1929-1947 have been offered conversion at
par Into an equivalent amount of the conversion loan between Jan. 15 and
Feb. 15, next, provided they have applied for and been allotted an equivalent amount of the new loan for cash.
Principal objects of the conversion offer are believed to be necessity for
meeting government maturities in the early months of next year, amounting
to £1,660,000,000; and to reduce the floating debt which at the present
figure of nearly £800,000.000 is £120,000,000 above a year ago. Money
may be needed also to meet the government's proposed expenditures in
unemployment schemes and the purchase of coal royalties.
It is understood the apparent paradox of extending the life of the 5%
War Loan, when it is well known that the Treasury wishes to convert to
a lower basis, is explained by the view that it is impossible to convert the
whole of the £2,184,000,000 outstanding to a lower interest basis at one
operation. By the present offer, it is hoped to reduce the volume to slightly
more manageable proportions.
Brokers are inclined to be critical of the offer, doubting the necessity of
issuing new government securities at such a high rate of interest in the
face of the prospect for easier money during the next few months. On
the other hand, many brokers expect subscriptions to reach considerable
volume.
It is estimated in some quarters that applications may total £200,000,000
since the offer will be attractive to investors as it probably will be the last
opportunity to obtain 5% British Gcverument securities for a minimum
term of 14 years. The new loan will not, however, be as attractive to
foreigners as the War Man, since interest will not be tax-free to nonresidents of Great Britain.
London advices Nov. 5 to the New York "Journal of
Commerce" said:
The now loan arrangements of the British Government Monday came
with as much surprise as the lowering of the bank rate last Thursday.
Seldom have loan proposals been so unfavorably received In the market.
The issue is unlimited, with interest at 5%, the price par, and the loans
callable in 1944 and redeemable in 1966. It gives investors a 5% yield
for at least 15 years. This is one of the chief points of criticism, as it
practically stabilizes national credit at 5% for that period, whereas all
observers had been hoping that before long the Government would be
able to establish credit on the basis of a lower rats.
The loan is called a 5% conversion loan because holders of War 58 have
the right of exchange par for par in the new loan, but only on condition
that they subscribe cash for the actual amount of the new loan. It remains
to be seen how much stock can be converted. There are over £2,000,000,000
outstanding, but the War 58 loan has certain advantages regarding income
tax collection which the new loan backs. War 58 are redeemable in 1947,
but callable since June last.
In its Nov. 6 issue the "Wall Street Journal" reported the
following from London:
Issue price of the 53i% Commonwealth stock and bonds which have
been on sale at the state treasuries has been reduced from par to 99. This
price also will be available in the case of conversions of state securities into
Commonwealth securities, the holders receiving a bonus of 1% on loans
converted.
Victoria and Tasmania had State securities which matured October I,
and the new terms will apply to the conversion of those loans whether
the conversions already had been lodged or not.
Change was designed to bring prices for Commonwealth securities at
the State treasuries into line with money market conditions. The step
was approved unanimously by the Australian Loan Council.
Heavy Loan Underscribed.
The $2,500,000 53% loan for the State Bank of South Australia, issued
at 99 and underwritten by the Commonwealth Bank, was widersubscribed
65% being left in the underwriters' hands.
Number of other Australian public bodies are requiring substantial
additions to their borrowing programs during the next few months. Some
of the transactions will be arranged privately and some by means of public
Issues. The terms available are uncertain in view of the fluctuations of
the local market. Meanwhile the City of Sydney is accepting money
"over the counter" at 534%.
Melbourne & Metropolitan Board of Works arranged in April for a 5%
$10.000,000 loan in London, of which $8,000,000 was issued through
Corporation & General Securities at 9334. The balance of $2.000.000
recently has been issued in London at 94.
Additional $2,500,000 Needed.
The board will require an additional 82,500.000 or more before the end
of the year, and this probably will be raised in Australia.
New Zealand Government recently successfully arranged the conversion
and redemption of a largo 4% loan due in London. The amount originally
was about $60,000,000, but was reduced by redemptions from sinking fund
to less than $50,000,000. Holders were given the right to convert at 98
Into a $25,000,000 new 5% stock, those converting receiving a bonus of
2%. The balance of the money will be raised in New Zealand and utilized
to pay off London holders who do not convert into the new loan.
Report That Japan Seeks Credit in U. S.
The following Associated Press accounts from Tokio
Nov. 8, were carried in the New York papers yesterday:
Leading Japanese newspapers to-day featured reports that Juichl Tsushima, a government financial commissioner now in New York, was negotiating with J. P. Morgan & Co.for an overdraft of $100,000.000 in favor of
the Yokohama specie bank to support an early lifting of the embargo on
gold exports, which has been in force here since 1917.
The reports said that the negotiations were progressing favorably. The
yen Is rapidly approaching par in exchange and financial experts here
predict that the signing of the overdraft agreement in New York will be
Immediately followed by an official announcement of a date for termination
of the embargo, probably in January or February.
From the "Wall Street Journal" of yesterday (Nov. 8)
we take the following:
Announcement of the Japanese Foreign Minister, Junnosuke Inouye,
that a representative of the government was conferring with two large
American banking houses in regard to the financial situation in Japan was
accompanied by the statment that no definite credit had been arranged.
References in the statement to the value of the "moral support" of the
American bankers for the Japanese program of gold embargo removal.
however, was taken in many quarters to indicate that an understanding
had been reached between the parties. It is regarded as more than likely
that the bankers offered support for the currency when and if it should be
needed,even though no definite credit was set up. Of particular significance
to foreign exchange circles was the reported remark of the finance minister.
when questioned as to the date of removal of the embargo and resumption
of the gold standard, that "any fool could see the date was approaching."
Belgian Bankers Act to Aid Brokers in Difficulties.
Associated Press advices Nov. 8 state:
Criticism of the British Treasury offer of a 5% conversion loan continues,
and was increased Tuesday by revelation that the Treasury had placed
privately with certain largo banking houses £30,000,000 of the new issue
at 9934, or 34 point below price at which the loan was offered to the public.
It is understood that the object of the Treasury in this move was to cover
£31,000,000 of bonds maturing in January and February. Owing to the
difficult conditions prevailing in the money market during the last few
weeks, the Treasury feared an adverse reception of the loan. As events
turned out, this fear was unjustified.
Critics of the Government's action also suggest that the Treasury should
have arranged to issue separate detachable coupons representing conversion
rights, which would be salable to those holders of the 5% War Loan who
wish to convert, but do not wish to subscribe in cash to the now loan.
Following an urgent interview yesterday between the Brussels Stock
Exchange Commission and a bankers' group, the latter held a meeting this
morning with a view to extend all possible help to brokers who may be in
difficulties because of the market's break here in sympathy with the New
York slump.
Every effort is being made to support brokers. The local market situation
was stated to be serious, but the bankers'intervention was expected to avoid
a threatened collapse.
He said the immediate cause of the operation was to provide for maturities of Exchequer and Treasury bonds amounting to E30,000,000
(about $150,000,000) falling duo in January and February next.
have also to strengthen my position in advance against the large
maturity of over £130,000,000 worth of 534% Treasury bonds next May."
Mr. Snowden said, declaring that It was desirable to curtail the volume
of the Bank of Brazil, desiring to protect the exchange market, is issuing
drafts to only the larger commercial houses for legitimate necessities and
in small amounts.
It is reported that the action of the Bank of Brazil is causing other national and foreign banks to follow suit, and it is difficult to close the smallest
future bills of exchange involving the mllreis.
Bank of Brazil Limiting Issuance of Drafts to Protect
Milreis.
Fears expressed in financial quarters that the government's new 5% conversion loan was being raised to finance
From Sao Paulo, Nov. 7, the New York "Times" re"Socialist development schemes" were allayed by Chancellor ported the following:
The Brazilian milreis is in a precarious position, with grave possibility
of the Exchequer Philip Snowden in the House of Commons
according to press notices received here from Rio de Janeiro.
on Nov. 7, according to London advices to the New York of collapsing,
It is reported that the Rio de Janeiro exchange has had practically no
"Times", which also had the following to say:
movement to-day, and it is understood that the foreign exchange director
2942
FINANCIAL CHRONICLE
[VOL. 129.
Associated Press advices in the same paper from Rio de the fiscal year 1929-1930. These estimates, he said, provide
Janeiro, Nov. 7, said:
for a budget totaling over $7,000,000, and showing a surplus.
The Bank of Brazil to-day issued a statement to newspapers saying it During the fiscal year 1928-1929 the budget, it is
stated,
would continue to furnish money for legitimate business but would not
supply foreign exchange for speculators. The bank added that it would was actually closed with a surplus, although during the year
also "defand itself against the speculation of certain foreign banks."
taxes in the Province were, in general, reduced 5 to 10%.
According to Governor Schlegel, the Province of Upper AusSao Paulo Banks Calmer—Federal Bank President tria is the first province to pass its budgetary estimates for
Advises Coffee Men to Cut Costs.
the present fiscal year, and is likewise the first to show a
Under date of Nov. 5 the "Times" announced the fol- healthy surplus.
lowing from Sao Paulo:
Asserting that confidence had been restored in banking circles of Sao Bonds of Municipality of Porte Alegre Drawn For
Paulo, Gut'berme Silveira, President of the Federal Banco do Brazil, who
Redemption.
was sent here by President Washington Luis, added that arrangements had
Ladenburg, Thalmann & Co. fiscal agents for the Munibeen made permitting greater credit elasticity, which would be of material
cipality of Porto Alegre have drawn $10,000 principal
benefit to coffee growers.
The possibility of a general reduction of the price of coffee is foreseen amount of City of Porto Alegre 40-year 8% sinking fund gold
in a press interview, in which he said:
"I advise growers to reduce production costs so they can complete suc- bonds, enter loan of 1921, for redemption on Dec. 1 1929 at
cessfully with foreign growers. We must reconquer the North American
105% and accrued interest.
markets, and this can be done only by exporting coffee at prices which
would dislocate the Colombian product."
Marcello Plaza, the Secretary of Labor of the State of Sao Paulo, admits
that conditions are serious among the interior coffee growers, as a large
number of laborers are leaving the State for the north of Brazil and the
growers have not enough money to pay them, or, to bring in colonists.
Greek Government Loan Terminated by Mutual
Consent.
J. &. W.Seligman & Co. and the Greek Government have
terminated by mutual consent the loan agreement entered
into between them Jan. 25 1929. The reason for the termination was that the International Financial Commission
refused to accept the mandate given it by the Greek
Government nine months ago for the service of the loan.
Service by the International Financial Commission was a
condition precedent to the opening of a credit and the
purchase of bonds under the contract.
Greece to Ask Loan.
From the New York "World" we take the following-Associated Press advices from Athens Nov. 1:
Finance Minister Mares, speaking to-day on Grecian financial matters
said this country would seek another international loan when matters on the
international money market improved.
Drawing For Sinking Funds of Kingdom of Bulgaria
Stabilization Loans.
Speyer & Co. and J. Henry Schroder Banking Corporation
announce that the first drawing for the sinking fund of
the Kingdom of Bulgaria 7%% Stabilization Loan 1928 has
taken place and that the $28,000 bonds so drawn will be
payable on and after Nov. 15 1929 at par at either of their
offices.
Bonds of Saxon State Mortgage Institution Called For
Redemption.
The National City Bank of New York, as trustee under
the trust indentures securing the Saxon State Mortgage
Institution 6% and 7% collateral sinking fund guaranteed
gold bonds, due Dec. 1 1946 and 1945, respectively, has
Issued a notice to the effect that $30,000 of the 6%% bonds
and $38,000 of the 7% bonds have been selected for redemption on Dec. 1 next at par. Bonds drawn for redemption
should be surrendered with all interest coupons maturing
subsequently to the redemption date, at the head office of
the National City Bank, 55 Wall Street, where they will
be paid and redeemed out of sinking fund moneys deposited
for that purpose. Interest on drawn bonds will cease from
and after the redemption date.
State Mortgage Bank of Jugoslavia Reports Increases
in Business.
Substantial increases in mortgage loan business and other
banking activities are reported by the State Mortgage Bank
of Jugoslavia to J. & W.Seligman & Co.,fiscal agent for the
bank's secured 7% sinking fund gold bonds due 1957,
guaranteed by the Kingdom of Jugoslavia. Mortgage loans
aggregating $34,261,191, secured by properties appraised
at more than $70,000,000, which is in excess of 200% of
the loans, were held by the bank Dec. 31 1928. This compares with $26,879,673 on Dec.31 1927,and with $16,887,218
on Dec.31 1926. Municipal and other loans were $8,081,750
at the close of 1928, $7,195,622 in 1927, and $2,763,155 in
1926. Assets of the bank on Dec. 31 of each year have been
as follows: 1928, $55,131,098; 1927, $52,594,479, and 1926,
$33,798,377. Net profits for 1928, after interest and sinking
fund requirements, were $938,653. The State Mortgage
Bank of Jugoslavia was founded in 1862 as an institution for
the management of public funds, and in 1898 became a
central mortgage bank, under government supervision. It is
the second largest bank in the Kingdom,the largest mortgage
bank, and the only mortgage bank for whose obligations
the government is responsible.
Purchase of Argentine Government Bonds For Sinking
Fund—Tenders Asked.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have issued a notice to holders of Argentine Government Loan 1927, external'sinking fund 6% gold bonds,
public works issue of May 1 1927, due May 1 1961, to the
effect that $119,881 in cash is available for purchase for the
sinking fund of so many of the bonds as shall be tendered
and accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after May 1 1930,
should be made at a flat price, below par, at either the office
of J. P. Morgan & Co., 23 Wall Street, or the head office of
the National City Bank, 55 Wall Street, before 3 p.m.
Dec. 2 1929. If tenders so accepted are not sufficient to
exhaust the available funds, additional purchase upon
tender, below par, may be made up to Jan. 30 1930.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have also issued a notice to holders of Government
of the Argentine Nation external sinking fund 6% gold bonds,
issue of May 1 1926, due May 1 1960, to the effect that
$119,518 in cash is available for purchasefor the sinkingfund
of so many of the bonds as shall be tendered and accepted
for purchase at prices below par. Tenders of such bonds with
coupons due on and after May 1 1930, should be made at a
flat price, below par, at either the office of J. P. Morgan &
Co., 23 Wall Street, or the head office of the National City
Bank,55 Wall Street, before 3 p.m. Dec.2 1929. If tenders
so accepted are not sufficient to exhaust the available funds,
additional purchases upon tender, below par, may be made
up to Jan. 30 1930.
Austrian Government Bonds Drawn For Redemption.
J. P. Morgan & Co., for the trustees, have Issued a notice
to holders of Austrian Government guaranteed loan 19231943,7% sinking fund gold bonds, issued under general bond
of the Federal Republic of Austria, dated May 31 1923, to
the effect that $866,600 principal amount of the bonds have
been drawn for redemption at par on Dec. 1 1929, out of
F. H. Colburn Retires as Secretary of California
moneys in the sinking fund. Payment on the drawn bonds
Bankers' Association Because of Ill Health—
will be made at the office of J. P. Morgan & Co., 23 Wall
H. W. Sanders His Successor.
Street, New York, on and after Dec. 2 1929. Interest on
Following a special meeting of the Executive Council of
the drawn bonds will cease on and after Dec. 1 1929.
the California Bankers' Association, in San Francisco, announcement was made by A. J. Mount, President, that
Landtag of Province of Upper Austria Adopts Pre- H. W. Sanders of Los Angeles has been elected
Secretary,
1929-1930.
liminary Budget Estimates For
succeeding Fred. H. Colburn, who retires at his own request
Governor Schlegel, of the Province of Upper Austria, and in consequence of ill health, after holding the office for
announces that the Landtag of the Province has adopted 18 years. Mr. Sanders will remove to San Francisco and
the preliminary estimates for revenue and expenditure for commence his new duties:immediately. Mr. Sanders has
Nov. 9 1929.]
FINANCIAL CHRONICLE
2943
been with the Citizens' National Trust & Savings Bank since He stated that as a result of the efforts of the Securities Department bucket
have almost disappeared.
1922. He received his early training in an English bank prior shops
"The average investor," Secretary of State Stratton said, "has little
to going to Winnipeg, Canada, in 1912, where he was for a time and practically no facilities for investigating the merit of securities.
time with the Quebec Bank, now consolidated with the Royal He cannot find out whether claims made by sellers of securities are true
in fact, whether the seller is a reputable dealer.
Bank of Canada, and afterward for six years with the T. or,"Of
course, the Securities Department would not be justified in trying
Eaton Co., one of the larger mercantile corporations in the to substitute its judgment for that of the investor, nor can it properly
Dominion. Since locating in California, Mr.Sanders has been interfere with the right of a man to speculate and take chances with
his money. It can, however, and it does, endeavor to see that the investor
identified with the work of the American Institute of Banking is
not imposed upon by false representations and it can at least strive
and is now First Vice-President of Los Angeles Chapter. He to keep dishonest dealers from operating."
Mr. Stratton disclosed that in the current year up to Oct. 1, $850,000,000
has been successively a member of the Board of Governors,
worth of securities were approved for sale by the department and 750
Second Vice-President, and was in line for the presidency brokers
and dealers and about 3,500 agents or salesmen were registered.
next year. For three years he has'been-the instructor in
The Secretary of State expressed the hope that in the near future more
"Banking Fundamentals" in Los Angeles Chapter and has educational work can be carried on to teach the investing public how to
been selected by Dr. Harold Stonier, National Educational protect itself.
Director, to edit a new banking textbook in collaboration
Securities for Sale Must Be Registered Under
with H. D.Ivey, President of the Citizens' National Trust &
Vermont Act.
Savings Bank. This will be known as "Banking I" and will
securities
as a business in Vermont is not
The
selling
of
be used for the pre-standard course throughout the country
from 1931 onward. Mr. Sanders holds a double certificate permitted without registration in the office of the Securiof graduation, both in the Institute of Banking, London, ties Commissioner. We quote from the Nov. 4 issue of the
"United States Daily," which also says:
England, and in the American Institute of Banking.
State Commissioner of Banking and Insurance Robert C. Clark, in a
California Plans to Prevent Sale of Worthless Stock— written statement, dated Oct. 30, says that 135 dealers are registered in
that State.
Former State Corporation Commissioner Reports
Some States, according to Commissioner Clark, notably New York,
on Methods Adopted to Stop Practice.
operate under a type of regulation known as the "fraud law." There
volume ctf transactions is so large that the registration of securities
Curbing of the practice of selling "personally owned"' the
and dealers is a practical impossibility. The Attorney General in New
worthless stock as one method of evading the restrictions of York and other States having that type of law can investigate the affairs
the California "Blue Sky" law is reported in a statement of companies whose activities lead to a suspicion of fraud, and apply for
against them.
filed Oct. 28 with Governor Young by Fred. G. Athearn, injunctions
Mr. Clark is President of the National Association of Securities Comrecently resigned State Corporation Commissioner. Sacra- missioners, having been advanced from the First Vice-Presidency at their
mento (Calif.) advices, Oct. 28, to the United States Daily recent annual convention at St. Paul. His statement on the work of
the officials charged with the administration of the securities acts of
from which we quote, went on to say:
the various States, and concerning their cooperative effort through the
Mr. Athearn recounts that court decisions to the effect that the corporate
securities act was invalid in so far as it related to the sale of securities by one
who was the owner but not the issuer, resulted In the practice of promoters
organizing a corporation in a "foreign" State and issuing a large portion of
the stock to themselves.
This "personally owned" stock was then turned over to a broker, under a
contract, for sale at whatever price the broker might be able to obtain.
"In this way," says Mr. Athearn,"many millions of dollars of worthless
stocks were foisted upon the people of California."
The Commissioner informed the Governor however that a careful study of
the court decisions revealed they did not extend the exemption to brokers,
and that the Corporation Department still retained jurisdiction over the sale
by the brokers. He arranged conferences with legitimate brokers and with
their co-operation has launched a campaign to restrain the sale of "personally
owned" securities which do not have a substantial value behind them.
The Commissioner reported the unstinted co-operation of legitimate
brokers in bringing this about. as they realized such practice, unless restrained, would result in a great injury to the entire brokerage business.
Oklahoma Considers Bank Merger Plans—Question
of Chain Systems Also To Be Studied.
The question of bank mergers and branch and chain
banking is "just around the corner" in Oklahoma. The
foregoing Oklahoma City advices Oct. 28, were published
in the United States "Daily" of Oct. 29, which added:
This was stated orally on Oct. 25 by the Attorney for the State Banking
Department, M. 13. Cope. He reported that an investigation of the new
trend in banking and finance would be instituted to determine the effect
on the State banking system.
The question of bank mergers and chain banks has been brought to the
front in Oklahoma by recent mergers among National banks and Statebank mergers in other States, said Mr. Cope. It is not unlikely that the
trend so pronounced elsewhere among banks and other corporations will
extend to the State banking system here. The next Legislature may be
called upon to fix the policy of the State Banking Department in regard
to State Banks, and to determine whether there should be any encouragement to the move away from the traditional independent unit bank system
or whether that principle of banking should be strengthened, according
to Mr. Cope.
The Banking Department represents the general public as well as the
banks of the State, Mr. Cope stated. It will be called upon to give its
Opinion on the relative merits of the three systems, and which is best for
the economic welfare of the State.
Worthless Securities Excluded by Illinois—State Regulation Eliminating Dishonest Brokers.
Worthless and questionable securities which, if legitimate,
would have represented millions of dollars, have been
barred from the Illinois investment market since the legislature created the State Securities Department ten years
ago, Secretary of State William J. Stratton, who administered this office, announced orally on Nov. 4. This is
learned from the "United States Daily," which, in Springfield, Ill., advices, Nov. 4, also had the following to say:
In this ten-year period the Department has qualified more than
$5,000,000,000 worth of securities for sale. Commenting on this figure,
Secretary of State Stratton said that as time goees on the great wealth of
Chicago and Illinois, with its almost unlimited ability to absorb securities,
undoubtedly will lead to a larger volume of business in this Department.
The Securities Department, through its power over the regislation of
brokers, the Secretary of State said, has been able to drive out of the
business of selling securities a great number of dishonest individuals and,
through the power to require a substantial bond, has protected the public
against inexperienced brokers and brokers with little capital investment
national association follows in full text:
Association Is Voluntary
The National Association of Securities Commissioners is a voluntary
association of the public officials of the various States charged with the
enforcement of the securities acts. Nearly every State of any commercial
importance has some form of act designed to control the operations of
persons who make a business of selling securities in that State. In some
cases the admnistration of the law is placed in the hands of an officer
whose thief duty is the adrnnistration of affairs assigned to one of the
department heads, like the Bank Commissioner, Insurance Commissioner,
Secretary of State or the Attorney General, and in other cases, a separate
department is maintained and the securities commissioner devotes his
whole time to the administration of the securities act.
The purpose of securities acts is to prevent the operations of dealers
and individuals who are attempting to defraud the public in the sale of
securities. In those States where the volume of the business and the
number of dealers does not make it prohibitive, a syestem of registration
of dealers, salesmen and securities is called for under the law and
no person is permitted to sell securities as a business unless he has
become registered in the office of the securities commissioner. This
method of controlling dealers has proved very effective and in those
States where such a law is in force the cases of persons being defrauded
by security transactions, negotiated by personal contract, are the exception rather than the rule. Anyone who does suffer from the operations
of unlicensed persons fails to take advantage of the facilities provided
by the State for their protection.
Mates Have Fraud Law
A few States operate under the so-called "fraud law." New York is
the outstanding example of this kind. There the volume of transactions
is so large that the registration of securities and dealers is practically
impossible. Under the "Martin Act of New York" the Attorney General
has power, when he has information which leads him to believe that a
concern has perpetrated, or is attempting to perpetrate, fraud upon the
public in the sale of securities, to make an examination of its affairs
and if he finds evidence of intention to defraud he can apply to the
courts for an injunction.
The members of the National Association of Securities Commissioners
are in close cooperation with the better business bureaus and other
organizations which are trying to have the selling of securities carried
on by responsible persons only. By furnishing information regarding
the methods employed in the various States, the members are able to
put their fellow commissioners on guard against unprincipled vendors of
stocks and bonds. Through its activities these so-called "white collared
bandits" have, many of them, been forced out of business and thousands
of dollars have been saved for the investing public.
In Vermont the registration system is in force. Every person or firm,
who offers securities for sale to the public as a business, is required
to become registered in the office of the commissioner of banking and
insurance, who administers the act. One hundred and thirty-five dealers
are now registered in this State.
Regustration Is Required
In addition to this, all classes of securities which are not exempt under
the terms of the act must be registered before they can be offered to
the public by registered dealers. By requiring the registration of these
securities it is possible for the commissioner to prevent the offering of
securities which do not appear to be on a sound basis and can also place
at the disposal of prospective investors complete information in regard
to the financial condition of those companies whose securities are registered and are being sold to the public by dealers. It is distinctly
stipulated that dealers must not use the approval of registration of
a security by the Securities Conunissioner as a recommendation for the
security and it should not be understood that approval of registration
guarantees that a security will be a good investment. It only means
that the department has passed upon the facts of the case and arrived
at the conclusion that the security is to be sold on its merits and that
the public will not be defrauded in the purchase of it.
It is not the function of the Commissioner to forbid people to buy
a speculative security if they so choose, but he intends to satisfy himself
2944
FINANCIAL CHRONICLE
that the purchaser will be furnished with the facts in the case before
investing his money. If he Invests, knowing the facts and the security
turns out to be unprofitable, the investor has no one but himself to blame.
Twelve Philadelphia Trust Companies Agree to Realty
Board Plan for Moratorium Mortgages.
Twelve leading trust companies of Philapelphia have
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 instalments on them, according to a
Philadelphia dispatch to the New York "Times," which
reports Philip N. Arnold, the Board's President as making
an announcement to this effect Nov 3. The dispatch further says:
Mr. Arnold declared himself pleased with the wish to "bring about
a reduction of sheriff sales of residential properties and an improvement of conditions as to real estate."
"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," he said.
[VoL.122.
pertaining thereto. The terms'and conditions of regulations as contained in
regular form are hereby waived other than its provisions respective
26, management type, and Exhibit 24,fixed or semi-fixed type. to Exhibit
Failure on the part of any dealer to furnish completed form prior to Jan. 1.
1930, respective to issues presently qualified will be sufficient
cause to suspend Issue or revoke dealer's license.
Your special consideration is also called to form No. A-100 and form No.
C101 respective to Exhibit 26 and Exhibit 24 which relates to the filing of
semi-annual report of examination made by certified public
accountants.
Details of such report shall contain information as follows;
Rules in Detail.
1. Period of filing Jan. 1 and July 1. Compilation
company affairs
shall relate to its business for the previous six months. of
the department
date of filing conflicts with issuer's established system ofIf
auditing accounts
relative to date of filing,such will be made optional with company
ing sufficient notice of semi-annual reports to the department. by afford2. Schedule of all securities held in portfolio of company.
3. Book value and market.value.
4. Exchange of securities. Gain and loss in exchange of securities.
5. Interest and dividend income.
6. Appreciation or depreciation of securities held in portfolio.
7. Income and disbursements.
8. Assets and liabilities.
Response to this letter and compliance with rules and regulations will be
anticipated.
U. S. Supreme Court Holds Federal Farm Loan Board
Without Power to Levy Assessment on Stockholders
of Failed Joint Stock Land Banks—Power Rests
A previous item regarding the proposed moratorium on
With Creditors.
first mortgages in Philadelphia appeared in our issue of
In giving the text of a decision handed down by the
Nov. 2, page 2794.
United States Supreme Court on Nov. 4, in which it is held
that power to levy assessments on stockholders of a failed
Want No Moratorium on Mortgages in New York—Realty Joint Stock Land Bank
rests with the creditors and not
Men Find Situation is Improving Steadily, Says Peter with the Federal Farm Board,
the "United States Daily"
Grimm.
of Nov. 5 says:
"New York City neither needs nor wants a six months'
The Federal Farm Board does not have the power to levy an assessment
moratorium on first mortgage payments," Peter Grimm, to enforce the liability of stockholders of an insolvent Joint Stock Land
President of the Real Estate Board of New York, Inc., said Bank, the Supreme Court of the United States held on Nov. 4.
The court also ruled that the receiver of such an insolvent bank,
on Nov. 1, in commenting on the letter sent out by Philip appointed by the
Federal Farm Loan Board, does not have the power to
N. Arnold, head of the Philadelphia Real Estate Board, maintain a suit to enforce the stockholders' liability created by the Federal
Farm
Loan
Act
of
July
17 1916.
calling on trust companies in that city to co-operate in
It is pointed out in the opinion that the act closely follows the wording
promoting such a plan here. The foregoing is from the of the National Bank Act, but whereas the
Bank Act provides for enforceNew York "Times" of Nov. 2, from which we also take ment of the individual liability of stockholders, the Farm Loan Act does
note
contain
expressdauthorizat
such
ion.
the following:
J. R. Wheeler v. Howard Greene, Receiver of Bankers' Joint Stock Land
"The realty mortgage situation is improving steadily and there is Bank of Milwaukee. Supreme Court
of the United States. No. 89.
no real shortage of funds in this field now," Mr. Grimm stated. "In
On writ of certiorari to the Circuit Court of Appeals for the Seventh
fact, large amounts of money are available here for first mortgages."
Circuit.
A brief suspension of calls for first mortgage settlements or installFloyd E. Thompson (Conrad H. Poppenhusen, Joseph V. Quarles, Law.
ment payments would merely foster a feeling of uncertainty and in- rence A. Cole, and Henry Jackson
Darby on the brief), for petitioner;
convenience many business groups without actually benefiting any one, Edwin
S. Mack (Arthur W. Fairchild and J. Gilbert Hardgrove on the
in Mr. Grimm's opinion. The stock market decline, he pointed out, brief), for respondent.
'
is of too recent a date to allow proper appraisal of its effect, and nothing
Opinion of the Court.
in the devlopmntss so far as Nw York is concerned) warrants hasty acNov. 4 1929.
tion which might comlicate the situation.
Mr. Justice Holmes delivered the opinion of the court.
While much money which normally has gone into real estate financThe plaintiff is the receiver of the Bankers' Joint Stock Land Bank of
ing has been diverted for the past year to stock trading, the recent
slump in stock prices and a change in sentiment already are bringing Milwaukee, appointed by the Federal Farm Loan Board; the defendant
is
a holder of stock of that Bank. This suit is brought to collect an
much of this money back to its usual channels, and will make the mortassessment equal in amount to the par value of the defendant's stock,
gage situation easier, real estate men and builders agree.
Mr. Arnold in his statement to the Philadelphia trust companies which was levied by the Federal Farm Loan Board and which the plaintiff
suggested that a moratorium in Philadelphia would check the mounting was ordered to collect. The defendant demurred to the declaration that
number of Sheriff sales and improve real estate conditions generally. alleged these facts. The District Court sustained the demurrer and ordered
He assrtd that small home owners had been the principal sufferers in judgment for the defendant. The plaintiff appealed and the judgment
was reversed by the Circuit Court of Appeals. 29 Fed. (2nd) 468. A
the increasing number of foreclosures.
writ of certiorari was granted by this Court to settle the question whether
the Federal Farm Loan Board had power to levy an assessment, or the
Investment Trusts in New Hampshire Must List Hold- receiver to maintain suit, for the enforcing of the stockholder's liability
ings—Regulations for Companies Qualifying in the created by the Federal Farm Loan Act, July 17 1916, C. 245, section 16,
39 Stat. 374. U. S. Code, Tit. 12, section 872.
State.
Important Clause Omitted.
Investment trust securities may be offered for sale in New
The section (section 29, Code, sections 961, 963) of the Federal Farm
Hampshire only after strict compliance by firms and dealers Loan Act that deals with insolvency of Farm Loan Associations and Joint
offering them, with rules and regulations of thoroughgoing Stock Land Banks provides for the appointment of a receiver by the Farm
Loan
and states his duties and powers. It closely follows the
character. This is learned from the United States "Daily" of words Board
of the earlier National Bank Act, R. S. section 5284; Code, Tit. 12,
Nov. 2, which in advices from Concord, N. H., Nov. 1, also section 192, stating the duties of the receiver of a bank that has refused
to pay its circulating notes, and giving him power to take possession
says:
of
books and assets and to collect debts, etc. But whereas the bank act
Therulesgoverning their qualification have just been set forth officially
goes on "and may, if necessary to pay the debts of such association,
In a letter from Insurance Commissioner John E. Sullivan to persons and enforce
the individual liability of the stockholders," the Farm Loan Act
corporations who hold licenses as dealers in securities in this State.
stops short
The exemption which applies to other securities listed on the Boston Stock contained and has no such words. When so important a grant of power
in the prototype is left out from the copy it is almost impossible
Exchange, the New York Stock Exchange,and the Chicago Stock Exchange to
attribute the omission to anything but design, or to believe that it
will not apply to the securities of investment trusts. In the case of such left
to very attenuated implications what the model before it so clearly
securities already listed, a revised qualification form must be filed.
Semi-annual reports of examination by certified public accountants are expressed.
There is a plain reason for the difference. The National Banks issue
to be required of the management type of investment trusts as well as the
notes that constitute an important part of the currency of the country
fixed or semi-fixed types. These must include a schedule of all securities
and
that the United States has an interest in being paid. It is upon the
held in the portfolio of the company,their book and market value,exchanges
bank's refusal to pay these notes that the Comptroller of the Currency
In securities held, with gain or loss incurred, a statement of interest and
is to appoint a receiver, and the authority to enforce the
stockholder's
dividend income, the appreciation or depreciation of the value or securities
held in portfolio, statement of company income and disbursements, and a liability adds a security to the National circulation that is of National
scope. But the Joint Stock Land Banks issue no such notes. They are
lIst of assets and liabilities.
created to make loans on farm mortgagese to members of an association
Regulations Announced.
in a territorially limited district, and are relatively local affairs. It is
Commissioner
follows
The letter of the Insurance
in full text:
contemplated that the bonds that they issue shall be secured by mortgages.
The growth of investment trusts or investment companies has recently
become a real active factor in the investment business. Its many features
No Need for Summary Action.
present an investor's interest which is paramount in its importance; thereThere is not the same need that the stockholder's liability should he
fore. I have adopted rules and regulations pursuant to the public laws of
New Hampshire which are made binding upon all persons and (or) corpora- summarily disposed of behind his back in Washington (Rankin v. Barton,
tions who are the holders of a dealer in securities' license from the Depart- 199 U. S. 228, 232, Casey v. Gatti, 94 U.
S. 873, 881), rather than by
ment and those who have heretofore or those intending hereafter to submit the usual
proceeding of a bill in equity whioh is brought in the neighborsuch securities for clearing in this State will be required to strictly conform
hood,
in
which the stockholder can be heard, and by which the assessment
with the rules and regulations promulgated.
The regulations'promulgated do hereby nullify the Department's prier instead of 100%
regulations respective to securities listed on approved exchanges to the 92 U. S. 156. can be adjusted to the specific case. Terry v. Tubman,
The stockholders are to be held only "equally and
extent that investment trust securities do not come within the scope of the
accepted list of securities which regulations provide that listing on the ratably." And, to say the least, the bill in equity ia the most likely
Boston Stock Exchange. New York Stock Exchange and the Chicago Stock way of reaching that result.'
Exchange was a means sufficient for qualification.
The establishment in Washington of a bureau "charged with the execuRespective to issues heretofore qualified for sale in the State, it will be
necessary in each instance of such that the submitting dealer of issues shall tion of this Act, . . . under the general supervision of a Federal Farm
be required to comply with regulations by filing devised aualification forms Loan Board," c. 246, section 8; Code, section 661, and the putting of the
Nov. 91929.]
FINANCIAL CHRONICLE
administration of the Act under the direction and control of that Board
by section 1, seem to us inadequate to supply the omission of this
power from the express statement of what the Board and receiver may do
when the bank is insolvent. The receiver had power to collect the assets
of the bank, but the liability of stockholders is no part of those assets.
It is a liability to creditors which the creditors may be left to enforce.
Decree reversed.
Filing of Articles of Incorporation of Farmers National
Grain Corporation—Medium Through Which Federal Farm Board Is to Make Loans to Grain Marketing Associations.
With,the filing of Articles of Incorporation at Wilmington,
Del., on Oct. 29 the Farmers National Grain Corp., a central marketing agency for the grain co-operatives of the
United States, came into legal existence with headquarters
In Chicago. In announcing this the Federal Farm Board
said:
This is the first National commodity co-operative sales association to be
set up under the guidance of the Federal Farm Board. Similar organizations for the wool and mohair and livestock co-operatives are in the process of formation and will be completed at an early date. Organization
of the co-operatives handling other commodities on National or regional
lines, dependent upon the particular commodity, is being fostered by the
Farm Board in the hope that they, too, will put themselves in position to
take full advantage of the provisions of the Agricultural Marketing Act.
The Farmers National Grain Corporation is organized on a strictly
co-operative basis which will make use—to the greatest extent possible—o
all existing farmer-owned grain marketing facilities. The organization will
have adequate capital and if given the support of existing firmer-owned
grain marketing associations will handle annually a volume considerably
in excess of 500,000,000 bushels of all grains. General and active management of the corporation will be in the hands of a general manager who, the
by-laws provide, "shall be a person acceptable to the said Federal Farm
Board."
This Corporation provides a medium through which the Federal Farm
Board may make loans to co-operative grain marketing associations, both
for current marketing purposes and for the acquirement of physical facilities.
Such an organization, if properly managed and properly supported by the
farmer-owned grain marketing associations, should not only reduce local
and terminal marketing costs, and eliminate much waste in marketing, but
also should exert a strong influence toward greater market-price stabilization.
The Farmers National Grain Corp. provides a plan whereby farmers
may extend their co-operative grain marketing activities on extensive scale
into the domestic terminal and export markets. The plan which has been
provided is the result of conscientious effort on the part of a committee
representing all types of existing farmer-owned grain marketing agencies:
Great pains have been taken to insure that the provisions are essentially
fair to all types of grain marketing associations and provision has been
made for insuring fair representation for all associations in accordance
with the relative volume of business and support which they give to the
corporation in future years. Best of all it provides a means whereby the
grain producers may help themselves through their own efforts rather than
by receiving what might be termed a direct "dole" out of public funds.
With these provisions the now corporation has a splendid opportunity
for accomplishing worth while results for grain producers and should receive
the full support of all existing farmer-owned grain marketing associations.
At the call of the Federal Farm Board 52 representatives of 36 farmerowned grain marketing associations met in Chicago July 26 as the first step
in the organization of the corporation. An organization committee of
16 members was created and met with the Farm Board in Chicago late in
August,at which time a sub-committee of three members was designated to
draft articles of incorporation and by-laws. This sub-committee conferred
with the Farm Board in Chicago early in October and again in Washington
two weeks later, when complete agreement was reached on the details of
organization. The sub-committee made its final report to the organization
committee in Chicago Oct. 25 and the articles of incorporation and bylaws were formally adopted and ordered filed.
The corporation has an authorized capital stock of $10,000,000 and no
patronage dividends will be distributed until the capital and surplus total
$20.000,000. Dividends on all stocks will be limited to 8%. Stock may be
subscribed for only by farmer elevator associations, farmer-owned grain
sales agencies, and growers grain pools upon the minimum basis of one
$100 share for each 2,000 bushels of all grains handled by the association.
Stock may be paid for in full or on terms. If purchased on terms. 10%
must be paid down, and the balance covered by five notes of equal amount,
one of which is payable annually.
Only associations meeting the provisions of the Capper-Volstead Act
may subscribe for the capital stock of the corporation. The main provisions
of this Act are:
1. That the membership shall be made up of agricultural producers;
2. That the association must be operated for the mutual benefit of its
members;
3. That the association does not do more business with non-members
than with members; and
4. The association must conform to one of the following: either that it
follow the principle of one vote per member, or else dividends on capital
stock must be limited to 8%.
At the present time, according to records in the Division of Co-operative
Marketing, Federal Farm Board, about 54% of all farmers' elevators in
the United States now comply with tho provisions of this Act. In addition
a very large proportion of the farmers' elevator associations which do not
now comply with the provisions of the Act can do so by changing one or
more of the provisions in their by-laws.
The corporation will have 19 directors. 7 of whom shall be selected by the
farmers' elevator associations, 5 by the farmer-owned grain sales agencies,
5 by the growers' grain pools, and one each by the American Farm Bureau
Federation and the National Grange, Patrons of Husbandry. With the
exception of the incorporating directors, and part of the first Board, each
director will hold office for a term of three years. The territory within
which the corporation will operate is to be divided into five districts and
directors from any district will be nominated by the type of association
which they represent, which nomination will be equivalent to election
at the annual meeting of stockholders in April of each year. Provision is
made for reapportionment of directors from time to time as inequalities
develop.
In making arrangements to handle the grain of its stockholding members,
the corporation may buy the grain or handle it on a brokerage basis. The
corporation will undertake to assist and strengthen its stockholding member
associations, but where duplication of effort or wasteful practices exist, attempt will be made to eliminate such waste as soon as practicable.
2945
The following statement was issued in Chicago on Oct. 26
by the new Farmers National Grain Corp.:
Articles of Incorporation and By-Laws of the Farmers National Grain
Corp. have been unanimously adopted by the organization committee of
16 members selected several weeks ago by grain growers representatives
throughout the United States. The articles will be released to the public
In Washington, D. C. immediately after they are filed. The following
officers have been elected by the incorporating board of directors:
S. J. Cottington, President, Stanhope. Iowa; C.E. Huff, Vice-President,
Salina, Kansas; L. E. Webb, Secretary-Treasurer, Dodge City Kansas.
Below are the names of the executive committee members:
J. J. Knight, Kansas City, Kan.•, F. H. Sloan, Sioux Falls, S. Dak.
Wm.H.Settle, Indianapolis, Ind.; John Manley,Enid, Okla.
The incorporating board of directors is composed of the following men:
S. J. Cottington, Stanhope, Iowa; 0.E. Huff, Salina. Kansas; L. E. Webb,
Dodge City, Kansas; Wm.H.Settle. Indianapolis,Indiana: M.W.Thatcher
St. Paul, Minn.; George Duis, Grand Forks, N. Dak.; Ernest R. Dowie.
Wichita, Kansas; John Manley, Enid, Okla.; H. G. Keeney, Omaha, Neb.;
E. G. McCollom, Indianapolis, Ind.; Lawrence Farlow, Bloomington, 111.;
F. H. Sloan, Sioux Falls, S. Dak.; P. A. Lee, Grand Forks, N. Dak.; S. H.
Thompson,Chicago,Ill.; L.J. Taber,Columbus, Ohio; J. J. Knight,Kansas
City, Mo.
The headquarters of the Farmers National Grain Corp. will be in Chicago.
An item regarding the Association appeared in our issue
of Nov. 2, page 2793.
Chase & Co., Florida Shippers, Join Florida Citrus
Exchange.
The Federal Farm Board announces Nov. 4 that it has
received word that Chase & Co., one of the largest and most
responsible of the shippers in Florida, has joined the Florida
Citrus Exchange. Also that contracts have been closed
with the International Fruit Co., Lucerne Park Fruit Assn.
and Carpenters Union and two new associations have been
established, bringing in a considerable volume of new fruit
to the Exchange. This, says the Board, indicates that
substantial progress is being made toward a unified program
for the marketing of the citrus fruit of Florida.
Bankers' Capital Corp., New York, in Receivership.
The Bankers' Capital Corp.,44 Wall St. this city, and with
branch offices in Albany, Newark, Waterbury, Bridgeport,
New Haven and Hartford, joined with the Superior Credit
Corp. of Worcester, Mass., on Monday (Nov.4)in a petition
for an equity receivership. Federal Judge William Bondy
named the Irving Trust Co. of this city as receiver without
bond. The Worcester concern, through its attorneys, Winter
& James, set forth in the complaint filed with the petition
that the Bankers' Capital Corp. owed it $130,000. The
complaint furthermore set forth that "the defendant has
outstanding bank loans, notes and indebtedness of $750,000."
The New York "Times" account (Nov. 5), from which the
above information was obtained, continuing said in part:
Although no estimate was given of the value of the assets of the defendant
corporation, it was set forth that they were of "great worth" and consisted
of shares of bank, trust company and insurance company stocks.
The petition stated that, unless an equity receiver was appointed to protect the interests of creditors as well as the defendant concern, disaster
might follow through the bringing of numerous legal actions against the
corporation. Certain creditors were said to be "pressing."
Charles Dickerman Williams of 15 William St., attorney for the Bankers' Capital Corp.. joined the Superior Credit Corp. in the petition for an
equity receiver and presented to Judge Bondy an affidavit signed by R..1,
Randall, President of the defendant concern. In this Mr. Randall admitted
the truth of the statements made in the complaint.
It was explained that the "financial furore" had caused sudden decrease in the value of securities held by the Bankers' Capital Corp. and had
thus lessened its ability to obtain working capital on loans based on collateral.
The $130,000 alleged to be due the plaintiff was said to represent call
money loans, and interest was demanded at call money rates. The complaint alleged that the defendant corporation "has not now on hand sufficient
money with which to meet its obligations now due and which will shortly
become due."
The Bankers' Capital Corp. was incorporated in New York in January.
1923, to succeed a similar organization formed in July, 1920. The company
was a dealer in bank, trust, title, insurance and other financial stocks, and
in addition owned the entire capital stock of Bankers' Capital Co. of Connecticut. It had offices in New York at 44 Wall Street and in Albany.
Newark, Waterbury, Bridgeport, New Haven and Hartford.
The company's outstanding capital stock consisted of $600,000 in 8%
preferred stock with a par value of $100. and of 10,000 shares of no par
common stock, a majority of which was held by the Bankers' Financial
Trust, which thus controlled the company.
Sale of 189,760 Eisenlohr Shares Auctioned at 23/i With
Exchange Price at 7M.
The following is from the New York "Times" of Nov. 7:
While shares of Webster Eisenlohr, Inc., manufacturers of several popular brands of cigars, were being traded in yesterday on the New York
Stock Exchange at prices ranging between 8M and 73.g, a block of
189.760 shares, representing more than 41% of the outstanding 453.000
shares, was sold at public auction at 2M a share. The ownership of this
stock and the reason for its sale at auction instead of through the Exchange
facillthw were not disclosed.
The price of 2M a share represents a loss of $569,280 from the lowest
price which the saute shares brought on the New York Stock Exchange
Yesterday and a drop of $21,073,360 from its high point this year on the
Exchange.
The sale aroused much conjecture in Wall Street, where guesses were
made that the stock auctioned represented the interest held by Anthony
Schneider. President of Webster Eisenlohr, who was killed Oct. 30 by a
2946
[WE.129.
FINANCIAL CHRONICLE
fall from his apartment window, or that of David A. Schulte, head of
the Schulte stores, who resigned from his active participation in the management of Webster Eisenlohr about three weeks ago. Officials of tha
company denied that it was the stock holdings of Mr. Schneider and
Mr. Schulte declared that it was not his stock.
Neither Mr. Schulte nor officials of Webster Eisenlohr would make a
conjecture as to who had owned the stock. Adrian H. Muller & Son,
who conducted the auction, also refused to disclose the identity of the
owner, saying that they were unable to get the permission of the seller
to disclose his name. Bidding started at 50 cents a share and went up
slowly. The successful bidder paid $403,340. Information as to the purchaser was refused at the auction room.
Another suggestion was that the block might represent the interest of
the Union Cigar Company, which controls Webster Eisenlehr, Inc. No
confirmation could be obtained.
Webster Eisenlohr, Inc., is one of the largest cigar manufacturing companies in the United States. Among its more popular brands are "Cinco"
and "Webster." The stock of the company has sold as high as 113H
this year and in the recent market break it touched as low as 4.
Involuntary Petition in Banruptcy Filed Against
Baran & Co. of New York.
• According to the New York "Times" of Nov. 7 an involuntary petition in bankruptcy was filed on Nov.6 in the
United States District Court against Baran & Co., Inc.,
brokers at 51 Beaver St. The account in the "Times" says:
The First National Corp. of Boston. with New York offices at 100 Broadway, was the petitioning creditor. It is understood that the Irving Trust
Co. will be named receiver
The accompanying complaint alleges that Baran & Co., "fraudulently
obtained without payment" on Oct. 25. 100 shares of National City Bank
stock for which it had agreed to pay $45,000 cash. It is further alleged
that the certificates delivered to Baran & Co. were transferred to "an
innocent purchaser for value."
The complaint sets forth also that Baran & Co., while insolvent, transferred $14,000 to Phineas S. Phillips, a creditor, thus giving him a prefernce. Louis M. Maxson, treasurer of the First National Corp., signed
the petition. Wing & Russell of 14 Wall Street are the corporation's attorneys.
This is the first involuntary petition in bankruptcy filed here since
the beginning of the break in the stock market. The action, preceded
by steps taken last week by the State Attorney General and in the State
courts, recalled that on Oct. 26 George M. Gallop of 48 Grove St., alleged
owner of Baran & Co., was arrested on a charge of grand larceny. He
was released under $25,000 bail.
His arrest was due to complaints by four investment houses that they
had sent to Baran & Co. securities with an aggregate value of $89,750,
for which they had obtained neither money nor receipts. The First National Corp.'s alleged loss of $45,000 in securities made up a part of that
total.
Other concerns which signed complaints were Hanson & Hanson of 25
Broadway: C. C. Kerr & Co., Ill Broadway, and W. A. Harriman &
Co., 39 Broadway.
shutting down the accounts and would-be accounts in a wholesale way irrespective of the merits of the case, now is a good time to stamp out certain
evils. He says credit men should now insist more strongly upon the observance of terms.
Pointing out that certain lines of activity have been especially exploited
during the last period, Mr. Babson suggests that accounts in these lines be
scrutinized unsparingly.
"Likewise a more constructive attitude can be taken by the credit department toward an industry which is based firmly upon modern research
instead of coasting upon its past momentum." he continues. "In other
words, you can sort your accounts into various groups according as the
various industries in question are likely to be affected by the approaching
readjustments.
"Finally, this is an ideal occasion to put into practice the professional
and progressive ideas which the Credit Men's Associations have so consistently been emphasizing."
Outstanding Brokers' Loans on New York Stock Exchange Oct. 31 $6,108,824,868—Decline $2,440,559,111 in Month.
A decline of $2,440,559,111 in outstanding brokers' loans
on the New York Stock Exchange from the stupendous total
of $8,549,383,979 on Sept. 30, is indicated in the Oct. 31
figures made public on Nov.2 by the Stock Exchange. The
total on Oct. 31 is reported as $6,108,824,868, made up of
demand loans of $5,238,028,979 and time loans of $870,795,889. The figures shown on Oct. 31 this year are the
lowest in a year; on Oct. 31 last year the total was $5,879,721,062; a jump to $6,391,644,264 was witnessed a month
later—Nov. 30 1928—and since then the volume had not
until the present time gone below that total.
The following is the statement issued Oct. 2 by the Stock
Exchange:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Oct. 31
1929, aggregated $6,108,824,868.
The detailed tabulation follows:
Demand Loans. Time Loans.
) Net borrowings on co
collateral from New
"
York Banks or Trust Companies
$4,639,391,179 $673,663,780
(2) Net borrowings on collateral from Private
Bankers, Brokers, Foreign Bank Agencies
or others in the City of New'York
598.637,799
197,132.109
Total
$5,238,028,979 $870,795,889
Combined total of time and demand loans
$6,108,824,868
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan. 30
Feb. 27
Mar. 31
AprIl 30
May 28
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
With police seeking the manager for questioning and an injunction in New
1927—
York tying up its bank deposits, the Norman Co., Rochester brokerage Jan. 31
28
house and alleged bucketshop, was closed to-day, causing considerable Feb.
Mar. 31
alarm among its customers in Western New York.
April 30
The firm is said to have operated in Rochester, New York City, Washing- May 31
ton, Binghamton and Jamestown. It is said to have gone through a series June 30
July 30
of new managements and to have changed its name from De Wolf, Stewart Aug. 31
& Co. to Walter Stewart & Co., and then to the Norman Co.
Sept.30
Fred M. Wilson, head of the Better Business Bureau of Rochester, Oct. 31
Nov.30
warned
against
the
firm.
had
been
securities
houses
local
banks
and
said
Dec. 31
The company was said to have carried on business largely by telephone.
1928—
A number of Western New York customers are reported to have told Jan. 31
Deputy Attorney-General Wegner that stock purchased a month ago Feb. 29
Mar. 31
had not been delivered.
30
The company reported its headquarters to be at 1775 Broadway, New April
May 31
York City.
June 30
July 31
Aug. 31
Caution On Credit Urged by Roger W. Babson—Econ- Sept.
30
Oct.
31
After
Sound
Still
Though
omist Says Business,
Nov.30
Dec. 31
Stock Crisis, May Not Stay So.
1929—
If the business of the nation is to pass through the present Jan. 31
28
period with a minimum of difficulties it must be conducted Feb.
Mar.30
April 30
"with poise, discernment, judicious courage and old-fash- May
31
ioned common sense, the very essence of a good credit man's June 29
31
equipment," says Roger W. Babson, economist, in the July
Aug. 31
Sept.30
New York Credit Men's Association Bulletin published Oct.
31
The Norman Co., Rochester (N. Y.) Brokerage House
Fails.
Closing of the Norman Co. of Rochester, N. Y., on Monday of this week (Nov. 4) was reported in the follwoing
dispatch from Rochester on that date to the New York
"Times":
Demand Loans.
$2,518,980,599
2,494,846,264
2,033,483,760
1,969,889,852
1,987,316.403
2,225,453,833
2,282,976,720
2,363,881,382
2,419,206,724
2,289,430,450
2,329,536,550
2,541,682,885
Time Loans.
$986,213,555
1,040,744,057
966,612,407
885,848,657
780,084,111
700.844,512
714.782,807
778,286,886
799,730.286
821,746,475
799.625,125
751,178,370
Total Loans.
$3,513,174,154
3,536,590.321
3,000,096,167
2.835,718,509
2.787,400,514
2,926,298,345
2,996.759,527
3,142,148,068
3,218.937,010
3,111,176.925
3,129.161,875
3,292,860,253
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,756,968,593
2,784,511,040
2.745,570.788
3,107,674,325
3,023,238,874
3,134,027.003
3,480,779,821
810.446,000
780,961,250
785,093,500
799,903,950
783,875,950
811,998.250
877.184,250
928,320.545
896,953,245
922,898,500
957,809,300
952,127,500
3,138,786,338
3,256.459,379
3,289,781,174
3,341,209,847
3,457,860,029
3,568,966,843
3,641,695,290
3,673,891.333
3,914,627,570
3,946,137,374
4,091,838,303
4,432,907,321
3,392,873,281
3,294,378,654
3,580,425,172
3.738,937.599
4,070,359,031
3,741,632,505
3,767,694,495
4,093,889.293
4,689,551,974
5,115,727,534
5,814,388,360
5,722,258,724
1,027,479,260
1.028,200,260
1,059,749,000
1.188,845,000
1,203,687,250
1,156,718,982
1,089,653,084
957,548,112
824,087,711
763.993.528
777,255,904
717,481,787
4,420,352,541
4,322,578,914
4,640,174,172
4,907,782,599
5.274,046,281
4,898,351.487
4,837,347,579
5,051,437,405
5,513,639,885
5.879,721,062
6,391,644,264
6,439,740,511
5,982,672,411
5,948,149.410
6,209,998,520
8.203.712.115
6,099,920.475
6,444,459,079
6.870,142,864
7,161,977,972
7,831.991,369
8,108,824,888
752,491,831
730,396,607
594,458,888
571,218,280
565,217.450
626,762,195
603,651,630
719,841,454
717,392,710
5.238,028.979
6,735,164,241
6,678,545,917
6,804,457,108
6,774,930,395
6,865,137,925
7,071,221,275
7,173,794,294
7,881,619,426
8,549,383,979
870,795,889
Nov. 6. The foregoing is from the New York "Times" of
Nov. 6, which further said:
Period of Trading on New York Stock Exchange Next
"It is practically inconceivable," he declares,"that the utter demoralizaWeek To Be Curtailed—Two-Minute Cessation on
tion which the market suffered will not have complex and important reactions upon the mechanism of manufacturing and merchandising. Upon
Armistice Day.
the credit man depends to a great extent the question of how far the exThe Governing Committee of the New York Stock Explosion of the market will jar business.
"It Is true that the crash in Wall Street found business conditions fairly change decided yesterday (Nov. 8) that from Monday,
sound, but it may net leave them so. There is a clear call for just the Nov. 11, to Friday, Nov. 15, the trading
period would be
qualities which characterize the work of the high-grade credit man.
In facing the critical period which we are now entering the credit man limited to the hours from 10 A. M. to 1 P. M. There will
should bear in mind that It is possible to be as reckless on a decline as on be no trading session on Saturday, Nov. 16. The announcean advance. Any credit department which chokes off credit blindly and ment follows:
applies the collection screws in a panicky way is acting like a green driver
who clumsily jams on the brakes and yanks the emergency, looking the
wheels and overturning the car."
In order to give the readers of the "Bulletin" specific ideas as to the
policies he believes should be followed, Mr. Babson suggests that instead of
At a meeting of the Governing Committee of the New York Stock
Exchange held today the following resolutions were adopted:
Resolved, that the Exchange shall be open for the purchase and safe
of securities from 10:00 o'clock A. M. to 1:00 o'clock P. M. on Monday,
Nov. 91929.1
FINANCIAL CHRONICT,F,
2947
Further Resolved, that the Exchange shall not be open for the purNovember 11th, Tuesday, November 12th, Wednesday, November 13th,
chase and sale of securities on Saturday, November 9th, 1929;
Thursday, November 14th, and Friday, November 15th, 1929;
Further Resolved, that notice of intention to close a contract, as
Further Resolved, that the Exchange shall not be open for the purchase
in Chapter IV of the Rules shall be delivered on or before
provided
1929;
16th,
November
Saturday,
on
and sale of securities
o'clock A. M. on the day following the day on which such con10:30
proas
contract,
a
close
to
intention
of
notice
that
Resolved,
Further
tract shall have been fulfilled, according to its terms, and that such
vided in Chapter IV of the Rules shall be delivered on or before 10:30
contract shall not be closed before 11:00 o'clock A. M. on said day;
o'clock A. M. on the day following the day on which such contract shall
Further Resolved, that all transactions taking place during the period
not have been fulfilled acording to its terms, and that such contract
when the Exchange shall close for the purchase and sale of securities
shall not be closed before 11:00 o'clock A. M. on said day;
upon a
at 1:00 o'clock P. M., shall be deemed to be contracts made
Further Resolved, that all transactions taking place during the period
business day, as defined in the Rules adopted by the Governing
full
securities
of
sale
the
and
purchase
when the Exchange shall close for
Committee pursuant to the Constitution.
shall
at 1:00 o'clock P. M., shall be deemed to be contracts made upon a
Further Resolved, that the standing committees of the Exchange
full business day, as defined in the Rules adopted by the Governing make such rules as may be necessary because of the closing of the
Committee pursuant to the Constitution.
Exchange for the purchase and sale of securities.
Further Resolved, that the standing committees of the Exchange
Similar action was taken on Nov. 4 by the New York
shall make such rules as may be necessary because of the closing of
the Exchange for the purchase and sale of securities.
Curb Exchange; the following is the notice issued in the
The Committe of Arrangements, yesterday, Nov. 8, sent
the following notice to members of the Exchange:
matter:
The Committee of Arrangements directs that each specialist or his
authorized representative must be present on the Floor of the Exchange
not later than 8:45 A. M. on Monday, November 11th, Tuesday, November 12th, Wednesday, November 13th, Thursday, November 14th, and
Friday, November 15th.
The Committee also directs that telephone clerks be present on the
Floor at the time mentioned.
Employees of the Exchange will be on duty, and the tube system will
be in operation at that time.
The Board of Governors of the New York Curb Exchange
likewise ruled that the Exchange shall be opened for trading from 10 A. M. to 1 P. M. next week except that the
Exchange will be closed to trading on Saturday, Nov. 16.
The Philadelphia Stock Exchange hours will follow those
of the New York Stock Exchange next week with the exception of Monday, Nov. 11, (Armistice Day) when the
Philadelphia Exchange will remain closed all day.
Trading on the New York Stock Exchange and the Curb
Exchange will be suspended for 2 minutes on Monday, Nov.
11, Armistice Day. The suspension will be from 11 A. M.
to 11:02 A. M.
Total Security Transactions October 29 in United States
and Canada in Excess of 35,000,000 Shares, According
to Pynchon & Co.
Total sales Oct. 29 on the New York Stock Exchange
and New York Curb Exchange aggregated 23,506,300 shares.
This compares with 19,232,050 shares which changed hands
Oct. 24, the previous high record day. The increase of
4,274,250 shares is equal to approximately 22%. Extending
this percentage of increase in volume of business on the
country's two principal stock exchanges to-day to the other
principal stock exchanges of the United States and Canada,
and to the volume of unlisted transactions as well, it is estimated by Pynchon & Co. that security transactions reached
the unprecedented total of between 35,000,000 and 40,000,000 shares. The larger figure would allow for the very
large amount of odd lot buying of securities which is believed to have taken place all over the country during the
day both in listed and unlisted securities.
NEW YORK CURB EXCHANGE.
November 4, 1929.
NOTICE.
To the Members:
November 4,
At a Special Meeting of the Board of Governors held
1929, the following resoltuions were adopted:
and sale
Resolved: that the Exchange shall be open for the purchase
November
of securities from 10:00 A. M. to 1:00 P. M. on Wednesday,
8, 1929.
6, 1929, Thursday, November 7, 1929, and Friday, November
for the purFurther Resolved' that the Exchange shall not be open
1929;
9,
November
chase and sale of securities on Saturday,
as
Further Resolved: that notice of intention to close a contract
Board of
provided in Chapter IV of the Rules and resolution of the
before
Governors adopted February 23, 1927, shall be delivered at or
such
10:30 o'clock A. M. on the day following the day on which
such
that
and
terms,
contract shall not be fulfilled according to the
contract shall not be closed before 11:15 A. M. on said day;
Further Resolved: that all transactions taking place during the
sale of
period when the Exchange shall close for the purchase and
securities at 1:00 o'clock P. H. shall be deemed to be contracts made
Board
the
upon a full business day as defined in the Rules adopted by
of Governors pursuant to the Constitution;
Further Resolved: that the standing Committees of the Exchange
of
shall make such rules as may be necessary because of the closing
the Exchange for the purchase and sale of securities.
E. E. TAPPEN, Secretary.
On Nov. 4 the following notices were issued by the Committee of Arrangements of the New York Stock Exchange:
The Committee of Arrangements directs that each specialist shall
hours
have at his office tomorrow, Tuesday, November 5th between the
of 10:00 A. M. and 1:00 P. H. an authorized representative empowered
to settle all matters concerning open trades.
The Committee of Arrangements directs that each specialist or his
authorized representative must be presnt on the Floor of the Exchange
not later than 8:45 A. M. on Wednesday, November 6th, Thursday,
November 7th, and Friday, November 8th.
The Committee also directs that telephone clerks be present on the
Floor at the time mentioned.
Employees of the Exchange will be on duty and the tube system
will be in operation at that time.
On Nov. 7 the following circulars were sent to members
of the Stock Exchange by the Committee of Arrangements:
Offices of members must be open on Saturday, November 9, 1929,
from 10:00 A. M. until 1:00 P. M. for the purpose of clearing up
open trades. This applies to bonds as well as to stocks.
Partners shall either be present in their offices or they shall have
representatives present who are authorized to settle open trade disputes.
violaThe Committee of Arrangements will consider any deliberate
and
tion of this ruling as an act detrimental to the best interests
welfare of the Exchange.
To the Members of the Exchange:
of members
The Committee of Arrangements calls to the attention
Stock
Exchanges Postponed. to the fact that numberless complaints are being made that member
Convention of Associated
attempt to compare and settle bond transEugene E. Thompson, president of the Associated Stock firms are not making any
actions.
Exchanges, announces that the convention of the AssociThe Committee directs that immediate steps must be taken to correct
ated Stock Exchanges, which was to have been held in this situation and any further complaints of this character will cause
summary action to be taken against such members.
been
Minneapolis on Nov. 12 and 13 has
poned.
indefinitely post-
CorWe likewise append the following Stock Clearing
poration notices issued Nov. 4:
clearance
Night Clearing Branch sheets for today's business being
M. tomorrow. Deliveries
dated Nov. 6th must be submitted by 11 A.
made on Nov. 6th.
of balances resulting from this clearance shall be
except as follows:
Delivery time on all securities today 3:00 P. H.
Delivery DepartNon-Members to Clearing Members through Central
through
ment 2:15 P. M. and Clearing Members to Non-Members
Day Branch bank cages 3:15 P. M.
to
Member
send
Clearing
Stock Clearing Corporation directs each
A. M. tomorrow,
to Stock Clearing Corporation Day Branch by 11:30
Cleared Securities not
Tuesday, Nov. 5th, a list of all open trades in
prior to Noincluding odd lots, resulting ffrom transactions made
vember 4th.
these
lists to
from
The Stock Clearing Corporation will endeavor
together and will
bring the buyers and sellers on these open trades
the course
communicate with the offices of Clearing Members during
of tomorrow.
will have at their
To expedite this work, all Clearing Members
all inquiries
offices a Clearing House man who will be able to answer
open trades as
these
and to promptly exchange tickets on such of
arc adjusted.
to above is in addition to
November 4th, 1929.
The special list of open trades referred
House sheets of toand not to be confused with the regular Clearing
Governing Committee Notice.
which must be submitted to the Stock Clearing Night
The Governing Committee at a Special Meeting held this morning day's transactions
5th.
Clearing Branch by 11 A. M. tomorrow, November
adopted the following resolutions:
Resolved: that the Exchange shall be open for the purchase and sale
The out-of-town Exchanges have followed the course taken
of securities front 70:00 o'clock A. M. to 1:00 o'clock P. M. on Wednesthe New York Stock Exchange in limiting its daily
day, November 6th, Thursday, November 7th, and Friday, November by
sessions to 1 p. m. and in closing to-day. The New York
8th, 1929;
New York Stock Exchange Limits Daily Sessions-Not
to Be Open for Trading To-day (Saturday)Similar Action by Other Exchanges.
Following its action last week in curtailing the period of
trading, the Now York Stock Exchange on Monday of this
week (Nov. 4) decided to restrict its trading period from
10 a. in. to 1 p. m. on Wednesday, Thursday and Friday,
Nov. 6, 7 and 8 (thus omitting the afternoon session), and
to close the Exchange, so far as trading is concerned, on
Saturday, Nov. 9. Last week's action in closing the Exchange for two days, owing to the huge volume of transactions, was noted in our issue of Nov. 2, page 2801. The following is the announcement of the action taken by the
Stock Exchange on Monday, Nov. 4, Tuesday, Nov. 5,
was a holiday (Election Day):
2948
FINANCIAL CHRONICLE
"Times" of Nov. 5, in referring to the restricted period of
trading, said:
Two Reasons for Shorter Hours.
Two reasons were given for the curtailing of trading hours. The
first is that, despite arduous work over Friday, Saturday and Sunday,
the books of some Stock Exchange houses are still not up to date. The
second is that the Stock Exchange wishes to bring the volume of daily
trading down to levels which will not swamp its facilities. Sales on
the first day of the break totaled 12,894,000 shares and they totaled
16,410,000 shares on Tuesday. Yesterday they exceeded 6,000,000
shares.
These totals are far too high, in the opinion of the Stock Exchange
management. It is understood they expect to se trading reduced to
around 3,000,000 shares, which figure was considered phenomenal a few
years ago. With sales between 3,000,000 and 4,000,000, trading facilities would be equal to the demands upon them.
For the first time since the break, the ticker yesterday kept up with
the market. It fell behind in the rush of early sales, but in the later
hours was either abreast of the market or only a few minutes behind.
It is the hope of the management to continue this and thus make for
orderly trading.
Unlisted Security Dealers Vote to Cut Trading Hours.
Following the ruling of the New York Stock Exchange
regarding its closing, members of the Unlisted Security
Dealers Association announced that they would open their
trading one hour before the Stock Exchange opening and
close one hour later than Stock Exchange closing, namely,
from 9 a. m.to 2 p. m.on Wednesday, Thursday and Friday,
Nov.6,7 and 8. There will be no trading Saturday, Nov.9.
Association of Bank Stock Dealers Vote to Cut Trading
Hours.
The Board of Governors of the Association of Bank Stock
Dealers ruled on Monday, Nov. 4, that trading would close
at 2 p. m. on Wednesday, Thursday and Friday, Nov. 6,
7 and 8, and that no trading will take place on Saturday,
Nov. 9.
Record Trading on Chicago Stock Exchange in October.
Total trading on the Chicago Stock Exchange for the
month ended Oct. 31 was 13,558,000 shares, the Exchange
announced, its announcement adding:
This is an all time monthly volume record, surpassing the former
monthly record by nearly .5,000,000 shares. The former record was
made September of this year when 8,890,000 sares changed hands.
For four consecutive months the Chicago Exchange has made a new
monthly record—July, August, September, October. Until July the
month of March held the record, having taken it away from January.
It was pointed out that the Exchange's monthly volume record has been
broken six times this year.
Total trading today (Oct. 31) was 785,000 shares, a record for
a
three-hour session.
Another record broken today was the amount of shares sold
in a
single sale. When Middle West new opened this morning
50,000
shares changed hands in one lot, a record.
With only four days of trading this week, the Exchange broke
its
previous weekly record. Total trading the four days this week
was
3,990,000 shares as against the high weekly record made last week
of
3,979,000 shares.
Total trading for the ten months of 1929 ending today was 67,702,000.
This compares with 38,941,589 shares for all of 1928.
For the first time in its history the Chicago Exchange passed
the
million share mark in a single day's trading. During the month
of
October there were three days on which trading exceeded one
million
Shares. The high daily record was 1,220,000 shares made
October 24.
Chicago Stock Exchange Establishes Direct Ticker
Service with Racine, Wis.
Direct wire quotation ticker service from the floor of the
Chicago Stock Exchange has been started to Racine, Wis.,
it was announced by the Exchange on Oct. 31. The brokerage office of Charles Sincere & Co. in Racine is the first in
that city to install the new service. Racine is the twentyeighth city to receive direct quotation ticker service from
the Chicago Exchange.
[Vol,. 129.
Touching on law enforcement in general and the Volstead Act in particular, Mr. Roosevelt said:
'People say we ought to live up to law. Then we say: 'Oh, well,
why live up to that particular law?' We allow ourselves the privilege of
breaking one law because it is the fashion to break others."
The Governor expressed his belief that business and political morality
was improving.
New York Bank Stocks Again Decline Sharply—Later
Recover—Several New Lows for Year.
Bank stocks which had recovered substantially from their
break early last week, dropped sharply on Nov. 6, it was
noted in the "Times" of Nov. 7, wh,ich continued:
However, most of them remained above the low levels reached last week.
First National, which usually moves in abrupt stages, dropped 1,000 points
yesterday to 5,000 on the closing bid, compared with Monday's bid. There
was also substantial selling of National City Bank and Corn Exchange on
the possibility that their merger might not go through.
Other losses in the bank and trust group were Harriman and Manhattan
old 150, Guaranty 120, Empire 90, Equitable 80 and Brooklyn 75. The
following table shows the day's declines in leading bank and trust stocks:
BANKS.
Wednesday's
Monday's
Net
Bid
Bid.
Loss.
America
145
170
25
Bank of United States
101
120
19
Chase
150
184
34
Chatham-Phenix
120
130
10
City
305
390
85
*First
5.000
6.000
1.000
Harriman
1,800
1,950
150
Liberty
150
170
20
Manhattan (old)
725
875
150
Public
138
150
12
TRUST COMPANIES.
Bankers
140
160
20
Brooklyn
900
975
75
Central-Hanover.
340
380
40
Chemical
85
97
12
Corn Exchange
190
310
120
Empire
400
490
90
*Equitable
420
500
80
Guaranty
670
790
120
Irving
60
69
9
Manufacturers
143
153
10
New York
280
310
30
Title Guarantee
157
160
3
* New low.
Weakness was also widespread in the insurance stocks. Providence;
Washington declined 150, Hartford Fire 70, Boston 50, Travelers 50,
Globe and Rutgers 50, Preferred Accident 40, United States Merchants
and Shippers 30, City Northern, Bankers and Shippers and St. Paul Fire
and garine each 20, National Fire 13, Baltimore 11.
Industrials and chain stores also were weak, as were sugar and utility
stocks. Bonds, communication stocks and aeronautical issues were dull.
In its issue of Nov.8 the same paper said:
Prices of bank and trust company stocks continued their decline yesterday. Failure of the proposed merger of the Corn Exchange and the
National City Bank caused their stocks to drop. National City stock
Opened at a new low for um year of 250, closing at 295 for a net loss of
10 points. Corn Ex
opened at 160 bid, but closed at 200 for a net
gain of 10 points. First N. :onal sold at a new low for the year of 4,500.
but closed unchanged at 5, J.
Brooklyn Trust lost Si) p.ints and Empire Trust and New York Trust
20 points each. On the other hand. Bank of United States gained 3 and
Chase 6, Chatham Phenix and Guaranty Trust each lost 10. The following table shows the changes in closing bid prices of leading bank stocks
yesterday:
BANKS.
Thursday's
Wednesday's
Net
Bid.
Bid.
Change.
America
140
140
—5
Bank of United States
104
101
Chase
156
150
$6
3
Chatham-Phenix
110
120
—10
City
295
305
—10
First
yt
5,000
5,000
135
00
5,0
138
TRUST COMPANIES.
Bankers
135
140
—5
Brooklyn
850
900
—50
Central-Hanover
340
340
Chemical
80
85
Corn Exchange
200
190
-42:
10
8
Empire
380
400
—20
Guaranty
660
670
—10
Irving
59
60
—1
Manufacturers
140
143
—3
New York
260
280
—20
Title Guarantee
153
157
—4
There was a decrease in volume of sales. The downward trend lasted
from the opening until noon, when there was a rally which resulted In
some substantial recoveries.
Insurance stocks moved lower and closed near the lowest prices of the
day. Bankers and Shippers advanced 10 points and Aetna Casualty
and
Surety and Northwestern National were up 5 points each. Aetna
Fire
lost 45, City of New York 30, United States Fire and Fidelity and Deposit
of Maryland each 15, Aetna Life, Stuyvesant, Globe and Rutgers
and
Franklin Fire 10 points each, North River and United States Casualty
5
points each.
Utility stocks moved uncertainly. Industrial and chain store issues
closed fivak after dull trading. Sugar stocks and telephone issues
showed
losses of a point.
Governor Roosevelt of New York Criticizes "Fever of
Speculation"—Assails Efforts in Market to Get
"Something for Nothing."
Governor Roosevelt, addressing a churchmen's club at
Poughkeepsie, N. Y., on Oct. 25, referred to Thursday's
(Oct. 24) stock market debacle in admonishing his audiThe course of bank stocks yesterday was referred to as
ence that "it is not good for any one to go too far on the follows in the New York "Sun" of last night (Nov. 8):
theory of getting something for nothing." An Associated
Bank stocks enjoyed a good rally to-day, advances ranging from
5 to 25
Press dispatch to the New York "Times," from which we points on an average. Trading was rather quiet and much of the demand
was for investment purposes.
quote, further indicated as follows what the Governor had
National City and Corn Exchange Bank Trust shares were
ers, the former gaining about 25 points and the latter someactive leadto say:
15. First
"Much of the activity of the stock market Is legitimate and proper,"
the Governor said, "but in some cases improper schemes and questionable
methods have been used in stock promotion and many investors have lost
sight of the real purpose of the Exchange in a fever of old-fashioned
speculation."
National, which moves widely on light orders, improved
about $300 a
share. Equitable, Guaranty, Central Hanover, Chase National
and America were other strong spots.
Last week's recessions in New York bank stocks was
noted in our issue of Nov. 2, page 2804.
Nov. 9 1929.]
FINANCIAL CHRONICLE
2949
unused and the group is understabilize the market still remain largely
of orderly
the maintenance
stood to be contenting itself with assuring
E. A. Pierce & Co. Cut Margins
trading.
e
schedul
margin
their
ns will again be called
E. A. Pierce & Co. have reduced
Local bankers anticipate that their institutio brokers' loans formerly
which
of
2
Nov.
volume
of
large
"
a
Journal
over
Street
take
to
week
"Wall
on this
according to the
It is anticipated that the
and correspondents held by out of town banks, and "others." difficulty
in meeting this
states that their notice to branch offices
e no
New York City banks will experienc
reads as follows:
problem.
relatively
Federal
few days and the
"The severe price decline of the past
have convinced us we prophealthy condition of the market as a result
is now as follows:
which
schedule,
margin
our
reduce
may
erly
of the debit balance. On
"On brokers' wire acounts, 30 per cent
selling below 30; 12
individual customers' acount 10 points on stocks
30 per cent of the market
points on stocks selling from 30 to 39h and
As heretofore, we shall
price on stooks selling at 40 and upwards.
to be specified later, on
except from the general rule certain issues,
basis."
which the margin wil be figured on a higher
EmployeSpicer Manufacturing Corporation Underwrites
AvailMade
Credit
nt's
Holders of Its Shares—Preside
ments.
Require
able for Workers' Margin
Associated Press accounts from Syracuse, Nov. 1, to the
New York "Times" said:
has underThe Spicer Manufacturing Corporation of Toledo, Ohio,
today through
written employe-holders of its stock, it was learned here
ting was
the office of its secretary, C. D. Sponable. The underwri
managers
made by Charles A. Dana, president of the company. The
of the
of the various plants were instructed to ascertain the holdings
available
stock among employes and to make Mr. Dana's personal credit
reverses.
for whatever margin was required to keep them from financial
Gear
This action affects several hundred employes of the Brown Lipe
about
company
plant in Syracuse, which was purchased by the Toledo
a year ago.
Standard Oil of California Will Assist on Loans Made on
Company's Stock.
ng
From the "Wall Street News" we take the followi
from San Francisco, Nov 7:
anonunceStandard Oil Co. of California has made the following
ment:
"Many employes of the Standard Oil Co. of California are investors
made
in the stock of the corporation and to those employes who have
loans, which under the present depressed condition of the securities
market, may threaten their investment, the company has offered assistance."
The thousands of employes who are stockholders acquired their holdings through the operation of the Company's stock investment and
savings plan.
In its issue of Nov. 2 the New York "Times" reported
the following telegraphic advices from Uniontown, Pa.,
Nov. 1:
Buying stocks on margin is gambling and as such has no standing
in court, acording to an opinion handed down by Judge Hudson today
in granting a motion for a non-suit against Core & Core, a brokerage
house.
Chester A. Conn, the plaintiff, alleged $3,000 was due him on margin
transactions on the stock market.
The court held the brokers merely collected fees for placing the order
and had no responsibilily for loss or otherwise.
He ruled that the customer or purchaser of stock on margin was a
gambler and without standing in a court of law.
very little from the
The banks of the city are borrowing
their discounts. In addition, the '
Reserve and could easily expand
bankers bills and government securiFederal Reserve is actively buying
market.
the
to
credit
release
to
ties in order
the banking group
The "Times" of Nov. 8 in referring to
said:
the stock markets, the
of any critical developments on
In the absence
weeks ago to stabilize trading
banking group which was organized two far as could be learned, the
As
.
yesterday
meeting
conditions, held no
about the rally after the weak
group took no major part in bringing
opening.
it was reported that some buying
In quarters usually well informed,
sentiment, but in general the
by the group entered into the turn of community as having been a
market was regarded by the banking
trend was due, it was said, to
completely natural one. The upward
and the steady influx of investment
the exhaustion of distress selling
buying.
that the liquidation had run its
Among bankers, the feling prevailed
weeks have made bankers extremely
two
past
the
of
events
The
course.
but it was noticeable that the evident
reluctant to make any predictions,
displayed was giving way to
Ascouragement which several of them have
a more optimistic point of view.
of the banking
Earlier in the week (Nov. 5) the views
the "Times":
group were indicated as follows in
though at some-
slow and orderly,
With trading on the stock market
group which was organized to
what lower price levels, the banking
yesterday. No meeting of the
vigilance
stabilize dealings relaxed its
exchanged information in a few brief
group was held, but its members
telephone calls.
disband. The situation still remains
The group is not yet prepared to
attention. But it was said on
sufficiently disturbed to merit close
market was normal and neither.
day's
the
that
bankers
behalf of the
action of the group on either the
direct
the
received
nor
d
demande
buying or selling side.
financial district to conclude that
There was some disposition in the
ed by heavy liquidation, by
the market's weakness had been engender
purchased to support the market
the banking coalition, of securities
In this connection it was said on
during the period of drastic decline.
not set out to buy heavily in
had
bankers
the
that
group
behalf of the
market a great deal of stock.
to
intend
they
did
nor
market,
the
Morgan & Co., talked with
Thomas W. Lamont, partner of J. P.
been the custom since the group
reporters at 5 P. M. yesterday, as has
the market during the day had
was formed. He said that the action/ of
This fact, he indicated, made
appeared entirely normal and orderly.
group unnecessary.
formal statement on behalf of the
group had been selling heavily
Questioned as to the reports that the
he had no knowledge of what
that
said
Lamont
Mr.
day,
during the
He reiterated that the
the banks composing the coalition had done.
either up or down but
group had been formed not to put stock prices
a flood of selling orders had
to bring order out of the chaos into which
thrown the market.
d in
Previous items regarding the banking pool appeare
our issues of Oct. 26, page 2617, and Nov. 2, page 2800.
al ComJohn J. Raskob, Chairman Democratic Nation
on (InOdd-Lot Trading Heavy—Sales on One Day Are Estimittee, Denies Charges of Senator Robins
in Stock
ation
Specul
d
Advise
mated at 4,000,000 Shares.
He
That
diana)
Hoover
Market—The Senator Absolves President
The New York "Times" of Nov. 8 contained the followions.
ing item:
from Responsibility for Speculative Condit
Robinson,
Odd-lot trading for yesterday was estimated at nearly 4,000,000
Complete denial of charges by Senator Arthur
,heavy volume consisted of a fairly even disshares. This abnormally'
in the
tion
specula
d
fostere
he
that
,
Indiana
Republican of
tribution of selling and buying.
by John J. Raskob.
For more than a week odd-lot buying by "bargain hunters" had heavily stock market, was made on Nov. 4
outweighed odd-lot selling. The relative incrase in odd-lot selling yes- Chairman of the Democratic National Committee, in a
Mississippi,
terday was interpreted by brokers as an indication of renewed distress
etter to Senator Pat Harrison, Democrat of
selling by marginal traders.
of the Senate
close
the
toward
Senate
of
the
a
volume
than
more
to
read
reported
was
which
houses
One of the largest odd-lot
1,700,000 shares for the day, compared with 1,600,000 shares on session on that date. The Washington advices to the
Wednesday.
New York "Herald Tribune," from which we quote, further
report:
Bank Pool Resources Still Largely Unused—Group Lets
resulted in a free-for-all
The incident inspired a brief debate and nearly
Heflin, Democrat,Of
to
Orderly
Assure
Intends
but
s
It
Alone,
Go
Market
argument among the Democrats when Senator Thomas p, arose to declare
. arch foe of the Raskob Democratic leadershi
Alabama
about the Stock
Trading.
that "This is Raskob bulletin No. 1, boosting his views
Despite the renewed weakness of the security markets Exchange."
Heflin Anrunis Harrison.
on Nov. 6, said the New York "Times" of Nov. 7, members
annoyed by the taunts of the Alabama
obviously
,
Harrison
Senator
ed
to
e
stabiliz the
of the banking group which was organiz
a clear statement"
said he believed that "he(Mr. Raskob) has made
Senator,
desire
Stock market held no formal meeting. Conferences between In reply to Senator Robinson's charges of last week, and appeared to stateinsisted that he had "some
its members were confined to the exchange of information to let it go at that, Mr. Heflin. however.
."
Raskob made about teaching people to speculate
said that "I want to
by telephone. The paper quoted further commented as ments
Referring to the campaign last fall, Senator Harrison
The Alabaman denied this.
follows:
forget it, and you should want to forget it."
his opposiThomas W. Lamont, partner in J. P. Morgan & Co., who has acted
as spokesman for the group, announced last night that he had nothing
to say and maintained that position in the face of all questions as to
the activity or attitude of the group in the light of he latest developments.
Leading bankers were frank to admit their disappointment at hte continued weakness of the market. The reassuring factor in hte situation,
the bankers pointed out, was the fact that despite the heavy strain no
instance has come to light of any important house being in difficulties.
From sources close to the banking group it was learned that the
attiude of the group was unchanged. The vast resources amassed to
y meaning
"I have nothing to apologize for," he said, apparentl
Alfred E. Smith. "I would do
tion to Mr. Raskob and to former Governor
it all over again."
a member of a "Republican
Mr. Heflin then charged that Mr. Raskob was Reed,
Republican. of PennA.
Club in Philadelphia." asking Senator Davidanswered that it might be the
sylvania, the name of the club, Mr. Reed soon subsided with the resumpUnion League Club. The threatening debate
tion of consideration of rates in the tariff bill.
Raskob Denies Charges,
"My attention has been called to an attack made upon me by Senator
Robinson, Republican, from Indiana," Mr. Raskob wrote to Senator
2950
FINANCIAL CHRONICLE
[You 129.
Harrison, "in which he charged me with
being a stock market plunger
and a 'lucky plunger' at that: also with
Raskob Under Fire.
having advised every one, even
people with small means, to speculate
"Not
in stocks. Ordinarily I would com- adding quite so much can be said of John J. Raskob," he continued,
pletely ignore an attack of this kind
that while the Democratic leader had
because it would merit no reply.
accused the Administration
he had overlooked "the advice of Raskob
"The Democratic party has honored me
with the position of Chairman of
to buy securities."
the Democratic National Committee, which
The
Indianan said optimism perhaps had
position I have steadfastly tried
"flown too high" because
to fill with the dignity it deserve and
commands. Senator Robinson's business for the last eight years had been sound, but he denied that it
s
speech is so manifestly a political attack
was possible to lay the blame for the decline
that I feel not only Democrats,
on the Administration.
but all citizens, regardless of politica affiliat
The Indiana Senator stated that Mr.
l
ions, have a right to expect
Raskob had made his fortune
me to reply to this false, vicious and wholly
unwarranted attack, and this as a stock "plunger," and described him as a "lucky plunger." He
letter is for no other purpose.
said the "tremendous publicity" given
to Mr. Raskob's suggestions of
"The answer is that I do not gamble in the stock
market. I have always opportunities in the stock market was responsible for "thousands plunging in." He asked what Mr. Raskob
purchased stocks outright, investing in the securities of
those companies
would have done during the
that I thought had an attractive future, and have
held the stocks until recent disturbance if he had been Secretary of the Treasury, saying
such time as I felt they were selling for all they were worth."
there had ben a rumor that Mr. Raskob
would have been Secretary
Mr. Raskob then reviewed at length public statements
he had made with of the Treasury if Alfred E. Smith had been elected President.
regard to business conditions for the last few months
Asserting that industry would go on and
and during last fall's
campaign. "This record," he said "speaks for itself
tinue to draw wages, the Republican .added that workme would conand
that "it's just a question
Senator Robinson's statement that I am a stock market clearly refutes of getting back to sanity."
plunger."
Continuing, Mr. Raskob's letter said:
Senator Wheler, Democrat, of Montana,
asked the Indianan for
"But before the Senator from Indiana again attempt
s to confuse the figures to show that the farmer had been prosprous during the last
public I suggest he read the article in 'The Ladies'
two
administ
rations,
and particularly while "Herbert Hoover
Home Journal,' to
was Secrewhich he referred, in order that he may appreciate there
is no invitation to tary of Commerce."
speculate advocated therein.
"That's beside the mark," Mr. Robinso
n replied, "these were indus"The plan outlined therein contemplates the formati
on of a securities trial stocks."
company that will put at the disposal of men and women
Reading from a newspaper article quoting
in all walks of life
Chairman Raskob as
opportunity to invest intelligently in real estate and safe
common stocks, holding out the prospect to the laboring man of getting
thu.s giving poor people the same opportunity as the
rich quick
rich to profit through through investment in securities, the Indianan said it
was this sort of
the tremendous enhancement in values represented by
equity of common advice, spread throughout the length and breadth of
stock investments which is bound to occur as long as
the land, that
our country grows and "encouraged Americans everywhere to do likewise."
prospers.
"Contrast that with the known attitude
of
the
"A company formed along the lines advocated by
Preside
nt of the
me should have the United States," Mr. Robinson asserted, adding:
best brains extant in the matter of selecting good equity
"Throughout his life and especially during
the eight years he served
certainly would not have invested in common stocks investments, and as
Secretary of Commerce, legitimate commer
at the high levels
which have maintained during the last several
ce and industry reached
months.
unheard of heights of success and prosperi
ty."
"As a practical illustration of what such a plan can
accomplish it can be
pointed out that in 1920 I advocated and secured the
Regard
ing
the allegations of Senator Robinson of Arkan
approval of the board
sas
of directors of the General Motors Corp. to the establi
shment of a savings we quote the following from the Washington
and investment plan. This plan has had slight
dispatch Oct. 30
amendments from time to to the New
time.
York "Times":
"Under this plan an employee may deposit any
The charge that President Hoover,
amount he wishes up to
Secretary Mellon and "a former
Preside
$300. provided it is not more than 20% of his salary,
and the corporation able, nt" had by unduly and repeated optimistic statements, attributwill deposit in a separate account an amount equal
in
uart,
to
their
zeal
for
partisan
to 50% of what the empolitical advantage, contributed
ployee deposits, which latter amount is investe
the era of soeculation which
d in common stock in the
culminated in the collapse of values on
General Motors Corp.
the stock market, was made late today
by
Senator Robinson of Arkansas,
"Under this plan the classes run for five years
Democratic floor leader of the Senate.
and a new class is formed
He added the comment that
every year. The results have been as follows:
had the Democrats been in powr, the
crash with its "ruinous results"
would have been charged by Republi
can leaders to the financial policies
Results of Employee's Plan.
of that party.
"An employee depositing $300 in the class of
Senator Robinson did not mention
1920
at
the
end
former President Coolidge by
of 1925 name,
received cash and securities having a total value
but the text of his statement made
of $2,518.17.
it evident Mr. Coolidge was
"An employee depositing $300 in the class of
the
third
person
to whom he referred.
1921 at the end of 1926 received cash and securities having a total value
"Confid
ence
in
busines
of $2,191.06.
s conditions in the United States has been
"An employee depositing $300 in the class of
1922 at the end of 1927 re- disturbed and somewhat upset by the recent collapse of the stock
ceived cash and securities having a total value of
market," Senator Robinson said.
$1.277.
"An employee depositing $300 in the class
of 1923, at the end of 1928 received cash and securities having a total value
Puts Blame on Three.
of
"Thus, an employee who put $1.200 in these $2.680.
"It may be well to trace the beginni
four classes has actually reng of this calamity. If the
ceived $3.666.23.
foLndation of the belief of ruined
investors was faith in the strong
"I understand that the savings and investm
ent department of the General position of American industry, it is also true
Motors Corp. has over 200,000 accounts
that the prophets and
high priests of American prosperity,
on its
represented by no less personalities
"In 1923 we worked out the plan of Manage books at this time.
rs' Securities Co. for General than a former President of the United
States, the Secretary of the
Motors Corp., about which much has been
written. The plan, in brief, Treasury and the former Secretary of Commer
wasa plan desired to interest the eighty
ce, now President, conprincipal senior and junior executives tributed by unduly and repeated optimist
ic statements to the creation
In the General Motors Corp. as common
stockho
of
lders.
enthusia
The
stic
result
if
not
of
frenzied
this
ventures in stocks. The good faith of
plan has been to make each and every one
of these eighty men independently these gentlemen may not be impugn
ed except in so far as their zeal
wealthy. This was accomplished through
their own efforts and being is justly attributable to the desire for that
interested in the corporation as common
partisan political advantage
stockholders.
which
is so often derived from real or fancied business conditio
"Results speak louder than words, and
ns.
the above shows that nothing I Had the Democratic party been in powr
have advocated has proved in practice akin
when the stampede on the
to advertising working men and Stock Exchange occurred, the ruinous results
women and others to gamble in the stock
would have been
market.
by Republican leaders to the financial policies of the administ charged
"I believe a man can dedicate himself to
ration.
no higher service than that of
"Whatever causes may have contributed to the trouble, it
helping his fellow men, and my motto has ever
must be
substantial or lasting prosperity in any country been that there can be no admitted that neither the President, the Secretary of the Treasury
unless the people themselves (the greatest since Alexand
are prosperous, and to me this means that men
er Hamilton, we are told), nor any other
and women engaged in agri- leader or agent of
cultural and industrial enterprises must not
the administration took adequate steps to prevent
alone be profitably employed, the collapse, which
they should have known must follow the orgy of
but must have opportunity to invest intellig
ently in the wealth they are speculation stimulat
ed by their utterances; nor were any appropriate
creating and thus gain for themselves for old
age a competence that will steps promptly
enable them to live like men.Instead of merely
taken to stay or check the recession when it passed
existing as paupers or beggars.
below the same economic level—the level obtaine
d by the due and
proper influence of the capital involved and the
Cites Magarine Article.
earning power."
"My article on the five-day week publish
ed in the November issue of
'The North American Review' may hold some
interest for Senator Robinson if he has any notion that I lack faith in the future
of the United States. Time To Buy Stocks, Says John J. Raskob—See
"This is a long letter, and my only excuse
s Only
for its length is that we are
Temporary Effect on Business.
dealing with questions that seriously concern over
a hundred million people
in their every-day lives, and it is important that they
The following is from the New York "Times" of Oct.
are not to be misled
30:
by irresponsible chatter."
John J. Raskob, one of the country
's leading industrial and political
On Oct. 30 Senator Robinson of Arkansas (Demo
leaders, declared last night in a stateme
nt to The New York Times that
crat)
held that President Hoover and Secretary of the Treasury many stocks are selling at bargain prices and that
he and his friends
are buyers of stocks. It may be
stated in this connection that Mr.
Mellon, because of their optimistic statements regard
ing Raskob has ben out of the stock market for many months and did
not
business conditions, were partially responsible for the re-enter it until he believed that stocks had
reached a level at which
speculative buying of stocks, and it was in answer to this they could be purchased with safety.
His statement written at his desk
last night, was as follows:
that Senator Robinson of Indiana placed the blame on Mr.
"Many of us have
felt great concern because of the inflated
Raskob. From the New York "Evening Post" we take condition of the stock long
market during the past several months. Huge
the following Associated Press accounts from Washington amounts of money have been loaned in the call money market at most
attractive rates during this period by people
who ordinarily would
Nov. 1:
have this money invested in securities.
The present decline in the
Senator Robinson, Republican, of Indiana, characterized
as "unfair stock markets of this country has carried prices, in many instances,
and unjust" In the Senate today the statement by Senator
Robinson to levels ridiculously low, with the result that nearly all of the standof Arkansas, the Democratic leader, blaming the stock market
break ard railroad stocks are cheap and the industrial list is filled with
on the prosperity statements of President Hoover, former
President stocks selling at real bargain prices.
Coolidge and Secretary Mellon.
"In a panic, whether in a theatre fire or the
stock market, people
President Hewer, during all his public career, the Indianan asserted
, lose their heads and go too far, which always results in needless and
never encouraged any one to buy stocks. He added it was an entirely unnecessary
suffering.
personal mater for one to speculate in the stock market, and said
"Prudent investors are now buying stocks
if the
in huge quantities and
Senator from Arkansas would have placed the Treasury of the
United will profit handsomely when this hysteria is over and our
States at the disposal of the New York Exchange to save the situatio
people have
n, oportunity in calmer moments to appreciate the great
then the American people "will thank God that he is not President."
stability of
business by reason of the sound fundamental economi
c conditions existThe Indiana Senator in his address said the President and the "other ing in
this great country.
two gentlemen" were "no more responsible for the stock market
plunge
"The pendulum has swung too far. The list is
filled with bargains
than the man in the moon."
and my friends and I are all buying stocks."
Nov. 9 1929.]
FINANCIAL CHRONICLE
Mr. Raskob was asked if he believed that the decline in the stock
market would have great effects on business. He answered that he
did not believe the effects would be other than temporary, lasting
probably two or three months, and that he did not believe that the
effects would be drastic in other than luxury industries.
Business Men Worried on Outlook—Stock Break Seen
Affecting Buying Power—Credit Conditions Discussed.
Business leaders In many lines of industry, questioned
by the "Journal of Commerce," on Oct. 29, with regard to
the effects of the great break in stock prices on their lines,
In many cases expressed real anxiety. That paper, in its
Issue of Oct. 30, further commenting on the situation, said:
A general impairment of buying power as a result of the huge actual
and paper losses suffered by bona fide investors as well as margin
speculators was feared, while collection difficulties because of widespread
stock speculation by the small business men were also widely feared.
However, many leaders declared that quick restoration of confidence and
stability in the security markets might greatly reduce the adverse effects
of the decline in stock prices on business. In a number of cases, in fact,
optimistic statements were issued for public dissemination.
2951
A symposium of views of business men was issued yesterday by the
"Financial World." The general tenor of these was optimistic on the
business outlook. Several of these follow:
"Our business horizon is clear, conditions highly satisfactory and outlook
for 1930 exceptionally good."—C. M. Chester, President General Foods
Corporation.
"I firmly believe that the steel industry as a whole will finish the year
the
with the most prosperous record in itat history, notwithstanding
belated seasonal recession which I firmly believe will be of short duration."
Steel.
&
—H. T. McCleary, President, Republic Iron
"We have every reason to look forward to a normal and a profitable
business in 1930."—Walter P. Chrysler, President, Chrysler Motors.
power
"While the shaking of public confidence may impair buying
depression
somewhat in the next few months, I see no grounds for any real
Co.
&
Roebuck
in business."—R. E. Wood, President, Sears,
without any sign
"Our viewpoint as a whole is steady, normal business,
at the present
of recession. We see no necessity for modifying our views
time."—C. C. Conway, President, Continental Can.
of the oil
future
"I know nothing in the present condition or in the
prices of oil stocks
Industry that justifies the extraordinary depreciation in
company or, so far
to-day. No new conditions have arisen threatening our
for effective conas I know, the industry. On the contrary, the prospects
demand, is
servation, which will remit in the balancing production with
Kingsbury, Presibrighter to-day than it has been at any time."—K. R.
dent, Standard Oil Co. of California.
Metals Affected.
Secretary of Commerce Lamont Holds Business ConErwin Vogelsang, President of the National Metal Exchange, said that
ditions Fundamentally Sound — Luxury Class
the metal markets are already feeling the effects of the break in the
Possibly Affected by Stock Market Reactions.
current stagnation. He added, however, that the full effects of the decline
cannot as yet be measured.
Lamont reiterated on Nov. 4 that business
Secretary
"It is too early to predict the ultimate effect of the stock market decline
fundamentally sound and cited Commerce
are
conditions
present
the
for
"However,
Vogelsang.
Mr.
on the metal industry," stated
y" no increase in
It has had the effect of causing the metal markets to be virtually stagnant Department figures showing "absolutel
while consumers finish readjusting their opinions in regard to the general inventories, that forward orders are greater and that there
Industrial and business situation. Of course, the declining stock markets had been no rise in commodity prices. The Associated
may seriously impair the purchasing power of the people, in which case
Press, in reporting this from Washington, added:
the consumption of metals may be curtailed."
He indorsed statements of President Hoover and Assistant Secretary
Bees Agriculture Unhurt.
Klein, both of whom have emphasized their belief in the stability of business.
Agriculture will be spared the immediate unfavorable reaction of the Mr.Lamont asserted the business curve over a long period was exactly the
nation's industries to the drastic decline in stock values, but there are reverse of that which had preceded past business depressions.
some industries that may reflect it at an early date, according to views
The Secretary said the stock market reactions would be largely psychoexpressed by business leaders in the chemical, rayon, paint, soap and logical with purchasers in the luxury class feeling the falling off mostly.
chemical
the
in
companies
foremost
two
of
Officials
related lines.
Many who still hold their stocks will feel themselves poorer because of the
fertilizer field, the Anglo-Chilean Consolidated Nitrate Corporation and the loss in stock market quotations and this feeling might curb buying somewhat, he said.
American Cyanamid Co., looked for no immediate recessions.
E. A. Cappelen Smith, President of the Anglo-Chilean Consolidated, a
Chilean
the
in
unit
single
largest
the
Guggenheim-owned company and
High Grade Stocks To Go Higher, Is Belief of Arthur
Industry, made the following statement:
Reynolds of Chicago—Looks for Safer, Sounder
of
use
the
that
world
the
throughout
recognized
generally
now
is
"It
Situation.
nitrogen is essential to the efficient production of agricultural commodities.
Practically the entire market for nitrate is confined to agricultural consumpStocks are to work higher, is the view of Arthur Reynolds,
tion for fertilizer purposes; in the United States principally in the proof the Continental Illinois Bank and Trust Co.,
Chairman
duction of cotton.
can
prices
market
stock
in
break
a
that
a Chicago dispatch Nov. 4 to the New York
to
believe
not
do
I
,
according
"Consequently
adversely affect the nitrate market as, even assuming a drop in the price of "Evening Post" of that date which reports Mr. Reynolds
agricultural commodities, the need for efficient production becomes
as saying:
greater."
Everything points to a safer, sounder situation all around. At these
The automobile manufacturing industry and the many diversified lines
feel
to
first
the
of
one
be
may
activity
levels I think there is ample room for many of the high-grade stocks to
productive
for
dependent upon it
bound to be business reactions in some direca general business recession, if such develops, in the opinion of Dr. W. S. move higher. While there are
tions from a break of such proportions in stocks, in my opinion the outlook
Landis, Vice-President of American Cyanamid Co. Dr. Landis said:
on the whole not been seriously affected. Stocks
"There are no visible, tangible evidences of any business recession at for business property has
fewer and stronger hands.
this time and orders appear to be holding up in satisfactory volume. Cer- are apparently going intoreason for confidence in the local situation. We
I think there is every
tainly the fertilizer manufacturing industry is doing as well as it did last
any bankers' pool here; there is no shortage in money and our
year, and there is no reason at this time to expect an immediate falling did not form
loaning heavily to brokers.
been
has
industry.
bank
agricultural
the
from
chemicals
for
demand
of
volume
off in the
the
In effect we have reduced margin requirements by leaving unchanged
"The decision of the Federal Farm Loan Board that it would extend up
arbitrary prices on which we make loans, and we have been as liberal as
to $100,000,000 if necessary to the farmers of the country to enable them
possible in dealing with customers, both brokers and individuals.
to hold their grain is a most reassuring and constructive factor.
bad
We have had no difficulty with any Chicago brokers and I know of no
Fears Motor Recession.
technical situations left in the market. The whole salvation of the Chicago
arbitrary prices well below the
"There are articles of chemical manufacture, however, entering into situation was the fact that we had imposed
motor car manufacture that may feel a recession in that industry in the market as a basis for making loans."
mornWe did not owe the Federal Reserve Bank a dollar on Wednesday
event of a business recession. Those of synthetic chemical manufacture,
without difficulty to
such as artificial leather, plastics, cellulose laquers and the solvents which ing, if necessary I am sure we could have borrowed loans, available for
go into them would probably be among the first to experience a slowing up meet requirements of 0112 customers. Our commercial months.
rediscount, have increased about 100% in the last few
of buying demand."
canOur savings deposits have been off last four or five days;although we
"The volume of orders for rayon is bolding in strong fashion," it was
some of it went to protect
stated by officials at the local office of the du Pont Rayon Co. "One not trace where this money goes, presumably
lots.
would hardly hazard a guess as to the stock market's influence in the rayon small margin accounts and some to buy odd
consider
If brokers'loans are off $500.000.000 or more this week I would
industry," it was stated by C. W. Phellis, Vice-President, "but it is not
not go down so fast as stock price
likely that it will be immediate." It was agreed that the automobile It a satisfactory showing. These loans do
manufacturers would probably feel a recession if the buying power of the
country is to undergo a reduction. The quantity of rayon entering autoOver-Optimism—Group to Conmobile construction, chiefly in the form of upholstery, is still very small, Bankers See Danger of
tinue Contact with Stock Market for Present.
it was said.
Officials of the Commercial Solvents Corporation declined to be quoted
The New York "Journal of Commerce" of Oct. 31 reported
when asked if they thought a general business recession would follow at this
that the
time. It was agreed here again, however, that the automobile industry that a warning against excessive optimism, now
might be among the first to feel a recession, but that there had been no trend of stock prices has been reversed, was uttered on
such development as far as demand for solvents was concerned.
banking group organized a week
It was not thought that the country's buying power would undergo a Oct. 30 by a member of the
the
at
stock
huge
depreciation
the
of
with the stated purpose of
result
Co.,
&
the
this
time
as
diminution at
ago by J. P. Morgan
offices of he Mathieson Alkali Works. Signs of a diminishing contract maintaining an orderly market during the period of liquidamovement in chemicals have not yet made their appearance, it was stated
tion. The paper quoted likewise stated:
here.
the situation
"I think the railroad situation is eminently sound and that there is
It was pointed out that unfavorable factors still existed in
rothing to prevent continued progress," said L. F. Loree, President of along with the favorable ones.
the Delaware & Hudson RR., to a representative of the "Journal of ComThere was an informal meeting of some, but not all of the members of
merce" yesterday. "I note," added Mr. Loree, "that some of the papers the banking group, at noon yesterday, and a second meeting after 4:30.
decline
This
are now giving emphasis to the falling off in car loadings.
Following the afternoon meeting it was stated that the bankers would
is natural, as the peak of the loading is generally early in October, after continue to confer to-day and that they would maintain their contact with
comit
when
February,
about
until
off
falling
which there is a gradual
the market, placing bids should such activity again, in their opinion,
mences to rise, and continues until the peak is again reached."
necessary.
become
Trans-Atlantic passenger traffic is not likely to be affected by the slump
Disposal of Group Holdings.
In the stock market, in the opinion of P. A. S. Franklin, President of the
it was taken for granted that the bankers would in
quarters
financial
In
for
the
cruises
company's
the
of
All
International Mercantile Marine Co.
the securities acquired by them during the period of heavy
of
dispose
time
As
stated.
Mr.
Franklin
advance,
in
up
booked
well
are
coming Winter
would in all
which selling. The concensus of opinion was that such securities
support
for freight traffic, he expressed the opinion that price reductions
probability be offered gradually to the market only after definite
to
attempted
may be expected to follow in various industries will be likely to stimulate
by the buying public could be counted upon. No outsider
foreign buying and swell the volume of outward cargo bookings.
2952
FINANCIAL CHRONICLE
[vou 129.
estimate the volume of securities purchased, while spokesmen for
the group available for cash dividends whereas
the appreciation on investment holdvolunteered only information of a more general sort.
ings go to swell the surplus account which is capitalized
It was indicated both in brokerage and in banking quarters yesterday
through stock
that dividends and recapitalizations.
the group had placed large initial bids for securities at the opening of
the
Thus
because
of
their
large
and
well
diversified investment holdings which
market yesterday. As the market rallied later in the day, few, if any, new
are so skillfully and profitably managed, insurance companies
bids were placed. A member of the group described the rise in prices
have long
as been recognized as. among the pioneer investment
trusts—combining all
being chiefly the return of investment buying."
of the advantages of the latter with an additional source of
income through
In view of the fact that the bankers are seeking to maintain orderly profitable
underwritings. The large resources in the form of reserves in
trading in securities and not to initiate a rise in prices, it was held in
addition to steadily increasing capital and surplus
available for investfinancial quarters that speculation for an advance involved the weakness ment have
resulted in the development of the insurance companies into huge
that stocks might be supplied by those who were aiming at stability of investment
combines and as such the shares of the representative, well
quotations, and that therefore purchases for investment were in better order. managed companies
appear to offer a far more attractive medium for
According to the spokesman of the banking group, buying yesterday was investment than
may be found in the issues of some of the newly organized
made up to a substantial degree of small purchases. It was declared that a investment trust or holding
company issues.
single house had executed 12,000 odd lot purchases. In addition to such
purchases foreign orders in heavy volume were stated to have entered the
market. This statement was repeated in brokerage circles and was con- Albert B. Fall Found Guilty of Accepting Bribe Incisistent with the movements of foreign exchange quotations which were
dent to Issuance of Elk Hills Naval Oil Leases
slightly depressed.
—Sentenced to One Year Jail Term and to Pay
Referring to the resolution of the governing committee to close the Stock
Fine of $100,000.
Exchange, the spokesman for the group expressed the opinion that such
action would not have been taken had not the market been in a settled
Although
once acquitted on a charge of accepting a bribe
condition in comparison with its state on Monday and Tuesday. Another
banker, not a member of the group, declared that the fact that the of $100,000 in connection with the leasing of the
Elk Hills
market had rallied yesterday would avert most criticism of the closing of Naval Oil Reserve
in California, Albert B. Fall, Secretary
the Exchange. He declared that no Stock Exchange house had been unable
of the Interior in the cabinet of the late President Harding,
to meet demands upon it, as far as he knew.
The statement of John D. Rockefeller that both he and his son had been was convicted on Oct.25 by a jury in the District of
Columbia
purchasing common stocks, it was declared, had not been suggested by Supreme
Court of accepting a $100,000 bribe from E. L.
members of the banking group, but had, on the contrary, been made
Doheny, the Los Angeles oil operator. On Nov. 1 Justice
voluntarily.
William
Hitz of the District Supreme Court sentenced Mr.
Views on Consequences.
In banking circles yesterday it was generally the opinion that the severe Fall to one year's imprisonment in the District of Columbia
decline in stock prices would not lead to a wider financial crisis which would jail, and to pay a fine of $100,000. Justice Hitz
imposed
involve large financial institutions. That general business would be consentence after he had denied motions for a new trial. An
siderably injured, however, was thought inevitable.
One banker said that the first industries to be hit would be those imme- appeal will be made to the Court of Appeals of the District.
diately dependent upon consumer demand. He also suggested that there At the time the jury's verdict was rendered on
Oct. 25, a
would be a necessary falling off in financing and in industrial expansion,
Washington despatch that date to the New York "Herald
and that with the consequent decline in contracts for plant expansion unemployment would set in. This, he declared, would affect companies whose Tribune" said in part:
assets largely included accounts to be collected.
After a jury in the District Supreme Court to-day had found Albert
B.
He did not think, however, that these effects would be sufficiently Fall, Secretary of the Interior under President Harding, guilty of accepting
a
cause
a widespread depression. Exports, he said, would be certain
large to
$100,000 bribe in 1921 from E. L. Doheny in leasing the Elk Hills Naval
to decline unless foreign financing could be revived. In justification of Oil Reserve, Frank J Hogan, chief counsel for the defense, late to-day filed
the forecast that business would be injured, he pointed out that in the a motion to set aside the verdict on the ground that the trial Judge "unlawfully and improperly" deprived his client of "a fair and impartial
past capital gains constituted a large proportion of income tax returns.
trial
by jury."
The contention is made that Justice William Hitz, in his charge
to the
Insurance Stocks Least Affected in General Market Jury, argued the ease, "and gave erroneous and improper instructions to the
thus depriving Mr. Full of his constitutional rights to be represented
Reaction Says H. W. Hatch of J. Roy Prosser 8c Co. Jury,"
by counsel. Thirty specific grounds are given in the argument
for a new
trial.
A shrinkage of not more than 30% was sustained to the
Mrs. Fall and Doheny Weep.
quoted value of insurance stocks in the pronounced downThe announcement
the verdict at 11:20 to-day by the jury of four
ward reaction of all securities markets during the past month, women and eight men of
led to emotional scenes in the courtroom. It
according to Harold W. Hatch, of J. Roy Prosser & Co. that the 68-year-old defendant, so ill that he has sat through the longmeant
trial
by a nurse and a physician, faces a maximum penalty of three
This is an unusually low average, states Mr. Hatch, when attended
years in prison or $300,000 fine, or both, and that Mr. Doheny,
his
personal
comparison is made with issues representing other groups friend of long standing, 73 years old, must go through a similar bribery
trial, probably in January.
which suffered losses ranging as high as 50% and over.
The two men sat together as the verdict was announced. Mr.Fall slumped
He attributes as the two principal reasons for the relative back
heavily in his chair. Mr. Doheny shed tears.
degree of stability shown in insurance shares during the widespread decline, the following:
1. No over exploitation of possibilities as in the case of many other
equity issues.
2. The strongly entrenched investment position of representative Issues
In this field.
Mr. Hatch, says:
The New York "Times" in reporting the sentence said:
It was the first time in the history of the United States that any Cabinet
officer was arraigned at the bar of a court of justice for sentence,involving
a betrayal of his official trust.
Associate Justice William Hitz of the Supreme Court of the District
of Columbia in imposing sentence gave consideration to Mr. Fall's weakened physical condition. Looking straight at the white-haired, broken old
man, Justice Hitz told him that his enfeebled condition was the court's
only reason for clemency.
Had he been in normal health, the sentence, added Justice Hitz, addressing the convicted man, would have been the maximum provided by
law,
that is. three years in prison and a fine three times the amount of the
bribe,
In this instance $300,000.
Fall Declares Innocence.
Late in the afternoon Mr. Fall broke the silence that has been his
policy
since the Senate Committee started the investigations that led
up to the
criminal and civil cases, growing out of the oil lease scandals.
His statement was a declaration of innocence. He declared the
verdict
of the jury was an "astonishment" to him, adding that the
record of the
trial clearly established his innocence of the bribery charge.
When he wrote the letter to the Senate Committee in which
he said he
had borrowed $100,000 from Edward B. McLean,
publisher of "The
Washington Post," he committed, he said, an "unspeakable
blunder."
He admitted "two grave errors," one the false statement
contained in the
McLean letter, the other putting himself under "an
obligation."
He admitted that his acceptance of the money might
have been "untechnical."
The insurance business which is largely that of the scientific distribution
of risks in which the law of averages plays such a dominant part, dates
back to the earliest stages of commercial development.
With widespread distribution of insurance stocks in the hands ofinvestors
who arc primarily interested in the future growth of the companies in question, a reaction in the general securities markets usually has only a passing
effect on such investment issues as are to be found among the shares of the
representative issues.
Insurance stocks have five inherently strong investment characteristics,
namely: (1) Conservative management, (2) Essential nature of services
rendered, (3) Strict government supervision, (4) Relative stability of
earnings, and (5) Consistent growth in keeping with the growth of the
country as a whole.
The business of insuring against financial loss is founded upon an economic need and is conducted on the law of averages. In order that this law
may properly operate there must be a wide distribution of risks, thus insurance companies operate with less risk than the average business concern.
This wide diversification of risks with consequent distribution of liability
coupled with the means of reinsurance through other companies practically
obviates and excessive loss on any one risk. No other business has a lower
A single juror, whom he did not name, Mr.'Fall
failure record.
intimated. had been
Insurance companies derive their profits from three distinct sources— able to argue the Jury into returning a verdict of guilty. Mr. Doheny, he
declared,
never
had
any
thought
of
"dishonoring"
him with a bribe.
underwriting profits, income from investments, appreciation of investment
Nowhere in his statment did Mr. Fall make any reference
holdings. Until within a few years ago,some of the larger companies were
to his transdependent to a great extent on their income from and appreciation on actions with Sinclair, which transactions, the Government charges, eninvestments. During the past few years, however, underwriting losses in riched Mr. Fall by more than $269,000, all of it originating with Mr.
most cases have become underwriting profits, due to improved underwriting Sinclair. These Sinclair payments were in evidence before the jury which
methods as well as the normal business growth. New high records in under- convicted Fall of bribery.
writing profits were established in 1928 and profits for the first half of 1929,
Judge Would Suspend Term.
Indicate that the current year will eclipse the 1928 results.
This indictment," said Justice Hitz as he imposed
sentence,"is brought
Furthermore, income from investments have never been larger and the under the statute, the language of which is in the
conjunctive.
appreciation registered in the open market value of investment holdings
"Consequently a sentence after a conviction under that
statute must
still show profits, generally speaking, despite the setback in market values. require both a fine and imprisonment. The maximum
punishment under
In this connection, it might be pointed out that the investment managers of that statute. as I recall it, is a fine of three times the
amount of the alleged
the large insurance funds are noted for their skill marketwise. For example, bribe, and imprisonment for not more than three
years. That seems to be
when the strong trend toward high grade common stock investments set the maximum punishment justified under the statute.
in a few years ago, many of the insurance companies reversed their invest"If this case came to the court under the normal physical
conditions,
ment policies of from about 60% in bonds to about 40% and the year end In my judgment it would warrant and require the
imposition of the maxistatements undoubtedly will reveal a reversal in policy in many eases back mum penally.
to a larger proportion in bond holdings.
"It does not come to the court under nermal physical
conditions, and
With underwriting profits to-day on the up-grade,leaving a sizable surplus ir.fause of the recommendationsof the jury for
mercy, I will impose upon
in many cases over operating costs, the income from investments are Mr. Fall a fine of $100,000 and imprisonment.
"lone Year.
Nov. 9 1929.]
FINANCIAL CHRONICLE
2953
general application,
President Hoover's Statement Urging Republican
"But in that connection I say that under a statute of
power to put a defenwhich I think reaches to this case, this court has the
Leaders to Expedite Completion of Tariff Legislaif this sentence were
dant upon probation or to suspend his sentence; and
tion.
motion, would suspend
to go into execution to-day, the court,,of its own
so long as the present
That the interests of the country require that the proposed
so much of the sentence as requires imprisonment
conditions exist."
tariff legislation be completed during the special session is
Report Fall Without Funds.
ed in a statement issued on Oct. 31 by President
indicat
Fall, in which he
All motions by Frank J. Hogan, chief counsel for
. The statement was made after the President had
Hoover
trial, were denied
argued for an arrest of judgment, and then for a new
appeal
an
of
notice
been approached by a delegation of Senators to advise him
by Justice Ritz, In each instance, Mr. Hogan gave
"the grave situation" incident to delays in perfecting the
to the Court of Appeals of the District of Columbia.
of
sentence permaPresident announces that
There was talk this afternoon of a move to have the
the appeals might measure. In his statement the
nently suspended and it was said that in such an event
of the report by he urged "the Republican leaders to get together and see
tion
confirma
no
,
however
was,
There
n.
withdraw
be
not expedite the early completion of the scheeither Government or defense counsel.
person closely con- if they could
In the matter of the 8100,000 fine, it was said by a
nce with the House
he hasn't an acre dules and thus send the bill to confere
nected with the defense that Fall is "dead broke," that
ng is the President's
followi
The
"
weeks.
two
next
own.
the
his
call
can
within
he
Mexico
all
New
In
Fall of the pauIf this be true, the next stop may be the taking by Mr.
. Whether or statement:
a number of Senators, all of
per's oath. Otherwise, the Government can insist on payment
The President was visited yesterday by
is a question
and presented to him the grave
not Fall's friends would come to his assistance in such an event
whom called at their own suggestions,
in tariff legislation. They called attennot to answered at this time.
Hitz's charge situation that has arisen by delays
bill since June, with
Arguing for a new trial, Mr. Hogan charged that Justice
the fact that the Senate has had the tariff
to
tion
usurpaa
jury,
the
of
completed Schedule 1.
to the jury amounted to"an invasion of the province
schedules to work out, and has not yet
15
was
that
verdict
very
the
make
of important legislation must
tion of their powers and an invitation to
It was pointed out that a large amount
which would be prevented by carrying
rendered."
session
regular
the
at
en
undertak
said
be
your honor
"The verdict itself was foreshadowed, foreclosed, when
itself tells the debate into the next stssion.
hopeless, as it appeared to
your last words to the jury," said Mr. Hogan. "The verdict
Some of the Senators considered progress
delay or defeat legislation, or did not
us that.
was an them that the coalition intended to
charge
your
of
part
one
that
"You will remember that I said
protect19n to industry. Others felt that some
find a verdict of intend to give adequate
the
unescapable invitation to the jury to do two things—to
attempted among Senate leaders by which
be
should
nding
understa
planting
thereby
nearly date.
guilty and to annex thereto a recommendation to mercy,
into conference with the House at a
sent
be
could
t
bill
defendan
the
to
come
camy stated his position, that
the seed in the mind of the jury that little hurt would
The President said, as he has uniforml
out by which adequate protection should
from a merciful verdict of that kind.
to a jury. paign promises should be carried
given
on
c
suggesti
that
heard
never
bar
I
this
at
"In my 27 years
and to the industries where the changes in economi
d to a jury that the be given to agriculture
not believe
Once and once only do I know of its being suggeste
their assistance. He stated that he could
demand
n
situatio
sugthat
and
case,
the United States Senate was unable
court would be lenient. That was in the Barton Miller
and, therefore, would not admit that
of Appeals."
the country required that legislation
gestion alone was sufficient for a reversal in our Court
to legislate and that the interest of
session.
should be completed during the special
AU Motions Are Denied.
or express any opinion on the
The President has declined to interfere
Ritz when Mr.
as it is obvious that, if for
thereof,
ise
comprom
"I deny each of your modern separately," said Justice
rates or any
of
details
.
followed
have the necessary information
Hogan concluded, and the sentencing of Mr. Fall
no other reason, he could not pretend to
that
to-night
ton
Washing
in
general
is
ies which such deterThat was the end and the opinion
in respect to many thousands of different commodit
district court.
pointed out that the wide differences of opinion
Mr. Fall for the last time has stood before the bar of a
he
but
requires,
mination
hanging
es ample
There is still an indictment, charging he conspired with Sinclair,
the discussions in the Senate were themselv
not be brought to and the length of
flexible clause in order that
over his head, but there is reason for believing he will
ation of the desirability of a real
demonstr
impartial
and
trial on that indictment. . . .
be promptly corrected by scientific
N. M., in the Injustice in rates could
disThe Fall family is expected to leave for Three Rivers,
action without such delays as the present
in
put
and
tion
investiga
will probably
course of the next few days. The next chapter of the oil story
proof.
give
cussions
on
trial
for
d
together and see if they could
be written in January, when Edward L. Doheny is arraigne
He urged the Republican leaders to get
schedules and thus send the bill
an indictment charging him with having given Fall a bribe.
not expedite the early completion of the
House within the next two weeks.
An item indicating that Messrs. Doheny and Fall were to conference with the
from the
The move on the part of the Senators to secure on, was
to be tried again appeared in our issue of July 23 1927, page
situati
Senate
the
on
view
of
to
lead
ion
have
express
which
an
nt
Preside
470. In reviewing the developments
Oct. 28 by the Washington corMr. Fall's conviction, the "Herald Tribune" in its account referred to as follows on
"Journal of Commerce."
York
New
the
of
dent
said:
respon
25
from Washington Oct.
-Smoot tariff bill was made to appear
to-day
The probable fate of the Hawley
The verdict of a jury in the District of Columbia Supreme Court
t views expressed in the Senate
of bribery in hanging in the balance to-day as divergen
of Senator David A.
convicting Albert B. Fall, former Secretary of the Interior,
on the form of obsequies at the hands
of
Congrestook
debate
series
a
in
chapter
another
is
oft
leases
Hills
Elk
anticipation on the part of
connection with
Reed (Rep.) of Pennsylvania, and of hopeful
in 1922.
began
that
ngs
proceedi
criminal
and
tions
investiga
sional
.
was appointed others for an improvement in the situation by several Senators calling on
Mr. Fall, at that time a Senator from New Mexico.
House
A challenge was hurled at the White
1921. Shortly
make known to at least the
Secretary of the Interior by President Harding on March 4
and
reticence
his
Dome, Wyo., to President Hoover to drop
of a tariff bill he wants.
thereafter he leased the Naval Oil Reserves at Teapot
well leaders of his party in the Senate what kind
Doheny,
L.
Edward
to
Calif.,
Hills,
Elk
at
and
Harry F. Sinclair,
have on one or more occasions brought
Hoover
Mr.
of
ons
expressi
Rumored
known oil operator.
True, his admonitions with respect
ted a resolution in forth from the White House a denial.
of his known
In 1922 the late Senator Robert M.La Follette introduc
provision were ignored and that, in face
tariff
bewere
the
flexible
to
hearings
Before
leases.
the
become a part of the Senate
the Senate calling for an investigation of
that opposition to the debenture plan, the latter has
at
Work,
Hubert
Dr.
by
d
succeede
was
and
an ranks and the need of
gun Secretary Fall resigned
ns were bill. But there is dissension in the Republic
time Postmaster-General. Hearings on the La Follette resolutio
asserted
is
ip
leadersh
actual
begun in 1923.
Ask Hoover to Take Command.
Investigation Ordered.
upon Presifurore
Democratic ranks came the demand
a
and
created
ive
had
ions
Progress
transact
oil
From
the
of
ns
e,
revelatio
In the meantim
The outspoken
t,of Mon- dent Hoover that he inject himself into the tariff dispute.
throughout the country, and Senator Thomas J. Walsh. Democra
and the
to a manner in which Senator Reed has discussed the fate of the bill
tana, began a series of vigorous investigations. They were brought
by Senators Johnson, Caliupon
seized
were
M.,
e
N.
que,
Executiv
Albuquer
Chief
at
r
the
silence of
climax when Carl Magee, editor of a newspape
call to
Harrison, Mississippi, as a basis for the
came to Washington and testified that Mr. Fall was pending money lavishly fornia; Borah, Idaho, and
command of the situation.
the White House to step in and assume
on one of his ranches in New Mexico.
on of Senator Johnson that he
The debate was precipitated by the suggesti
The Senate Investigation Committee immediately ordered a thorough
since, he declared, he is a
situation
mi
that
out
perplexi
brought
was
most
it
a
which
in
found himself
inquiry into the report, in the course of
so-called regular Republican group.
the
norille
asked
coalition
Doheny
Mr.
the
of
1924.
Jan.
neither
in
member
Secretary Fall had received $100,000
a in- He explained he had been reading the tariff stories of the White House corCommittee to permit him to testify, and upon receiving a subpoen
pro- respondents assuming to give Hoover views and had been listening to disformed the Committee that he had loaned Mr. Fall the,money and
divergence of views as between
cussions in the Senate, later telling of the
duced a note for the amount.
Senator Foss on the other. as to the
A resolution immediately was introduced in the Senate directing court ac- Senator Borah on the one hand and
bring proper interpretation of the Republican campaign pledges, and was more at
tion in two directions, first, to cancel the oil leases, and second, to
House ideas on the subject.
criminal proceedings against Fall, Doheny and Sinclair. This was on Febru- sea than ever as to what are the White
phia on Saturday- by Senator
grand
Reference was made to a speech in Philadel
ary 8 1924, and on June 30 four indictments were returned by the
that the bill is dead. To-day he
Jury. The first charged Fall and Sinclair with conspiracy in connection with Reed, in which he expressed the opinion
view. It could be passed, he deFall
said he saw no reason for changing this
the Teapot Dome lease: the second brought the same charge against
Fall clared, if the Senate would limit itself directly to debate on the bill and
and Doheny in connection with the Elk Hills lease; the third charged
bribe. impose a reasonable limitation on debate. But, he qualified, so many
with accepting a bribe, and the fourth charged Doheny with giving a
"so many more are promised
changes have been made in the bill already and
of the Senate which is in
Acquittal of Conspiracy.
by those Senators who speak for the majority
to me it is perfectly evident that the
that
conon
the
d
)
were
acquitte
coalition
(the
Doheny
bill
the
Mr.
of
and
charge
Fall
Mr.
On Dec. 16 1926,
charge, House of Representatives will not accept a bill the Senate is willing to pass."
spiracy charge. A year later Mr. Sinclair was acquitted on the same
Senate it must be perfectly
,
Democratic Floor Leader Robinson told the
but Mr. Fall was too ill to stand trial at that time. Subsequently, however
ing all the circumstances, there never has
Mr. Sinclair was convicted of contempt of the Senate for refusing to answer clear to anyone that, consider
prosdetectives been since the issue developed in the &ante on the bill the slightest
questions in connection with the oil inquiry and also for engaging
the
ng the combined pect of a final disposition of the conference report on the bill during
completi
is
now
He
trial.
in
his
jurors
the
shadow
to
he always has been of the
present extraordinary session. He declared
sentences in the Washington jail and asylum.
.
however
of belief that the Senate could pass the bill during this session,
This brought the famous oil case up to the trial of Mr. Fallen charges
charge
same
The
to-day.
guilty
of
verdict
Enacted,
in
Bill
a
Says Smoot Wants
accepting a bribe, resulting
been disremains against Mr. Doheny, that phase of his case not having
tribute to Senator Smoot,in charge
Senator Pat Harrison paid a doubtful
posed of in the conspiracy trial.
he was the only one on the Republican side sincerely
said
he
when
bill,
of
the
William
of
part
Justice
the
on
(Smoot) had his way about it the
The appeal for a new trial, alleging bias
develop- desirous of passing the bill; that if he
that he was to be sympathized
Hits, the trial Judge in the Fall case ending to-day, is but another
years. bill would be in much different form, and
for
n
to
another
sensatio
one
from
led
have
which
cases,
oil
ment in the
nagging, criticism and lack of support
in January with because of being subjected to
The next regular development will be the trial of Mr. Doheny
s. During Harrison's recital of the alleged
e a Government suit to set by his Republican colleague
for alleged bribe giving, although in the meantim
sat in his accustomed place on the floor, shaking his head
Smoot
,
with
situation
r,
in
Novembe
be
tried
will
a
Californi
aside certain leases remaining in
in disapproval and denial of Harrison's remarks.
as Government counsel.
former Senator Ades Pomerene, of Ohio, acting
2954
FINANCIAL CHRONICLE
The trouble is that the Administration is In deep
water," said the Mississippi Senator. "Yet, it says nothing.
It does not take any one into its
confidence. We might just as well lay the cards
on the table. If President
Hoover will take the Senate into his confidenc
e, if he will call in the Senator
from Pennsylvania (Reed), the Senator
from California (Johnson), or the
Senator from Idaho (Borah), and just tell them
what he wants," and Harrison's remarks literally were lost in the derisive
laughter that went up at
the mention of the President calling in either Borah
or Johnson to become
his confidants.
Will Stand Steadfast.
Senator Smoot had related the difficulties he had
experienced in getting the bill even to its present position in the Senate.
He sought to assure the Senate that he will do everything in his
power to see that the
bill is passed at the earliest possible moment, but,
he added, there is no
limitation of debate and no one can stop the debate.
He denied he had
heard from any member that the bill is
not to be permitted to pass, nor
that he anticipated that the bill could be completed in
conference. The bill,
he added, will be treated the same as has every other one
of like character
and that, as a conferee, he will stand steadfast for the retention
of the debenture provision until otherwise directed by the
Senate.
Senate Action on Tariff Bill.
This week a move was made in the Senate to adjourn the
extra session and defer further consideration of tariff revision to the regular session which opens in December. The
New York "Herald Tribune" stated that the move was made
on Nov.5 by Senator Blease (Democrat) of South Carolina,
who introduced a resolution to this end. The Washington
dispatch Nov. 5 to the paper indicated said:
Mr. Blease's resolution would make the disposition of the case of
Senatorelect William Vare, of Pennsylvania, the first order of
business in the
December session, consideration of the tariff to follow immediate
ly. The
resolution was introduced after several attempts by Senator
Reed Smoot,
Chairman of the Senate Finance Committee, to limit debate
had been met
with objections.
Debate on Schedule 2 Limited.
Finally, toward the end of the day's session, Senator Smoot
obtained
unanimous consent which will restrict each Senator to
ten minutes' debate
while Schedule 2, earthenware and crockery, Is before the
Senate. This is
taken as an indication by some Senators that the bill
will be disposed of in
much quicker order than had been anticipated. They
hope that the same
limitations will be applied to other schedules.
Mr. Smoot's first effort to shut off debate on extraneous
matter was a
request that the tariff bill be considered from 10:30 to
5:30 o'clock. This
would have confined discussion of unrelated matters to
half an hour at the
beginning and at the end of each day's session. This was
objected to by
Senator C. C. Dill, Democrat, of Washington.
Finds Agreement Needed.
The Utah Senator explained that the Senate had devoted only
four hours
and fifty minutes to the actual consideration of the tariff bill
since it adjourned last Wednesday. He said: "Before we can pass
this bill we must
have some kind of understanding to keep the Senate on the
track.
We are making no headway," Mr. Smoot insisted, when
interrupted by
Senator Dill. "Senators on both sides and coalition members,
as they are
designated,say so. I want to say that if we are going to
pass this bill we will
have to have some kind of an understanding. If whoever
can speak for the
coalition will tell me that they oppose a committee amendme
nt I am perfectly willing to vote on it without any discussion."
Senator Thomas J. Walsh, Democrat, of Montana, then entered
the discussion, prefacing his remarks with a declaration that no
one was authorized
to speak for either the "so-called" coalition or the Democrat
s. Individual
Senators, he said, are the only ones to be considered in
limiting debate on
the bill.
Called Individual Issue.
"I dare say," Mr. Walsh asserted,"that the same situation applies
to the
other side. This is a matter addressed, not to any coalition or party
organization but to each member of the Senate individually." He then
expressed
the hope, however, that Mr. Dill would see fit to withdraw his
objection to
Senator Smoot's request.
Mr. Dill rose to declare that his objection was based on precedent
. He
feared that a "precedent limiting the Senate in its discussion should
not be
established."
"I have no objection to an agreement," he said,"that no other business
shall be transacted except the tariff bill, but that was not the request.
The request was that nothing else be discussed except that, and I object."
Senator Smoot then modified his prAposal to confine the Senate to
discussion of the tariff from 12 to 5:30 ci'Vck each day.
Makes Plea for Speed.
"I beg the Senators to confine themselves to the bill," he said,"and
let
us put it through. If we are not going to, let Senators be men and say
that they are not going to allow the bill to go through, I know there are
enough votes here to change the rates. lain not going to insist upon them.
The Senate can decide after the conference with the House. As a conferee,
I am going to follow the Senate. I beg of you to allow us to pass the bill
In some form."
After Senator Walsh had suggested that the Senate proceed in the regular
way, and get through the bill as speedily as possible, Senator George W.
Norris, Republican, of Nebraska, a leader of the coalition, took the floor.
"Let's stop wasting time," he said, "in talk about procedure and go
ahead. Some day we will take a spurt and pass 200 to 300 amendments in
as many minutes. It seems there's no other way out. Let's go ahead. If we
do not finish at this session, we can at the next."
Mr. Blease then offered his resolution. It provided that the Vare case
be put ahead of the tariff bill if the tariff goes over into the regular session,
and would adjourn the Senate at once. When he read it there was a distinct
murmur of surprise among the Senators.
[VOL. 129.
revision." On Oct. 30 the Washington correspondent
of
the New York "Journal of Commerce" said:
A picture of the situation in the Senate with
respect to the tariff controversy is said to have been presented to President
Hoover this afternoon,
when Senator James E. Watson (bid.),
Republican floor leader, and
Senator Charles L. McNary (Ore.), who is to function
as an assistant leader,
visited the White House, ostensibly to learn the
President's views.
Apprised of the conference, Democratic members
of the Senate Finance
Committee are understood to have met in the
office of Senator F. M.
Simmons, North Carolina, to talk things over. Among
these things, it is
understood, was the proposal that unofficially came
to Senator Simmons
that the Democrats agree to the adjournment of
Congress on Nov. 15,that
action marking the death of the tariff bill.
Cognizance of the situation also is being taken by the
Progressives. Their
plans contemplate the prosecution of the legislation
in the Senate to the end
that a new tariff law, granting greater tariff equality
to agriculture with
Industry. may become operative.
The Senate officially devoted itself to-day to the
ceremonies Incident to
the funeral of the late Senator Burton of Ohio.
But in the Senate office
building and the leaders' offices in the Capitol there
was the hum of conferences of a most important character.
Republicans Ready To Give Up.
The Republican leaders declined to discuss the nature
of, or what transpired during their visit. It is surmised, however,that
it was presented to the
President that with the transference of control over
the bill from the regular Republican ranks to the coalition, the eliminati
on of some and the addition of other rates, the withdrawal of Presidenti
al connection with the
flexible tariff provision and the insertion of the
export debenture plan,
some of the standpat members were ready to throw up
the sponge and go
home.
Out of respect to the memory of the late Senator Burton
the Senate was not in session on Oct. 29.
From the "Herald Tribune" Washington despatch it is
learned that intense debate on the President's appeal for
expedition of the tariff bill so that it can be completed at the
extra session developed twice in the Senate on Oct. 31.
Continuing the despatch stated:
Senator James E. Watson, the Republican leader,
revealing his visit to
the White House last night, declared against
any adjournment without
action soon after the session began.
The second outburst was inspired by Senator
Kenneth McKellar, Democrat, of Tennessee, who read Mr. Hoover's
statement on the floor. This
brought a rapid-fire discussion in which
the regular Republicans, with the
exception of Senator David A. Reed, Republica
n, of Pennsylvania, and
possibly Senator Smoot, announced that
they were ready to stand by the
President and put the bill through.
Opposition Senators ridiculed Mr. Hoover's
request that action be taken
within two weeks. On both sides
there was a belief that this is impossible,
Senator Royal Copeland, Democrat, of
Now York, asserting that at the
present speed in consideration of the
rates in the bill"it will take 30 weeks,
or 7 months."
The debate found such a cross-current of
opinions and convictions that
It was impossible to judge the effect
of the President's message beyond the
fact that it had served to end a growing
sentiment for adjournment of the
extra session among some of the regular
Senators, led by Senator Reed.
Representing the insurgent views, Senator Borah declared
that"I think
we should devote our entire time to considerat
ion of this bill. As the Senator said, the coalition being practically in charge
of the bill, I think we
should go ahead and pass it up to the President
. At that time he can speak
with a great deal more authority than he can now."
Senator Watson's speech opening the session sounded the call all regular
to
Republicans to see that a tariff bill is put through at the extra session.
It
was a forerunner to the President's statement
the Senator calling for the
factions to get together and figure out the controversial items
in the bill a
to argue those without considering every one of
the 21,000 items in the
present law.
Reed and Borah Speak.
The debate continued with a discussion between Senator Reed,
the regular, who had suggested adjournment of the extra session as
the only way out
of the situation, and Senator Borah, who demanded that the
rewriting of
the bill by the insurgents be continued to a conclusion.
Senator Reed
declared that the remarks of the insurgent Borah amounted to
the assumption of responsibility by the coalition for writing the bill.
"The Senator from Idaho," Mr. Reed stated, "has very
frankly and
candidly stated the situation. The coalition—that Is, the
great majority of
the Democrats here—and the dozen or fourteen
Republicans who think
with them, are in actual charge of tariff legislation in
the Senate.
After an interruption by Senator Brookhart. the Pennsylvania
Senator
continued:
"They (the coalition) control the action that this body
will take. I am
glad to hear the Senator from Idaho admit that frankly,
because I think
that is something that all of us have recognized and not
many of us have
stated. That being so, the coalition is going to write its tariff
bill right here
in the Senate. I think the statement of the President
Is optimistic when he
Implies that a group of Republican leaders could, if
they would, put this
bill through in two weeks. I myselfam not so optimistic
as is the President.
I do not believe that a group of Republican leaders
could put this bill
through in two years unless the coalition is willing that It
should be put
through: and when it is put through it will be in the form
in which the
coalition wishes it to be. Then it will go to conferenc
e, and we shall have
an insoluble difference of opinion between Senate
and House.
Coalition Controls Bill.
"The bill that the majority of the Senate will pass cannot,
in my opinion.
ever be accepted by a majority in the House of
Representatives and that is
why I prophesied with such confidence that this tariff
bill is dead. That is
the situation. Now, the country, which has reasoned
it out for itself to
that conclusion, I think, has it on the authority of the
Senator from Idaho.
The coalition is in charge of this bill, and we in the
minority will be outvoted, at every turn, and the bill will be as the coalition
wishes it to be."
In all, nearly every leader lathe Senate spoke during the
two
so the end of the day found little progress on the considerat long debates,
ion of rates in
the bill. The second of the fifteen schedules, that
dealing with earthenware
and glassware, was taken up. but little progress
made. The chemical
schedule still must be gone over, however, which will
involve some delay
later.
We indicate in another item in this issue that President
Hoover on Oct. 31 issued a statement urging the Republican
leaders to endeavor to expedite action on the bill with a
view to sending it to conference with the House within the
next two weeks.
This statement was prompted by the action of a delegation
of Senators visiting the President on Oct. 30 to advise him
On Nov. 2 Associated Press accounts from Washington
of "the grave situation that had arisen by delays in tariff said:
Nov. 9 1929.]
FINANCIAL CHRONICLE
2955
. At other times during the day the Democrats and
for delay Carolina, Democrats
met to talk
Regular Republican leaders of the Senate passed responsibility
insurgent Republicans who have joined in a tariff coalition
as
coalition
n
Republica
in tariff revision to the Democratic-Independent
matters over.
action.
final
was stated.
expedite
it
to
efforts
concrete,
of
n
exactly
to-day brought a resumptio
The results of the conference were not
With the Administration group disclaimer went a concession that control but there was a partial understanding that deliberate obstructions would be
it,
to
of the bill rested with the coalition, an action regarded as throwing
cleared away by both sides of the tariff fight
bill to consider rates which
similarly, the initiative in speeding debate.
The Senate started at the beginning of the
of
Jones
Senator
and
e
Committe
Finance
Both Chairman Smoot of the
in the chemical schedules after the prolonged debate
over
passed
been
had
s and
. On
Washington, the acting Republican leaders, blamed the Democrat
resolution and ogher matters was completed
the over the Bingham
controversy started and was
Western Independent Republican Senators for the delay in debating
menthol and camphor, however, another long
La
tariff measure.
passage of an amendment by Senator Robert
Caro- finished only with the
synthetic
The Democratic spokesman on the bill, Senator Simmons of North
of Wisconsin, reducing the rate on refined or
n
Republica
Follette,
in two
lina. although terming President Hoover's request for a final vote
camphor to one cent a pound.
weeks "ridiculous," believed that the coalition could go over the schedules,
Edge Opposes Amendment.
approving
then present its conclusions to the regulars and saving time by
bitterly fought the La
Senator Walter Edge, Republican of New Jersey, , naming a company
numerous rates without discussion on the Senate floor.
, he contended
Informal conferences of Republicans in line with the President's sugges- Follette amendment. Home industries
given the protection
be
measure which he said would operate in New Jersey, should
tion had been unsuccessful in evolving some method of sending the
much discussion, however,
.
that a one-cent tariff would not afford. After
to conference with the House by Nov. 15, as desired by the Chief Executive
vote, but Senator Edge announced
A proposal of some of the newer Republican members that an unofficial the amendment prevailed on a viva voce
item when the bill is finally concommittee, made up of two Senators each from the regulars, the Indepen- that he would ask a separate vote on the
favor
little
found
bill
the
of
charge
in
s
be
put
the
Democrat
sidered.
and
dents
a mined product, was raised
The duty on ground or calcined gypsum,
with the veterans of the Administrative group.
which was rea rate of $1.40 a ton, the existing rate
against
ton,
a
$3
to
than
less
on to consideration of the
In indicating that on Nov. 2 the Senate worked
tained in the House bill. The Senate then moved
clay or koalin from
three hours on the bill, the "Herald-Tribune's" report of the committee amendment to reduce the duty onc China
Democrati Senators, led by Senator
Southern
ton.
a
$1.50
to
$2.50
developments that day said:
Florida and the Carolinas, led
Walter George of Georgia, and those from
With several plans to expedite the tariff bill under informal discussion
against the reduction.
opposition
the
be
would
it
that
on synthetic indigo,
among Senators to-day, indications continued strong
Increases in the duty on vanillin and decreases
Impossible to send the measure to conference until about Jan. 1. Some
dyes, were approved. Those were the
chemical
in
used
both
black,
sulphur
. It advanced conSenators, who took the view it could not be passed In the extra session,
changes recommended by the Finance Committee
thought it might be possible to pass it before the Christmas recess of the
completion, and the earthensideration of the chemical schedule nearly to
adjournment.
regular session.
ware, earths and clay schedule was taken up before
Although Senator William E. Borah, who was active in trying to speed up
5 the Committee
Nov.
on
rates
of
the bill, expressed the view that an informal understanding would be
In the consideration
reached by the first of the week whereby the measure would be hastened,
clay or kaolin at
China
on
duty
the
reducing
ent
amendm
only
not
other Senators took the opposite view. Senator George H. Moses
The account
35.
to
40
of
vote
a
that
by
possibility
the
but
saw
rejected
was
$1.50 a ton
said the bill would not be passed this session,
" went
Tribune
15.
Nov.
about
"Herald
adjourn
the extra session would
of the Senate action that day in the
Senator Borah said he felt if the understandings were reached, the bill
on to say:
could be put through in the extra session.
t by'Senator Duncan U.
The rate was left at $2.50 after an amendmen
The Senate worked about two and a half hours on the bill to-day and
to $3 a ton was defeated.
e,
Committe
the
Finance
of
Chairman
Smoot,
Reed
Fletcher, Democrat, of Florida, to raise the rate
adjourned. Senator
manufacture of glass, precipitated
announced that beginning Monday he planned to take up those items which Silica, a sand-like product used in the
Pittman, Democrat, of Nevada,
has been passed over in the chemical schedule and from there go "straight considerable debate when Senator Key
crude silica and $7.50 a ton
through" the rate schedules and dispose ofthem item by item and paragraph sought to restore the present rate of $4 a ton on
and the committee amendon pigment silica. The amendment was defeated
by paragraph.
Senator Smoot declared he would no longer consent to having items ment, putting silica on the free list, was adopted.
passed over at the request of Senators. If this program is adhered to, it will
Duty on Mica Reduced.
have some tendency to expedite the bill though probably not sufficiently to
in the House bill was put
enable the Senate to pass it before the regular session.
The duty on mica splittings of 30% ad valorem
of North Carolina
Senator Smoot was moved to make this declaration of policy when a back at 25%. Senator Furnifold Simmons, Democrat,
the whole paragraph in
number of rates were passed over to-day on account of the absence of Sena- announced his intention to offer a substitute for
tors. Absence of Senator David A. Reed, who headed the sub-committee on the bill relating to mica.
Senate again was plunged
the matals schedule, led to putting over that schedule. Absence of Senator
Proceeding to the earthenware schedule, the
, of Mississippi,
Walter E. Edge, of New Jersey, who headed the sub-committee on the into debate. This time Senator Pat Harrison, Democrat
limited to five minutes for
earthenware schedule, caused a number of important rates in that schedule requested that debate on the crockery schedule be
n, of South Dakota,
to go over. Senator Smoot suggested consideration of the wood schedule, each Senator. Senator Peter Norbeck, Republica
committee amendments
but Senator David I. Walsh, of Massachusetts, objected and suggested that objected. Senator Smoot then moved to reject all
manganese be discussed. Senator Smoot pointed out that a number of and proceed. Senator Harrison objected.
amendment putting a 45% ad
Senators interested in this matter were absent. Thereupon, Senator Walsh,
The Senate agreed to the committee
absorbent body. This
of Massachusetts, voiced his opinion in no uncertain terms about the valorem rate on earthenware crockery of non-vitrified
on each dozen pieces of the variabsence of a large number of Senators on Saturday.
cuts off an additional 10 cents specific duty
colored variety an amendSenator Smoot remarked that the Senate "had just about four and one- ous classes. On similar products of stained or
valorem, also cutting off the specific
half hours on the bill the last week."
ment setting the duty at 50% ad
Senator Borah wanted to take up unobjected features of the agricultural rate, was adopted.
on debate on the schedule then
schedule, but Senator Charles L. McNary, Republican, of Oregon, said it
The Smoot request for a 10-minute limit
was impossible to tell whether an item was controversial until it msa taken was adopted.
a 75-cent
up.
Action of the Senate on Nov. 6 in adopting proposed
Harrison Urges Recess.
as
$1.50
with
d
compare
as
iron,
rate per ton on pig
Senator Harrison again urged a recess until Monday. Senator Smoot then
reported as follows
of by the Senate Finance Committee, was
declared his purpose to refuse hereafter to pass over items at the request
on that day:
ton
to
Washing
of
,
Virginia,
Democrat
from
Swanson,
A.
advices
Claude
led
Senator
in the "Times"
Senators. This
by
the Senate this afterin
blow
hard
a
received
ns
express his indignation that the Senate should be put to so much trouble
Conservative Republica
by four
absentees, lie said he had traveled half the night to reach Washington to- noon when the Democratic-insurgent Republican coalition, aided
a tenon
day, only to find parts of the bill being passed over for the benefit of absent Old Guard Republicans, drove down to 75 cents the rate of $1.50
e.
members.
Pig iron urged by the Finance Committe
flexible provisions of the tariff.
"It is not fair that two or three absent Senators should cause the Senate
President Coolidge, acting under the
McCumber law to $1.12%. which
so much inconvenience," said Senator Swanson.
the 75-cent rate of the Fordneyraised
at
and
12:30
made,
about
be
Senator Smoot concluded no progress could
rate was retained by the House.
vote which to-day approved
moved a recess until Monday.
Discouraged and embittered by the 48-to-30
ent
electric-light
had fought strenuand
incandesc
graphite
on
of
rates
disposed
The Senate
Senator Reed of Pennsylvania, who
rate,
-cent
the
75
the
bulbs. Graphite rates were raised at the request of Senator Hugo Black, ously for the $1.50 rate, told the coalition to go ahead and rewrite
valorem.
predicted, it would die.
again
he
of Alabama. The HOUB0 rate on amorphous graphite was 10% ad
where,
,
conference
to
it
bill and send
accused Senator Reed of poor
The Finance Committee reduced this to 5. On motion of Senator Black.
Senator Norris, a coalition leader, angrily
of
the House rate was restored. The rate on crystalline graphite was fixed sportsmanship in "lecturing" the Senate, and added that he was tired
at 2 cents a pound, the House rate being 25% and the Finance Committee having his motives impugned.
the
in
early
were disposed of
rate 20%.
Several rates of the earthenware schedule
minutes'
On Senator Harrison's motion, the rate on electric light bulbs with metal day under the plan adopted yesterday,limiting each member to ten
bill
House
and
the
way, Senator Oddie.
in
as
as
25%
30%
of
filaments was fixed at 20% instead
of that schedule out of the
most
.
With
discussion
dropped.
reported from the Finance Committee; on bulbs with carbon or non- Republican.of Nevada objected to extending it further, and it was
bill
metallic filaments the rate was fixed at 30%. the same as in the House
Reached.
Is
Metals Schedule
and the Finance Committee measure.
and reduced the pig iron
Informal conferences on Nov. 4 among members of the
The Senate then took up the metals schedule
Democrat, of Kentucky. The next
Barkley,
Senator
on
of
to
agree
on
an
motion
attempt
rate
in
various factions of the Senate
e placed on the free
was manganese, which the Finance Committe
representing producing
means of expediting consideration of the tariff bill appeared subject
list, in the face of strong opposition from Senators
to have been' fruitful before the day's session had ended, States.
Senator Oddie, RepubliOpening a drive to impose duties on manganese,
according to the accounts that day to the "Herald Tribune" can,
spirited debate for
Nevada, made a speech which may lead to a
of
certain Democrats,
from which we also quote the following:
perhaps a day or two. Curiosity exists as to whether
vote for a manganese
This was indicated when Senator Reed Smoot, Republican, of Utah, among them Wheeler and Walsh of Montana, will
to limit duty.
Chairman of the Finance Committee, obtained unanimous consent
Reed said the Tariff
Fighting for the $1.50 rate on pig 'fon, Senator
debate on a controverted item.
$7.70 to equalize the
On Mr.Smoot's motion the Senate agreed to vote at 11 o'clock to-morrow Commission had held that it would require $7.07 to
It difference in the domestic and foreign production costs, but that, as the
on an amendment to duties on clay used in the making of crockery.
asked flexible provision limited the increase to not more than 50% of the Fordneyhad been under consideration for about two hours when Mr. Smoot
to McCumber rate, the Tariff Commission was able to recommend to President
for the limitation, and the session adjourned. This course is expected
speed up decision on Coolidge only the rise to $1.12;4. Mr. Reed said that 32 merchant furnaces
be taken on a great many of the items in the plan to
capital, last year.
had lost $1,500,000, or 15% on their invested
the rates.
Senate, without rollcall,
Leaders in Conference.
After the vote on the Barkley amendment, the
from 75 cents to $1 a ton
raise
to
t
e
amendmen
Committe
Finance
a
bill
rejected
further delay of the
In one of the conferences designed to prevent
alloy of iron and manganese used chiefly in
n of Pennsylvania, met the duty on spiegeleisen, an
on steel
Senator Smoot and David A. Reed, Republica
for making steel. Further coalition victories
process
Bessemer
the
North
of
M.
Simmons
Furnifold
and
i,
Senators Pat Harrison of Mississipp
2956
FINANCIAL CHRONICLE
[VOL 129
materials followed rapidly, the committee being voted down with little or
no debate.
In fact, the coalition "steam-roller" moved so fast that after one vote the
combination found it had made a mistake. It voted down a committee
amendment on granular iron, on the theory that the $2-a-ton duty was an
increase. A few moments later it was ascertained that the committee had
actually decreased the rate from $6.75 a ton. Senator George sought to
have the item reopened, but consent was declined. As a result, the item
now goes into a "basket" clause, where it may be readjusted when the
Senate reaches it.
Limitation More Blocked Again.
During qv day Senator Simmons,ranking Finance Committee Democrat,
had asked unanimous consent that all debate on the metals schedule,
except on the items of manganese, structural iron and steel and cement,
be h ld to ten minutes for each Senator. Senator Couzens, Independent
Republican, from Michigan, objected on the ground that the limitation
should ap:ly to the whole bill, without confining it to certain schedules"in
which cc,tam n Senators were interested."
On Nov. 7, the Senate, guided by the Democratic-insurgent coalition, reversed the Finance Committee in a series
of changes in the tariff bill highly important to the steel
Industry of the country said the advices from Washington
to the New York "Herald-Tribune" which noted that in
nearly every instance further benefits to the manufacturers
were rejected, and manganese, which hteindustry sought
to have put on the free list, was made dutiable. The dispatch also said:
It was after Senator Henry F. Ashhurst, Democrat, of Arizona, had
disclosed the profits of the steel industry since the Fordney-McCumber
act of 1922, as reported in income tax returns, that the coalition gathered
its strength to attack the schedule on metals and manufacturers. The
manganese duty was passed over the objections of a handful of regular
Republicans by a vote of 60 to 18.
Consent was then given without a roll call to the committee plan
to
place ergot on the free list. This drug, now taxed 10 cents a pound,
is imported chiefly from Spain and Germany, which controls the
Russian output. In 1928, an American importer asked the governmen
t for
an embargo against imported ergot, but his petition was ultimately
dismissed.
Following a committee recommendation, gentian, sarsaparilla
root,
belladonna, digitalis, henbane and stramonium were put on the
free
list. The duty on edible gelatine was cut from the House
rate of 5
cents a pound to 3 1-2 cents and that on fish glue was reduced
from
8 to 7 cents. Both changes were made on advice of the
committee.
Senator La Follette gave notice that he would move to place
sulphur
black and synthetic indigo, bases certain dyes, on the free list.
The highly technical proceedings were enlivened when Chairman
Smoot began to discuss "hexamethylenetetramine," a chemical
compound of formaldehyde and ammonia. It is used as an accelerator
in
rubber vulcanization and an medicine. During the war it was
used in
gas masks to absorb phosgene.
"What's that item?" Senator Harrison grinningly asked Mr.
Smoot.
Smoot Asks Aid of Clerk.
Mr. Smoot asked the reading clerk to pronounce the multi-sylla
bled
word.
Song efforts were made by Senator Shortridge of California
to
have the chamber approve an amendment adding 15 cents
a pound to the
present 25 per cent ad valorem duty on agar agar. This is
a dried
seaweed product, used chiefly as a culture for bacteria in
the compounding of medicines.
A California company is the only American concern manufactur
ing
the finished product, most of the imports coming from Japan.
The
Senate finally refused on a roll-call vote of 44 to 25 to accept
the
Shortridge solution.
Other amendments adopted include:
Dut yon ink and ink powders reduced from the House rate
of 20%
ad valorem and the Finance Committee rate of 15% to 10%, on motion
of Senator Harrison.
Duty on licorice reduced from the House rate of 25% to the cornmittee rate of 20%.
Duty on epsom salts reduced from the Houte rate of 1 cent a pound
to the committee and present low rate of 1-2 cent.
When the Senate decided to give perfumed bath salts a preferential
rate of 75% ad valorem, as compared with the 25% levy on
unperfumed salts, Senator La Follette remarked:
"I know the farmers, in whose interest this tariff reduction is
made,
will be delighted to know about that."
Ore is Political Football.
Mangganese, an ore mined in the Western states, has been a political
toy since it was placed on the free list by an amendment proposed
by
the Finance Committee. The House had set a rate of a cent a pound
on the ore containing 30 per cent of metallic manganese„ and
the
amendment adopted by the Senate put this rate on ore containing
more
than 10 per cent.
After manganese had been disposed of the Senate denied an increase
on structural iron and steel by a vote of 51 to 19. The rate
On Nov. 26 an amendment by Senator Gillett, Republic
of onean
fifth of a cent a pound on this steel was approved in the place
of a of Massachusetts, for higher duties on artists' and toy
duty of three-tenths of a cent a pound. In quick succession the
Senate
cut out a whole section relating to wire fencing of various size weaves paints, was rejected by the Senate by a vote of 52 to 19.
The "Times" futher indicated as follows
as a part of the coalition's farm relief plan.
the day's proceedings (Oct. 26):
Vote on Manganese Duty.
Rate Items Acted Upon.
The vote for a duty on manganese, in which many regular RepubliThe tariff items approved during the day, besides
the duty on artists'
cans joined the coalition, was: For the duty, 60—Republicans, 29;
paints, at 40% were:
Democrats, 31. Against the duty, 18—Republicans, 16; Democrats
, 2.
A rate of 13 cents a pound on potassium citrate,
now taxed at 25%
Senator Ashhurst sprang a surprise when he introduced the income
ad valorem and fixed by the House at 18 cents.
tax figures on the eight leading steel corporations. He declared
A rate of 1 1-2 cents on potassium chlorate
that
and perchlorate, the
the net profits showed $930,181,059 for the years since the last traiff present
duty, which the House had raised to 2 1-2 cents.
revision. He listed the Inland Steel Corporation as having had net
A rate of 1 cent on saltpeter, now taxed
at 1-2 cent and raised by
profits of $98,000,000, but the correct total was $44,714,406, making
the the House to 51.2 cents.
net profits total approximately $880,000,000.
A rate of 1 1-2 cents on sodium chlorate, the
same as under existing
The companies and the total net profits he listed were:
law, which the Finance Committee had increased
to 2 cents, and then
The United States Steel Corporation, $542,875,105.
receded from, asking that the old rate be approved.
Bethlehem Steel Corporation, $93,306,160.
,
A rate of 12 cents a pound on sodium citrate,
now dutiable at 25%
Inland Steel Corporations, $44,714,406.
ad valorem, and fixed by the House at 15 cents.
American Rolling Mill Company, $33,071,239.
A rate of 1 1-2 cents on sodium phosphate (except
pyrophosphate)
The Wheeling Company, $28,244,669.
containing less than 45% water, now dutiable at 1-2 cent
and fixed
Republic Steel Company, $23,810,630.
by the House at 1 cents.
Otis Steel Company, $8,123,767.
A rate of 3-4 cent on sodium phosphate (except
pyrophosphates),
Gulf States Steel Company, $6,945,321.
now dutiable at 1-2 cent and fixed by the House at 2 cents.
Senator Ashhurst attempted to show by the figures that the large
A rate of 1-2 cent on sodium sulphide, containing not more
than 35%
steel corporations he pictures as opposing the duty on manganese
were sodium
seeking more profits at the expense of the industry which, he said, would House. sulphide, now dutiable at 3- 8cent, the figure retained by the
need protection if it were to develop into a strong American business.
A rate of
It was a strange contrast to the coalition's demand for generally lower now dutiable 1 cent on sodium sulphide, containing more than 35%,
at 34 cent, also the figure retained by the House.
rates on industrial products when it joined the fight for the manganese
Several amendments to the bill were disposed of
duty.
late
Oct. 28, said the "Times" account, this also stated
Coalition's Main Point.
in part:
Mr. Ashhhurst's presentation of the income tax reports, showing the
The most important was when the Senate refused
an amendment by
profits of the leading steel corporations, furnished the principal argu- Senator Wagner of New York to cut the duty on
olive oil from 71
/
2
ment of the coalition in its fight to replace the duty on manganese
to
6
cents
per
pound
and
then
adopted
an
and
amendment by Senator
came as rather a surprise. It was the first time such information had Goldsborough of Maryland to increase the duty
to 91
/
3 cents.
been brought out on the floor since the Senate ordered the Treasury
Action on the oil paragraphs was Preceded by
Department to submit the reports to be used in consideration of the Senator Wagner figured prominently. He opposed a debate in which
the
tariff.
mittee's retention of the present duty on olive oil in Finance Comlss than forty.
There was considerable debate as to the propriety of using the
pound
containers and 6 cents on larger sizes. Instead,
steel
he offered
company figures, during hich Senator Smoot questioned the privilege. respective amendments of 6 and 4 cents.
Senator Thomas J. Walsh, Democrat, of Montana, however, defended
"The purpose of this duty is to protect a minor
industry in Calithe proposal of Mr. Ashhurst that the profits be put down in
the fornia by taxing millions of Americans to whom olive oil is a necesrecord, declaring that "if they are submitted to the Senate they can
be sary food," he argued.
submitted only for such use as the Senators may care to make of them."
The Wagner amendment was defeated by a vote of
67 to 8. SenHere Senator Walter F. George, Democrat, of Georgia, entered
the ators Blaine and Glenn, Republicans; Blease, Copeland, Pittman,
discussion to support Mr. Walsh's views. "It is precisely the position," NVagner, Walsh (Mass.) and Walsh (Mont.)
Democrats, voted for it.
he said, "taken by me in the finance committee meeting at
the time The Goldsborough amendment was adopted by a vote of 43 to 34.
when it was decided by the committee to submit this information
Senator King gave notice that he would demand a
which
separate roll call
is now published in the Senate. Certainly, submitting this
information when the bill is reported from the Committee of the Whole to
the
to the Senate means the submission to the Senate in open session."
Senate.
Finance Committee amendments adopted included:
Our last reference to the tariff bill appeared in these
Soy Beans-2 8-10 cents a pound and not less than
45% ad valorem,
columns, Oct. 26, page 2625, at which time we indicated
compared with the present rate of 21
2 cents and the House rate of
/
that the Senate action was up to Oct. 24. Reviewing what
5 cents.
had been done by the Senate on Oct. 25, the New York Hydrogenerated Fats and Oil-3 cents a pound, compared to 4 cents
in the House bill and in existing law.
"Times" said:
Crude Sperm Oil-5 cents a gallon, instead of 10 cents
in the House
bill and in existing law.
Reduction Amendments Put Through.
Refined Sperm 0i1-12 cents a gallon, instead of 14
In a day devoted to the chemical schedule, the Senate put
cents in the House
through
bill and 30% ad valorem in existing law.
a number of amendments, in nearly every case reducing the
duties Bone
Black (used in coloring sugar, can syrup)-20%
proposed in the Finance Committee bill.
a pound ad
By vote of 48 to 30, it rejected a committee
valorem, as in present law; the House raised it 5%.
plan to raise from 45
cents to 50 cents a pound the duty on cellulose used
Eleven national farm organizations made public
in nonshatterable
at Washglass for automobile windshields.
ington on Nay.
3 a sommunication that had been sent to
Nov. 9 1929.]
FINANCIAL CHRONICLE
members o fthe Senate urging a tariff on hides. The Associated Press accounts from which we quote said:
"Millions of farmers, dairymen and stockmen are asking for duties
duties on hides
on cattle hides and calf skins," it said. "Adequate
in this
will be at once effective in raising and stabilizing the price
country, as we now import annually some 300,000,000 pounds of cattle
to achides and about 35,000,000 pounds of calf skins. Your vote
to help
complish this will be hailed as evidence of a real desire
agriculture."
The statement said that the duties on live cattle did not give protection in hides; that the big bulk of hides were sold on the open
market, and that "free hides, by virtue of excessive imports so depress
prices in this country that farmers and ranchers, as wil as butchers
and small packers, often find their takeoff hardly worth the trouble
and expense incurred.
The appeal bore the names of officials of the American Farm Bureau
Federation, National C000perative Milk Producers Association, National Dairy Union, National Life Stock Producers Association, National Order Buying Company, Kansas State Live Stock Association,
Nebraska Stock Growers Association, Central Cooperative Association
of St. Paul, California Cattlemen's Association, Texas and Southwestern Cattlee Raisers Association and American National Live Stock
Association.
State Banks in Alabama Warned Against Buying and
Selling of Cotton and Fertilizer.
Alabama banks which buy and sell fertilizer or cotton, or
otherwise engage in business other than banking, are violating their charters, it is stated, by D. F. Green, head of the
State Banking Department, in a warning just issued to all
banks under State supervision. This is learned from the
"United States Daily" of Oct. 25, which goes on to say:
2957
Total transactions since organization of Clearing House (76 years*
$6,141,017,684,024.15
Exchanges_
484,886.187,348.81
Balances
86,625,903,871,372.96
Total
Largest exchanges on any one day during the year
83,034,423.614.62
(Jan. 2 1929)
year
Largest balances on any one day during the
294,583,814.57
(Sept. 17 1929)
Largest transactions on any one day during the year
3,270.701,773.92
(Jan. 2 1929)
Smallest exchanges on any one day during the year
492,139,948.16
(Aug. 26 1929)
Smallest balances on any one day during the year
108,862,184.95
(May 27 1929)
year
Smallest transactions on any one day during the
607,268,293.28
(Aug. 26 1929)
Largest day's transactions on record, Jan. 2 1929:
83.034,423,614.62
Exchanges
236,278,159.30
Balances
83,270,701,773.92
Total transactions
83,034,423,614.62
Largest exchanges, Jan.2 1929
294.583,814.57
Largest balances, Sept. 17 1929
York:
Transactions of the Federal Reserve Bank of New
32,970.208,191.80
Debit exchanges
47,001,768.700.91
Credit exchanges
44.031,560,509.11
Credit balances
banks, 3 State banks
The Association is now composed of 7 National
of New York and the
and 12 trust companies. The Federal Reserve Bank
make exchanges at the
Clearing House City Collection Department also
Clearing House, making 24 institutions clearing direct.
and vicinity, not
There are five banks and trust companies in the city
through banks that
members of the Association, that make their exchanges
provisions.
are members, in accordance with constitutional
The new President of the New York Clearing House
Associa-
Mr. Green,as State Superintendent of Banks,says this practice cannot be
at the recent annual meeting, is Jackson H.
permitted. In a letter addressed to all State banks, he gives notice that if tion, elected
of New York,
any of them are now engaged in any business beside the bank or trust Reynolds,President of the First National Bank
business, this other business must be discontinued immediately, or they are who as head of the Association succeeds William Woodward.
liable to lose their charter.
Traylor, President of the First
He also points out that, in taking mortgages on property, care should be Mr. Reynolds and Melvin A.
the
taken to describe the property, as the courts have recently declared void a National Bank of Chicago, were recently named as
the
e
formulat
large number of mortgages on personal property, because of lack of proper
to
e
committe
the
on
members
American
description.
both at
Bank for International settlements. They are
Following is the full text of Mr. Green's letter:
upon
Gentlemen: Please permit me to call your attention to the following:
present abroad in furtherance of the duties imposed
City
(1) As time draws near when most banks will be electing their boards of
National
the
of
ident
Sloan Colt, Vice-Pres
directors for another year, I desire to call your special attention to sections them. S.
y of the Associa6399 to 6401 of the code, incl. Please note that no director shall perform the Bank of New York who has been Secretar
was
duties of his office until he takes the oath of office.
tion, having succeeded G. Edwin Gregory resigned, on.
Also, please note that the first duty of the board of directors is to fix and
of the Associati
meeting
week's
this
at
y
Secretar
and
d
officer
each
of
re-electe
be
required
shall
that
bond
of
prescribe the amount
House and
employe of the bank. The bond shall be conditioned for the faithful dis- Clarence E. Bacon, Manager of the Clearing
respectheir
in
charge of the duties ofsuch officer or employe.
continue
,
Manager
Edward L.Beck Assistant
I am of the opinion that the form of bonds now generally in use is not in
of Guaranty
t
Presiden
Potter,
C.
William
conforms
it
that
see
posts.
and
yours
tive
accordance with the statute. Please look into
House
to the statute and be sure that the amount of the bond is sufficient to fully Trust Co., was elected Chairman of the Clearing
.
Protect the bank and report the amount of the bonds to this department
Reynolds
E.
Committee, succeeding Jackson
for approval.
constituted, is
The Clearing House Committee as now
(2) Please be careful in taking mortgages to properly describe the
mortof
number
large
a
void
declared
property. Recently the courts have
as follows:
gages on personal property for lack of proper description.
Trust Co.
William C. Potter. President Guaranty
A mortgage on "100 head of cattle," for instance, is void for lack of proper
Chairman, National City Bank.
Mitchell,
E.
Charles
to
be
description. There must be a sufficient description of all property
of Trustees, N. Y.Trust Co.
Mortimer N. Buckner. Chairman, Board
able to identify the property or it is void under the rulings of the courts.
Bank & Trust Co.
Percy H. Johnston. President. Chemical
not
and
mortgages
take
to
banks
some
of
habit
the
to
be
Again, it seems
Trust Co.
Henry J. Cochran, President. Bankers
record them. If a mortgage is worth taking it is worth recording, and so we
must insist that you have all mortgages recorded promptly.
New Jersey Clearing
(3) My attention has been called to the fact that some banks in the State Annual Meeting of Northern
in
have been buying and selling fertilizer, cotton and otherwise engaging
House Association.
transactions on
business other than the banking business. This violates your charter.
The following figures showing the yearly
This Department cannot permit a bank to engage in any other business.
presented at
were
trust
or
House
the
banking
than
If you have been engaging in any other business
the Northern New Jersey Clearing
18:
Oct.
on
on
business, this is to instruct you to immediately discontinue the practice,
Associati
the
of
meeting
the annual
otherwise you are liable to lose your charter.
1929—$2.576.673,649.63
1
Oct.
to
1928
1
Oct.
from
Total amt.ofexchanges
Oct. 1 1929-_- 2.055.380.100.37
Total amt.of balances from Oct. 1 1928 to
Yearly Figures of New York Clearing House—Jan. 2 Largest exchanges on any one day from Oct. 1 1928 to 34,581.135.70
Oct. 1 192)(Sept. 18 1929)
Transactions Largest on Record—Jackson E.
Oct. 1 1928 to
Largest balances on any one day from
33,033.343.83
Reynolds Elected President.
Oct. 1 1929 (Sept. 18 1929)
Association
New York Clearing House transactions during the past
The list of officers and committees of the
year produced new records, according,to the annual report elected for the year ending Oct. 16 1930 follows:
of the Association for the year ending Sept. 30 1929 preOfficers-1029-1930.
& Title Co., Union City.
sented at the annual meeting Oct. 1. The total transactions
President, Henry J. Gordon. Weehawken Trust
Trust Co.. Bayonne.
for the year reached 8507,399,981,620, comparing with, Vice-President, Eugene Newkirk, Bayonne
National Bank, Jersey City.
Secretary. W. A. Conway, Hudson County
$407,920,343,622 for the year ending Sept. 30 1928. The
Committee.
Executive
exchanges in the year just closed totaled $456,937,947,313,
One Year—
Years—
this contrasting with $368,917,656,547 the previous year. Two
Walter P. Gardner, New Jersey
Frank Ferguson, Hudson County
Title Guar. & Trust Co., J. C.
The balances for the year ending Sept. 30 1929 were $50,National Bank, Jersey City.
Newkirk, Bayonne Trust
Eugene
National
$39,First
were
they
year
Young,
previous
W.
W.
462,034,307, whereas for the
Co., Bayonne.
Hoboken.
Bank,
002,687,075. The largest day's transactions on record were
Nominating Committee.
l
R. S. Carmichael, Commercia
those for Jan. 2 1929, when the amount reached $3,270,E. F. Briggs, Hudson Trust Co.,
Jersey City.
Co.,
Trust
day,
same
the
Hoboken.
701,774. The largest exchanges were shown
Kelley Graham, First National
Herman Goetz, First National
Bank, Jersey City.
the figures being $3,034,423,615. The largest daily balances
Bank. Hoboken.
Willard Brown, N.J. Title Guar. & Trust Co.
$294,583,814, were recorded Sept. 17 1929. The following
Clearing Committee.
are the details for the year ending Sept. 30 1929 as presented
R. M.Oldney
A. W. Gilbert
C. H. Coe
in tho-General Manager's report:
J. Heemsath is Manager of the Association.
The Clearing House transactions for the year have been as follows:
Exchanges_
Balances
$456,937,947.312.75
50.462,034.307.23
Total transactions
The average daily transactions:
Exchanges
Balances
$507,399,981.619.98
Total
$1.508,046,030.73
166,541,367.35
$1,674,587.398.08
er and the
Return on Railroad Property in Septemb
Months.
First Nine
had a
Class I railroads in the first nine months this year
was at
net railway operating income of $960,078,699, which
investthe annual rate of return of 5.29% on their property
2958
FINANCIAL CHRONICLE
IVOL. 129
ment, according to reports filed by the carriers with
the
Nine Months Ended Sept 30.
Bureau of Railway Economics. In the first nine months
Total operating revenues
of Total
$4,775.112,966 $4,541,847,582
operating
expenses
1928, their net railway operating income was 20,572,952 Taxes
3,414,375,652
3,346,368,629
310,914.371
286,695,003
Net railway operating income
or 4.59% on their property investment. Property
960,078,699
820,572,952
invest- Operating ratio—%
71.50
Rate of return on property Investment
ment is the value of road and equipment as shown by
73.68
5.29%
the
4.59%
books of the railways, including materials, supplies and cash.
The net railway operating income is what is left after
A. M. Perkins Named Vice-President of
the
Underwriters
payment of operating expenses, taxes and equipment rentals,
Trust Co.
but before interest and other fixed charges are paid.
A. M. Perkins, who has been associat
This compilation as to earnings for the nine months of 1929 Guaranty Co. of New York, has been elected ed with the
Vice-President
is based on reports from 180 Class I railroads representing a of the Underwriters Trust Co., according
to an announcetotal mileage of 241,545 miles. Gross operating revenues for ment this week by Horatio N. Kelsey,
President. The
the first nine months in 1929 totaled $4,775,112,966 com- Underwriters Trust Co., a banking
institution designed to
pared with $4,541,847,582 for the same period last year or primarily serve the insurance district
neighborhood of New
an increase of 5.1%. Operating expenses for the first nine York City, will shortly open in its new
quarters
months of the year amounted to $3,414,375,652 compared St. Building. Items regarding the organiza , 111 John
tion of the
with $3,346,368,629 for the same period one year ago, or an Underwriters Trust Co. appeared in these
columns Aug. 31,
increase of 2%.
page 1374; Sept. 14, page 1677 and Sept. 28, page 2010.
Class I railroads in the first nine months of 1929 paid
$310,914,371 in taxes, compared with $286,695,003 for the Transamerica Corporation
Seeks to Increase Its Stocksame period the year before. For the month of September
holders to 500,000—Stock to Be Offered Throug
h
alone, the tax bill of the Class I railroads amounted to $38,Investment Bankers for the First Time.
635,478, an increase of $2,848,869 over the previous year.
That Transamerica Corporation is completing plans
Twelve Class I railroads operated at a loss in the first
nine increase the number of its stockholders from 135,000 to
to
months of 1929, of which five were in the Eastern, three in
500,000 was announced Nov.2. The movement was inauguthe Southern and four in the Western District.
rated by A. P. Giannini, President of the corporation, in a
Net railway operating income by districts for the first nine
months of 1929 with the percentage of return based on prop- letter from San Francisco to the stockholders under date
of Sept. 21 1929. A news item in the matter says:
erty investment on an annual basis follows:
This action is taken, it is stated, in anticipation of a time in
the future
when, Mr. Giannini believes, nationwide branch banking will
be an accomplished fact. Transamerica Corporation to-day controls banks
with more
than 500 branches. Among its subsidiaries are the Bank of America
in
New York and the Bank of Italy in the West.
"It is mainly intended," Mr. Giannini said in his letter,"to advance
our
well-established plan looking toward development in the
banking and investment field, through an introduction of our corporation to
an increasing
number of residents of other States, and at the same time widen
still more
the distribution of our stock among small and permanent investors
throughout the nation. The number of our stockholders to-day is
in excess of
135,000, and we deem it both wise and feasible to strive to
increase that
960,078,699
5.29% number to at least 500.000."
Class I railroads for the month of September had a net
In accordance with this aim, Transamerica Corporation will for
first
operating income of $133,898,013, which, for that month, time offer its capital stock through investment bankers. Onethe
million
have been authorized for immediate issue and formal offering
was at the annual rate of return of 4.35% on their property shares
will
be
made in a few days.
investment. In September last year, their net railway operatDistribution is being planned by Howard P. Preston, VicePresident of
ing income was $134,491,318 or 4.43%. Gross operating the parent organization, through Intercoast Trading Co., its fiscal agent
at 44 Wall St. Interconst Trading Co.,of which Mr.Giannini
is President,
revenues for the month of September amounted to $566,719,- follows
its debut in Eastern circles with the
ment of the election
559 compared with $556,915,839 in September last year or of T. E. Falvey as Vice-President in charge announce
of sales.
Transamerica Corporation stock, listed on the San Francisco
an increase of 1.8%. Operating expenses in September
traded in on the Now York Curb and the Los Angeles Exchange Exchange.
s. Branch
totaled $383,349,139 compared with $376,241,043 for the Is
banks have sold it over the counter in the West. The corporati
on is a
holding company incorporated under the laws of Delaware in
same month in 1928 or an increase of 1.9%.
October 1928.
It engages chiefly in the ownership and active management of
financial
Eastern District.
institutions. Outstanding shares as of Sept. 30 1929 totaled
23,190,47
Class I railroads in the Eastern District for the first nine
Under control of Transamerica Corporation are companies with 7.
months in 1929
assets
had a net railway operating income of $498,346,962, which was
at the annual In excess of $2,000,000,000. Among these organization/gowned or pracrate of return of 5.81% on their property investment. For the
tically
controlled
,
are
Bank
of
Italy,
$851,705,
811:
Bankitaly
same period
Co. of
in 1928, their net railway operating income was $415.747,813 or
4.92% on America, $400,000,000; Bank of America N. A., New York, $514.392,833
their property investment. Gross operating revenues of the Class I
Bancamerica-Blair Corp., $53,000.000; Bank of America of California
railroads
.
of the Eastern District for the first nine months in 1929 totaled
$2,386,- $364,704,350: Corporation of America, $20,000,000; Oakland Bank (Cali395.002, an increase of 6.5% above the corresponding
fornia).
$64.961,6
Banca
d'America
10;
e
Italia
de
period the year
(Italy), $70.000,000'.
before while operating expenses totaled $1,696,926,379, an
increase of 3% Bankitaly Mortgage Co., $24,951,704; California Joint Stock Land Bank.
above the same period In 1928.
$17.374,600; Pacific National Fire Insurance Co., $3,000,00 and
0,
BankClass I railroads in the Eastern District for the month of Septembe
r had a Italy Agricultural Credit Co.. $1,332,058.
net railway operating income of $65,056.158 compared with
Consolida
ted
net
profit
for
the
year
ended Dec. 31 1928 of the corpora$61,894,941
In September 1928.
tions now grouped under Transamerica after provision for
Federal taxes
and contingencies, and in some cases including only dividends
Southern District.
declared and
not total earnings, amounted to $71,805,347. Dividends
Class I railroads in the Southern District for the first nine months in
have
been paid
1929
continuou
sly
since
organizat
ion. On Sept. 10 1929 a stock dividend of
had a net railway operating income of$100,906,147. which was at the
annual 150% was declared and for the third quarter
of 1929 a dividend of 40 cents
rate of return of 4.24% on their property investment. For the same period
In 1928, their net railway operating Income amounted to $92,245,070 which in cash and 1% in stock was declared payable Oct. 25 1929.
was at the annual rate of return of 3.94%. Gross operating revenues of
the
Class I railroads in the Southern District for the first nine months in
1929 National City Foundation of
amounted to $581.936,016, an increase of 1.5% above the same period
National City Bank of
the
year before, while operating expenses totaled $437,581.856, a decrease of
New York Announces Awards.
3-10ths of 1%.
A sub-accountant in the San Juan, Porto Rico, branch
The net railway operating income of the Class I railroads in the Southern
of
District in September amounted to $12,416.131 while in the same month in the National City Bank of New York and a treasury de1928 it was $10,999,983.
partment employe and a page from the head office at 55 Wall
Western District.
St., have been selected by the National City Foundation,
Class I railroads in the Western District for the first nine months in 1929
had a net railway operating income of$360,825,590. which was at the annual organized last spring to use the income from a $2,000,000
rate of return of 5.02% on their property investment. For the first nine fund subscribed by directors and senior
executives of the
months in 1928. the railroads in that district had a net railway operating National
City Bank of New York in offering to deserving
income of $312,580,069, which was at the annual rate of return of 4.41%
on their property investment. Gross operating revenues of the Class I employes facilities for obtaining a higher cultural education
railroads in the Western District for the first nine months this year amounted and broader practical training than
is possible with their
to $1,806,781,948. an increase of 4.6% over the same period last year, while means
and under the circumstances of their employment.
operating expenses totaled $1,279,867,417, an increase of 1.6% compared
Announcement of the selections, the first to be made by the
with the first nine months the year before.
For the month of September, the net railway operating income of the foundation, was made Nov. 2
by F. Charles Schwedtman,
Class I railroads in the Western District amounted to $56,425,724. The who
first broached the question of such a foundation to
net railway operating income of the same roads in Sept. 1928 totaled
Charles E. Mitchell, Chairman of the Bank. Other selec$61,596,394.
tions are expected to be announced from time to time. The
CLASS 1 RAILROADS—UNITED STATES.
Month of September.
men chosen are Eduardo Morales Rosa, 27 years old, a sub1929.
1928.
Total operating revenues
$566,719,559
$556,915,839 accountant at the San Juan, Porto Rico, branch of the bank;
Total operating expenses
383,349,139
376,241.043
Taxes
38,635,478 . 35,786,609 Delford L. Fedderman, 23 years old, supervisor in the
Net railway operating income
133,898.013
134,491.318 treasury departm
Operating ratio—%
ent of the National City Co. at 55 Wall St.,
67.64
67.56
Rate of return on property investment---4.35%
4.43% and Walter Gless, 17 years old, a page at the head office
New England Region
Great Lakes Region
Central Eastern Region
Pocahontas Region
Total Eastern District
Total Southern District
Northwestern Region
Central Western Region
Southwestern Region
Total Western District
United States
$39,670,223
166.943,031
223,907,731
67,825,977
498,346,962
100,906,147
111,322,179
172,984,548
76,518,863
360,825,590
5.91%
5.11%
5.73%
938%
5.81%
4.24%
4.83%
530%
4.72%
5.02%
of
Nov. 9 1929.]
FINANCIAL CHRONICLE
the bank, 55 Wall St. "Mr. Mitchell has emphasized the
fact that the Foundation does not take over the educational
work of the National City institutions nor will it lessen its
many liberal methods of encouraging and rewarding individual
efforts," Mr. Schwedtman declared. He added:
"The Foundation will supplement what is being done for the deserving
employe and supply the aid that cannot properly be extended by a corporation on a strictly business basis.
In determining the development program of anyone selected by the
Foundation, part of the facilities may be supplied through the regularly
established channels of the institution and the balance through the special
moans of the Foundation. The broader perspective and outlook to young
people who join our organization is heightened by the knowledge that
there are no limitations to the facilities placed at their command if they
demonstrate their ability to profit thereby to their own good and that of
the institution The fact that in some cases part of the means is supplied
from corporate funds of the institution and part from personal contributions
through the Foundation, and that in other cases the Foundation supplies
all the funds, must be thoroughly understood, since only by this method
can the best results for the individual and the institution be obtained."
Organizers of the Foundation, in addition to Mr. Mitchell
and Mr. Schwedtman, include Gordon S. Rentschler, President of the National City Bank of New York; Hugh B.
Baker, President of the National City Co.; Harry S. Black;
James H. Post; Guy Cary; William Gage Brady and Lee E.
Olwell. Among others giving support to the Foundation
is Eric P. Swenson, a director of the bank.
"Sources of Investment Information"—Booklet Prepared by Committee of Special Libraries Association for Investment Bankers Association.
The issuance of a new investment bibliography, "Sources
of Investment Information," prepared by the Exhibit Committee of the Special Libraries Association for the Investment Bankers Association of America, is announced. This
booklet was printed especially for distribution at the recent
convention of the Investment Bankers Association and as a
part of the library exhibit at the convention. It is entirely
impartial work by specialists. In printing and sponsoring
the booklet the Education Committee of the Investment
Bankers Association of America did so with the feeling that
it was one of the most comprehensive bibliographies of its
class that had been compiled. The booklet is entirely the
work of the Exhibit Committee of the Financial Group of the
Special Libraries Association, which committee is composed
of Miss Virginia Savage of Halsey, Stuart & Co., Inc.; Miss
Sue M. Wuchter of the Continental Illinois Co., and Miss
Ruth G. Nichols of the Federal Reserve Bank of Chicago.
2959
more than the market value of all the shares of the bank at yesterday's
low figure. In all, the deal would have cost the National City 217,860,000 in cash, for at the prevailing levels for the shares of the two banks
it is obvious the Corn Exchange shareholders would have all demanded
cash.
As this situation became evident during the past few days large
numbers of National City shareholders began to ask for the return of
their proxies in order that they might vote their stock against the
merger agreement. As a result, when the meeting of the shareholders
was held yesterday afternoon the proxy committee found in its hands
proxies for only 2,624,000 shares. Abe requisite number of shares
needed to pass the merger agreement totaled 33,666,667, or two-thirds
of the total 5,500,000 shares comprising the capital stock of the bank.
as
The proxy committee voted these shares in favor of the agreement,
it was mandatory upon them to do. At the meeting 18,000 shares were
voted against the proposal, while 162,000 shares which were represented
at the meeting were not voted. With 125 shareholders present, it was
the largest shareholders' meeting the bank has ever held.
Mitchell Discusses Situation.
recomIn response to a request from one of the shareholders for a
Mitchell,
mendation as to what course should be followed, Charles E.
up to
was
Chairman of the National City, explained that the decision
the shareholders themselves.
highly
He said the directors regarded the Corn Exchange Bank very
and had been and still were of the opinion that a consolidation would
have been advantageous for both institutions, but since the merger
the
agreement was made conditions had changed, due to the bank in
stock market, and shareholders were not asked to consider conditions
as they were, but as they now are.
In reply to a question as to the future plans of the bank Mr. Mitchell
rock the
said: "This is a time when we should stand still and not
boat with plans of what should be done in the future."
He did indicate, however, that it was the intention of the directors
and officers of the institution to take steps promptly to accelerate the
development of branches throughout the city in order to give all CUStricts the benefit of National City service. This measure, he said,
would be pushed vigorously.
Mr. Frew indicated that the turn of events had altered his plans for
retiring. He intends to stay right on, he said, as chairman of the Corn
Exxchange.
According to the "Wall Street Journal" at the close of
the meeting of the National City stockholders resolutions
were unanimously passed by those present expressing confidence in Mr. Mitchell's management in recent years and
particularly in what he had done in regard to the proposed
merger. The same paper states that the stockholders of
National City Bank now total 55,000, Mr. Mitchell said. •
This indicates average individual holdings of 100 shares,
as the total shares outstanding number 5,500,000.
Plans for making the Manhattan Company of this city,
exclusively a holding company, for transferring its present
banking activities to the Bank of Mantattan Trust Company
treaand for increasing its capital to $40,000,000 to provide
Nov.6,
sury stock for futher acquisitions were approved on
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. by the stockholders at a special meeting. The New York
As a result of the failure of the stockholders of the "Times" indicating this said:
stock of the
National City Bank of New York to ratify the plans for the
The Manhattan Company will own the entire capital
Company, the International Acceptance Bank
Trust
Manhattan
of
Exchange
Corn
Bank
and
the
n
institution
of
that
consolidatio
the International Manhatta Company.
one, and
Bank the merger plans have been abandoned. These plans and
The stock of the Manhattan Company will be split five-for- the new
of
were outlined in our issue of Sept. 21, page 1835.
the par value of the shares changed from $100 to $20. Five par value
be issued for each of the old $100
The meetings o fthe stockholders of the respective insti- $20 par value shares will capital
will be increased to $26,000,000 by an
shares. The outstanding
tutions to act on the proposal, (which already had the ap- offering of the one new share at $120 for each six of the new shares
proval of their directors) were held on Nov. 7. The action held, and the remaining $14,000,000 of the authorized new capitalization
further expansion.
of the stockhldores was indicated in the following state- will be held in the treasury against
ment attributed.
It is stated that at a special meeting on Nov. 7 th estockWalter E. Frew, Chairman of the Corn Exchange Bank
Comholders of the Lefcourt National Bank and Trust
& Trust Co., on Nov. 7, said:
proposal to reduce the
the
against
voted
York
New
of
pany
require
well
to
too
known
are
"Details of the merger agreement
1 split.
further comment.
par value of the stock, from $100 to $20, or a 5 to
At the meeting of the Corn Exchange Bank & Trust Co., share- The "Herald-Tribune" says:
holders this morning, 82% being represented, the vote was unanimous
to ratify the merger agreement. Word, however, having been received
from the National City Bank that the 2-3 vote necessary to the merger
had not been obtained, no merger will take place."
abnormal
It was the opinion of the stockholders that the present carry out
condition of the securities markets made it inadvisable to
made the stock
the proposed plan. At the time that the proposal was
approximately $220.
of the company was selling around $320. Now it is
plan the new
In anticipation of the stockholders' ratification of theover-the-count
er
stock was being traded on a when issued basis in the
market. These dealings will now have to be canceled.
The collapse of prices on the stock market, carrying with
it a decline in the market price of bank shares is indicated
as the factor prompting the termination of the merger proReference to the proposed split up of the stock was made
ceedings. From the "Times" of yesterday (Nov. 8) we in these columns Sept. 7, page 154.2.
take the followink:
The merger agreement upon which shareholders of both institutions
The stockholders of the Equitable Trust Company of
were called yesterday to vote had been predicated upon an exchange Ne wYork on Nov. 7 approved plans of the company inof four-fifths of a share of National City for one share of Corn Exa reduction in the par
change at a time when the shares of the two institutions were selling volving an increase in capital funds,
for $500 and $400 respectively. In addition a clause had been inserted value of the shares, issuance of subscription rights for addicalling for payment of $360 a share by the National City to such
tional shares, and the erection of a subsidiary securities
holders of Corn Exchange Stock as did not care to make the trade.
had
corporation. The plan approved by the stockholders will
bank
stocks,
including
securities,
all
of
The decline in the prices
time
yesterdday
at
one
and
line
of
out
these
terms
result in providing approximately $44,000,000 in additional
completely
thrown
shares of the Corn Exchange Bank Trust Company sold as low as capital, of which $19,000,000 will be added to the bank's
$160 or $200 below the level of the cash offer made by the City
capital funds and the remaining $25,000,000 will be invested
Bank. Shares of the National City dropped at one time yesterday to
in the subsidiary securities corporation owned by the stock$250.
Faced Big Cash Payment.
holders of the company. Details of the plans for the reAs a result of this drop in the prices of the shares of the banks the capitalization of the trust company and for the creation of
National City was faced, should it carry through the agreement, with
given in our issue of Oct. 26,
Ex- a securities corporation were
the prospect of paying $200 a share more in cash than the Corn
•
605,000
2630.
the
for
a
or
total
page
market,
change shares were selling for on the
$121,000,000
shares of Corn Exchange capital stock outstanding of
2960
FINANCIAL CHRONICLE
The newly organized Washington Square National Bank
of New York began business on Nov. 7 at 37 West 8th Street.
The President of the institution is Victor J. Pere, formerly
Vice-President of the Seventh National Bank of New York,
merged with the Municipal Bank & Trust Company. The
new bank has a capital of $500,000, surplus of $250,000 and
undivided profits of $50,000. The directors are:
Frederick P. Altschul, Radio Chain Stores.
William S. Butler, Attorney-at-Law.
Charles E. Duross, President, Duross Company.
James F. Egan, Agan & Ittelson, Attorneys-at-Law.
Thomas F. Farrell, Vice-President, Burns Brothers.
Paul W. Garrett, Financial Editor, N. L. Evening Post.
William A. Merrick, Banker.
Gilliam J. Olvany, President, Dm. J. Olvany, Inc.
Victor J. Pere, President.
John J. cSully, Rees, Scully & Forshay, Inc.
Edward E. Spafford, Chairman of the Board.
Hamilton Vreeland, Jr., Attoreny-at-Law.
References to the organization of the bank appeared in
our issues of April 20, page 2574; June 29, page 4263 and
Aug. 17, page 1070.
[VOL. 129
building plans could be carried out without disturbing them.
The safe deposit business of the bank will therefore be
conducted at the same location while construction is in
progress. The new building will be fifteen stories high, with
the New York Trust Co. occupying the basement, street
floor and part of the office space above. It will be strictly
a bank and office building, embracing the latest conveniences used in the most modern structures of this character.
The style of architecture will be pyramidical and the exterior of white marble. An interesting feature will be the
use, for the first time in any large building, it is stated.
of aluminum for the outside window frames.
William Mackenzie, former- ly life insurance trust representative of the Seaboard National Bank of New York,
and later of the Equitable Trust Co., following the consolidation of the two institutions, has become associated
with the Bank of New York & Trust Co. as life insurance
trust representative.
Edward W. Russell, formerly assistant Vice-President of
The National City Bank
of New York opened, on Nov. 4,
the Bank of America N. A. of New York, has been made a new branch at 13th Street and Fifth
Avenue. The new
Vice-President.
unit, which offers full banking, investment and trust facilities, is known as the Washington Square Branch, and is
At a meeting of the Executive Committee of the Board
of Directors of the Guaranty Trust Company of New York the 37th branch of the National City Bank of New York in
held on Nov. 7, Francis J. McGoldrick was appointed Greater New York, exclusive of the numerous branches of
the Corn Exchange Bank Trust Co. scheduled to be taken
Assistant Secretary,
over at an early date.
On Thursday evening, Nov. 21, a dinner in honor of John
Lawrence Adelbert Norton, senior partner of the firm
G. Lonsdale, President of the American Bankers' Associaof
L. A. Norton & Co., died on Nov. 1, at his home in South
tion, will be held at the Hotel Pennsylvania, under the
auspices of the New York Bankers' Forum. The committee Orange, N. J., after a brief Illness. He was 68 years old
preparing this dinner is made up of officers of practically and had been active in the business which bears his name
all the leading Wall Street banks and trust companies. Mr. for the past 27 years. Mr. Norton was born in Springfield.
Lonsdale, who is head of the Mercantile-Commerce Bank & Pa., and was graduated from Chicago High School. From
Trust Co. of St. Louis, was chosen President of the American 1883 to 1901 he was a member of the firm of Norton Bros.
of Chicago, manufacturers of tin cans. Norton Bros. merged
Bankers' Association, held in San Francisco early
in with other firms in the same line of business to form the
October.
American Can Co. Mr. Norton was the first auditor of the
Oliver G. Lucas, who has been Vice-President of the First American Can Co. Since 1902 Mr. Norton had been in the
National Bank of St. Louis for the past six years, and investment business, specializing in bank and insurance
who recently has been located in New York in charge of the stocks. He was a member of the Association of Bank Stock
First National St. Louis Corporation, has been elected
a Dealers, and was an occasional writer on financial topics
Vice-President of the Equitable Trust Co. of New York. for periodicals. Mr. Norton served on the Board of EducaHis affiliation with the Equitable will become effective tion of Orange and was a trustee of the village of South
on Dec. 1. Mr. Lucas has a wide 'acquaintance among bank- Orange from 1912 to 1916.
ers and commercial executives, having traveled extensively
E. A. McLaughlin, formerly Supervisor of the brokerage
In the Middle West and South. His first banking affiliadepartment of E. A. muller, general agent of the Aetna
tion was with the Foreign Department of the National City
Life Insurance Company, has become associated, with the
Bank, and he served as an officer of the National Bank of
insurance trust division of Chatham Phenix National Bank
the Republic at Port au. Prince, Hayti, for two years
and Trust Company. Mr. McLaughlin in 1926 was agency
Thereafter he was manager of the Foreign Exchange Desupervisor in the Hart and Eubank Agency of the Aetna
partment of the Mercantile Trust Co. of St. Louis for three
Life. Subsequetly, he was district mangaer for the Equiyears, and later was again associated with the National table
Life Insurance Company of Iowa, with headquaters
City Bank as its representative in the Eighth Federal Re- at
Syracuse, New York. He will be located at the maim
serve District. This led to his affiliation with the First office
of the Chatham Phenix, 149 Broadway.
National Bank of St. Louis as Assistant Cashier and subsequently as Assistant Vice-President and Vice-President,
Announcement is made by the Chatham Phenix Corporawhich latter position he has held for the past six years. tion that in addition to its general offices at 149 Broadway,
He had charge of the southeastern territory and also and its nine out-of-town branches, it will retain the former
Arkansas, Oklahoma and Louisiana for the First National William R. Compton offices at 44 Wall Street as headBank of St. Louis previous to his removal to New York in quarters for the corporation's sales and buying departJanuary of 1929 as Resident Vice-President of the First ments. Other Chatham Phenix Corporation offices are mainNational St. Louis Corporation.
tained in the various banking quarters of the Chatham
Phenix National Bank & Trust Company throughout New
The New York Trust Co. announces the demolition of its York
City. The acquisition of the organization of the
branch office at 1 East 57th Street and the erection of a William
R. Compton Company by the Chatham Phenix
modern office building on the site. The Bank started busi- Corporation
was noted in our issue of Nov. 2, page 2807.
ness on Nov. 4 in temporary quarters at 5 East 57th Street,
which will be occupied until the completion of the new
At a meeting of the Board of Directors of the Chase
building in the Fall of next year. With the disappearance National Bank of the City of New York this week, George
of the white marble house, built in the style of Eighteenth H. Howard, President of the United Corporation, was
Century French architecture, the last traces of the once elected Director of the Bank.
fashionable residential life of 57th Street and Fifth Avenue
The stockholders of the Bedford National Bank of Brookwill be removed. When the New York Trust Co. took over
lyn and the Lafayette National Bank at special meetings
the leasehold in 1918, remodelling of the mansion was
on Nov. 6 ratified the plans for the consolidation of the
carried out in such a way that, while all the essential
institutions. The consolidation will be effected under the
features for conducting a banking business in the most name
of the Lafayette National Bank. Charles E. Warren,
convenient manner were secured, the architectural and President
of the Bedford National, becomes a director of
decorative beauties of the house were preserved. However, the
consolidated institution. The proposed action was reexpanding business necessities larger and more modern ferred
to in these columns, Oct. 5, page 2173.
office facilities. One part of the old banking quarters will
remain. By an unusual engineering provision the very
Two of the largest banks in Syracuse, N. Y.,—the First
large safe deposit vaults were so constructed that future Trust &
Deposit Co. and the City Bank Trust Co.—are
Nov. 9 1929.]
FINANCIAL CHRONICLE
planning to merge, according to a joint announcement by
Albert B. Merrill and Elmer T. Eshelman, the respective
Presidents of the institutions. The new organization,
according to the Syracuse "Post" of Nov. 1, from which the
above information was obtained, will continue the name of
the First Trust & Deposit Co. and will have resources of
approximately $120,000,000. The basis of exchange of
stock on which the union will be effected is 23 shares of
First Trust & Deposit Co. stock (par value $20 a share)
for each share of City Bank Trust Co. stock (par value $100
a share). Approval of the proposed consolidation is expected
this month by the respective directors and stockholders of
both institutions and also by the State Superintendent of
Banks, Joseph A. Broderick. Mr. Merrill, head of the
First Trust & Deposit Co., was reported as saying that the
official organization of the City Bank Trust Co. will be
taken over intact and that the several branches of the City
Bank & Trust Co., including one in the Chimes Building,
scheduled to open about Nov. 15, will be continued as they
are for the present at least. Mr. Merrill will continue as
head of the new organization, while Mr. Eshelman will become Chairman of the Board of Directors. In their joint
announcement, Mr. Merrill and Mr. Eshelman said:
2961
The bank's capital of
is not a stronger bank in Metropolitan Boston.
a greater safety in
$1,500,000 and a surplus of like amount allows
ts outside of Boston.
capital funds than any other bank in Massachuset
The Foshay State Bank of St. Paul (one of three banks
in the Twin Cities controlled by interests connected with
the failed W. B. Foshay Co. of Minneapolis) was closed
at noon on Nov. 1 by order of A. J. Veigel, State Commissioner of Banking for Minnesota, according to the Minneon
apolis "Journal" of the same date. A notice, posted
inthe
of
assets
and
property
the doors, stated that the
Destitution had been taken over by the State Banking
Nov.
the
of
issue
its
in
bank
the
to
referring
partment. In
to
2, the St. Paul "Pioneer Press" stated that according
Young,
F.
Lucien
by
night
previous
the
ment
an announce
toVice-President of the closed bank, negotiations looking
ed
inaugurat
be
would
n
institutio
the
of
reopening
the
ward
saying:
as
quoted
gwas
Youn
Mr.
on that day (Nov. 2).
St. Paul bankers in
"We will make an effort Saturday to interest
but if we are
reopening the bank. It is not our desire to liquidate,
not lose heavily. The
will
depositors
the
certain
am
I
so
do
to
forced
Friday morning."
bank was in good condition when it opened for business
The Foshay State Bank, according to the St. Paul paper,
was capitalized at $40,000 with surplus of $4,000 and had
deposits of about $250,000. That efforts to reopen the
bank are still in progress would appear from the following
contained in a dispatch from St. Paul yesterday (Nov. 8)
to the "Wall Street News":
Trust Co.
Provision is to be made for representation of the City Bank
for that
upon the board of directors of First Trust and Deposit Co., and
and not
purpose, the number of the directors of the latter is to be increased,
Trust Co.
Paul, are still
less than six nor more than 10 of the directors of the City Bank
The affairs of the closed Forshay State Bank, of St.
or reopenwill be elected thereto.
unsettled today. Some plans looking to the reorganization
the
upon
given
be
also
will
it might
Representation of the City Bank Trust Co.
ing are being'considered, but there is nothing definite as to how
Deposit
and
Trust
First
the
of
committee
trust
executive committee and
be brought about. L. F. Young, vice-president, is anxious to prevent
liquidaif
that
however,
Co.
the bank. He said,
of the City Bank the necessity of liquidating
The number of the outstanding shares of the stock
necessary, the losses to depositors should not be large.
is
tion
authorized
present
the
that
require
Trust Co. 15.40.000 and the merger will
from 180,000, the number
stock of First Trust and Deposit Co. be increased
A dispatch from Rockville, Conn., on Oct. 31 to the
now authorized, to 270.000 shares.
York and under the laws
"Courant" stated that announcement was made
Both trust companies are incorporated in New
the directors and Hartford
of the State the merger has to receive the approval of
that sufficient endorsed stock of the Rockville
day
banks.
that
of
ent
suptrintend
the
of
and
stockholders of both companies
institution
of
s
each
stockholder
and
and the First National Bank, both of that
Bank
directors
the
that
National
It is anticipated
will approve the merger and proceedings are being taken for its submission place, has been deposited with the trust department of the
to them as soon as possible.
oldest Hartford-Connecticut Trust Co. of Hartford, to make posThe First Trust and Deposit Co. was organized in 1867 and is the
State.
the
in
oldest
the
of
one
and
Syracuse
in
trust company
sible the acquisition of the two institutions by the newlyn,
There have been merged or consolidated with it since its organizatio
Hartford-Connecticut Co., it being officially reported
formed
which
(into
the State Bank of Syracuse, First National Bank of Syracuse
Bank
National
of the 1,000 shares of the Rockville National Bank
Liberty
642
Bank,
Gore
that
had previously been merged the Robert
Eastand Trust Co. of Syracuse, Third National Bank of Syracuse and
and 766 shares of the First National Bank,has been endorsed,
wood Bank.)
making 1,408 shares out of a possible 2,000 for the two instiIndirectly it controls or has substantial interests in a number of other
re said:
banks in the part of the State of which Syracuse is the principal business tutions. The dispatch furthermo
banks
center.
the letter which was sent out to the stockholders of the two
In
n
in the
The City Bank Trust Co. dates its business life from the organizatio
early in October it was stated that the offer of exchanging stock
Trust
acceptof the City Bank in 1909. This bank merged with the Central City
new company for the present bank stock was contingent upon the
As it is.
Co.in 1919, forming the present company.
ance of stockholders owning 51% of the stock of the two banks.
and
officers
the
by
on
The proposed mtrger has been under considerati
more than 70% of the stock is represented.
the ratio
with the
executive committees of the two institutions for some time and
While sufficient shares of the two banks have been deposited
the
to
issued
be secured
be
to
is
Co.
Deposit
and
Trust
First
the
of
stock
the
in which
trust department of the Hartford bank no announcement can
proper
banks, or the
stockholders of the City Bank Trust Co. Is deemed to be fair and
as yet as to when the formal action of taking over the local
Rockville NaIn respect to the stockholders of each of the companies.
exchange of stock will be made. The stockholders of the
instid
each one of
for
consolidate
the
company
in
new
If the merger is approved, Syracuse will have,
tional Bank will receive eight shares of the
Bank will
Co.,
tution, which will retain the name of the First Trust and Deposit
the local bank, while the stockholders of the First National
one of the largest banks in the State outside of New York City, of adequate get six shares for one.
resources to meet with the business demands of all that part of the State
which looks to Syracuse for banking facilities and support.
Effective Nov. 1, the First National Bank of Bridgeport,
Conn., changed its name to the First National Bank & Trust
We are advised that the directors of the Cambridge Co. of Bridgeport.
Trust
Natioal Bank, Cambridge, Mass., and the Central
Co. of that city have agreed to merge the institutions under
the title of the Central Trust Co., at 1416 Massachusetts
Ave. in Harvard Square, the Cambridge National Bank
will be placed in voluntary liquidation. The head office of
the Cambrige National Bank will become the Harvard
Square office of the Central Trust Co. The national bank
also has offices in Central Square, Kendall Square and
Lechmere Square, which also, it is understood, will become
branches of the Central Trust Co. All officers and employees of the Cambridge National Bank will re retained by
the new organization. The officers are: Homer F. Livermore, President; Elmer F. Hathaway and James W. Brock,
Vice-Presidents, and M. W. DeWolfe,.Cashier. The personnel of the Central Trust Co. it as present as follows:
On Nov.4a merger agreement was adopted by the Howard
Savings Institution of Newark, N. J., and the Security
Savings Bank of that city. It will go into effect Jan. 1 1930
when the banks will unite under the title of the Howard
Savings Institution. Both banks are mutual savings banks
and mergers of institutions of this class are rare, we are
advised by Howard Biddulph, Vice-President of the Howard
Savings Institution,so much so, in fact, that he knows of no
similar instance. In announcing the proposed consolidation
in its issue of Nov. 4 the Newark "Evening News" stated
that the enlarged Howard Savings Institution will have
resources of more than $70,000,000, consisting of $63,000,000
in deposits and $7,000,000 surplus. The business of the
Security Savings Bank will be moved to the main office of
Harry F. Stimpson, Chairman of the Board.
the Howard at 768 Broad Street soon after Jan. 1. The
Walter G. Davis, President.
Savings Institution at Bloomfield and
Charles S. Cahill, Chairman of the Executive Committee and Vice. branch of the Howard
President.
Clifton Avenues will be continued and it is expected the new
Augustine J. Daly, Vice-President.
branch building will be completed next May. Henry G.
Gordon L. Willis, Vice-President and Treasurer.
Atha, President of the Security Savings Bank, will become
Alfred C. Coughlan, Secretary.
Frederick Mitchell, Charles B. Wiggin, Armand J. Cote and Francis Chairman of the Board of Trustees of the enlarged bank,
F. Vogel, Assistant Treasurers.
while Wynant D. Vanderpool, President of the Howard
Francis E. Morse, Auditor.
Savings Institution, will continue as head of the new bank.
e,
of
the
Livermor
President
In his official statement, Mr.
Officers of the consolidated bank in addition to Mr. Atha
Cambridge National Bank says:
Vanderpool, will be as follows: Howard Biddulph,
The merger of the Cambridge National Bank with the Central Trust and Mr.
Rutter,
Company means much to the public who are looking for the best pos- Frank E. Quinby (and Trust Officer) and W. W.
sible service of a bank under independent control. The convenience Vice-Presidents; Charles H. Norman, Secretary, Arthur A.
of doing business with a bank the size of the Central Trust Company
Comptroller; George J. Koeek, Treasurer; Benjamin
cannot be underestimated. Its large capital and surplus and undivided Styvers,
In
ts.
fact
there
of
and J. Fred Sinn, Assistant Secretaries; Henry
F.
bank
Massachuset
it
an
Hedden
make
outstanding
profits,
2962
FINANCIAL CHRONICLE
B. Roy, Assistant Treasurer; John W. Kress,
Assistant
Trust Officer; A. Leslie Hedden, Manager of the
safe deposit
department, and Frank E. Carr, Manager of the Bloomfie
ld
Avenue branch. The paper mentioned furthermore
said in
part:
[VOL. 129.
previous day, it was said, by Attorney Seymour Stedman,
a Vice-President of the closed bank, and other officers of
the bank. Mr. Stedman was reported as saying that many
members of the Co-operative Society of America, of which
he became a trustee about five years ago, had communicated
Howard managers to-day declared a regular
quarterly dividend at the
rate of 4% and will declare an extra dividend
at the rate of one-half of 1% to him their willingness to subscribe to stock to help refor 1929. as of the close of business Dec.
31 on all sums of $5 or over, which organize the institution.
A dispatch from Chicago on
have remained continuously on deposit for the
year.
Nov. 2 to the New York "Times" reported that the inSecurity managers advanced its dividend date
and declared a dividend at
the rate of 434% for the months of October and
November, payable on and stitution was closed because of its low cash reserve and the
after Dec. 15. The Security will declare a special
dividend at the rate of frozen condition of a portion of its assets.
Officers of the
1% for the year 1929 on all sums of $5 or over
which have remained con- bank were
named in the advices as Colonel Cornelius R.
tinuously on deposit during that period. . .
.
Merger of savings banks was not permitted under
the laws of New Jersey Miller, President; Seymour Stedman, Vice-President and
until last summer, when the Legislature passed
a permissive act at the Trust Officer; Frank D. Robinson and Frank
A. Bergen,
Instance of the institutions formally Joined to-day.
Vice-Presidents, and Alexander L. Jarema, Vice-President
The People's State Bank of McKees Rocks, Pa. (a Pitts- and Cashier. Mr. Stedman was quoted as saying that none
burgh suburb), was closed on Oct. 30 by the State Banking of the depositors would lose a penny even if the bank in the
end were forced to liquidate.
Department, following the discovery of an alleged embezzleThe assets are "A No 1," but they are such as in some cases
are hard
ment of from $45,000 to $60,000 of the banks' funds by its and slow to move.
Any losses there may be will be borne by the stockholder
s and officers.
Cashier, Stephen Sembrot. According to the Pittsburgh The depositors
may be assured they will be paid 100 cents on the dollar.
"Post-Gazette" of the following day, Sembrot, who had been
The dispatch furthermore said:
arrested, had used the money to speculate in stocks in Wall
In 1927 the bank started construction of a 23-story office building
at it.
Street. The closed bank was capitalized at $50,000 and present location, floating a $2,500.000 bond issue for the project. The
building was completed and opened last year.
had deposits of $300,000. Its total assets were placed at
$417,000. The paper mentioned stated that whether the
A new financial institution was chartered recently in
depositors will lose anything by Sembrot's speculations, made Chicago under the title of the Kenwood
State Bank, accordin the interests of the bank but without knowledge of the ing to the Chicago "Journal of Commerce"
of Oct. 24. It
directors, according to his story, will not be known until will start business on Dec. 14 in quarters
at the Southwest
examiners have completed their task. A later issue of the corner of 47th Street and Woodlaw
n Avenue, with a capital
"Post-Gazette" (Nov. 1) stated that the former Cashier was of $200,000, surplus of $50,000
and a contingent fund of
committed to the County jail on Oct. 31 on seven charges of $20,000. The officers will
be W. L. Martin (Treasurer of
embezzlement preferred against him by J. G. Swigart, chief the Lake Park Securitie
s Co.), President; Willis Moore,
bank examiner of Pennsylvania, bail being placed at $25,000 Vice-President
, and F. S. Williams, Vice-President and
which he was unable to meet.
Cashier, and Bess Sullivan Heptig, Assistant Cashier.
On Oct. 31 the Bank of America Trust Co., the new finanAccording to the Chicago "Journal of Commerce" of
cial institution recently organized in Pittsburgh by ItalianAmerican citizens, opened for business in the Chamber of Nov. 6, stockholders of the Home Bank & Trust Co. of
Commerce Building. According to the Pittsburgh "Post Chicago, have voted unanimously against the contemplated
Gazette" of Oct. 31 the opening for business was preceded consolidation of the institution and the Northwestern Trust
by three days of private and public inspections and recep- & Savings Bank of that city, referred to in the "Chronicle"
tions. The bank starts with a capital of $350,000 and sur- of Sept. 28, page 2014. Failure to agree on the management
plus and reserve funds of $105,000. The banking hours are of the proposed consolidated bank was responsible for the
from 9 A. M. to 9 P. M. daily. The bank will do a general plan falling through, the paper mentioned said.
banking business and will operate trust, bond, and foreign
The Terminal National Bank, the new Chicago institution
departments and a traveler's bureau. The officers are as referred to in our issue of June 22, page 4101, opened its
follows: William P. Ortale, President; Harry S. Scott, doors in the "Daily News" Building at 400 West Madison
Vice-President; Avery J. Bradford, Vice-President and Street that city on Nov. 1. The new bank starts with
Trust Officer, and Ralph V. Hukill, Secretary and Treas- combined capital and surplus of $1,000,000. Its officers
urer. Items with reference to the organization of the are as follows: David E. Shanahan, Chairman of the Board
institution appeared in the "Chronicle" of May 26 1928 of Directors; Eugene V. R. Thayer, Chairman of the Execu(page 3248), June 23 1928 (page 3882), and Feb. 9 1929 cutive Committee; Stuart H. Otis, Vice-Chairman of the
Board of Directors; Frank L. Webb, President; Alan C.
(page 833).
Dixon, Vice-President; Howard E. Robertson, Cashier;
Formal steps to complete the proposed consolidation of the David S. Oakes, Assistant to the President, and Emory D.
Foreman National Bank of Chicago, the Foreman Trust & Stoker, Assistant Cashier.
Savings Bank, and the State Bank of Chicago, referred to
That an
00,000 shortage in the funds of the Union
in our issue of July 27, page 581, were announced on Nov. 1
coincidentally with the celebration of the 66th birthday of Industrial Bank of Flint, Mich., had been discovered, was
Oscar G. Foreman, who will be Chairman of the executive announced on Oct. 31, according to a dispatch from Flint
committee of the merged institutions, according to the on that day to the New York "Times," which went on to
Chicago "Tribune" of Nov. 2. The combined banks will be say that the shortage had been doubly covered by collateral
known as the Foreman-State National Bank and the Fore- furnished by Charles S. Mott, Chairman of the Board, and
man-State Trust & Savings Bank and will be located at 33 by the directors, as individuals. Five junior officers of the
North La Salle Street. The invested capital of the con- bank are said to have lost the money in stock market
solidated institutions will exceed $38,000,000, and their total speculation. They were named in the dispatch as Rusresources will be more than $220,000,000. The respective sell Runyan, Teller; Mark Kelly and Ivan P. Christensen,
stockholders of the institutions will vote on the proposed Assistant Cashiers; Milton Pollock, Assistant Vice-Presiunion at meetings to be held Dec. 4. In conclusion the dent, and E. D. Graham, Vice-Presidont and Cashier.
Mr. Mott was reported as saying that the bank had
"Tribune" said:
Numerous friends and business associates yesterday congratulated Mr. dismissed the men implicated, but had not yet decided
Foreman, who for years has been Chairman of the Board of the Foreman whether to prosecut them or not. He
e
said the employees
National Bank. He has been with this institution, which his father founded,
themselves revealed the shortage, appearing before the difor 48 years and has been a bank official since 1897.
"I was born and raised in Chicago, which city I admire more every rectors and admitting their transactions in stocks with
the
day," said Mr. Foreman.
bank's funds. A joint statement issued by Mr. Mott and
The City State Bank of Chicago, located at No. 130 Grant J. Brown, President of the institution, (as contained
the dispatch) said:
North Wells St., an institution owned by the Co-operative inFunds
of the Union Industrial Bank have been used by a small group
Society of America, was ordered closed for examination on of employees. The loss is covered
by insurance, and pending collection
Nov. 2 by State Auditor Oscar Nelson. According to the under the surety bond the directors have turned in the amount involved.
Thus the incident in no way impairs the condition of the
Chicago "Journal of Commerce" of Nov. 3, the closed bank is the
bank, which
largest in the city
one of the strongest in the State, being a
part
in its quarterly report on Oct. 4 showed resources of $4,679,- of the Guardian-Detroitand
Union Group. Inc., with capital of $75,000,00
0
519 and deposits of $3,922,539. It was capitalized at $400,000 and with total resources of over $500,000.000.
Associat
ed Press advices the next day from Flint (Nov. 1),
and had surplus of $200,000. It cleared checks through the
Continental Illinois Bank & Trust Co. of Chicago, as it appearing in the New York "World" of the following day,
stated that County Prosecutor, Charles D. Beagle, had inwas not a member of the Chicago Clearing House Association, dicated that
the five officials may be prosecuted, reporting
Hope of reorganizing the institution was expressed the him as saying:
Nov.9 1929.]
FINANCIAL CHRONICLE
I may be forced to take action if no official complaint.is made, but just
what steps I would take I have not considered yet.
We quote furthermore from this dispatch as follows:
2963
On Nov. 1 the Comptroller of the Currency approved an
application to organize the Security National Bank of Madison,S. Dak., with capital of $50,000.
Charles S. Mott, multi-millionaire executive of the General Motors Corp
and Chairman of the Board of Directors of the bank, said:
Closing of the Elkhorn Valley State Bank of Stanton,
"I want it understood that I have no desire to protect any one in this
one.
any
protect
to
trying
not
are
officials
Neb., on Oct. 31 was reported in the following press dismatter and that the other bank
We are going to clean house."
patch from Lincoln on Nov.5, printed in the "United States
He declined to discuss what action the officials of the bank might request
the
learn
Daily" of Nov.6:
to
desired
the County Prosecutor to take, explaining the officials
Oct. 31.
The Elkhorn Valley State Bank of Stanton. Neb.. was closed
ramifications of the affair before making any statements.
just made by the State Bank Commissioner.
announcement
proan
to
accountants
according
while
bank
the
at
to-day
questioned
were
men
five
The
placed in charge.
George W. Woods. Examiner M.K. Van Horne has been
ceeded with an audit of the books.
$50,000,surplus of $3,000. and deposits of
Senior officers of the bank said the questioning and the audit of the books The bank had a capital stock of
were expected to disclose more definite details of the manipulations which about $270,000.
they said appeared to have extended over a period of nearly two years.
With the granting of a charter for operation in Arizona,
Use of the bank's funds, they said, became known when last week's stock
market crash wiped out most of the holdings of the men involved.
the Morris Plan has entered its thirty-third state, it was
Still more recent advices from Flint (Nov. 4), this time
to the Detroit "Free Press," reported that at a meeting of
the direetors of the Union Industrial Bank on that date the
resignations of Grant J. Brown, President; John S. DeCamp,
Vice-President, and Frank Montague, an Assistant VicePresident, were accepted, followed by the appointment of
Mr. Mott as President (a position he had formerly held)
and of H.R.Wilkin as Executive Vice-President and Cashier.
The directors also appointed the following as Vice-Presidents: L. H.Bridgman, W.E. Fellows, Carl W.Bonbright,
F. Barth, A. M. Davison and Robert Longway. Mr. Mott
announced that he would again resume active charge of
the institution.
announced by John R. Walker, President of the Morris
Plan Corporation of America. The Arizona institutiion
will be located at Phenix under the management of William
0. Driscoll, it was stated. Simultaneously, the Morris Plan
Bank of Detroit announced the opening of its seventh office
in Detroit. The Detroit bank has made 700,000 loans
totaling $115,000,000 since its inception, officials of the Industrial Finance Corporation said. The Morris Plan now
operates in 33 states and the District of Columbia through
176 banks, companies and branches with an annual loan
volume exceeding $200,000,000.
Announcement was made on Nov. 2 that the Hennepin
State Bank has been organized in Minneapolis to purchase
the assets of the Third Foshay State Bank of that city
(one of three banks in the Twin Cities controlled by interests
connected with the failed W. B. Foshay Co.) and has affiliated with the First Bank Stock Corp. of Minneapolis
and St. Paul. The new institution immediately began
operations under its new ownership in the quarters formerly
occupied by the Third Foshay State Bank at Washington
and Hennepin Avenues. Officers of the Hennepin State
Bank are: V. F. Rothering, President; G.0. Lee, Vice-President; A. H. Timmerman, Cashier, and I. W. Peterson,
Assistant Cashier.
Failure of the Garin Savings Bank, Gorin, Mo., was
reported to State Finance Commissioner S. L. Cantley, on
Oct. 29, when the directors of the institution closed the
institution that morning because of impaired capital, according to a press dispatch from Jefferson City on Oct. 29
to the St. Louis "Globe-Democrat." Bank Examiner W. A.
Hombs, the dispatch said, was to take charge of the assets
of the institution, which was the oldest in Northeastern
Missouri, having been founded in 1890. In its last statement (Aug. 23) the bank showed a combined capital and
surplus of $20,000, deposits of $244,000, and total resources
of *272,000. The advices furthermore stated that the closing of the Gorin institution made the 16th State bank failure
of the year.
The Plaza National Bank, St. Louis's newest financial
institution, had an auspicious opening on Oct. 29, when
$1,250,000 was deposited, represented by 250 accounts, ranging from $1 to $100,000, according to the St. Louis "GlobeDemocrat" of the following day. More than 4,000 visitors
inspected the new banking quarters on the ground floor of
the Missouri Pacific Building. The new bank begins business with a capital of $300,000 (consisting of 3,000 shares
of the par value of $100 a share) and surplus of $60,000.
Announcement has been ma- de by A. J. Veigel, Commis- The personnel of the institution is as follows: Julius W.
sioner of Banking for Minnesota, that the Farwell State Reinholdt, Jr., President; E. G. Burkham, Russell E. GardBank of Farwell, Minn., has absorbed the First National ner, Jr., F. M. Hickman and E. T. Stanard, Vice-Presidents;
Bank of that place, according to advices from St. Paul on Carl A. Reinholdt (brother of the President), Cashier, and
Nov. 4, printed in the "United States Daily" of Nov. 5, It. L. Mepham and P. E. Schroeder, Assistant Cashiers.
which continuing said:
President Reinholdt is senior partner in the brokerage firm
The National bank had capital of $25,000,surplus of$1.000,and deposits
of
capital
of
deposits
had
$109,630.
bank
of Reinholdt & Co., and a son of Julius W. Reinholdt, Sr,
State
the
while
of $127,000.
$10,000, and surplus of $6,000, he stated. The State bank will retain its Chairman of the Board of the Boatmen's Naticmal Xiatik
present capitalization.
of St. Louis.
i414I
R. 0. Kaufman, Vice-Presid- ent and Cashier of the Union
Monday of this
on
Dallas
in
made
was
nt
Announceme
for
23
the past
Bank & Trust Co. of Helena, Mont., and
of the Board
years identified with that institution, will go to Minneapolis, week (Nov 4) by Henry C. Coke, Chairman
to take charge of trust development for the Northwest of Directors of the American Exchange National Bank
Bancorporation. The Union Bank & Trust Co. of Helena of Dalas and R. H. Stewart, Chairman of the Board of
became affiliated with the holding company on Sept. 29 Directors of the City National Bank of that city, that, sublast. The official announcement by the Bancorporation goes
ject to the approval of their respective stockholders and
on to say in part:
all
the
trust affairs of
the Comptroller of the Currency, the institutions will conMr. Kaufman will have general supervision of
various institutions of the Northwest Bancorporation group that now solidate and form a new institution with capital of $8,provide such service and will gradually set up trust departments in banks
000,000, deposits of more than $85,000,000 and total rethat are not now so engaged and are located in communities where such
sources of approximately $110,000,000. The Dallas "News"
development seems necessary.
Mr. Kaufman graduated from the law college of the University of of Nov. 5, in reporting the proposed merger, stated that the
Michigan in 1906, and prior to that, he had banking experience in Spokane.
be operated in the present quarters of the
Over the period of his long connection with the Union Bank and Trust new bank would
Co.of Helena, he has made a reputation as a close student of trust company American Exchange National Bank on Main and Elm
matters, has contributed articles to financial magazines and 1188 made Streets at Exchange Place. The personnel of the institumany addresses on the subject.
Nathan Adams
Helena's civic development has engaged Mr. Kaufman's attention, aside tion had not been announced, it was stated.
from his duties as a banker, and he has been actively Identified with a is President of the American Exchange National Bank,
war
the
number of important moves for development of that city. During
while J. A. Pondrom heads the City National Bank. The
he was active In Red Cross work, a member of the War Finance Comthe
establishUpon
Society.
Cross
Red
institution dates back to 1872, while the former was
latter
Helena
the
of
mittee, and Treasurer
ment of the Helena branch of the Ninth Federal Reserve Bank of Minne- organized in 1875.
As of Nov. 2, the Foshay Trust & Savings Bank of Minneapolis was taken over by the Metropolitan National Bank of
that city, one of the affiliated institutions of the Northwest
Bancorporation, the resources of which are over $446,000,000
The absorbed bank heretofore was operated by interests
connected with the W. B. Foshay Co. of Minneapolis, the
placing in receivership of which was noted in our last issue,
page 2794.
apolis, he was made a director.
Two Hillsboro, N. Dak., banks—the First National Bank
and the Hillsboro National Bank—both capitalized at
$60,000 were consolidated on Nov. 2. The new institution
is,.known as the First National Bank of Hillsboro andkis
capitalized at $50,000.
A press dispatch from Lincoln, Neb., on Oct. 29, appearing in the "United States Daily" of Oct. 30, stated that
Clarence G. Bliss, Secretary of the Department of Trade
and Commerce for Nebraska, had announced the reopening
of the Farmers' State Bank of Clarks, an institution "closed
2964
FINANCIAL CHRONICLE
on Sept. 19 1929 for reorganization under the
recent law
permitting the reorganization of failed banks." The Olarks
bank is the 18th institution to be reopened since
the law
was passed, It is said. Under the reorganization plan,
the Farmers' State Bank is capitalized at $20,000 with surplus of $5,000. As a condition of the /reopening,
it is
understood from the dispatch, the depositors (whose deposits aggregated about $180,000) had to consent to a 40%
write-off by the purchase of some of the slow assets of the
old institution. Secretary Bliss, the dispatch went on to say,
is of the opinion that the entire amount written off will
eventually be realized by the depositors through the collection of the "frozen" paper and the sale of real estate
acquired by the bank. "Even if all of this amount is now
written off," he stated;"the ultimate loss to the depositors
will be small."
[You 111
1,194,718,922, of which cash in hand and at bankers
amounted to yen 72,473,329, while total deposits are shown
at yen 555,228,409. The institution's paid-up capital is yen
100,000,000, and its reserve fund, including the yen 3,000,000
mentioned above, yen 108,500,000. Kenji Kodama is
President.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market was again forced downward on Monday
and on Wednesday by an almost unbroken stream of liquidation and practically every active stock, speculative and
otherwise, swept downward under the steady pressure of
distress selling. On Thursday the market met with moderate support and prices gradually improved, but profit
taking sales again halted the advance on Friday. The
weekly statement of the Federal Reserve Bank, issued after
The Dixon Trust & Savings Bank of Dixon, Ill., an the close of business on Thursday, showed a further
decrease
institution with combined capital and surplus of $125,000 of $656,000,000 in broker's loans, bringing the total
down
and deposits of approximately $400,000, was reported to $4,882,000,000 or $1,922,000,000 under
the top record
closed in a dispatch from Springfield, Ill., on Nov. 4, appear- of Oct. 2. Call money renewed at 6% on Monday
and coning in the "United States Daily" of the next day. The tinued unchanged at that rate during the
balance of the
advices said in part:
week.
The Dixon Trust & Savings Bank of Dixon, Ill., has been closed for
On Monday the stock market was far more orderly in its
examination and adjustment of accounts by State Auditor Oscar Nelson,
according to an oral statement made by Mr. Nelson to-day. This is the transactions and the volume of business was considerably
eighth bank closed in Illinois within the last 30 days, Auditor Nelson said.
less than was generally expected. Prices opened lower all
around and continued downward in the final hour. Radio
The proposed amalgamation of the three Seattle banksissues were especially weak, particularly Radio Corporation
the Dexter Horton National Bank, the Seattle National
Bank and the First National Bank-was consummated at which dropped off 6% points to 31. United States Steel
the close of business Oct. 31. The new organization, the common slipped back about 10 points to 18334, American
First Seattle Dexter Horton National Bank, is capitalized Can also receded 109 points to 125, General Motors was
down to 45% with a loss of nearly three points, and New
at $8,000,000 and has two branches in Seattle, at 408 Pike
York
Central dipped to 196 where it was down 8 points on
St. and 5228 Ballard Ave., both former branches of the
Dexter Horton National Bank. Thb chief officers of the the day. General Electric was off 3 points as it opened at
consolidated institution are as follows: W. H. Parson, 249, and continued to recede to 23534, and then climbed
Chairman of the board of directors; J. D. Hoge and J. A. upward to 2433j. Westinghouse was off 103 points at the
Swalwell, Vice-Chairmen of the board of directors; M. A. opening and slumped to 1443/s, but recovered to 150 at the
Arnold,President;J. W.Spangler, Chairman of the executive close, and Amer. Tel. & Tel, slipped back to 2353 and
committee,and H. C. MacDonald, Cashier. With reference rallied to 24234, but again dipped to 237 where it was down
over nine points. The exchange was closed on Tuesday,
to the new securities company formed as part of the merger
Election day.
plan, the following comes to us from the bank:
Prices crumpled away in violent liquidation during the
With the opening Friday of Seattle's new merged bank, its affiliated
corporation, the First Seattle Dexter Horton Securities Co., largest securi- greater part of the first abbreviated session on Wednesday,
ties institution in the Northwest, also sprang into full activity as a going the losses ranging from 2 to 60
or more points. United
concern. Headquarters of the securities company occupy a large portion
States Steel common receded about 15 points to a new low
of the northern half of the former Seattle National Bank building.
level for the movement as it slid down to 165. General
Extensive alterations have been completed to accommodate the
large
personnel of the company and Id provide one of the most efficient
and Electric dropped to a new low level for the year at 205 where
attractive securities offices in Seattle.
The First Seattle Dexter Horton Securities Co. embodies the personnel it was down 30 points, and Woolworth touched a new low
of the three separate securities companies owned by the merging banks. level for 1929 as it dropped to 69. Brief rallies occurred
The Securities company is capitalized at $3,500,000. Total resources of from
time to time, but had little effect on the final prices.
the combined institutions, of which the securities company is a member,
Among the noteworthy declines were such active issues as,
total more than $100.000.000.
Customers and friends of the Dexter Horton National Bank, the First Warner Bros. Pict. 3%, Gold Dust 79/s, Cerro de
Pasco 634,
National Bank and the Seattle National Bank have been informed that the
Col. Gas & Elec. 123/
2, Amer. Can 10, Standard Oil of N.J.
new securities company will be In a better position to serve them because
of broader service, larger capitalization, expanded and more experienced 534, Texas Corp. 2
/
38, Union Pacific 197', Nat. Dairy Prod.
personnel and increased volume of business.
834, Nat. Cash Reg. 5, Kennecott Copper 67/s, ParamountThe First Seattle Dexter Horton Securities Co. is controlled by the
3s, Johns Manville 28, Gen. Motors 43
Famous-Lasky 7/
4,
stockholders of the First Seattle Dexter Horton National Bank. Members
of the executive committee of the bank are all directors of the securities Amer. Tel. & Tel. 22, Atl. Refining 37/8, Bait. & Ohio
59
/
8,
company. Active management of the securities company is vested in an Erie RR. 8, Corn. Solvents 734, Elec.
Power
&
Light
69,
executive committee composed entirely of men with long and successful
4,Pub. Serv. of N. J.
financial experience and proven ability. Ali of these men are officially Hudson Motor 634, United Corp. 53
10, Sears Roebuck 103(, Westinghouse Mfg. 173(, Gen.
identified with the institutions included in this consolidation.
3 Andes Copper 834, Amer & Foreign
It is believed that the investment opportunities and possibilities offered Foods 4%,
Power 19,
through the securities subsidiary of a banking institution having the enviable
character and record of the financial organizations included in this company, Amer. Smelting 9, Radio-Keith-Orpheum 434, United Air &
and with total resources in excess of $100,000,000. will be mutually advan- T. 149/8, Vanadium Corp. 434, Union Carbide & Carbon
16,
tageous to both the customers and the company.
Commonwealth & South 19/, Pan-Amer. Pet. B 2%, Mo.
Officers of the securities company are: W. H. Parsons, Chairman:
M.A. Arnold, President; L. M.Arnold, First Vice-President: H. S. Grande. Kan. & Tex. 8, Consolidated Gas 1134, Texas Gulf Sulphur
Vice-President; G. E. Maine, Vice-President: T. F. Weed, Vice-President;
United Gas Imp. 334, Chrysler Corp. 4, Radio Corp.
M. C. Baker, Treasurer, and A. P. Cassel, Secretary.
113., New York Central 1634, Bethlehem Steel 83
%,BarnsExtended references to the proposed union of these banks dall A 23
%,Standard Brands 334, Montgomery Ward 1134,
appeared in our issues of Aug. 10, 17 and 24, pages 913, Anaconda 1274, Sinclair Oil 23,
Col. Graphophone 434,
1074 and 1238, respectively, and Sept. 28, page 2017.
Packard Motor 174, Studebaker 234, Amer. Radiator &
S. S. 39/s, Canadian Pacific 69.
The 99th semi-annual statement of the Yokohama Specie
The market improved on Thursday, though prices were
Bank, Ltd. (head office Yokohama), covering the six somewhat lower
at the opening. By the end of the first half
months ending June 30 1929, and presented to the share- hour,selling appeared
to have been completed,and thereafter
holders at their 99th half-yearly ordinary general meeting the general trend was
toward higher levels. United States
on Sept. 10, has just come to hand. Net profits for the Steel common assumed
the
market leadership and ran upward
period, the statement shows, after providing for all bad and
to 170, followed by many of the more active market leaders.
doubtful debts, rebate on bills, &c., amounted to yen
The volume of trading totaled more than 7 million shares
18,420,921, inclusive of yen 9,346,622 brought forward from
and the ticker was about one hour late at the close. The
the preceding half-year. Out of this sum the directors pro- principal
gains of the day included, Erie RR. 5, Gold Dust
pose to pay a dividend at the rate of 10% per annum, calling 43
4,Andes Copper 338, Can.Pacific 7, United Corp.3, Westfor yen 5,000,000, and to add yen 3,000,000 to the reserve inghouse
Mfg.6, Johns-Manville 13, Union Carb.& Carb. Co.
fund, leaving a balance of yen 10,420,921 to be carried for- 1034, Nat.
Dairy Prod. 434, Col. Gas & Elec. 6, Amer. Can
ward to the current half-year's profit and loss account. 5, Paramoun
t-F-L 53
4, Sinclair Oil %, U. S. Steel 5M,
The bank's total assets are given in the statement as yen Elec. Power
& Light 334, Bethlehem Steel 634, Radio-Keith-
Orpheum 1%, New York Central 5%, Balto. & Ohio 2
Sears-Roebuck 4%, United Air & T. 7%, Consolidated Gas
73
4, Radio Corp 5, Montgomery Ward 5, Standard Oil of
N. J. 2%, Union Pacific 9%, Gen. Elec. 18, Amer. Tel &
Tel 11, Gen. Motors 3, Anaconda 3%, Amer. & For. Power
13, Mo.-Kan. & Tex. 3%.
Stocks moved slowly downward on Friday, and for the
first time since Oct. 24, the market settled down to quiet,
orderly trading. The early transactions carried prices
down from 1 to 10 points below the closing quotations of the
preceding day, and as the session advanced fluctuations continued within a narrow range, even with the more aggresive
stocks. United States Steel common is a typical instance; the
opening price was unchanged at 174%,but as the day wore on
it rallied to 175 dipped to 171 and closed at 173. General
EleCtric opened at 2203ti, rallied to 223 and dropped to 215.
Most of the changes in the general list were downward, and
included among others, General Electric 5, Westinghouse
Union Carbide & Carbon 5%, Bethlehem Steel
Mfg.
3%, Am. Tel. & Tel. 4, Radio Corporation 2, Amer. Can
4,Union
43
4, Amer. & For. Pow. 53
4, Col. Gas & Elec. 23
Pacific 23
%, Montgomery Ward 4, Canadian Pacific 3, Consolidated Gas 2.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended Nov. 8.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
6,202,930
*5,914,760
*7,184,060
*3,214,660
22,516,410
Total
• Abbreviated sessions on these days.
Total
State,
Municipal db
PoreignBonds.
Railroad,
dbc.,
Bonds.
1929.
United
States
Bonds.
ROLL DAY
316,786,000
35,147,000
ROLL DAY
12,387,000
3,836,000
12,521,000
4,944,000
10,339,000
2,123,000
352.033,000
1928.
31,225,000
452,000
1,207,000
427,000
$16,050,000
Stock Exchange closed at 1
Week Ended Nov. 8.
Sales at
New York Stock
Exchange.
Stocks-No.of shares_
Bonds.
Government bonds._
State and foreign bonds
Railroad & misc. bonds
• 2965
FINANCIAL CHRONICLE
Nov. 9 1929.]
Jan. 1
$3,311,000
p. m.
to Nov. 8.
1929.
1928.
22,516,410
20.136,599
991,192,270
715,809.643
$3,311,000
16,050.000
52,033,000
$2,343,000
11,188,000
34,184,600
3114,087,000
545,233,650
1,833,427.800
3163,052,250
657,990,135
1,977,721,276
$71,394,000 $47.715,600 $2,492,748,450 $2,798,763,661
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Nov. 81929.
Saturday
Monday
Tuesday
Wednesday
Thursday__
Friday
Total
Prey, week revised
Baltimore.
Shares. BondSales. Shores. ItendSales. Shares. Bond Sales.
HOLI DAY
$43,000
*143,526
HOW DAY
49,000
*104,792
71,000
*137,590
34,000
*93,650
ROLL DAY
8,847
327,600
ROLL DAY
59,000
7.131
37,400
9,348
3,800
2,904
HOLI DAY
214,468
$25,000
HOLI DAY
12,100
240,868
17,000
180,470
52,150
479,558
3197,000
687,956
354.000
28,230
$127,800
680.384
$278.000 1,444,052
$77,100
54,547
3152,800
'In addition sales of rights were: Monday,29; Wednesday. 500: Thursday, 2.770.
a In addition sales of rights were: Monday, 38,600; Wednesday, 33.500; Thursday. 26.000.
CURRENT NOTICES.
-Gertier, Devlet & Co., brokers in Tax Exempt Bonds, rendering a
specialized service exclusively to Banks and Financial Institutions, announce the opening of an office in Chicago at 120 So. La Salle St., under
the management of Ray T. Sterling assisted by Frederick F. Johnson.
-Victor B.Cook,formerly of the accounting department of the New York
Stock Exchange and Assistant Treasurer and Assistant Secretary of the
New York Stock Clearing Corp., has been admitted as a general partner in
the New York Stock Exchange house of de Saint-Phalle & Co.
-The November issue of "The Financial Diary," which is published by
Benjamin.Hill& Co., members of New York Stock Exchange,39 Broadway.
N. Y., contains an article written by William G. McAdoo on the Young
Plan and the Bank of International Settlements.
-Baker, Winans Sr Harden, members of the New York and Philadelphia
Stock Exchanges, have opened an office in the Commercial Trust Building,
Philadelphia. This branch will be under the supervision of Frank E.Baker,
a member of the firm.
-Gilbert Eliott & Co., members of the New York Stock Exchange, 11
Broadway, New York, have issued analyses of New Brunswick Fire Insurance Co., New Brunswick, N. J., and Home Fire & Marine Insurance Co.,
San Francisco, Calif.
George A. Murphy, formerly with Lege & Co. has become associated
with Kempner Bros., members Chicago Stock and Curb Exchanges and
associate members of the New York Curb Exchange.
-Mark H. Stamper, formerly with William R. Compton Co., has
become associated with Rogers Caldwell & Co.,Inc., 150 Broadway,N.Y.
-Potter & Co., members of the New York Stock Exchange, 5 Nassau
St,. New York, have prepared an analysis of General Electric Co.
-J. U. Kirk is now associated with J. Roy Prosser & Co., 52 William
St., N. Y., in their bank stock department.
-A. D. Watts & Co.,49 Wall St., New York, have prepared an analysis
on the Canadian Bank Stocks.
-Eastman, Dillon & Co. announce that Sanford S. Clark has become
associated with the firm.
Course of Bank Clearings
Bank clearings continue to show substantial increases 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.9) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
47.7% larger than for the corresponding week last year.
Our preliminary total stands at $15,895,476,629, against
$10,763,835,938 for the same week in 1928. At this centre
there is a gain for the five days ended Friday of 47.7%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Heck Ending Nov. 9.
1929.
1928.
Per
Cent.
$8,999,000,000
692,636,382
520,000,000
558.000.0°.
130,073;067
20.,485s,t,00
173,288,000
151,591,307
175,547,100
118,819,754
96,014,959
57,861,546
85,084.000,000
560,850,315
418,000,000
389,000,000
110,238,975
109,000.000
164,844,000
155,461,000
131,084,350
149,121.299
103,980,967
69,000,220
67,169,711
+77.0
+23.5
+24.4
+43.4
+18.0
+11.5
+23.9
+11 5
+15.6
+17.7
+14.3
+39.2
-13.9
Thirteen cities, 5 days
Other cities, 5 days
$11,998,625,115
1,254,640,570
$7,511,750,837
1,029.769,660
+59.7
+21.9
Total all cities. 5 days
All cities, 1 day
$13,253,285,685
2,642,210,944
$8,541,520,497
2,222,315,441
+54.8
+18.9
315.895.476.629 310.763.835.938
4-47.7
New York
Chicago
Philadelphia
Boston
Kansas City
Si. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
'Total all cities for week
121000;000
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. 2. For
that week there is an increase of 64.2%, the aggregate of
clearings for the whole country being $22,553,230,854,
against $13,738,681,843 in the same week of 1928. Outside
of this city the increase is only 18.4%, the bank exchanges at
this centre having recorded a gain of 88.9%. We group the
cities now according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve district, including this city, the expansion
reaches 88.3%, in the Boston Reserve district.36.8% and in
the Philadelphia Reserve district 25.8%. In the Cleveland
Reserve district the totals are larger by 21.3%, in the Richmond Reserve district by 19.3%, but in the Atlanta Reserve
district by only 0.8%. The Chicago Reserve district shows
a gain of 12.8% and the St. Louis Reserve district of 9.0%,
but the Minneapolis Reserve district records a loss of 11.4%.
The Kansas City Reserve district has an increase of 6.5%,
the Dallas Reserve district of 1.0%, and the San Francisco
Reserve district of 15.3%.
SUMMARY OF
RANK CLEARINGS.
Ine.or
Week End, Nov. 2 1929.
1929.
Dec.
1928.
1927.
1926.
$
736,950,268
7,719,106,558
652,374,264
408.030,308
212,598,975
220,044,645
1,013,940,629
237,433,610
172,901,718
249,777.885
101,632,796
560,383,431
$
553,783,203
5.446.085.701
590,020,512
388,071,106
186,890,415
207,222,371
937.470.510
221,546,033
147.248.239
242,006,819
86,952,164
513,658,913
Total
129 cities 22,553,230,856 13,738.681,843 +64.2 12,310.306,676
Outside N. Y. City
5,679,750,933 4,798,730,794 +18.4 4,738,308,545
9.570,860,648
4,209.704,683
Federal Reserve Diets.
$
188 Boston__ _ _12 cities
881,243,562
211d New York_11 " 17,097,514,503
3rd Philadel la.10 "
791,032,521
4th Cleveland__ 8 "
561,713.135
5th Richmond.6 "
225,612,759
6th Atlanta
-13 "
236,593,820
7th Chicago ___20 "
1,303,867,574
8th St. Louti___ 8 "
260.712,721
145,595,079
9th Minneapolis 7 "
10th KansasCity 12 "
264,624.998
96,174,564
Ilth Dallas
5 "
12th San Fran-17 "
738,563,639
$
643,982,141
9,081,169,996
629,088,739
446,492,581
189,099,792
204,997.410
1,156,272,270
2,391,5E6,070
164,156,615
248,360,406
95.248,078
640,557,705
•
•
%
+36.8
+88.3
+25.e
+21.3
+19.3
+0.8
+12.8
+9.0
-11.4
+6.5
+1.0
+15.3
•
,
•
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of October. For that
month there is an increase for the entire body of clearing
houses of 35.7%, the 1929 aggregate of the clearings being
$78,207,086,190, and the 1928 aggregate $57,644,318,783.
The 1929 total at $878,207,086,190 not only establishes a
new record for the month of October, but is the highest total
ever recorded in any month in any year. The magnitude of
the total, however, is due entirely to the extent of the
[voL. 129.
FINANCIAL CHRONICLE
2966
October
Jan. 1 to Oct. 31
clearings at New York City, where the increase for the
1926.
1928.
1927.
1929. 1928. 1927. 1926. 1929.
(000,000s
month of October, is 54.2%. In the New York District the
omitted.)
9
102
1,077
1,003
1,004
990
113
105
102
improvement reaches 53.8%, in the Boston Reserve District Indianapolis
1,291
1,379
1,578
1,516
102
154
125
193
30.9% and in the Philadelphia Reserve District 10.0%. The Denver
1,891
2,062
2,153
234
1,893
Richmond
245
237
234
Cleveland Reserve District records a gain of 10.0%, the Memphis
148
133
997
901
943
980
147
178
1,955
1,965
203
2,267
2,118
259
233
209
Richmond Reserve District of 3.6%, and the Atlanta Seattle
683
673
63
890
754
Hartford
104
74
79
Reserve District of 4.3%. In the St. Louis Reserve District Salt
752
838
777
739
93
90
90
Lake City_._
101
the increase is only 0.9%, and the Chicago Reserve District
Total
73,500 53,183 43,739 40,629 568,964 478,120 416,236 397,053
has a decrease of 0.8% and the Minneapolis Reserve District Other cities
4,707 4,504 4,336 4,226 40,103 38,272 37,790 38,325
of 10.1%. The Kansas City Reserve District falls 5.0%
Total all
78,207 57,687 48,075 44,855 609,067 516,392 454,026 435,378
behind and the Dallas Reserve District 2.6%. The San Outside N.Y. City_24,007 22,535 20,695 20,521 208,014 199,599 192,787 193,990
Francisco Reserve District enjoys a gain of 4.4%.
The following compilation covers the clearings by months
In the following we furnish a summary by Federal Reserve since Jan. 1 in 1929 and 1928:
districts:
CLEARINGS.
MONTHLY
October
1929.
October
1928.
October
1927.
Inc.or
Dec.
October
1928.
Clearings Outside New York.
Clearings, Total AU.
Month
Federal Reserve Dists.
1st Boston ____14 cities
and New York__14 "
3rd Philadelpla 14 "
6th Cleveland__15 "
5th Richmond _10 "
5th Atlanta____18 "
7th Chicago _-_29 "
Bth St. Louis_ __10 "
9th Minneapolls13 "
leth KansasCity 10 "
11111 Dallas
12 "
12th San Fran 28 "
$
$
3,362,615,574 2,568,492,377
55,316,216,866 35,971,164,288
3,018,110,238 2,805,258,947
2,300,793,078 2,091,561,777
908,101,736
941.125,374
967,973,288
1,009,019,890
5,108,2E0,294 5,148,190,548
1,160,931,357 1,150,943,401
730,483,439
812,681,578
1,434,472,346 1,509,223,751
728,500,272
745,892,20
3,098,5E7,462 2,964,834,554
$
$
%
+30.9 2,657,107,929 2,738,530.419
+53.8 28,116,837,692 25,017,735,245
+7.6 2,600,317,474 2,700,490,147
+10.0 1,880,020,288 1,913,820.648
+3.6
891,562,559
911,704,209
+4.3 1,066,139,465 1,065,251,414
-0.8 4,391,923,425 4,266,291,072
+0.9 1,022,187,839 1,051,446,576
-10.1
841,348,908
645,051,968
-5.0 1,340,353,987 1,324,899,400
664,027,439
703,995,388
-2.6
+4.4 2,592,754,144 2,515,763,935
20 HO..
9'An ARA 4449 440 nal 094
.4-04
1 074409 not
1 660 I.000
We append another table showing the clearings by Federal
Reserve districts for the ten months back to 1926:
1929.
%
1928.
%
$
$
$
1
Jan__ 66,131,376,486 51,499.545,411 +28.4 22,227,710,616 20,456,065,482 +8.7
Feb__ 54,668,507,864 44,588,430,792 +22.7 18,738,749,534 17,744,304,726 +5.6
March 63,226.050,132 55,817,421,912 +13.3 20.907,211,454 20,363,586,823 +2.7
1st qu_ 184 025934482 151 885 398 115 +21.2 61,873,671,604 58,563,957,031 +5.7
April_ _ 55,171,872,704 51,718,442,536 +6.7 20,174,319,300 19,678,582,063 +2.5
May._ 56,913,490,597 57,893,281,349 -1.7 20,131,551,005 21.188,294,482 -5.0
June._ 53,918,142,206 55,235,318,947 -2.4 19,357,496,068 20,496,576,935 -5.6
28 qu_ 166 003505 507 164847042832 +0.4 59,663,366,373 01.363,453,480 -2.8
Total
193 cities 78,207,086,193 57,644,318,783 +35.7 42,129,581,208 44,855,040,481
Dutside N. Y. City
24,006,967,289 22,492,579,830 +6.7 20,749,052.802 20,521,753,401
rhinuels
1928.
1929.
mos.. 350029439989 316 732440947 +10.5 121537037977 119927410511 +1.3
July __ 01.643,007.67846,509,410.422 +31.4 21,435,258,719 19,153.952,924 +11.9
Aug___ 60,085,748,471 45,612,687,866 +31.7 20,886,523,862 18,633,637,959 +12.1
Sept -- 59,102,084,597 49.366,570,895 +19.7 20,148,667,910 19,264,242,535 +4.5
3d qr_ 180830385.728 141888669,183 +27.4 62,470,450,491 57,051,833,418 +9.5
9 mos_ 530859825,717 458621 110,130 +15.8 184007488,468 176979243,929 +4.0
Ten Months.
1929.
Federal Reserve Diets
lst Boston ......_14 cities
2nd New York__14 "
2nd Philadelpla 14 "
466 Cleveland....15 "
5th Richmond _10
6th Atlanta..__.18
7th Chicago
'8th St. Louts_10
9th Minneapolis13
10th KansasCity 16
11th Dallas
12
12th San Fran 28
Incas
Dec.
1928.
25,375,833,316 24,064,964,002
409,676,524,429 323,913,972,672
27,479,894,212 25,755,404,652
2/1,646,099,203 18,794,040.393
8,155,653,045 8,110.407,307
8,459,786,001 8,309,942,6=
47,157,714,286 46,600,028,047
9,795,395,176 9,779,402,761
6,047,262,824 5,863,728,626
13,102.066,524 12,742,746,257
5,738,753,911 5,376,571,796
27,431,928,980 28,954,219,778
78.207.038_190 57.644.318.783 +35.7 24,006,967,289 22,492,579,680 +6.7
1927.
1926.
+5.5 23.959,382,043 23,315,738,622
+26.5 268.021,922,911 247,978,694,670
+8.7 25,226,147,812 26,138,203,689
+9.9 16,353,862,840 17,907,9E6,643
+0.6 8,547,224,067 9,078,153.843
+1.8 9,175,424,826 10,572,719,074
+1.2 48,2423,919,996 43,197,957,964
+0.2 9,668,506,340 9,794,249,425
+3.1 5,525,495,094 5,549,940,488
+2.8 12,288,678,623 12,268,488,085
+8.7 5.967,518,502 5,549,058,565
+1.8 2.4,113,212,805 24,029,415,293
193 cities 609,066,911,907 516,265,428,913 +18.0 405,933,214,511 435,378,5E4,425
Total
208,014,455,757 199,471,823,609 +4.3 198,821,843,998 193,990,561,589
Outside N. Y. City
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
October and the ten months of 1929 and 1928 are given
below:
1929.
1929.
1928.
1928.
711.464.400
968.674,420
141,608,4101
11
Railroad and misc. bonds 5262,692,000I$162,620.500 $1,777,349,300 $1,680,990,150
640,849,925
529,125,150
State, foreign, Jo.. bonds 68,327,000 56,712,500
158,869,250
111,188,800
U. S. Government bonds_
16,206,300 11,926,000
Stock, number of shares_
98,831.435
8347.225.3001$231.259,000 $2,417,663,250 .32,480,709,325
Total bonds
29 cities 20,778,463,763 19,873,890,438 +4.6 15,947,859,340 14,177,726,522
Canada
Ten Months.
Moidh of October.
Description.
The volume of transactions in share properties on the
The course of bank clearings at leading clies of the country
Jan. 1 for
for the month of October and since Jan. 1 in each of the New York Stock Exchange each month since
the years 1926 to 1929 is indicated in the following:
last four years is shown in the subjoined statement:
(000.0003
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Ri ns
City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Oct. 31
October
1928.
1927.
1926.
1929. 1928. 1927. 1926. 1929.
35,152
3,388
2,268
2,612
706
873
1.00 8
346
463
716
656
274
511
169
1,027
197
991
83
219
279
163
54,200
3,379
3,019
2,826
670
968
1,090
354
491
708
756
289
493
177
1,008
170
974
91
230
350
132
27,381
2,958
2.358
2,405
647
765
931
335
471
625
576
307
556
167
754
196
770
74
198
250
153
24,333
2,806
2,454
2,502
650
809
832
335
480
057
569
309
394
146
769
195
766
84
186
231
145
401,052
30,593
22,399
25.670
6,055
8,536
9,117
3,298
4,414
6,254
6,690
2,265
3,915
1,644
9.840
1,534
9,314
726
2,019
2,879
1,210
316,793
31,319
21,324
23,625
6,262
7.792
9,503
3.267
4,406
6,080
5,691
2,394
3,616
1,602
8,508
1,809
8,882
673
1,952
2,331
1,331
261,238 241,888
29,904 29,197
21,383 20,774
23,399 24,329
6,119
6,261
7,784
7,610
8,191
8,193
3,209
3,226
4,670
5,029
8,064
6,005
5,377
5,139
2,504
2,558
3,382
3,890
1,547
1,491
7,297
7,392
1,870
1,831
7,743
7,397
593
592
1.750
1,761
2,271
2,267
1.262
1,331
1929.
1928.
1927.
1926.
No. Shares.
No. Shares.
No. Shares.
No. Shares.
Month of January
February
March
110,805,940
77,968.730
105,661,570
56,919,395
47,009,070
84,973,869
34,275,410
44,162.496
49,211,663
38,987,885
35.725,989
52,271,691
let quarter
294,438,240
188,902,334
127,649,569
126,985,565
Month of AprU
May
June
82,600,470
91,283,550
69.546,040
80,478,835
82,398.724
63,886,110
49,781,211
46,597.830
47,778.544
30.326,714
23,341,144
38,254,575
2d quarter
243,430,060
226,763,669
144,157,585
91,922,433
6 months
537,866,300
415,666.003
271,807,154
218,907.998
93,378,690
95,704,890
100,056.120
39,197,238
67,191,023
90,578,701
38.575.576
51,205,812
51,576,590
36,691.187
44,491,314
37,030,166
289,139,700
196,966,962
141,357,978
118,212,667
141.668.410
98,831.435
Month of July
August
September_ _
3d quarter
Month of October
Q,!!_ 40,437,374
We now add our detailed statement showing the figures
for each city separately for October and since Jan. 1 for
two years and for the week ended Nov. 2 for four years
CLEARINGS FOR OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 2.
1929.
1928.
$
$
First Federal Rese rve District- Boston3.740,001
3,590,337
Maine-Bangor
18,910,639
22,334,981
Portland
Mass.-Boston
3,018,692.411 2,288,266,701
6.102,545
6,046.656
Fall River
3,184,007
3,220,656
Holyoke
5,600,960
5,871,168
Lowell
5,346,663
6.568,221
New Bedford
26,635.632
18,824,742
Springfield
17,106,076
18,824,742
Worcester
74,027.496
103,682,234
Conn.-Hartford;_ _ _ _
40,442,757
47,330.196
,. New Haven
12,775.900
Waterbury
12,445,400
83,304,400
R. L-Providence_
91,765,800
3,047.700
N. 11.-Manchester
3,418,030
i...
,,, Total(14 eltles)
3,362,615,574 2,568,492,377
Week Ended Nor. 2.
Ten Months Ended October.
Month of October.
Clearings at-
Inc. or
Dec.
1929.
%
$
1928.
Inc. or
Dec.
1929.
1928.
Inc.or
Dec.
1927.
3
%
$
$
%
$
28,924,627
-4.0
30,519,833 -5.2
+18.1
186,610,497
166,597,311 +12.0
+33.1 22,399,466,373 21,323.750,445 +5.0
57,721,111
-0.9
71,041.524 -18.7
27.348,414
+11.2
29,162,653 -6.3
54.445,218
+4.8
51,486,971
+5.7
54,144,757
+22.8
47,172,746 +14.8
241.933.295
-29.3
242,395,139 -0.2
164,781,044
+10.0
154,533,575 +6.6
+10.1
889,740.757
754,263,796 +18.0
398,008,284
+17.0
380,066.737
+4.7
114,424,100
-2.6
110.616.700 +3.4
726,207,200
+10.2
673,002,600 +7.9
32,077.439
+12.1
30,353,972
+5.7
743,831
5,627,497
803,000,000
1,675.194
+30.9 25,375,833,316 24,064,964,002
881,248,562
+5.5
685,954 +8.4
4,062,548 +38.5
580,000,000 +38.4
1,431.673 +17.0
1926.
$
882,300
4,406,381
679,000.000
3,603,900
1,033,685
5,116,840
494,000,000
2,266,116
1,489,531
2,627,160
8,014,922
4,851,236
23,879,173
10,473,496
1,287,352
2,356,299
6,883,463
4,048,687
16,400,740
8.807,824
+15:7
+11.5
+16.4
+19.8
+45.5
+18.9
1,239,744
2,907.019
6,555.177
3,743,659
16.792,701
9.983,983
1,261,746
2,881,822
7,069,051
3,999,195
14,227,660
7,545,583
17,847.300
1,019,223
17,231,000
-13.6
786,641 +29.6
17,055,100
780,304
13,610,400
831,105
736,950,268
553,783,203
643,982,141
+36.8
2967
FINANCIAL CHRONTcLE
Nov.9 1929.]
CLEARINGS-(Continued.)
Clearings at1929.
1928.
$
s
Week Ended Nov. 2.
Ten Months Ended October.
Month of October.
Inc. or
Dec.
1929.
%
$
Second Federal It serve District -New York32,730,796
31,440,275
N. Y.-Albany
6.501,753
6.831,255
Binghamton
279,299,815
350.167.445
Buffalo
5,444,960
4,206,505
Elmira
6,855,735
6,431,679
Jamestown
54,200,118,901 35,151,739,103
New York
8,175,320
•
6,639,300
Niagara Falls
71,615,479
•
81,590,519
Rochester
30,998,590
38,935,961
Syracuse
23,961,479
*20,000,000
Conn.-Stamford... •
3,719,371
3,914,558
N. J.-Montclair _ _ •
•
188,168,643
137,301,166
Newark
205,412,712
•
369,280,702
Northern N. J
8,521,123
7,408,006
Oranges
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1927.
1926.
$
%
$
s
%
$
$
278.313,337
-3.9
275.940,632
+5.1
65,503,840
59,341.319
+25.4 2,879,162,339 2,331,443,288
-22.7
51,585,489
48,282,439
-6.2
59.746,558
58,318,605
+54.2 401,052,456,150 316,793.605,304
-18.8
69,044,910
67,851,459
+13.9
638,432,269
720,941,246
+25.6
330,491,656
288,052,142
-16.5
195,515,090
181,664,602
+5.2
38,609,378
41,464,125
+37.2 1,528,955,321 1,248,813,320
+79.8 2,327,592,164 1.808,540,099
+15.0
71,511,660
79,308,360
10,740,145
8,177,556
-0.9
1,353,603
1,646,423
+10.4
59.179.053
86,971,558
+6.8
1.218,799
1,032,061
+6.8
•;1,491,833
1,382,546
+2.4
+26.6 16373 449,921 8,933,470,759
-1.7
16,386,395
+12.9
20,601,635
6,917,906
9,168,510
+14.7
3.896,558
4,945,129
+7.6
869.817
+7.4
*900,000
+22.4
45,645,128
89,238,164
+28.7
+10.9
-23.9
7,419,011
7,315,336
+21.6
1,478,400
1,623,000
54,676,101
+46.9
49,601,920
-15.3
1,072.189
1.172.223
-7.3
1,267,062
1,155,229
+88.9 7,572,453,131 ,321,155,965
+25.7
+32.5
+26.9
+3.5
16,344,355
7.580,505
4,441.027
939,326
14,426,221
8,286,100
3.419.914
868,509
+95.5
51,741,451
37,061,284
Total(14 cities).._ . 55,316,246,866 35.971,164,285 +53.8 409,676,524,429 32,3,913,972,672 +26.5 17097514 503 9,081,169,996 +88.3 7,719,106,558 5,446,085,701
Third Federal Re i erve District- -Philadelphia67,282,989 -1.0
6,735,559
7,304,767 -7.8
66,636,379
Va.-Altoona
209,981,813 +12.1
21,502,735
235,323,146
Bethlehem
25,581,607 -15.9
56,692,937 -4.9
5,520,629
6,705,448 -17.7
53,897,829
Chester
202,409,103 +1.8
22,762,273
1.3
206,194,212
.
22,475,039
Harrisburg
96,188,798 -4.0
92,309,916
11,269,457
10,557,405
+6.6
Lancaster
27,648,847 +6.8
29,549,492
3,499,564
3,554,581
1.5
Lebanon
43.749,681 -10.7
39,046,391
4,429,723
4,565,152 -3.0
Norristown
2,826,000,000 2,612,000,000 +8.2 25,670,000,000 23,925,000,000 +7.3
Philadelphia
184,284,461
+3.0
189,883,520
Reading
20,403,897
20,105,006
+1.3
+2.5
275.089,727
281,929,035
32,400,000
27.854,804 +12.3
Scranton
173,347,067 -0.3
+1.6
172.889,307
18,941,247
10,242,894
Wilkes-Barre
88,670,778 +8.2
95,936,136
9,611,766 -1.1
9,505,089
York
108.985,096 +1.8
110,979,777
10,608,629 +10.6
11,734,299
N.J.-Camden
296.073,355 -20.5
235,318,066
24,804,615 -4.0
23,688,000
Trenton
Sixth Federal Re
Tenn.-Knoxville.._
Nashville
Georgia-Atlanta_ _
Augusta
Columbus
Macon
Fla.-Jacksonville _
Miami
Tampa
Ala.-Birmingham
Mobile
Montgomery
Mlas.-Hattiesburg
Jackson
Meridian
Vicksburg
La.-Now Orleans.
Total(17 cities)
Seventh Federal
Mich.-Adrian
Ann Arbor
Detroit
Flint
Grand Rapids..
Jackson
Lansing
Ind.-Ft. Wayne_
Gary
Indianapolis
South Bend
Terre Haute
Wis.-Madison
Milwaukee
Oshkosh
Iowa-Cedar Rapt
Davenport
Des Moines
Iowa City
Sioux City
Waterloo
Illinois-Aurora _ _ _
Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield
617,000,000
4,464,268
7,042,769
4,141,652
1,955,365
556,000.000
4,490,643
6,698,105
4,394.976
1,912,688
-24.4
+36.6
+17.0
+21.3
+18.3
5,893,000
3,662,487
75,332,731
122,406,350
18,806,000
5,651,000
3,358,731
74,704,251
114,840,692
17,135,900
2,349,287
7.690,807
*2,000,000 +17.5
9,156,108 -16.0
1,819,003
4,777,851
2,013.531
5,126,794
245,841,858
194.638.915 +26.3
175,532,886
165,240,207
541,713,135
446,492.581 +21.3
408,030.308
388,071,106
1,328,646
5,769,068
59,612,000
1,158,999 +14.6
5,853,845 -1.4
52,931,000 +12.6
1,418,802
6,014.791
52,061,000
1,639,852
8,818,245
48.211,749
cm▪ .000. 00w
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51,470,238
201,849,083
1,892,605,333
103,080,796
95,840.374
97,505,378
4,413,672,114
20,580,294
33,995,074
1,245,054,361
0
0
6,716,000
3,587,777
72,689,338
140,820,143
16,884,300
CO
.C.
5,079,000
4,398,753
85,039,859
170,834,771
19,978.800
0.
0
W
CO
CO
+0.3
+13.9
+0.9
+17.6
+1.7
+6.8
+8.8
+7.7
+9.7
-20.4
-18.3
-4.3
+9.6
+5.7
+1.4
307,189,000
213,098,998
3,297,768,758
6,690,309,840
760,081,300
53,866,312
20,333,395
92,780,349
279,951,632
25,080,466
9,538.051
67,702,957
8,536,468,109
90,602,359
201,327,556
0
306,296,000
186,933,849
3,267,214,449
5,690,774,182
747,668,300
50,422,318
18,693,396
86,130,787
255,260,558
31,523,129
11,670,767
64,917.182
7,792,291,720
85,755,964
198,487,792
-23.3
+25.3
+1.3
+15.3
+7.0
+16.0
+1.5
+7.6
+2.7
-28.5
+15.6
-35.9
+11.0
-1.5
-15.1
W
6,755,389
2,746,947
125,878,398
.2,500m0
+9.8
2,573,304
2,443.354
98.597,921 +27.8
121,503.000
96,628,365
28,058,027
+7.9
29,028,072
29,148,850
8,110,407,307
+0.6
225,612,758
189,099,792 +19.3
212,598,975
186,890,415
134,622,018
1,041,238,982
2,453,798,760
93,850,190
52,524,918
75,786,354
657,993,933
119,139,000
119,512,880
1,061,175,837
90,305,831
72,762.692
73,647,000
94,421,932
38.328,727
15,220,333
2,265,456,609
143,653,356
975,086.126
2,165.755,793
83,477.311
48,240,377
98,513,780
699,467,517
123,177,000
155,167,868
1,056.288,445
75.985,454
71,591,633
75,514,000
88,235,494
37,972,354
18,205,824
2.393,610,290
-6.3
+6.8
+13.3
+12.4
+8.9
-23.1
-5.9
-3.3
-23.0
+0.5
+18.8
+1.6
-2.5
+5.6
+0.9
-16.4
-5.3
2,650,760
24,861,522
68,787,356
2,968,280
3,171,114 -16.4
24,213,907
+2.7
57,656,658 +19.3
2,813,023 +5.5
3,508,720
25,706,484
57,422,305
2,454,583
3,569,909
20,744,391
53,169,857
2,752,085
*3,000,000
11.963,894
2,051,000
2,680,878 +11.9
13,834,477 -13.5
1.842,000 +11.3
2,605,272
16,479,045
3,419,000
2,286,197
21,741,049
6,668,550
29,694.897
2,239,787
27,269,014
2,293,688
+8.9
-2.3
30,443,431
1,950,969
26,770.168
2,290.256
*2,500m00
2,110,000 +18.4
2,218,000
1,723,000
357,485
55,515,819
485,196 -26.3
58,113,456 -4.5
503,791
64,824,118
479,541
58,214,000
8,459,786,001
8.309,942,622
+1.8
206,590,800
204,997,410
+0.8
220,044,645
207,222,371
+30.4
12,647,467
11,641,838 +9.8
+5.7
46,292,239
41,866,823 +10.6
-1.8 9,840,377,661 8,508.153,173 +15.7
+13.3
191,001,108
170.026,878 +12.3
-19.3
336,617,050
370,604,864 -9.2
-4.1
90,084,927
90,857,310 -0.8
+3.7
175,472,137
140,419,485 +25.0
+18.8
173,411,148
143,266,325 +21.0
+3.1
248,198,988
248,401,619 -0.1
+7.3 1,077,202,000
997,607,401
+7.4
+2.3
140,526,686
134,653,550 +4.4
+5.0
234,844,442
231,280,287 +1.5
-17.3
136,900,109
157,143,302
12.9
-13.6 1,534,266,319 1,808.630,840 -15.2
-13.2
41,913,967
44.435,647
5.7
+19.5
139,957,247
128,064,311
+9.4
+10.1
550,470,372
516.823,905 +8,5
+3.6
434,557.749
438,878,763 -0.1
+4.8
21.606,097
21,688,657 +1.4
-7.1
308,684,842
306,271,009 +0.8
-2.7
70,764,825
61,014,975 +16.0
-4.7
56,472,340
58,492,779 -3.5
+9.6
88,360,733
81,178,925 +8.8
-0.3 30,592,647,256 31,318.822,560 -2.3
+3.8
56,498,417
56,795,670 -0.5
+2.9
261,756,441
236,891,130 +10.5
+4.8
173,529,292
156,938,474 +10.6
-0.7
122,652.421
119,177,547
+2.9
239,903
1,204,904
234,442,140
237,971
1,198,652
228,383,082
+0.8
+0.5
+2.7
263.818
1,348,637
175,404,867
260,025
1.290,959
157,169,049
6,770,240
9,850,385 -31.3
8,286,282
7,997.467
3.639,270
4,733,806
3,171,380 +14.8
4,154,941 +13.9
3.975.315
3,742,240
2,393,012
3,433,037
24.940.000
3,381,517
6.296,464
.
3.3
24,148,000
42,381,500 +4.2
5,289,821 +19.0
23,156,000
3,201,400
5,280,058
24,651,000
3,390,300
5,988,720
38.776,646
41,877,591
-7.4
46,291,485
45.199,528
3,124,556
2,921,914
+6.9
3,064,588
3.139,861
10,446,833
9,680,131
+7.9
11,281,669
11,617,291
6,649,409
1.469,918
7,327,365
1.437,967
-9.7
+2.2
6,546,093
1,293,235
6,942,554
1,425,374
+7.2
1,878,636
798,843,522 +17.9
1,294,651 -8.3
5,690,147 +7.9
3,694.156 +4.2
2,810,458 -1.1
1,810.871
706,815,839
1,352,990
5,160,285
3,491,721
2,173,236
1,767,678
640,095,813
1,349,750
5,343,444
3,351.062
2,729.755
+1.2 1,303,867,574 1,156,272,270 +12.8 1,013,940,629
937.470,510
967,973,2::
+4.3
-0.8 47,157.714,286 46,600,028,047
Eighth Federal •e serve District -St. LouisInd.-Evansville__ _
23,827,822 -2.1
23,337,131
New Albany
813,229 -2.0
789,356
Mo.-St. Louis
. 669,996,591
706,375.575 -5.1
Ky.-Louisville
_
168,787,174 +4.8
176.922,947
Owensboro
1,539,741
+9.4
1,684,646
Paducah
8,928,450
+1.8
9.107,029
Tenn.-Memphis_ _ _
177.766,037
147.341.081 +20.6
Ark -Little Rock_ _
84,911,583 +9.2
92,710,012
Ill.-Jacksonville _ _
1,517,463 +8.5
1,645,761
Quincy
6,901,283
6,971,847
+1.0
595,000,000 +26.7
4,763,409 +0.7
6,753,890 +31.6
4,593,082 +5.6
2,207,438 --1.7
590,020,512
-14.2
+0.2
+14.8
+5.2
-8.4
-28.8
-11.3
+2.1
-46.5
+4.1
+22.0
+9.6
--10.6
-0.8
+9.9
-38.8
+5.2
Total(10 cities) __ . 1,160,931.357 1.150.943,401
754,000,000
4,794,951
8,890,531
4,851,282
2,170,256
7,216,848
e rve District- Atlanta13,982,713
_
*12,000,000
116,307,171
116,789,209
266,286,544
305,635,164
13,267,396
12,612,967
6,512,833
5,964.846
10,235,595
14.374,561
66,490,772
_
58,981,920
8,879.000
0,062.000
7,553.252
14,129,584
_
134,047,101
128,733,066
10,371,729
12,653,943
8,531,431
9,353,831
8,872,000
_
7,935,000
10,842,288
10,693.000
4,426,142
4,864,708
2.420.926
1,481,583
_
274,199,561
288,501,342
Total(28 cities)._ - 5,108,200,294 5,143,190,848
2,403,409
652,374,264
8,155,653,045
1,009,019,800
2,849,531
6,226,577 -12.5
+3.6
R eserve Distric t-Chicago1,196,946
1,401,523
4,712,709
4,982,452
1,008,243,672 1.027,025,538
18,089,595
20,489,457
39,911,149
32.233,788
9.754,025
9,355,292
17,110,164
16,492,763
16,176,970
_
19,217,717
25,834,413
26,633,067
105,124,422
112,892,000
14,894,793
15,232,833
23,681.585
24,865,093
16,560,662
13,699.037
196,965,777
170,105,422
5,101,670
4,427,351
i_
13,407,710
16,025,879
57,256.753
63,063,533
47,631,410
49,336,436
2,418,573
2,534,351
34,880.525
32,373,663
7,360,698
7,159,324
5,977,336
5,693,797
8,542,069
9,366,117
3,378,609,900 3,387,759,195
5,938,037
6,161,869
26,845,821
26,092,098
17.128,783
17,952,871
12,182,890
12,274,644
1.795,388 +22.7
629,088,739 +25.8
908,101,736
_
941,125,374
2,203,575
5.448,454
Fifth Federal Rese rve District- Richmond5,705,087
5,519,134 +3.4
W. Va.-Huntington _
23,299,941 -10.9
Va.-Norfolk
20,763,033
. 244,997.000
237.190,185 +3.3
Richmond _
11,140,878
11,824,049 +1.1
N.C.-Raleigh
12,692,095
12,298,966
+3.2
S. C.-Charleston _
10,149,894
11,168,454 -9.2
Columbia
462,867,031
+6.1
Md.-Baltimore_ _ 491,179,983
2,354,866 +8.5
Frederick
2,555,306
Hagerstown
3,973.814
3,918,416 +1.4
137,660,694 +0.2
D. C.-Washington._
137,968,284
_
1,655,111
4,187,119
1,523,072
791,032,521
Total(15 cities)___ _ 2,300,793,078 2,091,561.777 +10.0 20.646,099,203
Total(10 cities)
1,638,073
4,617,556
1,448,501
+6.7
WWOON.4..4.WW
Fourth Federal R e serve District -Cleveland.
32,849,000
25,184,000
Ohio-Akron
18,944,919
23,732,123
Canton
345.587,287
354,913,077
Cincinnati
655,566.933
756,151.593
Cleveland
76,911,700
88,322,800
Columbus
5,389,029
6,250,000
Hamilton
2,249,994
2,216,600
Lorain
10,512,679
9,765,278
Mansfield
28,803,287
.
29,587,525
Youngstown
3,577,642
2,557,031
Pa.-Beaver County _
1,003,669
1,159,878
Franklin
4,798,564
7,486,009
Greensburg
968,233,429
872,648,813
Pittsburgh
7,248,977
7,140,385
KY.-Lexington__ _ _ _
*20,000,000
23,562,634
W. Va.-Wheeling.._
1,566,058 -5.1
4,864,013 +19.0
1,318,884
+6.1
+7.6 27,479,894,212 25,755,404,652
..
74,
..
WWW00000WW
Total(14 eities)___ _ 3,018,110,238 2,805,258.947
1,486,250
5,787,222
*1,400,000
+0.9
235,539,429
8.058,110
6,054,808,145
1,644,212,718
17,388,237
107,871.664
997,265,067
646,394,775
17,470,219
66,306,812
210,981,315 +11.6
7,393.016
+9.0
6,261,843,190 -3.3
1,602,169,883 +2.6
16,693,197
+4.2
99,479,884 +8.4
901,078,315 +10.7
597,538,288 +8.2
15,907,266 +14.1
66,318,407 -0.1
9,795,395,176
9,779,402,761
+0.2
30,277,699
1,892,310
941,906,440
1,187,521
6,140,151
3,848,840
2,777,006
-3.8
5,698.326
5,592,161
158,000,000
38,651,728
314,445
151,000,000 +4.6
32,695,957 +18.2
296.584 +6.0
143,800,000
32,144,075
376.070
136,900,000
32,246,581
323,579
37,799,280
19,486,361
330,792
1,492,295
31,686,309 +19.3
16,896,512 +15.6
334,759 -1.2
1,425,927
+4.7
35,036,839
18,279,896
354,082
1.744,322
27,541,068
16,840,732
451.148
1,1350,46f
237.433.610
221.546. 0:,
_3
4,637,820
260.712.721
4,820,022
239.156.070
+9.0
2968
[VoL. 129.
FINANCIAL CHRONICLE
CLEARINGS.-(Concluded.)
Ten Months Ended October.
Month of October.
Week Ended Nov. 2.
Clearings at1929.
1928.
Inc. or
Dec.
$
$
%
Ninth Federal Re i erre District -Minneapoli aMinn.-Duluth
30,479,144
62,088,797 -50.9
.
511,235,517 -3.5
493.165,683
Minneapolis
3,117,680 -6.4
2.918.400
Rochester
162,954,709 -19.0
St. Paul
131,981,025
9,680,711 +17.9
11,411,524
No. Dak.-Fargo_ _ _ .
10,499,000
7,899,000 +32.5
Grand Forks
2,935,495 -1.2
2.900,730
Minot
7,750.837 -12.8
6,759.698
B. D.-Aberdeen-- -.
7,257,603 +17.1
8,497,358
Sioux Falls
5,468,199 -8.3
5,014,739
Mont.-Billings_
9,326,812 -15.6
7,867,498
Great Falls
21,761,872 -13.9
18.751,333
Helena
1,224,346 -21.9
957,307
Lewistown
1929,
$
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1927.
1928.
$
%
$
$
%
$
$
326,169,546
3,914,531,970
27,008,685
1,209,796,775
90,424,381
70,066,000
21,572.735
52,614.151
83,981,058
32,017,404
60,328,183
153.933.710
6,438,226
353,164,000
3,615,697,436
27.365,953
1,330,580.017
85,065,819
59,375,000
18,137,879
59.948,178
71,670.002
31.115,774
55,071,268
148,800,692
7.736,808
-7.6
+8.3
-1.3
-9.1
+6.3
+18.0
+18.9
-12.2
+17.2
+2.9
+9.5
+3.5
-16.8
7,075,509
103,863,114
11,993,900 -41.0
108,691,375 -4.4
17,656,912
112,749,546
11,234,135
93,981,573
26,326,959
2,227,994
34,242,540 -23.1
2,297,966 -3.0
33,587,086
2,398,185
33,989,610
2,092,363
1,819,656.
812.681,578 -10.1
6,047,262.824
5.863.728,626
Tenth Federal Re g erve District -Kansas Cit y1,485.170 +6.9
1,587,799
Neb.-Fremont
2.631.186 -4.3
2,516,653
Hastings
21,159,828 -19.9
18.942,992
•
Lincoln
219,241,147 +5.0
230,118,610
Omaha
10,338.241 +5.0
10,852,234
Kan.-Kansas City_
•
17,853,701
18,648,624 -4.3
Topeka
41,591,885 -12.0
38,603,848
Wichita
5,921,378 +7.8
8,368.327
Mo.-Joplin
708,427,780
715,988,385 -1.0
•
Kansas City
31,969,519 -5.9
•
30.081.743
St. Joseph
172,155,302 +3.0
177,250,556
Okla.-Oklahoma Cit r
60,843,896 -8.5
55.500.159
Tulsa
6,184,451 +5.3
8,510,867
Colo.-Colorado Spgs.
125,267,648
193,239,589 -35.2
Denver
8,047,550 +6.7
8,589,631
Pueblo
17,008,822
25,894,025
178,820,492
2,019.424,437
95,797,458
180,728,430
374,350,655
59,581.260
6,253,971,402
308,456,516
1,251,581,573
538,562,900
63,788,143
1,578,433,346
75,686,767
Total(13 cities)- .
730,483,439
Total (15 cities)._ . 1,434,472,346 1,509,223,751
-6.4
1,772,168
823.812
1,053,395 -21.8
950,821
833,563
3,841,520
4,343,000 -11.5
3,837,000
3,517,339.
+3.1
145,595,079
164,156,615 -11.4
172,901,718
147,248,239
17.682,278 -3.8
24.058,493 +7.3
210,750,094 -15.1
1,952,359,658 +3.4
90,974,835 +5.3
162,750,665 -1.2
404,139,503 -9.4
58,181,813 +2.5
6.079.887,430 +2.8
308,496,948 -0.1
1,281,680,335 -2.3
513.367,877 +4.9
58,922,704 +8.3
1.516,265,667 +4.1
63,247,957 +19.7
373,996
513,893
3,581,742
47,254,827
368,634 +1.4
517,212 -0.6
4,580,825 -22.2
44,773.073 +5.5
364,015
401,428
5,471,580
43.452.511
296,915.
476,001
5,208,232
40,564,641
3,511,493
7,642,090
3,204,696 +9.8
9,096,823 -18.0
3,405,503
7,927,884
3,811,027
8,205,383.
+9.5
-9.5
+9.5
141,830,815
8,740,840
37,595.490
142,537,703.
8,698,720.
31,605,462
682,118 -29.1
a
1,747,072 +1.1
1,154,231
a
1,433,788
1.244,233.
a
1,358,492
248,380,406
+8.5
249,777,885
242,008,819
-5.0 13,102.066.524 12,742.746.257
+2.8
Eleventh Federal Reserve Distr ict-Dallas10,653,219 -8.3
• 9,774,016
Texas-Austin
8,769,000 +20.5
10,563,000
Beaumont
•
305,794,073
320.700.640 -4.7
Dallas
29,684,199
28,290,660 +4.9
El Paso
79,009,641 -4.9
75,175,176
Forth Worth
40,242.000 -11.1
35,778.000
Galveston
207,300,720 +1.1
209,566.476
Houston
4,249,725
2,644,571 +60.7
Port Arthur
4,258,960 -7.5
3,937,850
Texarkana
11,190,000
11,864,000 -5.7
Wichita Falls
30,787,757
32,158,830 -4.3
La.-Shreveport
83,172,798
95,489,692
2,373,788,591
265,508,992
812,580,732
238,378,000
1,658,424,078
35.523,349
27.472,477
109,830,246
240,625,956
78,809.348
85,124,000
2,255,466,601
237,436,401
585,711,147
245,575,000
1478,927.290
24,190,232
27,488,414
110,924,013
246,919,350
+5.5
+13.2
+5.2
+11.8
+4.4
-3.7
+12.1
+48.9
-0.2
-1.0
-2.5
-2.6
5,738,753,911
5,378,571.796
+6.7
Twelfth Federal eserve Distric t-San Franc isco3,900.000
3,519,000 +10.8
Wash.-Bellingham _ •
259,054,404
233,143,133 +11.1
Seattle
68,251,000
68.5913,000 -0.5
Spokane
10,826.371
9,755,577 +11.0
Yakima
8,522,072
7,505,513 +13.5
Idaho-Boise
2,387,800
2,401,000 -0.5
Oregon-Eugene
195,841,942
187,289,945 +4.6
Portland
11,680,554
10,714,104 +9.0
Utah-Ogden
100,699.660
93,151.066 +8.0
Salt Lake City
21,239,000
18,241,000 +16.4
Arizona-Phoenix_ _
7,363,471
6,828,531 +7.8
Calif.-Bakersfield._
23,046,161
22,905,206 +0.6
Berkeley
26,307,083
23,738,483 +10.8
Fresno
38,250.405
38,248,985 +0.1
Long Beach
973,754,000
991,004,000 -1.7
Los Angeles
6.078,552
5,336,884 +13.9
Modesto
91,399,825
88,875,215 +2.8
Oakland
30,483,377
29,768,022 +2.4
Pasadena
4.958,104
4,360,554 +13.7
Riverside
35.540,458 -1.6
34,953,104
Sacramento
26.049,755 +22.6
31.945,378
San Diego
1,090,323,750 1,008,260,475 +8.1
San Francisco
17,699,279 +27.2
22,507,922
San Jose
10.213,472
8,451.746 +20.8
Santa Barbara
9.275,670 +3.9
9,636,387
Santa Monica
2.619.973 +0.1
2,621,968
Santa Rosa
11.555,000 +6.8
12,341,700
Stockton
37,995,000
2.287,138,899
564.866,000
69,527,270
59,791,322
22,319,224
1.715,343,890
77.424,345
838,087,759
200,168,000
80,448,688
212,182,390
188,967,148
383,494,652
9,314,168,000
43,988,678
847,654.429
310,102585
52,708,022
328,266,912
288,283,915
9,117,136.739
153,941,939
87,777,434
96,414.903
22.384,939
112,347,000
35.891,000
2,118,235,459
582,237,000
65,850.491
54,891,064
20,845,858
1,631,240.597
75,651,311
777,086.178
156,300,000
55,381,348
219,949.126
162,496,363
352,059,829
8.881,826,000
41,193,219
861,551,239
297,879,687
45,682.777
321,990,375
245,379,190
9,502,575,341
141,754.112
74,917,880
98,120.238
22,375,598
112,858,500
+5.9
+7.1
-2.8
+5.6
+9.1
+7.1
+5.2
+2.3
+7.9
+28.1
+9.1
-3.5
-14.1
+9.0
+4.9
+6.8
-1.6
+4.1
+15.4
+1.3
+9.3
-4.1
+8.6
+17.2
+0.3
+0.1
-0.4
+4.4 27,431,928,980 28,954,219.778
+1.8
Total (11 cities)._ •
728,500,272
745,892,241
Total(28 cities)._ _ 3,098,587.482 2,964,834,554
1,436,171
155,742,223
6.373,298
37,391,931
493,399
a
1,766.108
264.624,998
1,534,439
142,207,442
7.038,511
34,144,000
1.969,698
2,170,011
-9.3
2,288,067
1,889,868.
65,960,948
62,647,338
+5.3
67.787,481
52,024,384
15,697,750
7,155,000
16,279,801 -3.6
8,842,812 -19.1
16,651,805
9,321,000
18,515,308
11.100,000
5,422,628.
5,391,166
5,308,316
+1.8
5,586,443
96,174,564
95.248,078
+1.0
101,632,798
86,952,184
62,859,615
13,862,000
2,084,574
49,816,571 +26.2
14,448,000 -4.1
1,997,036 +3.4
45,816,786
14,083,000
2,160,108
43.777,892
13,829,000
2,166.709
43,549,921
40,426.591
+7.7
39.465,259
41,551,016.
20,976,505
18,671,133 +12.3
19,259,396
.,
17,585,355.
5,812,927
8,355,283
240,283,000
5,323.268 +9.4
8,532,358 -2.1
208,526,000 +15.2
6,489,1,76
6,556,591
182,288,000
7,532,765
6,949,873
165,020,000
23,191,929
7,109,730
20,910,460 +10.9
• 6.442,002 +10.4
8,557,970
8,637,391
288,767,601
8,337,258
2,305,210
1,995,810
5,723,033
5,447,202
243,466,785
5,024,370
1.714,882
1.835,834
+14.6
+2.9
+18.8
+65.9
+34.4
+6.8
17,542,411
17,847,613
7,221,124 • 6,219,944
8.744,972
5,552,477
197,290,524
2513.268
1,952,558
1.927,281
8.685.887
5,989,445
167,102,000
3,717,585.
1,393,866
2.147,185
2,986,600
2,352,200 +27.0
2.435,300
2,488,000
738,543,639
840,657.705 +15.3
560,383,431
513,858,913
Grand total(193 cities) 78,207.086,190 57,644.318.783 +35.7 609.066,911,907 516,265.428,913 +18.0 22 553230854 13738681 843 +64.2 12 310308676 9,530,880,848
Outside New York_.. 24,006,967,289 22,492,579,680
+4.3 5,670,780,933 4.798,730,794 +18.4 4,738,308,545 4,209,704.683
+81 208.014.455,757 199,471,823,609
CANADIAN CLEARINGS FOR OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 31.
Ten Months Ended October.
Month of October.
Clearings at1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster.-Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
0,..•.1 1.11 ....met
$
842.924,717
700.452,889
455,721.540
112,622,819
40,039,764
36,129,840
15,609,610
32,399,894
73,796,976
12,950,934
15,709,972
17,036,522
36,567,888
43.177,824
4,033,809
4,865,814
18,454,925
7,675,942
7,312,461
5,383,127
4,794,474
3,352,220
4,477,193
5,148,755
7,123,153
23.287,936
3,241,078
5,330,430
4,426,766
3,607,470
*3,000,000
0 S K/1
ana r, I 11
1928.
Inc. or
Dec.
8
788,284,830
754,220,119
417,437.598
104,534,951
41,634,577
32,658,238
16,670,044
30,128.564
89,978.494
13,037,483
12,204,552
16,867.899
34.979,237
39,297,050
5,174,965
4,844,503
15,497,867
7,950,451
6,988.117
6,081,521
4,528,742
3,064,338
4,834,782
4,689,907
6,063,264
28,465,655
2.796,789
4,472,796
4,685,862
3,836,028
3,554,224
%
+6.9
-7.1
+9.2
+7.7
-3.8
+10.6
-6.4
+7.5
+5.5
-0.7
+28.8
+1.0
+4.5
+9.9
-22.0
+0.4
-51.9
-3.5
+4.6
-11.5
+5.9
+9.4
-7.4
+9.8
+17.5
-18.2
+15.9
+19.2
-5.5
-6.0
-15.6
'SASS dill 555
.1-5.5
1929.
1928.
Week Ended Oct. 31.
Inc. or
Dec.
1928.
Inc. or
Dec.
1927.
1926.
5
6,551,082,882
8,254,527,943
2,728,240.134
910,750.713
345.978,822
291,038,030
152,358,328
278,574,982
534.628,337
123,089,315
110,778,434
148,794,882
284,689,975
244.005.018
30,320,331
33,401,590
110,729,705
58,178,583
60,418,625
47,701,591
38,854.576
20,879,917
40,076,853
41.584,882
54,081,712
218,230,522
20,139,926
39,809,348
38,167,017
34,433,274
30,355,633
%
+3.8
+3.3
+2.1
+15.2
+5.0
+4.9
+7.2
+3.9
+9•5
+4.4
+15.6
+2.8
+4.2
+12.4
-3.7
-5.7
+7.9
+2.9
+5.7
-10.4
+17.4
+6.1
+7.0
+9.8
+9.0
+9.3
+10.0
+8.0
+1.3
-1.0
+18.8
$
186,037,957
141,517,918
97,311,457
25.877,905
8,450,134
7,901,355
3.466,559
6,489,940
15,378,171
2785,257
3,232,425
3.517,844
8,205.034
9,521,517
886,882
937,865
4,189,385
1,821,466
1,580,584
1,061,611
931,256
689,776
1,155,413
1,100,713
1,372,924
5,391,847
608,120
1,167.381
927,597
873,678
729,536
$
191.432,831
223,786,194
91,608,150
24,322,244
9.547,001
5,915,381
3,458,847
7,066,942
15,354,641
2,872.871
2,424,064
3,815,574
8.078,036
8,794,122
1,131,209
1,132,543
3,360,319
1,824,304
1,399,617
1,107,036
955,874
644,432
1,042,280
761,939
1,269,766
6,175,660
534,597
1,010,863
988.258
797.905
773,578
%
-13.3
-36.8
+6.2
+6.4
-11.5
+33.6
+0.2
-8.2
+0.2
-3.7
+33.4
-7.8
+1.8
+8.3
-21.6
-17.2
+24.7
-0.2
+13.0
-4.1
-2.6
+7.0
+10.9
+44.5
+8.0
-12.7
+13.8
+15.5
-5.9
+9.5
-5.7
$
192,310,456
187,930,221
88,871,841
20,330,922
9,063,994
7,104,090
3,848,318
6,990,858
12,488,181
3,104,580
3,270,468
3,527,014
8,702,049
7,818,341
1,004,786
1,133,314
3,004,569
1,980,436
1,417,422
1,272,784
896,020
556,980
983,681
907,177
1,493,859
5,731,877
416,730
918,409
933,083
883,183
988,469
$
158,907,370
120,850,990
78,065,115
22,232,502
8,542,870
8,325.440
3,214,835
5.774,378
11,174,349
2,983,345
2,289,372
3,256,565
6,230,421
7,011,921
809,594
907,038
2,988,116
1,882,894
1,130,056
1,099,256
759,530
495,724
911,753
913,768
1,195,438
4,520,493
454,862
768,506
924,970
469,915
838,158
20.778.463.763 19.872890_438
4-4.5
525.101.307
823.414.528 -17.2
567.474 Inn
450 400 952
5
6,801,837,529
6,463.850.189
2,785,347,308
1,049,602,001
363.301,129
305,270,920
163,387,896
289,315.872
585,415,790
128,455,625
128,055,542
152,860,521
296,620,749
274,316,673
29,219,065
31,487.018
119.484,101
59.837,388
83,878,570
42,756,903
43,282,599
22,143,353
42,894.736
45,648,239
58,928,562
259,354,884
22.150,016
43,042,696
38.880,281
34,087,934
35,449.684
a Manager of clearing house refuses to report clear ngs for week ended Sat! rday. •Estimated.
1929.
2969
FINANCIAL CHRONICLE
Noy. 91929.]
THE CURB EXCHANGE.
Activity on the Curb this week was diminished somewhat
though liquidation continued heavy, resulting in many new
low records. Following the action by the New York Stock
Exchange the Curb Exchange closed at 1 p. m. on Wednesday (Tuesday being a holiday), Thursday and Friday of
this week and will be closed all day on Saturday. Large
blocks of Cities Service corn. were again offered, the amount
on Monday being 225,000 shares, stated to be the largest
block ever sold at one time on any exchange. The price
8 to 253g recovered to 32 and closed to-day
dropped from 413/
at 30. The public utility group were again conspicuous.
3 to 333, sold
Allied Power &ILight, corn. was off from 49%
3
393/g
CommonAmer.
%.
37
at
to-day
up to
and finished
wealth Power, corn. B moved down from 473 to 343/s and
to-day rose to 40. Amer. Gas & Elec., corn. after a loss
of 41 points to 98, sold up to-day to 117, the final figure
being 107. Amer. & Foreign Power warrants receded 39
points to 393
4,recovered to 54% and ends the week at 40.
4,
4 reacted to 613
Electric Bond & Share, corn. from 913
sold up to 7938, the final transaction to-day being at 753
4.
Electric Investors fell from 140 to 84, rallied to 128% and
closed to-day at 1173. Internat. Superpower declined
from 473/s to 253. sold back to 44 and at 423/i finally. Among
industrial and miscellaneous losses while not so large were
in many cases considerable. Aluminum Co. of Amer. was
down 75 points to 230, the close to-day being at 260. Investment trusts were conspicuous. Elec. Shareholdings,
4,and the preferred from 893
4
corn. declined from 20 to 133
4respectively.
to 733., the close to-day being at 183. and 743
General Amer. Investors lost six points to 103
% and sold
finally at 11, Goldman Sachs Trading slumped from 593/i
to 403' and Lehman Corp. from 923( to 76, the final trans% and 783
action to-day being at 425
% respectively. Marine
3 to 353 and at 393
Midland Corp. sold down from 49%
4
finally. Oils were represented by Chesebrough Mfg. which
fell from 143 to 138. Humble Oil & Refg. from 977/s to 81%
and Gulf Oil from 145 to 126, the close to-day being at 89
and 1313' respectively.
A complete record of Curb Market transactions for the
week will be found on page 2996.
New York City Banks-and Trust Companies.
(AU prices dollars per share)
Banks
Bid
New York
145
America
Amer Union•- 190
Bryant Parke
Central
Chase
Chatb Phenix
Nat Bk & Tr
Chelsea Exch_
Chemical
Commercial _
Continental..
Corn Exch.--
150
168
Banks
Ask
N.Y.(con.)
155 Public
210 Seward
75 Trade•
Li 5 1st 325.-200 Yorkvllle -178 Yorktown•__
Bid
140
120
300
100
200
Brooklyn
130
94 Globe Each. 340
550
88- 95 Peoples
185
540 640 Prospect
44
41
210 225
Trust Cos.
Fifth Avenue_ 500 3100
New York.
First
5300 5700 Banca Comle
Rename Tr_ 360
Grace
600
Harriman_
1700 111/1i.Bank of N Y.
& Trust Co_ 850
55
Lefcourt
Bankers Trust 148
Liberty
170
Bronx Co Tr_ 95
Manhattans.. 140 155 Cent Hanover 340
9 County
4
Rights
320
National City 320 330 Empire
New
75
122
Penn Exch..-____ Equitable Tr_ 1100
Port Morris -_
120
Trust Co..
Ask
N. Y.(Con.)
145 Fidelity Trust
140 Fulton
312
108 Guaranty
220
220 nt'lGermanic
Interstate
hyingTrust_
390
Lawyers Trust
220
Manufacturers
Murray Hill..
Mutual(Westchester)----
Bid. Ask
65
55
590 690
695
705
so
40
60
58
46
64
140
148
400
400
450
380 N Y Trust._ 275
Times Square_ 85
900 Title Gu & 'rr 155
155 United states_ 3200
105 Westches'r Tr 1050
360
Brooklyn.
410
_ 850
420 Brooklyn
85 Kings County3200
_ _ 1 320
110 Midwood
285
100
165
3900
1000
3600
360
•State banks. 1 New stock. a Ex-dividend. I Ex-stock div. y Ex-rights.
Public Debt of the United States-Completed Returns
Showing Net Debt as of Aug. 31.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Aug. 31 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Aug. 31 1929. Aug. 31 1928.
Balance end of month by daily statement, licc
Adel or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates__
Settlement warrant checks
Total
Balance, deficit(-) or surplus(+)
88,365,247
190,148.218
-5,928,291
-3,831,948
82,436,956
186,316,270
23,394,445
80,630,636
5,605.875
2,142,774
27,342,218
78,936,066
6.340,350
1,163.596
111,773.730
113,782,230
-29,336,774
+72.534,040
INTEREST-BEARING DEBT OUTSTANDING.
Interest Aug. 31 1929. Aug. 31 19280
$
Title of Loan-Payable.
Bonds (Par Vailsi)•
599,724,010
Q.-J. 599.724,050
2s Consols of 1930
48,954,180
48,954,180
Q -F
28 of 1916-1936
25,947.400
Foreign
25,947,400
Q -F.
Stake
Week Ended
2s of 1918-1938
49,800,0014
Domestic
Government 58 of 1961
49,800,000
Q.-M.
Right*
(No. Shares)
No.8.
28,894.500
28,894,500
Q.-J.
38 conversion bonds of 1946-1947
HOLI DAY
J.-J. 1.620,199,500 1,220,408,000
Certificates of indebtedness
Saturday
8254.000 3348 First Liberty Loan, 1932-1947
$2.371,000
119,120
3.4. 1,397,685,200 1,397,685,200
3,001,400
Monday
5,155,650
HOLI DAY
5,155.450
J.-D.
Tuesday
4s First Liberty Loan converted. 1932-47
532.822,350
384,000 434s First Liberty Loan, converted, 1932-47 J.-D. 532,811,000
1,281,000
48,600
*2,131,600
Wednesday
3,492,150
3,492,150
213,000 4118 First Liberty Loan,2d converted, 1932-47_3.-D.
1,497.000
86,400
*2,380,100
Thursday
198,000 434s Third Liberty Loan of 1928
M.-S.971,868.750
1,442,000
77,300
*1,274,100
Friday
A.-0. 6,278,3.50,150 6,284.041,600
414s Fourth Liberty Loan of 1933-1938
Mg
758,984,300
758,984,300
86,591,000 $1,049,000 434s Treasury bonds of 1947-1952
331,420
8,787,200
Total
1,036,834.500 1,036,834,500
4s Treasury bonds of 1944-1954
489,087,100
•Abbreviated sessions on these days. Curb Exchange closed at 1 p. m.
489.087,100
3348 Treasury bonds of 1946-1956
493,037,750
493,037,750
3%s Treasury bonds of 1943-1947
359,042,9.50
359,042,950
334s Treasury bonds of 1940-1943
134,293,801
48 War Savings and Thrift Stamps
15.875,560
18,0.53,360
J.-J.
ENGLISH FINANCIAL MARKETS-PER CABLE.
2345 Postal Savings bonds
J.-D. 2.780.528,550 2.919,213,550
534s to 5%s Treasury notes
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Than..
Wed..
Tues.,
Mon.,
Sat.,
Nov. 8.
Nov. 7.
NOV. 6.
Nov. 5.
Noe. 2.
Nov. 4.
22 13-16 2234
Silver, p. oz.& 22 16-16 22 15-16 22%
2234
Gold, p./Mem 846.1110. 848.1110. 848.1154d. 848.1114d. 848.1134.1. 846.11%d.
53
Consols,2%%
53
53
5334
-British 5%_____
9934
99%
99%
British 434%__
9334
9334
93%
94g
•
French Rentes
(In Parls).fr.
79.15
79.10
79.60
78.50
79.45
French War L'n
104.40
(in Paris).fr_ ---104.40
104.75
104.20
104.40
The price of silver in New York on the same days has been:
Silver In N.Y. per oz. (eta.):
Foreign.....
49%
Holiday
4934
4934
(AU prices dollars per share)
Ask
Bid
Ask
Bid
90
115
10812Lawyers West125
chest M & T 240
285
N. Y. Inv't'rs
let pmt..... 98
2d prof-- 97
-.......
83
GO
44
$8 I tee Bond_. 103
70 N Y Title &
48
Mortgage._ 42
203
Westchester
Title & Tr. 130
170
95
100
290
31$ US Casualty.
Ask
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
1
DW.
Maturity.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
100.44 Sept. 15 1930-32 334%
Dec. 15 1929... 434% 100
Mar. 15 1930_ _ _ 634% 10Guly 10011sy Mar. 15 1930-32 314%
June 15 1030... 434% 1001ess 1002484 Dec. 15 1930-32 314%
4ti•L
Dee 18 1929
a 16,805,433,171 17,647,987,141
Total debt
Deduct Treasury surplus or add Treasury deficit__ -29,336,774 +72.534.040
Net debt
b16,834,769,945 17.575,453,104
a The total gross debt Aug. 31 1929 on the basis of daily Treasury statements
was $16,805,436,493.13 and the net amount of public debt redemption and receipt,
in transit. &c., was 33.321.75.
No reduction is made on account of obligations of foreign governments or otter
Investments.
lounnercial andWisceilanconsBC%13f
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Bid
53
16,526,582,090 17,375.162,141
2554,557,433
238,369,366
34.267,570
40,481,715
4934
New York City Realty and Surety Companies.
Alliance R'Ity
Am Surety....I
Bond & Mtg(I
($20 Don-Home Title I •
Lawyers Mtg1
Lawyers Title
& Guarantee
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Bid.
99
99
99
115I5«
Asked.
994”
994s,
91013
WM..
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
Capital.
REQUESTED.
$200,000
Oct. 30-The American National Bank of Gadsden, Ala
Correspondent, J. B. Wadsworth,c 1 o Etowah Trust &
Savings Bank, Gadsden, Ala. Succeeds the Etowah
Trust & Savings Bank, Gadsden, Ala.
25,000
Oct. 30-The First National Bank of Hobbs, N. NI
Correspondent. H. F. Mitchell, Hobbs, N. M.
APPLICATION TO ORGANIZE APPROVED.
Nov. 1-The Security National Bank of Madison, S. flak
Correspondent. C. A. Stensland, Madison, S. Dak.
CHANGE OF TITLE.
Nov. 1-The First National Bank of Bridgeport, Conn., to
"The First National Bank & Trust Co. of Bridgeport."
VOLUNTARY LIQUIDATIONS.
Oct. 26-The First National Bank of Driggs, Idaho
Effective Oct. 15 1929. Liquidating Commission: W.
Wm.Taylor, E. J. Taylor, and J. H.Jensen, Driggs
Idaho. Succeeded by First National Bank in Driggs,
Idaho, No. 13267.
550.000
350.000
2970
(vim. 129
FINANCIAL CHRONICLE
Nov. 2-The Union National Bank of Okmulgee, Okla
$100,000
Effective Oct. 12 1929. Liquidating Agent, H. JAhaus.irsias.
Green, Okmulgee, Okla. Absorbed by the Citizens. Mak MI
National Bank of OkmulgeelNo. 6241.1.161111111918
1111144r+ verf ....et•eatrowssai CONSOLIITATIONS._ gas • sisftwaadle
Oct.31-The Dexter Horton National Bank of Seattle, Wash--$3,000,000
The Seattle National Bank, Seattle, Wash
2,000,000
The First National Bank of Seattle, Wash
1,000,000
Consolidated, effective close of business Oct. 31, under
the Act of Nov. 7 1918, under the charter of the
Dexter Horton National Bank of Seattle, No. 11280,
and under the corporate title of"First Seattle Dexter
Horton National Bank," with capital stock of $8,000,000. The consolidated bank has two branches
located in the City of Seattle, at No. 408 Pike St.
and No. 5228 Ballard Ave., which were branches of
the Dexter Horton National Bank of Seattle and
which were in operation on Feb. 25 1927.
Nov. 2-The First National Bank of Hillsboro, N. Dak
$50.000
The Hillsboro National Bank, Hillsboro, N. Dak
50,000
Consolidated to-day under the Act of Nov. 7 1918,
under the charter of the First National Bank of Hillsboro, No. 3400, and under the corporate title of
"First National Bank of Hillsboro," with capital stock
of $50,000.
Nov. 2-The First National Bank of Sunnyside, Wash
$50,000
The Sunnyside National Bank, Sunnyside, Wash
50.000
Consolidated to-day under the Act of Nov. 7 1918,
under the charter and title of "The First National
Bank of Sunnyside," No. 8481, with capital stock of
$50,000.
Name of Company. '
Railroads (Steam)
Catawissa, preferred stocks
Chicago & North Western, corn
Preferred
Nashville Chatt. & St. L. (In stock)_
N.Y.Chicago & St. Louis, corn.(qu.)_ _
Preferred series A (guar.)
Pittsb. Youngstown dr Ash., pref. (out.)..
Per
When
Cent. Pal/able.
Books Closed,
Days Inclusive.
$1.15 Nov.22 Holders of rec. Nov. 12a
*234 Dec. 31 *Holders of rec. Dec. 2
*33i Dec. 31 *Holders of rec. Dee, 2
auth. b y Interstate Cora. Comm.
*60
134 Jan. 2 Holders of rec. Nov. 154
1% Jan. 2 Holders of rec. Nov. 15a
*134 Dec. 2 *Holders of rec. Nov.20
Public Utilities.
250. Dec. 2 Holders of rec. Nov. 15
Amer.Power dc Light, corn.(guar.)
Cora. (one-fiftieth share com. stk.)--- (f) Dec. 2 Holders of roe. Nov. 15
Corn. (fIve-fiftieths share corn. stk.)-- (,f) Dec. 2 Holders of rec. Nov. 15
*X.50e. Feb. 1 *Holders of rec. Jan. 10
Associated Gas & Elec., class A (gu.)
Cent. Arkansas Pub. Serv., pref.(qu.)-134 Dec. 2 Holders of roe. Nov. 15a
Central Gas & Elec., pref. (guar.)
$1.625 Dec. 1 *Holders of rec. Nov. 15
Central Public Service, class A (quar.) o4334c Dec. 15 *Holders of rec. Nov.25
$1.50 Jan. 1 *Holders of rec. Dec. 12
$6 preferred (guar.)
$1.75 Jan. 1 *Holders of rec. Dec. 12
$7 preferred (quar.)
10c. Jan. 1 Holders of rec. Dec. 5
Central States Elec. Corp., corn. ((war.)
Common (payable in common stock)_ _ 1234 Jan. 1 Holders of roe. Dec.
134 Jan. 1 Holders of rec. Dec. 5
7% prof., issue of 1912 (guar.)
134 Jan. 1 Holders of rec. Dec. 5
6% preferred (guar.)
(s) Jan. 1 Holders of rec. Dec. 5
conv. met., series of 1928 (quar.)
(s) Jan. 1 Holders of rec. Dec. 5
Cony. pref., series of 1929 (guar.)
Chic. So.Shore & So.Bend, pf. A (au.)
134 Dec. 2 Holders of rec. Nov. 15
*50c. Dec. 2 *Holders of rec. Nov. 15
Empire Gas & Fuel,6% pref.(quar.)
54 1-6c Dec. 2 *Holders of rec. Nov. 15
634% preferred (quar.)
58 1-3c Dec. 2 *Holders of roe. Nov. 16
7% Preferred (guar.)
8% preferred (guar.)
•66 2-3c Dec. 2 *Holders of rec. Nov. 15
Federal Light & Tract., corn. (quar.)... 3734c Jan. 2 Holders of rec. Dee. 130
Corn.(payable in corn. stock)
fl
Jan. 2 Holders of rec. Dec. 134
Preferred (guar.)
$1.50 Dec. 2 'Holders of rec. Nov. 15a
Auction Sales.-Among other securities,Ithe following, Gary Railways, pref. A.(quar.)
$1.80 Dec. 2 Holders of rec. Nov. 20
& Pow.Sec., corn.(guar.).- $1.75 Nov. 8 Holders of roe. Oct. 31
not actually dealt in at the Stock Exchange,were sold at auction Illuminating
Preferred (guar.)
134 Nov. 15
of rec. Oct. 31
in New York, Boston, Philadelphia ankBuffalo on Wednes- Indiana Service Corp.,7% pref.(guar.). 134 Dec. 2 Holders
Holders of rec. Nov. 15
6% Preferred (guar.)
134 Dee. 2 Holders of rec. Nov. 15
day of this week:
Indianapolis Water Co., pref.sec A (qu.) 134 an. 1 Holders of rec. Dee. 120
North Amer. Utility Sec., 1st pf.(qu.)
$1.50 Dec. 16 Holders of rec. Nov.30
By Adrian H. Muller & Son, New York:
Northern States Power(Wis.) pref.(qui 134 Dec. 2 Holders of roe. Nov. 20
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Par M. Ohio Pub.
Serv. pref. A (mthly.)
58 1-3c Nov. 1 *Holders of rec. Oct. 15
189,760 Webster Eisenlohr, Inc.,
40 Harbour Launch Corp
$2 lot
Oklahoma Gas & Elec., pref.(guar.).- 134 Dec. 16 Holders of rec. Nov.30
common
23 250 Hector Coke Co., par $50
3
100 Standard Brands, cons
2934 65 Realty Trust, pref
$10 lot Pennsylvania Gas & El. Co.el. A (qu.)-- *3734c Dec. 1 *Holders of rec. Nov.20
$7 preferred (guar.)
*S1.75 Jan. 1 *Holders of rec. Dec. 20
200 Amer. & Europ. &cur.. com__ 3334 100 Realty Trust, corn
lot
$5
*134 Jan. 1 *Holders of rec. Dee. 20
7% Preferred (quar.)
100 United Aircraft, pref
4334 1,800 Clinchfield Coal Corp.,corn-- 3
Piedmont & Northern By.(guar.)
•134 Jan, 10 *Holders of rec. Dec. 31
15 Merritt Tr. Co.of Dumont,N.J_ 92
11,700 Maljamar 011 & Gas Corp..
Rochester
Gas
&
Elec.
pref.
B
134 Dec. 1 Holders of rec. Nov. 14
520 Capital Securities Corp., corn ,
$100 lot
Par $1
134 Dec. 1 Holders of rec. Nov. 14
Preferred series C & D (guar.)
oar $lo
804
Seaboard Public Service, pref. (gu.)--- $1.50 Dec. 1 Holders of rec. Nov. 16
Sioux City Gas Or Elec., pref. (quar.).... *1% Nov. 10 *Holders of rec. Oct. 31
By Wise, Hobbs & Arnold, Boston:
Southern Cities Utilities, pref
334 Nov. 11 Holders of rec. Oct. 24
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ per Sh. Southern Colorado Power. pref.(qu.)__ - 134 Dee. 16 Holders of rec. Nov.30
20 Boston National Bank
1-32 Interest Lake Rosalie Land
220
Southwestern Power & Light, pt.(quar.) 134 Dec. 2 Holders of rec. Nov. 15
9 Arlington Mills
22
Co
$100 lot Standard Gas dc Elec., pref.
$1
Dec. 16 Holders of rec. Nov.30
2 Nashua Mfg. Co., pref
7634 20 Shavrmut Bank Invest. Trust__ 2734 Toledo Edison Co.,5% pref.(guar.)
A (mthly.)' 58 1-3c Nov. 1 *Holders of rec. Oct. 15 '
5 Farr Alpaca Co
90
prof. (monthly)
Nov. 1 *Holders of roe. Oct. 15
6%
*500.
Bonds.
Textile
Co
36
150 Associated
Per Cent. Utica Gas & Elec. Co. Prof.(guar.)
*134 Nov. 15 *Holders of rec. Nov. 5
$1,000 Island Refining Corp.,7, due
10 Connecticut Mills Co., cl . A,
West Ohio Gas Co., pref. A (guar.)
134 Dee. 2 Holders of rec. Nov. 15
common, par $10
50c.
1929(W. of dep.): 1 Bozan Sales
Wisconsin Public Serv.. prof.(oI.)
134 Dec. 20 Holders of rec. Nov.30
1 Draper Corp
64
Corp., corn.; 1 Bozan Sales Corp.,
134 Dec. 20 Holders of roe. Nov.30
634% Preferred (guar.)
pref.: 6 Commonwealth Supplies,
2 Fisk Rubber Co., 1st cony. pref_ 2034
10 George E. Keith Co., 1st pref
96
cl. B, cora.; 300 Hisgen-Texas
Trust Companies50 United Elastic Corp
3734
Petroleum, par $1; 5 Michigan
Manufacturers (guar.)
*$1.50 Jan. 2 *Holders of rec. Dec. 16
50 Fisk Rubber Co., 1st pref
2034
Electric Sales Corp.; I() Stevens.
Continental Bank & Trust Mari
*30c. Dec. 16 *Holders of rec. Dec. 7
4 units First Peoples Trust
2034
Walden, Worcester, Inc.: 25
500 J. R. Whipple Corp., com-- -- 234
Upresslt Metal Cap Corp.,
Miscellaneous.
10 New England Power Ass., 6%
corn., par 10c
$8 lot Amer. British & Continental Carp.
preferred
9234 $525 New.,England Southern Corp.,
First preferred (quar.)
$1.50 Dec. 2 Holders of rec. Nov. 15
7 units Thompson's Spa, Inc
95
5, Dec. 1933
7 flat American Candy prof
.134 Nov.30
Amer. dr Gen. Seeuritles, lst pref.(qu.)_ •75c. Deo. 1 *Holders of rec. Nov. 15
By R. L. Day & Co., Boston:
Amer. Mach. & Fdy., corn.(extra)
Dec. 2 Holders of me. Nov. 21
$2
76e. Dec. 2 Holders of rec. Nov.200
Shares. Stocks.
$ per Sh. Shares. Stocks.
6 Per Sh, Amer. Metal Co., Ltd.(guar.)
134 Dec. 2 Holders of rec. Nov. 200
Preferred (guar.)
36 Boston National Bank
220
150 Beacon Partici. Inc., pref. A__ 12
*25c. Jan. 1 *Holders of rec. Dee. 20
Amrad Corp. (guar.)
60 Atlantic National Bank
100
3 Thompson Spa., Inc., units
88
Dec. 31 *Holders of rec. Deo. 20
*e4
Stock dividend
9 Merchants National Bank
502
4 No. Boston LIMA. Prop. v.t.c.-- 57
*Mk. Nov. 30 *Holders of rec. Nov.20
.300 Federal Nat. Bank
130
118 Springfield Gds Light Co
5534 Atlas Imperial Diesel Engine el A (qu.)
$1
Dee. 10 Holders of rec. Nov. 290
Atlas
corn.
Powder,
(guar.)
50 Beacon Trust Co
4
William
Whitman & Co., Inc_ _ _ _ 924
5534
$1 Dee. 10 Holders of ree. Nov. 290
Common (extra)
25 United States Trust Co
140
16 Fitchburg Gas dr Elec. Light Co.. 83
*250. Dec. 2 *Holders of rec. Nov. 18
13 Concord National Bank
32534 10 Oxford Paper Co
3034 Atlas Stores, corn.(guar.)
•250. Dec. 2 *Holders of rec. Nov. 18
Common (extra)
25 Medford Trust Co
110
4 Amoskeag Co., pref
70
Subj. to approval of stichldrs.
Beech-Nut Packing (stock dividend)-- •e5
255 Lawton Mills
5234 85 Babcock & Wilcox Co
120
Belding-Cortice111, Ltd., Pref.(quar.)... 134 Dec. 14 Holders of rec. Nov.30
3Ludlow Mfg. Asso
1603446214 5 Maas Bond & Insurance Co
161
Dec. 1 *Holders of rec. Nov. 1
(No.
1).
*p75:.
(guar.)
Blue
pref.
Ridge Corp.,
111) Wamsutta Mills
2834 102 Albany Trust
20
58734c Dee. 1 *Holders of rec. Nov.20
Blum's, Inc., cony. pref. (guar.)
110 Naumkeag Steam Cot. Co_8834-9234 2,750 Atlantic Gypsum Prod. Co
1
*134
Dec.
2 *Holders of ree. Nov. 16
(guar.)
Brill
Corp.,
Prof.
25 Exeter Mfg. Co
52
750 Atlantic Gypsum Prod Co., pfd. 10
75e. Dec. 2 Holders of roe. Nov.20
Brown Shoe,common (guar.)
25 Quisset Mills
55
27 De Maur Construction Co.: lif.:
250. Nov. 15 Holders of rec. Nov. 9
120 Thorndike Co
90
New England Oil Ref. Co
$27 lot Bruck Silk Mills (guar.)
*25c. Jan. 2 *Holders of rec. Nov. 27
Bucyrus-Erie Co., common (guar.)
5 Heywood Wakefield, 1st prof-- 40
27 New Bedford Gas dc Edison Light
'62340 Jan. 2 *Holders of roe. Nov. 27
Convertible preferred (quar.)
105-110
Co., undep
•134 Jan. 2 *Holders of rec. Nov. 27
Preferred (guar.)
Bunker Hill & Sullivan Mining & Conc..- *25c. Nov. 5 *Holders of rec. Oct. 24
By Barnes & Lofland, Philadelphia:
*500. Nov. 5 *Holders of rec. Oct. 24
Extra
$ per sh. Byron Jackson Pump, corn.(in stock).. *12
Shares. Stocks.
$ Per *h. Shares. Stocks.
Dec. 1 *Holders of rec. Nov. 15
15 Guardian Bank dr Trust
80
4
5 Pa. Mutual Life Ins. Co
*2
Nov. 15 *Holders of rec. Nov. 7
Cabot Manufacturing (guar.)
2 Susquehanna Title & Tr. Co.,
7 Security Title & Tr. Co., par $50. 40
750. Dec. 1 Holders of rec. Nov. 150
Chicago Corp., cony. pref. (guar.)
par $50
48
165
12 Overbrook Nat. Bank
Chic. Invest. Corp., pref.(guar.)(No. 1) *750. Dec. I *Holders of rec. Nov. 20
55 Bankers Trust Co.. Dar $50
100
160
5 Phila. Nat. Bank, par $20
*900. Nov. 30 *Holders of rec. Nov. 15
City Ice & Fuel, common (quar.)
103 Bankers Trust Co., par $50_ _ 101
20
*134 Dec. 1 *Holders of rec. Nov. 15
6 Plaza Trust Co., par $10
Preferred (guar.)
25 Bankers Trust Co., par $50
105
City Radio Stores, common (quar.)---- *37340 Dec. 2 *Holders of rec. Nov. 18
200 Franklin Trust Co., par $10_ _ _ 60
10 Minehill dr Schuylkill Haven
193
14 Aldine Trust Co
.750. Dec. 1 *Holders of rec. Nov. 15
Cleveland Stone, corn. (guar.)
RR
53%
*25c. Dec. 1 *Holders of rec. Nov. 15
18 Broad St. Trust Co., par 550_ 65
Common (extra)
10 East Pennsylvania RR
6234 Coca-Cola Co., common (guar.)
1350
1
Jan, 1 Holders of rec. Dee. 120
4 Northern Trust Co
100 Phila. Co. for Guar. Mtges..
_401
134 Jan. 1 Holders of rec. Dec. 12a
Class A (quar.)
5 North Phila. Tr. Co., par $50
par $20
50
Continental Amer. Bank Shares A (au.). •250. Dec. 2 *Holders of rec. Nov. 20
20 Frankford & So'ivark Pass. Ry.
720 Phila. Life Ins. Co., par $10
25
190
ctf. of deposit
Cont'l Amer.Bankshares, cl. A (guar.). _ *25c. Dec.. 2 *Holders of roe. Nov.20
6234 60 Remington Mfg. Co.. pref.:
•55c. Dec. 1 *Holders of rec. Nov. 15
Continental Chicago Corp., pref
15 Elmira & Williamsport RR. pf
40 Rem. Mfg. Co. com._$1,000 lot Crown Cork dr Seal, pref.
*60c. Dec. 16 *Holders of rec. Nov.30
30 Adelphia Bank & Trust Co.,
(quar.)
19 Aberfoyle Mfg. Co. corn
100
15
Cumberland Pipe Line (guar.)
Par $10
$1
Dec. 16 Holders of rec. Nov.30
An25
Anthracite
Prod.
corn.;
50
Cushman's Sons, Inc., corn. (guar.)-- *81
20 Adelphia Bk & Tr. Co., par $10_ 15
Dee. 1 *Holders of rec. Nov. 15
thracite Prod. pref
IP lot
*134 Dec. 1 *Holders of roe. Nov. 15
113 Adelphla Bank & Tr. Co.,
referred (guar.)
7%
100 Southwark Title & Trust
34
15
par $10
•32
Dee. 1 *Holders of roe. Nov. 15
$8 Preferred (guar.)
5 Lancaster Title dr Trust
70
*25e. Dec. 2 *Holders of rec. Nov. 18
Davega, Inc. (quar.)
1,276 Commercial Nat. Bank dc
BondsPer cent. Debenhams Securities, Ltd.,
3734
Trust Co., par $10
Amer. she- *73c. Nov. 16 *Holders of roe. Nov. 12
Norfolk-Portsmouth
$5,000
Bridge
40
10 Bank of Phila.& Tr. Co., par 310
*350. Dee. 1 *Holders of rec. Nov. 20
Dexter Co. (oiler.)
Corp. 15-yr. s. f. deb. 78. 1942_5200 lot
12
Extra
*25e. Dec. 1 *Holders of roe. Nov. 20
90 Union Bk.& Trust Co
$4,000 Wilbur-Suchard Chocolate
13
*6234c Nov. 15 *Holders of rec. Nov. 4
Duff-Norton Mfg., common (quar.)-40 Union Bank & Trust Co
Co.
40
10-yr.
s.
1.
634s,
1937
East Butte Copper Mining Co
10 Tradesmens Nat.Bk.dc Tr. Co_ _550
•250. Dec. 21 *Holders of rec. Nov.20
$67,500 Benevolent & Protective
Electric Shovel Coal, pref.-Dividend P used.
5 Tradesmens Nat. Bk. & Tr. Co 543
11
Order of Elks gen. 6s, 1942
3
1140 Fifth Ave., Inc., preferred
11 Ninth Bk. dr Tr. Co., par $10_ -- 58
Dec. 2 Nov. 16 to Dec. 2
Ewa Plantation (guar.)
*60c. Nov. 15 *Holders of ree. Nov. 5
By A. j. Wright & Co., Buffalo:
Fageol Securities Co., pref.(au.)(No. 1) *134 Nov. 18 *Holders of rec. Nov. 15
$ per Sh. Fifteen Park Ave., Inc., preferred
3
Dec. 2 Nov. 16 to Dec. 2
$ per Sh. Shares. Stocks.
Shares. Stocks.
%c First Bank Stock Corp. (Minneapolis)-- •250. Deo. 31 *Holders of rec. Dee. 21
1,000 Corona Mines, par $1
300 Florida Dairies, Inc., trust ctfs.,
French (Fred F.) Security Co., pref._
334 Dec. 16 Dee. 1 to Dec. 16
$100 lot 100 Boston dr Montana Bevel. Co.,
no par
Boston temp. cit.. par 85
50e. lot French (Fred F) Investing Co.. ere- 334 Dec. 16 Dec. 1 to Dec. 16
100 Florida Dairies, Inc., 7% lst
Fuller (G. A.) Co., partic. pref.(quar.). *$1.50 Jan. 1 *Holders of rec. Dec. 10
$50 lot 3,000 Penn Seaboard Steel v.t.c.,
cony. pref
$75 lot
no par
Cumulative preferred (guar.)
*31.36 Jan. 1 *Holders of rec. Dec. 10
100 Florida Dairies, Inc., 7% 2nd
Co.,
Fuller Brush, class A (guar.)
•200. Nov. 1 *Holders of rec. Oct. 25
cony. pre!, no par
$50 lot 1,000 Lance Creek Royalties
$20 lot
par $1
Class AA (guar.)
*800. Nov. 1 *Holders of rec. Oct. 25
200 Tonapah Midway Consol. MinGalland Mercantile Laundry (guar.)- - - *8734c Dec. 1 *Holders of rec. Nov. 15
ing Co.. par $1
$1 lot.
General Asphalt, pref. (guar.)
134 Dee. 2 Holders of roe. Nov. 21a
Goldberg (S. N.) Stock, $7 pref. (quar.)_ *$1.75 Dec. 16 *Holders of roe. Dec. 2
Golden State Milk Products (quar.)-..- *400. Dee. 2 *Holders of rec. Nov. 15
DIVIDENDS.
$1
Goodrich (B. F.) Co.. corn. ,quar.)
Dec. 2 Holders of roe. Nov. 18
IN Jan. 2 Holders of roe. Dec. 10
Preferred (guar.)
Dividends are grouped in two separate tables. In the Hanes
(P. H.) Knit.,corn.& Com.B(qu.)
150. Dec. 2 Holders of rec. Nov.20
first we bring together all the dividends announced the
Preferred (guar.)
134 Jan. 1 Holders of rec. Nov.20
•500. Dee. 1 *Holders of roe. Nov. 18
current week. Then we follow with a second table, in Hartman Corp., class A (gum.)
Class 13 (guar.)
•30c.
Dec. 1 *Holders of rec. Nov. 18
which we show the dividends previously announced, but Hires(Chas.E.) Co.. class B
$1
Dec. 1 Holders of reo. Nov. 16
which have not yet been paid.
Management stock (guar.))
$1
Dec. 1 Holders of roe. Nov. 16
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Home Fire Security Corp
25c. Nov. 15 Holders of rec. Nov. 6
Homestake Mining (monthly)
500. Nov.25 Holders of rec. Nov.20
Hydro-Elec. Securities, corn.(guar.) -- *50c. Dec. 14 *Holders of rec. Nov. 14
Illinois Pipe Line
*510 Dec. 16 Nov. 19 to Dec. 4
Imperial Oil, Ltd. (guar.)
"1.254c Dec. 2 'Holders of rec. Nov. 15
Imperial Royalties Co., pref.(monthly)_ 1.14c. Nov.30 Holders of rec. Nov. 25
Preferred class A (monthly)
180. Nov. 30 Holders of rec. Nov.25
Indiana Limestone, pref.(guar.)
15( Dec. 2 Holders of rec. Nov.20
Insu11 Utility Investment, prof.((Plan)-- *$1.50 Dec. 2 "Holaers of rec. Nov. 15
Internat. Cigar Mach'y (extra)
51.50 Dec. 2 Holders of rec. Nov. 21
International Harvester, corn. (guar.) "6234e Jan. 15 'Holders of rec. Dec. 24
Internat. Milling,6% pref. (Oolar.)
*1% Dec. 2'Holders of rec. Nov.20
7% preferred (guar.)
"1.3 Dec. 2 'Holders of rec. Nov. 20
Kendall Co., partic. pref. (guar.)
"$1.50 Dec. 2 *Holders of rec. Nov. 23
Klein (Henry)& Co., partie. pref.(qu.)_ *30c. Nov. 1 *Holders of rec. Oct. 21
Participating pref. (quar.)
"20c Nov. I "Holders of rec. Oct. 21
Kleinert (I. B.) Rubber Co.(quar.)
62%c Dec. 1 Holders of rec. Nov. 15
Kobacker Stores. Inc., corn.(No. 1) _
Dec. 1 Holders of rec. Nov. 15
$1
Preferred Mum.)
$1.75 Nov.30 Holders of rec. Nov. 15
Kruskal & Kruskal, corn.(guar.)
31%c Nov. 15 Holders of rec. Nov. 6
Lee (H. D.) Mercantile Co
*51
Nov. 15 *Holders of rec. Nov. 5
Loblaw Groceterias, cl. A (guar.)
12%e Dec. 1 Holders of rec. Nov. 9a
Class B (guar.)
124c Dec. 1 Holders of rec. Nov. 9a
Loew's Boston Theatres (extra)
*50c Dec. 1 'Holders of rec. Nov.29
Loew's, Inc., common (quar.)
75c Dec. 31 Holders of rec. Dec. 13
The Dec. 31 Holders of rec. Dec. 13
Common (extra)
Lualow Mfg. Associates (quar.)---*$2.50 Dec. 2 *Holders of rec. Nov. 9
Mengel Stores Corp., pref. (guar.)
1% Dec. 1 Holders of rec. Nov. 15
Manhattan Shirt, common (guar.)
50e Dec. 2 Holders of rec. Nov. 16
Be Dec. 18 Holaers of rec. Nov. 15
McColl-Frontenac Oil, Ltd
McCrory Stores, corn. A & B (guar.).-- *50c Dec. 2 'Holders of rec. Nov. 20
Mississippi Val. Utility Invest., pt. ((L11.) "51.75 Dec. 2 *Holders of rec. Nov. 15
Mohawk Rubber. com.-dividend omitt ad
Muskegon Motors Specialities. cl. A((1u.) *50c. Dec. 1 'Holders of rec. Nov. 19
Class B (guar.)
"25c. Dec. 1 *Holders of rec. Nov. 19
Class B (extra)
.500. Dec. 1 "Holders of rec. Nov. 19
National Dairy Products, corn.(Guar.)-- *50o Jan. 2 *Holders of rec. Dec. 3
Common (payable in corn. stk.)(MI.). 4,11
Jan. 2 *Holders of rec. Dec. 3
Corn.(payable in corn. stock (guar.)-Corn.(payable in corn,stock)(quar.)_
Coln • (Payable In corn. stock)(guar.). 'f▪ l
National Tea common (guar.)
50c. Jan. 1 Holders of reo. Dec. 14
Nelld Manufacturing (guar.)
'134 Nov. 15 'Holders or rec. Nov. 7
Nestle-LeMur Co., clans A-dividend pa seed
New Haven Clock, cow. (extra)
3734c Nov. 15 Holders of rec. Nov. 4
Newport Company (guar.)
.50c Dec. 2 "Holders of rec. Nov.23
Class A (guar.)
*750 Dec. 2 'Holders of rec. Nov.23
Nineteen Hundred Corp., Cl. A
50c Nov. 15 Holders of rec. Nov. 1
Northam Warren Corp., cony. pf. (qu.) *750 Nov.30 *Holders of rec. Nov. 15
Ohio Oil (guar.)
*50c Dee. 14 *Holders of rec. Nov. 15
Extra
*50c Dec. 14 *Holders of rec. Nov. 15
Oshkosh Overall cony. pref.(guar.)
*50c Dec. 1 *Holders of rec. Nov. 22
Parker Rust Proof corn. (guar.)
*50c Nov. 20 *Holders of rec. Nov. 10
Common (extra)
Nov. 20 *Holders of rec. Nov. 10
"51
Preferred
'350 Nov. 20 *Holders of rec. Nov. 10
Ponder (David) Grocery, corn. A (qui- *8734c Dec. 1 "Holders of rec. Nov. 20
Pittsburgh Steel Fdy.. pref.
-- *1% Jan. 2 Holders of rec. Dec. 15
Pillsbury Flour Mills, corn. (guar.)
*50c Dec. 2 *Holders of rec. Nov. 15
Pines Winterfront Co. (qlar.)
*25c Dec. I *Holders of rec. Nov. 15
Stock dividend
"e2
Dee. 1 "Holders of rec. Nov. 15
Phoenix Hosiery Mills 1st & 26 pf.(g11.)- •1% Dee. 1 'Holders of rec. Nov. 18
Plymouth 011 (guar.)
*50c Nov.30 *Holders of rec. Nov. 15
Pressed Steel Car, pref. (quar.)
1% Dec. 31 Holders of rec. Dec. 2
Railway & Utilities Investing Corp.
7% cony. Prof.series A (quar.)
8734c Dec. 2 Holders of rec. Nov. 15
6% corn', pref.(guar.)
75c Dee. 2 Holders of rec. Nov. 15
Raytheon Mfg. (stock dividend)
*05
Dec. 2 'Holders of rec. Nov. 16
Reynolds Metals, new corn.(qu.)(No. I) *60e Dec. 1 'Holders of rec. Nov. 15
Rosy Theatre class A (guar.)
"87%c Nov.30 *Holders of rec. Nov. 15
Ryerson (Jos. T.) & Son, Inc.(extra)_
*50c, Dec. 2'Holders of rec. Nov.22
Schletter Sr Zander, corn.(guar.)
*3714c Dec. 30 "Holders of rec. Dee. 16
Preference (Oiler.)
"13734c Nov. 15 'Holders of rec. Oct. 31
Second Standard Royalties, pref.(mthly) ,1
Oct. 31
Simms Petroleum (quar,)
*40c. Dec. 14 *Holders of rec. Nov. 29
Simon (Franklin) Co.. prof. (guar.)
"1% Dec. 2 'Holders of rec. Nov. 18
Sixteen Park Ave., Inc., pref
Dec. 2 Nov. 16 to Dec. 2
3
Smith (Howard) Paper Mills, pref.(qu.) 1% Dec. 2 Holders of rec. Nov. 20
Soule Mills (quar.)
2
Nov. 15 "Holders of rec. Nov. 1
Spear & Co., let & 2nd pref. (guar.)
- - - '1% Dec. 2 "Holders of rec. Nov. 15
Standard Chemical (emir.)
Dec. 20 Holders of rec. Nov. 20
51
Standard Oil (Calif.) (guar.)
"6234c Dec. 16 *Holders of rec. Nov. 16
Extra (payable in stock)
Doc. 16 'Holders of rec. Nov. 16
*2
Standard Oil of Nebraska (guar.)
62%c Dec. 20 Nov.30 to Dec. 20
Extra
25e Dec. 20 Nov.30 to Dec, 20
Spalding (A. G.) & Bros., corn. (guar.).
500 Jan. 15 Holders of rec. Dee. 28
First preferred (quer.)
1% Dec. 2 Holders of rec. Nov. 18
Second preferred (guar.)
Dec. 2 Holders of rec. Nov. 8
2
Swan-Finch 011 Corp. pref.
*4334c Dec. 1 "Holders of rec. Nov. 9
Texas Corporation (guar.) (guar.)
Jan.
I *Holders of rec. Dec. 6
*75e
Texas dr Pacific Coal & Oil (pay-in stock) e254 Dec. 31 Holders of rec. Dec.'5
Timken Roller Bearing (guar.)
*780 Dec. 5 "Holders of rec. Nov. 20
Timken Detroit Axle, pref. (guar.)
1% Dec. 1 Holders of rec. Nov.20
Union Sugar Co., prof. (quar.)
*440 Nov. 10 'Holders of rec. Nov. 5
Union Tank Car (guar.)
1% Dec. 2 Holders of rec. Nov. 16
United National Corp., partic. pf.(au.). "40c Nov. 30 *Holders of rec. Nov. 9
11.8. Dairy Products, corn. A (guar.)
$1.25 Dec. 2 Holders of rec. Nov. 21a
First preferred (guar.)
51.70 Dec. 2 Holders of rec. Nov. 216
Second preferred (quar.)
Dec. 2 Holders of rec. Nov. 210
52
U. S. Freight (guar.)
*75e. Dec. 10 'Holders of rec. Nov. 18
U. S. Hoffman Machine (quar.)
"50c Dec. 2 'Holders of rec. Nov. 20
Vacuum Oil (quar.)
Dec. 20 Holders of rec. Nov.30
St
Special
250 Dee. 20 Holders of rec. Nov.30
Utilities Equities corp., $5.50 stock
52.75 Dec. 2 Holders of rec. Nov. 15
Vulcan DetInnIng pref.(guar.)
1% Jan. 20 Holders of rec. Jan. 90
Preferred (acc't accum. Mrs.)
34
Jan. 20 Holders of rec. Jan. 96
Preferred A (guar.)
134 Jan. 20 Holders of rec. Jan. 9a
Preferred (acc't accum. dirs.)
34
Jan. 20 Holders of rec. Jan. Oa
Waitt & Bond, class A (guar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
Class B (guar.)
*350. Dec. 30 *Holders of rec. Dec. 14
Wagner Elec. Corp., corn. (guar.)
*3734c Dec. 1 "Holders of rec. Nov. 15
Warren Bros., corn. (guar.)
Jan. 2 Holders of rec. Dec. 16a
2
Common (extra)
Jan. 2 Holders of rec. Dec. 16a
1
First preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 16a
Western Auto Supply. corn. A dr B (oil.)
730. Dec. 1 Holders of rec. Nov. 18
Winton Engine. corn. (quar.)(No. 1)_. "$1
Dec. 1 'Holders of rec. Nov.20
Preferred (guar.)
*780. Dec. 15 *Holders of rec. Nov. 20
Wrigley (Wm.) Jr. Co.(monthly)
*250. Jan. 2 *Holders of rec. Dec. 20
Monthly
*250. Feb. 1 *Holderso f rec. Jan. 20
Monthly
*500. Mar. 1 *Holders of rec. Feb. 20
Monthly
'250. Apr. 1 *Holders of rec. Mar. 20
Monthly
*250. May 1 'Holders of rec. Apr. 19
Yale & Towne Mfg. (Special)
Dec. 14 Holders of rec. Dec. 26
$1
Wheeling Steel Corp., con)
Dec. 6 *Holders of rec. Nov. 12
*$1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern ord
Ordinary (extra)
Preferred
Preferred (extra)
Atch.Top.& Santa Fe. common (quar.)
Atlantic Coast Line RR., pref
2971
FINANCIAL CHRONICLE
Nov. 9 1929.]
When
Per
Cent. Payable
Books Closed.
Days Indus-lie.
Dec. 27 Holders of rec. Nov. 27
$2
$1.50 Dec. 27 Holders of rec. Nov. 27
Feb. 13 Holders of rec. Jan. 10
52
$1.50 Feb. 13 Holders of rec. Jan. 10
234 Dec. 2 Holders of rec. Nov. in
*2% Nov. 11 *Holders of rec. Oct. 25
Name of Company.
Railroads (Steam) (Concluded).
Baltimore & Ohio common (guar.)
Preferred (guar.)
Bangor & Aroos.,com.(old & new)(quar.)
Preferred (guar.)
Central of Ga. Ry
Central RR.of N.J.(Qum.)
Chesapeake le Ohio. pref. (guar.)
Cuba RR.. pref. (guar.)
Delaware & Hudson Co.(guar.)
Erie RR..first & second Prof
Georgia Sou Sr Fla let & 2nd pref
Hudson Sr Manhattan, corn
Illinois Central, corn (guar.)
Internat. Rys. of Cent. Amer pt. BrijMaine Central, common (guar.)
Preferred (guar.)
Midland Valley, preferred
Missourt-Kan.-Texas pref. A (grlar.)
New Orleans,'Fox. & Mexico (riner.)
Norfolk & Western, corn. (guar.)
Common (extra)
Adjustment pref. (guar.)
Pennsylvania (guar.)
Reading Company,corn.(guar.)
First preferred (guar.)
Wabash Ry.. pref. A (guar.)
When
Per
Cent. Payable.
Books Closed
1,00 Inclusive.
134 Dec. 2 Holders of rec. Oct. lle
1
Dec. 2 Holders of rec. Oct. lla
870. Jan. 1 Holders of roe. Nov.30e
134 Jan. 1 Holders of rec. Nov.30e
3% Dec. 31
Nov. 15 Holders of rec. Nov. 40
2
334 Jan 1'30 Holders of roe. Dec.
Feb1110 Holders of res. Jan. 15
3
*234 Dec. 20 *Holders of rec. Nov. 26
2 Dec. 31 Holders of roe. Dee. lea
*2% Nov. 27 *Holders of rec. Nov. 13
134 Dec. 2 Holders of rec. Nov. 160
134 Dec. 2 Holders of rec. Nov. 8a
134 Nov. 15 Holders of ree. Oct. 310
Jan. 2 Holders of rec. Deo. 16
1
134 Dec. 2 Holders of rec. Nov. 15
$1.25 Dec. 2 Holders of roe. Nov. 23a
'
1,134 Dec. 31 *Holders of rec. Dec. 14
1% Dec. 2 Holders of rec. Nov. 15a
Dee. 19 Holders of recs. Nov.300
2
Dec. 19 Holders of rec. Nov.300
4
Nov. 19 Holders of too. Oct. 310
$1
Nov.30 Holders of rec. Nov. la
$1
Nov. 14 Holders of tea. Oct. 17a
1
50c. Dec. 12 Holders of rec. Nov.2Ia
$1.25 Nov.25 Holders of tee. Oct. 25.
Public Utilities.
$1.25 Nov. 15 Holders of rec. Nov. 1
Allied Power & Light,55 pf.
750 Nov. 15 Holders of rec. Nov. 1
$3 preference (guar.)
Amer. Water Wks. & Eleo. corn. (qu.)
280. Nov. 15 Holders of too. Oct. 250
Atlas Light & Power.
*te3 Nov. 27 *Holders of ree. Oct. 21
Amer. dep,rights for ordinary shs_
Brazilian Tree. L. & P.ordinary (guar.) 50c Dec. 2 Holders of tea. Oct. 81
Dec. 2 Holders of rec. Nov. lla
2
Brooklyn Edison Co. (guar.)
Bklyn.-Manh. Tran. pref. ear. A (eitt.)$1.5 Jan1530 Holders of rec. Dee. 310
$1.50 API15'30 Hold. of Mo. Apt.1 101
Preferred, sorted A (quar.)
Can. Hydro-Elec. Corp. let pf. (qu.).
134 Dec. 1 Holders of tee. Nov. la
Central & Southw. Ut11., $7 pr.lien ((Pl.) 51.7 Nov. 1 Holders of rec. Oct. 31
$1.5 Nov. 15 Holders of rec. Oct. 81
$6 prior lien (quer.)
$1.7 Nov. 1 Holders of rec. Oct. 31
$7 preferred (guar.)
Chic. Rapid 'Fran., pr. pref. A (mthly.) '650 Dec. 2 *Holders of rec. Nov. 19
*Holders Of tee. Nov. 19
*60c Dec.
Prior pref., series•B (monthly)
*50c Nov. 1 *Holders of rec. Nov. 1
Cities Serv. Pow.& Lt.56 pf.(mthly.)
• 58 1-3 Nov. 1 *Holders of tee. Nov. 1
$7 preferred (monthly)
Holders of too. Nov.15
Cleve. Elec. Illuminating. pref.(guar.). 1% Deo.
50c. Nov. 1 Holders of rec. Oct. 150
Columbia Gas & Electric corn. (quar,)..
134 Nov. 15 Holders of rec. Oct. 150
6% preferred (guar.)
1% Nov. 15 Holders of rec. Oct. 15s
5% Preferred (quar.)
Community Water Service, $7 prof (qu.) '$1.75 Dec. 2 *Holders of rec. Nov.20
Connecticut Ry. & Ltg., com.drpf. (rm.) 134 Nov. 15 Holders of rec. Oct. 31.0
Dec. 16 Holders of rec. Nov.lla
51
Consol. Gas(N. Y.) corn. (guar.)
$1.25 Jan 2'30 Holders of tee. Dec. 14
Consumers Power, $5 pref.(guar.)
Jan
2'30 Holders of tea. Dec. 14
1%
6% preferred (Quer.)
1.65 Jan 2'30 Holders of roc. Dec. 14
.6% preferred (qua?.)
Jan
2'30 Holders of res. Dec. 14
1%
Preferred
(Qum.)
7%
50o. Dec. 2 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan 2'30 Holders of too. Dec. 14
6% preferred (monthly)
550. Dec. 2 Holders of too. Nov. 15
6.6% preferred (monthly)
650. Jan 2'30 Holders of tee. Dee. 14
6.6% preferred (monthly)
Eastern Mass.St. Ry.I% Nov. 15 Holders of too. Nov. I
let pref. A & sink, fund stks.(guar.)
1% Dec. 16 Holders of rec. Nov.30
East Kootenay Power. pref.(guar.)
Nov. 15 Holders of too. Oct. 25
,,145c.
(qu.)
A
corn.
Corp.
Pub.
Ser.
Empire
230 Nov. 15 Holders of rec. Oct. 31
Fairmount Park Transit,cam
b60c Dec. 2 Holders of rec. Nov. la
Federal Water Service, class A (guar.)
General Gas & Elec. class A & B (qu.)--- n373,4c Jan. 2 Holders of rec. Nov.290
Holders of rec. Nov.290
Jan.
$
$7 preferred A (guar.)
2 Holders of tea. Nov.2941
52115
18 preferred A (Oust.)
$1.50 Dec. 15 Holders of rec. Nov. 15
$6 preferred (altar.)
$1.50 Dec. 15 Holders of rec. Nov. 15
$6 Prof. series B (guar.)
1% Dec. 2 Holders of rec. Nov. lie
Havana Elec. Ry., pref. (guar.)
1% Nov. 15 Holders of rec. Oct. 21
Havana Elec.& Utilities 1st pref. (:111.)
51.25 Nov. 15 Holders of rec. Oct. 21
Cumulative preference (guar.)
50c Dec. 1 Holders of rec. Nov. I
Intereontinents Power. corn. A (qtrar.)
51.75 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Dec. 1 Holders of reo. Nov.30
$3
1
Intermit Power Securities, common---. $
Dec. 1 Holders of reo. Nov.30
$6 preferred A
134 Nov. 15 Holders of too. Oct. 31
Interstate Pub. Serv.. prof. (guar.)Kentucky Utilities, junior pref.(guar.) *8734c Nov.20 *Holders of rec. Nov. 1
*Holders of roe. Nov. 18
Dec.
Keystone Telephone of Phila. pref.(qu.) "$1
"4114
3,0 Nov. 15 *Holders of rec. Oct. 31
Los Angeles Gas & Elec.. pref. (quar.)
Dec. 2 *Holders of rec. Nov.30
Louisville Gas & Elec., com. A & B (qu.)
*Holders of rec. Nov. 15
*2
Dec.
Massachusetts Gas Cos., pref
Holders of rec. Oct. 31
Middle West Utilities, corn. (quar.).... $
5 Holders of rec. Nov. 126
Ncv
: 12
2
1:5705
.D
National Power & Light, corn. (guar.)._
of rec. Oct. 31
Holders
Nov.
15
250.
A
(qu.)
_
_
corn.
87
Nat. Water Works Corp..
Nov. 15 Holders of too. Oct. 81
Preferred A (quar.)
ov. 12
5 Holders of reo. Oct. 31
i2
8740 JNan
Cony. pref.serics B(Quar
Holders of too. Dec. 56
North American Co., corn.(In corn. stk.)
75o Jan. 2 Holders of roe. Dec. ISce
Preferred (guar.)
Holders
Dec.
of too. Nov. lfes
2
$1.50
Amer.
pref.
(guar.)
Edison
North
Nov. 15 Holders of too. Oct. 19
North Amer. Light & Power corn.(qu.). f2
No. Amer. Wat,Wks.&Elec.com A (qu.) *43c Nov. 15 *Holders of roe. Nov. 2
North west Utilities, pref. (guar.)
1% Nov. 15 Holders of rec. Oct. 31
Ohio Edison Co.6% prof.(guar.)
1% Doc. 2 Holders of rec. Nov. 15
1.65 Dec. 2 Holders of rec. Nov. 15
6.6% Preferred (Qilar.)
1,‘ Dec. 2 Holders of rec. Nov. 15
7% preferred (guar.)
134 Dec. 2 Holders of ree. Nov. 15
5% Preferred (guar.)
6% preferred (monthly)
50e Dec. 2 Holders of too. Nov.15
55e Dec. 2 Holders of too. Nov.15
6.6% preferred (monthly)
Pacific Gas dr Elec.. 534% pref.(guar.). 3
34
714c Nov. 15 Holders of roe. Oct. 31
Nov. 1. Holders of rec. Oct. 31
6% Preferred (guar.)
Pacific Lighting, corn. (guar.)
6 Holders of too. Oct. 316
750 Nov. 15
*31.2Nov. *Holders of reo. Oct. 31
$5 preferred (guar.)
Penn-Ohio Edison, 7% prior of. (go.).. 1% Dec. 2 Holders of reo. Nov. 15
Pennsylvania Pow. Co., $8.60 VI.(mthly
55o Dec. 2 Holders of too. Nov.20
$6 preferred (oiler.)
% Dec.2 Holders of too. Nov.20
$11.50
Phila. Suburban Water Co.. Pt.(qu.).
Nov. 30 Holders of rec. Nov.210
Power Corp. of Canada (interim)
Holders of rec. Nov.30
$
Pub. Ser. Corp.of N.J.,6% pt.(mthly.) 500
Nov.
.30 Holders of rec. Nov. 1
1 pee.
Radio Corp. of Amer.. prof. A (qu.)
87)Ze Jan.
Holders of rec. Dec. 2a
Preferred B (guar.)
35c.$
Holders of rec. Dec. 20
Ja
an
n..
51.25
Original pre'
Holders of reo. Dec. 2.
Scranton-Spring Brook Water Service
$6 preferred (guar.)
$1.50 Nov. 15 Holders of rec. Nov. 50
$5 preferred (guar.)
$1.25 Nov. 15 Holders of rec. Nov. So
Southern Calif. Edison, corn. (qu.)
50e. Nov. 15 Holders of rec. Oct. 20a
Preferred A (guar.)
43%c. Dec. 15 Holders of rec. Nov.20
Preferred B (guar.)
37%c. Dec. 15 Holders of rec. Nov.20
Sou. Canada Power. Ltd.. corn. ((Lm)
25e. Nov. 15 Holders of rec. Oct. 31
Southern Cities Utilities pref
334 Nov. 11 Holders of rec. Oct. 24
Southern Colo. Power, corn. ((Luar.)._
500. Nov.25 Holders of rec. Oct. 31
Sou. Pacific Golden Gate FerriesClam A and B (guar.)
Nov. 15 'Holders of rec. Oct. 31
Tampa Electric Co.(guar.)
Nov. 15 *Holders of rec. Oct. 25
Tennessee Elec Power,5% 1st pf.(qu.)
Jan. 2 Holders of rec. Dec. 14
6% let preferred (guar.)
Jan. 2 Holders of rec. Dee. 14
7% 1st preferred (quar.)
Jan. 2 Holders of rec. Dec. 14
7.2% let preferred (guar.)
Jan. 2 Holders of rec. Dec. 14
Dec. 2 Holders of rec. Nov. 15
6% list preferred (monthly)
6% 1s1 preferred (monthly)
Jan. 2 Holders of rec. Dec. 14
Dec. 2 Holders of rec. Nov. 15
7.2% 1st preferred (monthly)
7.2% 18t preferred (monthly)
Jan. 2 Holders of too. Dec. 14
United Gas & Improvement25c Dec. 31 Holders of too. Nov.30a
New common (guar.)(No. 1)
$1.25 Dec. 31 Holders of rec. Nov.30d
$5 preferred (guar.)
Westchester Ferry Corp.. prof
4
Nov. 15 Holders of roe. Oct. 31
West Penn Elec. Co. 7% pf. (guar.).- 1% Nov. 15 Holders of rec. Oct. 19e
6% preferred (guar.)
194 Nov. 15 Holders of rec. Oct. 19e
2972
Name of Company.
Fire Insurance
American Re-Insurance (guar.)
Brooklyn Fire (guar.)
Special
General Reinsurance. corn. (guar.)
Globe Ins. Co. of America (special)
Stock dividend
North River (qual.)
Republic Fire Insurance
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
*75c. Nov. 15 *Holders of rec. Oct. 28
Jan1'30 Holders of rec. Dec. 20
6
45c. Dec. 20 Holders of rec. Dec. 10
4.400. Nov. 15 *Holders of roe. Oct. 31
50c. Nov. 15 Holders of rec. Oct. 25
66 2-3 Nov. 15 Holders of rec. Oct. 26
50e. Dec. 16 Holders of rec. Dec. 6
400. Nov. 15 Holders of rec. Nov. 4
Miscellaneous.
50e. Nov. 25 Holders of rec. Nov. 10
Abbot Laboratories, corn. (extra)
'el
Dec. 2 'Holders of rec. Nov. 20
Ainsworth Mfg,stock div.(quar.)
•
el
Marl 30 'Holders of rec. Feb. 20
Stock dividend (quar.)
•el
Jun 230 'Holders of rec. May 20
Stock dividend (quar.)
2
Nov. 9 Holders of rec. Oct. 31
Alaska Packers Assn., corn. (quar.) _ _ _
"51.75 Nov. 15 *Holders of rec. Oct. 31
Albers Milling, pref. (quar.)
•15e. Nov. 18 "Holders of rec. Oct. 31
Allegheny Steel, corn.(rathly.)
1% Dec. 2 Holders of rec. Nov. 15s
Preferred (guar.)
50c. Nov. 15 Holders of rec. Oct 24a
Allis-Chalmers Mfg., corn. (quar.)
*50o. Dec. 31 *Holders of rec. Dec. 16
Aluminum Mfrs.. oom. (quar.)
•144 June 30 *Holders of reo. June 18
Preferred (attar.)
•144 Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
'154 Dec. 31 *Holders of tee. Dec. 15
Preferred (quar.)
50e. Jan. 2 Holders of rec. Dec. 10a
American Bank Note, corn.(quar.)
Dec. 30 Holders of rec. Dec. 100
51
Common (extra)
Dec. 30 Holders of rec. Dec. 10a
Common (payable in common stock)_ _ 010
75e. Jan. 2 Holders of rec. Dec. 10a
Preferred (guar.)
75e. Nov. 15 Holders of rec. Oct. 310
American Can. corn. (guar.)
SI
Feb. 15 Holders of rec. Jan. 31a
Common (quar.)
51
Dec. 2 Holders of rec. Nov. I5a
Common (extra)
51.50 Nov. 15 Holders of rec. Ott. 31
Amer. European Secur., pref.(quer.).
*1
Jan2'30 *Holders of rec. Dec. 17
Amer. Hardware Corp.(Qual.)
30e. Dec. 2 Holders of rec. Nov. 140
Amer. Home Products (monthly)
Dec. 2 *Holders of reo. Nov. 21
Amer. Laundry Machinery, corn. (qu.). *El
*13
Dec. 2 *Holders of rec. Nov. 21
Common (payable In corn, stock).
American Manufacturing750. Dec. 81 Holders of rec. Dec. 15
Common (guar.)
144 Doe. 31 Holders of rec. Dec 18
Preferred (guar.)
6255c Dec. 1 Holders of rec. Nov. 15
Amer. 151 ultlgraph, corn. (guar.)
1255 c Dec. 1 Holders of rec. Nov. 15
Common (extra)
Amer. Radiator dz Std. Sanitary Corp.
3734c Dec. 31 Holders of rec. Dec. ha
Common (qual.)
14 Nov. 30 Holders of rec. Nov. 150
Preferred (quar.)
50e. Jan. 15 Holders of rec. Dec. 310
Amer. Rolling Mills, corn.(quar.)
154 Dec. 2 Holders of rec. Nov. la
Amer. Smelt. & Rehr., pref. (quar.)
75e. Nov. 15 Holders of rec. Oct. 26
Am.Solvents & Chem., pf.(qu.)(No. 1)
50e. Jan. 2 Holders of rec. Dec. 140
American Stores (guar.)
50c. Dec. 2 Holders of tee. Nov. 14a
Extra
Dec. 2 Holders of rec. Nov. 90
Amer. Tobacco, corn. & corn. B (quar.)_ $2
2
Dec. 2 Holders of rec. Nov. 9a
Common and common B (extra)
it. Nov. 9 Holders of rec. Oct. 31
Amparo Mining (guar.)
$1.75 Nov. 18 Holders of rec. Oct. Ila
Anaconda Copper Mining (guar.)
75e. Nov. 11 Holders of rec. Oct. ha
Anaconda Wire & Cable (quar.)
75e. Nov. 11 Holders of rec. Oct. Ito
Andes Copper Co.(guar.)
154 Dec. 2 Holders of ree. Nov. 15a
Artloom Corp., pref.(quar.)
Associated Dry Goods, first pref. (quar.) 155 Dec. 2 Holders of rec. Nov. 9a
1/4 Dec. 2 Holders of rec. Nov. 14
Second preferred (guar.)
Atlantic Gulf & West Indies ELS. Lines.
11
Dec. 81 Holders of ree. Dee. Ilo
Preferred (qual.)
75e. Dec. 2 Holders of rec. Nov. 15
Atlantic Securities Corp. pief (qu.)
•154 Jan. 1 *Holders of rec. Dec. 20
Babcock de Wilcox Co.(quar.)
114 Jan 1'30 Holders of roe. Nov 1
Bakers Share Corp., corn.(qua
*750. Dec. 27 *Holders of rec. Dec. 16
Balaban & Eats, corn. (guar.)
•14 Dec. 27 *Holders of rec Dec 16
Preferred (guar.)
134 Dec. 2 Holders of rec. Nov. 114
Bamberger (L.)& Co.,64% pf.(qu.)
*32
Jan15'30 *Holders of rec. Dec. 81
Bankers Capital Corp., pref. (quar.)
'623.40 Dec. 1 *Holders of rec. Nov. 15
Bastian Blessing Co.. corn. (guar.)
Baumann (Ludwig) & Co., 1st pt. (qu.) 154 Nov. 15 Holders of rec. Nov. I
Berkshire Fine Spinning Associates75c. Dec. 2 Holders of rec. Nov. 15
Common (quar.)
1% Dec. 2 Holders of rec. Nov. 15
Convertible preferred (quar.)
$1.50 Nov. 15 Holders of rec. Oct. 180
Bethlehem Steel common (Qual.)
*51.50 Feb. 15 "Holders of rec. Jan. 18a
Common (qual.)
•111 Jan. 2 *Holders of rec. Dec. 6a
Preferred (quar.)
30e. Nov. 15 Holders of rec. Nov. la
Blauner's, Inc., corn. (guar.)
fl Si Nov. 15 Holders of rec. Nov. le
Corn. (payable in corn, stock)
75e. Nov. 15 Holders of rec. Nov. 1
$3 preferred (quar.)
•25e. Dec. 2 'Holders of rec. Nov. 22
Blaw-Knox Co., corn. (guar.)
51
Nov. 13 Holders of rec. Nov. Pa
Bon Arai, class A (extra)
50e. Nov. 13 Holders of rec. Nov. 9
Class B (extra)
Bond dr Mortgage Guarantee (quar.)_ _ _ 51.25 Nov. 15 Holders of rec. Nov. 5
75e. Nov. 30 Holders of rec. Nov. 15
Borden Company (qual.)
Boss Manufacturing, corn. (guar.)
23-5 Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Common (payable in common stock)_ /20
154 Nov. 15 Holders of rec. Oct. 31
Preferred (quar.)
Dec. 16 Holders of rec. Dec. 2
Boston Woven Hose & Rub.,com.(extra) $2
*50c. Dec. 20 "Holders of rec. Nov. 16
Brach (E. J.) & Sons (quar.)
'30c. Jan. 2 'Holders of rec. Dec. 15
Brillo Mfg., corn. (quar.)(No. 1)
*50e. Jan. 2 *Holders of rec. Dec. 15
Class A (quar.)
8e. Dec. 2 Holders of rec. Nov.
_
British Type Investors (hi-monthly)_
*50e. Nov. 15 'Holders of rec. Nov. 1
Brown Durrell Co., ont. (quar.)
•155 1/1/30 *Holders of ree. Dee. 15
61.4% preferred (Quer.)
75e. Nov. 15 Holders of rec. Oct. 25a
Brunswick-Balke-Collender, corn. (qu.)Si
Dec. 14 Holders of rec. Nov. 22
Buckeye Pipe Line (quar.)
Dec. 10 *Holders of rec. Dec. 3
Buckeye Steel Castings. corn. (extra).... *El
Nov. 15 Holders of rec. Nov. 8a
Budd Wheel, corn. (In common stock)._ /300
25e. Nov. 20 Ilolders of rec. Nov. 150
Budd Wheel, new corn. (qu.)(No. 1) _
75e. Dec. 1 Holders of rec. Nov. 15
Bulova Watch Co., corn. (quar.)
8755c Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
(k)
Nov. 15 'Holders of rec. Oct. 15
Burmah 011 (Amer. dep. rots.)
$2
Nov. 15 Holders of rec. Nov. la
Burns Bros., class A (guar.)
"50e. Nov. 15 *Holders of rec. Oct. 31
Butler Bros. (guar.)
$1 Dec. 16 Holders of rec. Nov. 300
California Packing Corp.(guar.)
50e. Dec. 2 Holders of rec. Nov. 150
Campbell, Wyant & Cannon Fdy.(qu.)_
Dec. 15 Holders of rec. Nov. 30
Canada Wire & Cable, class A (quar.)_ $1
'155 Dec. 15 *Holders of rec. Nov. 30
Preferred (quar.)
44c. Nov. 30 Holders of rec. Nov. 15
Canadian Car & Foundry, ord. (quar.)
1% Nov. 15 Holders of rec. Oct. 31
Canadian Converters' Ltd. (quar.)__
$1.75 Dec. 31 Holden of Lee. Nov. 20
Canfield 011, corn.& Diet (Guar.)
'50c. Dec. 2 *Holders of rec. Nov. 15
Carman & Co., class A (quar.)
*154 Jan. 2 "Holders of rec. Dec. 20
Carnation Co., pref. (quar.)
'134 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Carnation Milk ProductsCommon (payable In common stock)- •1 Jan 2'30 *Holders of roe. Dec. 21
•75c. Nov. 25 *Holders of rec. Nov. 15
Caterpillar Tractor (quar.)
Celluloid Corp.. let pf. Partic. stk.(MO $1.75 Dec. 2 Holders of rec. Nov. 10
$1.70 Dec. 2 Holders of rec. Nov. 10
$7 preferred (guar.)
15c Nov. 15 Holde-s of rec. Nov. 6
Centrifugal Pipe Corp.(guar.)
14 Dec. 2 Holders of rec. Nov. 20a
Century Ribbon Mills, prof. (qu.)
"6255e Nov. 15 *Holders of rec. Nov. 1
Chain Belt Co.(quar.)
Chartered Investors, Inc., pref. (guar.). '51.25 Dec. 2 *Holders of rec. Nov. I
25e. Nov. 15 Holders of reo. Nov. 1
Chelsea Exchange Corp. elan A & B (qu)
250. FbI5'30 Hold, of rec. Jan. 31 '30
Class A & B (quar.)
25e. My15'30 Hold. of reo. May 1 '30
Class A & B (quar.)
*30e. Jan. 1 "Holders of rec. Dec. 20
Chicago Flexible Shaft. corn. (quar.)
•300. Apr. 1 "Holders of rec. Mar. 20
Common (quar.)
•30c. July 1 "Holders of rec. June 20
Common (quar.)
*30e. Oct. 1 "Holders of rec. Sept 20
Common (bar.)
25c. Dec. 2 Holders of rec. Nov. 200
Chicago Yellow Cab (monthly)
75e. Jan. 2 Holders of roe. Dee. 10
Chickasha Cotton 011 (quar.)
60c. Dec. 10 Holders of rec. Nov. 22a
Childs Co., corn. (quar.)
154 Dec. 10 Holders of rec. Nov. 22a
Preferred (guar.)
873-4c Dec. 30 Holders of rec. Dec. 9a
Chile Copper Co. (quar.)
$1.50 Dec. 30 Holders of rec. Dec. 40
Extra
75c. 112 130 Holders of rec. Dec. 2a
Chrysler Corp. (Qual.)
*750. Nov. 15 *Holders of rec. Oct. 31
Churngold Corp.(quar.)
*50e. Dec. 31 *Holders of rec. Dec. 20
Cincinnati Advertising Products (qu.)
Dec. 15 *Holders of rec. Dec. 1
*El
Extra
•e10 Jan. 15 "Holders of rec. Jan. 1
Stock dividend
[Vor,. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
255e. Dec. 2 Holders of rec. Nov. 15
Cities Service, corn. (monthly)
Dec. 2 Holders of rec. Nov. 15
Common (payable in common stock).
50e. Dec. 2 Holders of rec. Nov. 15
Preference & preference BB (mthly.)
Sc. Dec. 2 Holders of rec. Nov. 15
Preference B (monthly)
"25e Jan1'30 *Holders of roc. Dec. 19
Claude Neon Elec. Prod. (go.)
•3
Jan 130 'Holders of rec. Dee. 19
Stock dividend
•3
July1'30 "Holders of rec. Jan. 20
Stock dividend
154 Jan I 30 Holders of rec. Dec. 7
Colgate-Palmolive-Peet Co.. ref. (qu.)Nov. 26 Holders of rec. Nov dila
2
Colorado Fuel & Iron, pref.(guar.)
Columbia Invest., corn. (qu.) (No. 1)_ _ "30e. Feb. 1 'Holders of rec. Jan. 25
50c. Dec. 2 Holders of rec. Nov. 16
Columbus Auto Parts, cony. pref. (qu.)_
Commonwealth & Southern Corp.Dec. 2 Holders of rec. Nov. is
Common (I-80th share common stock)
15.( Dec. 31 Holders of rec. Dec. 20
Community State Corp., A & B (quar.)Dec. 2 "Holders of rec. Nov. 15
Congoleum-Nairn Co., pref (quar.)___ _ •1
"51
Dec. 2 'Holders of rec. Nov. 15
Conservative Credit System
1% Nov. 15 Holders of rec. Oct. lb
Consol. Bond & Share Corp., pref.(qu.)1% Dec. 2 Holders of rec. Nov. 15
Consol. Cigar Corp., prof. (quar.)
'154 Nov. 15 *Holders of rec. Nov.
Consolidated Ice (Pittsburgh), pref
Dec. 15 *Holders of rec. Dec.
Preferred
Consolidated Sand & Gravel pfd. (qu.)- 1 5.5 Nov. 15 Holders of rec. Oct. 31
621St. Nov. 15 Holders of rev. Nov. le
Continental Can,corn. tqua.r.)
14 Nov. 27 Holders of rec. Nov. 12
Coty, Inc. stock dividend
04 Dec. 31 Holders of rec. Dec. 20
Crosley Radio (stook dividend)
*50c. Dec. 31 *Holders of rec. Dec. 10
Crowley Milner & Co.. tom.(quar.) _ _ _
Crown Zellerbach Corp.Cony. iref. and pref. A & B (guar.)._ •11.50 Dec. 2 'Holders of rec. Nov. 13
•154 Dec. 15 'Holders of rec. Dee. 1
Cuneo Press, pref. (quar.)
•155 Mar. 15 'Holders of rec. Mar. 1
Preferred (quar.)
50e. Dec. 2 Holders of rec. Nov. 20a
(monthly)
Publishing,
corn.
Curtis
50e. Dec. 2 Holders of rec. Nov. 20a
Common (extra)
14 Jan 1'30 Holders of rec. Dec. 200
Preferred (qual.)
'155
Jan. 2 *Holders of rec. Dec. 14
Deere & Co., corn.(quar.)
114 Dec. 2 holders of rec. Nov. 150
Preferred (quer.)
"25e.
Dec. 2 *Holders of rec. Nov. 20
(mthly)
Steel
Products
Detroit
*50e. Dec. 30 'Holders of rec. Dee. 20
Diamond Elec. Mfg.common
Dec. 30 'Holders of rec. Dee. 20
*12
Common (payable in corn. stock)
2
Dec. 16 Holders of rec. Nov. 300
Diamond Match (guar.)
*50e. Dec. 2 'Holders of rec. Nov. 15
Dictaphone Corp.. tom.(quar.)
*2
Dec.
2 *Holders of rec. Nov. 15
(guar.)
2
Preferred
250. Nov. 15 Holders of rec. Oct. 31
Distillers Corp.-Seagrams
90e. Nov. 15 Holders of rec. Oct. 31
Dominion Bridge. Ltd. (guar.)
50c. Nov. 15 Holders of rec. Nov. 1
Dow Chemical, new corn. (No. 1)
1% Nov. 15 Holders of rec. Nov. )
Preferred (guar.)
Jo 1530 Holders of rec. Dec. 31a
Dunhill Internat. common. (quar.) _ $1
11
3n15'30 Holders of rec. Dec. 31e
Common (payable In corn, stook)
$1
Ap15'30 Holders of reo. Apr. la
Common (qual.)
Ap15'30 Holders of rec. Apr.
Common (payable in coin. stock)
$1.75Febl'30 Holders of rec. Dec. 8.1
Eastern Bankers Corp.. prof.
50c. Nov. 30 Ilolders of rec. Oct. 31
East. Theatres,Ltd.(Canada)corn.(qu.).
Eastern Utilities Associates, corn. (qu.)_ •50c Nov. 15 *Holders of rec. Oct. 25
Eastern Utilities Investing Corp$1.50 Dec. 2 Holders of rec. Oct. 31
36 preferred (qual.)
$1.75 Dec. 2 Holders of roe. Oct. 31
$7 preferred (quar.)
$1.25 Jan2'30 Holders of rec. Nov. 30
Prior preferred (quar.)
6255c Nov. 30 Holders of rec. Nov. 1Sa
Eitingon Sch ild Co., corn.(quar.)
Dec. 2 'Holders of rec. Nov.
Elec. Shareholdings, corn. (in corn stk.) _ •f2
$6 preferred (50-100 share of corn.) _ - - (1) Dec. 2 "Holders of rec. Nov. 5
Elec. Stor. Bat., corn. & pf. (In corn stk.) 100 Subj. to stkhldrs. meeting Apr.LI
Empire Amer. Serer. corn. (in corn. stk.) 'is Nov. 15 Holders of rec. Oct. 25
50e. Dec. 24 Holders of rec. Nov. 305
Emporium Capwell Corp. (guar.)
50e. Nov. 16 Holders of rec. Nov. 1
Equitable Casualty & Surety (quar.)._
75e. Dee. 31 Holders of rec. Dec. 120
Fairbanks Morse & Co., corn.(gear.)._ _
1% Dec. 2 Holders of rec. Nov. 120
Preferred (boar.)
Famous Players Can. Corp.Dee. 1 Holders of rec. Nov. 15
Common (attar.) (No. 1)
Dec. 17
Jan. 1
Faultless Rubber (quar.)
Dec.
2 Holders of rec. Nov. 15
Finance Service (Bait.) corn A & B (qu.)
Dec. 2 Holders of rec. Nov. 15
Preferred (quar.)
Nov. 10 Holders of rec. Oct. 31
First American Bancorporation A (qu.).
Dec. 2 Holders of rec. Oct. 31
First Trust Bank-Stock Corp.(qu.)
Dec. 2 Ilolders of rec. Oct. 31
Extra
Nov. 20 'Holder of rec. Oct. 31
Fisher Brass, pref. A (gar.)
Fitz Simons & Connell Dredge & Dock2 "Holders of rec. Nov. 20
Dec.
550e.
(quar.)
Common
12 Dec. 2 'Holders of rec. Nov. 20
Common (payable in corn. stock)
Dee. 2
Common (stock div., 1-40th share)-13-4 Jan. 1 Holders of rec. Dec. 160
Florsheim Shoe, pref. (quer.)
75e. Dec. 15 Holders of rec. Nov. 300
Follansbee Bros., common (quar.)
13-4 Dec. 15 Holders of rec. Nov. 30
Preferred (quar.)
*350. Janl'30 *Holders of rec. Dec. 14
Formica Insulation (0ear.)
•25e. Nov. 15 *Holders of rec. Nov. 1
Foster & Kleiser Co.(quar.)
25e. Nov. 15 Holders of rec. Oct. 31
Foundation Co. of Canada (guar.)
•154 Jan 130 *Holders of reo. Dec. 15
Frank (A. B.) Co., pref. (guar.)
•154 Aprl'30 'Holders of rec. Mar. 15
Preferred (quar.)
•14 Jul 130 'Holders of rec. June 15
Preferred (guar.)
•154 Oct 130 'Holders of rec. Sept. 16
Preferred (guar.)
40e. Nov. 15 Holders of rec. Oct. 310
General Alliance Corp. (quar.)
General Amer. Tank Car.
.11 Jan 130 *Holders of ree. Dec. 13
Common (payable In corn. stock).
Dee. 2 *Holders of rec. Nov. 15
General Box, pref. (guar.)
Dec. 2 Holders of rec. Nov. 140
General Bronze. common (quar.)
Dec.
2 Holders of rec. Nov. 130
Corp.,
class
A
General Cable
Dec. 2 Holders of rec. Nov. 220
General Cigar, pref. (quar.)
Nov. 15 Holders of roe. Nov. 40
Gen'l Outdoor Advertising, el. A (qual.)
Nov. 15 Holders of rec. Nov. 40
Preferred (guar.)
Nova25 Holders of rec. Nov. 110
General Refractories (quar.)
Novd25 Holders of rec. Nov. 110
Extra
Dee.
2 'Holders of roe. Nov. 15
Gerrard (S A)Co., cum.(guar.)
Des. 2 Holders of reo. Nov. la
Gillette Safety Razor Mari
Deo.
2 Holders of rec. Nov. Is
Stock dividend
Dec. 2 Holders of rec. Nov. 20
Globe-Democrat Pub., pref.
Nov. 10 Holders of rec. Oct. 25
Godman (II. C.) Co.(quar.)
Deo. 1 *Holders of ree. Nov. 18
Golden State Milk Products (stk. div.)Dec. 2 Holders of rec. Nov. 1
Gorham Mtg., con.(guar.)
Nov. 1, Holders of rec. Nov. 1
Gorham, Inc., $3 pref. (guar.)
Nov. 20 *Holders of rec. Oct. 21
Gramophone Co., Ltd.-Ann. dep. refs
Nov. 25 Holders of rec. Nov. 12a
Grand (F.& W.)5-10-25c. Sts. corn
Dec. 31 *Holders of rec. Dee. 20
Grand Rapids Varnish (quar.)
Dec. dl alloltiers of rec. Nov. 15a
Grand Union Co. pref. (briar.)
Dec. 2 *Holders of rec. Nov. 8
Great Atlantic & Pacific Tea, corn. 0111•1
'
114 Dec. 2 'Holders of rec. Nov. 8
Preferred (briar.)
Nov. 15 Holders of rec. Nov. 7
Great Lakes Dredge & Dock (quer.).- - 2
13-S Jan. 2 Holders of rec. Dec. 14
Greenfield Tap & Die.6% pref. (qu.).
Jan. 2 Holders of rec. Dec. 14
2
8% Preferred (quar.)
*75e. Nov. IR 'Holders of tee. Nov. 1
Greenway Corp., 5% pref. (guar.)
•500. Dec. 2 *Holders of rec. Nov. 2(.)
Gruen Watch, common (quar.)
•
1500. M'r 1'30 *Hold,of rec. Feb. 1810
Common (mar.)
•154 Febl'30 *Hold,of roe. Jan. 21'30
Preferred (guar.)
144 Jan 210 Holders of reo. Deo. 16s
Gulf States Steel, pref. (guar.)
Hale Brothers Store Inc., corn.(qu.)-- 50e. Dec. 2 Holders of rec. Nov. 15
13-5 Nov. 30 Holders of rec. Nov. 95
Hamilton Watch pref. (gar.)
"25e. Nov. 15 *Holders of rec. Oct. 30
Hammermill Paper,corn.(quar.)
50c. Dee, 2 Holders of rec. Nov. 220
Elarbison-Walker Refrac. common (qu.)_
25e. Dec. 2 Holders of rec. Nov. 220
Common (extra)
1-S
Jan. 20 Holders of rec. Jan. 100
Preferred (guar.)
Hart Carter Co., cony. pref.'(quer.)._ - •50e. Dee, 2 'Holders of rec. Nov. 15
Nov. 30 'Holders ef rec. Nov. 15
Hart, Schaffner & Marx corn. (quar.) - - *2
Hartford Times, Inc., partle. pref.(qu.). 750. Nov. 15 Holders of rec. Nov. 1
75e. Dec. 2 Holders of rec. Nov. 15
Hathaway Bakeries,Inc., el. A (qui $1.75 Dec. 2 Holders of rec. Nov. 15
Preferred (guar.)
•25e. Dec. 6 *Holders of reo. Nov. 25
Hawaiian Com'l & Sus.(mthly)
50e. Nov. 30 Holders of rec. Nov. 150
Hawaiian Pineapple (cjum.)
50e. Nov. 30 Holders of rec. Nov. 150
Extra
Jan 130 Holders of rec. Nov. 155
;Hawaiian Pineapple (stock dividend).- e20
Jan 230 Dee. 25 to Jan. 1
Hayes Body Corp.(quar.)(pay. In stk.) 2
134 Nov. 15 llolders of rec. Nov. 40
Hercules Powder, pref.(quar.)
Nov. 15 Holders of rec. Oct. 250
Hershey Chocolate, cony. pref.(go.) - - $1
14 Nov. 15 Holders of rec. Oct. 125a
Prior preferred (quar.)
Dee.11 2
2
Dec. 2 Nov. 21 to
Higbee Co.second pref. (guar.)
(r)
Nov. 9 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclutive.
Miscellaneous (Continued).
albbard.Spence.Bartlett & Co.(mthly.)_
350. Nov. 29 Holders of rec. Nov. 22
Monthly
35e Dec. 27 Holders of rec. Dec. 22
Hires (Charles E.) Co., corn. A.(quar.)_
50c. Dec. 2 Holders of roe. Nov. 150
Hormel (George A.) Co.(guar.)
550c. Nov. 15 *Holders of rec. Nov. 1
Horn (A. C.) Co. 1st pref.(guar.)
Dec. 1 *Holders of rec. Nov. 23
873.c
Household Products (guar.)
874c Dec. 2 Holders of rec. Nov. 15a
Imperial Chemical IndustriesAmerican deposit receipts
Dec. 7 *Holders of rec. Oct. 16
*tc3
Full paid sub. rets. 3.38d. per share...
Dec. 7 *Holders of rec. Oct. 16
Indiana Pipe Line (guar.)
50e. Nov. 15 Holder's of rec. Oct. 25
Extra
25e. Nov. 15 Holders of rec. Oct. 25
Ingersoll Rand Co. common (quar.)
Dec. 2 Holders of rec. Nov. 66
$1
Common (extra)
Dec. 2 Holders of rec. Nov 60
$1
Inland Steel (guar.)
8714c Dec. 1 Holders of rec. Nov. 15a
Internat. Agric. Corp., prior pref. MO- 1% Dec. 2 Holders of rec. Nov. 15a
Internat. Harvester, pref.(guar.)
151 Dec. 2 Holders of rec. Nov. .50
International Paper, corn.(guar.)
60c. Nov. 15 Holders of rec. Nov. 10
Internat. Paver & Power,com. A kqu.)_.
60c. Nov. 15 Holders of rec. Nov. la
Internat. Safety Razor class A (guar.) _
60c. Dec. 2 Holders of rec. Nov. I4a
Class B (quar.)
50c. Dec. 2 Holders of rec. Nov. 14n
Class B (extra)
25c. Dec. 2 Holders of rec. Nov. 14a
International Shoe. pref. (mthly)
50o. Doe. 2 Holders of MO. Nov. 16
Preferred (monthly)
•50o. Jan. 1 *Holders of roe. Dee. la
Internat. Silver, corn. (guar.)
14 Dec. 1 Holders of rec. Nov. 15a
Intertype Corp., com. (guar.)
250. Nov. 15 Holders of rec. Nov. la
Common (extra)
25e. Nov. 15 Holders of me. Nov. la
Iron Fireman Mtg.,corn.(guar.)
*25e. Dec. 2 "Solders of rec. Nov. 15
Jewel Tea, common (guar.)
d75c. Jan. 15 Holders of rec. Dec. 31
Common (extra)
Nov. 30 Holders of rec. Nov. 14a
$1
Joint Investors, common A (guar.)
*50c. Jan. 2 *Holders of rec. Nov. 15
Common A (extra)
*25c. Jan. 2 *Holders of rec. Nov. 15
Common A (stock dividend)
•e400 Dec. 20 *Holders of rec. Dec. 10
Preferred
*E3 Jan. 2 *Holders of rec. Nov. 15
Jones & Laughlin common (guar.)
*1 4 Dec. 2 *Holders of rec. Nov. 13
Common (extra)
4.1
Dec. 2 *Holders of rec. Nov. 13
Preferred (guar.)
l51 Jan. 2 Holders of rec. Dec. 13a
Kalamazoo Vegetable Parchment WC)
"15c. Dec. 31 *Holders of roe. Dec. 21
Kawneer Company(gear.)
*62)4e Jan. 15 *Holders of rec. Dee. 31
Kinney (G. R.) Co., Inc., com.(qu.).__
25c. Jan. 2 Holders of rec. Dec. 170
Preferred (guar.)
2 Dec. 2 Holders of roe. Nov. 15a
larby Lumber (Qum.)
•13i Deo. 10 *Holders of roe. Nov. 30
Knox Hat. participating pref. (quar.)
75c Dec. 2 Holders of roe. Nov. 16.
Kroger Grocery & Baking, com.(quar.)_
25c. Dec. 2 Holders of rec. Nov. lla
Laboratory Products (guar.)
•75c. Jan. 2 *Holders of rec. Dec. 20
Stock dividend
Jan. 15 *Holders of rec. Dec. 20
•e3
Lake of the Woods Millings, com. (go.).
80e. Dec. 2 Holders of rec. Nov. 16
Preferred (guar.)
131 Dec. 2 Holders of rec. Nov. 16
Landers. Frary & Clark (quar.)
.75o. Dec. 31 *Holden, of rec. Dec. 21
Landis Machine (quar.)
.75c Nov 15 "Holders of rec. Nov. 5
Langendorf United BakeriesClass A and B (guar.)
•50c. Jan. 30 *Holders of rec. Dec. 30
Langley Co.(Toronto) pref. (guar.)._
14 Nov. 15 Holders of rec. Nov. I
Langton Monotype Mach (quar.)
I 44 Nov. 30 Holders of rec. Nov. 20
Leath & Co.. pref. (guar.)
*874r Jan. 2 *Holders of rec. Dec. 15
Lefeourt Realty Corp.. corn.(guar.)._ _ _
40c. Nov. 15 Holders of rec. Nov. 7
Lehigh Coal & Navigation (guar.)
1
Nov. 30 Holders of rec. Oct. 310
Lehn & Fink Products (guar.)
75c. Dec. 2 Holders of rec. Nov. 156
[Abbey Owens Glass Co., corn. (quar.)
25c. Dec. 1 Holders of rec. Nov. 15a
Liberty Shares Corp.stock dividend.... _ •el
Dec. 31
Stock dividend
•eI
Mar31'30
Liggett & Myers Tobacco-Common and common B (quar.)
Dec. 2 Holders of rec.. Nov. 15
$1
Link Belt Co. (quar.)
65e. Dec. 2 Holders of roe. Nov. 15a
Loew's Boston Theatres (extra)
•500. Dec. 14 *Holders of rec. Nov. 29
Loew's, Inc., prof. (guar.)
14 Nov. 1.5 Holders of rec. Nov. in
London Canadian Ire est. Corp., pt.(qu) 134 Dec. 1 Holders of rec. Nov. 15
Lord & Taylor. corn. (Christmas div.)_ _
Dec. 10 Holders of rec Nov. lfin
5
First preferred (guar.)
1(4 Dec. 2 Holders of rec. Nov. 16a
Louisiana 011 Refg., pref. (quar.)
131 Nov. 15 Holders of rec Nov. la
Lunkenheimer Co.. pref. Bluer.)
0144 Dee. 31 *Holders of roe. Dec. 31
Lynch Glass Machine, com. (quar.).... iii500. Nov. 15 *Holders of rec. Nov. 5
Macy (R. H.)& Co.(quar.)
50c. Nov. 15 Holders of rec. Oct. 25a
Magnin (I.) & Co., corn. toner.)
Nov. 15 *Holders of rec. Nov. 5
•1
Mallinson (H.R.) dc Co., pref.(guar.)
14 Jan. 1 Holders of rec. Dec. 20a
N1andel (Henry) Devel. Corp..pf.(No. 1) 53
Dec. 1 Holders of rec. Nov. Is
Manischewitz (B.) Co., corn. (in stk.).__ f*I
Dec. 2 *Holders of rec. Nov. 20
Corn.(pay. in corn. stock)(quar.)___. .11
Marl'30 *Holders of rec. Feb. 20
Corn.(pay. In corn. stock) (quar.).
J'nel'30 *Holders of rec. May 20
*fl
Merchant Calculating Mach. (quar.).
nl6'30 *Holders of roe. Dec. 31
•400
Marmon Motor Car corn. (guar.)
Dec. 1 Holders of rec. Nov. 15
$I
Massey-Harris Co., Ltd., pref. (guar.). _ '131 Nov. 15 *Holders of rec. Nov. 2
May Department Stores (guar.)
500. Dec. 2 Holders of rec. Nov. 50
Stock dividend
el31 Dee. 2 Holders of me. Nov. 5a
McKesson & Robbins, Inc., corn.(qu.)..
50c. Nov. 11 Holders of rec. Nov. la
Preference, series A (guar
871,40. Dec 16 Holders of rec. Dec. 2a
McIntyre Porcupine Miner;(guar.)
25c. Dec. 2 Holders of rec. Nov. la
Nov. 20 Holders of rec. Nov. la
McLellan Stores, corn. (in corn. stock)._ fl
Mengel Co., com.(quar.)(No. 1)
50c. Nov. 15 Holders of me. Nov. la
14 Dec. 2 Holders of roe. Nov. 15a
Preferred
Mercantile Stores, corn.(guar.)
'$1.25 Nov. 15 'Holders of rec. Oct 31
Preferred (guar.)
*114 Nov. 15 "Holders of roe. Oct. 31
Merck Corp.. preferred (quar.)
$1 Jan 2'30 Holders of rec. Dec. 17
Merritt-Chapman & Scott, corn. (qu.)..
400. Dec. 2 Holders of rec. Nov. 15
Preferred A (quar.)
14 Dec. 2 Holders of rec. Nov. 15
Meteor Motor Car (quar.)
*500. Dec. 2'Holders of rec. Nov. 20
Metropolitan Title Guaranty (No. 1)
Jan. 2 Holders of rec. Dec. 15
51
Miami Copper Co.(quar.)
Nov. 15 Holders of rec. Nov. la
El
Michigan Steel Tube
*250. Dee. 2 "Holders of roe. Nov. 25
Mid-Continent Petroleum, corn. (quar.)
500. Nov. 15 Holders of roe. Oct. 15a
Minneapolle-Honeywell, reg. pref: (qu.) •1zt Nov. 15 'Holders of ree. Nov. 1
Minneapolls.Moline Power ImplementPreferred (quer )
$1.625 Nov. 15 Holden( of rec. Nov. 2a
Missouri-Kansas Pipe Line
Nov. 20 'Holders of roe. Oct. 21
Mock, Judson & Voehringer, COM. WO 500. Nov. 15 Holders of rec. Nov. la
Mohawk Mining (guar.)
Dec. 2 Holders of rec. Oct. 31
$3
Monarch Royalty. Prof. (monthly)
141c Nov. 11 Holders of rec. Oct. 31
Class A pref. (monthly)
1216c. Nov 11 Holders of rec. Oct. 31
Montgomery Ward & Co., corn.(quar.).
75c. Nov. 15 Holders of rec. Nov. 4a
Moody's investors Service, com.(extra).
75e. Nov. 15 Holders of rec. Nov. la
Participating pref.(quar.)
750. Nov. 15 Holders of rec. Nov. 1
Participating preferred (extra)
75e. Nov. 15 Holders of rec. Nov. la
Motor Products Corp. (extra)
Nov. 15 Holders of rec. Nov. la
$3
MunsIngwear. Inc., corn.(guar.)
75e. Dec. 2 Holders of roe. Nov. 14a
Nat. Hellas-Hess, new corn.(guar.
25e. In 15'30 Holders of rec.Jan.2'30a
Stock dividend (guar.)
Jan. 15 Holders of rec. Jan. 2a
el
Preferred (guar.)
151 Dec. 2 Holders of rec. Nov 21a
National Biscuit, corn. (guar.)
$1.50 Jan. 15 Holders of rec. Dee. 30a
Common (extra)
Nov. 15 Holders of rec. Oct. 31a
$1
Preferred (guar )
141 Nov. 30 Holders of rec. Nov. 15a
National Casket, common
.$2 Nov. 15 *Holders of rec. Oct. 31
Nat. Dept. Stores. second pref. (quar.). •1q Dec. 2 *Holders of roe. Nov. 15
National Family Stores corn.(quar.)
.400. Dec. 2 *Holders of rec. Nov. 20
Preferred (quar.)
.50c. Dee. 2 *Holders of rec. Nov.20
National Food Products, class A (guar.). 62'Cc. Nov. 15 Holders of rec. Nov. 2a
National Investors. 5(4% pref
'24 Jan. 1 'Holders of rec. Dee. 10
National Lead, pref. A (guar.)
14 Dec. 14 Holders of rec. Nov. 29a
National Refining, corn. (guar.)
3744c Nov. 15 Holders of rec. Nov. 1
National Seem.Investment pref.(qu.)
*145 Nov. 15 'Holder, of rec. Oct. 26
National Securities (stock dividend)
*Holders of rec. Nov. 30
el°
National Supply Co.. corn. (quar.)
$1.25 Nov. 15 Holders of roe. Nov. 5a
Common (extra)
$2 Dec. 24 Holders of rec. Dec. 14a
Nebel(Oscar) Co., Inc.,common (qu.)_. •6244c Jan2'30 'Holders of rec. Dec. US
Nehl Corporation, corn. (quar.)
Dec. 2 *Holders of rec. Nov. 15
'32
First preferred (altar.)
1.3144 Jan.
Newberry(J.J)Realty Co. pref.(guar.)... •141 Dec. 2'Holders of rec. Nov. 18
New Jersey Zinc (quar.)
*500. Nov. 9 *Holders of rec. Oct. 21
Extra
Dec. 10 Holders of rec. Nov. 20
dEl
North Amer. Invest.(San Fran.)(rm.)._ $1.25 Nov. 20 Holders of rec. Oct. 31
North Central Texas Oil, corn. (guar.)._
15e. Dee. 2 Holders of rec. Nov. 1
Northern Manufacturing. Prof. (quer.) .
196 Deo. 1
Northland Gr.vhonnd Lin..(No. i)_
Jon. I "Holders of rec. Dec. 20
Name of Company.
2973
Per
When
Cent. Payable.
Books Closed
Days Intlattice.
Miscellaneous (Coontrued).
Ohio Seamless Tube common (quer.) _ __ 31
Nov. 15 Oct. 31
to Nov. 14
Oilstocks Ltd., class A & B (quar.)
•1240 Nov. 15 'Holders of rect. Oct. 31
Ontario Steel Products, corn.(quar.)____
40e. Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
131 Nov. 15 Holders of rec. Oct. 31
Oppenhelm, Collins & Co., corn. (quar) $1.25 Nov. 16 Holders of rec. Oct. 25a
Otis Co., common (guar.)
Nov. 15 Holders of rec. Nov. 1
51
Common (extra)
$4 Nov. 15 Holders of rec. Nov. 1
Otis Elevator, preferred (guar.)
114 Jo 15'30 Holders of rec. Dec. 310
Owens-Illinois Glass, com.,interim
50c. Nov. 15 Holders of rec. Oct. 310
Pacific Associates (guar.)
•50c. Nov. 15 *Holders of rec. Oct. 30
*50c. Feb. 15 'Holdersof rec. Jan. 31
Quarterly
Pacific Tin (Special Stock)
Oct. 24 Holders of coup. Nos. 6-7 ,
"52
Packard Motor Car
15e. Dec. 31 Holders of rec. Dec. 120
Paepcke Corp.. corn. (guar.)
'131 Nov. 15 *Holders of rec. Nov. 6
Parker Pen, common (guar.)
.62(4c Nov. 15 *Holders of roe, Nov. 1
Park & Tilford, Inc. Bluer.)
75e. Jan. 14 Holders of rec. Dec. 300
Stock dividend
Jan. 14 Holders of rec. Dee. 30a
1
75e. Apr. 14 Holdersof roe. Mar. 29a
Quarterly
1
Stock dividend
Apr. 14 Holders of rec. Mar. 29a
Parmelee Transportation, com.(mthly.)* 124c Nov. 12 *Holders of rec. Oct. 30
Pontoons, Ltd., com. (quar.)
Nov. 15 Holders of rec. Nov. 5
51
Dec. 14 *Holders of rec. Dec. 5
.1$1
Penn-Met. Fuel
Pennsylvania Invest. Co., CI. A (guar.)._ 624c. Dec. 2 Holders of rec. Oct. 31
Class B (No. 1)
Oct. 3)
ers
ra of r
r
iolle
I3
,4.e
ocv.. A.
*3Mr
.I
19
i re..
Perfection Stove (monthly)
Monthly
•3714e Dec. 31 *Holders of rec. Dec. 18
Phillips-Jones Corp., corn. (guar.)
75c. Dec. 2 Holders of rec. Nov. 200
Pickwick Corp., 7% pref. (quar.)
14 Nov. 25 Holders of rec. Nov. 15
8% preferred Bluer.)
Dec. 25 Holders of rec. Dec. 15
2
Pierce Arrow Motor Car, pref. (qu.)._
1(4 Dec. 2 Holders of rec. Nov. 90
Pittsburgh Steel Co. pref. (quar.)
of rec
ree .. Nov.
)
134 .21
90
Polymet Mfg., new stk.(payable in stk.) *el H Jan..
'Holder,
Poor & Co., class A & B (guar.)
50c. Dee. 2 Holders of rec. Nov. 16a
Powdrell & Alexander. corn. (quar.)
.8714c Nov. 15 *Holders of rec. Nov. 1
Preferred (guar.)
'131 Jan. 2 *Holders of rec. Dec. 18
Pressed Metals of Amer., pref. (guar.)._ *14 Jan. 1 *Holders of rec. Dec. 12
Procter & Gamble Co.New common Bluer.) (No. 1)
50c. Nov. 15 Holders of rec. Oct. 250
PuF
nxlircreInvesting Co. (quar.)
Nov.T .
of
f ree.
122
3re.
rlo
oldie
.D
pe
ers °
ee.1: I
Pullman, Inc.(quar.)
Nov. 15 Holden of rec. Oct. 1411
51
Pure 011 common (quar.)
374e Dec. 42 Holders of rec. Nov.490
Quaker Oats, preferred (guar.)
'1(4 Nov. 30 'Holders of rec. Nov 1
Reiter-Foster Oil Corp., corn. (guar.) _ _
10c. Dee, 2 Holders of rec. Nov. 150
Republic Brass class A (quar.)
Jan. 1 *Holders of rec. Dec. 10
"31
Preferred (quar.)
514 Feb. 1 'Holders of rec. Jan. 10
Republic Iron & Steel, common (guar.)... $1
Dec. 2 Holders of rec. Nov. 170
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 120
Richardson Co., corn. (quar.)
'400, Nov.15 *Holders of rec. Oct. 31
Richfield Oil of Calif.. Nam.(guar.)... _
50c. Nov. 15 Holders of rec. Oct. 190
Rich Ice Cream Co., common (extra).._ .25e. Feb. 1 *Holders of rec. Jan. 15
Richs, Inc., corn.(guar.),(No. 1)
'300. Nov. 15 *Holders of rec. Nov. 1
Rio Grande Oil
$1
Hold.of rec. Jan.5 1939
(r)
Royalty Corp. of AmericaParticipating pref. (monthly)
1
Nov. 15 Holders of rec. Nov. 1
Participating pref.(extra)
44 Nov. 15 Holders of rec. Nov. 1
Rubber Plantations Investment TrustNov. 26 *Holders of rec. Oct. 31
Amer. dep. receipts for ordinary shs *re5
Savage Arms Corp., corn. (guar.)
50c. Dec. 2 Holders of rec. Nov. 150
Second preferred (glum)
'1(4 Feb. 15 *Holders of rec. Feb. 1
*14 Nov. 15 *Holders of rec. Nov. I
SeconP preferred (quar.)
•124c Dec. 30 'Holders of rec. Dec. 16
Schletter & Zander (extra)
Sco
.30c Nov. 16 'Holders of rec. Nov. 7
Etxte
rrno-Dillon Co. Mar.)
'200 Nov. 16 'Holders of rec. Nov. 7
Scott PaperCorn.(In stk. subj. to stkhrs.'approv.) j2
Dec. 31
14 Nov. 15 Holders of rec. Oct. 31
Seaboard Surety (guar.)
Feb. I Holders of rec. Jan. 150
Sears, Roebuck & Co. stock div. (quar.)
Cl
May I Holders of rec. Apr. 140
Cl
Stock dividend (guar.)
Second Inc. Equities
•50e. Nov. 20 'Holders of rec. Oct. 24
Second National Investors, pref.(qu.)- 51.25 Jan. I Holders of rec. Dec. 100
Selfridge Provincial Stores Am. dep. rcts *1E34 Dec. 6 *Holders of rec. Nov. 15
Nov. 15 Holders of roe. Oct. 31
She
co
.rwnlin
Co., com.(guar.)._ $1
tall
(
le
ir
tra
s)
12 Sic Nov. 15 Holders of rec. Oct. 31
14 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Simon (H.)& Son., Ltd., corn.(qu.). _
50e Dec. 1 Holders of rec. Nov. 20
51.75 Dec. 1 Holders of rec. Nov. 20
Preferred (quar)
Nov. 15 Holders of rec. Nov. in
Sinclair Cons. 011, pref. (guar.)
2
Skelly 011 (guar.)
•50c Dec. 15 *Holders of rec. Nov. 15
Smlth-Alsop Paint & Varnish, common
124c Dec. 2
Smith (A. 0.) Corp., corn. (mar.)
50e. Nov. 15 Holders of rec. Nov. 1
14 Nov. 15 Holders of rec. Nov. 1
Preferred (quer.)
Solvay Amer. Invest. prof. (guar.)
*14 Nov. 15 "Holders of tee. Oct. HI
South Coast Co.. pref. Rmar.)
14 Nov. 15 Holders of rec. Oct. 31
Standard Cap& Seal(quar.)
Nov. 15 *Holders of rec. Nov. 1
'El
Standard Investing, pref. Bluer.)
51.375 Nov. 15 Holders of rec. Oct. 26
Sta
Enrdta
25c. Doe.
Holders of rec. Nov. 15
rrad 01101 N. J. (quar.)
Be
e:: 1: Holders of rec. Nov. 15
Standard 011 (N. Y.) (quar.)
*Mt Dee. 1(1 *Holders of rec. Nov. 15
Holders of rec. Nov. 8
Dee.
Standard 011 (Ohio), pref. (guar.)
Standard Paving & Materials (guar.).50c. Nov. 15 Holders of rec. Nov. 2
Standard Royalties Wetumka Corp.le. Nov. 15 Holders of rec. Nov. 15
Preferred (monthly)
Standard Royalties Wewoka Corp.Preferred (monthly)
le. Nov. 15 Holders of rec. Oct. 31
Standard Royalties Wichita Corp.lc. Nov. 15 Holders of rec. Oct. 21
Preferred (monthly)
Stein (A.) & Co.. common (No. 1)
"40c. Nov. 15 'Holders of rec. Nov. 6
Sterchl Bros. Stores. Inc.. corn. (quar.). ilinc. Nov. 15 'Holders of rec. Oct. ao
30c. Dec. 2 Holders of rec. Nov. 15
prof
sterirs
rting
t p8reecuterrredities,
55c. Dec. 2 Holders of roc. Nov. 15
Stewart Warner Corp. (guar.)
$74c Nov. __ Holders of rec. Nov. 5a
New $10 par stock (in stock)
Nov. 15 Holders of roe. Nov. ba
e2
New 510 par stock (In stock)
Feb. 15 Holders of rec. Feb. Eta
e2
Stix Baer & Fuller, com. (guar.)
•3714c Dec. 2 'Holders of rec. Nov. 15
Stroock (S.) Co. (guar.)
.750. Dec. 21 *Holders of rec. Dec. I()
Studebaker Corp. common (quer.)
$1.25 Dec. 2 Holders of rec. Nov. Pa
Common (payable in corn. stock)
Dec. 2 Holders of roe. Nov. 9a
fl
Preferred (guar.)
14 Dec. 2 Holders of roe. Nov. 9a
Sun Oil, com. (quer.)
25c. Dec. 16 Holders of rec. Nov. 26a
Corn.(payable In com. stock)
fi
,
9
no
Preferred (guar.)
a
ers
rs o
of roe. Nov.Ita
ol
l
Thatcher ?Mg., cony. pref. (quar.)
90c. Nov. 15 Holders of rec. Nov. 9a
Third National Investors Corp.. corn_ 51
Jan. I Holders of rec. Dec. 10e
Thompson (John R.)(monthly)
30c. Dec. 2 Holders of rec. Nov. 22a
Thompson Products. pref (quar.)
1 yi Dec. 1 Holders of rec. Nov. 20
Tide Water 011 pref.(quar.)
14 Nov. 15 Holders of roe. Oct. 18o
'Fri-Continental Allied Corp. pf.(No. 1). •75c. Nov. 15 *Holders of rec. Oct. 25
Truacon Steel pref. tartar.)
•141 Dec.Dee 2 *Holders of rec. Nov. 31
Tudor City Second Unit, Inc.. prof..... 3
Nov. 15 Nov. 1 to Nov. 15
Union Oil Associates(quer.)
•50c. Nov. 9 'Holders of rec. Oct. 17
Stock dividend
•el
"Holders of roe. Nov.20
Union 011 Co. of Cal. (quar.)
50c. Nov. 9 Holders of rec. Oct. 170
Stock dividend
el
Holders of rec. Nov. 20a
Union Sugar pref. (quar.)
.44c. Nov. 10 *Holders of rec. Nov. 5
United Biscuit, common (guar.)
d40c. Dec. 2 Holders of rec. Nov. 16a
United Bond dr Share, corn. (extra).- '5250 Dec. 2 *Holders of rec. Nov. 15
*50c. Dec. 2 *Holders of roe. Nov. 15
PaniciPating Preferred (extra)
United Carbon, panic. pref. (quar.)
334 Jan 1'30 Holders of rec. Dec. 16
United-Carr Fastener (guar.)(No. 1)
*30c. Dee. 2 *Holders of rec. Nov. 15
0. Dec.
.
•75c
United Chemicals, Inc., pref. (quar.)_._ .
'Holder, o
of
f rec. Nov.
ov. 1
1:
United Milk Crate, class A (guar.)
88e. Dec. 2 *Holders of rec. Nov. 16
Claes A (extra)
United Pacific Corp. partIc.pf.(mthly.).
It.. Noev.
.1g Holder,
Me.
. Nov.
.;
Participating pref.(monthly)
of
United Piece Dye Wks.6)4% Pf.(qu.)._
14
Holder,ildgeeersri 0
*Holder,llozo
00001 roe.
rrre . . .
a
aan2
United Securities, Ltd. pref.(qu.)
141 j N.11.ov.la
n.
.'
..
United Shirt Distributors. com. (quar.). •124c
15 'Holder,
Dec.tDec.v..Nov..f
2 aa
U. S. Cast Iron Pipe & Fdy., corn..(qu.)
50c.
First & second pref. (quar.)
30c.
0.8,Realty & Improvement
.
iSa
1:
fi.,..g.,
2974
Name of Companth
Per
When
Cent. Payable.
Books Closed
Data Inclusive.
Miscellaneous (Conclude).
U.S.Steel Corp., corn.(quar.)
Dec. 30 Holders of rec. Nov. 30a
1
Common (extra)
Dec. 30 Holders of rec. Nov. 300
Preferred (quar.)
Nov. 29 Holders of rec. Nov. 2a
1
Utility & Industrial Corp., pref. (qu.)
37'A c Nov. 20 Holders of rec. Oct. 31
Vanadium Corp.(guar.)
75c. Nov. 15 Holders of rec. Nov. la
Extra
Dec. 16 Holders of rec. Dec. 26
Si
Vapor Car Heating. Pref.(quar.)
01 fi Dec. 10 *Holders of rec. Dec. 2
Veeder-Rood Co.(quar.)
*63C. Nov. 15 *Holders of rec. Oct. 31
Venezuelan Petroleum (quar.)
*50. Nov. 15 *Holders of rec. Oct. 31
Volcanic Oil & Gas (quar.)
•350. Dec. 10 *Holders of rec. Nov. 30
•5e. Dec. 10 *Holders of reo. Nov. 30
Extra
Vorclone Corp., Deltic. pref. (guar.).-- *70c. Nov. 15 *Holders of rec. Nov. 5
Warner Bros Pictures, corn. (quar.)--- 51 Dec. 2 Holders of rec. Nov. 120
550. Dec. 2 Holders of rec. Nov. 120
Preferred (quar.)
11.75 Nov. 15 Holders of rec. Oct. 31
Warren (S. D.) Co.,corn.(quar.)
69c. Dec. 2 Holders of rec. Nov. 15
Wayagamack Pulp & Paper (qua?.)
Wayne Pump,pref.(quar.)
87Mc. Dec. 1 Holders of rec. Nov. 20
Weber Showcase & Fixture. 1st p1,(qu.) •50c. Dec. 2 *Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15a
51
Wesson Oil ev Snowdrift. pref.(qu.)
•15c. Nov. 12 *Holders of rec. Oct. 15
Western Air Express (quar.)
Dec. 2 Holders of rec. Nov. 96
Western Dairy Products, Cl. A (quer.)
$1
13.1 Jan. 2 Holders of rec. Dec. 14a
Western Reserve Invest, part. pr. (qu.)
Western Res. Inv. Corp.6% pref.(qu.) _
13.1 Jan. 2 Holders of rec. Dec. 14a
•50c. Nov. 15 *Holders of rec. Oct. 31
Westfield Mfg.common (quar.)
50c. Dec. 1 Holders of rec. Nov. 15a
Westvaco Chlorine Prod. corn.(quar.). _
4,13i Nov. 15 *Holders of rec. Nov. 5
West Va. Pulp & Paper, pref. (quar.)
Dec. 6 *Holders of rec. Nov. 12
*51
Wheeling Steel (quar.)
114 Dec. 2 Holders of rec. Nov. 15
White (J. G.)& Co., pref.(quar.)
Dec. 1 Holders of rec. Nov. 15
White(J. G.) Engineering, pref.(qu.) _
*50c Dec. 31 *Holders of rec. Dec. 12
White Motor (quar.)
Wilcox Rich Corp., class A (guar.)
56214c Dec. 31 *Holders of rec. Dec. 20
Class B (quar.)
*50c. Dec. 31 *Holders of rec. Dec. 20
100. Nov. 15 Holders of rec. Nov. 1
Will & Baumer Candle, corn. (guar.)._
10e. Nov. 15 Holders of rec. Nov. 1
Common (extra)
2
Jan. 2 Holders of rec. Dec. 16
Preferred (quar.)
1 Si Jan 230 Holders of rec. Dec. 1611
Willys-Overland Co. preferred (quar.)_ _
Windsor Hotel (Montreal) pref.(qu.) _
114 Dec. 2 Holders of rec. Nov. 15
$1.25 Nov. 15 Holders of rec. Nov. 1
Winter (Benjamin), Inc., pref. (quar.)
Wolverine Portland Cement (quar.)
15e. Nov. 15 Holders of rec. Nov. 5
Woolworth (F. W.) Co.(quar.)
60c. Dec. 2 Holders of rec. Nov. 9a
. A (qu.) 114 Jan. 2 Holders of rec. Dec. 106
Worthington Pump & Mach., pf.
Jan. 2 Holders of rec. Dec. 106
Pret. A (acct. accum. dividends)
Preferred B (quar.)
114 Jan. 2 Holders of rec. Dec. 106
Preferred B (acct. accum. divs.)_ _ 51 14 Jan. 2 Holders of rec. Dec. 10a
50c. Dec. 2 Holders of rec. Nov. 206
Wrigley (Wm.) Jr.. Co.(monthly)
Wright Aeronautical Corp. (quar.)
50c. Nov. 30 Holders of rec. Nov. 15
Yellow Checker Cab,corn. A (monthly)•33 1-3c Dec. 2 *Holders of rec. Nov. 28
.40e. Nov. 15 *Holders of rec Nov. 1
Zonite Products (quar.)
• From unofficial sources. I The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
11 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.
I Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. .1 Payable in preferred stock.
f North American Co.stock dividend lost rate of 140th share for each share held.
/Burmah 011 dividend is two shillings per store less deduction for expenses of
depositary.
k Payable either in cash or one-fortieth share class A stock for each share held.
I Authorized at stockholders' meeting Oct. 11.
m Holders have option of applying dividend to purchase of class A stock at $18
Per share.
n Payable in common A stork at rate of $25 per share unless written notice of
election to take cash is given prior to Dec. 23.
o Or 29i% in class A stock.
p Payable in cash or com. stock at rate of 1-32 share corn, for each share held.
8 Central States Electric cony. pref. dividend payable in corn, stock at rate of
3-32 share of corn, on each share of 1928 series prof. and 3-64 share common on
each share of 1929 series prof.. or 81.50 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 deelare another $1 payable on or before
Jan. 25 1930. The stock dividends are 11,5 shares on each 100 shares, the first
1;6% having been declared payable April 25 with the Intention to declare a second
14% payable on or before Oct. 25.
a Missouri-Kansas Pipe Line dividend is one-fourtieth share of stock.
w Less deduction for expenses of depositary.
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEAR NO HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 2 1929.
Clearing House
Members.
*Capital.
*Surplus and Nei Demand
Undivided
Deposits
Profits.
Average.
Time
Deposits
Average.
$
$
514,240,000 873,062,000
43,228,400 206,445,000
39,281,300 202,323,000
126,952,400 a1297,587,000
21.317,400 226,483,000
198,809,000 b945,169,000
16,680,500 161,267,000
79,033,800 371,304.000
22,804,200 190,183,000
102.357.300 321,321,000
82,750,000 401,126,000
13,117,000
11,275,400
136,206,100 016,888,000
25,544,000
3,814,100
45,238,500 4575,025,000
82,753.300 e477,714,000
34,178,000
24,498,700
43,565,000
05,617,400
16,150.000
4,508,200
34,047,700 189,985.000
59,528.000
8,416,700
35,343,000
2,822,200
$
811,631,000
45,057,000
59,128,000
202,476,000
17,220,000
106,444,000
37.673,000
42,403,000
30,888,000
12,572,000
57,865,000
607,000
78,351,000
837,000
51,173,000
53,938,000
1,524,000
5,543.000
2,090,000
19,697,000
7,248,000
6,049,000
8,396,000
3,216,000
1,382,000
5,518,000
aln o, .,nn 1 lla an, rinn A 70.5 0910(10
857.114.000
Bank of N.Y. dr 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..feTr.Co.
Cent, Han. Bk.& Tr. Co_
Corn Exch. Bk. Trust CoFirst National Bank
Irving Trust Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust CO
Title Guar.& Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Com'l Nat. Bk.& Tr. Co_
Harriman N.B.& Tr. Co-
$
56,000,000
22,250,000
35,775,300
110,000,000
15,000.000
90,000,000
13,500,000
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
16,000,000
3,000,000
12,500,000
7,000.000
1.500,000
Clearing Non-Members:
City Bk. Farmers Tr. Co_
Mech'es Tr. Co.,Bayonne
10,000.000
500.000
11,093,900
860,500
Includes deposits in foreign branches (a) 5325,807.000; (b) 8165,810,000; (c)
113,230,000; (d) 5169,325,000; (e) $75,924.000.
'As per official reports, National. Oct. 4 1929; State, Sept. 27 1929; Trust co's.
Sept. 27 1929. (f) As of Oct. 2 1929.
[VoL. 129.
FINANCIAL CHRONICLE
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov. 2:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, NOV. 2 1929.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res., Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans.
ManhattanS
Bank of U. S____ 247,212,000
2,701,300
Bryant Park Bk_
Chelsea Exch.Bk. 21,546,000
Grace National__ 22,741,586
Port Morris
3,565,000
Public National_ 56,047,000
BrooklynBrooklyn Nat
8,075,200
7,900,000
Peoples Nat._ _ _
$
$
/
$
$
31,000 5,646,000 37,421,000 3,346,000 240,459,000
263,200
2,231.300
165,000
_ 1,570,000 1,075,000
19,738,00(
80,792 2,111,908
56,547 21,677,949
3,000
81.700
189,800
38,400
3,123,800
27,000 2,148,000 11,215,00049.970,000 187,599,00(
16,000
5,000
58,000
115,000
493,000
569,000
631,900
62.000
5,446,40(
7.700.000
TRUST COMPANIES-Average Figures.
Cash.
Loans.
Manhattan-American
Bk. of Europe & Tr_
Bronx County
Empire
Federation
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne, N.J.Mechanics
Reeve Dep., Depos.Other
N. F. and Banks and
Elsewhere. Trust Cos,
Gross
Deposita.
1
s
$
48,153,000 12,886,700
979,700
16,518,555
891,100
101,471
809,521
1,598,404
26,082,123
84.481,800 *5,761,900 9,884,000
144.100 1,255,200
17,920,985
19,906,200 *2,505,200
453,200
390.711,000 3,619,000 60,067,000
86,995.429 4,766,667 13,578,316
51,168.800
15,866,230
25,884,872
3,743.900 87,836,600
152,942 17,776,942
18,034,300
2,674,000 371,231,000
79,132,870
3,000,000 28,548,900
1,730,097 3,748,440
120,989,000
23,750,156
114,687,400
25,019,757
9.117 1306
224.065
752.557
s
s
280.029
9.013.800
• Includes amount with Federal Reserve Bank as follows: Empire. $4,134,000:
Fulton, 52,378,000.
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. 6
1929.
Changes from
Previous Week
Oct. 30
1929.
Oct. 23
1929.
1
1
1
$
Capital
+150,000 100,825,000 100,825,000
100,975,000
121,279,000 121,279,000
Surplus and profits
121,279,000 Unchanged
+8.913,000 1,178,635,000 1.171.736,000
Loans, disc'ts & invest'ts_ 1,187,548,000
Individual deposits
776,019,000 +26.499,000 749,520,000 720,535,000
Due to banks
180,491,000 +17,734,000 162,757,000 156,060,000
Time deposits
276.418.000 +7,356,000 269,062,000 264,368,000
9,408,000
8,800,000
United States deposits_
7,273,000 -1,527,000
48,547,000
59,705,000
+121,000
Exchanges for CI's House
59,826,000
Due from other banks_ _ _ 144,523,000 +30,920,000 113,594,000 106,144,000
85,722,000
90,051,000
Res've in legal deposit's
+4.581.000
94,636,000
8,050,000
8,075,000
Cash in bank
+123,000
8,198,000
1,025,000
1.502,000
Res've excess in F II Ilk
a AM 000 +3.052.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Oct. 31, 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 depositories" 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.
1Veek Ended Oct. 31 1929.
Two Ciphers (00)
omitted.
Trust
.Ifembers of
F.R.System Companies.
Capital
61,885,0
Surplus and profits... _ 213,828,0
Loans, discts. & Invest. 1,120,484,0
Exch. for Clear. House
55,559.0
Due from banks
111,250,0
Bank deposits
133,761,0
Individual deposits_ _ _ 658,678.0
Time deposits
210.583,0
Total deposits
1,003,025.0
Res. with legal depos_ _
71,691,0
Res. with F. R. Bank_
Cash in vault'
11,494,0
Total res. dr cash held_
83.185,0
Reserve required
Excess reserve and cash
in vault
001. 24
1929.
Oct. 17
1929.
Total.
$
$
7.500,0
69,185,0
69,142,0
68,942,0
16,671,0 230,499,0 230,499,0 230,253,0
71,268,0 1,191,752,0 1,167,772,0 1,165,411,0
507,0
56,066,0
44,000,0
42,878,0
13,0 111,263,0 100,398,0 110,198,0
835,0 134,599,0 134,499,0 140,723,0
34,570,0 693,248,0 668,410,0 671,018,0
16,061,0 227,544,0 228,211,0 229,279,0
52,367,0 1,055,392,0 1,031,125,0 1,041,020,0
71,691,0
69,311,0
69,360,0
6,273,0
6,273,0
5,421,0
5,328,0
1,522,0
13,016,0
12,680,0
12,727,0
7;795,0
00.980,0
87,461,0
87,366,0
*Cash in vault not counted as reserve for Federal Reserve members.
Nov.9 1929.]
2975
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.7,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2938, being the first item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 6 1929.
Nov.6 1929. Oct. 301929. Oct. 23 1929. Oct. 16 1929. Oct. 9 1929.
Oct. 2 1929. Sept. 25 1929. Sept. 18 1929. Nov. 7 1928.
$
$
$
RESOURCES.
$
$
1,476,471,000 1,543,841.000 1,546,526,000 1,547,526,000 1,506,735,000 1,541,345.000 1,529,345.000 1.540,555,000 1,134,989,000
Geld with Federal Reserve agents
69,083,000
64,114,000
67,195,000
76,247,000
68,069,000
65,939,000
61,994.000
67,146,000
Gold redemption fund with U.8. Tress66,810,000
Gold held exclusively agst. F.B.. notes 1,552,718,000 1,609,780,000 1,614,595,000 1,614,336,000 1,568,729,000 1.608,491,000 1,593,459,000 1.613.750,000 1,204,072,000
Geld settlement fund with F.R. Board
801,196.000 791,887,000 779,661.000 758,685,000 811,642,000 754,211.000 754,882,000 730,013,000 763,380,000
Gold and gold certificates held by banks_ 664,990,000 619,284,000 640.757,000 631,815,000 631,856,000 620.090.000 649.226,000 645,637,000 675,315,000
Total gold reserves
Reserves other than gold
3,018,904,000 3,020,951,000 3,035,013,000 3.004,836,000 3,012,227,000 2,982,792,000 2,997,567.000 2,989,400.000 2,642,767,000
151,727,000 156,057,000 154,833,000 153,523,000 149,448,000 158,018,000 164,608.000 166,731,000 125,600,000
Total reserves
Son-reserve cash
fillle discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,170,631,000 3,177,008,000 3,189,846,000 3,158,359,000 3,161,675,000 3.140,810.000 3,162,175,000 3.156.131.000 2,768,367,000
51,494,000
69,423,000
73,617,000
81,996,000
79,945,000
85,276,000
70,746,000
66,856,000
66,019.000
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
432,115.000
498,518,000
443.214,000
501,185,000
438,358,000
495,558.000
584,154,000
373,236,000
Total bills discounted
Bills bought in open market
U. 8. Government securities:
Bonds
Treasury notes
Certificate, of Indebtedness
990,880,000
330,374,000
991,038,000
339,885,000
798,358,000
379,383,000
848,935,000
360,110,000
857,306,000
333,151,000
930,833,000
322,818,000
944,399.000
283.934,000
933,916,000
241,103,000
957,390,000
448,645,000
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
37,648,000
79,080,000
29,024,000
37,660,000
87,050,000
27,349,000
42,658.000
94,983,000
39.968,000
54,359,000
114,295,000
54,028,000
Total U. S. Government seeuritlea
Other securities (see note)
Foreign loans on gold
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
145,752,000
15,025,000
152.059,000
15,075,000
177.609.000
15.050,000
222,682,000
3,730,000
Total bills and securities (tee note)Gold held abroad
Due from foreign banks (see note)
Uncollected items
Sank premises
All other resources
1,637.634,000 1.648,742,000 1,338,656,000 1,370,428,000 1,345,970.000 1.414,228,000 1,375,467,000 1.367,678,000 1,632,447,000
Total resources
LIABILITIES.
ff. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,674,839,000 5,754,363,000 5,451,970,000 5,718,121.000 5.377,749,000 5,506,927,000 5,431,421.000 .573,890.000 5,180,222,000
2,557,708,000 2,651,608.000 2.378,097,000 2,408,482,000 2,338,979,000 2,398,926,000 2,384,434,000 2.381,384,000 2,329,820,000
24,671,000
55,285,000
31,010,000
18.967,000
22,711,000
44.600.000
13,449.000
15.837,000
25,351,000
6.594,000
7,234,000
5,313,000
6,709,000
7,775,000
6.625.000
7.658.000
5.920,000
5,203,000
23.624,000
19.207.000
28,669,000
20.187,000
17,943,000
22,078,000
20,558,000
25.979,000
21,591,000
Total deposits
Deferred availability items
Capital paid in
flurplus
All other liabilities
2,622,700,000 2,696,471,000 2.421,932.0002,460.627,000 2,387,408,000 2,470,709,000 2,446.160.000 2,428,450,000 2,384,709,000
669,531,000 714,209,000 711,073,000 937,453,000 670,376,000 726,600,000 689.263,000 841,196,000 637,764,000
167,120.000 167,025,000 187,025,000 166,998,000 166,934,000 166,907,000 167,028,000 168,716.000 146,308,000
254,398,000 254,398,000 254,398.000 254,398,000 254,398.000 254.398,000 254,398.000 254,398,000 233,319,000
35,713.000
36,673,000
35,703,000
42,068,000
37,146,000
42,763,000
40,210.000
39,024,000
38,333,000
722,000
713,484,000
59,037,000
11,335.000
721,000
772,955,000
59,036,000
10,625,000
727,000
754,000
776,614,000 1,049,813,000
58,944,000
58,944,000
9.238,000
9,077.000
808,000
733,640,000
58,935,000
9,865,000
801.000
816.320,000
58.935,000
9,814,000
769,000
750,429,000
58,903.000
10,061,000
727.000
910,982,000
58.890.000
10,079,000
728,000
658,155,000
60,551,000
8,480,000
1,918,327,000 1,880,192,000 1.857,332,000 1,859,621,000 1.860,300,000 1,851,167.000 1,837,899,000 1,847,427,000 1,742,409,000
Total liabilities
6,674,839,000 5,754,363,000 5,451,970,000 5,718,121,000 5,377,749,000 5.506.927,000 5,431,421,000 5.573,890,000 5,180,222,000
Ratio of gold reserves to deposits and
F. R.. note liabilities combined
63.6%
69.9%
69.9%
66.0%
89.0%
66.4%
69.6%
70.9%
70.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
67.1%
73.8%
74.4%
72.7%
69.4%
73.1%
73,8%
69.8%
74.5%
Contingent liability on bills purchased
for foreign correspondents
508,354,000 500,833.000 486.956,000 463,153,000 456,505,000 453,908.000 455,776.000 448,503,000 253,117,000
Distribution by Maturities1-15 days bills bought in open market _
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market _
1.6-30 days bills discounted
16-30 days U. S. certif, of indebtedness_
18-30 days municipal warrants
81-60 days bills bought In open market
111-60 days bill, discounted
81-60 days U. S. certif. of indebtedness81-60 days municipal warrants
81-90 days bills bought in open market _
81-90 days bills discounted
01-90 days U. S. certif. of Indebtedness51-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness--Over 90 days municipal warrants
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
$
85,797,000
639,414,000
5,530,000
60,159,000
49,342,000
46.503,000
51,616,000
37,294,000
52,609,000
37,627,000
59,738,000
41,777.000
67,629.000
$
124,265,000
695,164,000
7,190,000
300,000
37.089,000
66,416,000
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
84.964,000
84,792,000
61,388.000
98,649,000
130,028,000
50,939,000
1,478.000
12,505,000
54,227,000
406,000
1,789,000
10,501.000
48,869,000
436,000
3,538,000
7,926,000
17,357.000
125,000
12.5,000
1,638,000
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
97,441,000
63.969.000
5,054,000
125,000
2,635,000
6.435,000
16.780,000
123,010,000
714,584,000
6,866,000
118,023.000
693,117,000
25,245,000
$
119,823,000
793,490,000
9,905,000
32,213,000
66,035,000
29,202,000
65,234.000
68,415,000
47,813.000
300,090
49,948,000
103,521,000
300,000
45,435,000
112.035,000
87,092,000
54,519,000
5,092,000
48,410,000
57,991.000
540,000
1,671,000
5,740,000
15,391,000
25,000
2,033,000
5,539,000
14,183,000
155,617,000
65,999,000
11,051,000
100.987,000
31,566,000
30,000
3,803,000
18,522,000
33,072,000
IP. R.. notes received from Comptroller... 3,496,402,000 3,505,925,000 3,524,381,000 3,593,575.000 3,648,718,000 3,710.112,000 3,754,811,000 3,781,086,000 2,905,369,000
V. R. notes held by F. R. Agent
1,088,715,000 1,176,625,000 1,213,020,000 1,271,445,000 1,335,495,000 1.398,630,000 1,452.465.000 1.453,369,000 812,405,000
Issued to Federal Reserve Banks
2,407,687,000 2.329,300,000 2.311,361,000 2,322,130,000 2,313.223,000 2.311.482,000 2,302,346.000 2,327,717,000 2.092,964,000
How SecuredBy gold and gold oertiricates
358,835,000 403,405.000 405,590,000 405,590,000 410,799,000 414,409,000 414.409.000 415.619,000 346,557,000
Gold redemption fund
100,658,000
Gold fund-Federal Reserve Board____ 1,117,636,000 1,140,436,000 1,140,936,000 1,141,936,000 1.095,936,000 1,126,936,000 1,114,936,000 1,130,936.000 687,774,000
By eligible paper
1,264,526.000 1,275,869,000 1,083,125,000 1,143,647,000 1,116,534,000 1,178,936,000 1.123,854,000 1,091,297,000 1,356,704,000
Total.
2.740.997.000 2.819,710,000 2.629.651.000 2.690.573.000 2.623.269,000 2.720.281,000 2.653,199.000 2.637.852 000 2.491.693,000
'Revised figures.
NOTE.-BegInning with the statement of Oct. 7 1925, two new tems were added in order to show separately the amount of balances held abroad and amounts an.
to foreign correspondents. In addition, the caption. "All other earning assets." previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption. "Total earning assets" to "Tots bills and securities." The latter item was adopted as a more accurate description of the total el
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 Items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV.6 1929
Two ciphers (00) onsitted.
Federal Reserve Bank op-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. lifinneap. Kan.City. Dallas. SanFran.
RESOURCES.
$
$
3018 with Federal Reserve Agents 1,476,471,0 204,917,0
3014 red'n fund with U.S. Treas.
76,247,0 6,928,0
$
$
$
s
s
a
$
$
$
s
s
330.671,0 80,000,0 93,020,0 41,656,0 99,200,0 279,564,0 60,800,0 47,157,0 55,000,0 27,723,0 156,763,0
16,934.0 4,387,0 6,493,0 4,553,0 4,669,0 11,420,0 6,734.0 3,970,0 2,241,0 2,459,0 .5,459,0
Gold held excl. asst. F.R.notes 1,552,718,0 211,845,0
aold settle't fund with F.R.Board 801,196,0 59,047,0
2old and gold ctfs held by Yanks_ 664,990,0 28,905,0
347,605,0 84,387,0 99,513,0 46,209,0 103,869,0 290,984,0 67,534,0 51,127,0 57,241,0 30,182,0 162,222,0
308,406,0 50,432,0 41,394,0 39,850.0 11,056,0135,256,0 40,732,0 23,176,0 35,986,0 24,566,0 31,255.0
429,200,0 21,355,0 38,877,0 9,498,0 3,380,0 81,085.0 6,380,0 6,020,0 5,110,0 9,054,0 26,126,0
Total gold reserves
Reserve other than gold
3,018,904,0 299,797,0 1,085,211,0 156,174,0 179,784,0 95,557,0 118,345,0 507,325,0 114,646,0 80,323,0 98,337,0 63,802,0 219,603,0
151,727,0 12,931,0
56,654,0 8,684.0 8,501,0 6.497,0 14.413,0 12.711,0 7,407,0 2,721,0 4,317,0 4,987,0 11,904,0
Total reserves
3,170,631,0 312,728,0 1,141,865,0 164,858,0 188,285,0 102,054,0 132,758,0 520,036,0 122,053,0 83,044,0 102,654,0 88,789,0 231,507,0
Von-reserve cash
81,096,0 19,386,0
21,612,0 3,04,5,0 3,706,0 3.776,0 6,852,0 8,910,0 3,999,0 1.482,0 2,418,0 2,702,0 4,108,0
31115 discounted:
Sec. by U. S. Govt. obligations 512,632,0 19,752,0 146,306,0 51,378,0 72,008,0 14,045,0 11,038,0 64,249,0 23,402,0 8,616,0 17,592,0 10,782,0 73,464,0
Other bills discounted
478,248,0 17,794,0
75,041,0 57,454,0 55,619,0 31,636,0 49,631,0 47,935,0 22,754,0 23,935,0 36,730,0 25,013,0 34,706,0
Total bills discounted
31111 bought In open market
I. B. Government securities:
Bonds
rreasury notes
3ert.ifloates of indebtedness
990,880,0 37,546,0
330,374,0 12,515,0
77,252,0
114,117,0
101,380,0
689,0
1,349,0
5,039,0
39,655,0
585,0
548,0
46,999,0 8.730,0 26,105,0
54,442,0 12,314,0 4,234,0
1.152,0
375,0
282,0
57,0 19.937,0
3,155,0 3,033,0
3,602,0 10,288,0
2.125,0
6,922,0
3.520,0
4,824,0
3,505,0
647,0
278,0
2,785,0
rota! U.S. Gov't securities
292.749.0
7.077.0
141.096.0 21.629.9 30.887.0
1 500 n
ft 514 0 33.218.0 12.567_0
8.776.0
3.063.0 13.890.0 11.883.8
221,347,0 108,832,0 127.627,0 45,681.0 60,669,0 112,184,0 46,156,0 23,551,0 54,322,0 35,795,0 108,170,0
96,165,0 12,82.0 41,127,0 19,874.0 25,233,0 47,392,0
42,0 3,888,0 20,583,0 13,869,0 36,814,0
7,813,0
67.0
3,055,0 10,611,0
3,022,0 1.205,0
2976
FINANCIAL CHRONICLE
RESOURCES (Comluded)-Ttro ciphers (00) ensiaed.
Total.
other securities
%reign loans on gold_..
Totalbills and securities
Inc from foreign banks
Incollected Items
lank premLses
II other
New York.
Boston.
i
23,631,0
Ma. Clemland. Richmond
s
s
$
1,000,0
13,750.0
1,125,0
$
1,500,0
$
Aainua.
$
Orem 121.
Chicago. St. Louis. Mtnnsop. Kon.00p. Dana/. Bats Pref..
s
2,000,0
$
$
$
I
$
4,256,0
1,637,634,0 58,138,0 472,358,0 144,458.0 201,141.0 67,364.0 92,716,0 194,832,0 58,765,0 49,471.0 77,968,0 63,554,0 156,867,0
219,0
69,0
722,0
74,0
53.0
33,0
28,0
99,0
29,0
18,0
24,0
24,0
52,0
713,484,0 73,889,0 193,697,0 61,531,0 62,002,0 53.669,0 25,399.0 85,564,0 34,558,0 15,384,0 42,545,0 26,858,0 38,388,0
16,087,0 1,782,0 6,535,0 3,395,0 2,744,0 8,529,0 3,997,0 2,110,0 4,140,0 1.922,0 4,114,0
59,037,0 3,702,0
196,0 1,325,0
11,335,0
2,589,0
126,0
831,0 3,817,0
344,0
510.0
535,0
203,0
340,0
519,0
Total resources
5,674.839,0 468,022,0 1,848,427,0 375,919,0 463,068,0 231,122,0 264,314,0 818,507,0 223,745,0 152,019,0 229.952,0 164.189,0 435,555,0
LIABILITIES.
't R. notes in actual circulation_ 1,918,327,0 207,349,0 378,361,0 136,634,0 172,435,0 88,637,0 156,055,0 303,386.0 90,667.0 67,764,0 84,604,0 52,121,0 180,314,0
leDosits:
Member bank-reserve awl 2,557,708,0 154,586,0 1,123,938,0 134,382,0 182,079,0 63,598,0 62.963,0 367,371.0 79,148,0 57,895,0 89,380.0 67,008,0 175,360,0
3,924,0 4,223.0 2,804,0 1,327,0 2,425.0 3,484,0 2,071.0 1,592.0 2,055,0 2,093,0 2,248,0
Government
31,010,0 2,764.0
Foreign bank
1,247,0
432,0
560.0
5,313.0
595,0
268,0
193,0
227,0
146.0
799,0
233,0
193,0
420.0
Other deposits
28,669,0
12,906,0
81.0
128,0 1.088,0
90.0
241,0
176,0 8,811.0
276,0
48,0 6,700,0
124,0
Total depoeite
leferred availability items
epltal paid in
8mitts
A11 other liabilities
2,622,700,0 157,863,0 1,142.015.0 139,293.0188,566.0 65,283.0 65,791,0 378,465.0 81,693,0 59,909.0 91,752,0 69,342,0 184,728,0
669,531,0 69,798,0 179,730,0 56,364,0 57,938,0 56.681,0 23,478,0 73,885,0 33,181,0 12,625,0 38,690,0 28,321,0 38,860.0
167,120,0 10,791,0
64,396,0 16,585,0 15,597.0 6.021,0 5,383,0 19,879,0 5,238,0 3,075,0 4,287.0 4,487,0 11,381,0
254,398,0 19.619,0
71,282,0 24,101,0 26,345,0 12,398,0 10,554,0 36,442,0 10,820,0 7,082.0 9,086,0 8,690,0 17.978,0
42,763,0 2.602,0
12,643,0 2,942,0 4,187,0 2,121,0 3.053,0 6,450,0 2,146,0 1,564,0 1.533,0 1,228,0 2,294,0
Total liabilities
5,674,839.0 468,022,0 1,848,427,0 375.919,0 463,068,0 231,122,0 264.314,0 818,507,0 223,745,0 152,019,0 229,952,0 164,189,0 435,555,0
Memoranda.
a mrve ratio(per cent)
69.8
75.1
85.6
59.7
62.4
66.3
59.8
65.0
76.3
58.2
70.8
56.6
83.4
ti itingent liability on bills purchased for foreign correspondls 508,354,0 37,578,0 154,413,0 48,749,0 51,798,0 23,359,0 19,805,0 69,589,0 20,312,0 12,695.0 16,758,0 16,758,0 36,562,0
. R. notee on hand (notes read
Born F R Agent less notes In
**elation)
489 360 0 4187L0 179445.0 24.677.0 25 355 0 16.283.0 28.223.0 71 336 0 14.556.0 6.603.0 7.732.0 10.252.0 63.027.
(
FEDERAL RESERVE NOTE ACCOUNTS OP FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS NOV.6 1929.
Federal &SVCS Agent at-
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. M. Louis. Efingeop. Kan.Cgtg. Dallas. SanFran
Two ached (00) omitted.
3
$
FR.notes ree'd from Comptroller 3,496.402,0 307.470,0
F. Ft. notes held by F. Ft. Agent__ 1,088,715,0 58,250.0
3
$
$
$
$
$
$
8
II
$
$
915,836.0 216,251.0 261,110.0 167.994.0 282,548.0 521,322,0 130,693.0 126,276.0 122,286.0 79,575,0365,041.0
358,030.0 54,940,0 63,320,0 63,074,0 98,270,0 146,600,0 24,470,0 51,909,0 29,950,0 17,202,0 121,700,0
F. R. notes issued to F. R. Bank_ 2,407,687,0 249,220.0
Ool)ateral held as security for
F. R. notes Issued to F. Et. Bk.
Gold and gold certificates__ 358,835,0 35,300,0
Gold redemption fund
Gold fund-F. R. Board
1,117,636,0 169,617.0
Eligible paper
1,264,526,0 48.797,0
557,808,0 461,311,0 197.790,0 104,920,0 184.278,0 374,722,0 105.223,0 74,367,0 92,336,0 62,373,0 243.341.0
Total collateral
177,045,0 28,600,0 18,020,0 16,190,0
9,500,0
7,800,0 14,157,0
17,223,0 35,000.0
153,626,0 41,500,0 75,000,0 25,466,0 89,700,0279,664,0 53,000,0 33,000,0 55,000,0 10.500,0121.763.0
298,179,0 95.916,0 166,842,0 63,921,0 85,173.0 157,145.0 46,089,0 35,796,0 74,178,0 48,833,0 143,657,0
2.740.997.0 253.714.0 628.850.0 175.916.0 259.862.0 105.577.0 184.3730436.709.0 106.889_0 82.953.0 129.178.0 78.556.0 300.420.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 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 statement 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 2938, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement
of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold witb
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks Is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank In the San
Francisco district with loans and Investments of $135,000,000 on Jan. 2 which recently merged with a non-member bank. The figures are now given 113,
round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS OCTOBER 30 1929. (In millions of dollars.)
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland, Richmond Atlanta, Chicago. St. Louis. Minneap. Kan. Ct.°, Dallas. San Fran.
Loans and investments-total
$
24,431
$
1,566
$
10,288
$
1,281
$
2,218
Loans-total
18,934
1,237
8,170
958
9,179
9,755
553
684
4,651
3,519
512
445
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government delloslts
Due from banks
Due to banks
Rarrnarincea frran V It Rank
8
$
$
709
418
706
504
$
1,964
2.830
553
293
476
386
1,404
1,383
1,466
250
303
87
206
125
351
102
284
439
965
674
643
$
3.482
1,593
516
519
758
836
190
326
151
369
8
$
$
5,496
329
2,118
303
626
157
123
652
156
124
231
118
559
2,682
2,814
165
164
1,090
1,028
92
211
297
329
73
84
57
66
298
354
47
109
168
56
104
127
74
44
317
242
1,990
269
105
17
1,045
91
74
15
129
31
44
13
39
10
279
40
44
7
30
6
59
11
33
8
111
20
15,110
6,868
127
992
466
7
7,458
1,837
39
709
263
13
1.056
938
15
348
244
4
317
227
9
2,025
1,265
13
377
232
2
247
130
1
496
180
2
298
139
10
788
947
13
1,257
3,290
65
153
194
1,444
61
161
108
191
53
101
77
112
239
432
66
126
56
90
123
199
58
104
158
187
729
24
197
61
07
28
41
7n
38
33
39
25
77
.
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. 6 1929,.
in comparison with the previous week and the corresponding date last year:
Nov.6 1929. Oct. 30 1929 Nov. 7 1928.
ltesourcdGold with Federal Reserve Agent
Gold redemp. fund with U. 8. Treasurl
330,671.000
16,934,000
371,641,000
12.023,000
174,703,000
13,923,000
Gold held exclusively ages. F. R. notes
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank.
347.605,000
308,406,000
429,200.000
383.884,000
290,218,000
388.824,000
188,626,000
233,701,000
430,151,000
Total gold reserver
Reserves other than gold
1,085,211,000 1,062,706.000
62.437,000
56,654,000
852,478.000
19.566,000
Total reserves
Non-reaerve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
1,141,865,000 1,125.143,000
22,698.000
21,612,000
872,044,000
14,078,000
146,306,000
75,041.000
186,606.000
59,516,000
230,720,000
63,802,000
Total bills discounted
Hills bought In open market
(7. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
221,347,000
96,165,000
246,122.000
101,318,000
294.522,000
131,564,000
39,655,000
46,999,000
54,442.000
43.655,000
56,755.000
57.703,000
1.384.000
23,079,000
18,709,000
Total E.8. Government securities.Other securities (see note)
Foreign loans on gold
141,096,000
13,750,000
158.113.000
15.250,000
43,172.000
200,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total moonrises
219,000
193,697.000
16.087,000
2,589.000
218,000
220.676,000
16.087.000
2,185.000
371.000
167,350,000
16,675,000
1,421,000
1,848.427.000 1,907,810,000 1,541,397,000
378,361,000 354.854,000
LiabilitiesPeril Reserve notes in actual circulation_
Deposits-Member bank, reserve acct.. 1,123,938,000 1,198,821.000
Government
3,924.000
2,915.000
Foreign bank (See Nate)
1,247,000 . 2,082.000
12,906.000 • 8.119,000
Other deposits
893,732,000.
8.365.000
2,215,000.
12,077.000.
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
916,389.004
158,896,000
49,633,000
63,007,000
11,501,000
Total liabilities
rotal bills and securities, (8e.. Votc)_ _
Nov.6 1929. Oct. 30 1929. Nov. 7 19288
$
Ratio of total reserve* to deposit and
Fed'I Ree've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1,142.015,000 1,211,937,000
179,730,000 192.806,000
84,398.000
64,388,000
71,282,000
71,282,00(1
12,643,000
12.543,000
341,971,000.
1,848.427,000 1,907.810,000 1,541,397,000
75.1%
71.8%
69.3%
154,413.000 153,269,000
472,358,000 520,803.000 469,458,000
72,941,000
NOT E.-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
foreigncorresnondents. In addition, the caption "All other earning assett," previ-oaaly made LW of Federal intermediate Credit bank debentures, was changed to
"Other securities,- and the caption -Total ^arnIng assets" to "Total bills and seourl-tles." The latter term was adopted as a more accurate description of the total of the
discounts, acceptances and ieceettlee amiiireI 1 lee the provident or 353ti235 13 sal 11 of the Federal amerce Act, which, it was stated,are the only items included therein.
Nov. 9 1929.]
FINANCIAL CHRONICLE
tian
STOCKS.
Week Ended Nov. 8.
ra ibaz.ette,
Wall Street, Friday Night, Nod. 8 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2964.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCK'.
Week Ended Nov. S.
Sales
for
Week.
Range for Week.
Louesi.
Par. Shares. 5 per
RailroadsBangor & Aroostook rts 10,700
51
Bklyn & Queens Tran_•
500 7
Preferred
400 48
•
Buff Roeh & Pit pf_ _100
10 105
-Caro Clinch & Ohio _100
70 814
Central RR of N J_ _100
900 260
C C C & St Louts_ _.100 1,000 223
Erie & Pittsburgh_ _50
30 60
III Cent leased line_ _100
80 7231
Iowa Central
10 154
100
Manhat Elev guar .100
100 65
Mobile & 13Inn pref_100
120 69
N 0 Tex & Men._ _100
180 123
N Y State Rys pref _100
130 6
Northern Central_ _ __5
70 81
Pacific Coast 2d CL 100
10 21
Phila. Rapid Trans_ _ _50
30 45
Pitts Ft W Sr. Ch pf _100
10 145
Wheeling 3, L E pf 100
300 100
;Industrial &
Adams Expr (old)_ _100
400 210
Alliance Realty
•
5010834
Allis-Chalmers rights__ 47,900
4
Alpha Portland Cein_.
600 2851
Amalg Leather pref.100
400 31
Am Rolling Mill rights_ 24,400
4
Arch Daniels Midi rts__ 26,800
54
Preferred
50 104
100
Artloorn Corp pref 100
20 92
Art Metal Construct_10
700 244
Assoc D U lot pf.._ _ 100
200 85
Aviation Corp
• 42,400 654
Beatrice Creamery__50 2,700 83
Briggs & Stratton_' 1,500 2651
Bucyrus-Erie rights_ _ _ 2,700
A
• 11,700 1131
Budd (E G) Mfg
* 3,700 24
Bulova Watch
Campbell W & C Fdry.* 2,800 2234
Capital AdmIn Cl A__ _• 3,300 30
Preferred
50 1,000 34
Case Thresh Mach rts__ 18,000 714
Checker Cab
• 11,400 30
City Investing
100
10175
Colum G & E rcts pt pd
800 57
Preferred 13
100
100 93
Columbia Carbon right 83,500 151
Com'l Credit el A__50 6,600 3234
Prof ex-warrants.100
20 80
Consol Cigar pref(7)100
210 76
Consol Film industry_' 9,600 134
'Cont'l Ilk of N Y__ _10 4,200 41
Cont'l Can pref._ 100
510 125
Continental Oil
*112,200 22
Curtiss-Wright
•194,700 934
Class A
• 33,008 15
Detroit Edison rights__ 2,6001 2134
Dominion Stores rights. 2,0001
44
Duplan Silk
• 2,708 14
Preferred
100
450 94
1
Durham 110,M pr. _100
60 414
East Rolling SIIII____* 1,500 20
Emerson Brantingh Cl B
100 4
Eng Pub Ser pf(54)-•
200 8934
•
Fairbanks Co
400 351
30 254
Preferred
25
Federal Water Syst A.* 7,800 32
Filmes Sons certifs. _ _ _
300 35
Fisk Rub 1St pf conv100
132 204
Foster Wheeler
• 10,700; 34
•
200'110
Preferred
•
Camewell Co
8001 654
'General Asphalt rights_ 12,800 154
General Cigar pref_ _ 100
230 117
General Foods
*125,200 454
Gen Gas & Elec rights__ 4,700
54
'General Pub Service_ _• 15,200 2634
Gimbel Bros rights__ 5.000
Gold Dust pref
30010434
•
Grand Stores pref__100
700 90
Grant Co rIghts
7,800 111
Grigsby-Grunow
• 165,800 19
Rights
32,700
4
Hartman Corp cl A_ _ _• 1,400 2334
Helme(0 W) pref _ _100
20 127
Hercules Motors
• 1,700 2734
Hercules Powder
•
500 8934
Household Fin pt of _50 2,700 48
Indian Motorcyc pf _100
20 25
lot Hydro-El Syst
_• 14,000 31
International Shoe_ _• 4,000 60
Interst Dept St pf_ _100
90 8934
Prof ex-warrants.100
100 7734
:Investors Equity
• 3,600 264
Kelly Sp Tire pf (0)_100
180 34
Kuppenhchner & Co_ _5
100 35
Laclede Gas pref-100 9,000 2334
Libby-Owens Glass_ _ _*
400 8234
Loew's Inc prof
•
400 823.4
Pref ex-warrants_ _
30e 81%
May Dept Stores rights 36,900
ha
Mexican Petroleum _100
20 188
Minn-Honeywell Reg_•
600 6051
Minn-5101111e Pr Impl_• 7,501 1254
McLellan Stores
• 3,200 31
Monsanto Chem Wks _ 55 5.200 60
Myers(FE) & Bros..,' 7,000 3714
Nelsner Brothers
60e 60
North American rights_ 142,400
A
Outlet Co
•
260 714
Preferred
100
60 105
Penney GI C) Co
• 6,100 77
Preferred _ _ _____ 100
800 93
Pitts Screw & Bolt__ _ _• 1,200 20
Pittsb Steel prof. -100
390 06
Proctor & Gamble_ _ _• 19,900 60
Pub Serv of NJ pt(5)_•
200 95
Radio Corp pfd el 13_.• 17,100 63
Railway & Express...' 11,900 27
Rand Mines
120 25
Raybestos Manhattan • 10,600 34
Reynolds Spring rte. _ _ 12,300
34
Highest.
Range Since Jan. 1.
Lowest. I Highest.
share. $ per share. S Per shore.S per share.
Nov 7 154
Nov 8 854
Nov 71 50
Nov 6 105
Nov 61 8134
Nov 728331
Nov 7225
Nov 8' 6151
Nov 7 7334
Nov 7 154
Nov 4 65
Nov 6 74
Nov 7 125
Nov 7 654
Nov 4. 81
Nov 8 21
Nov 7 45
Nov 7 145
Nov100
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov 7 250
Nov 610834
Nov 7
54
Nov 7 29
Nov 6 35
Nov 6 14
Nov 6
A
Nov 4 105
Nov 7 92
Nov 7 2534
Nov 7 85
Nov 7 854
Nov 7 9354
Nov
3134
Nov 6
A
Nov 7 15
Nov 7 32
Nov 7 29
Nov 8 42
Nov
34
Nov 7 2854
Nov 7 41
Nov 6 175
Nov 7 70
Nov 8 93
Nov 6 351
Nov 7 3854
Nov 8 80
Nov 8 814
Nov 7 174
Nov 7 46
Nov 412534
Nov 7 2934
Nov 7 12
Nov 7 2034
Nov 7 32
Nov 4
I.
Nov 8 154
Nov 6 95
Nov 4 414
Nov 7 24
Nov 7 4
Nov 8 8934
Nov 7 854
Nov 6 29
Nov 7 414
Nov 7 47
Nov 8 28
Nov 7 54
Nov 7 110
Nov 6 69
Nov 6 251
Nov 6 118
Nov 7 524
Nov 6
A
Nov30 42
Nov 4
114
Nov 6 105 A
Nov 7 103 A
Nov 7 234
Nov 7 343.4
Nov 6 1
Nov 7 2434
Nov 8 127
Nov 7 2934
Nov 8 90
Nov 6 4954
Nov 6 25
Nov 7 4134
Nov 7 654
Nov 4 90
Nov 8 7734
Nov 7 33
Nov 4 35
Nov 6 35
Nov 7 2854
Nov S 85%
Nov 8 854
Nov 7 8331
A
Nov 7
Nov 4 195
Nov 7 9254
Nov 7 1734
Nov 7 36
Nov 8 71
Nov 7 44
Nov 7 60
Nov 6 134
Nov 7 7334
Nov 4 105
Nov.7 94
Nov 6 95
Nov 8 2031
Nov 4 103 A
Nov 7 72
Nov 4 95
Nov 7 72
Nov 6 3554
Nov 7 25
Nov 6 42
Nov 7 1
Apr
Nov 6 250
Nov 750
Nov 6 86
Mar 135 July
Nov 4
51 Oct
11. Oct
Nov 4 2834 Nov 304 Oct
Nov 4 31
Jan
Nov 73
Nov 4
A Oct 3
Oct
Nov 4
A Oct
A Oct
Jan
Nov 7 10234 Oct 115
Nov 7 92
Nov 106
Jan
Nov 8 2414 Nov 30A Feb
Nov 7 85
Nov 107
Jan
Nov 4 6
Oct 20
Aug
Nov 4 75
Oct 131
Oct
Nov 4 25
Oct 43
July
Nov 4
A Oct
Oct
3,4
Nov 4 9
Oct 2254 Oct
Nov 4 24
Nov 3234 Oct
Nov 4 22
Oct494 Aug
Nov 4 30
Nov 654 Oct
Nov 4 34
Oct3934 Oct
Nov
6
Oct81
Sept
Nov
18
Oct8051 Sept
Nov 6 156
Feb 220
Aug
Nov 4 57
Nov 130
Sept
Nov 8 86 June 9654 Oct
Nov 4
34 Oct 1034 Oct
Nov 4 324 Nov 5164 Sept
Nov 8 80
Nov 95 June
Nov 4 76
Nov 100
mar
Nov
10
Oct 2554 Sept
Nov 4 41
Nov 6334 Oct
Nov 8 115
Oct 126
Feb
Nov 4 22
Nov 374 Aug
Nov 4 734 Oct 3014 Aug
Nov 8 14
Oct 3754 Aug
Nov 4 214 Nov 30
Oct
Nov
5., Nov 24 Oct
Nov 4 1354 Oct 2854 Jan
Nov 4 92
July 102
Jan
Nov 4 36
Jan 48
Aug
Nov 8 19
Oct 393,4 Sept
Nov 7 294 Sept 13
Feb
Nov 8 844 Oct 109
Oct
Nov 4 331 Nov 10
Apr
Nov 4 11
Apr 35
Jan
Nov 4 32
Nov 564 Sept
Nov 6 35
Nov 7654 Sept
Nov 4 2054 Oct 8214 Jan
Nov 4 34
Nov 95
Sept
Nov 7 110
Nov 2304 Oct
Nov 8 654 Oct 834 July
Nov 4 1
Oct 8
Oct
Nov 4 1251 Jan 122
Jan
Nov
35
Oct 7734 July
4 Nov
Nov 6
55 Nov
Nov 4 25
Oct 98
Aug
Nov 4
184 Nov
2% Oct
Nov 4 1044 Nov 120
Mar
Nov 4 90
Nov 116
Jan
Nov 4 13,4 Nov 3
Oct
Nov 4 19
Nov 70
Sept
Nov 4
Nov 1
Nov
Nov 6 1654 July 31
Sept
Nov 8 12331 Jan 1313
May
Nov 4 2554 Oct 334 Oct
Nov 4 094 Nov 130
July
Nov 4 45
Aug 524 Sept
Nov 6 25
Nov 9534 Feb
Nov 4 30
Oct .5934 Sept
Nov 4 54
Oct 774 Sept
Nov 4 893.4 Nov 150
Jan
Nov 8 77% Nov 97
Slay
Nov 4 264 Nov 7254 Aug
Nov 4 30
Oct 100
Feb
Nov 6 34
Oct 493,4 Mar
Nov 4 17
Oct 43
Aug
Nov 7 80
Oct 11034 Jan
Nov 7 80
Oct 11034 Jan
Nov 8 8154 Oct 95
Mar
Nov 4
Nov
% Oct
Nov 4 188
Nov 295
Apr
Nov 4 604 Nov 1234 Sept
Nov 4 10
Oct 4334 July
Nov 4 30
Oct 5934 Aug
Nov 4 60
Oct 804 Oct
Nov 4 30
Oct 6734 Oct
Nov 7 60
Nov 9834 Oct
Nov 4
54 Oct 74 Sept
Nov 4 704 Oct 9634 Jan
Nov 4 05
Nov 11334 Sept
Nov 4 77
Nov 1054 Oct
Nov 4 93
Oct 95
Oct
Nov 6 20
Oct 273,4 Aug
Nov 4 924 Feb 110
Oct
Nov 4 60
Nov 98
Aug
Nov 4 95 June 96
Jan
Nov 4 63
Nov 8254 Apr
Nov 4 2434 Oct 6134 Sept
Nov 7 25
Nov 3654 Feb
Nov 4 324 Oct 5854 Sept
Nov 4
54 Nov 1
Oct
4
3,4
8 7
6 48
6 98
6 80
4 260
7 225
8 56
4 7154
7 154
4 6054
6 69
4 1204
7 6
4 81
8 2054
7 43
7 14454
4 70
Oc
44
Nov 1251
Nov 65
Jo 105
Sept 9251
Nov 360
Nov 275
Oct 614
Sept 80
Oct 434
Apr 87
Nov 74
Oct 156
Oct 41
Aug 8634
Oct 40
Oct 61
July 1534
Mar 110
Oct
Sept
Sept
Oct
Feb
Feb
July
Jan
Feb
Jan
Jan
Oct
May
Jan
Feb
Feb
July
Feb
July
Sales
for
Week.
2977
Range for Week.
Highest.
Lowest.
Indus. & Misc. (Cone.)
Reynolds Tub cl A._ _10
140 75
Second Nat Inv pref. _•
400 100
Servel Inc
• 70,100 7%
Sharp & Dohme pref...
2,000 50
Simmons Co rts
23,600
5.1
Solvay Am Inv pfd _100 4,400 90
So Porto Rico Sug pf100
7011734
255.700 25
Standard Brands
300 118
Preferred
Stanley Co of Amer_ •
520 304
Sterling Seeur cl A_ _ _* 28.500 134
20 5,500 13
Preferred
1st prof cony
50 4,700 3654
Tobacco Prod Div A_10
100 6
Div B
200 3
United Business Pub_ _•
100 31
13,600 414
United Carbon
United Cigar Sts ctfs _ _* 4,300 3
United Dyewood_ _ _100
320 6
40 55
Preferred
100
•302,400 284
United Gas Impt
Preferred
* 3,800 944
31.100 1
Rights
United Piece Dye Wks• 2,900 22
100 99
100
Pmferred
6,600 .854
United Stores A
1,700 29
Preferred
44,600, 95
U S Freight
U S & Forn Securs_ * 11,500 2534
Preferred
• 1,400, 884
va El & Pow pf (6)_100
2111i 984
Va Iron Coal & Coke100
2701 15
Vulcan Detinn of A..100
301 93
6001 26
Weqark Radio Stores.•
Zenith Radio
• 22,300 1651
•No par value.
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
7 80
6 109
7 1134
6 57
4
6 95
811854
7 31
4 118
4 33
7 19%
7 134
7 44
8 6
8 3
6 31
7 624
6 4
4 93.4
7 57
7 34%
4 9551
7 1%
7 28
4 99
7 1054
8 33
7 108%
7 35
7 90
8 9854
4 16
7 93
7 31
6 26
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Range Since Jan. 1.
Lowest. I Highest.
4 70
4 100
4
4 so
4
51
4 oo
7 114
4 20
4 116
4 26
4 11
6 114
4 31
8 354
8 3
6 30
4 41
4 1
7 4
6 5354
4 22
8 9034
4
4 20
4 96
634
29
8 95
4 20
4 884
8 984
8 15
7 93
8 19
4 164
AprI 8934
Nov 190%
NovI 2134
NovI 65%
Novj
51
Nov 111
Oct 135
Oct 4451
Sept 11831
Apr 45
Oct 38
Oct 1554
Oct 55%
Oct 18
Nov 20
Aug 36
Oct 11134
Oct 1634
Oct 21
Apr 75
Oct 514
Oct 964
Nov 134
Oct 4814
Sept101
Oct 14
Nov 4034
Oct 13454
Oct 72
Nov 923.4
Oct 1104
Nov 254
Nov110
Oct 75
Now 5211
Oct
Sept
Aug
Aug
Oct
Sept
Feb
Sept
Sept
May
Sept
July
Sept
Feb
Mar
June
Sept
July
May
May
Oct
Aug
Oct
Aug
Oct
Oct
Oct
Sept
Aug
Aug
Jan
Slay
Apr
Sept
July
Quotationsfor U.S.Treas. Ctfs. of Indebtedness.-p.2969.
New York City Realty and Surety Companies.-p. 2969.
New York City Banks and Trust Companies.-p.2969
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Nov. 2. Nov. 4. Nov. 5. Noe. 6. Nor. 7. Nov. S.
(High
First Liberty Loan
3%% bonds of 1932-47._ILow_
Close
(First 34)
Total sales in $1,000 units...
Converted 4% bonds MITI lgh
Low
193247 (First 4s)
Close
Total sales in $1,000 units___
Second converted 434% High
bonds of 1932-47 (First Low_
Close
Second 451s)
Total sales in 31,000 units___
Converted 451% bonds{II igh
of 1932-47 (First 431s Low_ •
Close
Total sales in $1,000 units...
High
Fourth Liberty I.oan
414% bonds of 1933-35._I Low_ HOLIClose DAY
(Fourth 4148)
Total sales in 61,000 units__
High
Treasury
Low_
434s. 1947-52
Close
Total sales in $1,000 units___
In lira
4.9, 1944-1954
Low_
Close
Total sales in $1,000 units_ _ _
(II igh
Low.
394s, 19411-1956
(Close
Close
Total sales in $1,000 units___
High
334,, 1943-1947
Low_
Close
Total sales in 51,000 units...
II igh
354s, 1940-1943
Low_
Close
Total sates in 711.000 units _ _
98
97
971.33
95
93
98
97,5
"
97,
.3,
138
93
3
90"32
9955n
991.33
99703,
990432
9911"
40
51
__
____
- - --- -__ _ _
99-.3,
991.3,
992132 HOLI- 9911
"
99513, DAY
99,1
"
230
216
11125.,
11115n
11105.1
111
11115,,
11155"
278
1072032
1071."
1071."
1071°3:
10710
1071.3,
"
99
1
104203,
104',,
"
1041%
16
_ _ __
9955
.
97
____
____
99
6
____
99
97
99
_
98
971.3,
971.32
84
o'sn.
98,3,
931.3,
132
11955,,
99103,
992.3,
18
_
99"3,
992 3,
99103,
173
--- -
_ - --
991.3,
991,31
991.3,
199
111".,
11115.,
1111.3,
21
1071.
"
1071."
1071."
151
99,13,
99,13,
992131
93
111".,
11110.,
111,73,
7
1071.3,
1071."
1072."
14
----
...-
995.,
99',,
994a
11
_
99."
99.3,
09."
a
____
____
9912"
99,13,
a
m
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 451s
99"., to 99"..
49 4th 43,4s
26 Treasury 394s, 1943-1947
991. to 9910
"
9855.2 to 9855.1
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.87 3-32©
4 for checks and 4.87 13-164.87% for cables
Commercial on banks,
sight. 4.874; sixty days. 4.82 04.82 A: ninety days, 4.79%, and documents for payment 4.8234. Cotton for payment, 4.8694, and grain for
payment 4.864.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.93 9-16
03.934 for short. Amsterdam bankers' guilders were 40.32@40.36 for
short.
Exchange at Paris on London, 123.87 francs: week's range, 123.87 francs
high and 123.82 franca low.
The range for foreign exchange for the week follows:
Sterling, ActualGables.
Cheeks.
High for the week
4.87%
4.88
Low for the week
4.8734
4.8794
Paris Bankers' PlanesHigh for the week
3.94
3.94%
Low for the week
3.9334
3.93 13-16
Amsta dam Bankets' GuildersHigh for the week
40.39
40.3)334
Low for tho week
40.32
40.35
Germany Bankers' MarksHigh for the week
23.9254
23.93
Low for the week
23.8994
23.90%
The Curb Exchange.-The review of the Curb Exchange
is given this week on page 2969.
A complete record of Curb Exchange transactions for the
week will be found on page 2996.
L Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see perceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
Monday,
Nov. 4.
Tuesday,
Nov. 5.
Wednesday, Thursday,
Nov. 7.
Nov. 6.
Frtday,
Nov. 8.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PIES SHUN
Fawn, Mace Jan. 1.
Os basis of 100-seats tots
Lowest
Mohan
-Railroads
For $ per share II per share
Shares
35,000 Atch Topeka & Santa Fe__100 19518 Mar 20 29852 Aug 30
100 99 may 16 104 Oct 22
Preferred
2.700
1
4July 16
100 165 Oct 29 209/
3,100 Atlantic Coast Line RR
100 112 Oct 29 14518Sept 14
65,700 Baltimore & Ohlo
100 75 June 13 8034 Nov 4
1,400 Preferred
60 55 Oct 29 9038 Sept 19
6,900 Bangor & Arooetook
100 y10314 Oct 17 115 Sept 23
380 Preferred
100 85 Apr 4 145 July 25
1,000 Boston & Maine
/
4 Feb 25
30,700 Bklyn-ManbTran v t c_No par 40 Oct 29 811
No par 79 July 29 9258 Feb 1
1,700 Preferred •t o
412 Oct 29 4418 Jan 18
3,300 Brunswick Term & Ry Seo_100
Buffalo & Suaquehanua„ _100 5434 Jan 28 85 Mar 2
/
4July 1 8112 Aug 2
100 511
60 Preferred
100 19118 Oct 29 26972 Feb 2
38,900 Canadian Pacific
Caro Clinch & Ohio oda st'd100 90,2Se ot 17 10112 Mar 14
100 181 Nov 7 279343ept 3
24.400 Chesapeake & Ohio
1924 Feb 4
412July 11
100
4,700 Chicago & Alton
558Nov 7 2534 Feb 4
100
5,500 Preferred
01210 & &set Illinois RR--.100 25 Aug 26 43 Feb 4
Preferred
100 49 June 26 6672 Feb 4
712 Oct 20 2378 Feb 1
8314 1014
014 1218
934 1012 14,100 Chicago Great Weetern_.100
912 1112
100 22 Oct 24 6358 Jan 31
2418 3412 3038 3534 12,900 Preferred
2618 30
3214 3734
1838 Nov 7 4478 Aug 39
2112 2458 58,400 Chicago Milw St Paul & Pao__
1838 23
2118 25
2518 2734
1
4 Aug 29
30 Oct 29 68/
3618 41 101.100 Preferred new
3514 4018 3214 39
42
46
87
8812 26,000 Chicago & North Weetern_100 79 Nov 7 10812Sopt 7
87
81
8512 79
8518 8814
400 Preferred
13814 13814
100 134 Apr 24 146 Feb 5
138 138
13812 139
*139 140
16,000 Chicago Rock lel & Pacifia_100 110 Oct 29 14312Sept 3
115 122
11212 11334 11414 116
12218 125
103 10518 1.900 7% preferred
100 103 Nov 8 109 Oct 10
105 105
10412 106
10614 10612
1
4 Feb 5
8.900 6% preferred
9614 98
100 95 Nov 7 102/
95
9978 9978 95
9934 9934
550 Colorado & Southern
*75
94
100 98 Nov 6 135 July 20
98 *____ 94
98
99
99
250 First preferred
100 6512 Oct 29 80 Jan 25
6712 6712 *6712 70
*6712 70
6812 70
Second preferred
100 64 Apr 22 7212 Mar 6
*____ 69
*--__ 70 •____ 74 *____ 70
3,600 Consol RR of Cuba pref-100 50 Aug 14 7052 Jan 2
56
54
53
52
52
54
54
55
13,200 Delaware es Hudson
100 14112 Oct 29 226 July 20
162 164
15814 165
160 165
170 175
14314 14314 32.100 Delaware Lack & Weetern_100 12014June 11 169348ept 10
14012 15014 137 142
14712 15012
6412 7.800 Deny & Rio Or West pref-100 49 Oct 30 77/
Stock
1
4 Feb 21
62
6518 6078 6218 62
6314 6412
400 Duluth So Shore & Atl
2
2
2
478 Feb 4
100
2 Nov 7
2
238 238
*2/
1
4 212
400 Preferred
100
334 Oct 17
*334 434
*3
5 Exchange
712 Feb 4
3/
1
4
Stock
334 334 *3
5612 61
5518 56/
1
4 76.900 Erie
109 43 Oct 29 93,28ePt 9
45
53
4714 56
Closed
60
6134 5812 5934 5918 5978 10,700 Met preferred
62
6338
Exchange
1
4July 2
100 57 Mar 36 66/
3,700 Second preferred
101) 52 Nov 7 6372July 2
5478 55
52
52
55
55
5714 5834
9812 17,800 Great Northern preferred_100 93 Oct 29 12814July 22
9434 9514 97
98 100
101 10112 Election
Closed
8,400 Pref certificates
100 9312 Oct 30 12214July 22
9512 97
95
9878 9414 95
9314 9934
7,000 Gulf Mobile & Northern-100 20 Oct 29 69 Feb 4
Day
21
2412 2412 27
26
29
2812 32
Extra
200 Preferred
100 90 Nov 4 103 Jan 3
*85
90
90
*85
90
90
90
90
Havana Einar's, Ry-No par
*7
8
Holiday
8
7 Feb 18 1112 Apr 20
*6/
1
4 8
*7
8
*7
Holiday
Preferred
*6912
74
56912 74
56912 74
100 55 Feb 16 73 Apr 15
*6912 74
110 Hocking Valley
425 425
400 400
100 874 Mar 26 600 Oct 16
451) 451
485 485
4818 4938 15,600 Hudson & Manhattan
100 8412May 28 5828 Jan 5
4518 49
4918 5178
47
49
500 Preferred
75
*68
71
71
100 60 Oct 28 84 Jan 18
71
71
71
70
128 13012 12614 128 x127 12834 8,400 Illinois Central
13012 13278
100 123 Oct 29 15812July 20
I Preferred
100 120 Oct 29 15112July 20
*120 140 *120 140 *120 140
_-_- ---_
130, RR Sec Stock certificates__
*71
7178 7134 7178
7138Sept 24 801s Feb 21
72
72
72
72
1714 1812 1678 1934 1812 2014 6,400 Interboro Rapid Tran•t c_100 15 Oct 24 68re Feb 25
1918 2018
400 Int Rye of Cent Amerloa_100 31 Nov 7 69 Jan 26
*30
31
31
31
34
34
•_ _ __ 37
I Certificates
___34
No par 3312 Oct 28 5912 Jan 25
____ 3
*____ 39
*
1101 Preferred
6412 6412 6518 69
100 64 Oct 31 8014 Jan 2
;6:if3 75
7,800 Kansas City Southern-A0° 60 Oct 29 10878July 20
7112 74
65
72
75 -75
82
837s
1
4 Jan 15
1,000 Preferred
66
*64
*64
67
66
66
100 6318July 8 70/
6618 6678
6712 6812 6978 7014 3,500 Lehigh Valley
•__ __ 73
74
50 6712Nov 7 10214 Feb 2
74
129 13112 4,900 Louisville & Nashville--. _100 110 Oct 29 15434Sept 16
126 128
125 129
130 134
3012 13,000 Manbat Elev modified guar100 24 Oct 29 5712 Jar, 11
28
28
2934 3012 26
3018 32
300 Market St Ry prior prat 100 17 Nov 8 8911 Jan 4
18
--------17
21
2412
•19
*19
3/
1
4 Jan 19
134 Nov 6
178
178 2,300 Minneapolis & St Louls__100
2
2
134
134
2
2
----------------1,000 Minn St Paul ASS Marle_100 85 May 31 6114Sept 24
5___ 45
4978 4978
____
-- ___ __ _ I Preferred
100 6814June 8 87 Jan 28
*74
76 *____ 76
*74
78
200 Leased lines
56
5612
100 55 Oct 31 66 Jan 25
5614 55 -5-6
556
5614 556
1
4July 201
58,700 Mo-Kan-Texm RE--No par 30 Oct 29 65/
38
30
3112 36
352 36
38
4212
98
99/
1
4 4.700 Preferred10018 10034 98/
100 98 Nov 8 10712 Apr 251
1
4 99
10058 10218
/
4July 15
6712 22,300 Missouri Pacific
100 55 Oct 29 1011
6518 7278 6114 6478 66
7218 7618
100 120 Jan 2 149 Oct 23
125 12518 12018 12334 122 12372 10,800 Preferred
12512 128
1
4 Jan 17
20 Morris & Elam
50 7532 Oct 30 86/
576
80
576
80
*76
80
78
78
320
19612
Nash
188
19212
Chat%
&
St Loula
100 186 Jan 29 240 Aug 29
190
200 200
200 201
358 Jan 25
114
114
1 Oct 29
1,000 Nat Rye of Mexico 2d pref _100
112
*138
112 5138
*138
112
69,400 New York Central
183/
1
4 186
174 185
100 174 Nov 7 35612 Aug 30
179 191
195 20214
1
4 Aug 30
5,500 N Y Chic & St Louis Co....100 1281/Mar 26 192/
13514 140
130 135
140 149
150 155
10414 10414 1,200 Preferred
10312 104
100 100 May 28 1091,4 Jan 4
104 104
103 10318
879
Jan 18
Oct
29
520
N
Y
200
155
&
Harlem
185
180
60
175
223
180
210 224
100 807s Jan 4 13212 Oct 15
9514 1057a 1071g 11112 61,200 N Y N H & Hartford
9914 109
10914 11214
11458 Jan 3 13434 Aug 15
5.900 Preferred_
121 12434 121 12114 122 122
12418 125
13/
1
4 1512 1212 1338 1238 1378 8,800 N Y Ontario & Weetern__100 12 Oct 30 82 Feb 4
1578 1634
9/
1
4 Feb 21
400 N Y Railways pref____No par
134 Oct 24
214
212 .234 31
3
3
238 238
/
4 Feb 4
1,200 Norfolk Southern
20
--------20
100 1912 Oct 28 481
23
20
20
26/
1
4
16,800 Norfolk & Western
100 191 fan 9 290 Sept 3
22012 228
210 218
221 240
242 24912
1
4May 14
110 Preferred..
100 83 Feb 15 87/
*8612 8712 .8612 8712
86
86
•87_ _
100 85 Oct 29 118721017 22
8718 9158 8512 8712 8712 8834 14,400 Northern Pacific
9312 -9i
100 8012Nov 7 11458July 22
1
4 8518 8834 10,200 Certificates
1
4 83/
9178 80/
86
92
94
117.400
8614
Pennsylvania
943884
/
1
4
60 7212 Mar 26 110 Aug 29
8414
89
85
/
1
4
8114
891/4
Peoria & Eastern
100 22 Oct 21 85 July 16
_ 23 • - 20
• - 20
*____ 20
148 Jan 8 260 Aug 29
Pere
Marquette
Igo
100
*56
200
HO
200
iia
*190 200
1
4 Oct 15 101 Mar 22
100 95/
Prior preferred
99
590
____ 94
_. 96
590
9678
94
80 Preferred_
100 90 Nov 8 97 Jan 8
90
95
*90
•__-- 97
'85
95
1,000 Pittsburgh & Wan Va.. 100 100 Nov 8 14824 Jan 10
107 10914 •75 10814 100 100
112 113
18,100 Reading
50 10112May 27 14724Sept 5
119 120
11614 119
121 123
12214 12412
66 4,112 Apr 92 50 Sept 7
200 First.preferred
46
46
48
*45
46
46
*45
48
50 4858May 21 6054Sept 7
1,500
Second
46
preferred
46
47
4612 4612 46
48
48
Rutland RR pref
100 4978 Oct 29 7414Sept 18
60
*50
59
*50
61
*55
61
*55
1
4 Aug 30
104 Oct 20 133/
18,000
St
Louls-Ban
1113
4
100
Francisoo
10912
4
1113
10814
11212
11418
1137g 11478
4,700 1st Pre/ Paid
100 90 Nov 7 9612 Feb 2
9012 91
91
917g 9234 90
9234 9314
12,00088 Louts Soutbwestern
100 60 Oct 24 11554 Feb 4
75
721s 7632 5712 7112 *65
76
76
1.700 Preferred
100 84 Oct 30 94 Apr 26
88
*86
88
88
89
88
89
89
Seaboard Alr Une
100 12 June 15 9124 Mar 5
14
•11
13
*9
13
*1012 1212
59
/
4 Oct 15
Preferred.
700
100 1614June 14 411
---28
*20
28
*24
27
2712
Southern
18,900
Pacific
Co
100 11518 Oct 29 15712Sept 3
122
120
116 122
120 126
12812 130
100 126 Oct 30 16218Sept 4
1
4 15.300 Southern Railway
131 132/
13014 13958 131 133
140 14112
1,900 Preferred
100 93 June 14 995* Oct 19
96/
1
4 97
97
97
9712 98
9714 98
Mobile & Ohio aerials-100 85 Oct 29 14078 Jan 14
95
*75
*80 100 •____ 100
*85 100
Novov
007
11554 NNov,
8.100
Texas
&
Pacific
125
1
12314
117
115
120
126
126 131
5
1 Ma
Fey
b 22
7 39
0018
812 812 1,400 Third Avenue
734 8
818
8
8
9
1
4 1,600 Twin City Rapid Transit 100 2814 Nov 7 5814 Jan 26
29/
1
4 29/
/
4 29
3112 281
30
32
33
100
Jan
5
12
Sept
Preferred
85
20
100
89
•--88 •____ 89
88
.- - -- 85
100 20014 Nov 7 29758 Aug 29
2151g 23034 20014 22412 21514 22334 16,400 Union Paoli%
235 23512
Aug 12 851213ept 4
804
Preferred.
100
2,600
81
5
8
80
8012
8014
81
8034 8114
81
$ per share $ per share $ per share $ Per share $ err share $ orr share
21014 23514 22514 232
217 238
24014 245
102 10234 101 10158 101 10112
103 103
171 17112
170,2 174
17512 178
178 180
11334 11934 11712 11934
116 120
12012 12434
7918 80
80
8014 8014 80
8012 8034
65
62
6512 63
61
65
6534 68
110 110
10714 110 510712 110
110 110
*90 110
*90 115
107 110
115 115
5412 55
51
55
54
56
5478 57
8018 8018
80
80
80
81
83
8314
1018 11
712 834 1012 12
934 11
84
*50
*50
84
*40
84
84
*50
*72
75
72
72
*72
75
*72
75
20034 20434
198 20212 196 205
201 207
593
94
*93
94
*93
94
94
*93
18812 19012
19434 20512 181 187
207 213
458 512
412 412
434 538
512 573
578 578
558 578
6
714
6,2 7
____ ____
• Bia and asked ['Mom: no sales 00 this day, z Ex-dividend.
EX-rights.
PER 1111411,11
Ewe foe Puffins
yew 1928
Lowest
1
Highest
11 Per share 8 net am.
182/
1
4 Mar 204 Nov
1
4 Apt
102/
1
4 Jan 108/
/
4 May
15718 Oct 1911
10834 June 126/
1
4 Dee
77 Nov 86 Apr
61 June 8414 Jan
104 Dec 11524 May
68 Feb 91 Den
53/
1
4 Jan
7734 Mal
82 Jan 9538 may
14/
1
4 Jan
4778 Sept
8214 July 6418 Nov
88 Sept 63 Nov
19512100e 253 Nov
98 Sept 10718 Mae
17512 June 21814 Dee
18/
1
4 May
558 Jan
2628May
772 Feb
07 Feb 6814 May
1
4 May
58 Aug 76/
918 Feb 25 Dee
20/
1
4 Feb
50/
1
4 Dee
1
4 Apr
2214 Mar 60/
37 Mar 5958 Nov
78 June 9414 Mal
185 Dec 150 Map
1
4 Nov
108 Feb 139/
105 Dee 11112 May
99 2 Dec 105 Ma;
105 Aug 126 May
67 July 85 Apr
85 May
6912 Nov
1
4 Juol1
Ms Dec 87/
16314 Feb 226 Apr
125/
1
4 Dec 150 Apr
1
4 Feb 6624 Apr
50/
634 Jan
3 Aug
911 May
443 June
48/
1
4 June 7211 Dee
1
4 Jan
50 June 63/
Jan
4914 June 62
9312 Feb 11434 Nov
1
4 Nov
911s Feb 111/
48 Aug 611
/
4 May
99 Aug 109 May
17% Juno
7 Aug
51
840
6012
81
13114
18012
75
29
8612
Dec 7818 Seed
July 678 Nov
Dec 7312 Apr
1
4 Apr
Oct 93/
Jan 14884 Map
Jan 167 May
1 June
July 02.
32 Ma;
Jan
Mar 6218 Nov
6914 Jag 82 May
68 June 95 Nov
6612 Aug 77 Ain
851
,Feb 116 Apr
13914 Nov 15912 May
40
Jan 641 May
&Vs Dec 4424 Mal'
178 May
612 May
£0 June 5238 Jan
7014 Dec 87's MAY
60 Dee 7112 Jan
80/
1
4June 58 Dee
10112June 109 Feb
4178 Feb 7614 Beet
106 Feb 12678 Dee
82/
1
4 Aug 89 June
17112 Aug 204% Map
2 Feb
5/
1
4 Apr
166 Feb 194 ., Nov
12114 Oct laa May
10411 Aug 110
Jan
168
Jan 605 Apr
54% June 82% Dec
112 Sept 117 May
24 Feb 39 May'
514 Jan
13 Maf
32 June 68 Nov
175 June 1981,Nov
847e Oct 90 June
92/
1
4 Feb 118 Nov
9038 Feb 215 Nov
61/
1
4 June 78/
1
4 Dee
25 Mar :7,7 May
12472 Feb 164 Nov
96 001 10124 Ma,
92 Nov 10034 Mae
12114 Feb 108
Oct
9414 Feb 119% May
4112 Nov 66 Apr
44
Jan 691g Mai
60 Feb 77 Dec
109 Feb 122 Mar
94 Dec 101 May
6718 Feb 1244 Nov
89 July ge
Jan
1153 Mar gm, jim
Jan,,
17 Aug 118
117/
1
4 Feb 18112 May
189% Feb 165 May
96/
1
4 Sept10214 Jan,
100 Jan 16912 Jan
8
28
81I
:j
Jan 166
8
1May
8214 Sept66 may
9434 Oct197 Feb
186/
1
4 Feb 224/
1
4 Nov
8218 Oct8714 Jae.
New York Stock Record-Continued-Page
2979
Fee sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
$ per share
Monday,
Nov. 4.
Tuesday,
Nov. 5.
Wednesday, Thursday,
Nor. 7.
Nor. 6.
$ per share $ per share 5 Per share
.45
51
51)
*40
89
89
*86
90
*76
85
•76
81
23
2412
1818 2234
22
22
20
20
24
23
24
2612
50
51
4512 49
428 44
79
7934
*7212 90
*10314 1071 1
3014 34
'
1186
87
25
25
1414 16
21
25
1
114
12758 14218
267 27
3
3,4
A 9,4
1078 11
29
3134
1004 101
904 9018
231 244
12211 12214
4812 5014
4.____
4
24
25
712 77
2812 2978
106 110
59
GO
8
834
*49
507
3618 40
4814 408
117 11714
1072 12
7214
72
124 132
139 139
8614 89
*11412 11612
*85
90
44
45
31
32
2212 2614
39
43
79
8614
10514 10514
Stock
91
9212
24
25
514
514 Exchange
Stock
3412 3434
Exchange
477 50
Closed
3614 3738
Closed
90
90
Election
45
5012
35
Extra
378
Day
*40
4634
Holiday
104 10512 Holiday
116 116
190 190
5058 52%
•110 117
70
70
5
5
1914 1914
8432 87
9812 100
7334 7334
79
80
3512 378
*130 135
2018 2478
9318 9878
5114 56%
2614 27
I% 2
76
80
85
897
130 136
41
447
10058 10058
48
52
111 III
4812 52
67
68
10410414
33
34
25
2512
233 24814
123,4 210
197 20712
116 117
14314 1451 1
1071 10778
90
97
102 102
10
1078
258 2712
8
9
38
38
11
1378
70
7018
95
9838
648 647
4712 497
•115 145
414 4312
2912 31
81
82
718 778
414
65
6034
14
1412
*2178 23
3812 3978
38
3934
*42
45
7134 77
5534 57
4512 47
9558 993i
96
99
10
10
201 215
S ner share
•40
50
*85
90
*71
80
1514 2014
1912 20
17
21
4514 4614
Flday,
Nor. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOC1
EXCHANGE
Lowest
S ner share Shares
Railroads (Con.)
*43
50
Wabash
*86
89
500 Preferred A
Preferred B
*71
85
1312 2034 27,100 Western Maryland
2034 2034 1,200 Second preferred
20
21
2,700 Western Pacific..
47
47
4,000 Preferred
I
Par
_100
_100
_100
_100
_100
_1(10
_100
Industrial & Misceilane01.18
42
43
39
40
41
41
5,000 Abitibi Pow & Pap
N, par
*78
79
*73
_100
80
74
74
500 Preferred
73
73
*65
70
*65
300 Abraham & Straus____Nd par
75
90 Preferred_ __ _
•10314 10714 106 106
10314 10314
- - -- _100
22
297
22
25
2412 2634 39,400 Adams Express new,_ M par
86
86
200 Preferred
8512 8512 *8514 86
_100
2,600 Adams Millts
20
21
22
20
23
20
Ni Par
15
15
14
_100
1412 1312 15
7,200 Advance Rurnely
1914 20
4.300 Preferred
19
_100
20
1814 197
_1
118
1
118
1
1
14 8,200 Altumada Lead
10014 11018 90 10434 105 11178 56,600 Air Reduction, Inc____Ng P13?
25
2512 25
3,100 Air-Way Mee ApplianceN o par
25
*25
26
28 3
No par
234 27
8,500 Ajax Rubber, Inc
234 27
5
534
412 5
538 534 21,400 Alaska Juneau Gold Min __it
912 11
10
1034 104 1058 2,500 Albany Pert Wrap Pap_Ar Pa'
2318 278 218 2634 254 2778 253,700 Allegheny Corp
NI par
9814 101
9614 9812 98
_10
9934 4,400 Preferred
8914 90
8813 89
8878 89
2,100 Pref ex-warr
207 214
200 21114 21014 215
38,300 Athed Chemical & Dye.N0Pa.
12312 12312 122 123
1,800 Preferred
122 122
100
4418 4612 4012 4334 4312 45
29,100 Allis-Chalmers Mfg new N0 Par
*3
4
53
4
*3
4
Amalgamated Leetber_Ni par
22
23
21
22
22
23
14,400 Amerada Corp
No par
7
712
634 678
7
7
3.800 Amer Agricultural Chem_ _100
26
2838 247 2518 26
27
6,800 Preferred
• _100
95 105
86
95
9312 97
15,400 Amer Bank Note
_10
*59
6312 57
GO
*5712 60
1701 Preferred
_50
812 918
9
912 *9
912 3,800 American Beet Sugar__N,o par
49
49
*45
4834 545
4834
100 Preferred
_100
33
3712 3134 3458 35
3638 29,200 Amer Bosch Magneto_No Par
47
4312 4512 46
4634 48
6.900 Am Brake Shoe & F____N0 Par
*117 120
11712 11934 11934 11934
_100
90 Preferred
97 27,200 Amer Brown Bever! ELN par
852 101 1
818 9
9
68
711: 65
67
65
66
470 Preferred
..100
105 122
103 120
1134 122 210,600 American Can
_25
•13814 139
137 13912 139 139
1,400 Preferred
..100
8314 8534 8018 817
8114 83
5,700 American Car & Fdy__No par
•11412 11612 11412 115
115 115
..100
400 Preferred
*183
8312 80
80
8018 8018
200 American Chain prat_ _..100
41
4434 38
41
-N0 WV
388 41
14,500 American Chicle
25
30
20
247
2512 2678 19,800 Am Comm'l Alcohol_N0 tar
24
27% 2118 2314 2318 2578 2,800 Amer Encaustic TIling_N0 Par
3014 3812 30
31
3434 37
N•o par
6,600 Amer European Sec's
60
7512 5312 747
66 7634 196,000 Amer & For'n Power
N•0 par
10514 1051 1 10434 10434 104 105
N P0?
8,600 Preferred
8934 9112 89
90
91
91
3,400 2d preferred
N0 par
2218 237
2014 22
22
_ _10
23
5,100 Am Hawaiian S S Co_
5
44 414 •412 5
534
600 American Hide & Lea-the _100
*30
35
29
29
2914 31
..100
800 Preferred
47
458 48% 45
4714 48
15,200 Amer Home Products_N par
3312 3612 324 35
3334 3512 11,600 American Ice
No Par
89
89
86
88
89
89
1,000 Preferred
_100
35
4512 33
3934 391 4218 75,500 Amer Internet Corp___No par
3I
3
334
3
3
312 3,900 Amer La France & Foam!te_10
*45
4634 *40
4634 *40
4634
..100
Preferred
997 10018 984 10012 10018 102
11.400 American Lotomotive_NO par
115 11512 *114 115 *11414 115
1,600 Preferred
_100
180 180
160 190
18514 190
2,200 Amer Machine & Fdy__N 0 par
48
50'2 4334 47
4634 4834 28,400 Amer Metal Co Ltd_N o par
*112 115 *112 116
112 112
100 Preferred (6%)
_100
7112 74
70
7018 65
7113
470 Amer Nat Gas pref____N o Par
*4
5
4
4
478 478
400 American Plano
A•o par
20
204 194 1918 1818 1934
220 Preferred
..100
79
83
70
7778 7712 8178 30,700 Am Power & Light____N 0 Par
*9512 100
9934 9934 98 100
1,900 Preferred
Ni par
7434 7334 7334 737 737
74
700 Preferred A
A 0 par
80
82
79
79
79
8112 1,200 Pref A *tamped
/S o par
33,8 3534 314 34
3318 3478 100,900 Am Rad & Stand San'ry A pa
*130 135 •130 135 *130 135
_100
Praferred
1814 2018 1512 1812 184 2012 6,700 American Republics___N o pa
8178 9012 764 80
8218 8712 42,200 Amer Bolling Mill
52
5334 5178 564 55
5738 4.600 American Safety Resor../1Jo Par
2514 26'z 24
26
2312 2312 4,400 Amer Seating v t (3
/1To pa
17
•172 2
178
17
18
2,000 Amer Ship & Comm
A o pa
73 8014 *72
7934 *72
79
1,010,American Shipbuilding- -.100
85% 71
747
76
7514 7814 94,800,Am Smelting Or Refining __100
13012 13034 •____ 134 •____ 130
1,300: Preferred
..100
40
4114 3914 40
4013 41
2.600 American Snuff _ __ --25
•10058 103 *10052 103
10058 10058
50 Preferred
_100
41
47
4314 48
4614 4912 21,600Amer Steel Foundries_A To pa
111 111 •1104 11212 11012 1107
280 Preferred
_100
45
4818 48
4912 51
4912 4,900 American Stores
IlTo pa
65
6812 6218 65
614 6312 10,800 Amer Sugar Refining...__100
104 104 *10012 102
10114 10114
901) Preferred
100
31
3312 2812 29
2814 30
5,700 Am Sum Tob
N o pa
25
25
2434 2434 *2434 25
1,300 Amer Telegraph & Cable 100
212 23114 20512 226
219 229 158,600 Amer Telep A Taft--__100
17614 18212 x186 192
18312 195
10,200 American Tobacco corn_
182 195
17614 18412 x186 192
27,400 Common class EI
__.50
115 115
11512 1151
116 116
700 Preferred
_100
140 14411 125 140
140 140
3,900 American Type Founder!__100
10712 108
10712 10712 10714 10712
100 Preferred
_100
68
84
60
70
70
77
54,800 Am Wat Wks & El
1go Par
10034 1003 10012 10011 10014 10038 1,500 lit preferred
97
814 918
94 10
978
4,900 American Woolen
_100
2314 2584 2114 224 2114 2318 6,400 Preferred
_100
712 8
7
74
658 7
6,400 Am Writing Paper rtfirJ o par
35
35
38
*32
*32
35
400 Preferred certificate_ __100
1018 117
814 10
105* 1212 15,100 Amer Zinc, Lead & Smell
60
70
554 634 65
66
1,100 Preferred
_25
8912 8638 8812 461,600 Anaconda COPPer Min. ew50
8212 9258 80
64
•
_-__ ____
638 637
5,800 Anaconda Wire dt Cable I o par
3818 44
334 3734 36
414 7.900 Anchor Cap
5To Par
.115 145
*90 105
*91 101
Preferred
ATo par
3318 40
3318 3834 3614 3814 9.700 Andes Copper Mining ATo par
2514 2712 28
2838 30
2958 10.400 Archer, Dan'Is, 1.116111.1To par
80
81
81
80
80
8018 2,000 Armour & Co (Del) pref.__100
6
6
634
612 734 36,200 Armour of Illinois class A ___25
6o
4
41
318 334
314
334 42.700 Class B
_25
66
68
62
65
62
63
2,200 Preferred
.100
1312 114 1112 1112 1212 8.800 Arnold Constable Corp.] Par
13
*2178 23
*217 22
*217 22
1 par
Artloom Corp
3812 331 _ 36
37
37
3712 2,000 Associated Apparel Ind ITo par
35
3714 2914 3312 3358 35
21,000 Asap° Dry Goods
ITo Par
*4334 4634 *43
45 .43
45
Assoclated Oil
_25
69
71
6758 73
70
737 12,800 All GA WI SS Line__ATo Par
55
5434 5434 55
55
5534 2,800 Preferred
..100
4114 447
3834 423
424 4438 118,300 Atlantic Refining
_25
8678 9514 67
85
854 8934 11,400 Atlas Powder
N O par
99
9938 97
9812 99
97
170 Preferred
_100
10
10
9
912 *9
10
700, Atlas Tack
V O DOT
135 205
13512 174
176 200
7.600iA.uburn Autornobile
ATo par
• Hid and asked orlems; no sales on Ibis day. s Ex-dividend.
y Ex-rIght8.
PSI! SHARIS
Ramos Since Ins. 1.
Os basil of 100-sgare tots
Molest
Pitt &HARI
Rasps for Prstriost
Year 1938
Lowest
Highes!
Per stare 8 per share 8 per share S Per share
47 Oct 30 81% Jan 5
51
Feb 964 May
8814 Aug 16 10472 Jan 7
8812 Feb 102 May
91 Jan 8
7718 Oct 1
87 Feb 9912 May
10 Oct 29 54 Feb 4
31/4 Feb
5434 May
17 Oct 30 5312 Feb 4
3312 Feb
54% May
15 Oct 30 41% Mar 5
2814 Feb
38/3 Dee
4514 Nov 7 67341017 22
5212 Aug 624 Jan
3712 Oct 30 57% Aug 15
76 Oct 24 8012 Jan 7
73 Nov 6 1594 Jan 3
103 Oct 21 11212 Oct 25
22 Nov 6 34 Oct 4
8434June 26 96 Jan 3
20 Nov 6 3572 Jan 15
7 Oct 29 10472May 1
15 Oct 29 119 May 1
47g Feb 20
34 Oct 29
90 Nov 7 22334 Oct 181
25 Oct 29 4878May 13
1114 Jan 2
212Sept 2
112June
104 Jan 8
5 Oct 29 25 Jan 3
1818 Oct 29 5612Sept 3
95 Oct 31 11834Ju1y 15
92 Oct 25
80'8 Sept
35434 Aug 30
200 Nov
125 Apr 27
121,14 Apr
3714 Oct 29 7612Sept 26
3% Oct 29 114 Jan 14
1712 Oct 29 4252 Jan 3
4 Oct 29 2353 Jan 15
7334 Jan 11
24% Nov
157 Oct 10
86 Nov
57 July 23 8534June 14
8 Nov 4 204 Jan 16
46 Apr 24 6014 Feb 5
28% Oct 30 7612Sept 7
4318 Oct 30 62 Feb 4
11612 Oct 1 12612 Mar 21
44 Oct 29 343atme 1
4934 Jan 7 104 June 12
103 Nov 7 18412 Aug 24
136 Oct 30 142 Mar 28
76 Oct 29 10612 Jan 3
1104 Oct 10 120 Jan 29
7014May 31 9518 Oct 10
35 Oct 29 8158Sept Ti
20 Oct 29 55 May 20
2018 Oct 30 4734 Feb 25
30 Nov 7 9812SePt 3
50 Oct 29 19914Sept 21
104 July
10812 Feu 14
8614 Oct 30 103 Feb 21
1918 Oct 30 42 Apr 19
414 Nov 7 10 Jan 2
29 Nov 7 524 Aug 29
4018 Oct 30 8552 Jan 24
29 Oct 30 5313 Aug 23
86 Nov 7 96 Mar 6
30 Oct 29 964 Sept 20
874 Jan 10
212 Oct 29
43 Oct 24 75 Feb 21
98%Nov 7 138 July 16
112 Sept 26 11972 Aug 2
14714June 3 27934 Oct 0
414 Oct 29 8118 Feb 6
112 Nov 8 135 Feb 6
65 July 19 9814 Jan 7
3 Oct 30 17% Jan 31
16 Oct 31 55 Jan 31
70 Nov 7 17534Sept 7
9214 Oct 29 105 Feb 28
70 May 31 80 Feb 13
7612 Oct 30 8412 Feb 15
28 Oct 28 5538 Sept 7
135 Sept 3 139 Sept 13
15 Oct 29 644 Jae 2
72 Oct 29 144%Sept 9
5114 Oct 30 7434 Jan 31
2312 Nov 8 4178 Mar 15
7 Feb 5
% Oct 29
70 Oct 29 11218 Aug 8
71 Nov 7 13014Sept 5
130 May 31 138 Jan 4
38 Oct 30 49 July 26
1004 Oct 91 112 Jan 24
3534 Oct 29 7974 Feb 4
110 June 17 114 Mar 18
40 Oct 29 85 Apr 25
6118 Nov 8 94% Jan 25
10012 Oct 30 111 Feb 1
2612 Oct 30 60 Jan 2
17 Jan 2 3272 Mar 25
1934 Jan 8 310148ept 19
160 Mar 26 23212 Oct 14
160 Oct 4 235 Oct 14
115 June 20 12114 Jan 15
125 Nov 7 181 Sept 11
10714May 15 112 Apr 5
60 Nov 7 199 Sept 27
97 Jan 3 104 Ja1328
572 Oct 24 2772 Jan 3
2034 Oct 30 58318 Jan 2
612 Oct 30 1618July 18
34 Oct 31 46 Mar 2
84 Oct 29 4914 Mar 18
5518 Nov 7 1114 Mar le
7512 Oct 29 140 Mar 23
6234June 13 8934Sept 7
25 Oct 29 80 Oct 15
1021zJune 17 15412 Oct 15
30 Oct 29 68% Mar 1
2234 Oct 29 4912 Mar 4
75 Oct 29 95 Jan 301
518 Oct 29 1812 Jan 2
318 Nov 7 1014 Jan 2
60 Oct 30 86 Jan 24
1034 Oct 30 40% Jan 2
1952Scpt 6 30 Feb 5
35 Oct 29 5834June 18
28 Oct 29 7034 Jan 10
4012May 31 474 Apr 6
324 Feb 10 8613 Oct 10
4534 Feb 11 827s Sept26
30 Oct 29 777k July 8
67 Nov 7 140 Sept 10
96 Nov 4 10812 Jan 14
9 Nov 7
1772Ju1y 16
120 Oct 29 514 Sept 18
88
Apr
102% July
142 Dec
11413 June
625 Dee
9913 Mar
334 Dee
65 Seel
8914 Sern
51
/
4 Mar
1
4 Dec
59 June 99/
364 Nov
78 Nov
90 June
109
Oct
195
Jan
Jan
93
3013 Dec
11
Jan
3,34 Jar
2% Jan
141 "iii
10 Nov
314 Jae
Feb140
25234 Nov
1204 June 127% May
"Oci
27% Feb
1552 Feb
5552 Feb
7434 Jan
60
Oct
1414 Julyi
Feb)
36
1534 Feb
397 July
120 Dec
1052 Apr
404
7013
13654
8814
110%
71
64
Apr
Jan
Jan
July
Aug
Dec
Deo
168* Apr
43is Nov
28 Nov
7972 Nov
159 May
85% Jan
244 Aug
6158 Sept
4432 Nov
494 Jan
128 June
2614 May
6534 May
11714 Nov
147 Apr
I1112 Jan
1374 Mar
105 June
5034 Dec
22% Feb
104% June 110
Feb 100
81
Dec8
May
Sept
Oct .114 Feb
Nov 6733 Feb
Feb 84 Nov
Jan 4634 Aug
Jan 9912 May
_
1134 OcI
514 Jan
56
Jan 8512 Oct
87 June 115
Jan
1034 3c 134 Mar
1294 Jun
18314 Dec
63t., Nov
39 Ma
109 Aug 11712 Map
0214 Nov
9614 De
1214 July 25 Feb
88
Dec 90
Jan
95 May
624 Jan
10012 De 1074 May
7018 No
7712 Nov
8112 De
864 Nov
84
81
59
28
90
Feb
56
27%
34
80
169
131
85
Apr
Jan -7-47g 5694
45 May
Nov
Aug
64 May
Sept 119
Jan
Feb 293 Dec
Mar 142
Apr
feii" Oct 120 - J-t.ct;;
5012 June 70% Jan
109 June 120 Feb
Feb
55 '
100
Feb
48
Feb
174 Dec
172 July
152 June
152 June
11524 Scot
10974 Aug
107 Nov
52 June
Oct
98
14 July
39 Aug
10,2 Jun
84 Jun
8% Jan
60
Inn
9312 Nov
1104 May
7352 Sept
32
Jan
211 May
184% Dec
18472 Noy
126
Apr
1424 Nov
115 Mar
7812 Nov
Apr
106
32ft Nov
88% Nov
1912 Feb
5344 Oct
67
Oct
11774 Oct
54% De,
48 De
10614 De 111 Dee
56 Nov
364 Nov
554 Feb 11272 Nov
86% Jan 9712 June
1114 Jan
234 Sept
134 May
Me Jan
74 Jan 9112 June
354 July 5110 Apr
2814 Dee
4% 51ar
-fit; Dec
53%
41J1g June
3713 Feb
Sept
3712 Feb
5972 May
88
Feb 654 Oct
50 Nov 6812 Dec
63
Jar 114 Dee
102 July 11013 May
84 Jan
17% June
_
New York Stock Record-Continued -Page 3
2980
For setae during the week of stocks not recorded here, lee third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
Monday,
Nov. 4.
Tuesday,
Nov. 5.
Lper share $ per share 5 per share
434 514
30
30
*50
53
23
2412
*3914 40
37
3712
28
3078
116 117
106 106
234 2312
75
75
4
4
26
2712
70
70
97
97
21
22%
74
7812
74 718
7778 7778
3914 4178
43
41
9412 9778
12212 12412
35
101 101
8434 8434
65
63
*75
80
44 514
*25
35
74
69
4458
42
6
6
1414 1578
214 214
578 578
2178
21
85
85
131 138
44
45
28'8 3034
23' 235*
3318 3578
*112 114
39
39
9618 9618
25
26
91
91
5514 6212
43
44
9934 10134
10734 108
612 63i
3
311
Stock
•_
2734
7714 89
*110 116 Exchange
Stock
334 3434
73
7312 Closed
Exchange
*28
30
158 Election
112
Closed
102 105
Day
Extra
3618 38313
67
6878
Holiday
3538 3612 Holiday
190 215
11478 115
12
12
*70
75
43
46
*50
85
2812 2934
414 4234
108 110
4 812
57
60
7518 8178
174 18
52
52
4712 495*
*99
9934
---- - - -6314 647
2514 29
5238
52
2512 2714
305* 30%
62
60
*71 100
3514 38
40
4014
10
1034
3914 4072
100 100
135 137
4678 47
19
20
80
80
3012 4312
13010 168
76
84
10434 10434
2512 29
3478
32
26
*20
27
*25
8214 84
4514 4934
*98 10012
89
9018
*10
30
3314 3878
1434 16
48
47
1558 1678
5518
54
58
4
50
52
7114 74%
21
22
10214 108
971; 9914
15*
134
15
1634
65* 612
44
4634
658 712
8834 9034
64
60
70'2 7334
914 934
Wednesday, Thursday.
Nov. 7.
Not. 6.
Friday,
Nov. 8.
Sales
for
the
Week.
STOCK
NEW YORK STOOK
EXCHANGE
PER SHARE
Range Strica Jae. 1.
On baste of 100-share lois
Lonna
$ Per share $ per share $ per sha,e Shares Indus. & MIscel. (Cos.) par
478 5
8,600 Austin, Nichols & Co_No par
3% 47
312 518
18
26
26
3,300 Preferred non-voting _ _._100
18
25
25
Austrian Credit Anstalt
*50
52
52
*50
*50
53
--------6,300 Autosales corn
No par
22
24 *___ _ 22
800 Preferred
60
32
3612 32
3914 3914 32
38
900 Autostr Bar Rasor 'A"No gar
36
*36
42
36
*36
27,700 Baldwin L000 Wks new No par
2378 2438 28
22
2734 22
370 Preferred
100
11412 115
114 11412 11378 114
190 Bamberger (1.) & Co pref-100
102 102
106 106 *105 106
70 Barker Brothers
No par
*2312 25
*2312 25
*2312 25
100
40 Preferred
75
75
92
80
*75
*75
No par
34 4
*4
714 1,200 Barnett Leather
*5
71*
25
2638 68,000 Barnsdall Corp class A
2358 2578 2212 2414 25
No par
62
62
800 Bayuk Cigars, Inc
62
6912 62
69
100
97
170 Find preferred
97
97
96
97
96
No par
19
2034 1712 1712 1712 1918 12,700 Beacon Oil
20
69
7334 7014 7014 7034 7034 9,700 Beech Nut Packing
612 712 4,900 Belding Hem'way Co--No par
658 634
7
714
700 Belgian Nat Rys part pref ___
7812 7834 78
78
*7812 7834
NO par
3318 3838 3118 3378 3312 3712 51,000 Bend's Aviation
No par
3812 13,500 Best & Co
34
3818 3312 3834 36
86
9418 83
9534 8912 9212 220,600 Bethlehem Steel Corp....._100
7,100 Beth Steel Corp DI (7%)_100
122 12212 120 12178 120 121
No par
*30
34
700 Bloomingdale Bros
35
*32
34
35
100
--------20 Preferred
*10014 110 *10014 110
50 Blumenthal & Co pref___100
8434 85 *____ 82 *____ 82
55
5512 5934 10,600 Bohn Aluminum & Br__No par
52
5518 50
No par
74
74
x7334 7334 4,000 Bon Aml class A
75
75
No par
4
418 2,700 Booth Fisheries
4
478
438 438
let preferred
100
25
25
*15
26
*15
*15
29,900 BordenCo25
6514 68
62
67
60
65
10
38
16,100 Borg-Warner Corp
3618 407
3218 37% 34
6
678
6
300 Botany Cons Mills Wass A.50
*6
6% *6
1212 15
1112 1278 1212 1434 69,000 Briggs ManufacturIng_No par
100
2
1,200 British Empire Steel
2
2
212 212
2
100
8
500 2d preferred
418 412 *4
*438 6
1812 2078 1738 18
175* 1818 8,300 Brockway Mot Tr---No par
100
*8012 83
70 Preferred 77
85
80
80
*82
25,200 Bklyn Union Gas
No par
112 130
11034 12534 122 128
No par
43
2,300 Brown Shoe Inc
4018 4018 43
43
45
2478 2512 8,000,Bruns-Balke-Oollander_No par
25
2518 2778 24
10
21
2178 14,100 Bucyrus-Erie Co
2018 2238 2018 21
10
32
34
3018 3234 3258 334 7.400 Preferred
100
_ .. *113
*113
-- .-.-- Preferred (7)
36
3,800 Bullard Co
35
35 -No par
*11230
3i
3312 -92
1,200 Burns Bros new alAixemNo par
92
9314 96
89
90
25
3,600 New class B oom
No par
25
25
25
2518 25
120 Preferred
90
90
100
90
9118 *____ 90
3818 5478 38
4478 4258 4578 117,100 Burroughs Add Mach_No par
43
3534 3534 3,700 Bush Terminal
No par
38
4318 36
550 Debenture
9712 100
9714 100
100
101 103
100 Bush Term BItigs pref
107 107
106 106
100
107 107
6
628
54 6
*534 612 2,000 Butte & Superior MlnIng__10
234 3
338 312 8,800 Butte Copper & Zino
5
3
318
Butterick Co
*____ 27 *____ 2712 *.._ _ _ 27
100
7334 47,400 Byers & Co (A Af)____No par
65
60
76
50
70
80 Preferred
*111
•110 116
110 110
100
15,100 By-Products Coke
2914 28
2714 31
2514 -32
No par
63
7012 67
6778 6818 6978 6,600 California Packing__ _No gar
28
20 California Petroleum
35
28
3612 *28
25
*28
112
112
112
1523 4.500 Callahan Zino-Lead
114
132
10
92
9478 9,600 Calumet & Arizona Mining_20
94
97 102
90
3178 32
3314 44.500 Calumet & Hecht
30
25
3214 36
67 1 31,300 Canada Dry Ginger Ale No par
6312 61
61% 65
59
35 ' 5,100 Cannon Mills
36
34
No par
35
3612 35
14,300 Case Thresh Machine etts100
168 180
145 159
175 191
300 Preferred otfs
100
*115 118 *115 118 *115 118
1014 1,300 Cavanagh-Dobbs Ino_No par
10
10
*10
1212 10
200 Preferred
*6012 65
60
100
60
65
65
3534 3812 3,900 Celotex Corp
No par
4278 3512 37
38
Preferred
834
80
*50
100
8334 *50
*50
5,200 Central Aguirre Asso-No par
27
27
2814 2434 25
25
375 4014 365* 39
3718 4012 21,200 Central AUoy Steel_ _No par
170 Preferred
100
108 108 *108 111 *108 111
418 414
1,300 Century Ribbon MWs_No gar
44
4
5
5
67
50 Preferred
57
100
60
*59
60
60
26,400 Corrode Pasco Copper_No par
70
7478 6512 6934 6914 71
4,100 Certain-Teed Products_No par
16% 153 16
15
16
15
50
200 7% preferred
46
50
46
100
*45
51
46
3,200 City Ice & Fuel
45
46
44
No par
4512 47
60 Preferred
985* 9812
100
9812 9812 *9812 99
Certo Corti
__ _ _
No par
23,700 Chesapeake Corp
5518 56
NO par
6038 501z 53
55
2618 281z 304 7,300 Chicago Pneumat Tool No par
28
31
26
No par
5015 5112 4978 4978 5018 514 4,300 Preferred_ ___.
580 Chicago Yellow Cab__No par
*2512 27
25
25
26
28
2912 2978 1.900 Chickasha Cotton Oil
10
30
3012 2914 30
534 56
8,100 Childs Co
No par
5612 47
53
55
Chile Copper
25
*61 100
*61 100
No par
3214 3578 297 32% 3218 3338 272,500 Chrysler Corp
*3812 40
560 City Stores class A
No par
39
40
40
38
24,700 New_
No gar
912 10
918 10
853 938
37
3,700 Cluett Peabody & Co No par
3834 3912 3514 3634 37
20 Preferred
98
98
100
*98 100, .98 100
11,800,Coca Cola Co
No par
129 133
127 12912 12814 130
4618 4612 4678 5,800 Class A
No par
46
4678 46
1534 1778 10,400,0ollins & Alkman
16
No par
15
18
15
78
300 Preferred non-voting___100
78
80 •____ 79
80
100
3814 3912 10,900 Colorado Fuel & Iron
39
40
32
36
13,300 Columbian Carbon•t oNo par
124 150
12012 13734 15178 164
6414 7573 5814 7238 6814 7312 208,900,Colum Gas & Elec____No par
10234 10234 2,0001 Preferred
100
10258 103
104 104
2614 244,2001Columbla GraPhophone
215* 2578 1912 2438 24
2578 2512 2634 45,700'Commercial Credit--No par
2612 2934 22
Preferred
24
*2312 25
25
*23
26
*20
26
200, Preferred B
25
2415 *24
24
26
*25
150' 1e1 preferred (6J.4%)___100
8234 *8012 83
82
80
82
40,000'Com Invest Trust new_ No par
3778 374 42
34
45
39
10 7% preferred
100
9838 9838 *98 10012 *98 10012
1,4001 Preferred (6 SQ..----_100
89
891ii
93
*89
92
*89
Warrants
100
*1014 30
10
*1012 30
10
1
2712 3078 215,900 Comm Solvents new.... No par
27
2518 3212 22
1358 135* 1414 483,800 Commonwealth&Sou'rn No par
12
13% 15
44
44
1,800 Conde Nast Public& _No par
45
444
47
46
1512 1318 1414 1418 1518 53,200 Congoleum-Nairn Ine_No par
14
3,300
Congress Cigar
No par
4
49
50
4
493
453
5334
5012
38 1.000.00nley Tin Foil nod-No Par
*12
58
*12
3e3
58
2,600 Consolidated Clgar
No par
50
50
4712 40
4812 51
74
1,070 Prior pref
100
72
7238 7434 721z 75
6,400 Consol Film Ind prof _No tear
20
1818 2034 174 1814 19
par
No
9512
10014
333.700
Consolidated
Gas
(NY)
99
88
9012 100
965* 9618 9714 13,700 Preferred__ _ _ ._ ...No par
96
9614 98
i3 10,400 Consolidated Teztile_No par
112
112 134
134
14
4,300 Container Corp A vot__No par
1434 ---- 15
1578 1578 14
No par
5
A 6,400 Class B voting
438 5
.512 6
Continental Baking el ANo par
42
38
15,800
41
321s
40
35
No par
6% 7
56,300 Class B
512 63
5% 658
100
8812 4,200 Preferred
8518 88
85
8638 88
Continental
Can
Inc_No
par
5714
65
68,800
4818 5514
5014 59
_10
66
6818 19,900 Continental Ins
6312 65
70
65
Continental
par
Motors__No
43.900
92
4
9,
83
8
9
812
9
Higrisear
I
PER SHARI
Range for Prestos,
Year DM
Lowest
Honest
4 per Share
314 Oct 30
18 Nov 7,
5112July 15
22 Nov 6
32 Nov 7
36 Nov 7
15 Oct 24
113% Noy 8
102 Nov 8
23 Oct 30
75 Nov 4
312 Oct 30
20 Oct 29
62 Nov 7
95 Oct 23
17 Oct 29
67 Oct 29
64 Oct 31
777 Nov 4
2818 Oct 29
3214 Oct 29
80 Oct 29
11638May 31
281z Oct 30
10014 Oct 29
8434 Nov 4
4712 Oct 30
70 Oct 29
31s Oct 24
35 Oct 24
53 Oct 29
294 Oct 29
6 Sept 27
1018 Oct 29
2 Oct 30
4 Oct 30
1738 Nov 7
79 Oct 30
100 Oct 29
36 Oct 24
2212 Oct 30
14 Oct 29
2812 Oct 29
11118July 3
30 Nov 6
89 Nov 7
2238June 4
90 Oct 30
29 Oct 29
33 Oct 30
97 Oct 31
106 Nov 8
5 Oct 29
2 Oct 30
2712 Oct 28
50 Nov 7
105 Apr 3
20 Oct 29
6312 Oct 29
25 June 17
1 Oct 29
90 Nov 7
25 Oct 29
45 Oct 29
30 Oct 29
145 Nov 7
11478 Nov 4
10 Nov 7
60 Nov 7
31 Oct 30
80 Oct 18
21 Oct 29
35 Oct 30
1051* Ayr 2
3 Oct 29
57 Nov 4
6512 Nov 7
12 Oct 29
46 Nov 7
40 Oct 29
96 Sept 6
5614 Mar 28
5012Nov 7
2178 Oct 30
4818 Mar 27
2178 Oct 29
29 Oct 29
6478 Mar 26
55 Oct 30
2814 Oct 29
38 Oct 29
74 Oct 24
3514 Nov 7
97 Oct 3
12058June I
4434 Oct 30
15 Nov 6
78 Nov 8
32 Nov 7
119 Oct 29
524 Oct 20
100 Oct 29
IN Oct 29
22 Nov 7
23 Oct 29
2212 Oct 29
70 Oct 24
3118 Oct 29
98 Oct 30
89 NOV 4
10 Nov 6
$ per share II per share $ per sear
11% Aug 27
914 MID
404 Jan
Jai
424 Jan 14
25 July 89
65 Jan 8
58
Oct 75 May
3510 Aug 16
3434 Nos
64 Jan
457 Aug 19
25 Aug 41 Nov
50 Jan 11
63 Oct 521s May
6638 Aug 12
125 Apr 3 115
Oct 12474 Ape
11018 Feb 1 10714 Nov 1117i Jay
33% Jan 23
2678 Aug 3514 Del
9178 Den 10118Juni
97 Jan 28
2914 Jan 15
231* Aug 5211 Fat
4918May 10
20 June 58 Nov
11304 Jan 25
93 June 1404 Mar
10634 Jan 29 10313 1)10 11038 Mai
3278July 17
124 Mar 24% '3414
101 Jan 12
701e July 10114 Der
Jar
1734 Apr 18
12 Dec 22
84% Jan 3
8238 Sept 924 Mar
10438July 24
12312Sept 24 -5334 Jan 162
Oai
5178 June 88% Deg
14004 Aug 24
kg June 125 Api
128 Sept 78 116%
61% Apr 5
83% July 50 Hefei
111 Jan 16 1094 Jan 1110* July
118 Jan 2
87 June 122 Del
13634May 4
89% Jan 12
6-514 Jan 8518 -Del
1134 Jan 2
1212 Nov
54 Jan
6334 Jan 18
4114 Mar 7218 Nov
10012July 10 ___ .-- --_- --14338May 1
114 Aug 23 Jae
1511 Feb 11
631s Jan 3
214 Feb 685* 001
678 Jan 28
1% Jan
914 Mat
1313 Jan 28
12 Feb
214 Jan
7378 Jan 2
454 June 754 Nov
145 Jan 2 110 June 150 Nov
2484 Aug 26 139 June 2031* Nov
511sSept 4
44 Dec 554 Alp
5514 Jan 18
2711 Feb 6214 Sept
2412 Feb 4834 May
4214 Jan 5
50 Feb 5
83% Feb 545* May
Ate
117 Apr 25 11014 Mar 117
5438Ju1y19-127 Jan 11 134 -Feb Ili OM
39 Jan 14
151 Mar 43% Jun4
10514 Jan 7
974 Feb 1104 Jun4
329s4May 21 189
Jan 249 Del
8918 Feb 2
50 June 88 Del
11012Mar 2 10478 Aug 115 May
11812 Feb 19 111 Aug 119183u01
161* May
1238 Jan 4
834 Aug
1214 Nov
94 Jan• 3
44 Jan
374 Dec 671s Mae
41 Jan 2
19278 Jan 2
9012 Jan 2060* Del
12114 Jan 8 108% Apr 118 Deo
_ -----47% Oct 7
8478 Aug 29
Bern
-11131i June -8204 Sept
3412 Aug 28
2814 Mar 38 81119,
518 Air
1s4 Mar
4 Jan 22
136% Aug 7 ---- ---- ---- --204 Jan 17% Nov
6178 Mar 1
984July 13
54% Jan 8612 MaY
43 Dec 50 Beal
4834Sept 7
2018 Oct 29
10 Oct 29
44 Nov 8
11 Oct 24
454 Nov 7
',June 27
40 Oct 29
70 Oct 31
1518 Oct 29
88 Nov 7
9314 Oct 29
14 Oct 29
II May 24
412 Oct 29
2514 Oct 29
453 Oct 30
834 Oct 30
405* Oct 29
50 Oct 29
64 Oct 24
63 Oct 17
244 Oct 10
93 Jan 19 -48
Jan -84 0-os
3534 Jan 28
22 June 314 Apr
928 Feb 6
67 Feb 8714 Dee
14 Feb 7
1124 Ma,
4 Jan
9614 Jan 2
791s Jan 100 Dec
98 Jan 7
94% Oct 1025* Ape
3034 Ain 23
23 July 2911 Sept
18314Sept 3 v74
Aug MU Me,
10038 Mar 25
9714 Aug 105 Mal
63s Jan 15
214 Aug
611 Dee
2312 Jan 9
20 Nov
36
Ape
114 Jan 2
91* Oct
194 API
90 July 9
264 Apr 534 Jae
1514July 9
92 Des
334 Apr
100 June 6
73 Apr
961s Jan
92 Sept 24
53 Doc 1287/ Segel
76 18,t, 947g ma,
11014Sept 3
28% Jan 21
10 Mar 21.4 NO'
467 Sept 16
12211 Aug 6
4218 Feb 28
10512 Mar 8
7938 Feb 4
9311 Feb 7
485* Jan 30
6934 Oct 14
11212 Jan 28
20% Jan 2
82 Jan 17
120 Mar 1
32 July 30
814 Jan 11
6234 Jan 30
10514 Jan 24
9214 Jan 31
112 July 2
474Sept 21
61 Sept 20
86 Jan 7
50 Jan 2
757sSept 8
1274 Mar 21
135 Jan 2
52 Jan 2
27 Feb 4
7234 Jan 3
119 Jan 3
15412 Aug 30
50 Feb 4
721* Max 14
10312 Feb 6
781:Mar 8
344 Oct 8
140 Sept 25
109 July 18
881* Jan 9
6238 Jan 2
261*June 18
28 June 14
10534 Jan 24
79 Oct 14
109 Feb 5
99 Jan 28
694Sent 4
_--- ---- ---- --
-3814
2818
107
11
77
581s
281s
75
Dec -8918 -Pei
Mar 68% Del
Jan 11134 May
Om
Aug 24
Aug 92 May
Jan 119 Nov
Dec 645* Ain
Nov 100 Min
-7010 Oct -13-114 -Dec
6234 July 814 Jae
111 Aug 17312 Del
294 Aug
45 Dec
87 Apr
43 Jai
564 Ow
64 Dec
87% Mar 7478 Nor
545 Jan 14012 Oei
5114 Jan 5414 Juno
603s Dec 10914 Ail
1114 Dec 124% Mai
-4414 Dec
90 Nov
521k June
79 June
894 Mar
106 June
61 Dec
21
Fob
23 Feb
23 Feb
85 June
ifig, jay
109
Jar
8418 Jar
13434 Dee
14078 Dee
1104 Jar
84% Nov
71 No'
27 May
28 Der
107 Nov
-99
Jan 109 May
92% June 981s Aug
64 Aug 801
, Dec
'
•Bid and asked prices; no sales ou this day. S Ez-div. 100% In common stock.
a Ex-dividend .ud ex-rlgtite
EX-in
. V
r-
2981
New York Stock Record -Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding
p
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
Monday,
Nov. 4.
Tuesday,
Nov. 5.
1Vednesday, Thursday,
Nov. 7.
Nov. 6.
Friday,
Nor. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ram Risco Jas. 1.
Os Oast, of 100-share Jou
Lowest
Highest
PER 3114*3
Basco for P11444444
Year 1928
Lowest
Molest
$ per share $ per share $ per share $ Per share $ net share S per share Shares Indus. & Mince!. (Cos.) Par $ per share $ per :Sara $ VOf share $ par skirt
64/
1
4 Jan 94 Nov
1
4 9214 51,800 Corn Products Refining ___25 82 Mar 26 12634 Oct 23
09 104
87
9734 8338 8914 89/
100 138 Nov 7 14434 Jan 19 13812 Jan 14834 Apt
1,550 Preferred
13938 13938
13914 13938 138 13973 13812 139
1
4 Nov
62
/
1
4 Dec 89/
2018
Oct
29
8214
Jan
28
par
No
57,200
CotV Inc
3514
2818 2934
26
31
3012 2518 30
1212 Sept 27 Nov
1
4 Apr 17
100 20 Oct 28 57/
22
300 Crex Carpet
22
2414
*20
24
24
23
*22
11,300 Crosley Radio Corp_ _ __No par 24 Nov 7 125 Feb 25
30
32
27
24
30
2512 31
3714
44
1,600 Crown Cork Ar Seal _ -No Par 40 Oct 29 79 Aug 5
43
4018 42
49
49
5014 5134
-176-12 Jan lOSt5 Oct
50 Crown Will Pap 1st pf_No par 92 Oct 21 10114 Jan 18
9634
9634 592
503
502
9212 96
0634
1
4 Nov
2314 Dec 26/
No par 17 Oct 30 2534 Jan 9
800 Crown Zellerbach
*18
193
4
*18
19
1912 1912
19
19
6914 July 93 Fe.$
8312 84/
1
4 4,700 Crucible Steel of AmerIca_100 7712 Oct 30 12114 Aug 26
8512 8934 8214 84
87
91
100 10714 Nov 6 11634 Feb 28 111 Dec 121 May
200 Preferred
*95 104
510712 110
10714 10714 *____ 108
1
4 May
Oct 28/
20
1
4 Jan 3
7 Oct 30 24/
No par
9/
1
4 1014 9,300 Cuba Co
10
10
10
10
11
12
712 Map
4/
1
4 July
34 Aug 13
5/
1
4 Jan 3
118 3,300 Cuba Cane Sugar
No par
118
34
114
114
118
1
114
2 Jai
323
133
4
Oct
18
/
1
4
Jan
3
23
4
Oct
28
100
312
Preferred
313
1,000
23
4
314
314
23
4
234 234
15/
1
4 Dec 2414 May
718 Oct 30 17 Jan 3
6,100 Cuban-American Sugar____10
9
9
818 812
918 978
838 Ws
9334 Dec 108 Feb
100 6018June 14 95 Jan 3
260 Preferred
*6514 66
65
65
65
65
65
65
Jan
12
5 Nov
2 lune 21
614 Jan 2
500 Cuban Dom'can ElugNo Pir
*212 278
3
3
3
3
*212 314
Jan 7814 Ang
54
1
4 Jan 15
60 3814 Oct 30 67/
41
4214 3878 40
6,700 Cudahy Packing
40
41
4318 4378
1
4 May
53/
1
4 Feb 192/
200 Curtiss Aer er Mot Co_No par 8714 Nov 7 17311 Feb 5
8714 8714 •40 100
*88 100
*8714 125
113 11412 2,400 Curtis Publishing Co___No par 10712 Oct 30 132 Oct 10
112 11234
113 113/
1
4 110 111
/
4May 25
/
4 Oct 23 1211
No par 1121
1,400' Preferred
11312 114
11318 11312 11312 114 19'113 114
10812 Feb 4 11514 Feb 8
170 Cushman's Sons pref(8)
•11012 114
110 110 •____ 110 I 110 110
Jan 141 Sept
130
Mar 22 114
11814Sept
25
100
10, Preferred (7)
120 120
11814 11814 *11812 120
*119 120
1
4 Nov
52 June 65/
10 5518 Mar 26 12114 Sept 27
75
7912 3.200,Cutler-Hammer Mfg
72
75
89
82
89
76
Oct
63
July
49
Oct
15
Jan
3
12612
63
No
par
Cuyamel
Fruit
'
3.800
10014
102
59
95
104
10514 107
100
34/
1
4 Feb 6814 Nov
/
4 Jan 31
3312 18,300 Davison Chemical_..No par 2114 Oct 29 691
31
2914 32
3514 3738
30/
1
4 34
/
4 Apt
36
Oct 491
1
4 Jan 24
54 25 Nov 7 46/
1,400 Debenham Securities
•25
28
25
527
27
2718 25
30
/
4 May
100 116 Felt 28 128 Jan 4 11512 Feb 1261
530 Deere & Co pref
12112 12112 120 12018 120 120
120 1201
100 224 Jan 2 385 Aug 2 16612 Jan 32414 Dee
2,300 Detroit Edison
26812 272
*240 270 *200 270 *200 270
Apr
Jan 81
60
1
4 Feb 5
2,400 Devoe & Reynolds A__No par 33 Oct 29 64/
3412 3334 35
38
34
37
37
38
Jan 120 May
100 112 Jan 7 11512 Jan 15 108
1 let preferred
•10514 1121
*____ 112 *10514 111 *____ Ill
/
4 Jan 11 13432 Jan 172 Nov
100 123 Nov 6 1641
1,890 Diamond Match
124 124
126 1291
123 125
123 125
1312 Jan
8 June
612 Oct 29 1114 Aug 1
No par
7
718 4,500 Dome Mines, Ltd
7
714
71s 75
714 712
/
4July 1
..No par 12 Oct 29 541
11,100 Dominion Stores
2214 24
24
2478 2012 23
2412 257
/
4 Feb 4 16No par 71 Oct 29 1261
81
8312 26,100 Drug Inc
90
911
7812 80
8014 90
1
4 Nov
5512 Jan 99/
3912 3812 3918 6,900 Dunhill International..No par 25 Oct 29 92 Jan 2
35
3612 4014 39
38
/
4 Mat
991
/
4 Oct 1161
1
4 Mar 5
1
4 Jan 24 100/
200,Duquesne Light let pref.. 100 69/
9812 9812 *9858 99
*9812 99
*9812 991
8
/
1
4 May
3
Aug
1112
Mar
Oct
26
3
41,
B__
50
Hosiery
Mills
!Durham
412 •3
*3
41
*3
*3
4
No Par 162 Oct 29 26434 Oct 8 163 Feb 19414 July
178 18478 22,600 Eastman Kodak Co
173 18612 17018 183
193 205
Apt
1
4 Aug 134
100 117 Nov 7 128 Mar 9 123/
Preferred
150
120 120
117 117
*117 120
*117 120
28
Jan 8812 Nov
1
4 Feb 1
12,700 Eaton Axle & Spring___No par 27 Oct 30 76/
31
33
3012 32
33
34
34
36
20 80 Oct 29 231 Sept 7
98,200 El du Pont de!14em
110 12612 10012 10734 106 114
130 1361
919/
1
4 Aug 26 114- Soly 1211,84*,
100 110 Nov
110 111
4,200 6% non-vot deb
11312 11312 110 113
11434 115
1
4 Jan 10
/
4 Oct 29 39/
ag Nov
8314 Aug
No par 111
1434 2,300 Eitingon Schild
1
4 *13
1518 1214 14/
15
1534 16
/
4 Not
/
4 Aug 1211
100 60 Nov C 113 I 31) 19 1011
600 Preferred 634%
6014 61
*60
65
60
60
565
70
80 June 13612 Dee
50 Oct 29 174 July 12
No rut
79
86
38,800 Electric Autolite
7012 80
7514 88
8814 9214
1
4 Deg
100 10534 Oct 30 115 Apr 2 10812 Sept 112/
340 Preferred
106 106 *106 107
106 106
10534 107
/
4 Mar 19
1732Junt
81
/
4 Aug
314 Oct 29 181
412 5
No pa
18,400 Electric Boat
438 434
434 5
458 5
885
2Sept
17
Oct
29
493
2 Dee
281
4
'an
3213
Pow
&
Lt
No
Da
3918
4178
40
Electric
69,400
3318
3612
4212
4212 4478
/
4 Feb 13 1.05 Dec 11018 Mat
No pa 102 Oct 31 1091
10318 10318 4,300 Preferred
105 10512 102 103
10314 10414
118 Oct 28 14012June 28 12014 Nov 12972 Api
Certificates 50% paid
•____ 136 *___ 136 •____ 136
135
9112 Dec
69 Feb
15,300 Elec Storage Battery...No par 73 Oct 29 10412 Oct 16
8118 88
7918 8178 8112 83
8818 9012
6
9
Jet
tine
312.1une 15 1012 Oct 18
6
1,000 Elk Horn Coal Corp__ _No Par
6
6
6
6
6
6
6
3
/
1
4
Oct
1532 Dec
Fet
2212
29
5
/
1
4
Feb
7
class
A_No
Par
Emerson-Brant
400
5
5
418
418
412
412
*412 6
7414 Dec 85
Apt
2,000 Endicott-Johnson CorP----50 5434 Nov 7 8338 Jan 4
55
55
58
5812 5812
5434 5434 55
100 10814Sept 21 12414 Feb 28 12114 Jan 12732 Dee
200 Preferred
109 109 *11058 11212 *11058 11212
Stock
*10814 11213
/
4 Aug 5
33 Feb 51 Nov
42,200 Engineers Public fiery_ _No par 31 Oct 29 791
3958 4212 3514 3778 3812 42
41
4578
9012 Dec 13212 001
No par 90 Jan 12 12314 Aug 5
1.300 Preferred
95
95
05
95
95
06
96
97 Exchange
Stock
33/
1
4 July
2952 Oct
/
4 Jan 4 41 May 1
3612 37
3612 37
5,700 Equitable Office Bldg-No Par 311
37
37
37
3712
43 Dec 79 Jan
Closed
3934 3934 4,400 Eureka Vacuum Clean_No par 39 Oct 30 54 Feb 28
3918 40
3912 40
41
40
Exchange
5 24 Nov 7 7334 Mar 15
5,900 Evans Auto Loading
2414 26
24
25
25
27
25
30
19/
1
4 July 74-3;stEcci
250 Exchange Bullet Corp__No par 2214 Jan 15 2712July 20
*2412 25
2434 25
25
25
Election
25
25
Closed
66 Apr
3212 Jan
/
4Sept 9
No par 2934 Oct 29 541
40
4014 3,300 Fairbanks Morse
38
3712 3978 34
4038 41
Jan 11414 May
11074 Jan 9 106
100 10434 Nov
Itay
220 Preferred
104/
1
4 106
106 107
*10612 107
107 107
Extra
1
4 Mar 21
39
3618 39
35
41)
4113 42
3978 2,100 Fashion Park Assoc _.--NO Dar 35 Nov 6 72/
100 86 Nov 4 10118 Mar 21
100 Preferred
*84
89
Holiday
*84
89
583
86
86
86
Holiday
*66
80
5_
99
*180 250
903
*99
812 038
8014 83
*612 834
5512 5512
97
97
6778 70
514 553
201g 22
45
45
590
95
4718 48
24
25
7114 7912
3414 361.
9912 991.
8514 914
512 6
95 10034
5212 541.
-37- 37
38
3934
90
9312
10314 1031 1
5612 58
234 249
1118 111,
v8018 8014
*100 100
y118 118
1/99 100
571
-667-8
92
4634
120
42
23
88
7314
110
2178
797g 7978
3514 3858
10212 103
15
1578
43
4834
56
55
105 105
7218 75
9514 9578
27
25
*_ 80
80
*50
8
834
1118 12
11
12
6934
67
5478
53
1519 1634
38
38
44
45
8818
4458
11934
242
1978
85
7118
106
21
15 6812 Jan 8 109 June 191
Federal Light r• Trac
1
4.1une 11 104 Feb 6
Preferred
No par 97/
Federal Mining & Smelt'g_100 195 Oct 30 310 Feb 4
100 95 Oct 29 102 July 5
900 Preferred
5 Oct 29 2232 Feb 6
6,200 Federal Motor Truck__No par
19,500 Fidel Phan Fire Ina N Y __ _ _10 63 Oct 29 123 Sept 3
6 Oct 24 1334 Mar 2
110 Fifth Ave Bus
No par
98/
1
4 Feb 25
35 Nov
No pa
800 Fileneli Sons
100 9578 Oct 30 107 Jan 23
60 Preferred
19,400 First National Storee__No par 58 Oct 30 90 Sept 19
312 Oct 30 2018 Jan 23
No pa
37,300 Flak Rubber
100 15 Oct 31 7212 Jan 14
1,290 1st preferred
3934 Nov 8 54 Jan 8
Florehelm Shoe 01 A___No pa
1
4 Oct 29 10218 Jan 18
100 90/
300 Preferred 6%
1
4 Aug 26
No par 3514 Oct 29 82/
7,500 Follansbee Bros
1
4 Apr 30
No par 20 Nov 7 69/
5,000 Foundation Co
No par 40 Oct 29 10538Sept 24
78,900 Fox Film claw A
1
4 Jan 25
No par 24 Oct 30 54/
32,400 Freeport Texas Co
No par 99 Mar 26 10712May 7
300 Fuller Co prior pref
5 Oct 29 3374 Feb 5
3,700 Gabriel Snubber A..._No par
334 Oct 29 25 Jan 31
5
7,100 Gardner Motor
21,0001Gen Amer Tank Car,_,,No par 81 May 2a 12312 Oct 11
100 47 Oct 30 9434 Aug 17
8,600,General Asphalt
1
4 Mar 26 138 Aug 15
Preferred
100 104/
No par 24 Nov 7 6931June 8
-55- -66- 24 24 -55- 16- ______________ Bronze
No par 3218 Oct 29 61 Feb 28
10,800'0eneral Cable
3418 36
36
36
3714 34
No par 70 Oct 29 12012 Feb 28
80
81
81
81
6,600 Class A
80
80
/
4 Jan 21
100 10214 Nov 7 1071
59018 102
5,000 Preferred
*10214 10312 10214 103
No par 42 Oct 30 74 Feb 25
57
5218 5312 54
5318 56
5,000 General Cigar Inc
No per 19512 Nov 7 403 Aug 20
21212 225 142,300 General Electric
205 23018 19512 234
/
4 Feb 4
1118 1114
10 11 Jan 8 111
1112 1114 16,700 Special
1118 1118
7118 7412 16,090 General Gas & Elec A__No par 70 Jan 7 112 Sept 23
75
75
801s 71
•95 100
100 100
No par 76 Jan 3 116 Oct 19
100 100
800 Class B
11818 11818 118 118
116 116
No par 11112July 18 135 Feb 14
100 Prof A (8)
1
4 Jan 21
*99 100
59912 100
170 Preferred A (7%)....No par 99 Oct 30 116/
99
99
Fret 13 (7)
No par 99 June 20 115 Feb 15
-579-2 -677-8 5....
-58- 167-8 55 -514 7,400 General Mills
No par 50 Oct 29 891s Jan 18
92
8778 8778
87s 8778
100 8778 Nov 6 100 Jan 4
600 Preferred
1
4 Mar 21
3934 4412 4214 44 1055600 General Motors corn
40
45
10 3312 Oct 29 91/
1
4 Jan 2
118 118/
11914 11912 1185s 119
1
4 5,800 7% preferred
100 11738 Oct 30 126/
4012 4218 4034 4034 4134 42
1,600 Gen Outdoor Adv A___No par 30 Oct 30 52 Jan 2
1818 1973 1818 19
19/
912 Oct 30 41 Mar 12
1
4 20
9,000 Trust eortifloates____No par
80
86
8118 8412 18,700 Gen Ry Signal
7813 82
No par 70 Oct 29 12612 Aug 26
62
60
65
68
63
60
6.200 General Refractorles
No par 54 Oct 30 8812 Aug 12
100 104
94 10078 9912 101
39,400 Gillette Safety Ralor No par 94 Nov 7 143 Oct 8
21
/
4 19
15
1934 171
19
/
4 Jan 28
9,500 Gimbel Bros
15 Nov 7 481
No par
78
76
77
70
79
78
700 Preferred
100 72 Oct 30 94 Oct 3
3312 3512 35,400 Glidden Co
30
36
37
33
26 Oct 29 64',July 19
VO pa
200 Prior preferred
10214 103 •10214 10312
103 103
100 99 Oct 30 10812 Apr 22
1314 1514 15,700 Gobel (Adolf)
1218 1434 1218 13
No par 10 Oct 29 66 Feb 5
4014 4313 175,900 Gold Dust Corp•t c
35
4334 3514 42
No par 3112 Oct 29 82 Jan 19
5314 24,600 Goodrich Co (B F)
55
5578 5014 5212 52
No par 42 Oct 29 10534 Jan 2
99 10134
700 Preferred
99 Nov 8 11518 Feb 25
597 106
58,200 Goodyear T & Rub__No ir.T 60 Oct 29 15412 Mar 18
7012 74
70
6812 727s 65
tel preferred
1,600
95
95
95
94
1)5
95
No par 94 Oct 30 10472 Feb 28
2012 2112 7,900 Gotham Silk Hos new No par
23
20 Nov 7 60 Apr 11
20
2178 25
Preferred new
100 80 Oct 2 10114 Jim 5
80 •.... 80 *____ 80
Preferred ex-warrants_1(10 8412 Oct 9 100 Jan 12
80 •__ 80 5____ 80
5_ _
512 512
No par
800 Gould Coupler A
8
4 Oct 29 14 May 6
7
714 71 1
o1
/
4 1012 10
1034 32,800 Graham-Paige Motors_No par
7/
1
4 Oct 30 54 Jan 2
10
1138
1,100 Certificates
7 Nov 8 4912 Jan 11
No par
7
10
10
10
10
10
20,300 Granby Cons M Sm & Pr_100 52 Oct 30 10272 Mar 20
601s 61
6014 6678 5614 60
4,700 Grand Store.
1
4 Oct 29 9612 Mar 18
100 43/
4534 50
45
46
49
52
No par
1412 1412 7,100 Grand Union Co
914 Oct 29 3272 Jan 2
15
1534 1318 14
/
4 Jan 4
No par 30 Oct 30 541
3338 3518 4,500 Preferred
32/
1
4 35
3334 37
No par 3812 Nov 1 833sSept 3
5,500 Granite City Steel
3978 40
40
4212 3812 40
*60
90
*60
90
*61
95
90 •__ __ 90 •____ 90
*150 250 *150 200 *170 250
/
4 9712 9714 9714
9714 9714 971
818 81
812
8
814 858
7134 7112 7334
69
70
80
*618 7
638 7
714 714
50
3512 540
4978 4978 35
9712 9713 9712 9712 9712 9712
5838 6212 60578 65
63
67
/
4
458 41
414 434
434 514
1978 20
1812 20
20
22
3934 3934
40
40
*40
44
98
9014 9014 9018 9018 590
4212
40
40
4418 4514 39
2014 2014
20
21
2014 24
6712 7212
6114 72
6414 72
31
321
28
30
2812 33
*____ 100 *__ _ _ 99
99/
1
4 9912
712 8 I
8
8
812 834
5
512
514 512
4/
1
4 51
/
4
90
92/
1
4
1
4 897
881
/
4 9634 85/
5114
49
483s 503
4914 54
• Bid and asked pricao: DO sales on tIIII day. •Ex-dividend. 0 Ex-dividend ex-rights,
Jan
42
98
Jan
120
Apr
9114 Jan
1638 Aug
7514 June
1114 Jan
71 Doc
109 Apt
230 Dee
10211 Sept
25/
1
4 May
10712 Dec
1514 May
28
Apr
8/
1
4 Aug
7835 Dec
17/
1
4 Jan
-6141,30 NovKin;
9813 Oct
561
/
4 Dec
361
/
4 Oct
72 June
63
Oct
102 Mar
15 Mar
714 June
60/
1
4 Feb
88 June
110/
1
4 June
-68-1 Nov
100 Deg
69/
1
4 Del
5712 Dee
119/
1
4 Sept
10914 Jan
10972 Apt
2812 Jan
17/
1
4 Dec
101 Dec
9472 Apr
14112 Apt
If- Feb 114 Nov
56 Feb
102
Oct
59/
1
4 Nov
124 Feb
11 Sept
3514 Jan
Jan
37
Oct
121
10812 Jan
Oct
105
79 Dec
9812 Dec
73/
1
4 Dee
12312 Jan
49 Aug
291
/
4 Air
84/
1
4 June
4512 June
9718 June
34/
1
4 Mar
881
/
4 Nov
Oct
107
7518 Feb
2211
/
4 Deo
12 Juno
74 Nov
80 Nov
144 Apt
1181
/
4 Dec
11111
/
4 May
84/
1
4 Nov
100/
1
4 Dos
90/
1
4 Nrv
1
4 Apt
127/
5872 Jan
52/
1
4 Jan
123/
1
4 Jan
82 Jan
123/
1
4 Oct
5972 June
87 Mar
20/
1
4 Jan
95 Jar
4.21
/
4 Dec
Jan
11
6812 June
109/
1
4 Feb
4518 June
92/
1
4 Mar
70 Dec
100 Dec
95 Dec
6/
1
4 Dee
16/
1
4 Feb
2612 June
391
/
4 F'Jb
65/
1
4June
2614 July
!_6_1
!Aug
101 JUD3
37 Dec
105 Sept
62/
1
4 Ncv
143/
1
4 Dee
10914 Del
115/
1
4 May
140 Dee
10., Dec
93 A:3
130 ADP
112 May
1252 Feb
611
/
4 Sept
58 Sent
93 Dec
9472 Oct
4_1.
.2
7 Oct
.
62/
1
4 Oct
2982
New York Stock Record-Continued-Page 5
os sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
Monday,
Nov. 4.
Tuesday,
Nov. 5.
Wednesday, Thursday,
Nov. 7.
Non. 6.
Friday.
Nor. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowesi
$ per share $ per share $ per share $ per share $ n,
r share $ Der share Shares Indus. & Miscel. (Cho.) Par
No Far
44
4912 471
/
4 50
9,800 Grant (W T)
52
55
5114 52
2478 29.200 Gt Nor Iron Ore Prop No par
2412 2534
2258 2414 23
2438 26
30% 31
30% 3178 20,100 Great WeeternSugar
3214 3312
3112 33
No par
i-...... 115
113 113 •____ 112 *____ 112
110 Preferred
100
121 121
115 115 *11512 130
500 Greene Cananea Copper 100
135 135
300 Guantanamo Sugar---No par
2
2
*2
3 --------233 238
*44
4914 *44
4914 *44
4914
100
5914
*44
Preferred
53
54
51
51
51
514 5,800 Gulf States Steel
100
5518 5514
10 Preferred
•101 109 *101 103 *101 103
100
103 103
2914
400 Hackensack Water
25
2512 2734 25
2512 25
25
28
60 Preferred
25
2714 28
27
27
*27
2714 *27
2714
*2714 30
*2714 30
50 Preferred A
25
27
27
274 2714
1514 1633 1514 1612 1512 1614 20,500 Hahn Dept Stores
No par
17
18
100
8012 4,300 Preferred
8114 82
8014 8112 80
8034 80
*102 103
40 Hamilton Watch pref
100
*102 104
102 102 *102 103
100
109 110
10618 10618 106 106
580 Hanna let pref class A
104 10712
65
*65
67
65
65
50 Harbison-Walk Refrao_No par
63
65
70
1614 16% 147 1714 15
16%i 11,000 Hartman Corp ease B_No par
1714 187
20
Hawaiian Pineapple
72 .
68
*6014 68 1
•66
•64
70 •63
1118 11,400 Hayes Body Corp
1012 1258
818 10
10
No par
1258 1312
2,800 Reline(0 W)
90
92
25
9414 9414 85
90
98
9978
10,400 Hershey Chocolate____No port
81
95
70
77
76
82
93 95
84
5,200 Preferred
86
9934 7514 81
86
No par
102 10712
100
106 106
106 106
106 106
700 Prior preferred
*106 10714
2,100 Hoe (R) & Co
No par
*16
20
18
18
18
18
18
19
No par
30
29
29
2834 2918 4,100 Holland Furnace
*30
32
30
*8
12
*8
12
Hollander & Son (A)--No par
13
*8
11
*10
100
400 Homestake Mining
76
76
*7112 75
75
76
76
76
1718 20
23
1812 21
19
22
19.000 Houdallle-Hershey ol B No par
20
No par
55
5614 7,300 Houseb Prod Inc
5812 6434 5014 55
584 6078
5412
4238 46
45
3558 42
14,100 Houston 011 of Tex tem otfs 100
40
51
No par
40
42
41
4312 17,200 Howe Sound
47
49
458 40
No par
47
52
48
454 4714 47
41.600 Hudson Motor Car
524 5412
2114 2314 1912 23
2258 2314 51.400 Hupp Motor Car Corp___10
24
2512
25
2578
2118 2314 2212 24
2418 2412 35,900 Independent Oil & Gas_No par
No par
7
7
558 612
518 558
518 6
3,600 Indian Motooyele
17
23
1512 23
2118 2234 66,200 Indian Refining
10
2338 25/
1
4
18
2218 15
10
22
2014 2012 2212 40,400 Certificates
23/
1
4
89
8014 8114 75
8478 8273 8434 1.400 IndustrIal Rayon
No par
89
175 177
z158 158
146 152
152 155
No par
2,100 Ingersoll Rand
87
89
No par
8814 89
80
80
8012 81
3.200 Inland Steel
3018 3312 2814 3238 3118 33
3418 3733
38,300 Inspiration Cone Copper..._20
6
614
6
6
68 67s
6
6
1,300 Interoont'l Rubber--Na par
45
47
512 6
412 5
5,300 Internet Agrieul
No par
518 534
8712 8712
54
54
*53
57
*53
54
400 Prior preferred
100
*__ _ 170 •____ 165
150 165
172 18434
3,800 Ins Business Mashines_No par
57
59
55
57
53
5312 5312 54
4,000 InternatIonal Cement__No par
1118 13
1134 1278
1118 12
12
1258 145,500 Inter Comb Eng Corp-No par
3758 40
39
39
35
38
100
33
3612 3,300 Preferred
94
80
8934 78
90
84
7914 83
31,300 International Harvester No par
13814 13814
13814 14814 137 138
137 138
100
1,600 Preferred
65
68
59
6478 5614 59
60
64
21,600 International Match pref__85
26
27
2712 2834
25
2512 2534 2012 9,600 lot Mercantile Marine etfe_100
100
Preferred
-58T8 16Stock
321a 3634 28
3218 35 405,900 Int Nickel of Canada_No par
35
75
•50
75
International Paper___No par
*50
70
*50
70
*50
89
89 Exchange
88
86
*81
85
100
Stock
8834 *80
500 Preferred (7%)
28
29
30
30
32
29
30
26
7,300 Inter Pap & Pow ol A- _No par
Closed
19
20
Exchange
1912 21
19
1912 1914 194 7,300 Class B
No par
1312 1538 1212 1414 1412 1514 33,300 Ciolla 0
1618 1734
No par
100
81
Election
8612 8734 *80
86
81
2,100 Preferred
Closed
87
88
2,900 hat Printing Ink Corp-No par
55
5012 5414 4378 4518 47
50
56
100
Extra
Day
9178 94
94
94
*94
95
220 Preferred
9314 9512
100
70 International Salt
*65
75
*65
6978 65
65
*6512 70
111 111
100
Holiday
13012 13012 Holiday
120 126 *110 120
600 International Silver
110 110
8512 9334
3778
36
2612 2612
43
4514
5312 55
130 137
119 120
119 11914
2/
1
4 4
.111- 738 10914
22
22
4018 413
2314 2314
8534 85/
1
4
614 7
3478 35
2618 28
814 0
86
86
7318 76
54
.52
*24
39
90
93
1218 1338
47
5012
98
98
38
3934
110
1212 1212
62
6812
6814 6978
2812 3038
5558 5978
22
25
10614 110
8
873
35
35
103 105
1912 2058
3712 3758
35
37
95
97
95
97
•131 13612
3812
37
$_.._ _ 45
5578 5912
4718 4978
558 6
14
14
55% 5978
if712 118
1814 2012
70
70
oh 10
8434 8434
39
4214
43
45
9512 96
35
35
•10412 10712
75
7978
160 16412
1512 151
55
5812
40 Preferred
100
*10618 114 *10618 110 *____ 110
75
8478 67
7934 7412 80 221,600 lnternat Telep & Teleg_No par
3378 3634 2758 3134 3218 3234 9,900 Interstate Dept Stores-No par
2334 2334 3,000 Intertype Corp
No par
2434 2534 2338 24
42
4314 4314 4312 3,900 Island Creek Coal
1
4314 44
No par
4012 5012 404 4634 4514 4812 8,400 Jewel Tea. Inc
No par
10912 120
56,700 Johns-Manville
100 123
9412 119
100
370 Preferred
118 118
118 118 •____ 119
600 Jolter & Laugh Steel pref 100
119 11914 119 110
11912 11912
No par
23
3
10,700 Jordan Motor Car
212 3
2e 3
10 Kan City P&L let pf B_No par
*1073e 10914 *10758 10914 10712 10713
2018 2018 1,900 Kaufmaun Dept Stereo-312.50
2014 2114 2018 21
No par
3514 3634 15,500 Kayser (J) Co•t e
35
4014 33
35
1812 1812
300 Keith-Albee-Orpheum_No par
*____ 1812 1814 1814
100
75
75
575 Preferred 7%
80
8312 78
78
51s 612
5
558
538 578 28,900 Kelly-Springfield Tire-No par
100
30
30
3412 3412 3212 3212
170 8% Preferred
2412 26
2218 23
23
234 15.400 Kelsey HayeaWbeel newNe par
67
No par
738
718
778 23,100 KeivInator Corp
712 8
No par
8512 8512 84
100 Kendall Co pref
8418 88
88
6678 7218 6318 68
No par
671 6978 206,500 Keanecott Copper
No par
50
50
50
5018 5018 51
2,200 Klmberley-Clark
**24
39
*24
No par
39
*24
Kinney Co
39
*90
93
90
0018 *90
100
93
190 Preferred
1018 1178
sh
934
918 1018 35,400 Holster Radio Corp____No par
444 4634 411
/
4 44
42
45
32,800 Kraft Cheese
No pre
*96 105
595 105
*95 105
100 Preferred
100
3714 3838 35
3638 3514 3634 43,200 Kresge(SS) Co
10
*_
110_
100 •_
110
Preferred
100
I212 1212 Hit 121
iii2 1212 15,500 Kresge Dept Stores----No par
62
62
62
62
*62
63
260 Preferred
100
65
65
59
65
63
63
2.200 Kress Co
_No per
2612 2812 25
2718 27
2812 112,100 Kreuger & Toll
5118 56
4712 5278 5212 5434 59.300 Kroger Grocery & Bkg_Ne par
21
2312 1718 19
1978 21
8,000 Logo Oil&'Transport_No par
9818 105
95
98
9934 10134 42,700 Lambert Co
No par
7
8
634 7
714 712 4,700 Lee Rubber & Tire
No par
*34
36
34
34
35
35
2,400 Lehigh Portland Cement-. 50
103 103
100 102
102 102
350 Preferred 7%
100
17
20
1518 1612 1618 1618 9,000 Lehigh Valley Coal____No par
3712 3712 3712 371i 3934 3934 2,600 Preferred
50
30
3234 2912 327s1 3012 34
12,400 Lein & Fink
NO par
8534 86
90
92
882* 92
2,600 Liggett & Myers Tobacoo.....26
8814 9434 86
89
90
95
14,200 Series B
25
•130 13612 *130 13612 130 13612
Preferred
100
3412 35
34
3212 34
3612 5,000 Lima Loeom Works---Na Par
40
40
*40
45
42
42
20011-Ink Belt Co
No par
47
5114 5214 543 12,200 Liquid Carboni.
52
56
No par
48
4933 26,600 Loew's Ineorporated
44
4978 4118 48
Ne par
814
518
478 512
518 512 14.000 Loft Incorporated
No par
13
13
1212 1212
14
14
800 Long Bell Lumber A.-No par
4938 5514 454 5078 51
5212 17,900 Looa•-Wllas Biscuit
26
11712 11712
11712 11712 *11712 119
130 let Preferred
100
1658 18
1514 1734 1738 1834 76,100 Lorillard
25
7118 738 74
79
81
2,500 Preferred
100
75
9
918
858 878
834 9
22,000 Louisiana Oil
_No yer
*85
90
85
85
85
130 Preferred
85
100
35
3514 39
32
26,600 Louisville GA El A---No par
3512 37
3778 35
33
40
No par
43
8,000 Ludlum Steel
35
9012 9012
90 *--__ 90
No par
• 90
500 Preferred
34
3334 34
34
34
2,200 MacAndrews & Forbes_No par
34
Preferred
100
*10412 10714 *10412 10714 *10412 10714
No par
38,900 Mack Trucks.Ina
701
/
4 7518 6514 6973 7014 73
130 14612 14412 150
12.200 Macy Co
No per
140 158
13 13
4,900 Madison /1g Garden__ N. par
1458 1518 1312 14
5112 53
48
56
Nepal
55
11,200 Magma Copper
53
•Bid and asked priced, no salon on this day. a Ex-dly. 1 additional oh. for each sh. held.
PER SHARE
Rasps &see Jae. 1.
Od basis of 100-share logs
Higkear
2 Per Mare 8 per share
41 Nov 7 14458 Feb 5
19 Oct 24 3914 Feb 1
3018 Oct 30 44 Jan 25
11212June 1/3 11912 Feb 1
115 Nov 7 20012Sept 7
2 Oct 24
5/
1
4 Jan 3
44 Sept 27 90 Jan 2
51 Nov 7 79 Mar 5
100 Aug 5 109 Feb 14
26 Jan 7 35 Aug 27
27 Feb 18 31 Mar 8
26 Jan 31 30 Aug 8
12 Oct 29 56h Jan 10
80 Nov 7 115 Jan 31
100 Aug 26 105/
1
4 Jan 8
91 Jan 14 1134 Oct 18
54 Jan 8 878 Oct 24
13 Oct 29, 41% Aug 28
60 Feb 191 724 Aug 30
8 Oct 29 6818May 17
85 Oct 30 11811 Jan 29
64 Feb 16 1437s Oct 15
754 Nov 7 14314 Oct 15
104 Jan 4 10633 Oct 24
16 June 4 33 Aug 13
26 Oct 30 51 Mar 9
1312May 27 2458 Aug 3
72 July 19 93 Aug 22
1718 Nov 7 5214May 20
40 Oct 30 791
/
4 Jan 7
26 Oct 29 109 Apr 2
40 Nov 6 824 Mar 21
43 Oct 30 9312 Mar 16
18% Oct 29 82 Jan 28
17/
1
4 Oct 29 3918May 7
312 Oct 29 324 Jan 2
1318 Oct 29 53 Aug 17
1112 Oct 28 5114 Aug 17
74 May 81 135 Jan 18
120 Jan 3 22312 Oct 10
7812 Jan 2 113 Aug 26
22 Oct 24 884 Mar 1
54 Oct 25 144 Jan 11
4 Oct 29 1772 Jan 28
53 Aug 30 8812 Jan 26
14958 Jan 24 255 Oct 14
53 Nov 7 10234 Feb 4
8 Oct 29 10318 Feb 15
33 Nov 8 121 Feb 16
75 Oct 29 142 Aug 30
137 Aug 5 145 Jan 18
55 Oct 29 10218 Jan 4
25 Nov 7 391a Oct 18
384 Feb 1 5114 Apr 23
2614 Oct 29 7258 Jan 23
574 Jan 11 112 Oct 18
8514May 32 944 Jan 8
23 Oct 29 4414 Oct 17
14/
1
4May 22 337k Oct 18
1018 Jan 10 2618 Oct 18
80 Apr 15 95 Oct 14
4374May 21 6833 Oct 7
9178 Nov 6 106 Mar 6
5518 Jan 6 9054 Feb 4
111 Nov 8 1594 Aug 5
10314 Oct 26 119 Jan 17
16 Oct 29 14914Sept 3
1
4 Jan 2
2518 Oct 29 93/
2338 Nov 7 3878July 20
39 Oct 29 69 Mar 6
40 Oct 29 16214 Feb 5
9412 Nov 7 242/
1
4 Feb 2
118 Nov 6 123 May IS
117 June 14 126 Oct 24
161
/
4 Jan 2
112 Oct 31
106 Feb 16 112114 Jan 22
2018 Oct 30 3718 Feb 6
33 Nov 7 6812July 2
1814 Nov 7 46 Jan a
75 Nov 8 138 Jan 6
4 Oct 29 2378 Jan 2
30 Nov 6 9478 Jan 9
2012 Oct 30 59/4May 18
5 Oct 30 194 Feb 4
84 Oct 30 90 Feb 15
6333 Nov 7 1041a Mar 18
4514May 25 573 Oct 11
2712May 20 4412July 17
80 Oct 30
54 Oct 24
32/
1
4 Mar 26
95 Apr 20
3414 Oct 30
109 Jai, 1
1212Nov 4
62 Nov 4
59 Nov 7
2412 Oct 29
41 Oct 29
1718 Nov 7
9018 Oct 29
5 Oct 29
34 Oct 29
101) Nov 7
10 Oct 30
3412 Mar 27
2912 Nov 7
8012 Oct 30
814 Mar 26
124 July 29
3212 Nov 7
40 Nov 6
40 Oct 29
32 Oct 30
4 Oct 30
1212 Nov 8
4518 Oct 29
11614June 20
1414 Oct 29
70 Nov 4
7 Oct 29
84/
1
4Nov 4
28 Oct 29
33 Nov 7
90 Nov 6
301
/
4 Oct 29
104 Jan A
6514 Nov 7
12012 Oct 29
13 Nov 8
48 Nov 7
PER SHARE
Ewe for Previous
Year 1928
Lowest
Highest
$ per ehare $ per Shard
1111
/
4 Dec 12512 Sept
194 June 33/
1
4 Oct
31
Jan 381
/
4 Des
11213 Feb 120
Jan
8918 June 17714 Dec
4/
1
4 Div
918 Jan
90 July 107
Jaz
61
Jan 7372 SePO
193/
1
4 Nov 110 Apr
28 Jan 30
Jar
23 Jan 30 Des
25/
1
4 Jan 29 June
99 Aug 104
59 May 97
54 Deo 574
16% Aug 37%
61 Dec 68
Apr
Nov
001
Dee
Nov
1-05 Dec 1-201 0-471
30/
1
4 Jan 7212 Dee
7014 Feb 89 Nov
10014 Aug 105 Apr
154 Sept 307 Jan
401
/
4 Dec 49/
1
4 Oell
18 Dec 3672 Apr
67 Jan 80 Noy
141
/
4 -Feb 14 0
.
0-t
79 Dec 187 Apr
8018 Feb 7314 Nov
76 Jan 9972 Mar
29 Jan 84 Nov
2114 Feb 3818 Nov
20
Oct 70
Apr
9 Feb 8952 July
812 Jan 374 July
118 Dec 146
Oar
90 Feb 127 Nor
46 Mar 80 Dec
18 Feb 4872 Nov
1
4 Jan
81e July 21/
18 Feb 2072 May
4818 Mar 85 Dee
114
1
4 Net
Jan 156/
66 Jan 9471 Des
454 Feb 80 Dee
103 Mar 110 Sept
80 Dec 977_ Dee
1364 bi..,r 147 May
85 Dec 121/
1
4 May
3418 June
73/
1
4 Feb
50
Oat
89 Dec
22 Dec
141k Dec
1054 Nov
88 Dee
4714 Oct
100 Dee
4912 Mar
126 Julie
11214 Dee
4458 Jan
289/
1
4 Dee
86/
1
4 May
Jab
108
344 Nov
19 Nov
18/
1
4 Dee
91 Des
00 Dee
100 Dee
133/
1
4 Jan
190
Jan
131
Jail
6112 Nov
23/
1
4 Sept
47
Oct
7758 Mar
9614 June
1184 OM
119 Dec
8/
1
4 Aug
108 Aug
29/
1
4 Dee
90 Dee
21312 Jan
61 May
179 Nov
292 Dee
122 Apr
1244 May
1912 Oat
114 Apt
34 001
1
4 Noy
161k May 61/
75/
1
4 May 160 Nes
194 Dec 2512 No
654 Feb 95 Nov
7/
1
4 July
227s Apr
874 Mar
1
4 Mar 6
109/
5114 Aug
78% Jan 3
82 Dec
7614 Oct 14
10578 Oct 23
994 Dee
67/
1
4 Mar 4 o66 Feb
116 June 7 1104 June
13/
1
4 Jan
23 Jan 2
MY Feb
76 Sept 17
87 Feb
114 Jan 5
3218 Dec
4618Mar 6
7314 Mar
1224 Jan 3
27/
1
4 Feb
38382une 17
15714 Mcr 19
7912 Jan
174 Jan
25 Jan 14
65 Feb 6
42/
1
4 June
1104May 9 10614 Dee
32 Oct 2 ----4414July 17
6812 Feb 4 -88
Jan
106 Oct 18
8818 June
10614 Oct 18
8014 June
13712 mar 1 lag Aug
5714July 18
38 July
61 Feb 14
113/
1
4 Jan 3
8-112 -Feb
8412 Feb 27
4918 June
1112 Apr 1
654 Feb
32/
1
4 Jan 6
26
Jan
8778E3091 7
3414 Jose
/
4 Aug
1214 Apr 2 1171
3112May 17
2354 June
9914 Oct 14
8612 Dec
18 Jan 9
9/
1
4 Feb
10014 Feb 21
78 July
7218Sept 12
28 Feb
1087s July 8
118 June 1
46 Jan 4 14 Aug
107/
1
4 Apr 19 106
Oat
114/
1
4 Feb 6
83 Apr
25512Sept 3 9134 Aug
24 Feb 28
184 Dee
824 Mar 21
4$% Feb
100 AD
9672 hat
42 Noy
1014 Dec
91/
1
4 Nov
118
Apr
274 Feb
75 AIM
13454 Nov
40% Oot
13214 Nov
394 Apr
131/
1
4 Nov
264 Oat
012 Nov
110111 Map
---- --
b Ex-div. 75% n stock. s Ex-d1v. s Shillings.
047; Oot
1224 Jan
1234 Jan
147
667a May
AO
12412 Nov
77 MaY
19/
1
4 Aug
35/
1
4 Feb
$IM Sela
128 May
46/
1
4 Apr
116 Mar
19/
1
4 API
96 API
41 May
6-7-1
/
4 -AP;
110 Nov
110 Nov
382 Aug
34 Mal
76 NCR
y Ex-rights.
2983
New York Stock Record -Continued-Page 6
preceding.
For sales during the week of stocks not recorded here, see sixth page
HIGH AND LOW SALE PRICES-TER SNARE, NOT PER CENT.
Saturday,
Nov. 2.
Motulay,
Nov. 4.
Tuesday,
Nov. 5.
Wednesday, Thursday,
Nov. 7.
Nov. 6.
Friday,
Nov. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARD
Range Since Jan. 1.
On Oasis of 100-share lots
Highest
Lowest
PER MARA
Lange for Flattens
Year 1928
Lowest
HQkeel
I per shim
Sheres Indus. & 1111scel. (Con.) Par $ Pet share $ per share S Per share
Jan
8812 Nov
per share $ per share S per share $ per share S per share $ Per share
16
39% Jan 15
9 Nov
714 3,200 Mallison (H R)& Co--No Par 7912 Nov 7 13511 Jan 18
.1 _ _10
9
10
1014
Jan
110
8718
Oct
100
50 Preferred
-7912 W3-4 *7912 80
80
80
82
80
41
21 Nov
Jan
10 Nov 8 26 Jan 14
100
Sugar
1014
Menet!
10
1,150
1431 1012 1012
*10
*10
15
20
Jan
Nov
10
88
Jan
7
5012
Nov
28
160
3001 Preferred
•20
28
28
28
29
29
2978 2978
32 June 4011 Jan
No par 14 Oct 30 3838 Mar 9
2018 1,900 Mandel Bros
20
20
20
21
20
24
23
284 Sept 6638 June
4 Jan 14
3,000 Mardi Elec Supply_ _- _No par 19% Nov 8 373
-- 1978 23
2112 2318
2312
23
31%
Feb 43 May
4
Jan
35%
29
Oct
21
25
2,800 Manhattan Shirt
23
22
22
2478 21
24
24
25
1212 Feb
2512 Apr
4 1812 Apr 18
1,700 Maracaibo Oil End__ _No par 10 Nov 31
10
*____ 10 •____ 10
10
10
Feb
3
4934 Nor
33
Jan
474
3318May
par
No
?garland OU
Nov
Mar
83
6514
20
8May
897
29
Oct
No par 30
6,700 Marlin-Rockwell
45
4812 44
4718 40
41
5314
49
77 Dec 86 Dec
2538 Oct 30 104 May 10
3078 14,000 Marmon Motor Car_ No par
29
29
3378 27
29
Mar
1218
June
32% 35
2
Jan
2533
18
30
Oct
314
No Par
312 313 1,100 Martin-Parry Corp
313 312
334 334
412 412
par 29 Oct 29 218 Feb 27 11778 June 190 Dee
4214 3514 38% 3738 403 55,000 Mathleson Alkali Workallo
38
4218 46
Api
Jan 130
100 120 Jan 2g 125 Jan 2 115
30 Preferred
*123 125 *123 125 •123 125
12212 12212
75 July 11312 Nov
25 5918 Oct 29 10812 Jan 10
6334 15,700 May Dept Stores
6218 67% 5914 6178 61
304 Nov
6718 6934
1712 Aug
29 2912 Aug 2
Oct
par
8
153
No
Co
Maytag
10.700
1712
17
4018 Aug 52 May
17
1818 16% 17
1718 18
No par 30 Nov 7 49l July 31
4,300 Preferred
3014 32
32
3312 30
33
8912 Dec 101 Mal
3314 3414
No par 7812 Oct 30 9012 Jan 10
200 Prior preferred
7834 784
80
*77
*7918 81
80
80
1
56 Feb 80 De.
Oct
108
16
Feb
par
7114
No
Coro
McCall
80
79
4 1.800
79
80
79
80
80
77 Feb 10978 NO,
91 Oct 30 11334 Feb 5
290 McCrory Stores class A No pa
95
95
9514 951
98
98
9712
96
8012 Mar 11934 Not
6
Feb
1154
7
Nov
87
No pa
2,200 Class B
011
90
90
87
9314 93
9518
95
97 Nov 8 120 Feb 7 109 Feb 1184 Nov
100
Preferred
400
98
97
100
100 10078 •
103 103
30 Oct 28 48 Feb 14
600 McGraw-RIO Publica's No pa
35
35
35
35
35
35
3818 3818
4 Sept 281; Mao
1212 Nov 4 2312 Jan 5 -1-91100 McIntyre Porcupine Mines__
15
•1212 131 *10
1212 1212
6211 June 7878 NOV
55 Nov 6 82 Jan 31
pa
Plate_No
Tin
McKeesport
_ _ _ _ - 57
- 8 ii- 9,900
581
55
50% Des
5812 6034
Nov
4
454
Mar
59
29
Oct
2118
3,400 McKesson & Robbine__No pa
36
35
35
35
37
36
38
35
54 Nov 6378 Nov
50 40 Oct 29 83 July 19
4812 4834 1,400 Preferred
46
46
4612 481
4814 4834
70 Sept
Nov
3
60%
Jan
72
7
Nov
30
pa
No
1,700 Melville Shoe.
41
•35
30
3978 30
41
35
45
2514 July 61 Sept
9 Oct 29 3478 Jan
NO Da
11.300 Mengel Co (The)
1618 17
17
15
18
1612 18
1978
Dec 2718 Map
25
2412
Feb
27
29
Oct
2112
P3_27
Pictures
-Goldwyn
500 Metro
24
23
2212 .
2212 2212 22
22% 2218
478 Jan 73 Dec
94 Oct 24 69% Jan 3
50,500 Mexican Seaboard 011 No par
1538 16
1378 16
1412 16
1618 1814
17% Jan 33 Dec
5 20 Oct 29 544 Mar 20
23.300 Miami Copper
33
32
30
3334 28
33% 35
30
22
8July
1227
29
Oct
a
pr
59
No
N
Steel
6478 644 641 6478 1,000 Michigan Petrol
70
65
73
72
Feb 441p Nov
No par 2312 Oct 30 39% Jan 3
1,4 41,000 MId-Cont
4 28
18
*1,
27
2612 294 2518 28
2914 3018
778 May
218 Jan 57
518 Jan 3
1 Oct 24
10
9.000 Middle States 0110011)
15
___
134
May
Jan
14
31
3%July
30
1% 134
Oct
8
7
10
7.400 Certificates
1
%
1
78
118
1
114
1
135 Oct 30 321 Aug 27 198 June 295 Nov
_100
pref._
Prod
Steel
Midland
2,000
150 170 •160 175
Jan
27
15112 175
818
Aug
170 18434
184
20
Mar
8
287
30
Oct
par
No
2,000 Nillier Rubber
8
614
8
878 878
4
918 934
894 Aug 757k Dee
8014 Mar 1
42 Nov
443 12,700 Mohawk Carpet MIlls_No par
4218 44
42
46
45
4714
2 11514 Dec 15812 Dec
Jan
2(
2
Oct
1567
par
o
4912
Ward&Co111CorpN
Mont
G212 584 6334 378,800
6634 .50
x(1818 72
57
5 Oct 25
112 Oct 31
1,400 Moon Motor Car new_ No Dar
3
23
3
3
338 338
334 314
No par 42 Oct 29 8138 Oct 11
6078 9,600 Morrell (.1) & Co
56
60
6612
6512 5818 65% 60
Ca May
Pe Aug
612 Mar 4.
112 Oct 29
17.300 Mother Lode CoalitIon_No par
1% 2
2
2
214
214
2
2
5 Mar 1472 Dec
124 Jan 8 60%June 21
lza
i
,
o.
auge&E,1 Zo
lcrtuje
12.500NoliliPeta
r
314 Oct 24 31% Aug 1
618
8
638 -717
7 --77-8
94 July 218% Oct
Mar 1
7,200 Motet( Products Corp No par 50 Oct 30 206 Aug 1
58
50
52
51
60
5112 52
5114 Oct
6334
2512 Jan
No par 264 Oct 30 5512
13,600 Motor Wheel
3014 32
31
2812 31% 30
3112 3414
694 June 954 Oct
24 81% Jan 4
Oct
10
par
No
Co
Mfg
Mullins
7.700
1112 12
12
13
10
12% 11
8 Nov
1512
1047
Dec
11
98
Jan
26
Oct
10214
par
72
No
Preferred
75
75
80
75
46% Mar 6211 May
No par 404 Oct 29 6134May 4
1,400 Munsingweer One
43% 43% 4312 44
45
(xi
45
4518
na4
46
Feb
2112
17
1007
8June
7
Nov
ear
18
No
Body
2614 28
24% 18
21% 22% 24% 54,400 Murray
20
804 Feb 1Ik Nov
No par 40 Oct 29 1184 Jan 25
5234 87.800 Nash Motors Co
56
434 50
5',178
4912 5634 45
74 Jan 824 Dee
Oct 29 4178July 18
1518
etamthed..__10
Acme
National
2078 2178
1812 20% 17% 18% 1878 19% 14,700
No par 13 Oct 29 4814May 24
5,400 Nat Air Tranaport
1514 18
1613 18
154 16
16
16
No par 1234 Oct 29 71 Mar 1
1614 9,300 Nat Bellas Hess
15
16
2178
15
20
Stock
1978
17
9014 Jan 11812 De
100 793 Oct 30 118 Jan 3
100 Preferred
88
*84
83
*33
87
83
*83
87
35 142 Oct 29 23634 Oct 10 15912 July 1954 Nos
28.400 National Biscuit
16614 170
176 188 Exchange 160 177
Apr
152 163
Stock
15 146 Oct 8 1374 Feb 150
Aug
140
100
Preferred
300
142 142
142 142
*14112 14312 142 142
4714 Jan 104% Dec
Oct 29 148% Mar 20
71.100 Nat Cash Register A wiNo Dar 64
7534 80
76
80
86%
Exchange
Closed
6912 79% 66
27
Aug
No par 36 Oct 29 8612
4978 5118 5314 154,600 Nat Dairy Prod
53
57
45
21% Jan 3214 Oct
53% 42
Oct 30 37% Mar 5
2,600 Nat Department Storm No par 26 Oct 31 96 June 8
27
26
27
Closed
2712 2713 264 27
2838 Election
Jan 102 May
91
100 90
preferred
lit
190
92
9118
*9118
9118
9118
9314 0314
9118
2914 Juin. WI Jan
par 15 Oct 29 58 June 17
cds...._No
Prod
Distill
Nat
26,700
3718 41%
Extra
33
Day
30
71% Jan
June
27% 29% 2618 36
514
23
Aug
7
Feb
11078
6712
par
etfs__No
Preferred temp
234 Mar 57% Nov
400 Nat Enarn & Stamping.._ _ _100 3878 Nov 4 624 Jan 9
38
*31
38
-587-8 39
Holiday
39 •22
Holiday
*35
Jan
136
100 130 Nov 6 210 Oct 151 118 July
8,300 National Lead
137 143
130 135
150 150
130 145
Jan 14714 May
100 13814June 12 14112 Feb 11 139
260 Preferred A
140 140
13914 13914
122
July
13914 13914 13914 140
Ma
24
Apr
1124
100 115 Oct 18 123%
180 Preferred B
116 116 *116 118
116 116
116 116
21% Jan 4838 Dec
par 2514 Oct 29 7134 Aug 20
3112 3612 102,900 National Pr & Lt
3818 4014
3018 37% 28% 35
14 July 40% Jac
2 Oct 24 17 Jan 10
o parr
tNYo
Radiator
National
1,500
8
37
378
%
31
8
37
3%
314
37
312
36 Dec 984 Jac
6 Oct 30 41 Jan 29
par
wr
No
Preferred
GOO
814
8
9%
834 83
146 Dec
94 *8
8414 Jun
2
9
Jan
Nov
144
100
2,100 National SuPPI7
x115 115
109 11434 100 10112 105 109
50 85 Oct 30 155 Feb 1 138% De 150 Nos
8712 8934 2,100 National Surety
87
87
87% 90
90
943
Jan 360 De
el% Mar 1 0160
29
Oct
35
par
No
Co
National
Tea
3514 3612 374 3834 14.400
40
38
4214 45
1734 Jan 42% Des
624 Mar 21
79,300'Nevada ConsolCopper_No Par 25 Oct 29
34% 327 35
_
3414 30
32
3618 381
50 43 Mar 28 103 Sept 26
800 Newport Co class A
*6014 65
60
60
65
65
65
65
15
July
113
29
Oct
par
50
No
6,4001 Newton Steel
5112 5178 5112 54
55
54
KO;
54% 5934
Ws
Oct
4
Mar
14
$90
No lecooaor 3512 Oct 30 49
3912 4114 3614 3712 3818 3818 5,500 NY Air Brake
40
4034
47 Aug 604 Jan
35 Nov 6 58% Feb 2
1,400, New York Dock
39
354 354 35
35
35
Jan
*36
40
85 Sept 95
8234July 29 90 Apr 10
Preferred
90
*85
90
*84
90
•84
*84
90
984 Oct 10512 May
17 103 Jan 10
June
96
pa
(6)____No
pre!
Steam
Y
N
350
8
977
97
97
97
97
*96
Apt
0678 07
Jan 115
103
30
Aug
115
Oct
7
10812
pa
No
190 let preferred (7)
11014 11014 11014 11014 10812 110
112 112
5832 Jan 97 Nos
70 Oct 29 18634Sept 3
9434 118,900,North American Co_ _ _No Pa
8878 90
8634 0712 79
09 106
51 Sent 55% May
9
Jan
5414
7
51
Nov
50
Preferred
1,900
51
5112 5134
5134 5134 51
5114 5178
99% Oct 105% Fed
7001No Amer Edison pref _NO Par 99 Sept 18 10334 Jan 15
100 10012 100 10034
100 100
10012 10012
63% June 6911 Not
4512 Oct 30 6414 Jan 12
4834 4914 4,800-North German Lloyd
4838 4834 4734 48
49
49%
Oct 55 May
48
16
Mar
50
26
Oct
41
TelegraPh___50
110'Northwestern
42
44
41
42
45
*44
44
41
74 Sept
213 Mar
64 Feb 4
34 Oct 21
112 2,4001 Norwalk Tire & Rubber__ __10
112
112
1%
112
113
134
138
18 May
Dec
4
63
8 Feb 8
July 29
5
par
(The)___No
Co
INunnally
*4
6
6
*4
6
*4
6
*4
Jan
204 June 41
32 Jan 3
25 15 Oct 31
15
900 011 Well Supply
*11
15 •____ 15
15
15
17
97 June 1104 Jae
100 92 May 31 1064 Jan 16
I Preferred
*97
98
98
*97
99
97
.
*97
99
6412 Apr 25
29
Oct
par
8
__No
_
_
Eaulp
Farm
011ver
7,300
8
187
8
187
17
1812 1212
19
15
21
_
Apr 25
3212 338 6.800 Cony participating No par 17 Oct 29 69%
31% 32
37
38
34
3078
No par 7434 Nov 8 9912May 2
1,800 Preferred A
75
7434 743
75
75
81
75
81
711 -15;; Tit.;May
28
Feb
2
107
24
Oct
par
212
No
414 3,400 Omnibus Corp
4
312 378
312 4
44 412
884 Dec 99% Juni.
100 70 Oct 30 90 Feb 28
Preferred A
O65
70
75
*65
80
*70
*7
82
67% Aug 884 Jan
13
*50
55
2.300 OPpenheim Collins & CoNo par 55 Nov 7 84% Apr 2
55
55
60
5512 58
60
75 may 104 Not
Jan
4
953
25
Oct
504
500 Orpheum Circuit,Inc pref _100
5612 5612 597 GO
65
6114 65
65
Dec
50 225 Nov 7 450 Oct 11 1474 Feb 2854
3,400 Otte Elevator
248 250
240 25012 225 245
285 297
Jan 12634 July
1194
24
Jan
125
8
Oct
s
1187
100
120 Preferred
*82 11934 *____ 11934 11934 11934
11934 11934
4,04
Nov
Jan
104
8
Oct
55
Nc par 3114 Oct 30
3512 3678 14,400 Otis Steel
3012 3318 35
35
3712 4312
8211 Jan 103 Nov
100 9434 Nov 7 108 Feb 20
1,100 Prior preferred
95
94% 9434 95
9612 9638
*9434 97
24
53
5534 5,500 Owens Illinois Glans Co ____26 50 Oct 29 8912Sept
5934 5412 56
60
58
6014
4312 Feb
Ulla Nor
26 50 Nov 7 98*Sept 16
5314 5234 5378 29,400 Pacific Gas & Else
5234 56% 50
57
5978
69 Dec 85% June
w 6014 Nov 7 14612Sept 27
par
No 1p
15,000 Pacific Ltg Corp
7212 75
6014 72
82
83
73
8534
Nov
Oct
3512
25
17
Apr
22 Oct 29 37
24
150 Pacific MIL2
24
24
24
25
2312 2312
25
24 Apt
1 Sept
14 Jan 10
78
78
No par
58 Oct 30
1
1
78
4,600 Pacific Oil
1
78
78
Dee
189
June
14,5
25
July
220
7
Nov
100 15012
450 Pacific Telep & Teleg
165 170
150% 16012 15012 15512 160 160
Oct 12512 May
100 11634 Jan 3 138 Oct 16 114
140
10 Preferred
*133 140
133 133
2Sept
321
24
Oct
par
No
1312
_
.
Car_
Motor
177
308,000 Packard
1812 1978
1034 1838 1512 17% 1718
581 Feb 551k Non
61
16.100 Pan-Amer Petr & Trawl_ _50 4014 Feb 18 69 Aug 28 - 4
GO
GO
6134 6212
5914 6012 57
37% Feb 58% Nov
50 4011 Feb 10 694 Aug 28
6014 61
90.200 Class B
5914 6112 57% 61
814 6234
2832 Ain
154 July
Pan-Am West Petrol B_No ear 12% Oct 9 174 Jan 3
114 Feb
21% May
3 Nov 7 154 Jan 3
5
5% 6.300 Panhandle Prod & ref_No ear
4%
3
64
612 7
5
4 May
/
70 Feb lee1
Jan 16
76
474
25
Feb
100
5212
5212
300
Preferred
53
55
53
*52
4714 Oct 56% Dee
8 5012 52 123,200 Paramount Yam Lasky _No par 35 Oct 29 7512 Oct 15
1
5238 56
4718 5212 -45- 12
84 Mar 98 Nov
No par 23 Oct 30 87% Jan 14
2934 3212 3,400 Park & Tilford
2811 30
34
30
33
30
1212 Jar
9 Aug
312 Oct 30 1378 Feb 28
4
414 23,100 Park Utah CM
334 4
478 5
414 5
15 Nov
2 Feb
47
par 4 Oct 24 14% Jan 9
434 5
578 39,300 Pathe Exchange
5%
5
534
5
34 Aug
812 Feb
No Da, 5 Oct 29 30 Jan 9
9
1014 14.300 Class A
9
8
11
9
1238
1078
am
Jan
42
8
337
4
Mar
4
4711
29
Oct
8
247
304 3278
28
30% 26% 2734 2878 304 22,600 Patino Mines dc Enterpr---20
1418 Sept 5115% Mal
518 Oct 29 2212 Jan 11
50
733 4,900 Peerless Motor Car
7% 7%
878 9
74
S78 912
22% Jan 414 Oct
Sept 17
607
7
Nov
26
No
par
27
3078
2918
&
26
34
11,100
Ford
Penick
33%
29
3834
Oct 115 Mar
100 100 Apr 2 110 Jan 9 103
110 Preferred
10614 10614
107 107 •107 109 *107 109
144 Jac
8 Aug
27 14 Sept 10
so 512May 30
734 1,400 Penn Coal & Coke
7
9
9
978 978
9% 9%
14% July 31 May
5
Jan
27
Oct
518
par
012
-_No
614 4,900 Penn-Dixie Cement_
6
8
7
7
7
Ape
Sept
96%
76
22
Jan
94
7
100 32 Nov
30
35
32 .
32
300 Preferred
*34
36
*34
37
151% Jan 217 Nov
200 People's GI L &0 (Chic)......100 208 Jan 11 404 Aug 5
259 25912
*230 260 *220 260 *220 260
Dec
614
Dec
464
3
Jan
4511
6
Nov
21
No Par
22
22
800 Pet Milk
20
2118 2118
21
2212 *17
25 3514 Nov 7 7978May 10
4434 13,800 Phelps-Dodge Corp
43
4618 4878
43% 45
354 42
Oct 10 146 Mar 17478 May
Philadelphia Co (Pittsb)__ _50 15712 Apr 17 285 May
*150 200
•__ _ 225 •____ 200 •150 200
6512 Mar 49
Amu
20
50 4734 Aug 9 51
100 5% preferred
50
48 •____ 50
.48
48
51% Oct 57 Mai
50 48 Nov 7 54 Mar 18
400 8% preferred
49
49
48
48
50
•_ 'Bid and ask.81 prices. no sales on this day. 6 Ex-dividend and ex-rights. s Bs-dividend.
2984
New York Stock Record -Continued-Page 7
For sales during the week of stocks not recorded
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nor. 2.
Monday,
Not. 4.
Tuesday,
Not. 5.
Wednesday, Thursday,
Not. 6.
Nor. 7.
Friday,
Not. 8.
Sales
for
the
Week.
here cot. 4eventh
page preceding.
STOCKS
NEW YORK STOCK
EXCHANGE
1'Iffi SHARI'
Range Shwa Jae 1.
Os Soots of 00-s8o,I leas
e hilt ail SIB
twigs for Prerloss
Year 1928
Lowell
Lowest
littasst
Mogen
Shares Indus. & bilecell. (Con.) Par $ Per share g per Mare
$ per *bare g oer /seri
31,800 Phila & Read C & I____No par 10 Oct 29 34
274 June
Jan 8
39114 Jae
6,100 Phillo Morris & Co., Ltd_. 10
534 Oct 30 234 Feb 26
15 Mar
254 May
500 Phillips Jones Corp__ __No par 25 Nov 8 73 May
38
17
Apr
54 Pain
90 Phillips Jones pre
100 70 Oct 31
98 May 1
85
AM
99 May
47,100 Phillips Petroleum____No par 27 Oct 29 47
Jan 3
3514 Feb
5372 NOY
400 Phoenix Hosiery
5 104 Oct 25 3738 Jan 22
21
Oct
38 May
_ _ _ _ ._
Preferred
100 9112 Aug 21 100 Jan 6
94 Dec 1034 Feb
1,300 Pierce-Arrow Claes A_No-par 21 Oct 28
3772 Jan 9
1812 Oct 3072 Del
1,600
Preferred
100 6934 Nov 8 8712.1une 7
5612 Oct
747s Del
6,900 Pierce 011 Corporation
25
1 Oct 29
338 Mar 18
4 Mar
54 Ape
2,500 Preferred
100 20 Oct 31
5112 Mar 18
1614
Feb
50
Oct
8,600 Pierce Petram
No par
12 Oct 29
54 Jan 15
312 Feb
66i AD/
8,300 Pillsbury Flour Milla No par 30 Oct 28 6372
Jan 15
324 Feb 584 Des
8,300 Pirelli Co of Italy
4314 Oct 29 68 Aug 1
-- ---4,800 Pittsburgh Coal of Pa
100 5418June 4 8334 Jan 9
-364 June -711;
7
1,800 Preferred
100 8312June 5 110 Oct 18
81
May
1007
2 Deg
300 Pitts Terminal Coal
100 20 June 10 3432 Jan 9
28 Feb 38 Del
Preferred
100 5212June 10 7814 Jan 9
6312 Oct 82 Mat
8,900 Poor & Co class B
No par 25 Oct 30 434 Aug 1
60
61
600 Porto Rican-Am Tob el A_100 594 Nov 7 9534
Mar 15
534 July 854 Dee
1313 15
3,400 Class B
No par
9 Oct 30 5032 Jan 2
2314 Aug 5172 Dee
99
9938 1,100 Postal Tel & Cable pref___100 99 Nov 8 105
Jan 31 10038 Aug 106 Beni
Postum Co. Ine
No
par
623
4
Mar
26
813
4May
3
6132 July 13612 May
50
504
i;
18,655
Prairie Oil & Gas
25 4013 Oct 30 6558 Jan 2
594 Dee 6458 Des
5612 5838
5612 5718 55
564 56
584 22,100 Prairie Pipe & Line
25 45 Oct 29 65 Aug 23
10
1012
712 9
7
712
818 914 9,100 Pressed Steel Car
No par
7 Nov 7 2538Mar 22
18 June 334 Oat
6734 68
64
64
6114 6114 6114 6113 1.000 Preferred
100 6114 Nov 7 81 Mar 27
70 Aug 934 Oct
712 818
612 714
639 64
7
714 7,000 Producers & Refiners Corp _50
4 Oct 24 257s Jan 3
18 Feb 2972 Nov
30
3018 33
3014
30
30
30
30
230 Preferred
50
30 Oct 29 4634 Mar
41 Feb
37
38
*36
2958 June
3778 35
36
37
374
80 Pro-phy-lac-tio Brush__No par 35 Oct 30 8234 'Jan 21
14
52 Nov 91
7814 8378
69
Feb
7718 64
6913 70
7413 106,500 Pub Set Corp of N J__No par 61 Nov 7 1373
4Sept 23
4112 Jan 8312 Des
105 10512
10514 10512 1034 10478 10312 104
1,600 6% preferred
100 10312June 8 10814 Feb 5 1034 Jan
120 120
11978 11978 11834 11834 119 119
115 May
1.000 7% preferred
100
1174June
25
1247
1
Jan
3
117
150 150
*14712 148
Oct 1294 May
14713 14713 *145 148
1.900 8% preferred
100 145 Apr 17 151 Sept 4 134
10614 107
Jan 150 May
106 100
10533 10538 10512 10512 1.100 Pub Seri Elea & Gas pref_100 105 July
28 1094 Jan 28 10612 Dec 1104 Ape
8212 8312
8018 82
7818 7934 79
80
52,100 Pullman. Inc
No
par
7518
Oct
29
9014Se
pt 30
1018 12
7772 Oct 94 May
10
1012
958 10
10
104 6.700 Punta Alegre Sugar
50
938 Oct 30 3112July 24
174 Dec 3472 Jan
2413 254
2258 244 2178 234 x2318 2412 42.400 Pure Oil (The)
25 2018 Oct 29 3034May 9
111 111
19 Feb
119 110
3114 Not
10818 110
108 10818
890 8% preferred
100
108
Nov 8 118 Feb 25 108 Mar 119 Juns
82
8578
72
80
66
76
7114 794 80,600 PUrit7 Bakeries
Oct
55
29
1485
8
Aug
20
42
June 1394 Oct
75
48
30
4212 31
384 3518 3912 466,400 Radio Corp of Amer___No par
26
Oct
29
1143
4Sept 12
53
53
50
50
50
5178 5113 5113 2,200 Preferred
50 50 Nov 6 57 Jan 3
544 Jan 60 May
21
23
17
2018
1514 1812 1818 2018 129.500 Radio Keith-Orrr ci
A.-No par 12 Oct 29 454 Jan 6
58
344 Dec 514 Not
5934
50
5678 41
55
54
5478 6,400 Real Silk Hosiery
10
4018
Oct
29
843
8 Mar 4
88
88
2472 Jan 6053 Del
•88
90
90
90
00
90
80 Preferred
100 88 Oct 24 10212 Feb 8
7
7
804 July 974 Del
6
613
5
6
54 613 3,500 Reis (Rnbt) & Co
Vo par
5 Oct 29 164 Feb 1
50
501:
512 Feb
52
15 Del
52
60
5018 55
55
1,800 First preferred
100 50 Nov 4 10818 Feb 6
364 39
6114 Feb 894 Del
28
3512 284 36
2918 344 47,700 Remington-Rand
No par 27 Oct 29 5734 Oct 14
90
91
234
Jan
90
3612
91
8812 89
May
87
8814 1,600 First preferred
100 85 Oct 31 9613 Oct 15
*99 102
99
8714 Dec 98 Juni
99
•99 105
*99 105
100 Second preferred
100 93 Mar 20 101 Apr 15
1278 1378
124 1278 12
884 Oct 100
Jai
1258 12
1212 47,400 Reo Motor Car
10 1018 Oct 29 314 Jan 3
3712
35
3213 34
224 Jan 354 Oel
31
32
3014 33
5,000 Republic Brass
No par 3014 Nov 8 5478May 3
*105 10512
105 105 *103 10512 10313 10313
___--- ---- ---60 Preferred
100 10312 Nov 8 107 June 5 ---- ---83
83
86
86
8314 844 834 8334
---- ---600 Class A
No par 83 Nov
Stock
82
8834
7214 8012 7013 7678 76
7734 45.000 Republic, Iron & Steel.... _100 70 Oct 4 111 May 8
29 14614 Sept 20 1912 June 1412 Not
110 11012
107 109
108 108
10714 10714
1.000 Preferred
100
107
Nov
Stock
8
6
7 Exchange
1154
Feb
27
June
612 634
102
112 Fel
6
6
6
614 6.200 Reynolds Sprott
No
514 Oct 29 1214 Jan 16
5012 53
50
814 Feb
501., 50
1472Juni
504 5018 5078 130,900 Reynolds (RI) Tote class par
B_1()
Exchange
Closed
5034 5034
50
5014 4912 4912 *4978 5134
600 Rhine Westphalia Elea Paw.... 50 Oct 29 64 Jan 11
Oct
4712
30
30
31
84 Jan 2
29
50
Oct 61 Del
30
2712 3034 2913 3038 36,100 Richfield 011 of California
_25 2418 Oct 30 4952 Jan 3
Closed
2218 2378 Election
21
2312 Feb 66 Not
22
2012 22
2112 2214 23,500 1110 Grande 011
No par
15 Oct 24 424 Mar 28
52
55
5114 5213 50
50
50
50
1,200 Ritter Dental Mfg
No par 50 Oct 30 70 June 29
Extra
Day
4712 50
____ _--- ---- ---•
39
4813 37
41
38
4212 9,800 Rosetta Insurance Co
10 37 Nov 7
*34
50
*3312 50
•3312 50
*3313 50
.: _-_-Royal Baking Powder__No par 27 May 31 96 May 9 -2- ,-Holiday •11212 11914 Holiday *11212 11914 *11212 11313 *11214 1
431 2SePt 9
40 Dee 4%1•3 -"el
Preferred
1313
100 95 June 12 11472Sept 16 10412 -Dec
10412 Del
5278 54
5034 5233 4934 5314 5318 5418 59,500 Royal Dutch Co
(N Y shares)
4318 Oct 29 84 Sept 16
54
444 Jan 64
Oel
5778
45
5334 4218 50
52
5278 25,400 St. Joreetth Lead
10 42 Oct 29 94 Jan 21
125 13431
37 Mar 714 Dee
110 123
100 11178 10914 112
25,300 Safeway Storm
No par 100 Nov 7 19514 Jan 4 171 Dec 20134 Dee
95
95
9512 0612 *05
96
95
9578
500 Preferred (6)
100 85 Oct 29 101 Sept 17
95 Deo 97 Dee
10414 10434
*104 105
102 102
10212 10234
310 Preferred (7)
104 100 Oct 28 108 Jan 18 1064 Dee 1064 Del
27
28
2613 27
25
2513 2512 26
2.100 Savage Arms Corp_.
._No par 25 Nov 7 5172 Jan 24
361, Deo 51 Del
1012
113
10 1038
10
1012 10
1014 21.100 Schulte RetaLl Storee_No par
8 Oct 30 414 Jan 8
3534 Dee 6712 Api
70 73
72
72
70
70
70
72
1,050 Preferred
100 6912 Oct 30 11812 Jan 2 115 Dec 129
Am
1218 1218
11
12
11
11
12
12
1,400 Seagrave Corp
No par 1018 Oct 29 2214 Apr 12
10 Feb
1712 June
109 1154
9814 10534 94 104
10214 10534 79,500 Sears. Roebuck & Co No par 94 Nov 7 181 Jan
8218 Jan 1974 Not
2
3
338
318 318
3
3
9.900
34
Seneca
314
Copper
No par
3 Oct 24 104 Mar 20
Jan
2
712 001
4013 4434
32
41
30
394 3733 4134 36.700 Shattuck (F 0)
No par 2518 Oct 29 194 Aug 30
8012 Feb 14014 Orel
29
32
2818 2978 28
3012 30
3014 8,900 Sharon Steel Hoop
No par 254 Oct 30 5334July 1
._ ----- -2414 25
2238 24
22
2418 2318 2438 37,000 Shell Union 011
No par 19 Oct 29 314 Apr 2
-2-34 -Feb -3913 Not
2038 22
1814 20
19
21
1813 1934 9,300 Shubert Theatre Corp_No par 15 Oct
29 7412 Jan 24
5434 June 8512 Not
8512 92
65
8412 6214 7614 74
794 82,900 Simmons Co
No Par 6214 Nov 7 188 Sept 26
5534 June 10133 Not
20
24
20
2212 20
22
2258 24
13,300 Simms Petrolem
404
Mar
10
17
s
Aug
28
18,
1818 Feb 2714 Not
29
26
30
2878 25
2714 27
28 161,200 Sinclair Cons 011 Corp_No par 2212 Oct 29 45 Jan 2
1738 Feb 4634 Not
106 107
*10513 108
10512 106 *106 107
900 Preferred
100 103 Oct 30 111 Jan 29 10212 Jan 110
001
334 3418
3218 334 30
3178 3112 3212 25,600 Skelly Oil Co
25 28 Oct 29 4412May 8
25 Feb 424
3712 3712
*33
40
*33
37
•32
42
100 Sloes-Sheffield Steel & Iron .00 26 Oct 30 125 Jan 19 102 June 134 NOt
Feb
*6334 7434
*64
75
634 6334 *62
67
100 Preferred
100 8334 Nov 7 112 Jan 18 10412 Oct 123 Miu
512 512
558 578
45, 418
45a 514 1,000 Snider Packing
No par
4 Oct 23 1514 Feb 5
11 Dee 20 API
10
22
22
2012 1818 1818
1718 1718 1,100 Preferred
No
par
1718 Nov 8 6412July 9
31 Nov 60
Jar
32
33
2818 3138 2518 30
2753 2912 19,300 So Porto Rico BUS
No par 2512 Nov 7 45 May 13
3212 Feb 4912 May
5933 6138
58
6018 5338 58
58
59
35,200 Southern Calif Edison
434 Jan 5612 Not
25 51 Oct 29 934 Sept 30
24
24
*20 30
.10
2612 *10
2612
200
Southern
Dairies
el A_No par 21 Oct 30 504Juue 14
2412 Jan 61712 Mal
*612 8
*5
8
518 512
734 734
300 Class B
No par
5 Aug 26 1538 Jan 12
9
Jan 30
Ape
4014 4014
40
41
35
36
37
40
1,600 Spalding Bros
No par 35 Nov 7 6312May 6
•109 110
107 10812 115 115 *110 115
130 Spalding Bros 1st pref
100 107 Nov 6 117 Feb 6 lie
Jan
1
2
0
-Ape
27
28
224 27
21
23
2313 24
7,600 Spang Chalfaxt&Co IncNo par 15 Oct 29 5214 Jan 3
20 July
5758 Dee
*92
924 9278
03
92
02
92
92
120 Preferred
Oct 15
07
Oct 100 Alle
2678 2978
2218 25
2018 2138 2018 2134 41,700 Sparks Witaington____No 100 89 Mar 19 98 Alec
22
29
par
Oct
15
73
*5
*5
6
6
412 5
*413 6
250 Spear & Co
par
Oct
No
Feb
29
143
2
4
a
-1-0-14 Nov /0 -Feb
73
73
73
7318 72
73
*72
74
260 Preferred
70 Aug 23 804 Jan 2
764 Nov 9232 Feb
28
28
28
28
25
2512 2514 274 1,000 Spencer Kellogg & Sons No 100
par 25 Nov 7 45 Aug 20
3214 3434
2913 33
2413 25
2712 2814 10,000 Spicer Mfg Co
No par 2412 Nov 7 6634 Mar 1
314 Jan 515, -Del
45
*44
45
*41
4312 40
40
1.900 Preferred A
No par 40 Nov 8 554 Mar 1
5012 52
50 -50,8 4553 4734 49
4918 9,900 Spiegel-May-Stern Co.No par 45 Oct 31 11772 Feb 6
-412 Sent -91 Not
11
11
1112
12
914 1078 10
1012 3,100 Stand Comm Tobacco_No Par
24
8 Sent23 434 Jan 11
Oct 404 Not
11114 124
84 107
95 104
98 10678 32,800 Standard Gan le El Co_No
par 8034 Mar 28 24334f3ePt 27
5772 Jan 8458 Del
6153 6234
62
624 60
6034 61
62
3,900 Preferred
50 60 Nov 7 67 Feb 4
6452 Dec 714 May
___ ______ Standard Milling
100 10212 Aug 16 16314 Jan 18
Jan 1424 Del
23
18
22
25
18
20
2518
20
,1,300 Stand Investing Corp_ _No par 25 Oct 30 48 Sept 10 100
644 6578 6218 6538 65
6718 69
6678 58.300 Standard 011 of Ca._ _No par 5112 Oct 2
817sMay 6
53
Feb
-8-0 Nos
574
6014
0512
64
65
694
62
65 362,600 Standard 011 of New -Jereey_25
68 Feb 16 83 Sept 18
3714 Feb 594 Nor
35
374 3914
3711 334 3478 35
3538 58,600 Standard 01I01 New York __25 32 Oct 20 484 Sept 12
284 Feb 6512 Dem
212 212 1,300 Stand Plate Glaze Co__No par
214 3
213 212
234 278
218 Oct 25
658 Jan 21
214 Jan
772 Feb
8
9
650 Preferred
613 712
511 514
513 6
100
4 Oct 30 31 Jan 18
10
Jan 40 Feb
32
33
3478 3478
33
3578 33
3578
800 Starrett Co (The L S)__No par 304 Oct 29 474 Oct 17
34638 4912
4118 4314 32.100 Stewart-Warn SP Corn
4038 4513 38
41
10 30 Oct 29 77 May 10
96 106
85
8312 88
72
9434 73
23,800 Stone & Webster
No par 72 Nov 6 20112 Aug 30
4078 514 4512 4712 24438 47
5014 5272
66,300 Studeb'r Corp (Tbe___No par 42 Oct 30 98 Jan 26
57
Jan 8712 Oat
*120 125 *123 124
123 124
120 120
20 Preferred
100 120 Nov 4 128 June 25 12112 Feb 127 Juna
24
14
114
1
78
1
1
1
2,600 Submarine Boat
No par
4 Oct 29
412 Mar 14
3 Feb
614 Mal
6978 70
6478 6518 65
6918 70
65
3,800 Sun ()II
No par 57 Mar 26 8638 Oct 18
8112 Jan
77 Noy
10138 103 *102 10212 •102 10213
10213 10212
150 Preferred
100 100 Jan 3 1054 Jan 8 100
Jan 110
Apr
818 853 30,300 Superior 011 new
10
1118
712 84
818 94
No par
712 Nov 7 24 Aug 20
244 2812
15
18
20
18
2078 12,900 Superior Steel
23
100 15 Nov 7 734 Apr 9
18
Jan -56 /40;
*9
9
10
9
878 9
1014
9
1,300 Sweets Cool America
80
834 Oct 24 224 A Pr 11
1152 Feb 3312 Sept
4
4
413 412
4
412 412
1.300 Symington
4
No par
4 Oct 30
9 May 2
4 Aug
7 May
9
10
*8
10
*8
10
*8
10
1,100 Class A
No par
9 Nov 4 194May 2
10 Aug
194 Ape
17
18
164 17
17
1,600 Telautograph Corp
1713 1653 17
No par 1612 Oct 30 2512 Mar 28
154
Jan 2238 May
1234
134
1314 14
11,100
1212 1314
1212
12
Tenn Copp & Chem No par 10 Oct 29 204 Apr 29
104
Jan
194 Des
5614 5832
5412 82,500 Texas Corporation
5418 5614 5214 5334 53
25 5013 Oct 29 7172:tept 12
50 Feb 7434 Nov
5912 62
5318 5918 5053 5434 5514 .5712 74,200 Tysee Gulf Sulphur____No Par 45 Oct 29 8514 Apr 18
6218 June 824 Not
1 134 1258
11
1 134 • 1018 11
1114 12
19,400 Texas Pacific Coal & 011
10
934 Oct 30 3372 Mar 21
1218 Mar 264 Not
818 1012
33,800 Texas Pao Land Trust
712 834
813 10
714 812
1
614 Oct 30 2412 Jan 17
20 June 3034 Apr
Syer share $ Per share $ Per share 5 Per share 5 per share
1818 1838
1214 1618 1214 15
812 91 2
712 814
74 712
.25
30
*20
28 •____ 25
75
75
7412 7412 70
7012
3313 3478
30
3378 2814 3078
124 14
12
12
1113 1 112
•____ 92
92 *__ _ _ 91
2313 234
221-4 23
22
22
74
74
6934 71
74
74
114
112
1
133
114
112
30
3434
274 28
25
2612
3
314
3
3
212 234
38
40
3612 38
3418 3513
5113 5234
50
5112 484 51
60
6412
.57
60
55
5513
100
99 100
9218 93
2434 2434
no 23 ____
__
*5018 65
*5038 6434 *504 15
2918 3178
28
3078 2813 27
61
61
*61
64
594 60
1713 19
16
17
1412 1413
1004 10078
100 10014 9912 9912
9814
5 her share
1434 1614
712 8
25
25
*7013 71
304 3278
*1414 20
____
_
2258 --2258
x75
75
114
138
27
2734
234 3
36
3734
5013 5112
59
60
9518 96
2334 2334
*5038 65
2718 2878
-4-978 ius -ii ii., -49
• Bid and asked prices; no sales on this day.
Ex-dividend.
y Ex-rights. 0 Ex-div. 200% M common stook.
-if.-.
New York Stock Record-Concluded-Page 8
2985
preceding.
For gales during the week of stocks not recorded beret. see eighth page
HIGHZAND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 2.
Monday,
Noe. 4.
Tuesday,
Nor. 5.
Wednesday, Thursday,
Nor. 7.
Nov. 6.
Friday,
Nov. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PBS SMARRPEIR SHARI
Xas.oe for Precious
Range Since Jan. 1.
Year 1928
Os basis of 100-share lots
L west
Highest
MOM'
Lowest
share g see obeli
Shares Indus. & Miscel. (Con.) Par 3 per share $ per SAM 15 per
$ per share $ per share $ per share $ Per share $ per shore $ per share
Jan 3912 MAY
1612 Mar 14 35 Sept 10 1 22
No par
4,400 Thatcher Mfg
20
2074 19
2014 2212
23
237
45
Oct 5332Juni
4
8Sept
497
9
Mar
35
par
No
Preferred
4212
1,200
.4112
4014 4274 4014 4212
x4114 42
6212 Dee
Jan
34
16
Jan
j
517
7
Nov
3112
par
No
3212 3334 3112 3112 3112 3112 3,900 The Fair
3312 3514
4 Jan 11414 001
1
102 Nov 7 11014 Oct 9 104/
100
4
77
Preferred
30
105
102
.10212
102
10514 1054
*10514 10871
7114 Jane
Jur.
5614
12
Jan
62
30
Oct
30
25
Co
R)
1.900 Thompson (J
36
36
36
3618 3618 31
3612 3S
25 Sepl
1614 Fe.
7
1312 24,500 Tidewater Assoc 011_No par 12 Oct 30 2312June
1212 1314 13
14
13
14
1412
Aug 2 '174 Mar 914 Des
904
30
Oct
80
100
Preferred
1,900
83
83
83
8354 834 83
84
84%
4112 Des
4432 Mar
100 271s Feb 1 40 June 7
Tide Water 011
25
16 ._ _ 18 .20
•10
25
._
8614 July 1004 Des
4 Jan 17
1
100 8834 Oct 30 97/
900 Preferred
89
89
90
8912 90 .89
SiCs 90
24
2Sept
343
30
Oct
1112
10
Axle
Timken
Detroit
17
1734 10,400
16
1614 1712 15
19
20
150 Jan 3 11232 Mar 1-54 -Nov
4 8312 80% SG% 38,800 Timken Roller Bearing_No par 7014 Oct 29 2214 Mar 18
/
Ws 711
76
8612 91
3 Oct 29
20
474 534 36.600 Tobacco Products Corp
65
6
48 6
4 674
1
6/
2232 Mar 18
7
Nov
7
20
4 712 7.600 Class A
1
7/
834
7
84 9
9
8
134 Oct 30 16 July 10
314 334 10,800 Certificates
, 234 3
328 37
334 414
19 Aug 22
31
Oct
4
1
/
6
A
Certificates
1,400
7
7
8
8
12
.8
734 8
19 -Dec 23 -Aug
6 Oct 25 1912 Jan 15
Dividend certificates C
512
8
.2
*1
*112 6
144 Nov
6% June
4 Oct 29 1514 Aug 28
1
5/
par
_etf_No
tern
011
TranseT1
814
7
712
181.500
712
712
8
81s 834
Dec 6988 Fell
4144
18
Apr
5332
7
Nov
22
par
1,900 Transue & Williams 881 No
2434 .2212 24
22
26
26
30
30
447
4 SeIll
June
32%
3
July
3214 334 5,800 Trice Products CorD___No par 3214 Oct 30 63
4 35
1
3214 335
32/
35
3574
Nov 7 3172 Jan 23
14
par
No
Coal
Truer
Truax
1,500
16
16
4
177
19
14
*15
1878 1874
554 Nov 637s Del
10 3934 Nov 8 6114 Jan 3
43
3934 3934 2,700 Truscon Steel
40
41
40
44
.42
63 June 937s Des
24.200 Under Elliott Fisher Co No par 8614 Nov 7 1814 Oct 10
8614 9912 97 100
9414 106
10614 11434
AD,
119 Mar 120
8
Jan
125
6
Jan
125
100
Preferred
10
__
__ •125
125 125 *125
*125 126
80 Dec 4914 Fe!
Jan 14
12 1212 4,500 Union Bag & Paver Corp_ _100 10 Oct 30 43 Sept 10
11 13
_
141.
1514
13
14
Nov 7 140
6514
par
No
UnionCarbi&Carb
244,000
8034
75
8112
6514
4
843
70
87
93
424 -Feb 68 'Nos
25 4312 Oct 30 57 Sept 30
47
4412 4614 4712 4828 19,300 Union 011 California
46
4834 4912
4 Ma,
1
Oct 128/
100 12171 Jan 15 16334Sept 11 110
1.500 Union Tank Car
140 140
14212 14312 135 135
145 14714
--__ --- ---- -1
May
162
29
Oct
40
par
No
Tran
&
Aircraft
United
557o
61.400
5112
4634
4012 51
4
1
50/
5514 62
1___
10912May
6
Nov
60 50
10,100 Preferred
5314 56
62
50
52
50
5514 60
Gel
4 Apt
1
-84/
No par 3512 Nov 6 60 Oct 10
3512 40
8.000 United Biscuit
3512 3712 3812 40
43
4334
001
.100 11412June 11 136 Oct 2 11214 Mar 135 Pet
'200 Preferred
115 115
•119 130 .116 130
_ __
•119
844
Aug
22%
11
Jan
4
1
434 Oct 29 27/
10
612 634 20,600 United Cigar Stores
634 674
-712
67
65, 734
. AD,
100 42% Nov 4 104 Jan 2 103% Dec 1141
600 Preferred
48
*44
50
45 .43
4214 44
45
---- ---- ---- --- •
No par 2414 Oct 29 7512MaY 11
3014 2914 3112 361.300 United Corp
25
31
27
3212 3512
497k
July 29
443* Oct 30
par
No
Preferred
11,400
47
4612
4612
46
4674
4614
46
47
-16-8-14 Oct -8-91.2 Del
4 Feb 6
/
No par 15 Nov 6 811
8.000 United Electric Coal
18
1634 17
4 15
/
191
15
19
20
No par 99 Oct 29 15811 Jan 31 13111 June 148 No.
11,900 United Fruit
108 113
105 109
10514 109
106 117
1612 Dec 2771 Ain
72$ Oct 30 2632 Jan 22
100
Paperboard
United
800
9
4 9
/
814 814 *81
9
814 934
875
.Not
6028 June
11,300 Universal Leaf Tobacco No par 34 Nov 8 8572May 10
37
34
35
35
38
37
38
37
Nov 100 Fel
914
Universal Pictures lst pfd_100 59 Oct 2 93 Jan 2
50
*45
55
*45
*40
50
•.... 95
354 Oe,
June
15%
2
Jan
2214
2
Oct
3
par
&
Pipe
Rad_No
37
37
Universal
8,000
474
4
412
4
412 5
87% Sept 1054 De
4 Jan 9
1
100 58 Oct 30 100/
80 Preferred50
*40
50
*40
•-___ 60
60
60
53 NO'
88 Dec
18
1774 1812 20,400 US Cast Icon Pipe & F6y__20 12 Oct 29 554 Mar 18
1712 193* 17
197
19
1912 Not
18 Nov
19 Jan 11
15 Oct 24
No par
1,100 18t preferred
16
16
16
4 16
/
161
18
16
16
Nov
1914 Del
4
/
181
18
June
20
22
Oct
4
/
181
par
No
100 Second pr .ferred.
1812 1812 *1812 19
*1812 19
•1812 19
2014 Jar
184 June
9 Oct 29 23 Sept 24
No par
8 Distrib Corp
U
1,800
4
133
4
15
133
.12
1434
15
1734 1814
904 Jai
Oct
76
24
Sept
97
12
Mar
7114
100
Preferred
100
85
85 .78
8512 8512 .78
90
.85
Jai
rl
272 Nov
2 Jan 22 10 Apr 8
100
U 8 Express
6
.3
6
*3
6
.3
4
4
584 Jai
61 Der
25 Nov 6 494 Jan 2
25
27
4 2874 2834 3134 6,300 US Hoff Mach Corp___No par
/
271
2934 2934
00
138
June
4
/
1021
11
Oct
4
2433
7
Nov
115
100
13014 13512 28,200 US Industrial Alcohol
12014 13828 113 133
143 15214
51 Ma]
Jan
22
814 Nov 7 3512 Jan 14
No par
1014 1078 7,100 U 8 leather
814 10
1174 1214
13
1412
72
AD
Jan
62
1634 Nov 8 6172 Jan 14
No par
20 •____ 17
1634 1734 4,400 Class A
18
2114
20
10912
Mal
Dec
4
1001
1
Feb
107
30
July
90
100
600 Prior oreferred
9214 ._ _ __ 93
*90
9312 9312
93
93
9388 Ma:
6114 Feb
4 Feb 6
/
7 1191
Nov
57
par
Impt____No
&
Realty
8
If
6434
42.300
62
62
57
6428 697
70
7434
27 June 6314 Jai
10 15 Oct 29 65 Mar 16
63.500 United States Rubber
29
2812 27
Stock
2618 3112 25
3114 361 1
55 July 109% Jai
100 44 Nov 7 9212 Jan 16
1s1 preferred
5014 10,800
50
48
44
48
48
58
603
7111 No,
3912 Feb
Mar 20
72%
29
Oct
4
297
.5
-50
Ref
MlnSmelting,
8
13
15,300
3812
3714 3614
40/
36
4 35
1
4014 4134 Exchange
Stock
68 De
Jan
51
3
Jan
58
4
Nov
48
50
1,300 Preferred
50
49
49
48
48
48
48
497
26134Sept 3
.10
163
27
May
Steel
Corp..
States
United
17534
517,000
17012
17712
4
/
1611
18114
165
Closed
Exchange 18212 19034
14714 AD
Jan
188%
1
Mar
1444
31
Oct
139
100
13912 13934 9,000 Preferred
140 14174 13914 140
142 14334
4 Oct 30 71% Nov 6
/
NO par 601
1,300 US Tobacco new
65
62 .63
7134 61
65
Election
71
68
Closed
4 Jan 139 Jun
/
100 126'4Sept2O 143 May 3 1271
20 Preferred
12614 12614 *12614 128
.12614 128
*12614 128
Jan 273 De
Jan 2 353 Mar 19 139
364
10
Utah Copper
*190 240 *220 300 *220 300
Day
Extra
.190 250
2812 Feb 658 Ma:
Oct 30 5812 Aug 5
par
28
A__No
Lt
&
Pow
56,300
Utilities
3312
32
4
/
291
4
4
313
333
30
3212 35
21
Jan
4
1
/
13
29
Oct
314
par
No
45, 5
0 Salm
.
7,900 VI11111(
412 5
Holiday
5
5
Holiday
512 57
100 5912 Oct 30 82 J/111110
6034 1,000 Preferred
60
60
6112 6112 60
6112
61
4 No
/
Jan 1111
60
No par 4812 Oct 29 11612 Feb 8
7
Corp
vanadium
20,900
58
544
4
/
551
5014
59
5512
62
60
4072 Oe
7% Jan
par 27 Mar 12 42 Sept 6
No
Van Raalte
35
.23
35
*25
35
*25
35
*25
No
78
Jar
41371
24
Apr
83
2
100 60 Jan
let preferred
72 •____ 7012 ._ _ __ 71
._ _
•_._ _ 72
85 De
Jan
68
No par 33 Oct 29 109 May 15
3812 3934 8,100 Vick Chemical
3512 38
_- 41
3514
3912 41
De
4
/
1121
Jan
1014
5
July
a
I
Mar
1157
110
Vie Talk Mach 7% pr pref_100
204 No
12 June
314 Oct 29 2414 Jan 2e
No par
534 612 14,700 Virg-Caro Chem
4 6
1
5/
573 7
714 8
6414 No
444 Jan
26
Jan
4
/
651
29
Oct
15
100
2174 2228 2412 9,400 6% Preferred
21
20
23
2318 2512
4 No
1
99/
8812 Jan
4 Feb 4
/
70 Oct 30 971
10
718 7174 5,000 77 preferred
7014 71
75
72
7112 7434
100 10412 Oct 30 110 Sept 16 10612 Dec 11412 AP
Elee & Pow pf (7)
VIrg.
*101 104 •____ 110 *____ 110
Ja
105
Oct
6288
47
29
Jan
48
22
July
40
310 Virg Iron Coal .5 Coke pf_100
40
40
41
41
45
*41
41
42
2212 June 74 NO
100 50 Jan 16 14972 Aug 12
890 Vulcan DetInning
65
60
59
55
71
70
65
70
74 dune 99 Sell
26
Apr
110
7
8S12Nov
100
280 Preferred
*90
8812 93
94
93
941_
93
1.84 No
Ws Juno
100 40 Jan 2 142 Sept 9
110 Class A
*6012 -65
GO
6312 6312 60
115
63
2814 De
4 Jan
/
191
4 Oct 11
/
No par 22 Nov 7 361
2414 7,400 Waldorf System
2414 23
22
2414 25
2434 2512
Dec 10612 Sep
105
24
Jan
108
14
Oct
100
100
Walgreen Co pre/
.98 101
.98 101
.98 101
.08 101
Aug
26% Set
Ws
No par 2212 Oct 29 49% Oct 11
24% 2912 2814 317 19.300 Walworth Co
2518 32
3134 342
70 Dec 123 Fe
17
670 Ward Baking Claw A Wo par 27 Oct 24 8434 Jan 16
36
36
31
30
3114 33
, Ja
36
295
397
Dec
1514
Jan
112 Oct 30 2114
No par
512
10,900 Claw B
514 6
514
53* 528
528 614
77 Dec 9711 Ja
4 Jan 15
1
No par 70 Nov 6 87/
700 Preferred (100)
70
70
73
*68
70
70
72
72
20
Aug
6412
,
3414 40% 4014 4234 230,800 Warner Bros Pictures new. _ 32 Oct 30
4414 461
398 45
514 Dec 5714 De
No pit? 2514 Oct 30 5914 Jan 22
3,500 Preferred
37
36
4134 3714 40
41
4112 415o
444 00
Feb
26
No par 15 Oct 24 4274 Jan 2
14,700 Warner Quinlan
22
2114 2328 197 228 21
23
2431
AL
No par 125 Nov 7 2074 Oct 9 140 June 19212 Al
125 13834 130 14034 6,500 Warren Bros
14114 150
155 16434
61
Nor
404
4 Oct 17
/
50 39 AU3315 631
Fire* preferred
150
51
62
5012 5012 50
.51
5012 54
3134 Or
June
13
3
Jan
344
26
Mar
4
1
/
15
par
__No
&
1974 1914 2012 6,700 Warren Fdry Pipe..
19
4 20
/
191
2012 2z
4 Oct 28 11334 Feb 6
25
34,000 Webster Eiserdohr
634 7
614 74
4 812
1
7/
874 0
87 'Nov 110 De
Mar 7
6,400 Wesson Oil& Snowdrift No pat 20 Oct 29 48 Mar 9 10534 Dec 10884 No
28
254 2634 28
28
27
2834 30
No par 54 Oct 29 7212
5474 5,000 Preferred
54
54
54
67
55
5512 56
Of
July 201
13911
23,300 Western Union Telegram 100 169 Nov 7 27214 Oct 23
182 190
169 190
170 198
199 20512
4 June 57% Ja
1
42/
16
4434 42,100 Wertnghee Alr Brake_ .No par 3612 Oct 29 674 Aug 23
4312 44
40
4014 48
4712 50
No
164
Jan
8814
Aug
130 138 149,900 Westinghouse Elea & -Mfg....60 100 Oct 29 2925,
117 138
120 144
14414 15474
AA Jan 139 NO
50 III Oct 30 284 Aug 23
540 let preferred
12512 129
115 125
1 912 149
125 125
4 Jul
/
281
4 Jan
1
12/
30
3034 5,800 Weston Flee Inetrum't _No par 22 Jan 28 6428Sept 18
3874 •____ 39
42
33
9
4012 Ma
3034 Jan
3612 Ayr 23
8
Aug
3212
par
No
A
Class
35
100
*33
35
.33
35
.33
33
3
AC
June 112
103
I
Feb
110
7
Nov
97
par
No
A
Cl
Elea
220 Wert Penn
97
97
97
97
98
9S
9814 100
4 Jan 17 10712 Oct 11514 AL
/
100 1011 Nov 7 1111
390 Preferred
100 10132
10114 10114 100 100
10312 10434
9812 July 10412 Al
17
Jan
102
4
Oct
9014
100
(6)
Preferred
530
9112
92
93
4
9474 913
93
93
94
JOE
100 110 Nov 6 117 Mar 18 11311 Oct 118
112 11212
480 West Penn Power pref
110 110
110 112
11112 112
Ja
100 102 Sept 27 11012 Jan le 103 June 113
4
/
270 6% preferred
104 1041
103 103
10314 104
10434 10434
At
78
Dec
5212
23
Sept
60
31
Oct
4
3
39
par
_No
A_
Cl
44
2.000 West Dairy Prod
4014 x43
40
.40
00
*45
46
at
1
,
49
Jan
20
4
Sept
40
7 Nov 6
No par
16,300 Class B
4 1612 1514 18
1
10/
19
19
•16
20
- - -30 Oct 29 9418May 11
42
43
42
1,900 Westvaco Chlorine ProdNo pa
4412 5414 35
54
55
Feb -Si NC
2018
.
Feb 26
2714 28/
4 2714 2812 4.200 WhitsEagle 01 & Refg-Vo par 25 Oct 29 38 Mar
1
2814 30
:1014 3112
4 Jut
1
3914 Pet 43/
2
4
1
No par 31 Nov 7 53/
33
3312 11,500 White Motor
32
31
35713 37
3212 34
49% NC
841A Jan
50 30 Nov 7 5534Sept 9
3412 3534 14,200 White Rock Mln Spell
337
38
3734 30
417e
33
524 13,
834 June
1 Oct 29 48 Jan 2
10
5,700 White Sewing Machlne_No par
1014 11
12
1134 10
10
13
58 De
61% Aug
No par 3012 Oct 30 5771 Jan 16
*3512 36
36
1,300 Preferred
35
3514 3514 35
35
4 No
/
221
Dec
1714
6
Feb
294
30
Oct
1312
par
No
Gas
011.5
Wilcox
15
4,900
.15
1712
141s 1512 14
15
16
3
6114May
30
Oct
No par 19
2512 2612 2674 2674 2,600 Wilcox-Rich class A
2785 2914
30
27
.7_.-- _,.
No par 1234 Oct 30 62 May .;_ ...
1918 2244 1614 1834 194 205, 12,100 Class B
2212 2334
35 Jan 3 17
.4 Jan -33 -Di
514 Oct 2
6
1112 1232
974 114 1012 114 87,700 Willy,,-Overland (The)
1014 113*
924 Jan 1041s Dr
100 80 Oct 30 103 Jan 3
86
82
1,400 Preferred
82
82 .80
80
82
.80
Fe
18
Oct
11
23
Jan
4
1
/
13
7
Nov
4
par
No
Inc
Co
&
Wilson
4
3,700
4
4
4
45, 5
414 434
85 Ms
Jan
22
7 Oct 24 27 Jan 21
No Dar
75
9
3,5011 Class A
9
8
974
814 814
9
778* Fe
834 Oct
100 3712 Oct 29 79 Jan 23
4412 43
44
1,400 Preferred
4712 43
48
46
48
10 64 Nov 7 112 Sept 6
73,100 Woolworth (F W) Co
6834 x6812 72
78
6712 753, 64
8034
55 Nc
Jan
28
4Sept 20
1
100 43 Mar 25 137/
62
597 61
748
65
5,400 Worthington P & M
6412 70
74
93 Na
464 Jan
76 Nov 8 10012Sept 9
100
A
Preferred
8914
76
.75
76
700
89
85
.70
89
80 NC
Jan
41
9
9012Sept
6
Apr
66
100
2.100 Preferred B
76
76
75
75
77
77
78
77
69 Feb 289 Nc
45
800 Wright Aeronautical_No par 40 Nov 6 299 Feb 6
55
*41
*41
55
40
*10
70
84 At
Pity
68
30
Jan
80%
6
Nov
66
par
No
8,800
Jr)
6812 6974
68
Wrigley (Wm
66
70
66
70
70
8412 Al
4 Nov
/
611
26 614 Feb 11 88 Aug 30
1,500 Yale & Towne
75
7514 7112 7112 73
75
74
77
2788 Fet 574 No
4 Oct 29 214 Apr 24
/
1114 1274
1212 1274 45,000 Yellow Truck & Coach el B.10 101
13
1514 157
147o
Al
Nov
96
83
10
9612May
C
Mar
80
100
80 .70
Preferred
80
85 .70
.70
.70
85
4 Oct 30 5934 Aug 19
1
3774 38
37
384 8,400 Young Spring & Wire_ No par 33/
3812 40
40
40%
June 11531 DI
8311
3
Sept
175
30
Oct
103
par
T_No
&
Sheet
Youngstown
11112
11914 121
11512 11512 11512 6.400
121 12334
all7
-15.1
• gici and asked prices; no sales on this day. a Ex-div. 20% in *look.
Ex-dividend,
y En-rights.
•
2986
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jo., I 1909 Ike•
119613105 method of asellise bus& was alalirma gad 9,lea le,ems -and Intereer'—ere
ept far Menem and defas11e4 Zweele
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
"e t
Price
Friday,
Nov. 8.
IVeck's
Range or
Last Sale.
U. S. Government.
Bid
Ask tow
High
Mrat Liberty Loan
314% of 11)32-1947
J D 981021 Sale 97
981522
Cony 4% of 1932-47
•D
93
93
Cony 4K % of 1932-47
ID Doiin gale- 99144 99342
211 cony 414% of 1932-47
J D
9931nMar'29
rourth Liberty Loan434% of 1933-1938
AO 991024 Sale 993321 991124
Treasury 434a
1947-1952 AO 1111022 Sale 111
111142
Treseury 4s
1944-1954 J O 10713n Sale 10710221071522
Treasury 311e
1948-1966 MS 104142 _ - 104322 104544
Treasury 3Ka
1943-1947 J D 99324 Sale 97
991522
Treasury 314e June 15 1940-1043 3D 991325 Sale 97
901,22
ti
F.,=1
Range
Since
Jan. 1.
No. Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
Price
Friday,
Noe. 8.
Week's
Range or
Last Sale.
-3 •
Range
Since
Jan. I.
High
.131d
Ask Low
High No. Low
Csechoalovakta(Rep of)fla_ _ 1951 AC) 10812 Sale 10712 10812 138 10611 High
111
96
99344
Sinking fund Ss ser B
1952 A0 108 Sale 10712
93
99.24 Danish Cone Municip 8,A 1946 P A 10734 Sale 10758 10814 20 10612 111
10812
20
10718
111
98142 100142
Series B 51 85
1946 P A 10312 Sale 108
10858 20 10212 110/
1
4
9934299'3n Denmark 20-year ext16a
1942 IA 10234 Sale 1024 10312 63 1011
/
4 10478
Eat! g 534.
1950 FA 100 Sale 100
107
10012
9934 10212
758 98142 1001142
Esti g 494s
Apr. 15 1962 AO 8812 Sale 8734
8812 87
8518 90
63 105 111 341 Deutsche Bk Am part etf Be_1932 M
97e2 Sale 97
10214 19
98 10214
265 1013.107"n Dominican Rep Cunt Ad 514e
'42 MB 93
9912 92
93
5
9114 99
16 9813211043032
let ear 514e of 1928
1940 AO 88
884 9812
91
89
89
2
17 9542 9914,
2d seclea eluk fund 5.34e
1940 A0 88
92
90
90
973.4
S 95422 99141 Dresden (City) external 7e 1945 MN 98 Sale 9778 Oct'29
9914
0
97% 10138
Dutch
East
Indles
eat!65
10134 Sale 0134 102
1947 1
62 10134 10412
State end City Securities.
40-year external On
1962 M
10134 Sale 0134 10214 62 10134 104
NY C 314% Corp st_Nov 1954 MN
8558 Oct'29 -__
854 8812
30-year external 534t,..._1953 M
10112 102
0112 10112
6 10034 1034
834% Corporate st_May 1954 MN 81
8814 Aug'29 ___
8814 884
30-year external 534,
MN 10112 Sale 00
1963
10112 20 110 1034
48 registered
1936 MN
Mar'28
9934
El Salvador (Repub) 8e_ _,..1948 J J 10712 Sale 0714
de registered
108
30 106 111
1958 MN
9912 June'28
Estonia
(Rep
of)
▪
To
1 73
1967
7334 74
4% corporate stock
7534 11
74
8658
1957 MN 9112 99
9512 June'29 ____
95
99
Finland (Republic) ext1 6s...1945 MS 89 Sale 8811
634% corporate stock.
14
89
864 973
,
I957 MN
10112 10113 20
98 104
External sink fund 7s
1950 M
93 Sale 93
95
26
93 101
434% corporate stock
_1957 St N
10178 10178
6 101 104
External
a f 634e
1956 MS 93 Sale 904
93
20
4% corporate stock
89
9912
1968 MN 9112
9414
9412
3
9114 9711
Ext.' sink fund 5148
1958 P A 84 Sale 84
4% corporate nook
8212 92
8412 15
1959 MN 914 95
9534 June'29
9554 98
Finnish Stun Loan 614s A 1954 £ 0 89
91
89
7
43s corporate stock
89
9014
994
1931 AC)
Oct'29 ____
96
95
96
External 6 Ke serien B1954 £ 0
91
5
89
90
89
&Ks corporate stook
9814
M
1980
95
9812 96
0734
3
96 10018 French Republic ext 710_ _1941 ID 11314 Sale 1114
11478 113 1094 116
4 Xs corporate stock
.1964 MS 95
99 Mar'29
99
99
External
7e
of 1924
1949 J O 10878 Sale,10714
184 1054 111
109
4115 corporate stock
1966 AO
101 Mar'29 _-__ 101 10114 German Republic ext'l 78.._..1949 AO 10514
Sale 105
411e corporate stock
10534 286 102 108
1972 AC) "9:5"
9912 Oct'29
9814 10118 Gras (Municipality) 85
1954 MN 93 Sale 9278
411e corporate stock
95
12
024 10213
1971 AD 98
__- 10034 Sept'29
10134 10134 Gt Brit & Irel (IJK of) 5148.1937 FA 1024 Sale 102
4:11e corporate stock
1037
8 139 10114 10458
MS
10112 193 10012 Oct'29 ____
1963
9912 10513
est% fund loan op 1960 - -1990 MN e8312 84% c8214
Cis corporate stock
21 e7934 8778
84
1966 3D 98 11058 102
102
2 101 1034
e5%
War
115
Loan
t opt 1929_1947
c8312 _
c9712 Oct'29
4:11s corporate stock_July 11)87 3 .1 100
e9534 100
9734
9734
2
9734 10418 Greater Prague (City) 710_1952 MN 105 gale 10478
New York State Canal 4s_1960
17 104 10712
105
10114 hIay'29
9913 10114 Greek Government face 76_1964 MN 92 Sale 92
96
45 Canal
11
911s 99
Mar 1958 MS
10114 July'29
9912 10114
Sinking fund sec 69
1968 FA
81 Sale 80
8112 23
7612 8738
Haiti (Republic) a 1
1952 A0 98 Sale 98
7erelen Govt. A Municipals.
9812 41
0612 101
Hamburg (State) 611
1948 £ 0 93 Sale 93
18
88
98,4
Heidelberg (Germany) ext 711a 51
.1 9812 Sale 9818
Agrio Mtge Bank s I 8s
9912
9
9818 104,2
A
1947
7234
73
19
7234 9012 Hungarian Muni° Loan 7144 1945 A' 8534 Sale 85
SInkIng fund 6a A _ _A pr 15 1948 A
90:8 35
8418 100
73 Sale 73
73
73
7
90
External
a I 7a_ _ ._Sept 1 1941 I J 83 Sale 83
Ake:rebus (Dept) exti 55_ _,,,1963 91 19 80 Sale 80
85
10
79
94
87
35
80
89,2 Hungarian Land M 101 734s '61 MN 88
9112 DO
Antimpda(Dept) col 71 A
90
8634 984
1945
8114 8112 81
8112
5
81
e'".2
S f 711s /ler 13
1961 MN 88 Sale 88
External isI 79 eer B
7
89
88
947s
1945
8018 81
8034
81
8
8034 3472 Hungary (Kingd of) of 710_1944 P A 9912 Sale
9918 10111
External s f 75 series C
99,2 10014 29
1945
80 Sale 80
81
10
80
954 Irish Free State extle a f 5a 1980 MN 9334 Sale 9512
External sI 7s ser D
0614 31
1)5
9714
1945
8018 Sale 80
8418 10
80
95,2 Italy (Kingdom of) men 7a 1951 J O 93 Sale 9234
External a 1 7s 1st ser_ _,,_1957
365
943
02
8
9734
80
78
79
79
7
79
Italian Cred Coneortlum 7e A1937 MS
95
9258
Extl sec II f 7e 2,1 ser
5
9334
0118 e9839
1957
78
80
79
79
79
6
96
Extl
see
a
f
la
ear
B
M
1947
9312 29
92 Sale 92
Ceti see is f 7e 3d ger
8912 9512
1957 A
78
79
79
81
3
93
79
ltallan Public Utility ext 75_1952 J ..1
91 Sale 8834
entwerp(City)eat!5a
9178 49
8834 9512
1958
9158 Sale 8113
92
40
86
93
Japanese Govt £ loan 4e
1931 IA 03 Sale 9213
Argentine Govt Pub Wk,80.1980 A
131
93
94
90
9818 Sale 9678
9818 58
30
-year
964
e
1007
I
8
614e
1951 P A 102 Sale 10012 10212 243
Argentine Nation (Govt of)—
9872 103
Leipzig (Germany) i 7a
Sink fund Be of June 1926-1959 AD 9534 Sale 9534
1947 P A 99 Sale 99
9912 12
95 100,2
9712 177
10114
953
4
Lower
Austria
(Prise)
ID
7
140._1950
Extl a 1 de of Oct 1925
99
99
1
924 100
1969 A0 9718 Sale 97
98
134
97 10034 Lyons(City of) 15-year 68 1934 SIN 9934 Sale 9912
Sink fund 68 series A
81
100
9814 101
1967 MS 97 Sale 97
9734 136
97 Mi.
External 65 series B__Dee 1958 J
9712 Sale 97
9712 99
97
1003
Mamelles
4
(City
of) 15-ye 622_1939 MN 9934 Sale 9938 100
Extl 5165 of May 1926 1960 MN 97 Sale 97
104
101
984
9712 157
97 100% Medellin (Colombia) 6115_1954 AD 7012 Sale
External 51 es (State Ry)_1980 M
71
31
6312
8934
69
9712 Sale 97
98
93
117 10034 Mexican Irrigat Asians 410_1943
text]Is Sanitary Worke
14 Sept'29
---14
1981 • A 9718 Sale 97
25
9712 106
07
101
Mexico(U 8) extl 5a 01 1899 '48
Ext 6s pub wke(May '27)_1981 MN 97 Sale 97
4934 Jan'28
---9712 68
97 10084
Assenting 58 of 1899
1945
Public Works extl 5148_1962
20
Oct'29
36
20
0358 Sale 93
9518 50
9134
Assenting
9714
Is large
Argentine Treasury 6a £
20
Oct'29
1945
20
34
9014 Sale 8938
9014 11
89
Assenting 45 01 1004
9212
Australia 30-yr 66_July 15 1955 J J 9231 Sale 02
1012 Sale 1018
11
21
22321
10
149
93
91
97
Assenting 4e of 1910 large._.
External 5s 01 1927. _Sept 1957 MS 9234 Sale 021s
1312 Oct'29
2314
10
03
67
9013
Assenting 4a 01 1910 email_ _ _
9612
Esti 2/ 414e of 1928
11 Sale 1014
11
1958 MN 8412 Sale 8412
3
10
224
85
109
8118 8814
Tread 6.01'13 assent(large)'33
Austrian (Govt) 1 7s
2512
2512
3
1943 J D 10214 Sale 10214 104
3712
26
66 10014 106
Smell
1718
1712
35
1712
58
Milan (City. Italy) ext'l 1314/1 '52 AC 83 Sale 83
Bavarla (Free State) 81413_1945 FA 9114 Sale 91
118
85
80
9131
9134 32
90
9812 hilnas Geram (State) Brazil—
Belgium 25-yr acts f 714a 11-1945 AD 11458 Sale 11412
11514
238
11212
Exit
11624
614a
1958 M
20-yr s I 8e
81 Sole 8012
83
9
1941 FA 109 Sale 1073
8013 954
Ext sec 634s aeries A
1959 St S 81 Sale 8012
25-year external 634s..__ _1949 MS 10438 Sale 10334 10918 83 10512 110
8334 75
8012 8714
4 10534 50 1024 107
Montevideo (City of) 75
1952• D 9834 Sale 1/814
External is1 6s
28
1034
974
1955• J 9934 Sale 9912 10018 142
0912
9734 1014
Ext1 s I 1321 ser A
1954 MN 9412 9534 9413
External 30-year *1 7s...
9538 14
9318 96
1955• D 10713 Sale 10634 19734 259 1084 109
Netherlands 8s Was prtem)..1972 MS 10312 Sale 10212 10312 26 1024 108
SLAM:eaten loan 78
1958 MN 10512 Sale 105
106
187
10418 10612 New So Wales (State) ext 561957 P A 89 Sale 89
Bergen (Norway) a f 8s
N
8934 47
8912 95
1945
External a 1 6a _ _ _Apr 1958 * 0 8912 Sale 8912
15-year sinking fund 6s......1949 AO 11018 11012 11018 11038 10 109 1 1212
40
00
8938 9634
7
9812 101
Norway 213-year ext1 6s
Berlin (Germany) of 634o,....1950 AC) 100 Sale 9934 10012
1943 FA 10134 Sale 10112 10212 43 100 10314
93 Sale 93
9612 55
89
20-year external Be
99
1949 P A 10112 Sale 10112 102
External sink fund (is _ _ _1958
D
201 100 1034
88
57
814 03
30-year external Be
Bogota (City) ext'l 5185___ _1945 AO 8534 Sale 8534
1952 A0 10112 Sale 100
102
67 100 1037s
9814 30
96 104
40-year a I 634s
ID 9978 Sale 9914
Bolivia (Republic of) exti 86_1947 MN 96 Sale 06
1966
148
10014
9812 10134
93% Sale 93
96
91
93 104
External of 5a._ _Mar 15 1903 MS 96 Salo 94
External see 7,
98
96
9134 974
1958 Al 80 Sale 80
8114
23
79
!Municipal
95
Bank esti 8158..1967 AD 9314 sale 9234
Externals f is
0314 61
95
8814
1969 MS 6734 Sale 67
74
74
67
92
Nuremberg (City) esti its.__1952 P A
Bordeaux (City of) 15-yr 86_1934 MN 99
sois 84 80
834 27
0012
80
100
9938 100
52
9814 101
Oslo (City) 30-year s I 8,...1995 MN 100 sale 100
Bras11(U S Of) external 8s
9738 1024
10112 35
1941 .1
100 103 10.4
10514
146
104 109
Sinking fund 514,
9814
External a f 8 Ks of 1926..1957 AO 75
1916 P A
9414 102
9812 14
80
7834
80
73
7834 964 Panama (Rep) ext1 5Ks
2
1953 ID 9912 Sale 9914
Extl of 614e 01 1927
984 10212
9914
1957 £ 0 77 Sale 77
7934 113
77
Esti 0158 ser A__May 15 1963 MN 89
9652,
90
90
Ti (Central Railway)
9112 13
88% 944
1952 3D 80 Sale 80
83
73
80 102
Pernambuco (State of) Alt 71 '
____ 83
84
Oct'29
73es(coffee seen?) £(flat).1952 AO 993
47 M
1027
, 52 WI 1074 Peru (Republic of)
Bremen (State of) eat! 78_1935 MS 100 4 101 101
84
95
Sale 9958 100
43
9914 10212
Ext1 e f see 714
MS 9438 Sale 9418
9432 12
1989
Brisbane (City) a I 68
92 103
1957 M
86 Sale 86
87
26
Nat Loan extls f 6,1st ser _1960 JO 77 Sale 76
8518 9312
8112 78
Sinking fund gold 5s
72
9014
1958 P A
84
Sale
84
8612
9
84
Nat
93
Loan
A0
exti
s
f 6s2d ser _1961
71
50
71 Sale 71
Budapest (City) esti a f 6s .1962 ID 7234 Sale 723
71
9012
4
7512 114
70
8312
* 0 724 Sale 7313
32
77
Buenos Aires(City)814,
7312 834
1955 3 J 9734 9912 95
97
31
95 1024 PolandS a b 1 11z
ilaet6
1oo
nfloa
s go
nld 168
106
79
1 46
79g4
6:..-:1
Exti s 16,ser C-2
7 AO 7712 Sale 76
72
884
1960 A
95
9712
Oct'29
9612
_
94
Esti
100
sink fund g 8s
'
A
8978 1.59
87 Sale 81
Esti aI its ser C-3
1950
81
99
1960 A ° 9612 Sale
9638
5
9418 10014 Porto Alegre (City of) 88_1961• D 9834 Sale 9834
3
9914
Buenos Aires (Prov) extl 44_1961• B 86 Sale 9612
9834 10613
86
90
54
86
Extl guar sink fd 734o..
04
13
Bulgaria (Kingdom) of 7a
1968 .1
8612 Sale 8612
90
8612 1023e
1967 .1
7334 77
75
75
2
74
Queensland (State) m31817,1941 AG 106 Sale 106
DO
10958 33 106 113
StabTarn of 7 Ka_Nov. 1568
80 Sale 78
80
11
78
25-year external Bs
9714
1947 P A 102 103 10214
10234 35 100 1047s
Rio Grande do Sul extl 5186_19413 £ 0
10014
.• 1 85
103
28 10014 1084
Caidaa Dept of(Colombla)734e'46
87
87
88
28
87 101
Esti s I 6e
1968 ID 13978 Sale 6012
7178 26
Canada (Dominion of) 55
69
92
1931 AC) 99 Sale 9878
9938 57
9812 10154
Extl
7,of 1928
1986 • N 82 Sale 82
84
59
(18
82
994
1952 MN 10134 Sale 1011, 10212 115
KatIe 17, mune,loan
9934 10534
1967 ID 75 Sale 75
A
7812
29
4 Si s
75
93
1938•
9612 Sale 9612
9714 62
954 9958 11.10 de Janeiro 25-yr 518e_ 1946 A0 95 Bale 05
14
100
Carlsbad (City) e I So
95 10612
1964 • J
1033 10412 Oct'29 ..
103 10712
Exti s 1 8 Ka
1953 FA 79 Sale 74
8012 114
Cauca Val (Dept) Colom 7145'53 AO -._ - 88344 89
74
9534
89
6
89 102
Roma (City) extl 614s
19.52 * 0 8334 Sale 8312
86
126
Central Agile Bank (Germany)
81
914
Rotterdam
(OM
MN
extl
MS
Salo
1969
6e
1034 10412 21 10184 10411
Farm Loan of 7s Sept 15 1950
10414
92
897
8
9312
043
4
28
ittarbruecken (City) 8e
92
99
J
_ 83
1953
Oct'29 _
Farm Loan 5 f fle_JulY 15 1990 J J
8212 9118
78 Sale 78
8012 36
7634 884 Sao Paulo(City) s 113e_ _Mar 1952 MN 9934 Sale 9934 102
75
Farm Loan a f Be_Oct 15 1980 A0 80 Sale 78
9934 115
81
755, 88
124
Extl a f 83.4s of 1927
1957 MN 80 Sale 80
8:(12 25
Farm Loan 69 err A_Apr 15'38 AU 86 Sale 86
75
9812
88
112
8413 924 San Paulo (State)'lett a f 824.1936
.1 95 Sale 95
9612 32
Chile (Republic 01)95 108
External one a 18.
1950 IA
93 Sale 8918
9534 92
20-year external a 1 7s
89
1074
1942 MN 10014 Sale 9934 101
34
9954
Externals 1 7, Water L'n_1956 MS 8412 Sale 8412
103
90
31
External sinking fund 8a 1980 AC) 8712 Sale 8634
844 102
89
22
Exti o 1 6.1 int rota
8634 94
7434
1968 ii
3
7434
External of (is
7434 9314
1961 P A 89 Sale 8814
90
87
8734 94's Santa Fe (Prey Arg Rep) 7, 1942 915 93 Sale 93
9378 16
Ay ref eat' of 65
03
98
1961 .1 J 90 Sale 88
9014 35
88
Saxon State kite lust 7e._ 1945 J O
04
92
93
3
Ertl sinking fund 8e
9112 1004
1981 M
Sale
90
8914
9012
8912
34
94
819814a
J
O
1948
Dee
87
87
1
Extleinking fund 6a
95
85
1982 MS 885
So
92
,
8914
80
Seine, Dept of(France)Intl 7e '42 IA 10118 Sale 104
23
94
10514 36 10218 10812
Chile Mtge Bk 614s June 3(1 1957 ID 90 Sale 8978
9012 42
8978 3934 Serbs, Croats & Slovenes 8s 13'.. MN
22412 Sale 84
54
86
S I 63s of I928__June 30 1961 ID 93 Sale 924
7912 96
94
35
Ext1 sec 7s see B
904 10078
1962 MN
74 Sale 7312
74
72
Guar e Bs
724 8113
Apr 30 1961 AO 854 Sale 85
Stlerea (Prov of) ext 7e
8534 44
85
94
D 6912 Sale 6912
11151%
53
743
4
Chinese (flukuang Ry)5a.._ _1951 AD 2612 30
6912 80
Oct'29
30
____
11106114u
2912
442*
Ir
7312
A
Landowners
Assn 66_1947
74
77 Sale
31
Christiania (Oslo) 30-yr e 168 '69 M S 9934 Sale 0938
(38
847s
9934 15
9818 102
Soissomi (City of) art! 14_1938 MN 994 Sale 9934
100
33
Cologne(City)Gormany 614,1950 MS 01 100 01
9738 10014
93
22
877
, 9758 Styria (Prov) ext1 7e
1946 P A 85 Sale 84
7
8912
Colombia(Republic)138
824
94
1961
73
Sale
72
72
Sweden
72
21
91
20
-year 6a
1939 it) 10178 Sale 10112 1017s 22 10114 10414
External e f 68 of 1928
1961 AO 69
72
72
75
25
72
91
External loan 5148
1954 MN 104 Sale 10312 104
31 10034 1054
Colombia Mtg Bank of 6145_1947 AC) 67
6734 70
70
8812 lwisa Confed'n 20-yr,f 8s 1940
70
1
.1 10712 Sale 10712 108
66
Sinking fund 7s of 1926.„1948 MN 78
79
78
6
7934 79
0314 Switzerland Govt ext 534a 1946 AO 10212 Sale 10134 10312 69 10712 11038
Staking fund 78 of 1927...1947 P A 7012 Sale 7012
100 1054
7012
7012 954 rokyo City 58 loan of 1912_1952 MS 7338 Sale 7318
2
744 18
Copenhagen (City) Si
7212 7834
1952 Al) 9412 Sale 94
Ext.' e I 5148 gust
97
56
91
05
1961 £ 0 87 Sale 8534
87
76
25-yr g 414e
8318 9012
1953 MN 8758 88
891 4 rolima (Dept of) ext! 78
84
20
874
88
1947 MN
72
76
8
Cordoba (City) extl e I 79_ _..1057 8*
92
72
rrondhJem
Sale
08
8614
9718
8614
10
8614
MN
(City)
let
5140_
_1967
9412 Sale 94
6414 14
N
External s I 7s Nov 15 1937
9038 9614
92
9712 nPlIer Austria (Prot') 7t,_.,,1945 • D
92
9:178 92/
1
4
9414
7
9178
9178
0
0Ordoba (Prey) Argentina 7,1942 .1
0813
90
101
941*
Sale
External
074
98
93
D
9
a
f
634
s_
_June
16
Sale
1967
833
4
84
17
Ccsta Ries (Repub)ext1 70_1961 MN
8()
893
,
Uruguay (Republle) ext1 86_1946 P A 1055, Sale 10512 1061
8834 Sale 8778
894 12
874 96
24 10412 10938
Cuba (Repub) 5a of 1904
2
1941
99
4
10212 Sale 9934 10212
External 0 1 6,
1024
1960 MN 9612 Sale 9578
07
157
External 5a of 1914 ser A 1949 F A
9513 100
Venetian
10212
0212
10212
973
20
4
Pro,
£
103
0
MU:
Bank
78_1962
88 Sale 88
A
93
7
External loan 414s set C. _1949
94
86
97
9312 994 Vienna (City of) esti of 6e,_ 1952 MN 8212 Sale 8212
1
'
A 97 Sale 97
84
25
Sinking fund 5 Ke. _Jan 15 1953
81
9012
100 Sale 9934 100
Warsaw (City) external 73_1958 P A 6812 Sale 681/
80
9734 107
72
69
Candinamarea (Dept) Columbia
6812 854
Yokohama (City) ext1 6, 1961 • D 93 Sale 9212
95
Extl a 614e
56
1969
N
8934 984
694 8914
72 Sale 71
721 1
45
e on the basis 0185 to the t sterling. o Sales for Saab.
L2
449
3
284
2987
New York Bond Lcord—continuud—Page z
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
t
Price
Friday,
Nov. 8.
Bid
Railroad
Ala Ot Sou let eons A 6&..,1943
1943
1st cons ,fia gar B
1944
Alb & Swig 1st guar 334a
Alleg & West let g gu 4e_ 1998
1942
Alleg Vol gen guar 541
Ann Arbor let g AFL _ _July 199/
ANA Top & B Fe--Gen g 42_1995
Registered
Adjustment gold le_ _July 1995
July 1995
Stamped
Registered
19541
Cony gold 4e of 1909
1951
Cony 46 of 1905
Cony g 4e issue of 1910_ 1960
1948
Cony deb 4l4s
Rocky Mta Div let 46._ _1965
Trans-Con Short L let 46_1958
Cal-Aris lat & ref 4 146.4_1982
All Knox,& Nor let g So.,..1948
At/ & Cttarl A L 1st 4lie A 1944
1st 30-year Se series B__ _ _1944
1951
Atlantis City let eons 4a
All Coast Line lot cons 45 July '52
Registered
1964
General unified 434e
Li N coil gold da____Oct 1959
1948
Atl & Day 18t g 4,2
1948
20 de
1949
All & Yell lit guar de
Auetin & N W 1st go g 55.....1941
Bait & Ohio lat g 41___ July 1948
July 1948
Registered
1933
20-year cony 434e
Registered
Refund & Sends seriee A _ _1991
Registered
July 1948
1st gold ba
1995
Ref & gents series C
PLE& W Va Sys ref 48_1941
1950
Bouthw Div lat be
Tel & Cm Dl, let ref 46 A_ 1959
2000
Ref & gen 5e Berke D
Bangor & Arooetook let Ss_ _1943
1951
COO ref Is
Battle Crk & Stay latgu 3a _ 1989
_ .1939
Beech Creek 1st go g
Registered
1936
24 guar a 55
Beech Crk Ext 1st g 334s_ _1951
Belvidere Del crone Hu 8%6_1943
1944
Big Sandy let 48 guar
1927
Bolivia Ry let 55
Boston & Maine let 5a A C_ _19(17
Boston & N Y Air Line 1st de 1955
Bruns & Weet let an g 4s. 1938
Buff Rod)& Pitts gen g 56-1937
1957
Consol 134e
Burl C It & Nor let & 001159 1934
1962
Canada Sou C0138 gu 521A
Canadian Nat dAs_Sept 15 1959
5-year gold 4348__Fett 15 1930
1957
30-year gold 454I!
1988
Gold 4326
Canadian North (lab a I 78_1940
1846
29-year e f deb 63.16
Registered
10-yr gold 434e._ _ _Feb 161835
Canadian Pao Ity 4% deb stook. _
1946
Col trd346
1949
6e equip tr temp rife
Carbondale & Shaw lot g 4s_1931.
1949
Caro Cent let cones 43
Caro Clinch &0 let 30-yr be_ 1938
let & con g 6sstr A_Dec lb '62
1981
Carl & Ad let gU g 412
Cent Branch U P let g 48_1948
Central of Oa let ga_Noy 1945
1945
Comm! gold 58
Registered
Ref & gen 631e aeries R.__1959
1959
Ref & gen ba scrim C
Chatt Div put money g 48.1951
1946
Mac & Nor Div let g brt
Mid Ga & Atl div our in ba 1947
1948
Mobile Div 1st g Si
Cent New Eng 1st go 46._ _1961
Central Ohloreorg 1st 4%a _ _1930
Cent RR & Bkg of Ga coil be 1937
Central of NJ gen gold Se...1987
1987
Registered
1987
General 4e
1949
Cent Pao lat ref gu g 48
Registered
Through Short L lot go 41.1958
1960
Guaranteed g be
Charleston & Sarni] let 75.._1936
1939
Cheek Ohio 1stcon g ba
1939
Registered
1992
General gold d%s
Registered
1931
20-year con•4Ids
1993
Ref & Itupt 43.4s
Registered
Craig Valley 1st 56__May 1 '4(1
Potts Creek Branch let 46_1948
R & A Div 1st con g 4a_ _ _1989
20 coneol gold 4a _ _ _ _ _1989
Warm Springs V 1st g ba_ _1941
Cheaap Corp eon,Si May 151847
Ohio & Alton RR ref g as_.1949
Ctf dee Mod Oct 1929 Int
Railway (Pet Ilen 3110____1950
Certificates of deposit
Chin Burl A 0—Ill Div 3%8_1949
Registered
1949
Illinois 1)Pleion 4s
1958
General 4e
Registered.
1977
1st& ref 4 %seer B
1971
let & ref be aeries A
_1934
Chicago & East lii let
co)
"on
58_1951
leer
KY
Kill
C&
1982
Chic & Erie let gold Se
Chicago Groat Went let 48....1959
Chic Ind A Looter—Ref lig_ _1947
1947
Refunding gold 68
Refunding 4n Series C_ _ _ _1947
1966
lit A gen Aster A
lit A gen fie eer B.._..May 1966
Chle Ind & Sou 50-year 46--.1959
Ohio L Si East 1st 4 3.4i ._1969
Weck's
Range or
Last Sale.
Ask Low
Range
Since
Jan. 1.
High No. Low
BONDS
Y. STOCK EXCHANGE
Week Ended Nov. 8,
High
Ch M & StP gen g 4sA_may 1080
Regloriered
994 10312
100 1001s 9918 Oct'29
94
93
Gen r 34a Der B---MaY 1986
93 Sept'29
93
8812
81
Gen 4148 series, C___May 1989
8358 Oct'29
81% 83
9212
Registered
3
90
85 9212 Mar'29
83
May 1989
9014 95
Gen 434a series
9112 _ _ _ 9112 Oct'29
42
Deb 48 (June'25 coup on)_1925
78
71
75
75 Sale 73
P
Pao
Se_
St
&
94
_1975
58
Chic
Milw
90
93
Sale
9114
9214
Jan 1 2000
92
85
Cony adj 521
9112 Oct'29
Chic & N'weet gen g 334t..,1987
84% 92
89'2 23
8612 1971 8812
157
83% 90
92
Registered
87 Sale 87
1987
8034 85
General 9.
85 Oct'29
90
85
Registered
8812
8812
88
85
187
tax
In
91
Fed
non-p
45
6
85
Stpd
88
8518
88
85
81% 90
Gen 49$eatpd Fed Inc tax..1987
87 --- 85 Oct'29
_
tax
_1987
Fed
165
Inc
stpd
10812
416
be
143
Gen
134
Sale
134
8312 92
Oct'29
Registered
89
87
81
2
85% 93
Sinking fund deb bs____ ._1933
87%
- 8734
873
93 100
20
98
Registered
4-9-i 96
9534
1930
10-year secured g 76
101 10314
Oct'29
10114 10334 101
15
2
93
secured g 6;de_ _ _ _1938
961$
-year
94
4
96
943
8
923
May 2037
let ref g Se
99 104
- 100 Oct'29
1001
May 2037
lot & ref 4 lie
8712
84
83 8-8-1)- 84 July'29
Chic RI & P Railway gen 42 1988
8614 93
9214 41 .
9112 Sale 9118
9014 9014
Registered
9014 June'29
1939
9912
93
Refunding gold 4.
9614 98 0512 Oct'29
91
84
Registered
8814 50
884 Sale 87
1952
75
3
55
Secured 4348 serlee A
62
69
58
62
6712 Ch St LAN 0 Mom Div 4a_1951
10
53
62
62
58
58
June 15 1951
Gold 56
8312
78
83
79 Oct'29
80
1
Registered
954 10314
9812 Sale 9812
9812
June 15 1951
Gold 31$6
8812 9314
79
92
Registered
9114 Sale 9132
be._ _1932
LA
P
92
87
St
Income
Ch
Oct'29
87
941. 99
Registered
9618 160
96% Sale 96
& 0cons 86_ _ __1930
Chic St P
98 June'28
_ _ _1930
Conseil reduced to 3
10178 153 -a— 166iooT, Sale 100
1931)
9914 9914
Debenture 56
9914 June'29
Stamped
10412
92
10012
4
1033
Sale
10214
103
118 106% 110
Chic T & So East let 5,3_ _ _1960
108
107 Sale 107
Dec 1 1960
Inc go be
8
8512 94
9112
9114 Sale 8512
99% 10311 Chic Un Stan let gu 4 tie A.1983
102 Sale 10112 10212 37
1963
7812 87
55
let Se series B
87
8534 Sale 84
1944
99 103
Guaranteed g ba
10112 73
10038 Sale 100
1963
88 105
1st guar 6 %6 series C
99 100 98 Oct'29
8614 Chic & West Ind gen 68 Dee 1932
78
8512
8512 sale 83
1952
Comet 50-year 4a
6812 Feb'28
1982
"55- -66-let ref 5348 serlee A
97
96 Oct'29
_
Choc Okla & Gulf cons fle......1952
95 Aug'28
1937
Cie H & 020 gold 434e
97 June'28
95
80 0 I St L & C let g 4e_Aug 2 1936
7714 _ _ 80 Mar'29
80
2
1936
Aug
Registered
--82
931$ Gin Leb & Nor let con gu 40 1942
85
88 Oct'29
Price
Friday,
Nov. 8.
Week's
Range or
Last Sale.
4.1 •
CO%
Range
Since
Jan, 1,
High
High No. Low
Ask Low
Bid
8238 21
8814
80
8212 Sale 8212
7618 80
7218 Oct'
80
1
75
70
72
71
89% 9534
9312 47
93 Bale 9234
100 MaY'28
17
93
92
Sale
93
7328
'
178 Feb
88
6
--3;
9112 573 -gof, -94
8912 Sale 89
722
6014 SO
6914 Sale
72
8012
77414 Oct'29
7458 ---- 7
Oct'28
9110
83 Ili;
15
8718 89
84
_
84
9014
312
83
-874
6
722319944
4
8ti.:4
9712 104
758 A°:1c0
:
4
834
88
104 sale 10
109%
10
10118
105
104
101 101
r'129
lo
9138 Ap
0
4
:
5 9512 10114
ion- gide_
98 10034
61 100 103
loof2 gide
16 10614 11114
1061, Sale
12 10018 105%
103 Sale
9714 28
9012 9734
9512 96,
4
81% 91
90
i36112
8
:
2 °it:29 11
86 Sale_ ;
Oct'29
8158 86
82
9112 951,
94% 197
9414 Sale 9312
92% 9234
9234 Jan'29
8514 951e
9412 166
934 Sale 9234
88
Oct'29
93
8414- 101 105
101 104 101 Sept'29
---- 107 Apr'28
81
Si'e
81 July'29
---80
78
78 Apr'29
Oct'29
9912 101
100
100
_
10138June'28
60
97 101
9978 Sale 9934 100
9504 97
Oct'29
9714 ---- 97
9912 11
96 101
99t2 Sale 9912
5
974 99%
9053
9912 Sale 9912
894 10013
9424 45
9418 Sale 9358
32
7858 9212
:
871
8378
86
85
9018 10312
4
9712 10014 9638 10312
5 10012 10412
103
10312 10312 102
23
104
100
10212
102 10212 102
8 112 116%
11414 Sale 11414 11412
Oct'29
9914
1014
10012
10058 -8612 55
8312 8914
8612 Sale 8518
9912 105
102 Sale 10178 10212 23
2
99
9712 10112
99
9812 100
99%
Oct'29 _ _ _ _
92
93
97
92
1812
Oct'29 _ _ _ _
93
93
9258 92%
9238 Sept'29
95%
81
8712
86 Sept'29 _ _ _ _
-iirs Ver-
100 July'28
9112 89
Clearfield NI Matt 1st go 5a__1943
-gus 88
Oct'29
85
82
Cleve CM Ch A St L gen 40_ _ 1993
76
994
984 20
97
98 Bale 9734
1931
9012 10012
20-year deb 4128
Oct'29
100% 112
10112
8
15
10,
1993
99 1013,
General Se series 13
1003
4
103
1054
103
103
1991
Ref & Dept Oa set C
9278
85
98 10212
jot Sale 10034 10124 38
1963
Ref & impt So sor D
9512 102
9311
90
93 Oct'29
93
92
_1939
Cairo Div let gold 48
92
4
8234
80
8234
91
82%
4&.199l
g
let
Div
W
M
&
33
100
Cm
10414
4
1063
811,
10112
10112 Sale
80
8812
1
Sale
81
8114
96%
90
9118 Sale 9118
StLDlv let coil tr g g 4a....1990
9212 50
9
9218
9218
924Mar'2
92
91
9734 99%
Spr & Col Div i6 e 46- — 1990
993 108
9958 Sale 9938
Oct'28
90
1940
46
g
let
021
Div
W
96
90
Val
W
74
92 Sale 9134
98
9512 10
91
9512
9114 9112 91
8834 95
Ref & impt 45e ser E_ _ _1977
9134 41
10058 1041s
i55i4 163- 102 Aug'29
1934
CCC&Igenconsg 6a
10912 Sale 10912 11014 27 10318 113
Oct'29
97
10112
9914
-9914
1933
17 11212 11612 CleY Lor & W con 1st g 58
115 Bale 11412 115
Oct'28
- 100
9412
112 113
Cleve & Mahon Vol g Ss_ _ _1938
112 AP1-'29 _
96 1/81;
95 July'29
99
4
95
CI & Mar let gu g 454o..l935
9812
9578
_ _ _ 99
28 _ _ _
Mar'
10034
-Cleve & P gen gu 4 4€1 aer B.1942
804 86
110
94
83 Sale 83
Mar'29
-9i- 97
9178
1942
99
95
Series 13 31$0
37
98
9714 Sale 05
98%
97
Oils lily 98 May'29
1942
9834 10214
Series A 432e
_
8512 8,51,
100% Sale 10038 10214 165
- 8518 May'29 _
1948
_
&Mee C 3lie_
0818 hiar'28
8934
- - 8934 Jan'29 _ _ -88
8318
83181950
D
tis
3
Series
8018
70
1
80
Oct'29
-75- 16- 80
99%
92
97
96
96
98 102
Cleve Shot Line 1st an 4345_1961
3
9912 9912
991
99
g 10512 109
10718 Sale 10678 10718
Cleve Union 'Farm let blie 1972
Oct'28
106% Sale 10612 1074 49 106 109
107
Registered
8734
80
10318
86 Oct'29
igof,
102- 1165;102
1973
1st 6 f Ss ser B
4
7612 86
77
78
77
77
9578 101
9612 9578 Oct'29
96
1977
lit f guar 41.2seer C
101 1031,
Oct'29
Oct'29
103 _- 101
844 90115
87
84
1945
4s
gu
1st
Ry
River
8
,
Coal
92
103
20
9814
100
9612 45
,
8318 583
9858 Sale
9612 Sale 9534
Colo & South ref & ext 4148.1935
97 100
97 Sept'29
8 91
837
29
Aug'
8312
84
88
1948
91124 1061, Col & II V 1st ext g 4a
2
101
101
9112 92
92 Aug'29
82
80%
1955
45
ext
lot
Tol
&
1011/
Col
94%
90
994 sale 9912 10018 84
88
88 Apr'29
Conn & Pentium Illy let ds_ _1943
83% 87
9412 9412
84 Sale 84 Oct'29
9412 June'29 _
1930
creosol Ry deb 4e
101 101
107 101 June'29
76
85
6712 Oct'29
70
1954
99%
95
Non-conv 48
99
72
9778 Aug'29
55
67
671, 6712 Oct'29
6958 101
Non-ronv deb 48____J&J 1955
6514 6814
100 _ - - 100 Sept'29
6814 Oct'29
1955
..A&O
_
_
4s_
deb
84
76
Non-conv
82
5
82 Sale 79
6814 75
678 8814 Oct'29
Non-cony debenture 45.._1950
97 100
100 Aug'29
9314
44
78
80
7912 7912
79
1942
9916 Cuba Nor Ry 1st 5%a
95
4 69
,
95
95
-561-2
96
80
8512 24
84%
824
8112
1952
be
lot
1111,
50-year g.,
Cuba RR
1 105
10714 1071z 10712 10712
106
98
13
100
99
Sale
99
1936
103118 1095,
1st ref 7%s series A
10538 Oct'29
2
9224
9012 118
9212 9112
91%
B
ser
68
89
ref
1st
lien
&
89
.29
Feb
89
8712 93
20
91
00 Sale 00
.
9912
97
9712 Oct'29
9712
8714 8714 Day & Mich let cons 410_1931
921. 45
8714 Sept'29
884 9412
9212 Sale 9212
9134 Deli Hudson let & ref 48_ _ _1943
87
6
59%
86i4
8938
10412
21
8
967
8
97
967
97
1935
30-year cony ba
99 103
10212 128
10058 Sale 100
14 100 10612
10212 Sale 10212 10314
1937
15-year 514e
10012 Sale 10038 10078 14 10018 10314
1930
11114 113,,
10-year necured 76
10814 -- 11114 Mar'29
Aug'28
9614
-97
1936
13 10138 1041, OKRA Bldge 1st gu g 48
103
103 Sale 102
9214 158
92 Sale 91
9718 97,8 Den & KG 1st cons g 4e_ _ _ _1936
9718 Sept'29
71
8812 9412
921,
9212 Sale 90
1930
94 10014
36
Congo]gold 410
97
97 Sale 9612
8712 48
70
92
Sale 8778
9014
Aug
1955
4
gen
5a_
98
&
913
RU
West
Den
Oct'29
9134
9334
81
52
Sale
89
85
88
1978
Ref & Rept 58 ser B Apr
9814 994
99% 120
9912 Sale 9914
40
Sept'29
25
3014
2514 39
904 99
1935
Dee M dr Ft D let gu 4e
96
97
9478 9512
94
36
25
3712 2618 Oct'29
23
.
ct18
of
deposit....
9211
Sept'29
Temporary
4
903
9034
29
.
92%
s
5
Fc13
92
97
8
,
92
11934 10314 Dee Plaines Val let gen 410_1947
10314 June'29
7814
65
65 Aug'29
62
1996
8812 8812 Det & Mac let lien g 46
8812 Mar'29
-_-_-_-_ -8-g
75
Oct'29
65
64 - 66
60
1915
Gold 4e
5
86
8113 8604
86
8518 86
1001/
8812
4
93
95%
9558
9552
86
81
Detroit River Tunnel 432s_.1961
82 July'29
8114 82
.
Oct'29
10018 1031
10034
10118
.1941
gen
Se_
100
&
Dui
Nor
100
Miaaabe
Mar'29
9778 100
94
974 10153
8
2
99,
9912 Sale 9912
1937
95 10012 Out & iron Range let 51._
9812 318
9612 Sale 96
97
Oct'29
97
97
6314 7074
Registered
6512 6878 6912 Oct'29
8112
Oct'29
70
75
Dul Sou Shore & Atl g be__ _ _1937
70
64
70 Oct'29
94
87
87 AUg'29
92
85
71
66
East Ry Minn Nor Dly 1.1 4.'48
Oct'29
_6878 67
Oct'29
90 101
99
100
98
8
T
71
627
1930
Va
&
East
a
15e.
DIY
g
9
63
ais Sale 6278
4
1053
101
26
10214
Sale
102
102
1996
86
81
Cons lit gold te
_8318 8512 8212 Oct'29
9712 105
10014
7
84
10014 10514 100
84
Elgin Joliet & East 1st g ba_ _1941
84 Apr'29
14
105
8
957
Sept'29
98
El
f4
9914
94
8818
Paso
&
1965
W
1st
Se
27
91
91 gife" 8978
9312
88
15
91
4 Sale 9034
90,
10112 89 100 104
10112 Sale 100
Erie lot coined gold Ti ext 1930
913.4 Sept'28
6
8014 8578
8218
8118
991.
8134 82
1996
1st cons g 4s prior
11 -933-8
97
1 9634
-55Rz -66;
774 8112
7778 Oct'29
1996
Registered
10312 Sale 10212 10418 30 10116 10612
8012
74
143
77i4
7914
Sale
J
.1
_
_
lot
.191)8
48_
cone&
g
98
gen
lien
1011
1
102
102 103 102
7112 7358
Oct'29
73
1996
8512
74
Registered
65
77
9618 Sale 76
2 100% 102
1014
10112
1
03
-12
A
IF
161f2
1951
coll
Penn
4e
108
8
gold
trust
893
1
10114
10118 104 10114
7814 8512
8214 59
AA 0 8012 Sale 80
3A
633
11936
199
62
50-year con, de seriee A
6971
116
65
64 Sale 63
78% 8413
8214 23
7912 81% 8038
.
1 10018 1130
110 Sale 11212 11212
7934 83
7
82
82
83
82
l
rf
S
io
Ge
o
eerie.
ny
eiB4a
D
9953
108
Oct'29
4 101 101
99,
91
97%
462
97
9412
Sale
96
Ref & Impt be
82% 12
38 Oct'29
87
1 105 1111s
110
110
1
115
1
110
7
5
96
957
1
&
_1
_
f
_
a
Erie
6e_
1st
Jersey
,
9478
1031
2
100
9912 1-03 100
112
105
Oct'29
108
J
111
108
.1
58_1957
lit
a
f
Gemesee Myer
4 103 110
104
104 Sale 104
857s 887/
8572
8578
8511 943, Erie & Pitta gu 6 3 1g9 ser 13_1946 .1 .1
8578 10
8578 Sale 8578
8578 8818
857s Oct'29
19403 1 85,s
9113 94
Seriea C 3lie
9312 Oct'29
9318
106
55
10112
103
102
Sale
MN
10214
1954
Est RR esti a f 76
9734 Sale
82 Sale
90"....
10014 101
8734 Sale
9834
98
9812 136
9712
21
82
7712
9012 Oct'29
10014 10012 11
87% 43
86
1
99
99
-iirs If"
If
sgs4
2988
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
New York Bond Record-Continued-Page 3
Price
Friday,
Nov. 8.
Week's
Range or
Last Sale.
•
a 'SI
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCIIANGE
Week Ended Nov. 8,
213
Price
Friday,
Nov. 8.
Week's
Ran-e or
Last Sate.
43 •
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Fla Cent & Pen let ext g 5s.,1930 J J
Bid
Ask Low
High No. Low
97 Oct'29
97
98
Iligh
Louisville & Nub,(Concluded)lit consol gold Si
9612 96
1943 J J 96
96
1
93
9914
let refund 614s serial A _ _2003 A 0 10312 10412 103
Florida East Coast let 4948_1939• D 89
10378 51 10015 10711
Oct'29
8912 89
8813 94
lot
&
ref
Si
seriee
1st & ref 58 series A
B
2003
10218
A
0
10412 104
104
1974 MS 65 sale 64
6512 39
6 101 105%
64
80
let & ref 43.4o series C
Fonda Johna& Gloy let 4%91952 MN 28
2003 A 0 9518 100
9518
97
283e 28
5
3012 13
911s 99
25% 50
N 0 & M lit gold fis
Ion St U D Co iota 494e._1941 33 9334 __-1930 J .1 9734 Sale 9934 10012 33
9334 Sept'29
99% 101
94
93
3
4
25
gold
(is
1930 .1 J 9912 100 9938
FI W & Den C let g 6
993
s
105 105
-1901 3D
Oct'29
9938 10014
10414
10714
Paducah & Mem Div 4e...1946 F A
From Elk & Mo Val let 6s 1933 AO 102
9012
90
Oct'29
__-- 102
102
3 100 )037
85
9114
St Louis Div 2d gold 3a 1980 M 8 6212 -6-43
_-4
OH&SAM&Plat1931 MN 98
99
4
9512
6434
98
10
8018 6712
9513 100
Mob & Montg let g 4 tie 1946 M S 9758 9812 643
25 erten'. 58 guar
97 Sept'29
1931 3, 98
98 Oct'29
99
9358 97
9614 100
South Ry joint Motion 4e _1952 J J 8978 Sale 8978
Gal, Hone & Rend let .5e
*
0
1933
897s
9512 963s 95 Oct'29
84 got,
92 100
Ati Knoxv & Cln lily 421_ _1956 M N
Ga & Ala Ry let cone 5s Oct 1946 J J
89
89
89
_
Oct'29
86
88
1/2
85
89
Louis, Cin & Lax Div g 4348'31 M N 9612 97
GA Caro & Nor lot gu g 58_ 1929 J I 86 04
96
Oct'29
90
99%
Mahon Coal RR let 5e
1934
Extended as 6% to July 1_1934 J 1
99
99
9812 Oct'29
9714
9418
100
100
Manila
RR
(South
M N
Line.)45.1934
.1 891) 3
Georgia Midland let Is
74
7-5
7414
7414
194e * 0 6312 7278 74 Mar'29
3
72
77
7312 78%
let ext 4a
Gouv & 08wego 1st be
6612 73
73
73
1942 ID
2
9834 Feb.24
65
77
Manitoba S W Colonisa'n 58 1934
.1 D 9834 Sale 9834
(3r It & I ext 1st gug
959MN
.• 1 -_-_-_-_ -9-e:1-2 94
9834
Oct'29
1
341-1941
9714
10011
93
1
8
97
Grand Trunk of Can deb 68_1940 AO 109 sale 10878 10975 27
10814 113
Man 0 B & N W let
_1941 1 J
16-year a f 68
90
8538 Sept'29
1936 61 5 105 Sale 104
106's 83 10214 10618 Micb Cent Det & Bay 3tifi8518 8612
City 5e..'31 M S 9812 100
Grays Point Term 1st 5e
9914 Oct'29
1947 J O
9712 Oct'29
9914 100
9258 9712
Registered
QM
10034 Apr'29
Mich
Air
Line
4s
1940
.1
Great Nor gen 78 series A
J
9214 Apr'29
1938 3, 108 Sale 10734 109
159 10712 11258
93
9214
Registered
.1 J
Bonneted
J
97239
4
9218 July'28
1074;2 Aug'
-,734 6.2-1-e- ,
10713 109
Jack Lane & Sag 3340_1951 M S 78
let & ref 4 Nis series A____1961 J
-- 79 Mar'26
let
gold
0
D
N
2
40
534,
J
A
199934
5 M
General 6%e series B___ _1952
13234 -84
.1 10618 Sale 10618 1067s 90 10
8238
823*
78 543-8
94
212 10
98914 Mid of N J lot ext 5e
General 5e series C
9114 9634 02 Oct'29
1973 J
10134 Sale 10134 102
13 1001e 10414 Mil & Nor let ext 430(1880)
8714 96;
General 4 tie series D
_ 92 Oct'29
1976
7
9
96
511 s
Sale 96
5
12
,
9
6
7
884
15
0
96
9118
9714
Cons
ext 434e (1884)
1934 1 D 9314 9313 93
General diis series E
3,
9312
92
98
92
Was Mil Spar & N W let gu 412.. _1947 M 8 92Green Bay & West deb etre A__
8913 90
Feb SI
89 Oct'29
Oct'28
- 86
92
8714
Milw
&
Line
State
lat
3
J
_1941
J
tia_
Debentures ens B
Feb 22 -_ 90 Apr'28
Oct'29 _ _ -ii- -i673 Minn & St
26- 27
Louis let cons 51934
MN 42
8_
Greenbrier Ry lot gu 4e____1940 MN
45
4314 Oct'29
43 15-1;
9114 9114
Temp elf. of deposit_ 1934 MN 39
Gulf Mob & Nor let 5348-__1950 * 0 101.31 g;1-e40
3978
3978
Aror.
1191051
--i5
397s 5314
97
106
let
&
refunding
Al
gold 48...1949
8 1612 1878 19
let M Si Bailee C
1960 * 0 9834 ____ 97
Oct'29
_
1912 31
18
35
96 100
Ref de ext 50-yr Si ser A 1962 Q F 20
Galt &SI let ref & ter g 58_81962 J J 10312
22
20
20
_- 10358 Oct'29
2
15% 23
101 108
Certificates of deposit ______ ___ _
Fleeting Val let cone 4)0_1999 3 J 94 Sale 93
17
___
1712 Aug'29
94
7
16
1912
ells
99
MStP&EISMcon
g4sintgu'38 J J 8714 Sole 8513
Registered
1999
8712
10212 Mar'28
16
813
8944
let eons te
19383 .1 92,2 95 93 Oct'29
Houiatonic Ry cons g Bs__ _1937 M• N 9518 96
Oct'29 _ _
93
90
99
92
98
let
1s
13* T C 1st g
cons
58
gu
as
to mt.._1938 J .1 95 Sale 95
lot guar
1937 J
95
Oct'29 _ _ _ _ 100 10214
--- 100
9
90,2 991s
10-year coil trust 630.„..1931 M S 99 Sale 983
Waco & NW div lit 6a
1930 MN 1004
_
100
9912 22
9714 101
10014 102
let & ref Si series A
Houston Belt & Term lit 56_1937 J J 66f2 98 10014 Mar'29
946 l
pa 0
1949
./ 9534 96
9514
983
98
4
98
10
1
102
95
91
100
25-year 5 till
HOU1800 E& W Tex lst g 56_1933
89
92
8978
__
9134
9714 Oct'29
5
83
98%
9512 9912
let
Chicago
Terms
let guar Si red
I
4e
MN
1941
M
N
1933
9534 9934 97
8312 Jan'29
Oct'29 _ _ _
9312
9312
9618 1021s Mississippi Central let 623
Rad & Manhat lit as eer A _1957 F A
1949 J .1
_
Oct'29
96
93 Sale 93
96
50
95
9952
87
9812 Mo Kan & Tex let gold 4s 1990 1 D 96AdjustmentIncome te Feb 1957 A0 73 Sale 73
86
8514
833
4
8534 160
75
107
81% 88
7112 8414 Mo-K-T RR pr lien User A_1962 3 ./
101 Sale
9512 102
Illinois Central lit gold 4.4_ _ _ 1951 .1
40-year 40 settee B.......1962 .1 .1 8514 Sale 9812 1013s 33
8312
9078 _--- 91
86
91
34
7914 8638
1
894 9514
Prior lieu 434, ear D
Registered
1978
.1
.1
Sale
93
__
Oct'29
93
87
1
8712 9411
87
87
Cum adjust Si ear A _Jan 1987 A 0 9914 sale 93
lit gold 334.
9914 10012 64
80's...- 84
84
9914 10712
10
70
8538 Mo Pac let & ref Si oar A _ _1995 F A
Registered
99 Sale 98
Nov'28
84
9914
98t8 10111
41
General 48
Extended let gold 394e___1961 * 0 79
1976 M S 74 Sale 73
81
8318 Apr'29
7412 208
77
70
8314 8313
lit & ref 5seeries F
let gold 3e sterling
1977 M 8 99 Sale 9914
1951 M
7278
9934 261
9412 9914
7118 7414
let & ref g 58 ear (I
Collateral trust gold de_ _1952 * 0 8812 Sale 7118 June'29
M
1978
N
Sale
9812
9814
8658
90
9934 296
49
9312
100
136%
93
14
Cone
gold
Registered
MN
594i
10512 Sale 102
Oct'28 _ _ _
81
10812 123 100 12512
Mo Pac 3d Mart at 4% July 193
Lit ftefunding 44
M4 N
48
95
1955 MN 90 Sale 90
so
8
8914 9174
86
9278 Mob & Bir prior lien g 58_1945 J .1 8712 9214 8914 Oct'29 _ _ _
en-pchased lined 3tia
___ 10034 100 Apr'29
1952 .1
7538 9012 8312 Oct'29
99 100
751
1
83
1
4
Small
Registered
ii
.1 J
100
99 Feb'29 _ _
99 100
Lit M gold la
Collateral trust gold 44_1953 MN 8814 Sale 87 Nov'28
1946
.1
.1
8512 88 Aug'29 _ _ _
8814
8812
7
98
84
85
91
Small
Registered
MN
_8412 99
8513 Oct'29
99
1
99
8312 8512 Mobile & Ohlo gen gold 4a 193
85
Mefunding 65
948
53
M 11
3 iii 2 04
1955 MN
10313 10358
91 June'29
10014 10514
935s
91
15-year secured 6 tie g
Montgomery
Div
1st
58_1947
F
J
A
g
1938
10018 Sale 10018
1071s
107
107
10018
10
10 105 Ills,
97 10018
40-year 41.28
Ref & impt 4 tie
Aug 1 1961 FA 97i Sale 9758
95
957s 9512
99
96
146
19
90
97%
94% 100% Mob & Mar lit an gold 48_1
Cairo Bridge gold 4e
977M
91 M S 85,4 95
19
1950 J D 8514 94,2 87
Oct'29
86
86
4
821s
87
86
90
Mont
Litchfield Div let gold 38_1951
C
lit
gu
612
1937 J .1 107
J
106
105
1 102 101312
7114 7614
Loulgy Div & Term g 3%s 1953 J J 7138 7612 7418 Oct'29
let guar gold 55
1937 3 .1 9818 100
-4
80
Sept'29
100
Oct'29
9312 101
79
8418 Morns & Essex let gu 8tis._2000 J D
Omaha Div let gold 3a
1951 FA
7514 777s 75
Oct'29
Oct'29
- 73
7214 77
711s 8012
Ut Louts Div & Term g 3a_1951 .1
-747414 7413
7412 Oct'29
7414 7578 Nash Clint & St L Lacer A_1978 F A 8618
Gold 334s
1961
8712
8618
Oct'29
84
8618
7914 84
6
85
90%
78
8612 N Fla & S lit gu g
Registered
F
J
A
i
.1 J
99 Aug'29
76 July'29
98% 102
78
78
Nat Ry of Met pr lien
Opringfield Div lit 1 3348_1961 J J
be3
4%6_1199677
18 July'28
- 72 Sept'29
82
82
Weetern Lines let g ds____1951 FA 7712July
1914
coupon
J
J
on
8818 01
- - 88 July'29 _ _ -7834 July'28
88
9018
Assent moth war rct No 4 on
Registered
P A
8 -11-4 814 Oct'29
8
1812
92 Apr'28
III Cent and Chic St L & NO- ---.
Guar 70
-year. 140
1977 I-45
8712 Aug'28
Joint lit ref 5s series A___1963 J D
Assent rash war rot No 5 on
838 Oct'29
13
-fit;
9912 105%
105
Nat RR Nier pr lien 4 tie Oct'28 .-1--:1
lit & ref 434. Renee C____1963 J o 100 10178 10212 103
_
9712
9413 Sale 9412
3512 July'20
7
9234 97%
Anent cash war rot No don
513 153* 15 Oct'29
331
15
Ind Bloom & West let ext 45 1940 A0
let consul 4a
22
Apr'28
92
Nov'28
91
Ind III& Iowa let g Li
Anent cash war rct No 4
190
5n1 1
77
15
1950 J
7
513 'lte
7
1
8812 Oct'29
-S7f2 91
Ili- -911-4 Naugatuck RR let g Si. _ .1954 iiii
Lad & Louisville lit gu 48
J
_
1956
76 Sept'29
8112 87
8112 Oct'29
82
76
80
8814 New England RR Cone 56_ _1945 J .1 97 105
Ind Union Ry gen 6ii ser A 1966
'
3
95
95
_ 100- 100
Oct'29
9118 9972
96% 103
Consol guar 4a
Gen & ref bananas B
84 Sale 84
1986• J
9912 Oct'29
84
8
80
8612
9912 103
NJ Juno RR guar lit 4a
Int & Ott Nor let fle en A_ ...1962 J J ioo
3
F
1
A
.
9
98
1
4
6
5
7834 83
7814 Oct'29
lOOls g;.le 10078
7814 88
26
101
99 108
NO&NElstref& Imp 4%1.4'52 3 .1 9'218
Adjustment Si ser A July 1962
91
7812 Sale 7812
91
14
8518 9713
81,8 156
7812 96
New Orleans Term lit 4e
1953 J -1 86
Stamped
86
86
7914 7712 Feb'28
1
78
8312
91
N
0
Texaa
&
let Si series B
Max
0
n-o Inc 56_1936 A
9312 95
1950 3 .1 9234 9434 9434
95
9518 142
90 100
9518 24 -iiii{ VA,
let Si series B
lot g 158 series C
1954 A 0 93
1956 J J
973s 9734 Oct'29
9212 95
90r, 9512
9478
90 10012
20
95
let
5e
aeries
C
1958
in Rye Cent Amer let 6a
A
F
MN
1972
9514 99 9914
7314 sale 7314
99,4
98 101
36
72
75
82
let 444s merles D
let ooll tr 6% notee
1941 MN 9414 Sale 94
89
8812 Oct'29
9518 59
851s 90
90
9614
let 6 tie melee A
1954
56 F
A O
lit lien & ref 6 tie
A 102 16i - 10034 103
1947 FA
87
98 10512
9114
9034 Sale 9034
11
89
985
8
N
&
C
Bdge
gen
y0_1948
guar
4
J
.1
laga Central let gold 5a
D
93
1938
93
3512 38
9312
6
36
35
93
954,
8
38
51
N Y B & M 1) let con g 56_1936 4 0 95 160
Certificated of deposit
36
48
Oct'29
9312 97
38
36
5112 N Y Cent RR cony deb 6s_1936 M N 10438 Sale- 97 Sept'29
Refunding gold 44
1961 MS 1014 Sale 1014
104314
1055
8
34
1014
10214
1081
1014
4
20
Registered
M
N
James Frank & Clear let 48_1959 JD 8438
106
Jan'29
_ 106 106
Sale 8634 Oct'29
8304 92
Condo' 40 series
F
A 0
.
41
Kan A &0 R let gu g 5e
Sale 88
1938 J J
89
Apr'29
23
10014
8418
90
9914
Ref
&
10014
impt
4
A99
tie
series
__210138
A
Kan & M let gu g de
089812
1990 * 0 81
9838
82 81
9
8112
94 100%
84%
81
Ref & Inapt te series(2____2013 A 0 10412 Sale 97
103
105
157 10114 10712
Registered
A 0
K 0 Ft 13 & M Ry ref g de 1936 * 0 92
106 Mar'28
94
9418 53
94
89
9458
Kan City Sou let gold 3a
1960 * 0 74
75
7514 74
29
70
76
NY Cent & Hod My M 3341997 3 .1 Ref & impt 5e
7914 Sale- 79
Apr 1950 J J 9812 Sale 98
7938 29
00
74
74
9414 100
8314
Registered
1997 J .1
Kansas City Term let it. _19130
J 871.4 sale 8818
_ _ 76
Oct'29
883s 57
7418 7812
84
9018
Debenture gold 44
1934 M
pA N 9514 i634
Kentucky Central gold la__1987 J .1 8312 ____
- 9514
97
Oct'29
84
GO
9314 97;
8312 9078
Registered
Kentucky et Ind Term 4%9_1961
J
94 july'27
Jan'29
- 95
94
95
95
30-year debenture 4s
95
Stamped
1961 J
9212
85 Sept'29
9212
843
87
90
9678
85
90
Lake Shore coll gold 3%8_119
F A
3 -7
99
48
23
Plain
66
212
- -07-72-3.
1961
8 7713
775a
13
84
S338
8338
2
8318
73
36
8114
Registered
Lake Elle & West let g 65
76 Sale 76
1937 J
76
9812 1011 98 Oct'29
6
97 101
7318 76
Mich Gent coil gold 1330._11999
8F A
3d gold te
7378 7_12 7
1941 .1 .1 9558
70
334 o2
9538
7
9538 100
908
7334 7934
Reglatered
1998 F A
Lake Sri & Mich So g 3tie_ _1997 JD 7812
Sept'29
755, 8112 N Y Chic A Ht L let g 4e..1937 A 0
7814
7812
80
73
8
78
Reentered
5-113 gate- .9413
D
95
1997
77
i
76
9112 96
78 Sept'29
7412 7812
Registered
1937 A 0
16-year gold de
1931 MN 9714 Sale 97
9
92
714 Sept'29
,29
963 9912
9714 107
9018 9214
25
debenture
-year
1931
N
M
le
MN
Reel/tared
11
9934 Apr'28
2d (lo aeries A B 0
96% 9814
Leh Val Harbor Term gu 5e_1954 FA ioi 50112 1013
-61:t18
- 14sa. tools
10034 61 100 10212
4 10134
2 1007s 10518
Refunding 534e anted A_ _1197
A O 10618 Sale 1051.4
9341 PAN
Leh Val N Y lit gu g 4 tia_ _1940 J
1071s
Oct'29
97
9534 98 97
10111 10714
9512
99+4
Refunding
5
_1975
tie
series
J
J
B.
10512 Sale 10512 105
Letegh Val(Pa) coos a 4s___2003 MN 8512 Bale 8512
25
8738 99
101 107
83
8838
Ref 434e aeries C
0414 sale 9414
MN
Registered
9434 17
Oct'29
85
8238 80
91
NY Connect lit gu 430 A _1196
9512
A 9514 Bale 9514
M S
78
3F
General cons 434.
2003 MN -6LT, gale 95
9514
4
96
92 100
60
89
let guar Maeda li
9712
101
103
Registered
N
10238
Oct'29
9914 10258
99 Nov'28
N Y & Erie let ext gold 45_ 19
43
7M
F N
A 88
95
88 Oct'29
88
3d ext gold 4 tie
98
1933 III 8
Lein Valley RR gen Si series 2003 MN 104 10458 10312 10414
_ 100
9812 Mar'28
19 10078 10714
4th ext gold 55
1930 A 0 98
Lab V Term Ry 1st gu g 54_1941 A0 101 Sale Ka
99 Aug'29
101
1
99 10312 N Y & Greenw L qu g 5a _ _ _1948 M N
99
100
91
*0
_94
Registered
- 96
Oct'29
10538 Feb'28
91
NY & Harlem gold 3Sis_. _2000 M N 75
98
Lab & N Y lit guar gold 44_.1946 M
__- 75 Oct'29
-g6-78 SS Aug'29
8i18- 88
70
83
Registered
MN
Lax & East lit 50-yr Si go- 1965 *0 83
7514 Oct'29
10334 10334
1033
Ms
4
7514
NY
1087
8
Lack
&
W
Sale_
let
7514
&
ref gu 5813 M N
Little Miami gen 49 series A _1982 MN
---9718
Oct'29
Dec'28
9718 100%
let & ref gu 4 tie con
8612
Long Dock eonsol g fie
9738
96 Apr'29
1936 *0
10018
5 ioo96 100%
- 10018
NY L E & W 1st 78 ext____1193
Y1 N
S
)IM
7
(
3
Long Ind / Icon gold 6e July1931 Q J
_ 100
,
53
4 Sept'29
o
99
99
2
98 1-00
9314 10114 N Y & Jersey lit te
100% 1005s
1932 F A
let eonsel gold is._ __Jul, 1931 Q
Sale
97 Sept'29
3
97
9634 100
92 10011
II Y & Long Branch 48
1941 NI S -962A1i42
3eneral gold 48
D 8978 -92
1938
Sept'29
Oct'29
01
8914 94
87
N Y & N E Bost Term 4a
87
1939 *0
Gold ed
D
929
1932
9912 Oec'28
N Y N H & 11 n-42 deb 40
9514 9512
M
1947
S
-ill
Unlned gold la
T.:::
S -85- 19
41' j
o
uc
1949
li:21
9014
Oct'29
4 90
1
86
74%
Non-cony
81
debenture
841_1947
51 8 73318
Debenture gold 51
73
74
1934 ID
74
_
975s 9634 July'29
21
95 100
73
Non-cony debenture 310_1954 A 0
77%
80-year p m deb Si
1937 MN -953-1/ 9578 9814
9814
1
9212
6811
Non-cony
99
7512
1
8
debenture
4s....1965
3
J
Guar ref gold as
8158 83
82 0c7
1949 MB
V3
219
'
88
8434 9118
30
74
84%
8784 86
Non-cony debenture 4s_ 1956 PA N
Nor Sh B let con gu 6a_Oct'32 Q 3 86
80%
1117
s
81
81
97
2
95 100
97
74,2 8418
9558 97
Cony debenture 334a
1956 J ./ 7314 7512 7018
Lou & Jeff Bdge Co el g 48_1946 ii
Oct'29
8412 90
8878 Oct'29
8812
Comm
6814 75
it, debenture
red
nture 6e
.J1 127 Sale 125
1948
Louisville & Nashville 5s
1937 M
133
174 116 137
2
100
9913 10212
101 -- 100
Unified gold de
125
J
19441
125
2 115 129
9318 Sale 9318
9112 0534
22
94
Collateral trust Si
1940 A 0 1651.2 Sa
Registered
--1-e- 105
3 .1
9314 May'29
10512 48 102 10512
9314 9314
Debenture 48
7238 Sale 72
Collateral trust gold 541___193.1 MN
7478
11
Oct'29
0818 10014
70
79
99
1st & ref 4 Sis ear of 1927_ IN JD
M N
16-year see 7e _May 16 1930 MN -W 100
903
4
Sale 8934
913s 281
8414 9212
10012 Sale 10038 10012 44 100 103
Harlem R & Pt Chemist de 1954 MN
8434 88
8434
8434 10
8434 9012
y314
El Duo Feb 1.
2989
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
t
Price
Friday,
Nov. 8.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
Price
Friday,
Nov. 8.
High
Ask Low
Bid
St L Pear & N W 1st gu 54-1948 J J 9914 10312 10258 Oct'29
9618 July'29
St Louts Sou 147, gu g 4s___1931 53 S
8234
St L 8 W let g 4. bond etfs_1980 MN 8234 Sale 8258
Oct'29
75
71
74
2d g 49 Inc bond elf, Nov 1989 3
9614
1932 ID 9578 Sale 8512
Consol gold 48
98
lot terminal & unifying 58_1952 II 9712 Sale 9718
9234
St Paul & BC Sla L 1,1 4348.1941 FA 92 Sale 92
St Paul & Duluth let 56....1931 FA 9834 ---- 9818 Oct'29
8818 Mar'29
89
1968 ID 82
1s1 consol gold 43
9718 Jan'28
St Paul E Or Trunk 1st 448_1947 II
92
92
92
Sale
J
J
con
48_1933
Minn
&
Man
St Paul
Oct'29
1933 31 10014 10214 103
151 consol g 60
Jan'29
31 ---- -- 103
Registered
Oct'29
69 reduced to gold 44s___1933 J J 9314 ____ 96
95 Dec'28
. 31
Registered
Oct'29
8912
ID
1937
gold
48
100 10314
Mont ext lst
Oct'29
J 8i2 -89-12 89
Pacific eat guard.(sterling)'40
10433 105
9978 104
St Paul Un Dep lot & ref 68_1972 J I 10334 105 10312 10414
9112
Sale
9012
9114
II
9212 8 A & Ar Pass let gu g 4s
1943
88
894 Santa Fe Pres & Phen lot 56_1942 MS
-- 9934 Oct'29
86
Oct'29
89
94
Say Fla & West 1st 86EL...1934 AO 102 1-03 - 102
Oct'29
98
-_
1934 A0 98
lot gold be
13212 270
Oct'29
90
91
953, Scioto V & NE lstgu g 4e..1989 MN 87 92
68
68
68
AO
67
00 10778 Seaboard Air Line iota 43-1950
6912
1960 AG 68 Sale 68
Gold 48 stamped
9578 99
50
50
45
63
91
Oct 1949 J A
Adjustment bo
9614
45
40 Sale 40
Certificates of deposit
90
84
73
1959 A0 56 Sale 56
Refunding 48
8334 89
7114
1945 MS 70 Sale 6912
6018 6713
lot & cons 6e Berke A
75 Mar'29
M S
Registered
62
631z
86
88
8512
86
MS
48_61933
30-yr
let
g
Atl
&
Birm
8914 9878
618
109 11312 Seaboard All Fla let gu 6s A_I935 FA 60 Sale 60
604
80
6012
1935 FA 60
&Meg B
10012 105
Oct'29
9712 97
97
101 10438 Seaboard dr Roan lot 58extd 1931 J
___ 9938 Oct'29
1938 FA 993
109 10984 13 & N Ala r01111gu g be
Oct'29
3107 103
99 100
Gen cons guar 50-yr 58_1963 A0 10212
High No. Low
Ask Low
High
Bid
6
64
62
7434
6378 64
rt I0& W ref let g 4s_June 1992 M S 61
Reg 55,000 only_June 1992 M S _--_ -- 70 Apr'28
"LO- Vfia
5214 Oct'29
General 48
1955 3 D 5214 57
90
DI
9012 June'29
21 Y Providence & Boston 418 1942 A 0
8934 Jan'28
A 0
Reglatered
83
8913
8712 83 Sept'29
Y & Putnam 1st con gu 48 1933 A 0 84
7 8612
2
74,
77
N Y Susq & West lot ref 68_1937 J .1 7534 Sale 7534
8434 Nov'28
24 gold 434s
1937 F A
28 "C5ia 82
70
General gold bo
1940 F A 70 Sale 70
91 10112
91 Aug'29
Terminal 1st gold be
1943 M N 9314 95
65
86
7948 87
NY W-ches 5813 lot earl 44o'463 J 85 Sale 8438
10012 26 100 105
Nord By ext'l e f 632e
1950 A 0 10014 10112 10014
4
6978
6834 9034
Norfolk South let & ref A 58_1961 F A 6414 6731 6834
9718 102
100 Sept'29
Norfolk & South let gold 50_1941 MN
Norfolk & West gen gold 68_1931 M N
Improvement & ext 6s _ _ _1934 F A
New River let gold 6e_._1932 A 0
N & W Ity lst cons g de_ _1996 A 0
Registered
1998 A 0
DWI let Ilan & gen g 4a 1944
10-yr cony Cu
1929 M S
Pocah C & C joint (ls _ _1941 J D
Korth Cent gen & ref So A..1974 P21
Gen & ref 445 ser A stpd_1976 M
North Ohio let guar g 59_ _ _1945 A 0
North Pacific prior lien
_ _1997 Q
Registered
1997 Q
Gen lien r7 & lag 3s_Jan 2047 Q
Registered
Jan 2047 Q
Bei & lmpt 432s series A__2047 J
Ref & impt 6s serles B____2047 J J
Ref & impt 58 oerle5C____2047 J J
Ref &leapt bs series D___2047 J J
Nor Pao Term Co lot g 62..1933 J 3
Nor By of Calif guar g 58___1933 A 0
North Wleconsin 1st Se _ __1930
Og & L Cham lot gu g 442___1948 J J
Ohlo Connecting RI 1st 4e__1943 MS
Ohio River RR let g 58_ _ _ _1936 • D
General gold 56
1937 AO
Oregon RR & Nay eon g 48_1946 ID
Ore Short Line lot ooaa g 58_1946 ii
Guar stpd eon. 58
1946 J J
Guar refunding 4g
1929 J O
Oregon-Wash let & ref 4,e 1961 3
?settle Coast Co lot g 5t _ _ _ 1948• D
Pao RR of Mo let sit g 43_1938 P A
26 extended gold Sc
1938 J J
Paducah & Ills let ci 4.32.__1955 .1 .1
Paris-Lyons-Med RR esti fis 1958 P A
Elinklng fund external 7s 1958 MS
Faris-Orleans hit s I 73_ 1954
Ex t sinking fund 534e._..1968 MS
Pauline By lot & ref I 7s._1942 MB
10012 10138 52
10438 Aug'29 _
10112 Oct'2 _
91
9114 37
9114 86 Sept'29
10
92
---- 9114
---- 270 Aug'29
_
Oct'29
91
7
95
90
9614 Oct'29
_
92
92 Sept'29
Sale 8634
33
88
8412 Oct'29
Sale 64
6434 7
Oct'29
62
Sale 9258
9714 15
Sale 11012 112
118
_
Oct'29
10312 103
1
103
10514 103
Oct'29
110 109
100 Aug'29
10112 102
i55_ _
91 gale
91
91,4
95
8918
8712
6418
95
112
1001s
10018
107
97
100 Sept'28
74
_ 74
_ 9558 Nov'28
9812 Oct'29
9634
Oct'29
97
9618
8934 24
8918
8934 91
4
10418
10234 10558 103
104 Sale 10358 10418 12
9958 Sale 9938
9934 64
69
88
88 Sale 87
4
68 Sale 64
6912
5
91
9112
91
Oct'29
1-0034 97
94
9112 June'29
100 Sale 9912 10012 81
144
102
10112 Sale 101
---- -- 10338 Jan'28
31
96
9514 97
9514
5
9934 Sale 9934 100
9913
89
9238 Oct'29
_
Pennsylvania RR cone g 441.1943 MN
94
Coiasol gold 4e
1948 MN 93 Sale 93
9234 9234
9234
de steel stpd doller_May 1 1948 MN 91
8812 Oct'29
Registered
10118
Congo)sink fund £3.4c__.1960 F A ioiT8 gale 10118
9712
General 44s mita A _ _ _1965 J D 9612 Sale 9812
General Sc nonce B
1988 J D 105 Sale 10438 10538
Sale
10012
10014
1003
8
10-year secured 711
1930 A 0
10738
15-year eecured 63.48
1936 F A 10712 Sale 1057a
112 Apr'28
_
F A
Registered
103
40-year secured gold 55__1964 M N 10112 gale 101
-- 84 Aug'29
Pa Co gu 345 coil tr A reg__1937 M S
Guar 3148 coll trust ger 13_1941 F A 8378 -- 8358 Oct'29
8358 Sept'29
Guar 334o trust ctfs
J D 8358
Guar 314s truot Otis D____1944 J D 8134 __-- 82 Sept'29
9714
Guar 16-26-year gold 4._ _1931 A 0 97 Sale 9634
86
86
Guar 45 ser E trust etfo___1962 M N 8614 88
9818
Secured gold 434s
1963 MN 9758 Sale 0758
953 9534
9534
Pa Ohio dr Dot lot & ref 4348 A'77 A 0 94
81
80
Peoria & Eastern 1st cons 421_1940 A 0 8014 85
2978
2978
40
Income 4s
April 1990 Apr
10018
1001 100
Peoria & Pekin Un 1st 5325_1974 F A
10212
10114
Sale
10212
Pere Marquette lot oer A 58_1956 J
88
8914 8734
89
let an eerie, B
1956 J
92
92
Fels Ball it Wash let g 63-1943 MN 9112 _
1974 F A 10312 Sale 10312 19312
General 65 serlea B
29
29
29
28
Philippine By let 30-yr ci 40'37 J
Oct'29
Plne Creek registered 1st 81.19323 D 100 ---- 102
-- 92 Oct'29
Pitts & W Va let 434o
1958 J D
97
97
98
96
14 C & St L gu 441 A__1940 A 0 929618
9618 Sale 9578
&Hem B 434e guar
1942 A
9714
9714
96
Series C 412s guar
1942 M
92
92
9214
9614
Serial D 45 guar
1945 MN
93 June'29
Serie@ E 3348 guar gold
1949 F A
901 May'29
Seam F to guar gold
1963 J D
9218
9218
Series 0 45 guar
1957 M N
9218
Series II con guar 4s
1960 F A 0218 - - 9218
9614
Series I cons guar 441_ 1963 F A 964 safe 9614
- 98 Sept'29
Series .1 cono guar 432e_ _1964 MN 9614
10312 10312
General M 58 aeries A
1970 J D
102 June'29
Registera.
J D
10312 104
Gen mtge guar be ser B
1975 A 0
Jan'28
11312
Registered
A0
Pala MoK & Y let gu 65____1932 J J
2(1 guar Os
1934 J J
Pitts Sh & L E let g ba
1940 w 0
let consol gold 53
1943 J
Pitts Va & Char 1st as
1943 MN
Pitts Y & Ash let do ear •_ _1948 J D
let gen ba series B
1962 F A
let gen bs eerie, C
1974 J 13
Providence Secur deb 4a
1957 M N
Providence Term let de_ _ _.1956 M 13
Reading Co Jersey Con coil do '61 A 0
Reentered
A 0
Gen & ref 445 aeries A__1997 J
Reneaelaer de Saratoga 60___1941 M N
Rich & Meek let g 4s
1948 M N
!Bohm Term By let gu 56.-1952
Rio Grande June let gu 56_1939 J D
Rio Grande Sou let gold 46_1940
Guar es (Jan 1922 coupon)'40 J
Rio Grande West ha gold 48_1939 J
let con & ooll trust 46 A_194D A 0
R I Ark & Louis lot 448_1931 M
Rug-Canada let ffU a Lg. _ _ _1949 J
Rutland let con g 412s
1941
100
101
99
Sale
100
100
10358 July'28
99
99
10014 Aug'28
9918 Sept'28
9112 Apr'29
10214 Oct'29
11
2
103
28
236
119
102
67
4
149
14
10
2
16
20
20
1
2
5
11
5
10
1
11
13
2
10214
100 -6734
- 70 Sept'29
8048 -16
_- 80
80881z 893-4 8978 Oct'29
__-- -- 9414 July'28
974 52
96
9614 9712
_ 10018 Mar'21
10112
7818 May'28
Oct'29
105 102
93 98 93 Sept'29
6 hlay'28
712 Apr'28
9018
-65T8 1E-0;1-e 8912
26
83
85
8318 84
9412 22
9412 Sale 9312
Oct'29
80
_
81
84
Oct'29
8418 85
-
-
85
Oct'29
itt Joe & Grand Ill let 4a
1947 J
8038 85
9412 July'29
Pt Lawr & &flit 1st g 6a _
1996 J
96,
4
2d gold 618
1-0114 102 Aug'29
1996 A 0
St L & Cairo guar g 48
1931 J
9644 9678 97 Sept'29
9958 184
94 L Ir Mt & S gen con g 56_1931 A 0 9914 Sale 99
Stamped gear S.
10134 Dec'28
1931 A 0
_
9438 87
Rl,&ODlvletgd.e._.1933MN 9414 Sale 9312
99
Oct'29
it L 53 Bridge Ter gu g 58_ _1930 A 0 9678 100
8812 269
St L-San Fran pr lien ge A...1950 ii 13 8658 Sale 8614
Con hf 43f s serles A
9012 410
1973. M
89 Sale 8812
Prior Ilen &series B
1950 .1
100 Sale 10018 10012 24
10034
St Louis & San Fr By gen 621_1931 3
8
10012 10114 100
General gold Ss
1931 J
99
9912 9858 Oct'29
4 DuelMay. 6 Due June. 5 Due August.
"iiii's ii-oi" lirgii
97 100
85
9213
1004 1064
10018 106
9778 9973
8312 8918
64
81)
894 9418
9614 99
9112 98
9712 101
101 105
-9
.3- -9-7-99 104
9214
8948
90
8812
95
9313
10214
10018
10578
96
94
934
8812
1014
10012
1084
1037
Ill
So Pao coil 45(Cent Pee eel) 1'49 J O
3D
Registered
ht 4 45(Oregon Lingo) A.1977•S
1934 ID
20-year cony bs
1968 rd S
Gold 434e
May 1 1969 MN
Gold 44s
48____1950
A 0
let
San Fran Term
A 0
Registered
Bo Pee of Cal let con gu g 58_1937 M N
So Pao Coast lot gu g 4s__1937 J I
1955 J J
So Pao RR 1st ref 48
J I
Registered
Southern Ry let cons g Se...1994 J J
J .1
Registered
Devel dr gen 46 serial A___1956 A 0
A 0
Registered
1956 A 0
Develop & gen 6s
1966 A 0
Develop & gen 634.
1996 3 J
Mem Div Iota 58
1951 J 3
St Louis Div ist g 4s
East Tenn reonz lien g 53..1938 14 8
1938 M S
Mob & Ohio coll tr 4s
Range
Since
Jan. I.
IWeek's
Range or
Last Sale,
High
No. Low
9818 10818
9518 97%
6 8012 89
704 82
_
61 9313 9778
.56 9114 10198
24 89,4 9514
98
9912
804 8818
__
8 92 -9-812
1011$ 10418
163 10314
96 10014
Tir
8944
86
29 100 107
45 Ws 914
98 102
102 106
98 10013
87
9012
1 6214 74
33 6012 7514
52 3558 64
63
132 40
034
7 61
86 6444 85
75
76
89
18 78
179 5912 81
1 57
8012
9814
97
99 1004
10214 107
8712 Sale
39
94-.
100.38 1-02
95 Sale
9058 Sale
8914 9014
_86
11
35
375
27
87'12
89
8778 June'29
9418 Oct'29
10012 10012
95
9258
99
9612
8914
88
83 MeY.29
55i4 100 100 10012
____ 96 954 Apr'29
90
90 Sale 89
8612 Aug'29
10614 Sale 10558 10634
10614 10634 10312 July'29
8834
8834 Sale 8612
8714 Sept'28
11618
11512 Sale 115
12034 Sale 12012 12134
10238 103 10212 Aug'29
Oct'29
85
8512 86
9834 July'29
9834
91
91 Sale 91
16
100
42
170
3598 91%
8514 877s
924 994
974 102
8314 9711
8938 100
86% 91
83
83
9814 103
9514 9512
9202
85
8612 9994
10914 119
10312 103
83
90
72 ilaffis 118
133 117 123
10212 1064
8278 89
9618 106
3 8514 9311
8112
65
Oct'29
75
69
Spokane Internet 1st g 56-1955 3 .1 67
- 86 Nov'28 _ _ _ _
Staten Island By lot 434e..1943 ID
__
Apr'28
- - 95
Sunbury & Lewiston hit 48...1936 II
99 Mar'29
Superior Short Line let 58_31930 MS 98 100
9-9
8-9
5 - -9
Oct'29
95 Mar'29Term Assn of St L let g 44s-1939 A0 964
9 9814 103
119953
44 P A 10018 1-01-12 10112 10112
lat COM gold 58
864
8718
10
8012
90
Sale
JJ
87
Gen refund s I g 48
10334 77 9814 10111
100 105
Texarkana & Ft 8 let 54s A 1950 P A 103 Sale 103
98
79
3 79
11 79 Sale 79
90
Tex & N 0 corn gold re
9 10112 10932
2
000 J D 105 Sale 10412 10512
1943
83,
8 874 Texas & Par lot gold 56
95
95 Mar'29 ____ 96
834 89
2,1 inc5s(Mar'28er on)Dec 2000 Mar
98 924 10214
101
1977 AO 10078 Sale 100
8114 85
Gen & ref bs series B
1979 AO 9934 Sale 994 1003s 132 9445 1004
9612 9918
Gen & ref bn series C
9934 28 9714 10138
II 9912 Sale 99
8548 92
La Div 13 L lst g 58
13 19018 10814
104
84
1 MS 104 Sale 103
9418 9918 Tex Pao-1110 Pee Ter 5348-.113
9912 10112
9834 Oct'29
91
8714 ml & Ohio Cent 1st gu 6s
1935 J J 9818
9912 11.3
_ 103 Aug'29 ____
A0 99
7914 87
Western Div lot g ba
96 1004
95 Sept'29 ____
2978 46
1935 ID 9518 97
General gold 6e
12
12
12 Sept'29 ____
9994 103
Toledo Pe.ria & Weet let 43_1917 J, 12
8912
9
01
91
7
86
9012
AG
8812
100 10478 Tol St L & W 60-yr g 4s
1950
95
98
1931 J J 9614 ____ 98 Apr'29 ____
86
917, Tol W V & 0 gu 414a A
9512 9592
9858 Apr'29
1933 J J
90
95
let guar 44s genes 11
97% 99%
9812 Oct'29 ___
MS 901
__
10312 108
let guar 45 eerie. C
Oct'29 ____
844 9438
- 89
29
94
46
2 ID 86 8-8878
39
Toronto Ham & Buff lot ado 19
101 103
50
964
9412 8518 Oct'29 ____
92
96
Ulster & Del let coos g &L.-1828 3 D 75
Oct'29 ____
74
88
86
80
9558 9934
Stpd as to Dec '28 &June'29 int -86
55
70 Sept'29 ____
9538 10018
1st cony 5s etre of dep
6211
33
Oct'29 ____
5534 57
1952 A- 0
9714 9934
let refunding g 412
95
9412 82 89
92
964 Union Pac lot RR& id get 451947 J 3 94 Sale 9312
9312
90
3 J 9214 9538 9312 Oct'29 __
93
93
Reentered
904
14 80
90
9458 9614
let lien & ref 48
June 2008 M 8 8918 9034 90
9912
9714 23 92
96
9218 9618
19673 J 9638 97
Gold 44o
3 105 1094
106
9218 964
let lien & ref bo
June 2098 M S 106 Sale 106
32
824
4
894
8718
85
J
D
Sale
1968
961 1 100
8712
40-year gold 4s
96
964 4984 U N 3 RR & Can gen 4m
_ 94 Sept'29 ____ 91
1944 M 8
19333 J
10218 1084 Utah & Nor let ext 444
9
87': 9438
O6cvt:28
102 102
8
97
614 N
Vandalla cons g 4ii aeries A 1955 F A -874-8
92
9481
1957 M N 8712 10_ _ 8212 hlay'29 ____
Cons 3 f 4s serie8 B
10212 1084
978 19
Oct'29
9
10
8
9
934
Vera Crus & P assent 4 45 1934 -1 9798 1001i
98
Virginia Is.lid be aerice F....1931 M S 98
1 9614 100%
100 102
1936 M N 98 10112 10014 10014
General be
98 Sept'29 ____ 93 100
Vs & Southw'n let gu ba
2003 J -I 9934 100
5 7871 9514
83
99 10012
85
83
let cons 50-year be
1968 A 0 83
50 997s 106
104
Virginian RI 101 58 eerie, A_1962 IN N 10314 Sale 103
29 9912 104
102
1939 M N 101 Sale 101
Wabash RR let gold S,
914 931,
2d gold bo
1939 F A 9913 Sale 9812 10018 17 954 1014
26 9812 1054
1007a 10312
Ref & gen s f 5lis ser A _1975 M S 102 Sale 10034 103
9818 May'23_
Debenture B els reglstered_1939 3 J
;
-f65
7758 Aug'29
70
74
lot lien 60-yr g term 43
1954 J J
98 loll,
Oct'29 ___
7912 8412
Del & Chic ext lat g 6s
1941 3 J 98_... 98
58
88
Jan'29
88
93
8812 9312
Dee Molnea Div let a 46_1939 1 J 87
78
8524
Omaha Div 1st g 3 SO....1941 A 0 7914 8112 7912 Oct'29 ____
Oct'29 ____ 8112 gels
92 igic
1941 M 8 8518 8734 87
Tol & Chic Div g 4a
10918
9312
10018
93
0
Sale
993
A
4
1976
993
4
Wabash By ref & gen be B
36 8312 92
90
1978 F A 8912 Sale 8918
Ref & gen 4 126 series C
"Ow:iiii- Warren 1st ref gu g 3 hi--.2000 F A _- 804 93 Nov'28 _
8414 8414
9171 93 Wash Cent lot gold 48
1948 Q M §0__ 8414 Mar'29
8212 86
1945 F A 83 -837
; 8312 Sept'29
Wash Term let gel 3121
7712 91
1945 F A
7712 Oct'29 ____
lot 40-rear guar 45
98
5 97
98
98
814 9214 W Min W & NW 1st gu bs 1930 F A
82
7914 89 73
79
413 Sale 77
78
West Maryland let g 415_ _1952 4 0 9
87
96
55 8914 100
94
lit & ref 545 scrim A.__1977 .1
91% 967s
15 984 16118
100
100 Sale 100
19373
75
West N Y & Pa lot g bo
81
8714 Oct'29
8414 91.4
1943 A 0 8512 86
8018 904
Gen gold 4s
9712 27 9412 100
9612 Sale 9612
Western Pac let ear A Se....1946 M
8818
88
26 82
8038 8812 West Shore 1st 4s guar
_2361 J
8713 Sale 8512
84
1 81
8894
2361 1
9413 104%
8234 8612 84
Registered
100 102
Wheeling ts Lake Erie9912 0912
100
9912 Oct'29
1930 F A
9512 971$
Ext'n A inapt gold bs
85
92
8534 Oct'29
27 101
Refunding 434e aeries A 1966 Pil 8 8534 87
97 102 Feb'29102 102
1966 h4 S
Refunding 5,8 8srlee 11
8812 1 5
88
3
8
74
934
1949 M S 8612 sale 8812
RR let corneal 48
8838 05
Oct'29
58
Wilk & East let gu g 58
19421 13 583g 60
9644 100
Apr'29
99 1004
_-_ 99
1938 J D
83
8912 Will& SF Int gold 5s
84
84
Oct'29
8314 9012 Winston-Salem 13 B let 4,...1960 J J 8018 86
86
SVIs Cent 50-yr lot gen 4s
97 102
7818 12 7114 8414
1949 I 3 77 Sale 77
9514 102
9018 15
WI 9112
Sup & Dul di,& term 1/1 40'36 91 N
8812 Sale 8812
9538 10012 War & Con East let 4 Sig....1943 J 3
79
Oct'29
79
79
..
2990
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
New York Bond Record—Continued—Page 5
t
Price
Friday.
Nov. 8.
Week's
Range or
Last Sale.
o'S
High No.
INDUSTRIALS
Ask 1,0w
Bid
Abitibi Pow .5 Pap let 56_ _1953 J D 8214 Sale 8212
119
84
Abraham & Straus deb 5341_1943
With warrants
10178 86
•0 49012 Sale 100
Adriatic Elea Co art' 78____1952 A 0
_ 9539 9512
96
6
Adanz Express coll tr g 48_ _ _1948 M 8 gi
84
10
85
84
Ajax Rubber let 15-yr a 186_1936 J D 74
Oct'29
833s 86
Alaska Gold M deb f3s A__ _1926 M
378 10
10 Oct'29
318 12
Cony deb Os series B
Oct'29
1928 M S
10
Albany P•for Wrap Pap 66_1948 A 0 7412 89
9112 A119'29
194
Allegheny Corp coil tr 5s
1944 F A 9912 Sale 9912 101
Coll & cony 56
19491 D 9978 Sale 9914 101,4 316
37
Allia-Chalmen Mfg deb be_ _1937 M N 9912 Sale 0942 100
21
Alpine-Montan Steel let 78_ _1056 M S 8812 Sale 87
90
Am Agrlo Chem 1st ref s f 74841 F A 105 Sale 105
105,8 38
2
Amer Beet Bug cony deb 68_1935 F A 8012 824 8238
8238
American Chain deb at(4..._1933 A 0 95
96,
8 9612
9634 14
Am Cot 011 debenture Ea.__ _1931 MN 9818 98'2 9818
13
09
1942 A 0 9612 Sale 9612
Cynam1d deb 56
9714 28
3
Amer Ices /deb 66
1953 1 D 9112 Sale 9014
9112
302
Amer 20 Chem cony 6346_ _1949 MN 10412 Sale 102
108
Amer Internet Corti cony 54s'49 2 .1 97 Sale 96
739
102
1
Am Mach & RD' f 68
1939 A 0 10334 10412 10378 10378
American Natural Gas Corp—
Deb 6146 (with Dumb wart)'42 A 0 72 Sale 72
7518 19
10212 42
Am BM & It let 30-yr 5s eler A 47 A 0 100 Sale 9978
Amer Sugar Ref 15-yr 130_ _ _ _1937 J I 10234 Sale 10212 1031s 36
Ann Telco & Teleg cony 4s_ _ _ 1936 F A
10
94
9238 94
93
1933 M b 10012 Sale 9934 10012 23
20-year cony 434s
1946 J D 10112 Sale 10118 103
110
80-year coil tr 58
Registered.
J 0
101 Feb'29
1980 JJ 102 Sale 10112 102
813-yr e f deb 5s.
256
20-year s 1614e.
1943 MN 105 Bale 104
105,4 256
Cony deb it 145
1939 J J 139 Sale 127
162 6418
Am T1D0 FOUD4 deb fls
1940 A 0 10312 Sale 10312 104
13
Am Wet Wks & El col Ube- _1934 A 0 100 Sale 99
10014 81
1976 M N 10278 105 104
Deb g (ia ler A
104,
8 63
Am Writ Pap 1st g tle
1947 J .1 75,4 77
2
754
7014
1945 M N 88 Sale 87
Anglo-Chilean If deb 78
0012 31
AntIlla(Comp Asue)73424__.1939 J J ____ 507s 5124
53
7
Ark & Mem Bridge & Ter 56_1964 M 8 97 Sale 07
2
9718
Armour & Co lit 4145
19391 D 8738 Sale 8612
8738 103
Armour & Co of Del 510-1943
8412 103
8312 Sale 83
Associated 0118% gold notes 1035 41
44
102 Bale 10118 102
19471 D 10138 Atlanta Gas L let Se
10134 Sept'29
Atiantle Fruit 78 ate dee__ _ IOU J
6 -12-12 1238 N1ay'28
Stamped ctfe of depmit
J 0
6
1238 Nlay'29
Atl Gulf & W I SS L col tr 58_1959 J J 6814 Sale 6814
71,
4 95
Atlantie Refg deb be
1937 J
10058 Sale 100
100,
8 42
Baldw Loco Works let 5a.„1940 MN 10612 10712 10612 10612 10
Baragua (Comp Ac) 714s-1937 J J 90 Sale 90
90
9212 62
Hatavlan Pete gen deb 4346_1942 J
91 Bale 91
Beldang-Hemingway 66
1936 J J
827s 85
Oct'29
Bell Telep of Pa 58 cries B 1948'3 10214 Sale 10214
103
54
1st .5 ref 56 merles C
1960 A 0 10312 104 10314 1037s 27
Berlin City Elea Co deb 63481551 Jo 8518 Sale 85
8738 49
1950 PA
8812 Sale 86
Deb sink fund 848
89
48
Berlin Elec El & Undg 6348_1956 AO 82 Sale 82
8612 86
Beth Steel 1st dt ref 56 guar A '42 MN 102 Sale 10014
10314 30
J
p
J
m
&
Imp
6
I
56_
_ _ _1938
80-yr
100
100
99 Sale 99
Cons 30-year fle aeries A._1948 FA 10412 Sale 104
1044 313
Cone 30-year 6148 ear 13-1953 FA 10434 Sale 10378 105
221
Bing & Bing deb Ss
1950 MS 80 Sale 90
9314 15
Botany Cone MI1186348
1939 A0 50
60
5912
6078 32
Bowman-Bill Hotels Ti
1934 MS 101 Bale 101
10118 21
B'way & 7th Ay let cons 5e_ _1943 30
5278 5378
5378
1
Brooklyn City RR lot 56_ _ _1941 I J
___ 83
8338
833s
1
Bklyn Edison Inc gen Es A
1948 J J iO3 Sale 02
103
58
General 65 series B
1930'3 100 Sale 00
37
101
Bklyn-Man R T cocoa
1968 I .1 90 Sale 8918
93
299
Bklyn Qu Co & Sub con gtd be'41 MN 70
72
70
70
5
1941 J 1 70
let 58 stamped
7478 83 Oct'29 _ _
Brooklyn R Tr let(may g 46_2002
J
9212 June'29
3-yr 7% secured notee___ _1921 J
- 10614 Nov'28 _ _ _ _
Bklyn Un El let g 4-28
1950 FA 10583
- - 81
8412 25
80
Stamped guar 4-56
81'2 8218 81
1950 FA
8212 13
Bklyn Un Gas lit cons g 50_1945 MN 104 Sale 104
105
36
1st lien & ref Cs series A_ _1947 MN 115 Sale 11424 115,8
6
1936 J J
Cony deb 6349
__
- 255 Oct'29
Buff & Buse Iron let of 66_ 1932 ID 2509i 9212June'29
93
Such Terminal let 4s
1952 A0 8618 _ .- 8612 Oct'29
1965 .1 .1 954 Sale 95
Consol 56
9533
6
Bush Term Bldgs Sego tax-el'
9912
8
60 A0 99 Sale 99
By-Prok Coke let 5145 A _ _1945 MN 9912 100
9958
9958
1
Cal GI & E Corp unit & re156_1937 MN 100 Sale 9912 100
11
Cal Petroleum cony dabs f be 1939 FA 03 Sale 93
937s 20
1938 MN 9634 Sale 96
Cony deb e 54d
9714 48
Camaguey Sue letel g 78_ _ _1842 AO 7412 Sale 7412
751s
13
Canada SaL let & gen 641_ _ _1941 AO
9512 9514 Oet'29
Cons Diat Tel let 30-yr 56_ _ _1943 JO 10012 Sale 10012 101
1
Cent Foundry let (Ca May 1931 PA
82
8678 9778 Apr'29
Jan 1957 NI 8 10114
Cent Dud G & E 53
10114
- 10114
1041
N 12134 1-24 12114
Central Fluml 1st g if 85
12114
Certaln-teed Prod ...41 A_ _ .19451 MS 6712 Sale 6712
701g 46
Oct'29
___ 847s 85
Cleopedo, Sugar Co let s 7148'39 MB
Chic City & Conn Rye 5e Jan 1927 A0 -9612 9634 83 July'29 __
Oh 0 L & Coke let gu g bs_ _ _1937 J
100
100 Sale 9518
20
Chicago Rye let Es stamped
7114
71 Sale 70
8
Aug 111)20 lot 10% paid_1927 F A
1947 1 J 944 Sale 9434
96
212
Mlle Copper Co deb 66
1968 A 0 8638 Sale 863.8
Cha G & E 1st M As A
8838 100
_
_ 6978 90 Dec'28
Clearfield Bit Coal lit 4s___ _1940 J J
g 12 Sale 8212
1938 F A
847s 28
Colon 011 cony deb Se
19432 J
9312 Sale 9234
94
11
Colo 11 & I Cogan 8 I 55
9112 18
Col Indus let & coll Se ffU_ ._1934 F A 90 Sale 90
Columbia G & E deb 56 May_1852 MN 99 Sale 9812 100
188
Apr 16 1952 A 0 99 Sale 99
Debenture 14e
993s 52
90
95 Junc'29 _
Columbus Gag let gold 5s._ _ 19322
-iii4 Sale Olig
Columbus Ry PAL let 4141 19272
91,
4
8
8712 Fe120•29
Commercial Cable let g 46..2397 Q J
8712 -Commereial Credit s I 68_ _1934 SIN 932 Sale 9312
9512 17
00
89
90
56
Col tr a f 519% note
88
,
1935 3
1948 M
Corun'i Invest'Tr deb Mi.
95
37
9278 Sale 9278
1949 F A 86 Sale 85
93
599
Cenv deb 6148
_ _1941 J J 10434 103 105
Computing-Tab-Roe 6 I
105,
4 15
Conn Ry & L let & ref g 414s 1951.1 3 894 9914 95 July'29 _
1951 .1 J 89,
Stamped guar 4 As
89
3
89
g 92
Causal Agrieul Loan 11145 _ _1958 I 0 79 Sale 79
8012 72
Coneolldated ilydre-Elec Works
92
6
of Upper Wuertemberg 78_1958 I J
91 Sale 91
70
Cons C.441 ofMd 1st & ref 6s_1950 J D 70 Sale 67
126
105
Congo' Gas(N 1') deb 6148_ .1945 F A 10412 Sale 103
192
Consumers Gas of Chic gu 5110383la
1
_ 100 100
Consumers Power 1st 56._ _1952 M N 10134 Sale 10038 10212 69
Container Corp 1,1 6,
05
1946
D 95 Sale 9418
19
Oct'29
1943 3 D 72
16-yr deb 64 with warr
7378 74
_
Copenhagen Telep Si Feb 15 1945 Y A
9114
9114
Corn Prod Refg let 25-yr 8 I be'34 M N 10014 gale 10014
2
10014
Crown Cork & Seal if
99
16
_ _ _1947 J D 9634 9838 9812
Crown-Willamette Pap 611-1951 1
99'2 Sale 99
100
42
Cuba Cane Sugar cony 71
1930 1J 4918 494 4978
2
497s
Certificates of deposit
50
16
49
48
52
Cosy deben stamped 8%_1930 1 1 49
5218 39
4912 50
Ctfe of depoelt
5018 22
49 Sale 49
Cuban Am Sugar 1s1 coil 88_1931 M
61
9912 Sale 9912 100
Cuban Dom Bug let 7148__1944 MN
59
17
55
597s 56
Certilleato5 of deposit
59
55
9
5778 57
Cumb T & T 1st & gen 52.....1937'3 9934 100
8
9934 10012
reyamel Fruit let f nu A _ _ _ 1940 AO 9838 __-- 9812
99
7
Range
Since
Jan. 1.
Low
81
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8,
Price
Friday,
Nov. 8.
Week's
Range or
Last Sale.
High
85
Range
Since
Jan. 1,
Rid
Ask Low
High No. Low
If1gh
Denver Cons Tramw let 56_ _1933 AO
76 Dec'27
Den Gas& EL let & ref a ill 514'51 M
08
6 96,
9878 98
100
4 101,
4
9714 120
Stamped as to Pa tax
9912
9 96 101,
1951 MN 99 Sale 99
4
91,
4 9914 Den Corp(DO) let it 7e...1942 MS
5218 61
Oct'29
55
73
S314 8894
Second stamped
54
_
2 51
53
5278
70
72 10714 Detroit Edison 1st coil tr 58_1933 J
10018 38 07 102
100 Sale 98
318 1014
let & ref 56 series A_July 1940 MS 10014 Sale 10014
102
56 99 10484
3
10
Gen & ref bo aeries A
1949 A0 1004 Sale 10038 10212 12 9972 10414
9113 9884
let 6c ref 68 eerie. B_ _July 1940 MS 10512 Sale 10512 107
28 mil we%
98 112
3 100 1084
Gen it ref Se tier B
1955 ID 10078 10214 10112 10112
9714 11112
Series C
1982 FA 10112 102 10114 102
28 100 10618
Oat United lot cone g 4;0_1932 13 9512 96% 93,2
08 101
954 18 9312 98
87
97
Dodge Bros deb 62
1940 MN 9314 Bale 93
96
578 93 10574
10312 10812 Dold (Jacob) Pack let 68__ _ _1942 MN 74
7578 7614 Oct'29
76
88
80
99
90
Dominion Iron & Steel 50_1939 MS 90
Oct'29
90
90
98
9312 99
Donner Steel let ref 76
7 98,
1942 3' 10112 Sale 0112 102
4 1024
98
99,4 Duke-Price Pow lit Ile set A '86 MN 10212 Sale 0134 10212 72 10124 1061
/
4
93/
1
4 9712 Duquesne Light let 43-4s A _ _1967 AG 9734 Sale 96
53 96 1004
98
8714 9212 East Cuba Sug 15-yr gig 748'
25 78
80
79
80
97
31 MS
95 135
Ed 11.1 111 Ilkn lat con g 418. _1939 1 J 94 Sale 9378
2 9312 97
04
96 12214 Ed Eloc Iii 1st cons g5.9
1995 J J 107
__-- 10578 Oct'29
10512 11078
Ink 104'2 Edith Rockefeller McCormick
Trust coil tr 8% notes_ _ _ _1834 J J 100 Sale 9934 10012 32 99,
4 10212
7012 984 Elea Pow Corp(Germany)610'50 MS 91 Sale 91
92
24 8718 96
98 102
Elk Horn Coal let & ref 641.1031 JO 9112 94 94
94
2 90
9512
10112 10478
Dcb 7% notes(with wareta)'31
D 8018 83
Oct'29
80
7212 91
9184 9712 Eqult Gas Light let con Es_ _1932
S
9812 9918 Aug'29
98 10018
96 101
Federal Light & Tr 1st 56_1942 M
9312 94
9378
04
1 914 96,
4
100 10478
lot lien a(Is stamped_
1942 MS 9312 Sale 9312
94
24 90
,
4 97,
4
let lien (Se stamped
101 101
1942 MS 102 Sale 102
9 101 104
102,8
96,8 9634
30-year deb 6s ser 13
10012 10536
1954 JO 95
3 9514 103
9684
D 96
103 107
,
4 Federated Metals of 7e
1939
Oct'29
9912 100
9712 105
118 227
Flat deb 78 (with wary)
1948 J 1 105 110 104
10512 11 101 171
102 10514
Without clock purch warrants.
88
12 84 108
88 Sale 87
96 10012 Flak Rubber let I 8s
1941 MS 86 Sale 86
89
39 84 11478
101 105
,
4 FmmerIc Ted & Deb 20-yr 748'42 1 J 102 Sale 101
102
55 101 10618
8512 Francisco Sugar let if 7345_ _1942 MN 95 Sale 95
74
95
1 04 109
86 100
French Nat Mall SS Linea 76 1949 JO 101 Sale 10012 1094 50 10014 103
44
7974 Gannett Co deb 6s
1943 PA 89
Oct'29
8978 90
84
95
93 10312 Gas & El of Berg Co cons g 6,1949 ID 98 ---- 100 July'29 _
100 100
8412 9274 Gen Cable 1st ci 510 A...._1947 J J 99 Sale 9834
99% 128 9472 100
82
924 Gen Electric tithe 314e
1842 FA
9412
7 93,
__
9434
8 96
100 1031, Gen Elm:,(Germany) 78 Jan 15'45 J J i0018
- Sale 9934 10018 33 9912 10414
10124 101,
SI deb 645 with Warr__ _194(1 JO
4
11118 130
117 11414 Oct'29
Without waren. enacted '40 JO 94 Sale 9212
94
20 9184 9914
20-year s f deb 138
1238 I2-58
1948 MN 90 Sale 90
91,
8 64 8712 9412
67
Gen Mot Accept deb Oa
77
1037 FA 99'2 Sale 9912 100
164 98 104
994 1031, Geni Petrol let e I be
1940 PA 9918 10214 9812 100
24 9812 10218
Gen] Pub Sem deb 5149
1939 J J
99,
4 80 97 122
97 Sale 97
10412 10712 (lon'l Steel Cast 5148 with war '49 J J 10212 Sale 10178
1024 54 9812 104
8312 99
Good Hope Steel & I sec 7s_ _1945 AO 94 Sale 90,
9412 39 91734 1004
4
89'8 9312 Goodrich (11 F)Co 1st 6146..1947 J
106,
4 71 104 10814
106 Sale 105
9444 Goodyear Tire & Rub let 58_1957 MN
85
95
0112 70 85
9112 Sale 89
102 10512 Gotham Silk Hosiery deb 86_1936 JO 8912 02
90
3 88 100
90
10214 1081, Gould Coupler lot s f 86
1940 FA 69 Sale 68
69
28 68
81
85
95 (It Cone El Power(Japan)76_1944 PA 96,
9814 31 9514 100
4 Sale 96
85
92
1st & gen it 634s
1950 J
37 86,
90,
8 Sale 90
4 9512
93
82
94
Gulf States Steel deb 54e
D 05% sale 955s
1942
28 94,
4 99
98
974 104
9712 102
Hackensack Water 1st 4e_ _ _1952 J J 8412 --- 8412 Oct'29
8212 87,8
10212 10534 llsrpen alining 65 with elk porch
war for corn stock or Am shs'49 J J 9
10084 105
87
12
,
4 47 86
94
9
8
,
612 A„g
78!
a l_
8
,
6,2
go too
Hartford St Ry let 46
9612 9012
1930 M
4978 7414 Havana Elea consol g 6e.... _1952 F A
84
80
87
9612 10312
Deb 634s 6criee of 1928_ _ _1961 //14
2 6
7012
88
414 Oct'29
2 -6-71
69
6
82
41'2
5378 771, Hoe(R)& Co let B Moser A.1934 A0 ____ 83
83
2 83
941a
83
83
021: Holland-Amer Line 66(flat)..1947 MN ____ 974 9
,
8
98 103
68
, Oct'29
10012 10512 Hudson Coal let ci be ger A.1962
D 69
70
85
68 69
9914 103
Hudson Co Gas let g be
1940 MN
8a8
1011 100
100,4
3 99 105
88,
4 98,
4 Humble Oil & Refining 5148_1932 J J 10012 Sale 99
10012 158 98 10218
Deb gold 511
63
781,
1937 AG 9938 sale 9812
9974 82 97 10113
Illinois Boll Telephone 5s_ _ _1958 .1 I) 10212 Sale 102
684 84
1031g 21 10114 10478
9212 9212 Illinois Steel deb 434e
1940 At)
23 934 100
liseder Steel Corp Intro 6s 1048 FA
35 77,
4 9214
Indiana Limestone let it 6e_1941 MN
"i5T2
Sale
92
40 75
Ind Nat Gas & 0115s
81
93
11.136 MN 1778
088148
4 10 9712 102
088811 88883.
18
0
77777158
:8
4 1878
_-a
10112 1084 Indiana Steel 1st 56
1952 MN 99223144
10118 105
1044 Oct'29
Inland Steel 1st 4148
112 118
Sale 92
9314 112 8914 9314
1978 AO
354 989
inspiration Con Copper 6 he 1931 MS 1004 10112 10078 101,4
3 100 10212
9212 961• Interboro Metrop 4145
912 20
1956 AO
1912 May'29
1912 1912
85
Interboro Rap Tmn lst 5E4_1965 J J
64
88
58 80 7918
61
.1 .1 8
8912 9934
Stamped
63
85 59
611 SaleSale 6014
794
8938 1043?.
Registered ______________
76
764
10-year 6s
99 102
1932
46
27 45
84
10-year cony 7% notes....1932 MS 9
98 103
le 80
8312
2 Sale
49 80
99
,
4
N
Int Auk.Corp let 20-yr 55_ _1932
92 102
9312
1 9018 95
9312
MN 9
96 103'Stamped extended to 1942_
7212
Salle 7212
1142 sa
72
2 72
8118
71
194s MN
974 lot Cement cony deb 55
0412 103 88 11818
91
1947 MN 96 Sale 92
95 1011: futeinat Match deb 56
96
149 92
99
10012 1041, Inter Mercan Marine ef 68_1941 AO 9012 Sale 90
93'4 51 90 102
08
981, Internet Paper be ser A & B _1947'3 804 91
9218 53 84
91
064
Ref f fis ser A
100 102
1955 MS 91 Sale 90
9118 26 87
,
4 97
121 1241.1 tnt Telco h Tales deb g 4348 1052 J J 9414 Sale 93
0412 102 8814 954
Cony deb 414e
1939 J J 13112 Sale 125
6712 83
148
647 10918 224
M
Kaneas
58_1952
City
85 100
Pow & Lt
102 Salo 102
102
10012 10504
1st gold 4 Me soles 13
83
1957 J
65
9418 97
9612 14 116 1004
96
Kansas Gas & Electric 66_1952 MB 10212 Sale 10212 10414 37 101,
9518 103
g 106
Keith (B F) Coro let 66
1946 MS _
8158 82
2
6 744 97
Kendall Co 614s with wart_ _1948 MS gii2 sale 90
70
8(3
914 13 811
9838
Keystone Telep Co let 5s._1935 J
97
02
8018 8012 80 Oct'29
7978 96
8914 Kings Comity El & Pg EN1.-_1937 A0 0958 too
84
99,
8
9918
2 99% 10418
Purchase money 66
1997 AO 12338 125 12318 Oct'29
12318 130
82'2 119°c Kings County Eke, 1st g 48_1949 PA
__ 84
80 Sept'29
78
85
1949 PA
Stamped guar 46
9I78 994
_ 7934 7812 Oet'20
78
82
_ 1964 J J 100 102 102
80
984 Kings County Lighting
Oct'29 ____ 10012 10514
9612 1001
First & ref 84s
1954 J J 112 114 114
Oct'29
112 1164
9611 100,4 Kluney(GR)dr Co 734% notee'36 JO 103 Sale 1024 103
3 1014 10718
95
98
,
4 Kresge Found'* coil tr
_ _ 1936 .10 101 102 101
101,4
16 99 1044
8812 334 Kreuger & Toll bs with war_1969 M
8934 Sale 8934
9478 886 87 10318
874 87,2
90
ow. Lackwanna Steel let bs A._1964) MC 0912 Sale 9912 101 41 90 10212
Lacel Gas 01 81 L ref&ext 68_1934 AG 9812 Sale 9818
87
97
10018 16 974 10178
Col & ref 514s series C._ _1953 F A 102 Sale 10112 103
9014 984
54 10012 10512
85 11014 LaMar() Nitrate Co cony 88_1951
With warrants
103,
Sale
4 106
87
87
9012 321 87 104
Lehigh C & Na, a I 4148 A_1954 J J 93 Sale 9278
96
99
93
52 0278 99/
1
4
Lehigh Valley Coal let g 58..1933 13 74
8818 99
9814 9814
9814
9 1171
/
4 101
1st 40-yr go bit red to 4% _1933 1
7812 8718
944 984 06
Oct'29
96
08
!starer efbe
1934 VA 101 10112 101
Oct'29
101 101
let & ref if 5a
8914 97,
88
4
1949 I, A
74
Oct'29
75
75
93
,
4
let .5 ref.I be
63
1054 VA
74
73
,
4
8778 80
Oct'29
7112 9312
let & rots f 5s
102 10684
1984 PA 74
80
Oct'29
76
70
88
let & ref i f 6a
91 1014
1979 PA
74
74,2 74
74
72
904
LxAve& PP tat gu g 5s_ 1903 MS
100 104
374 May'28
89 10012 Liggett & Myers'Tobacco 71.1944 AO 120 gale 120
12012 34 114,
4 12112
9112
60
66
1951 PA 100 Sale 9912 101
34 98 102
Locw's Inc deb 66 with warr_1941 AG 103 Sale 10114 105
89
92
53 06 12318
Without stock pur warranta. AG 90 Sale 89,
9612 103
4
91
16 88 10012
Lombard Elea lot 78 with war '52 J 1) 90 Sale 9012
95 100
94
32 9012 102
J
0812 10314
Without warranta
9314 Sale 90
90
5 8834 0704
4978 7914 Lorillard (P) Co 78
1944 A0 106 Sale 106
10638 20 106 1134
49
.58
Eet
1951 FA
8318 Sale 831g
84
7 7612 914
I
50
Deb 6340
80
1937
81 Sale 8012
821 123 8012 894
49
571a Louisville Gas & El(Ky)56_1952 MN 10012 Sale 10014 101,
4 35 99 104
9912 103,
4 Louisville Ry let cons be_ _1930 J J
90
Oct'29
894 95
55
9778 Lower Austrian Hydro El Pow—
lite163•42
70
57
1944 F
7812 Sale 7812
7914
3 7812 877s
08 103
9612 102
Sale 4756 ma85e052192
2991
New York Bond Record-Concludad--Page 6
E,..-•
a5
BONDS
N. Y. STOCK EXCHANGE 'a t
' a.
,
Week Ended Nov. 8.
Price
Friday,
Nov. 8.
Weck'S
Range or
Last Sale.
.n. ,
.. ,r..
Range
Since
Jan. 1.
Price
Friday,
Nov. 8.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 8.
Week's
Range or
Last Sale.
•
351
Range
Since
Jan. I.
High
High No. Low
Ask Low
Bid
High
High No. Low
All Low
Bid
997 125
98% 1007a
9912 Sale 98;
10
99% Reinelbe Union 722 with war.1946 1
97
92
98
91
9334 52
92%
Sale
McCrory Storea Corp deb 5%5'41 .1 D 97 Sale 9618
9314
J
war___1946
vurch
Without stk
79 10012
22
80
9712 17
9612
9612 103
Slanati Sugar let ii 74s___19 -2 A 0 79 Sale 79
_
Rhine-Main-Danube 78 A_ _1950 M
524 83
29
38
5624 56
10012 15 100 102
100
gale
Ilanhat Ry(NY)cons g 4s_1990 A 0 55
ioO
m
M
0
6
2
5
8
'
6
1
7
Pow
Elec
a
Rhine-Westphali
50
Oct'29
_-__
604
50
50
!
85
933
62
89
2013 i D 45
26 M
8534 Sale 8534
Direct mtge 812
934 10412
8312 934
87
90
8818
Manila Elea Ry & Lt.1 for_ _1953 M B --------9018 Oct'29 ---Cons m de of'28 with war,1953 F A 8812 Sale 86
Oct'29 _- 821 9912
85
89
8312 891 .
8712 13
Marion Steam Shove if fle_ _1947 A 0 81
8614 Sale
warrant.
Without
97 102%
9814 80
Sale 97
Mfrs Tr Co ctts of partly in
4
9412 105
Richfield Oil of Calif Os_ _1944 M.IV 98
9812
96
89
9112 28
A I Namm & Son lit 6e 1943 1 D 9812 Sale 9812
s 9112 Sale 9112
I' A
M
80
97%i Rima Steel late f
16
87
7 10434 110
108
10612
Sale
Market St KY Te ser A April 1940 Q 3 86 Sale 86
10612
_1194565
B
ger
2229
93 10014 Rochester Gas & El 7s
10014 30
1034 107
2
104
1957 A 0 9934 Sale 9914
104
Sale
Meridional El let 7s
MS
104
1948
9812 103
Gen mtge 54sseries C
10114 10
954 10018
1953 1 J 10114 102 101
997e Apr'29 _ _ _ _
aletr Ed let & ref 55 sec C
_ 96
1977 M s
Gen mtge 434i series D
8014
1
70
70
90
90
Sept'29 _ _ _ _
Metr West Side El(Chic)43-1938 F A ____ 698 70
& PItte C&Ip m 5a_ _1948 MN 96 ---- 90
Roch
9212
98%
_-_July'29
83
92
___
9312 9814
D
i
2
war_1956
9412
9418
Wag alillalach 75 wlth
9412 St Joe fly Lt & Pr let 5a_ _ _1937 MN 9412 Bale
84
15
85
J D ____ 8312 84
99
99
__
Feb'29
Without warrants
99
99
J
1
448_1930
let
96 1004 St Joseph Stk Ydn
9918 125
77
61
7
62
Midvale Steel &()cony a f ba _1936 M S 9834 Sale 08
6034 61
9814 21
9712 992 St L Rock Mt& P 5s stmpd_1955 J .1
89% 94
90
10
Milw El fly & Lt ref & ext 441'31 1 1 98 Sale 98
9572 8978
8t Paul City Cable eons 5e_ _1937 /
9712 103
6
997s 10712
26
1034
102
Geae-al & ref bs eeriest A_ _1951 J D 10014 103 10012 10012
Sale
10211
.1
.1
68_1952
Ms 10158 San Antonio Pub Serv 1st
9958 61
1961 J D 9912 Sale 99
9212 10018
35
93
let & ref Si series 13
Sale 9212
98 104
Saxon Pub Wks(Germany) 74'45 F A 93
83% 9414
27
1943 1 J 10014 Sale 10014 10112 26
88
Montana Power lit Si A
1951 MN 8512 Sale 8512
9512 101
Gen ref guar 634e
9734 67
70 191
1962 .1 D 9734 Sale 9614
7512 18
Deb Si series A
70
Sale
73
Schulco Co guard 34s
70 101
9
70
Montecatini Min & Agile70 Sale 70
Guar a f 154e series B
24 10158 127
9418 10014
104
9812 11
1937 1 J 10312 Sale 10214
97
Deb 712 with warranta
99
0j 97
N
6 MN
5
48
19994
17
93
99% Sharon Steel Hoop s f 53482
96
J 2 9534 Sale 95
97
91
88
Without warrants
94
9212
1952 MN 9234 Sale
5 Shell Pipe Line if deb 5a
11
91
99
93
927
9212
94
J
921e 9871
1
122
95
Montreal Tram let & ref 56_1941
1947 M N 94 Sale 9312
90
Oct'29 _--9634 Shell Union 011S f deb 5a
8312 94
Gen & ref s f 5a serlee A_1955 A 0 __ 9134 95
9
9312
8612
87
D
8512
J
9312 9814 Shinyetau El Pow lit 8%8_1952
914
55
1955 A 0 ____ 9134 9312 Sept'29 ____
30
Series B
62
J 6018 Sale 55
5 .J1 D
912
7712 881; Shubert Theatre an_June 15 18
7912 16
99 105
Morris & Co 1st a 1 00_1939 .1 J 7712 Sale 7711
6
99%
99 Sale 99
811 Siemens & Reinke s f 75
75
75 Aug'29 ____
108
100
80
Mortgage-Bond Co 46 ser 2_1956 A 0 7314 90
102
101
102 Sale
95
95
3
9518
95
Debeffiais
97%
94 101
1932 Jr
10-25-year Si aeries 3
9812 11
971 97
S 97
MA
1 F
49
9158 102
Sierra & San Fran Power 58_ 195
9212 11
89
1934 .1 13 9212 Sale 9158
77
1
Murray Body let 6 34e
88
88
9912 104
Sileela Elee Corp 1634e_ _1948 F A
____ 100 Oct'29 ____
99
9014
Mutual Fuel Gas let VI g 53_1947 51 N 100
12
91
In 7e. _ _1941 F A 90% Sale 9014
9838 _ ___ 98 Oct'29 ---- 98 98 Silesian-Am Exp coil
99 100
Mut Un Tel ltd 69 ex t at 5% 1941 M N
Oct'29
100
1901
100
N
51
1929
Simms Petrol6% notes
12
103
9612
147
Names(A I) & Son-See Mfrs Tr
100
4
983
Sinclair Cons 01115-year 76..1937 M S 9934 Sale
4818 12
458 64
4578 sale 4578
98 100
85
Nassau Elec guar gold ie_ _ _195 l i
99
1930 M 6 99 Sale 9834
let lien coil Sc series D
1 101 102%
1942.8 51 10178 Sale 10178 1018
Nat Acme lets f as
96 10114
47
96%
96
Sale
9614
let lien 8343 merles D
92:8 983,
9734 249
9514 Sale 9514
9714
91
Nat Dairy Prod deb 841_1948 F A
9512 81
9514 Sale 9414
2612 82% Sincallr Crude 011534s ear A.ILI
29% 23
1947 F A 2612 Sale 2612
Nat Radiator deb 63.04
8912 95
62
92
9178 Sale 9112
9911 Sinclair Pipe Line s f Si
98
9514
84%
1930 1 11 0812 9912 9812 Oct'29 ____
Nat Bauch 20-year deb 522
16
8
853
8
S47
85% Sale
99 104% Skelly Oil deb 51421
991e 104
National Tube lit I 1 5s_ _1952 M N --------10434 Oct'29 __-_
12
99 1031 Smith (A 0) Corp let 6 14e_ _1933 M N 10112 Sale 10114 1011
1
102
:
Newark Consol Gas cone "i4_194S 1 0 1008 10112 1004 10038
1001
3
10414
104
Isai
104
D
J
South Porto Rico Sugar 78_1941
9 1017j 107
991t 10411
New England Tel & Tel Si A 195'2 i D 10234 Sale 10234 10318
10hz 48
98 100% South Bell Tel & Tel lit if Si 1941 ./ J 100% Sale 10038 10114 390 100 101
9814 18
1961 M N 9814 Sale 97
lit g 434sseries B
10058 Sale 10012
When issued
81
6
8858
963,
10412
100
New On Pub Sire let 5a A-1952 A 0 8038 Sale 86
32
1011
10012
Sale
7913 9811 Southern Colo Power 8a A_ _1947 3 J 10114
19
88
First & ref Si series B_ _ _ _1955 i D 861 Sale 86
32 101 10514
103
79
878 Tweet Bell Tel let & ref be_ _1954 F A 103 Sale 1021
1
82
82
10112
_
9812
X Y Dock 50-year let g 41_1951 F A 8212 83
Sept'29
102
98
N
9714
M
_1943
Spring Val Water lit g 5a_
27
7438 90
75
1933' A 0 74 8 Sale 7438
9714 10214
Berlalb% not
99'8 43
99 Sale 9832
11114 26 11012 11514 Standard Milling let 5e
8514 105
5
NY Edison let & ref 6345 A.1941 A 0 11118 Sale 111
10212
10212
104
102%
N
,
534s
ref
10314 29 100 105
let lien & ref Si series 13_ _1944 A 0 10314 Sale 102
10112 280 100 103%
10412 15
9814 1071, Stand 011 of N J deb 58 Dee 1S'46 F A 10112 Sale 101
WY Gas El Lt H & Pr g 56_1948 J D 105 10512 104
9212 98
9612 116
95 Bale 95
953 Stand 01101 NY deb 4 %a_ _1951 J
911
7
9531
9258
88% 100
Purchase money gold 40_1940 F A 9238 94
19
90
a
887
Sale
88%
J
A_1945
series
974 9811 Stevens Hotel lstEls
____ 9712 Sept'29 ---98
NT L E& W Dock & Imp 5s 1943.8 1 98
65
7
75
75
76
74
98 1001, Sugar Estatee (Oriente) 7s 1942 M
9918 12
N Y & Q El L & P lit g Si.. _1930 F A 9918 Sale 9814
102 107
Syracuse Lighting 1st g te_ _ _1951 J D 103 10314 10312 Oct'29
Jan'29 ---_
58
56
56
54
3
1054
10018
N Y Rye let R E & ref 41_ _ _ 1942 J 7 40
1004
_
10018
100
J
58
05
Tenn Coal Iron & RR eon Si.1951
„. 40 _ __ 5614 alar'29 ____
Certificate' of
89 110
42
98
1
23 Tenn Cop & Chem deb Se B.1944 M S 94 gt;.1-e 93
1 Aug'29 ____
10
4 0 _
5s___ _Jan 1942 480-year ad1 Incdepoeit10314 70 102 107
3
1
1'enneseee Elec Pow let 1321_ _1947 J D 10318 Sale 1032
1 July'29 - - - _
2
103
Certificates of depoalt__ . --- ____
98
1220
10112
Sale
99
0
100
241 Texas Corp cony deb 5s_ _ _ _1944 A
6
7
43
634
618 7
66
N Y Rye Corp Inc 61....lan 1968 -Apr
50
5312 21
5138 Sale 50
6812 19
68
87
Third Ave let ref 4,
6778 68
1960 J J
Prior lien 8s serlea A
8414
25
95
32
28
Sale
2812
j
s
O
m
A
j
9
5
0
5
6
9
1
88Y Jan
t xg 61
x-e
.
yai
10312 12 10114 108
dj iAnveelt
ThAira
____ 103
WY & Rid= Gas lets, A _ _1951 M N 103
97%
90
5
9252
92%
9212 93
1937 J
21
157
17
44
9511 994,
N Y State Rye let cons A 30_1962 MN 21 Sale 17
72
98
97
Sale
98
7a
1st
25
71
17
70
Toho Elec Pow
20 Sale 1858
9848
1962 MN
lat cone 63421 series B
__
July'29
96%
6% gold notes___July 15 1929 J .1
NY Steam let 25-yr 6e ser A 1947 61 N 10578 107 10238 1057e 33 102.78 108
"Oa" gale" 9534 9614 115 9614 9614
9918 44
93 101
6% gold notea
X Y Telep let & gen a f 445_1930 MN 987g Sale 98
1111 Tokyo Dee Light Co. Ltd-1932 j
9112
30-year deben if 6s__Feb 1949 F A 10934 Sale 10934 11038 57 10912
85
8718 172
87 Sale 85%
10512 162 10418 1081
let fle dollar aeries
9811 10011
20-year refunding gold 81_1941 A 0 10512 Sale 105
9934 51
J 9912 Sale 99
J D
3j
30
95
94
04 101
1
Toledo Tr LA P53.4% notes 19
1946 / 0 ___ 947 94
4
X Y Trap Rook let 6.
1043
95
138
98
96
Sale
4
973
994 103
Transeont 01183411 with war 1938 J 1
9212
91
Niagara Falls Power let 58_1932 J 1 9978 Sale 9973 10012 53
92 Sept'29
87
2 1004 1031
101
Without warrants
Jan 1932 A 0 10114 103 101
Ref & ben Si
95 19012
1
9912
9912
9958
10112
8
M
9
10112
99 1041 Trenton CI & El let g 56-1949
Nlag Look & 0 Pr lets, A _ _1955 A 0 10018 Sale 100
78% 10311
5
79
78%
Truax-Traer Coal cony 6348_1943 M N 79 Sale
Norddeutsche Liold (Bremen)10212 43 101 1031s
8812 54
8412 94
Trumbull Steel lit if 612_ _ _ _1940 M N 102 Sale 10178
1947 Id N 8734 Sale 8512
20-years f lis
49% 62
Oct'29
41
S
m I
5l
42
98
19
80
497
22
46
Twenty-third St RY ref 58_1
994
Nor Amer Cam deb 634e 4_1940 34 2 46 Sale 46
89
9112 13
89
98 102
9838 41
Tyrol Hydro-Elec Pow 7349_1955 M N 89 Sale 87
8812 9212
No Am Edison deb baser A_ _1957 M 8 9812 Sale 98
21
89
A
F
1952
76
99 10:37
Guar sec s f 7a
100
Deb 534eser B._ _Aug 161963 F A 10138 Sale 10012 102
95
98
104
96
98 Sale
9512 1031 Ujigawa El Pow s f 75
0738 20
1947 M 8 9512 Sale 0512
Nor Ohio Trae & Light 6s
97 101
1
9814
98% 981 9814
uti & Pr(Mo)543_1932 51
71
9712 103
uL
Eleec
fa
103
lon
Unite
97 101%
13
Nor Statea Pow 25-yr be A 1941 A 0 100 Sale 99
98
97 Sale 97
10312 15 100 :0612
3 100 104
let & ref S-yr Ss series B _ _1941 A 0 10212 Sale 100
10118 104 10012 101
J
N
1
.1
S
33
'54
9
_
l
A
Weer
5
lstg
(111)
1053
L&P
914
Oct'29
____
UnE
95
98
4
__
874
81
North WY lit Id g 4 Asigtd_1934 1 1 _ _
774 81 June'29
14512 9212 Union Elea fly (Chic) 55_ _ _1945 A 0
68
89
9612 101%
2
Norweg Hydro-El Nit 541_1957 61 N 88 Sale 8738
9634
- 9634
1031 J J 16(-)T4
6 10914 11312 Union Oil lit lien if Si
10912
21 104 10912
106
Ohio Public Service 74e A _ _1948 A 0 10912 11212 10914
105
gale
10512
A
F
1942
_May
_
_
_
A
series
11
10914 1151
112
30-yr 622
1947 F A 111 Sale 110
94 10152
15
let & ref 7s aeries B
98
s 98 Sale 9614
A O
lit lien if 5.8 series C _ Feb 1:L5 m
10338 11 102 10712
1948 3 1 103 1(14 103
9412 10318
Ohio River Edison let 88
6
96
95
8214 91
(hilted Blecult of Am deb 621_1942 M N 95% Sale
8
83
1944 F A 8214 Sale 8214
8712 9714
194
Old Ben Coal let S.
93
Sale
90%
92
98 1021 United Drug 25-yr 5e
9
100
844
70
10
Ontario Power N F lit 58..1943 F A 9814 Sale 98%
71
7012
J 71 Sale
m N
7J
834
19
97 103
United Rys St L let g 421.-1
Oct'29 ____
90 100
3
Ontario Transmission lit 5s_1945 M N 9838 10212 98
9912
9912
9334 84
91)
971
United 23.9 Co 15-yr Os
904
87
8012
1953 M 8 9334 Sale 91
Oriental Dove!guar 812
84
82
Sale
D
J
8212
Un Steel Works Corp 648 A_1951
90
93
83
86
904
1958 MN 8534 Sale 85
80
21
Ertl deb 64e lot etfe
83
8212 Sale 8212
931
85
Series C
8814 20
Oalo Gas & El Wks eat! 58_ _1963 14 13 ---- ----88
D
1951
I3urbach
1941 91 8 10012 Sale 10012 10138 35 100 1031 2 United Steel Wks of
Otte Steel let M (is ser A
10312 13 1001s 108
Esch.Dudelange if Te_ _ _1951 A 0 1034 Sale 102
73
99 1021 2
100
8312 92%
Pacific Gas & El gen & ref 5a 1942 1 1 9934 Sale 09
86
73
8412
9714 1001
US Rubber let & ref 5s ser A 1947.8 J 8514 Sale 9812
991 101
964 102%
Pac Pow & Lt 1st & ref 20-yr 58'80 F A 991 Sale 9834
9912 135
Sale
A
99
10-yr 74% secured notes_1930 F
9912 1031 4
107
109%
Pacific Tel & Tel let Si
1937 1 1 101 Sale 10034 10114 19
1094 Oct'29
OS Steel Corp(Coupon Apr 1983 M
10212 25 101 1051
Ref mtge Si series A
10634 109
1952 M N 10212 Sale 10214
Oct'29
109
8110-60-yr be)lbarle_ _Apr 1963 MN
328 101 11014
104
90
Pan-Amer P & T oonv if 612_1934 MN 10212 Sale 102
69%
_
_
_
Oct'29
4
693
67
Universal Pipe & Rad deb els 1936.8 D
5 102% 105
91
let lien cony 10-yr 7s
1930 F A 10412 Sale 1044 105
77
5
80
1953 A 0 go Sale 77
981 2 Unterelbe Pr & Lt 08
92
95
20
Pan-Am Pet Co(of Caboonv 65'40 J D 9412 Sale 0234
964
89
51
91
8912
Sale
0
91
A
Utah Lt & True let & ret 512_ _1944
97 103
9918 47
101
90
65
Paramount-Wway lit b 412_ _1951 .1 1 9918 Sale 97
98
9511
1944 F A 97 Sale
9112 1004I. ,ita.h Power & Lt lit Is
9618 38
96 104%
Paramount-Fein's-Lasky 6.1947.3 1111 9512 Sale 94
Oct'29
103
95 2 Utica Elec L & P let s f g 69_1950 J .3 10212 1
82
8312
Park-Lax lit leasehold 6 41_1953 J J
_ _ 8238 8312
3 10112 107
102
1-02- 102
Utica Gm& Else ref & eat 5221957 J J
994 105
98
Pat & Passaic0& El cons las 1949 M S 9958 101 10012 Oct'29 ____
87
42
88
8712
Sale
D
J
8712
5%9_1947
Light
&
Power
84
CUMIN!
4834
5418 39
Pane Each dab?. with wart 1937 M N 4912 Sale 4912
9732
66
9
7512
D 75 Sale 74
84
97
Vertlentes Sugar let ref 721_ _1942
68
14
Penn-Dixie Cement Si A__ _1941
40
_194i al S 68 sale 68
2018
4
25
25 Sale 2012
Victor Fuel let a f 5a
Oct'29 ____ 110 113
Peop Gas & C 1st eons g 61_1943 A 0 111 113 Ill
88% 82
2
6914
694
Sale
El
j
6914
M
j
3
9
5
0
94
1
let
be
g
Va Iron Coal & Coke
10212 24 10014 105
101
1947 M 6 10212 105 10114
Refunding gold Si
9712
82
101
1004
10034 Sale
99
Va Ry & Pow ist & ref 5'2_1934 J
99
Oct'29 ____
99
Reelatered
8.6 16412
M S
38
99
95
Walworth deb 6%a (with war)'35 A 0 9514 Sale
9812 125
9534 100
Philadelphia Co see Si sec A.1967 1 13 98 Sale 9712
8434 92
_
Oct'29
87
8512 88
Without warrants _ •
90 100 2
98
37
0734 97
Phil& Elee Co let 434s
95
1967 M N 97
8312
10
90
8918
94
23
81
let sink fund Si series A_1945 A 0 90 Sale 10112 1024 13
90
Philo'& Reading C & I ref 56_1973 J J 90 Sale 8914
95% 1074
10214 430
90 118 4 Warner Sugar RefIn 1st 78_1941 J 0 10018 101
Cony dab tla
10451 14 2 94 Sale 94
59
8514
s
3
Oct'29
6012
62
60
Warner Sugar Corp let 7s_ _1939 J
864 94
112
90
Phillips Petrol deb 814.
99%
SS
1936 i 13 89 Sale 88
9414 30
88 Sale 88
1939 SI
10.512 109
Warner-Quinlan dab as
_
10512 Sept'29 ____
Pierce-Arrow Mot Car deb 8.1943 M 8
102%
98
5
9812
98
56%
___
J
Wash Water Power,I ba_._19393
103 107
Oct'29 ___
Pierce Oil dab if Se_Dite 15 1931 J 0 ioi 1-04 103
105%
1004
6
10314
Sale 10314
i
9 101 106
Weatchea Ltg g be stmpd gtd 1950.8 D 0314
10358
Pillsbury Fl Mille 20-yr 81_1943 A 0 10312 Sale 103
99% 194
10134 18
m 8 10112 102 101
3M
45
West Penn Power ser A 58_498
4 10714 154
108
Pirelli Co(Italy) Cony 7._ _1952 M N 108 Sale 10714
10214 10212 10214 10214 19 100 106
list 5s mrlee E
9412 95
9412 Oct'29 _-__
Pocali Con Collieries 1s1 a f 5441957 J 1 9412 95
10334 26 101 107
103
0
sale
A
103
1953
F
series
421
@FedFRASER