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I finanrial
The
aninittrizu
era. tl. S.
VOL. 131.
tfrimide
PAT. OFOCE
SATURDAY, OCTOBER 11 1930.
finatuial Chronicle
PUBLISHED WEEKLY
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NO. 3407.
revealed such a strong drift in the direction of
radicalism. What is practically equivalent to a
flight of the mark has occurred as the result,
with attendant large gold exports from Berlin, and
on Thursday the Bank of Germany found it incumbent to advance its discount rate from 4%
to 5%.
Furthermore, trade remains extremely depressed,
and the statistics which have appeared the present
week, covering the month of September, make it
plain that the trade reports regarding conditions
in the iron and steel industry which appeared from
Terms of Advertising
week to week during the course of the month, and
45 cents
inactive
Transient display matter per agate line
On request which indicated some improvement over the
Contract and Card rates
tive.
misentirely
were
H. Gray, Western Representa
August,
during
things
of
state
Onicsao OFFICE—In charge of Fred. Street.
Telephone State 0613.
208 South La Salle
0.
E.
London.
Gardens.
Steel
and
Drapers'
Iron
LONDON Orrice—Edwards & Smith. 1
leading. According to the American
rs,
Publishe
Y,
Institute the production of steel ingots in the United
COMPAN
DANA
B.
WILLIAM
York.
New
Spruce,
Corner
Street,
William
States during the 26 days of September aggregated
only 2,867,978 tons against 3,095,293 in the 26 days
WILLIAM B. DANA COMPANY.
Published every Saturday morning by Business
Riggs;
D.
William
Manager,
of August, and comparing with 4,527,887 tons in the
President and Editor, Jacob Seibert;
of all, Office of Co:
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses
25 working days of September last year. The daily
output was only 110,307 tons in September as against
119,050 tons in August, and no less than 181,115 tons
in September last year. As a matter of fact, the
Change of Address of Publication.
average daily output in September the present year
The Commercial & Financial Chronicle,
was the smallest daily average since September 1924,
having long suffered from inadequate
when the daily production was 108,755 tons. Statisfacilities for handling its growing size
tics of iron production tell the same story. The
and growing subscription list, has moved
"Iron Age" reports the make of iron in this country
into new and larger quarters, and is now
during September the present year at only 2,276,770
located at
tons as against 2,523,921 tons in August and
William Street, Corner Spruce,
3,497,564 tons in September last year. The daily
New York City.
average production in September was only 75,890
Station.
Hall
P. 0. Box 958, City
tons as compared with 81,417 tons in August and
116,585 tons the average daily product in September
1929. Here also, as in the case of the steel output,
the September daily rate of 75,890 tons was the
The Financial Situation.
smallest since 1924, when it was 68,442 tons.
but
ments,
The general downward tendency is further emIt has been a week of dismal develop
more
appears
d by the shrinkage in the unfilled orders of
phasize
the outlook at the close of the week
has
week
ry corporations of the United States
last
subsidia
the
assuring. A Stock Exchange failure
week,
The total of these unfilled orders, as
Corp.
present
Steel
the
been followed by another failure
30
and one of much greater importance and having given out yesterday, stood at 3,424,338 tons Sept.
5
4,022,05
wider ramifications. Unfortunately, too,in addition as against 3,580,204 tons on Aug. 31 and
tons
1
3,902,58
ng
to the revolutionary uprisings in other South Amer- tons on July 31, and compari with
indiican countries, revolt has broken out all over Brazil, on Sept. 30 last year. Unfortunately, too, no
far
thus
ble
discerni
are
ment
several of the States of that republic having actually cations of any improve
presthe
review
its
in
Age,"
"Iron
The
fallen into the hands of the rebels, and the Federal in October.
Government of Brazil is now engaged in what looks ent week, figures the steel ingot output for the counlike a life-and-death struggle for existence. As a try at large as "close to 58%, compared with 61% a
consequence, frightful declines in -the foreign govern- week ago." It also shows prices as being in no very
ment securities of all the Latin American countries satisfactory state. On that point it says: "Recent
have occurred, besides lesser and yet very severe advances in bars and black and blue annealed sheets
breaks in other foreign government and corporate have failed to hold, while hot rolled strip and skelp
issues, more particularly those of Germany, where are down $1 and $2 a ton, respectively. Tin plate
rgh,
confidence in the existing order has been disturbed has been reduced 25c. a base box to $5 at Pittsbu
adds
it
though
1923,"
March
since
level
14,
lowest
which the
since the popular elections on Sept.
2264
FINANCIAL CHRONICLE
[VoL. 131.
that this charig9 was,influenced in part, no doubt, about
by the efforts the firm had made to suppo
rt
by the fall of pig tin, which is now at the lowest certai
n stocks in which it was interested in
order
figure since 1921, but it also represented an effort to
protect customers. And this may
well be
to stabilize a price that has been subject to sharp believ
ed.
concessions in recent months.
As a result 'of the cuinulative series of event
s here
As it happens, too, while trade thus remains ex- noted
, all of such a severely adverse character,
the
tremely depressed (though with the disposition still stock
market again plunged downward in a most
strong to look for improvement at an early date), violen
t fashion. Each day has seen further
huge
the agricultural world early in the week had to con- declin
es, both in the high-priced and the low-priced
tend with further declines in prices, though in this shares
, until the climax came with the annou
nceparticular there has been a change for the better ment
on Thursday of the failure of Prince & White
ly.
as the week closes. Spot cotton in the New York It is
just about 12 months since the stock marke
t
mitrket on Tuesday touched 10.15c., which is the crash
of the autumn of last year, and though after
lowest figure as yet reached in the current down- that
great collapse some recovery ensued, which exward - movement,- though yesterday there was re- tende
d into the early spring of 1930, all this was
covery to 10.30c. December wheat in Chicago, which subse
quently lost, so that recent further declines
sold at 837
/8c. on Saturday last, dropped to 76%c. have starte
d from extremely low levels. Yet the
yesterday, but by the close of the day there had been
new break the present week reached proportions
recovery to 79Y2c., which latter, however, compares that
would be regarded as startling by reason of
with $1.351/
2 the price for the December option on their magni
tude and proportions, even if there had
Oct 10 last year, showing that the prevailing price not
been the previous collapse of such an unpreceis 56c. lower than it was 12 months ago, and afford
- dented extent.
ing a strong insight into the impoverished condition
An unfortunate and very disturbing incident conof the farming classes by reason of the great shrink- necte
d with this week's collapse has been the fact
age in the market values of some of their important that
the bond market participated in it. On Tuesproducts. Even corn is selling less than a year ago, day
and Wednesday bond prices broke in a surprisnotwithstanding the great reduction in yield the ing
way. In this we do not refer to the breakdown
present season by reason of the damage wroug
ht in the bond issues of the South American countries.
by the unprecedented drouth in the early summe
r. The reason for that breakdown is, of course, perThe Agricultural Bureau's report, issued after
the fectly plain, finding its origin in the political disclose of business yesterday, estimates the corn
crop, turbances narrated above. Many other bond issues,
based on cOndition reports for Oct.1,at 2,047,
000,000 'however, also tumbled badly, the reason for which
bushels as against 1,983,965,000 bushels Sept.
1, but cannot be found in any of the events referred
to.
even so, this compares with 2,614,307,000 bushel
s, Some very high-grade issues shared in the declin
e,
the crop harvested in 1929, and with the avera
ge and for a time it appeared almost as hard to find
a
five-year production for 1924-1928 of 2,699,809,00
0 market for bonds as for stocks, sales of very
few
bushels. December corn at Chicago declined from
bonds sufficing to precipitate very substantial
de86c. last Saturday to 79Y2c. yesterday, though with clines
. Fortunately, however,equally sharp recovery
the close.yesterday at 82%c., which, as already occur
red in the upward rebound of the stock market
stated, is lower by far than a year ago, December
on Friday. To show some of the most noteworthy
corn on Oct. 10 1929 having sold at 95c. per bushel
. declines in bond prices during the week, for Latin
The Agricultural Bureau also somewhat further Ameri
can issues and for a few bonds of other descripraised its estimate of the wheat productions the tions,
we introduce here the following table:
present year because of additional improvemen
t
in the outlook for spring wheat. It now forecasts a
Closing
Closing
total crop of wheat, spring- and winter combined, of
Price.
Price.
Oct. 3. Low for Week. Oct. 10.
840,000,000 bushels, against 838,000,000 on Sept.
1, Atch
Top & Sante Fe gen 4s
and comparing with 806,000,000, the crop har98%
97 Oct. 10
97%
St L & San Fr gen 4%s ser A
92%
88% Oct. 10
90%
vested in 1929. While there thus is a somew
Bait & Ohio gen 5s ser A
104% 103% Oct. 10 103%
hat Bait & Ohio cony 4%s
100%
97% Oct. 10
larger wheat production than a year ago, it
98%
must Chic Milw & St Paul & Pac 5s ser A
86%
78% Oct. 10
83
Ill
Cent-St
&
L N 0 5s ser A
not be forgotten that considerable quantities of
106% 103% Oct. 10 105%
Kan City Southern 5s
104
101 Oct. 10 103
wheat will be used the present season for feedi
Southern Ry gen 4s ser A
89%
87 Oct. 10
ng Souther
87
Pacific gold 430 1969
100%
purposes because of the shortage of corn and other Wabashn5%8
983 Oct. 14
99
series A
1043
loo Oct.
100
feed erops as well as the poor condition of pastu
rage Autioquia(Dept)7s ser A
70
53 Oct. 1#
whieh in some respects is the worst ever experienced. Argentine
04%
Os series A
95
87 Oct. 1#
54%
Bolivia (Rep) 83
The Stock Exchange failure to which reference has Brazil
76%
64 Oct. 11
66
6%s of 1927
73
47% Oct. 9
483
been made was that of the eminent house of Prince & Chili(Rep)(is 1960
83371 Oct. 10
71
Colombia (Rep) 65 of 1928
66%
57 Oct. 1#
Whitely. The failure last week was that of J. A. Col Mtge Bank 7s of 1027
58
77H* 57 Oct. 1#
60
International 534s
Sisto & Co. The latter, however, was a compara- German
80%
Oct.
733
1#
753
Minas Geraes (State) 6%s
70%a 50 Oct. 1#
50
tively new concern, though with important outside Rio de Janerio (City) 8s
97%
70 Oct. 11
70
Rio Grande do Sul
60
34% Oct. 1'
connections. Prince 8z Whitely have a history ex- Uruguay (Rep)8s
35
101 * 86 Oct. 11
88
tending back over half a century. The firm ranks *Oct. 2. a Oct. 1.
as one of the oldest banking and brokerage houses
One incidental good ought to follow from the
in the country. It has held a membership on the failur
e of Prince & Whitely. It ought to serve to
New York Stock Exchange since the organization clear the atmos
phere, thereby affording a basis for
of the company in 1878. The firm had correspond- the recov
ery in security values which has been so
ents all over the country, as well as a large security long delaye
d. The market for many weeks has
distributing organization. One of the members of been acting as
if some catastrophe, like that of the
the firm is quoted as saying that the financial diffi- failure of the
house referred to, was hanging over
culties in,which it has become involved were brought the financial
community. Of course many have
OCT. 11 1930.]
FINANCIAL CHRONICLE
knowledge of weak spots of that character, and, as
a consequence, they proceed with caution and restraint, until the embarrassed concern is either
firmly placed on its feet or surrenders to the inevitable. Now this spot of weakness has been
removed.
What, however, is equally essential, if recovery
is to be speeded,is a recognition on the part of everyone that inflation and extravagance must now give
way to thrift and economy. After its long debauch
the country must now conserve its strength, with a
view to the restoration of full health and energy,
now so seriously impaired, by reason of a disregard
of all the rules of sound economics. The industries
of the country now lie prostrate, and the country
itself, as well as its entire citizenship, must get back
to first principles in order to avert disaster even
more serious than that encountered thus far. Rigid
economy, with the cutting out of every unnecessary
expense, must now be the watchword.
We are moved to this statement because the
municipal authorities in this city seem not to have
the faintest conception of the requirements in that
respect. They are proceeding now,as for many years
past, on the theory that there is no limit to the expenditures that the city may incur. The afternoon
papers on Thursday of this week carried in parallel
columns the announcement of the failure of Prince &
Whitely and an article on the prospective rise in
the coming year of no less than $46,000,000 in the
city budget. The New York "Evening Post," in one
of the parallel columns referred to, carried the statement that the tentative budget for 1931, as announced on that day by Charles H. Kohler, Director
of the Budget, and which was yesterday adopted by
the Board of Estimate and Apportionment, was
$46,000,000 more than the budget for the present
year. Mr. Kohler estimated that the city will need
$615,869,038.30 next year to carry its work, whereas
last year the budget was only $569,769,828.28. And
even so, Mr. Kohler has cut off, we are told, $41,581,464.11 from the requests sent him by department
heads. In addition, moreover, to the amount of the
budget, as announced by Mr. Kohler, the city will
spend next year approximately $60,000,000, this
being the sum of money paid the Board of Education by the State and by pension fund contributions
and various other moneys, these items last year having totaled $00,421,942. In other words,the city's expenditures next year will exceed $676,000,000. Moreover, a further addition of $15,000,000 is thought
likely.
Ponder well what a vast sum this is for the City
Government to expend in a single year. If we go
back only to 1923, we find that the expenditures then
were no more than $353,350,975. By constantly
raising the assessments the city authorities have in
, more recent years avoided an increase in the yearly
tax rate. But for 1931, notwithstanding a further
increase in the assessments in the large amount of
$769,568,390, it is estimated that the tax rate for
1931 will be $2.65 as against $2.54 in the current
year. In Washington the authorities are bending
all their energies to cutting out every needless item
of expense. In this city the municipal authorities
keep piling up the expenses year after year in perfectly appalling fashion. At this time they seem to
be entirely oblivious of the fact that the country is
passing through a period of intense business depression, with profits and earnings down to the vanish-
2265
ing point, if not absolutely nil. -How are these huge
tax burdens to be borne under such'circumstances?
As a result of the great liquidation on the Stock
Exchange, brokers' loans show a further contraction
of $158,000,000 the present week, following $159,000,000 decrease last week, making the contraction
for the two weeks combined no less than $317,000,000. The grand total of these loans on securities
to brokers and dealers by the reporting member
banks in the New York Federal Reserve District is
now down to $2,905,000,000, comparing at this figure with $6,713,000,000 on Oct. 9 last year, just
before the stock market entered upon its vast downward slide. The further contraction this week of
$158,000,000 was participated in by loaning under
all the different categories, the loans made by the
reporting banks on their own account having been.
reduced from $1,834,000,000 to $1,740,000,000, the
loans for account of out-of-town banks from $602,000,000 to $555,000,000, and the loans "for account
of others" from $627,000,000 to $610,000;000. Not,
withstanding, however, the huge contraction in the
grand total of these brokers' loans during the 12
months, the loans made by the reporting member
banks for their own account at $1,740,000,000 Oct. 8
1930 compare with only $973,000,000 on Oct. 9 1929:
On the other hand, the loans for outside account have
dropped almost out of sight, these outside lenders
no longer finding it possible to make a profit in
lending on call with the call loan rate down to 2%.
The loans for account of out-of-town banks are now
but $555,000,000, as against $1,799,000,000 a year
ago, and the loans "for account of others" only $610,000,000 as against no less than $3,941,000,000 on
Oct. 9 1929. The transformation is obviously a most
wonderful one.
In the condition statements of the Federal Reserve
Banks themselves, the only changes of note for the
week are a reduction in the discount holdings of the
12 Reserve institutions from $185,916,000 Oct. 1 to
$173,166,000 Oct. 8, indicating diminished borrowing to that extent by the member banks, and a concurrent increase from $193,108,000 to $211,023,000
in the holdings of acceptances purchased in the open
market. The changes in the holdings of United
States Government securities during the week were
of no great importance. Total bill and security holdings are somewhat larger than a week ago, standing
at $990,900,000 as against $986,973,000. Federal Reserve notes in circulation have decreased during the
week from $1,376,351,000 to $1,365,398,000, while
gold reserves remain virtually unaltered at $2,976,528,000 as against $2,976,769,000.
The corn crop made quite some improvement during September. The October report of the Department of Agriculture on the growing grain crops,
issued at Washington late yesterday afternoon, tells
of a yield of corn from this year's crop of 2,047,000,000 bushels. This is still far below the production of corn for many years. It shows, however, an
increase of 64,000,000 bushels over the estimate made
a month ago, when production was placed at 1,983,000,000 bushels. The condition of the crop gained
7.2 points during the month,and it is on this increase
that the larger yield was based. The Oct. 1 condition is now given as 58.8% of normal, according
to the report of the Department, against 51.6% on
Sept. 1. Comparisons with preceding years place
Z266
FINANCIAL CHRONICLE
all of these figures as to corn on a very low level.
Last year the harvest for corn was 2,614,000,000
bushels, and the five-year average yield has been
2,700,000,000 bushels. The condition of the crop on
Oct. 1 harvested last year was 71% of.normal, and
even that was below the average. The yield per acre
for corn this year is now estimated. at 20.2 bushels
against 26.7 bushels for last year's harvest.
There is a slight further increase also in the estimate of production for spring wheat in the Department of Agriculture's October report. The indicated
yield for durum wheat is now placed at 52,000,000
bushels, and for other spring wheat 190,000,000
bushels, these two varieties adding 2,000,000 bushels
to the September estimates. Last year the yield for
durum wheat was the same as is now indicated for
this year, but for other spring wheat it was 176,000,000 bushels. For all wheat production this year
is now placed at 840,000,000 bushels against 806,508,000 bushels last year. Some improvement is
noted likewise in the eondition of oats, and a yield
of 1,411,000,000 bushels is now promised, compared
with 1,234,000,000 bushels the harvest of last year.
An addition to the production of barley, too, is indicated in yesterday's estimates, the yield being placed
at 328,000,000 bushels, 5,000,000 bushels more than
was shown in the September report, while the
five-year average yield has been only 241,000,000
bushels.
This year's cotton crop also made some slight
progress during September, in the direction of a
larger yield, as is not unusual for that crop, the
indicated production now closely approaching the
crop of last year. The October report of the Department of Agriculture was issued at Washington on
Wednesday. It estimates this year's yield of cotton
at 14,486,000 bales. This is 146,000 bales larger than
the estimate of 14,340,000 bales made in the September report, issued one month ago. The harvest
last year was 14,828,000 bales. The condition of the
crop on Oct. 1, on which date the latest estimate is
based, was 53.5% of normal. That compares with
53.2% of normal on Sept. 1, and with a 10-year average Oct. 1 condition of 53.1%. The indicated yield
-per acre is now placed at 154.7 pounds. A month
.earlier it was 153.2 pounds. The advance of the crop
during September was apparently at a very moderate rate. Last year's harvest was 155.0 pounds
per acre, while the 10-year average yield has been
155.1 pounds.
The improvement during September was almost
entirely in some of the larger cotton States, including Georgia, North Carolina, Alabama, Arkansas,
and Louisiana, in the order here given. In all of
these States the crop is turning out better than
appeared probable by the earlier reports. For the
three States first mentioned, the yield this year as
now indicated will be considerably in excess of last
year, and while the condition of the crop in Arkansas
and Louisiana is very low, and the prospective production considerably smaller than that of last year
for these two States, indications point to a larger
yield than was shown a month ago. It will be recalled that in the September report reference was
made to the quite exceptional absence of weevil
throughout the greater part of the cotton belt. This
condition was attributed to the dry weather during
the summer. No mention appears in the latest report as to this feature of the situation, but it is
(VoL, 131.
to some of the States mentioned above that the condition referred to especially applies. The production
for Texas is somewhat lower in the October report
than a month earlier, although the Oct. 1 condition
of 54% of normal for that State is one point higher
than for Sept. 1, and compares with 47% of normal
for Texas a year ago. The yield for Texas is now
placed at 4,275,000 bales of cotton for this year
against 3,940,000 bales harvested from the crop
of 1929.
Other leading cotton States in which a larger
yield is now indicated include South Carolina and
Mississippi. For the former the production promises to exceed that of 1929, but for the latter there
is quite a reduction this year, although 1,660,000
bales are now estimated for Mississippi. The present outlook for Oklahoma is for a crop of 925,000
bales, which is the same as that indicated a month
earlier, but considerably below the yield of 1,143,000
bales in 1929. Among the States of smaller production are Tennessee and Missouri, where the crop
has done rather poorly the present year. Picking
and ginning are unusually advanced in Texas and
Oklahoma. The total ginned to Oct. 1 this year is
6,304,608 bales—to the same date last year ginnings
were 5,903,265 bales. In Mississippi, Louisiana, and
Arkansas ginnings are considerably smaller than at
the corresponding date of 1929, while in North and
South Carolina and Georgia ginnings greatly exceed
those of last year.
The stock market suffered another extremely violent collapse the present week as a result of the
occurrences noted further above. The shrinkage in
values reached enormous proportions, continuing
day after day, until it reached its height with the
announcement of the failure, on Thursday, of the
important investment and brokerage house of
Prince & Whitely. The further great drop in the
cumulative series of declines, taken in connection
with the losses previously suffered, constitute one of
the very worst collapses in Stock Exchange history, and second only to that of the great panic in
October-November last year. On Monday great pressure was brought to bear against the market owing
to the revolt in Brazil and the decline in the securities of all the Latin American countries which this
precipitated. The plunge downward continued on
Tuesday and Wednesday, as the result of much the
same causes, supplemented by continued weakness in
the grain markets and in the price of cotton, and
also by the unfavorable accounts which came from
the steel trade, and likewise the statistics regarding
steel and iron production for the month of September, which proved vastly more unfavorable than
trade reports had led the public to believe.
On Thursday the depressing feature, of course,
was the failure of Prince & Whitely, and also the
news that the Bank of Germany had raised its discount rate from 4% to 5% as a measure of caution
and safety in view of the large gold exports which
the bank had suffered. Liquidation now proceeded on
an enormous scale, the sales on the New York Stock
Exchange exceeding 5,000,000 shares for the day,
with 1,100,000 shares more on the Curb Exchange.
There appeared to be huge supporting orders in
United States Steel, but the price of the stock finally
broke through $150. But this did not end the downslide. On Friday further severe breaks occurred.
Liquidation proceeded on an enormous scale. Sales
OCT. 11 1930.]
FINANCIAL CHRONICLE
2267,
for, the day exceeded 61/
4 million shares, with 1% General Amer. Tank Car at 72% against 78%; Air
million more on the Curb. The new speed tickers Reduction at 106% against 114%; Columbian Carwere five minutes behind the transactions on the bon at 103% against 1193
/
4,and United Gas Impt. at
floor. In the middle of the afternoon, however, 31% against 34%.
The steel shares have been especially weak under
sharp recovery ensued. Steel common, after dropping to 1441/
2—a figure lower even than in the panic the leadership of United States Steel, which was
days of last autumn, when the stock never went unable to resist the outflow of stock, but proved a
lower than 150—rallied, and closed at 1491/
2. And strong leader in the recovery on Friday. United
this was typical of the whole market. No less than States Steel closed yesterday at 149% against 1587/s
554 stocks touched new low levels for the year the on Friday of last week; Bethlehem Steel at 76
present week, and 348 dropped lower even than at against 831/
8; Vanadium at 52% against 623
/
8, and
any time during 1929. Call money ruled all week Republic Iron & Steel at 213
/
4 against 26%. The
motor stocks yielded with the rest. General Motors
at 2%.
Trading, at first small, reached large proportions closed yesterday at 37% against 40 on Friday of
as the week moved along, going above five million last week; Nash Motors at 31% against 32%; Chrysshares on Thursday and above 6% million on Friday. ler at 18 against 21%; Auburn Auto at 863
4 against
At the half-day session on Saturday, the dealings 99; Packard Motors at 10 against 11%; Hudson
on the New York Stock Exchange were 900,370 Motor Car at 23 against 25%, and Hupp Motors at
shares; on Monday they were 2,365,060 shares; on 8 against 10%. The rubber stocks have been no
Tuesday, 3,568,040 shares; on Wednesday, 2,066,960 exception to the rule. Goodyear. Rubber & Tire
shares; on Thursday, 5,050,600 shares, and on Fri- closed yesterday at 43% against 48 on Friday of laat
day, 6,296,918 shares. On the New York Curb Ex- week; B. F. Goodrich at 17 against 191/
2; United.
change the dealings last Saturday were 255,100 States Rubber at 13 against 16%, and the preferred
shares; on Monday, 500,300 shares; on Tuesday, at 24 against 31.
The railroad stocks have tumbled with the rest.
812,100 shares; on Wednesday, 515,100 shares; on
Thursday, 1,100,200 shares, and on Friday, 1,670,700 Pennsylvania RR. closed yesterday at 68% against
71% on Friday of last week; Erie RR. at 35%
shares.
As compared with Friday of last week the further against 38; New York Central at 145 against .151;,
declines the present week are of huge extent, with Baltimore & Ohio at 88 ex-div. against 94; New
scarcely an exception even after the sharp upward Haven at 95 against 101; Union Pacific at 206
reaction at the close yesterday. General Electric against 210; Southern Pacific at 107 against 111;
closed yesterday at 58% against 63% on Friday of Missouri-Kansas-Texas at 285
/
8 against 31; St.
last week; Warner Bros. Pictures at 18% against Louis-San Francisco at 66 against 72%; Southern
/
4; Railway at 70% against 73%; Rock Island at 79%
22; Elec. Power & Light at 53% ex-div. against 643
United Corp. at 24% against 283
/
4; Brooklyn Union against 89%; Chesapeake & Ohio at 44 against 46%;
Gas at 113% against 121%; American Water Works Northern Pacific at 60 against 64, and Great North/
/
8 against ern at 68 against 70.
8; North American at 867
at 81 against 957
The oil shares have also further declined. Stand/
8 against 54%;
967
/8; Pacific Gas & Elec. at 513
Standard Gas & Elec. at 80 against 92%; Consoli- ard Oil of N. J. closed yesterday at 57% against 62%
dated Gas of N. Y. at 99% against 103%; Columbia on Fiiday of last week; Standard Oil of Cal. at 54%
Gas & Elec. at 471/s against 54%;International Har- against 56%; Simms Petroleum at 12% against
/8; J. I. Case Threshing 151/2; Skelly Oil at 20% against 23%; Atlantic Revester at 625
/
8 against 667
Machine at 127 against 135%; Sears, Roebuck & Co. fining at 25 against 28%; Texas Corp. at 44 against
/
s; Pan American B at 49 against 52%; Richfield
at 577
/8 against 61%; Montgomery Ward & Co. at 467
23% against 27%; Woolworth at 63 against 66; Oil at 8% against 8%; Phillips Petroleum at 227
/
8
Safeway Stores at 63% against 66%; Western against 267
/
8; Standard Oil of N. Y. at 277
/
8 against
Union Telegraph at 138 against 155%; American 293
/
8, and Pure Oil at 161/
8 against 18%.
Tel. & Tel. at 199% against 207%; Int. Tel. & Tel. at
The copper stocks did not escape the general down27 against 31%; American Can at 118% against ward plunge. Anaconda Copper closed yesterday
124%; United States Industrial Alcohol at 61% at 36% ex-div. against 38 on Friday of last week;
against 66; Commercial Solvents at 19% against Kennecott Copper at 28 against 29; Calumet & Reda
22%; Corn Products at 787
/8 against 83; Shattuck & at 10 against 10%; Calumet & Arizona at 40%
Co. at 31 against 33%, and Columbia Graphophone against 42%; Granby Consolidated Copper at 14%
at 111/
4 against 14%.
against 15%; Amer. Smelting & Refining at 553k
Allied Chemical & Dye closed yesterday at 212% against 56%, and U. S. Smelting & Refining at 19%
ex-div. against 240 on Friday of last week; Davison against 20.
Chemical at 20% against 23; E. I. du Pont de Nemours at 104 against 108%; National Cash Register
Stock exchanges in the important European finan4 against 39%; International Nickel at 187
at 343
/
8 cial centers presented the dismal prospect this week
against 21%; A. M. Byers at 533
4 against 61; Sim- of almost unrelieved liquidation in large groups of
mons & Co. at 17 against 20%; Timken Roller Bear- stocks and bonds. Issues of international interest,
ing at 56 against 60; Mack Trucks at 47% against such as South American and German bonds, plunged
50%; Yellow Truck & Coach at 123
/
4 against 151/
8; downward at an astonishing rate in all markets.
Johns-Manville at 70 against 77%; Gillette Safety Selling in these sections was precipitated, of course,
Razor at 41% against 57%; National Dairy Prod- by the civil war in Brazil and by continued uncer/
8 against 50%; National Bellas Hess at tainty regarding the German parliamentary situaucts at 443
5% against 6% bid; Associated Dry Goods at 305
/
8 tion. To these unsettling influences was added a
ex-div. against 33; Texas Gulf Sulphur at 54% series of exceptionally gloomy dispatches from New
/
8; Bolster Radio at 2% against 2%; York, which caused weakness in all departments of
against 557
American & Foreign Power at 43% against 57%; the markets in London, Paris and Berlin. In Great
2268
FINANCIAL CHRONICLE
Britain, meanwhile, little change has taken place in
the business situation and the outlook remains obscure. French.industry is beginning to suffer under
the effects of the world-wide depression and there is
less optimism in Paris than formerly. A small revival in a few German industries is reported from
Berlin on the basis of official statistics, but otherwise the situation remains unchanged there. A significant reflection of the German financial situation
appeared this week in the advance as already noted
of the Reichsbank discount rate Thursday to 5%
from 4%. This step was attributed to a considerable
flight of capital away from the Reich. The Reichsbank, in order to restore confidence and maintain
exchange equilibrium, sold foreign exchange and exported much gold to France and Switzerland recently, and as this drain continued it was thought wise
to take precautionary measures, officials said.
The London Stock Exchange was irregular at the
opening Monday, with trading fairly active in
British funds. Selling began very promptly in
Brazilian bonds and all issues were forced down a
number of points. This development, together with
unfavorable week-end reports from New York,caused
unsettlement in most departments and prices turned
soft. A bright spot appeared in British Celanese,
which advanced on an unexpectedly favorable earnings report. The London market as a whole showed
no improvement Tuesday, international issues setting the pace toward lower levels. Brazilians again
turned conspicuously weak and German bonds also
suffered. British funds showed fractional declines,
while British industrialists were lacking in interest.
No change of any importance occurred in conditions
Wednesday, and Brazilian bonds again led the international list steadily downward. Interest centered
in H.M.V. Gramophone ordinary shares, on which a
final 15% dividend was declared as against expectations of higher returns. The stock dropped on substantial selling. Forced liquidation in important
directions developed Thursday and quotations were
marked down further, particularly in Brazilians.
British funds were soft, while all other departments
of the market also were weak. Two small Stock
Exchange failures occurred in London yesterday,
and brought about an increase in the liquidations.
Stocks dropped generally, with British funds and
foreign issues sharing in the decline.
Dealings on the Paris Bourse were small in the
initial session of the week, but prices of stocks fell
sharply on reported bearish operations of professional traders. Stocks were easily dislodged owing
to nervousness induced by unfavorable reports from
New York and increased Nationalist activities in
Germany. Further depression developed on the
Bourse Tuesday, and virtually all securities lost
ground. The internal situation played only a small
part in this movement, but the dubious reports from
foreign centers proved of more importance. International issues fell sharply, with French securities
showing more resistance. The selling wave gained
in volume Wednesday, and prices once more glided
swiftly downward, feeble attempts to bring about a
rally proving quite ineffective. On this occasion
foreign issues were less drastically sold than French
securities. Unfavorable reports from New York
caused another weak opening on the Bourse Thursday, and the selling gained momentum as Berlin
dispatches told of the raising of the Reichsbank discount rate. Prices simply collapsed under a wave
prou 131.
of selling, dispatches said, and the session proved to
initial session of the week, but prices of stocks fell
be the worst on the Bourse in a long time. Further
weakness developed on the Paris market yesterday,
but the declines were not so marked as in the previ•
ous session.
The Berlin market followed the trend of all others
and began the week in an atmosphere of depression,
which was accentuated by the death of Richard Pohl,
President of the Boerse. Turnover was small, but
prices declined two to three points all along the line.
Depressed again by events in New York and by the
Brazilian revolution, stocks dropped steadily on the
Boerse Tuesday. A firmer trend appeared for a
short time early in the day, but this gave way under
a fresh wave of liquidation and prices were off almost without exception. There were no dealings at
Berlin Wednesday, as the Boerse was closed due to
the funeral of its President. When trading was
resumed Thursday, stocks dropped badly on the announcement of an advance in the Reichsbank discount rate. Losses averaged 7 points, and many
issues went to their lowest levels in several years.
German bonds were particularly affected, owing to
reported liquidation on a large scale by foreign
holders. Pronounced weakness again appeared at
Berlin yesterday, and all issues fell sharply.
The eleventh annual Assembly of the League of
Nations ended last Saturday after almost a month
of debate on such important matters as disarmament
and security, the Briand project for a system of
Federal union in Europe, the present world-wide
business depression and the unrest everywhere that
is generally ascribed to the economic ills. When the
Assembly opened on Sept. 10, a course of action
rather than discussion was urged upon it by its
President, Nicolas Titulescu of Rumania. Few important decisions were actually taken, however, other
than the favorable consideration given a proposal for
a study of the causes and possible remedies of recurrent depressions. League authorities are to conduct
this inquiry on the basis of information made available by all Governments. The Briand project, as
previously noted, was brought within the framework
of the League of Nations and further debate was
postponed until the next Assembly meeting. In its
closing meetings the Assembly also decided to delay
consideration of the project for harmonizing the
League Covenant and the Kellogg-Briand Treaty
outlawing war as an instrument of national policy.
A subcommittee of jurists prepared revisions of the
text of the Covenant for this purpose, but the Assembly decided to send the texts to member Governments for study. Views on the revisions are to be
submitted to the Secretariat before June 1931.
Speeches made as the Assembly neared its end last
Saturday were again concerned with problems of
peace and disarmament, notwithstanding the earlier
decision to refer such matters to a later meeting of
the Preparatory Disarmament Commission. Viscount Cecil of Chelwood,speaking for Great Britain,
made an urgent appeal for prompt action toward
peace. After several other speakers had expressed
similar views, the Assembly was closed by M. Titulescu. "It ended,"a dispatch to the New York"Times"
said, "in an atmosphere of gloom deeper than that in
which it started a month ago—deeper than officials
who have been here since the League's creation say
they have ever seen, but despite the gloom there was
OCT. 11 1930.]
Ir
FINANCIAL CHRONICLE
2269
some manifestation of thankfulness that things were Canada is prepared to give preference to British
no worse."
goods. "I say the day is now at hand," he declared,
"when the peoples of the Empire must decide once
Important economic proposals of intimate concern for all whether our welfare lies in closer economic
to all member States of the British Commonwealth union or not. I offer to the mother country and to all
of Nations were placed before the Imperial Confer- other parts of the Empire,preference in the Canadian
ence in London at a plenary session held Wednesday. market in exchange for like preference in theirs,
The meeting was the second plenary session of the based on the addition of a 10% increase in the pregathering, which began Oct. 1 and will continue for vailing general tariffs or upon tariffs yet to be creanother month. Taking the lead in the general dis- ated." This preference, Mr. Bennett said, should not
cussion of economic matters, Prime Minister R. B. be considered a step toward Empire free trade, which
Bennett of Canada proposed the development of a he declared was neither desirable nor possible.
system of preferential tariffs within the Empire and Prime Minister Scullin of Australia promptly agreed
the application of higher rates on imports originat- with Mr. Bennett that preferential tariffs should be
ing outside the British Commonwealth. Specifically, adopted to increase Empire trade, and Prime MinMr. Bennett proposed that a surcharge of 10% over ister Forbes of New Zealand also voiced warm
existing or future tariffs of British nations be ap- approval. That South Africa would welcome the
plied against non-Empire goods. This project, he step was next indicated by Finance Minister
explained, is in line with the Canadian principle of Havenga. Speakers for Ireland, Newfoundland and
protection for the home producers of agricultural India admitted readily that they desired greater
and fabricated goods, and is an extension of the preference in Britain for their goods, but were reprinciple throughout the Empire. Warm support luctant to commit themselves to similar measures in
was given the proposal by Prime Minister Scullin their own countries.
of Australia,Prime Minister Forbes of New Zealand,
A concurrent meeting in which much light was
and Finance Minister Havenga of South Africa. thrown on the policies of the British Labor GovernThe spokesman for the Irish Free State endorsed the ment was held this week at Llandudno, Wales, where
principle somewhat more cautiously, while speakers the Labor party leaders gathered for their annual
for India and Newfoundland were scarcely more conference. As this conference gathered Monday,
than lukewarm. It was indicated, however, both it was. overshadowed by the terrible disaster that
within the conference and in statements made else- overtook the British dirigible R-101 early Sunday.
where, that the Labor Government of Great Britain Among the numerous unfortunates who died in this
is not likely to look upon the proposal with much airship crash in France were Lord Thomson, British
favor, owing to possible harmful effects that it might Air Minister, and several assistants
in the Air Minexercise on the extensive non-Empire trade of the istry. Foreign Secretary Arthur
Henderson anmother country.
nounced the disaster before opening the regular
With numerous subcommittees of the Imperial business of the conference at
Llandudno. Prime
Conference functioning, work proceeded early this Minister MacDonald addressed
this meeting Tuesweek on important legal affairs. Much interest was day and made a reference to
tariffs that appears
expressed in the deliberations of the Sankey com- particularly significant in view of
the proposal that
mittee, which is formulating a plan for an Empire was advanced the following
day in the Imperial
tribunal. The great question before the meeting, conference. "We appreciate the
fact that the world
however, was the economic one of inter-Imperial is going through an industrial revolution
to-day
trade preferences. When opening the second plenary as truly as in the eighteenth century,"
he said. "But
session Wednesday, J. H. Thomas, Secretary for the we know we cannot cure the ills of
this generation
Dominions, threw some light on the attitude of the with the quack remedies of two generations
ago.
Labor Government in London. The entire world, We want co-operation in the
world, not separation,
he said, is in the midst of an economic depression and we know we cannot
get it by adding to tariff
from which Great Britain is suffering with particu- walls. The use of political
boundaries for economic
lar severity. While admitting that something must purposes must be
stopped and only Socialists can
be done to meet this sithation, he had no definite do that." In further
discussions at the party conproposals to place before the Imperial Conference. ference, it developed that
the Labor Government will
Mr. Thomas laid emphasis, however, on the large adopt a program
for settling unemployed workers
amount of trade that has been developed with non- on small land
holdings in England, as one means of
British nations. The London Government, he added, solving the problem
posed by the present total of
was inclined to favor a system of Government pur- more than 2,000,000
unemployed.
chases of bulk Imports into Great Britain, with
preferences extended to the Dominions.
Revolutionary activities that contain the threat
Prime Minister Bennett followed with a terse of a protracted and
sanguine civil war have spread
speech in which he stated that all units of the Empire over much of Brazil this
week, after a small start
would benefit from the widespread application of a last Saturday in the southern
State of Rio Grande.
system of tariff preferences. "This does not mean," This movement,
like those which were successful
he said,"that an attempt should be made to exclude recently in Bolivia,
Peru and Argentina, is directed
from the Empire markets the goods of other coun- against the existing Government.
Rumors of the
tries. We must have markets without the Empire, revolt have been current in Montevideo
for some
and to make these markets sure and greater, we must time, but even these warning reports
gave no indiplace no insuperable barrier in the road of reciprocal cation of the extent of the rebellion
in the largest
world trade." The Canadian viewpoint, stated with Latin American republic. The revolutionist
s object,
extreme frankness by Mr. Bennett, consisted simply according to the reports, to the Administrati
on of
in the desire to secure a better market in Great President Washington Luis, and also the
PresidentBritain for Canadian wheat, in return for which elect, Dr. Julio Prestes, who is to succeed
Dr. Luis
2270
FINANCIAL CHRONICLE
in November. Both are Conservatives and members of a group in the State of Sao Paulo that is
said to have dominated Brazilian affairs for several
years. In the elections in which Dr. Prestes was
chosen recently, both the Conservatives and the defeated Liberals made accusations of immense frauds.
In the present movement the defeated Liberal candidate, Getulio Vargas, has assumed an important
part, as he is leading an army from Rio Grande du
Sul to invade the State of Sao Paulo. The revolt
in Brazil has necessarily taken a different form from
those in other Latin American countries, where mobile military forces were able to effect speedy overturns of the existing regimes. Owing to the vast size
of Brazil and the lack of speedy communications
in many parts of the country, leaders of the revolt
plan to overthrow the State Governments one after
another, and thus convert the land to a rew regime.
This progressive plan has given time to the Rio de
Janeiro Government for the organization of a stout
defense, and pitched battles between large armies
are considered imminent.
Events moved with dramatic swiftness after the
signal for the revolt was given in the State of Rio
Grande du Sul last Saturday. First reports of the
movement were received from Montevideo in Uruguay, which is adjacent to Rio Grande. A simultaneous outbreak in all the important cities of Rio
Grande quickly placed that State in the hands of
the rebels after brief fights with loyal forces in one
or two towns. A rigid censorship was promptly
applied by the Federal Government, but Sao Paulo
and Rio de Janeiro dispatches, permitted to go
through, told of the spread of the revolt to the States
of Parana and Minas Geraes. Railway traffic between Minas Geraes and Rio de Janeiro was suspended, while telegraph service was paralyzed
throughout the country. President Washington
Luis took prompt steps in Rio de Janeiro Sunday
to meet this emergency, loyal forces being moved
by land, sea, and air to meet the rebel offensive.
Martial law was proclaimed in the capital and in
the affected States. The Congress was notified of
the situation in a special message, which told of
the revolt in Rio Grande and Minas Geraes, and
hinted at similar developments in Parahyba, a more
northerly State. President Luis remarked in this
message that the gravity of the situation is increased
by the fact that the Governments of the States had
joined and were directing the movements. The
Brazilian Congress approved a special credit of
100,000 contos (about $10,000,000) to be used by
the Government in facing the situation.
Numerous reports, some of which conflicted in
important respects, were received early this week
from Montevideo, Rio de Janeiro, Santos, and other
centers. Those from the uncensored Uruguyan
points reflected the aims and desires of the revolutionaries. In a special dispatch to the New York
"Times," the objects of the revolt were given as outlined by Colonel Francisco Flores da Cunha, who
helped organize the movement in Rio Grande. These
are to overthrow the Government of President Washington Luis, and prevent the inauguration of Dr.
Prestes, to establish a provisional government, dissolve Congress,firmly establish law and order under
the provisional regime, and then call general elections for a new President, Vice-President, Senators
and Representatives. A Constitutional form of government, which it was charged no longer exists under
[VoL. 131.
President Luis, was promised by Colonel da Cunha.
In further reports from revolutionary sources it was
claimed that the additional States of Matto Grosso,
Ceara, Pia.uhy, and Rio Grande du Norte had gone
over to the rebellion. The States of Pernambuco
and Santa Catharina also were preparing to join
the movement, it was said. In view of the gravity
of the situation, President Washington Luis issued
a proclamation in Rio de Janeiro Monday establishing martial law throughout Brazil until Dec. 31.
The first actual combat of any importance in the
revolt was reported Monday at Bello Horizonte,
capital of Minas Geraes, which was bombed by Federal airplanes. Santos reported that all banks in
that city, Sao Paulo and Rio de Janeiro had been
ordered closed by the Federal authorities.
The first official communication on the developments was issued in Rio de Janeiro Tuesday by the
Federal Minister of Justice, under the direction of
President Luis. This statement stoutly affirmed
the loyalty of the Federal troops and of the Brazilian
people and promised the quick restoration of peace
and order. "The steps taken so far, such as the
declaration of martial law, the measures adopted
for the complete provisioning of Rio de Janeiro, and
other procedures, reveal the firm ground on which
the Government will defend its citizens against the
ignoble crime to which they have been subjected,"
the statement said. "In defence of the re-establishment of peace and order, which the Brazilian people
want, the Government will use all its resources
and its maximum energy within the limits of the
law. National honor demands, and the Federal Government takes, these steps for the well-being of the
country's integrity." A further statement by the
War Office indicated that 100,000 Federal troops
will be placed in the field at once to combat the
rebellion. An official call was issued simultaneously for the mobilization of 10 classes in the army
and navy reserves. The classes called are men between 21 and 31 years old, and it was estimated
that 420,000 men would thus be placed under arms.
Rebel gains claimed in widely separated sections
of the country were discounted in official quarters.
From Montevideo, on the other hand,it was reported
that the Federal Government had decreed an official
holiday until Oct. 21, as "an agreeable way of closing the banks, stock exchanges and administrative
offices." It was stated, moreover, that three important columns of troops were advancing from Rio
Grande du Sul toward the State of Sao Paulo.
Small opposing infantry columns met at Palmyra,
Minas Geraes, on Wednesday, and in this engagement Federal troops were successful, according to
Sao Paulo dispatches. The situation in Minas
Geraes was said to be already well in hand, and
troops were being organized for a march on Rio
Grande du Sul. Rio de Janeiro and Sao Paulo cities
were reported quiet, with business almost non-existent, owing to the closing of the banks for 15 days.
Reports from the revolutionary headquarters in Rio
Grande du Sul stated, on the other hand, that a
rebel army had entered the State of Sao Paulo at
Itarare, and taken possession of an important railway line to Sao Paulo City. Pernambuco, capital
of the State of that name, was said to have surrendered to the revolutionists, as the radio station sent
out incessant reports: "Viva la revolution! We
have won!" A subsequent direct report from Pernambuco to the Associated Press confirmed the cap-
Oar. 111930.]
FINANCIAL CHRONICLE
2271
ture of that city by the rebel forces after a 48-hour lie is a tyrant and affirme
d his intention to hold
struggle in which 150 casualties took place. Much Congressional election
s in November, despite efforts
concern was expressed on both sides regarding the of opposition element
s to have them postponed until
navy, which is an important factor in the present they can organiz
e a party. Of much importance in
struggle. The Rio de Janeiro Government main- its bearing on the Cuban
situation was an announcetained that all naval forces were loyal, but insur- ment Monday by Thomas
L. Chadbourne of New
gents claimed that several destroyers had gone over York of a plan for
international sugar control.
to their cause. Reports dated Thursday indicated The announcement,
made in Havana, indicates that
that insurgent and loyal troops were steadily draw- the chief sugar
interests of the United States and
ing together in the State of Sao Paulo, with a battle Cuba have reached substan
tial agreement for reducimminent. Active forces on the rebel side were said tion of sugar output
until production is approxito total 80,000 men. In Rio de Janeiro President mately equal to consump
tion. When summarizing
Washington Luis announced through a Government this plan, Mr. Chadbourne
declared that the present
spokesman that he had no intention of resigning his unrest in Cuba is due
entirely to economic diffioffice. It was indicated that revolutionary leaders culties. "The chance for
an early upturn in the
had issued a request that he abdicate. Government price of sugar is good,
and I believe that the ecoforces, meanwhile, continued their advance into the nomic and political trouble
s of Cuba will soon be
State of Minas Geraes. Both sides claimed small on the way to solution," he remark
ed.
gains yesterday, the rebels reporting capture of a'
small town in the State of Santa Catharina, while
Three years of able diplomatic service in Mexico
the Federals reported the occupation of border were brought to a close last
week by Dwight W.
cities in Rio Grande.
Morrow, who terminated his brilliant incumbency
In Washington these events were followed with of the ambassadorial post in Mexico
City by profferthe closest interest, and the view was taken that the ing his ,formal resignation
to President Hoover.
Brazilian revolution is the most serious in South This action was expected owing to
Mr. Morrow's
America in many years. The very size of the coun- acceptance of the Republican nominat
ion to the Sentry, with its 42,000,000 population, makes the move- ate in his home State of New
Jersey. His successor
ment of great importance, it was said. No comment to the important Mexico City
post, named late last
was available at the State Department, but in a week, is Joshua Reuben Clark,
Jr., of Utah, former
dispatch to the New York "Times" it was suggested Under-Secretary of State. During
the greater part
that a "hands-off" policy will probably be pursued. of the past year Mr. Clark
spent most of his time
The amount of foreign capital invested in the coun- in Mexico City as legal
adviser to Ambassador Mortry through loans and otherwise was placed at row. He is credited,
for this reason, with having
$2,500,000,000, of which $500,000,000 consists of had a large share in
bringing about the excellent
American loans. British investments account for diplomatic relations that
now exist between Mexico
half the total, while French loans were placed at and the United States.
Officials of the Mexican
$80,000,000. American interests, in addition to the Government expressed
gratification over the nomiloans, were said to include manufacturing invest- nation of Mr. Clark, dispatc
hes said, as it was bements of $40,000,000 to $50,000,000, public utility lieved his appointment
will assure continuation of
investments of $90,000,000 to $100,000,000, and mis- the policies of Mr. Morrow
. Departure of the forcellaneous investments of from $45,000,000 to $65,- mer Ambassador from Mexico
City in September
000,000. Bankers in London were not seriously was an occasion of some
note. "Ambassador Moralarmed by the civil war in Brazil, reports from the row," a special dispatch to
the New York "Times"
British capital said. It was believed that the Gov- said, "has won the highest
esteem of all classes in
ernment, by vigorous action, will be able to weather the nation and has establi
shed an international relathe storm.
tionship of the warmest cordiality between Mexico
and her great neighbor in place of the age-long attiAlthough the political situation in Cuba remains tude of hostility and
suspicion." Pascual Ortiz
tense, little trouble was reported anywhere in the Rubio,Preside
nt of Mexico,issued a statement at the
island during the current week. The request made time calling
attention to the "exceptionally sigby President Gerardo Machado to the Senate last nificant"
work of Mr. Morrow.
week for abrogation of Constitutional guarantees
and the establishment of martial law in the Havana
The Bank of Germany on Thursday raised its
district during the Congressional election campaign rate of discoun
t from 4% to 5%. The lower rate had
was granted by the Congress in a night session on been in
effect since June 20. On Monday the Bank
Oct. 3, and published in the official gazette last of Japan
reduced its rate from 5.48% to 5.11%, and
Saturday. The right may be exercised by Senor the Bank of
Estonia reduced from 8% to 7%. Rates
Machado at his discretion for a period of 20 days remain at 6%
in Spain; at 51/
2% in Austria, Hunpreceding the elections on Nov. 1. This step appar- gary, and Italy;
at 41/
2% in Norway; at 4% in Denently sufficed to dispel any outward signs of dis- mark and
Ireland; at 3/
1
2% in Sweden; at 3% in
content with the rule of President Machado, and England
and Holland, and at 21
/
2% in France, nelthere was no repetition of the minor incidents of gium,
and Switzerland. In the London open market
last week wherein students and police clashed. The
discounts for short bills yesterday were 2 1/16%,
President, sure of his power, spent much time fish- the same
as on Friday of last week, while three
ing at Mariel Bay, Havana dispatches said. In months
bills were 21/
8@2 3/16% against 2 3/16@
answer to the rumors of impending revolution in 2/
3
4% last Friday. Money on call in London
Cuba, President Machado delivered a speech in the
yesterday was 11/
2%. At Paris the open market
Cuban capital Wednesday in which he defended his rate
continues at 21/
2%, and in Switzerland
Administration and virtually declared that he is at 1%%.
too strong to fear any opposition. He denied that
FINANCIAL CHRONICLE
2272
The Bank of England statement for the week
ended Oct. 8 shows a gain of £1,879,653 in bullion
but, as this was attended by an expansion of £173,000
in circulation, the increase in reserves was only
£1,707,000. The Bank's gold holdings now aggregate
£158,682,980 as compared with £131,997,134 a year
ago. Public deposits fell off £8,784,000 while other
deposits rose £4,591,150. Other deposits consist of
bankers' account which increased £5,129,283 and
other accounts which decreased £538,133. The propotion of reserve to liabilities rose from 48.76% a
week ago to 52.06% now. A year ago the ratio was
24.96%. An increase of £130,000 was shown in
loans on Government securities while a decrease of
£6,665,125 appeared in those on other securities.
Other securities include "discounts and advances"
and "securities." The former fell off £7,037,192 and
the latter rose £372,067. Below we furnish a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
1926.
1927.
1928.
1929.
1930.
Oa. 13.
Oct. 12.
Oa. 10.
Oa 9.
Oct. 8.
359,559,000 363,840.000 134,194,000 136,272.175 139.344,180
Circulation a
12,861,000 8,459,000 13.934,000 21,829,856 19,607,296
Public deposits
100,698,206 104,328,415 97,752,000 101,505,537 103,963.569
Other deposits
Bankers' accounts 66,447,014 66,244,273
Other accounts_ _ _ 34,251,192 38,084,142
Governm't securities 44,666,247 72,706,855 43,110,000 52,929,619 35,810,307
70,858,938
Other securities_ _ 27,409,221 29,585,933 45,183,000 53,560,179
Disct. & advances 4,879,485 8,836,136
22,529,736 20,749,797
Securities
Reserve notes & coin 59,123,000 28,156.000 53,056,000 34.484,805 34,579,746
158.682,980 131,997.134 167,501,083 151,006,980 154,173,926
Coin and bullion
Proportion of reserve
27.98%
27.96%
47.52%
24.96%
52.06%
to liability
5%
%
434%
3%
634%
Bank rate
a On Nov.29 1928.the flduciary'currency was amalgamated with Bank-of England
note Issues, adding at that time f234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
Oct. 4,shows an increase in gold holdings of 669,552,892 francs. Gold now aggregates 49,100,819,073
francs, as compared with 39,784,174,679 francs last
year and 30,668,820,533 francs two years ago.
Credit balances abroad declined 5,000,000 francs,
while bills bought abroad went up 5,000,000 francs.
French commercial bills discounted record a large decrease, namely 1,139,000,000 francs. An increase of
1,463,000,000 francs is shown in note circulation,
raising the total of the itetn to 74,486,063,150 francs.
Circulation the same time last year stood at 67,329,996,400 francs and the year before at 62,607,259,145
francs. Advances against securities and creditor
current accounts show decreases of 149,000,000 francs
and 1,849,000,000 francs respectively. Below we
furnish a comparison of the various items for the past
three years:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings___Inc. 669.552,892
5,000,000
Cred. ha's. abr'd_Dec.
French commercl
Dec.1,139,000,000
bills discounted
5.000,000
Bills boughtabedinc.
Adv.588t.securs_Dec. 149,000.000
Note circulation_Ino. 1,463,000,000
Cred. cur. accla_Dee.1,849,000,000
COMPARATIVE STATEMENT.
Status as of
Oct. 6 1928.
Oct. 5 1929.
Oct. 4 1930.
Francs.
Francs.
Francs.
49,100,819,073 39,784,174,679 30,668,820,533
6,561,891,623 7,199,997,528 13,288,990,367
5,005,484,964
19,009,304,187
2,647,714,155
74.486,063,150
17,439,914,772
8,718,626,502
18,604,027.934
2,547,699,771
67,329.996,400
16,982,772,757
3.633,820,533
18.408.910.440
2,165,376,082
62,607,259,145
16.232,397,231
The Bank of Germany in its statement for the first
week of October showed a decline in gold and bullion
of 35,830,000 marks. Owing to this drop the total of
bullion now stands at 2,443,003,000 marks, as compared with 2,211,960,000 marks the same time last
year and 2,457,140,000 marks in 1928. Reserve in
foreign currency, bills of exchange and checks, and
silver and other coin record decreases of 34,698,000
marks, 46,087,000 marks and 2,324,000 marks while
deposits abroad remain unchanged. The only item
[Vol_ 131.
on the Bank's statement which showed an increase is
notes on other German'banks, which rose 10,942,000
marks. Notes in circulation underwent a contraction of 243,118,000 marks, reducing the total of the
item to 4,987,588,000 marks. Circulation a year
ago stood at 4,686,802,000 marks and the year before
at 4,592,090,000 marks. Decreases are shown in advances of 230,209,000 marks, in investments of 173,000 marks, in other assets of 46,180,000 marks, in
other daily maturing obligations of 124,723,000
marks and in other liabilities of 34,718,000 marks.
A comparison of the various items for the past three
years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Oct. 7 1930. Oct. 7 1929. Oct. 6 1928.
for Week.
Retchsmarks. Reichsmarks. Reichsmarks.
Reichsmarks.
Assets—
2,211,960,000 2,457.140,000
2,443,003,000
Dec. 35,830,000
Gold and bullion
85,626,000
Unchanged 149,788,000 149.788,000
Of which depos. abed_
Reeve in for'n curr__ _Dec. 34,698,000 136,215,000 347,809,000 151,894,000
Bills of exch.& checks Dec. 46,087,000 2,056,743,000 2,510,861,000 2,359,257,000
95.909,000
75,776,000
Silver & other coln__ _Dec. 2,324,000 146,528,000
437,000
12.465,000
15,552,000
Notes on oth.Ger.bits_Inc. 10,942,000
16,681,000
59.196,000
60,123,000
Dec. 230,209,000
Advances
93.819,000
92,583,000
173,000 102,493,000
Dec.
Investments
Dec. 46,180,000 639,452,000 590,571,000 548,711,000
Other assets
Liabilities—
Notes in circulation_ _Deo. 243,118,000 4,987.588,000 4,686,802,000 4,592,090,000
Oth.daily matur.oblig.Dec. 124.723,000 347.359.000 444,478,000 511,260,000
Dec. 34,718,000 239,472,000 367.701,000 269,693,000
Other liabilities
Money rates in the New York market remained
stable this week, with some indications of firmer
conditions in time money. Call loans on the Stock
Exchange were quoted at 2% throughout, both for
renewals and new loans. In contrast with previous
sessions, however, no offerings at concessions were
reported in the unofficial Street market. Withdrawals by the banks were substantial at times,
amounting to $50,000,000 Monday, a further $50,000,000 Tuesday, and approximately $25,000,000
Wednesday. These withdrawals occasioned a
firm undertone in most sessions. Some interest was
occasioned among money brokers here by contrary
action on discount rates by two important foreign
central banks. The Bank of Japan lowered its rate
Monday from 5.48% to 5.11%, while the German
Reichsbank raised its rate Thursday from 4% to 5%.
Brokers' loans, as reported by the Federal Reserve
Bank of New York for the week ended Wednesday
night, declined $158,000,000, in reflection of the extensive liquidation in stocks that has been under
way for some time. Gold movements for the same
period consisted of imports of $1,568,000 and exports
of $10,000. No change was reported in the stock
of gold ear-marked for foreign account.
Dealing in detail with the call loan rate on the
Stock Exchange from day to clay, all that it is
necessary to say is that the call loan rate has been
at the single figure of 2% on each and every day
of the month, this being the rate for renewals as
well as for new loans. Time money has been without noteworthy change this week, with only a moderate amount of business in sight. Rates were ad1 4 of 1%. Quotavanced late on Thursday about /
4% for
money, 21/
30-day
now
4@2%
/
for
are
13
tions
2% for 90-day accommodation, 2/
1
2@
1
60 days, 2/
4@3% for five and
/
4% for four months, and 23
/
23
six months. The demand for prime commercial
paper in the open market has continued strong, and
practically all available paper was quickly absorbed.
Rates are unchanged, extra choice names of four to
six months' maturity being quoted at 3%, while
names less well known are offered at 31/4@31/2%.
OCT. 11 1930.]
FINANCIAL CHRONICLE
The demand for prime bank acceptances has
greatly fallen off the present week, though a generous supply of paper has been available. The 12
Reserve Banks increased their holdings of acceptances during the week from $193,108,000 to $211,023,000. Their holdings of acceptances for foreign
correspondents also increased, rising from $431,411,000 to $435,194,000. The posted rates of the
American Acceptance Council continue at 2% bid
.and 17
/8% asked for bills running 30 days, and also
for 60 and 90 days; 21/
8% bid and 2% asked for 120
days, and 2%% bid and 21/
4% 'asked for 150 days
and 180 days. The Acceptance Council .no longer
gives the rates for call loans secured by acceptances,
the rates varying widely. Open market rate for
acceptances also remain unchanged, as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —160 Days— —120 Days—
Bid. Asked.
Rid. Asked.
Bid. Asked.
254
25(
254
234
254
Z
—90Days— —60Days— —30Days—
Bid. Asked
Bid. Asked.
Bid. Asked.
2
134
2
2
134
134
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
254 bid
254 bid
Mere have been no changes this week in the red.1.count rates of any of the Federal Reserve Banks
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Frerichs»
Rate in
Effect on
Oct. 10.
Date
Established.
Previous
3
254
354
354
355
354
354
354
334
354
354
334
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Aug. 8 1930
334
3
4
4
4
4
4
4
4
4
4
4
Rate.
Sterling exchange continues dull and irregular. The
range this week has been from 4.85% to 4.85 27-32
for bankers' sight bills, compared with 4.85 9-16 to
4.85% last week. The range for cable transfers has
been from 4.85% to 4.86, compared with 4.85 13-16
to 4.86 3-32 a week ago. The New York foreign exchange market hesitates to make commitments in
sterling exchange until the future becomes more clear.
As a seasonal matter the pound should weaken in the
next few weeks sufficiently to bring about gold shipments from London to New York, but this hinges
largely upon cotton and grain financing. Thus far,
according to well informed circles, there has been
little evidence of financing of cotton and grain shipments through sterling bills. If most of the necessary
credit is obtained in New York, which seems altogether likely, the sharp seasonal pressure against the
exchange will be alleviated. On the other hand, according to some bankers the movement of funds on
the • Continent because of the disturbed German
political situation is so unusual that it is possible that
undue weakening in sterling will result. According
to London dispatches the easier tendency in sterling
is looked upon as normal for this period of the year
and no anxiety is felt regarding the Autumn outlook
for the money market. A large amount of gold is
due to arrive in London from Australia and the
Bank of England is expected to take some part of
the expected arrivals from South Africa.
There is a more confident feeling that the gold imports by Paris from London will be only spasmodic
2273
during the coming weeks and it is thought that they
will soon cease when the French trade balance becomes
more unfavorable with the necessary importation of
wheat into France. This week the Bank of England
shows an increase in gold holdings of £1,879,653, the
total standing at £158,682,980, which compares with
£131,997,134 a year ago. On Saturday the Bank of
England sold £8,747 in gold bars and exported L10,000 in sovereigns. On Monday the Bank received
£1,000,000 in sovereigns from abroad and sold £15,483 in gold bars. On Tuesday the Bank sold £5,180
in gold bars. About £950,000 of South African gold
was available in the London open market on Tuesday,
of which £890,000 was taken for shipment to France
and the rest by the trade and India at a price of 84s.
11%d. Next week £453,000 in gold bars and £250,000 in sovereigns will be available. According to
London bullion dealers, practically the entire increase in the Bank of England's gold holdings this
week is believed to have come in the form of sovereigns
from Australia. On Wednesday the Bank bought
£8 in foreign gold coin, sold £138,062 in gold bars,
and exported £8,000 in sovereigns. On Thursday
the Bank sold £38,842 in gold bars and exported
£8,000 in sovereigns. On Friday the Bank bought
£10 in gold bars, sold 61,055 gold bars and exported
£6,000 in sovereigns.•
At the Port of New York the gold movement for
the week ended Oct. 8, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$1,568,000, of which $1,015,000 came from Colombia
and $553,000 chiefly from other Latin American
countries. Exports totaled $10,000 to Germany.
There was no change in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended Oct. 8, as
reported by the Federal Reserve Bank of New
York, was as follows:
GOLD MOVEMENT AT NEW YORK, OCT. 2—OCT. 8, JNCLUSIVE.
Imports.
Exports.
81,015,000 from Colombia
$10,000 to Germany.
553,000 chiefly from other Latin
American countries.
81,568,000 total.
$10,000 total.
Net Change in Gold Earmarked for Foreign Account.
None.
The Federal Reserve Bank reported the receipt
during the week ended Oct. 8 of $150,000 gold at
San Francisco from China. On Thursday $2,630,000
of gold was received at San Francisco of which
$2,500,000 came from Japan and $130,000 from
China.
Canadian exchange continues at a slight premium.
The quotations on Canadian funds this week were
5-64 of 1% premium on Saturday, 3-32 of 1% on
Monday, 7-64 on Tuesday and on Wednesday, and
3-32 of 1% on Thursday. The rate yesterday for
Montreal funds was 5-64 of 1% premium. According
to New York bankers something of a long position
is being built up in Canadian exchange. The market
is impressed by the large Canadian loan that has been
floated here in New York the present week. A large
part of the funds obtained will be used for refunding
purposes and should therefore have little or no effect
upon the exchange market, but in the event that some
of the proceeds are sent to Canada a fresh demand
for Canadian funds will arise. At current rates
Canadian funds are just under the gold export point
and the market is confident that gold will again
move to Canada from New York in the near future.
The movement which began in the latter part of
2274
FINANCIAL CHRONICLE
July resulted in total exports of gold of $22,500,000
from New York to Canada.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm. Bankers' sight was
4.85%@4.85 27-32; cable transfers, 4.86. On Monday sterling continued steady. The range was
4.85%@4.85 13-16 for bankers' sight bills and
4.85 31-32@4.86 for cable transfers. On Tuesday
sterling was under pressure. Bankers' sight was
4.85 11-16@4.85%; cable
transfers, 4.85%@
4.85 31-32. On Wednesday the market was dull but
steady. The range was 4.85%@4.859 for bankers'
sight and 4.85%@4.85 15-16 for cable transfer. On
Thursday the market continued quiet and steady. The
range was 4.85 11-16@4.85 25-32 for bankers' sight
and 4.85%@4.85 31-32 for cable transfers. On
Friday sterling was fractionally lower; the range
was 4.85%@4.85% for bankers' sight and 4.85%@
4.85 15-16 for cable transfers. Closing quotations
on Friday were 4.85 11-16 for demand and 4.85%
for cable transfers. Commercial sight bills finished
at 4.85 11-16, 60-day bills at 4.833
%,r90-day bills
at 4.82 8, documents for payment (60 days) at
4.833
% and seven-day grain bills at 4.853-16. Cotton and grain for payment closed at 4.85 11-16.
[VOL. 131.
and Rm.17,500,000 gold for shipment to Amsterdam.
French francs continue to display an undertone of
ease both with respect to the dollar and pound
sterling. The ease in the franc is largely a seasonal
matter due to the sharp drop in tourist expenditures
and to the probability of extraordinarily heavy
imports of wheat by France this season. The rate
has been sufficiently firm against London, however
to enable French arbitrage houses to take more gold
from the London open market. This gold flow is
expected to diminish soon, but it is thought hardly
probable that there will be any reverse flow from
Paris to London. According to Paris dispatches, the
Bank of France is fully prepared to allow gold to
leave when exchange rates warrant and to refrain
from selling foreign exchange in support of the franc,
but the only factor capable of depreciating the franc
sufficiently to cause gold exports would apparently
be the export of French capital for long or short
investment abroad, and in view of the present
economic depression and the low foreign rates of
interest such exports do not at present seem likely
to occur on any important scale. This week the
Bank of France shows a new record for gold holdings,
which reached 49,100,000,000 francs, an increase of
669,000,000 francs during the week. By far the
Exchange on the Continental countries is little greater part of this increase came from gold bought
changed from the past few weeks and continues to in the London open market. Present holdings are
show fractional ease, largely as a result of seasonal 9,316,000,000 francs greater than a year ago and
pressure. The easier tone in marks is also due to the 20,165,000,000 francs greater than in June 1928,
uncertainties arising from the German political when the Bank of France issued its first statement
situation, which has resulted in a large withdrawal following the stabilization of the franc. The Bank's
of balances by other Continental centres from the ratio of reserves is at record high,standing at 53.40%,
German market and doubtless the export of con- compared with 46.10% a year ago and with the legal
siderable German funds. Whatever strength the requirement of 35%. Fear has been expressed in
mark shows is due largely to the policy of the Reichs- some quarters from time to time that the French
bank in supporting German exchange. On Wednes- government will order the minting of gold coin
day the Reichsbank increased its rate of rediscount from these huge accumulations, as it is permitted
from 4% to 5%, the former rate having been in to do under the stabilization law of June 25 1928.
effect since June 20, when it was lowered from 432%. Recent cable advices from Paris, however, are to
The action was taken because of the continued the effect that the French Government has abandemand for foreign exchange in the past few weeks. doned its original plans and has decided to maintain
The situation is not regarded as dangerous, but the its gold stocks in the form of bullion. The great
Bank believes it no longer necessary to respect in- danger in minting of coins is of course that the
dustry's need of cheap money rates. This is the first French people would resort to the age-old custom of
increase in a major Bank rate this year and bankers hoarding. Actual gold circulation would reduce the
are inclined to regard it as a purely internal affair. note cover and might have a tendency to tighten
It is not considered a forerunner of any such action French money rates. While Polish exchange is
in other centres, but as a precautionary measure to among the minor foreign exchanges, it is of interest
prevent possible panicky capital exports from Ger- to note that on Friday of last week the Bank of
many under stress of the political crisis. The Reich5- Poland announced an increase in its discount rate to
bank has lost about 176,000,000 reichsmarks in gold 7% from 63/2%, the latter rate having been in
and approximately 400,000,000 reichsmarks in ex- effect since June 13. Most New York bankers are
change since the elections. The renewal of active not inclined to view the change as a preliminary
demand for foreign exchange in the last few days is step toward an upward movement of world money
believed to have hastened the action of the Bank in rates, but look upon it as merely a seasonal occurmarking up its rediscount rate. The German reserves ence. There has been some strain on the Polish
despite the recent losses still remain strong. Further money market recently, with a lowering of the
shrinking of reserves would not have seriously reserve position of the National bank. Hence the
endangered the Bank's position, but would have had change in this rate might be considered as only a
an unfavorable effect on a public already showing normal step in banking practice. The increase had
anxiety. The rise in the private discount rate from no effect on zloty exchange.
The London check rate on Paris closed at 123.85
33/8% to 3%% in the past week was also a factor
which gave the Bank an excuse to take a step in on Friday of this week, against 123.83 on Friday of
keeping with the trend of the money market. Amster- last week. In New York sight bills on the French
dam dispatches on Tuesday stated that the Bank of centre finished at 3.92 3-16, against 3.92% on Friday
the Netherlands had received 5,000,000 guilders gold of last week, cable transfers at 3.92 5-16, against
presumably for account of the Reichsbank; while 3.923/2, and commercial sight bills at 3.92, against
yesterday Berlin cables stated that the Reichsbank 3.92%. Antwerp belgas finished at 13.943/i for
had sold Rm. 35,000,000 gold for shipment to Paris checks and at 13.953/ for cable transfers, against
OCT. 11 1930.]
2275
FINANCIAL CHRONICLE
13.943/i and 13.953/2. Final quotations for Berlin In Tuesday's trading, following the break in Brazilian
marks were 23.783/ for bankers' sight bills and milreis on Monday, exchange on Buenos Aires
23.793/ for cable transfers, in comparison with dropped to 35.09 from 35.20 for cable transfers and
23.793. and 23.803. Italian lire closed at 5.23 7-16 •Peru lost Mc. at 32.25. Later in the week, however,
for bankers' sight bills and at 5.23 11-16 for cable Buenos Aires recovered, with most of the transtransfers, against 5.233/ and 5.233
%. Austrian actions nearer 35.40 for cable transfers. Brazilian
schillings closed at 14.103/2, against 14.11; exchange milreis broke sharply on Monday as a result of the
on Czechoslovakia at 2.96 11-16, against 2.963/
2; on announcement that the banks of Rio de Janeiro and
Bucharest at 0.595
%, against 0.595
%; on Poland at Santos had been closed on account of the revolution.
11.22, against 11.22, and on Finland at 2.513
%. Brazilian milreis broke to .0975, compared with
against 2.513
%. Greek exchange closed at 1.29 5-16 10.58, the closing figure on Friday of last week.
for bankers' sight bills and at 1.29 9-16 for cable Following the news on Monday milreis exchange
became dead,since it was impossible to transact any
transfers, against 1.293
% and 1.295
%.
business, with the resAlt that current quotations are
Exchange on the countries neutral during the war largely nominal. Argentine paper pesos closed at
presents much the same aspects as last week. Holland 34 7-16 for checks, as compared with 35 7-16 on
343/ for cable transfers,
guilders and Swiss francs are firm, while the Scan- Friday of last week and at
against
3532.
Brazilian
milreis were nominally
dinavian currencies, although fractionally lower on
for
bankers'
sight
quoted
10.22
bills and 10.25 for
balance, are steady. Spanish pesetas have fluctuated
transfers,
against
10.55
and
cable
10.58. Chilean
widely and are at record lows. A severe break took
exchange
closed
at
12
1-16
for
checks
and at 123/i
place in peseta exchange in Tuesday's market,
for
cable
transfers,
against
12
1-16
and
123/
s. Peru
followed by further weakness on Wednesday and wide
at
31.75,
against
33.25.
fluctuations on Thursday. The extreme break of
Tuesday carried peseta cables to 10.05, the lowest
Exchange on the Far Eastern countries has been
ever recorded. A technical rally followed during the
day, but on Wednesday the rate went to 9.97, once inclined to ease so far as the Chinese units are conagain confirming the fears of the exchange market cerned owing to the lower prices of silver during the
regarding the soundness of the Spanish currency. In past few weeks. Japanese yen have been firm. On
London the rate on Wednesday closed at 48.60 pesetas Monday the Bank of Japan lowered its official
to the pound, compared with 47.75 at the previous rediscount rate to 5.11% from 5.48%. The latter
close. The latest burst of weakness is believed to rate had been in effect since Oct. 10 1927. The
have been caused by the resignation.of Sr. Moreno action was unexpected inasmuch as open market
from the Central Exchange Office. The strength of rates in Tokio have been steadily advancing since
guilders throughout the past few weeks has been a June and the reduction in the official rate brings it
notable feature of the foreign exchange market in below other money rates. Cable advices from Japan
view of the general irregularity and soft tone. The state that the step is probably preparatory to the
firmness in the guilder is regarded as all the more prevention of tightness in money over the year-end.
surprising since bankers report that in the past few Japan has lost gold heavily since the return to the
weeks there has been a steady flow of Dutch money gold standard in January with the result that the
to New York. Were it not for this movement the money market there has been tightened. A new
rate would doubtless be much higher. There is movement of gold to this country has set in which
reported to be a scarcity of Dutch bills on the New FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ILCT OF 1922,
York market arising from trade demands. It is
OCT. 4 1930 TO OCT. 10 1930, INCLUSIVE.
expected in well informed quarters that the scarcity
Noon Buying Rate for Cable Transform in New York,
Value in United Stales Money.
of Holland bills will continue through November and country and Monetary
Unit.
possibily into December. The movement of funds
Oct. 4.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9. Oct. 10.
from Amsterdam to New York has been brought
il
II
$
EUROPE-$
1
.141116 .140989 .141048 .141014 .140937 .141028
tustrla,schillIng
about by the fact that Dutch banks are overloaded Belgium.
.139470 .139473 .139500 .139500 .139500 .139475
belga
.007219 .007230 .007219 .007219 .007219 .007208
Bulgaria, lev
with money and money rates are very low. Another Czechoslovakia
krone .029668 .029672 .029668 .029867 .029865 .029668
krone
267637 .267612 .267575 .267554 .267561 .267543
element of firmness in the guilder is supposed to be Denmark,
England, pound
4.859859 4.859400 4.858482 4.858707 4.858690 .858877
sterling
the transfer of balances from Germany.
Finland, marklut
.025170 .025186 .025168 .025168 .025168 .025166
France. franc
.039245 .039243 .039231 .039233 .039238 .039232
Bankers' sight on Amsterdam finished on Fiiday Germany.
relchamart, .238010 .238002 .237897 .237922 .237983 .237842
.012948 .012950 .012944 .012946 .012948 .012946
Greece. drachma
at 40.323, against 40.323 on Friday of last week; Holland.
.403288 .403285 .403345 .403356 .403378 .403333
guilder
.175035 .175047 .175048 .175038 .175045 .175051
Hungary. Pengo
cable transfers at 40.333/
2, against 40.333/
2, and Italy. lira
.052370 .052369 .052368 .052383 .052384 .052363
Norway. kmne
.267804 .267598 .267579 .267550 .267555 .267543
commercial sight bills at 40.30, against 40.303/
2. Poland.
.112022 .112090 .112063 .112055 .112018 .112122
zloty
Portugal, eecudo
.044886 .044980 .044928 .044862 .044860 .044882
Swiss francs closed at 19.423/i for bankers' sight Rumania,leu
.005950 .005950 .005948 .005948 .005949 .005949
4ttain. peseta
.103642 .102940 .102178 .100035 .100916 .100802
bills and at 19.433/ for cable transfers, against +soden, krona
268638 .268825 .268800 .268590 .268573 .268573
franc.-- 194107 .194111 .194233 .194321 .194359 .194343
2. Copenhagen checks finished 3witzerland,
Yugoslavia. dinar-- 107710 .017705 .017711 .017711 .017712 .017715
19.403/ and 19.413/
ASI A-Charon Mel- - .406875 .406875 .404583 .405000 .405416 .405833
at 26.74% and cable transfers at 26.76, against China
Hankow tael
.402343 .402031 .400312 .400000 .401582 .402187
tael
.392232 .392053 .391071 .390892 .392321 .392767
26.753. and 26.763/2; checks on Sweden closed at Shanghai
Mittel!' tael
.413125 .412708 .409583 .410416 .410833 .412083
Hong Kong dollar.- .319732 .319285 .319107 .319107 .319732 .319910
26.84%, and cable transfers at 26.86, against 26.853.
Mexican dollar_-_ .285000 .284687 .282812 .283125 .283125 .284375
or Pelyang
and 26.863/2; while checks on Norway finished at Tientsin
dollar
285000 .284583 .283083 .282500 .282500 .283333
Yuan dollar
.281250 .280833 .278750 .279166 .279166 .280000
26.743
4 and cable transfers at 28.76, against 26.753 India.
rupee
.359978 .359992 .360253 .380310 .360283 .360196
Japan. yen
.494900 .494862 .495240 .495315 .495690 .495693
and 26.763/
2. Spanish pesetas closed at 10.06 for Singapore
(8.8.) dol
.582500 .562291 .562291 .562291 .562541 .562291
NORTH AMER.bankers sight bills and at 10.07 for cable transfers, Canada.
dollar1 000815 1.000900 1.001130 1.001121 1.001089 1.000742
Cuba. peso
.999343 .999281 .999343 .999156 .999281 .999281
which compares with 10.35 and 10.36.
Werke, gem
.472512 .472525 .472587 .472475 .471875 .472387
Exchange on the South American countries has
been dull and irregular, under a cloud of uncertainty
as a result of the outbreak of revolution in Brazil.
Newton:int:Rand, dollar
SOUTH AMER
Argentina. MOO (gold)
Brazil. mllrela
C521e. Peso
Uruguay. peso
Colombia. peso
•Not quoting.
.998187
.998343
.998437
.998687
.998406
.998031
.801051
.105100
.120976
.805362
985300
.800728
.100400
.120938
.805675
.965300
.798815
*
.120973
.807351
.965300
.786668
.789359
•
.120974
.802567
.965300
.782826
.120975
.801925
.965300
.120943
.791904
.965300
2276
FINANCIAL CHRONICLE
[VOL. 131
tariffs will obviously attract the greatest interest
and have the most far-reaching effects.
Two of the opening speeches at the first session
made it clear that the question of imperial trade
would take precedence of all others. The Prime
Minister of Canada, R. B. Bennett, declared that the
issue of "more profitable economic relations within
the Empire" was one to be faced, and that what had
been done in Canada "through adequate employment
of means within our own control" had, he believed,
"provided a way out of our present difficulties." The
Prime Minister of Australia, J. H. Scullin, went
farther than general statements, and pointed out
that "within the Empire we are able to make preferAs the Sub-Treasury was taken over by the Fed- ential arrangements which are impossible in the outeral Reserve Bank on Dec. 6 1920, it is no longer sin world owing to the network of commercial
possible to show the effect of Government operations treaties between most foreign countries. We can
in the Clearing House institutions. The Federal guarantee one another markets of sufficient imReserve Bank of New York was creditor at the Clear- portance for most commodities to absorb a far
greater volume of production than we have yet ating House each day as follows:
tained.
The value of Great Britain's imports of
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
agricultural products exceeds $3,750,000,000, of
AT CLEARING HOUSE.
which only 37% is derived from within the Empire
Saturday, Monday, Tuesday, Wednesday Thursday, Friday,
Agoreoate
Oct. 10.
Oct. 4.
Oct. 8.
Oct. 6.
for Week.
Oct. 9.
Oct. 7.
and 63% from foreign countries. The total value of
5
$
$
the manufactured products imported into the over162,003,000 131,000.000 165,000.000 166.000,000 144.000.000 161,000.000
Cr. 929,000,000
seas Empire is over $2,750,000,000. Some of these
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of manufactured products are of a type in which Great
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing Britain cannot compete, but the overseas Empire is
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on Institutions located outside importing from foreign countries at least $1,250,of New York are not accounted for In arriving at these balances, as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve 000,000 worth of manufactures in which
Great
Bank for collection for the account of the local Clearing House banks.
Britain could compete. These immense figures give
The following table indicates the amount of some measure of additional markets to which we
could help one another to obtain a larger share."
bullion in the principal European banks:
On Wednesday, in a closely reasoned speech, Mr.
October 9 1930.
October 10 1929.
Bennett
outlined his plan. Premising that the ConBanks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
servative Party of Canada was committed to the
•
England__ 158,682,980
158,682,980131,997,134
131,997,134 protection of agricultural and manufactured prod(d)
France a__ 392,808,552
392.806,552318,273,397
(d)
318,273,397
Germany b 114,660,700
c994,600115,685,300103,108,6
994.600 104,103,200 ucts "from harmful interference by world competi28,490,000 127,497.000 102.597,
Spain
28,498,000 131,095,000
56,587,000
Italy
55,807,000
55,807.000 tors," Mr. Bennett proposed that the Conference
Netherl'ds 32,549,000 2,014.000 34.583,000 36.919,000
36,919,000
Nat. Belg. 35,644.000
85.644,000 29.221,000 1,270,000 30,491,000 should "subscribe to the principle of Imperial preferSwItzerl'd_ 25.585,000
25,585,000 21,306,
1,185,000 22,491,000
Sweden__ 13,454,000
13,454.000 13,441,000
13.441,000 ence" and "take without delay the steps necessary
Denmark _ 9,566,000
9,566,000 9.586.000
409,000 9,995,000
Norway... 8,138,000
8,138,
8.153,000
8,153,000 to put it into effective operation!' As a basis for
Tot. wk.946,680,232 31,498,600978,178,832830,409,131 38,356,600862.765.731 such action, he said, Canada offered to the mother
Free. week 940,088,756 31,473,600 971,562.356825,742,010 32,372.600858,114,810
country and all other parts of the Empire "prefera 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 hold geld
abroad, the amount of which the present year Is 24,789,000. c As of Oct. 7 1924. ence in the Canadian market in exchange for like
d Silver Is now reported at only a trifling sum.
preference in theirs, based on the addition of a 10%
increase in the prevailing general tariffs, or upon
Great Britain at the Parting of the Ways—
tariffs yet to be created." The increase, he pointed
The Imperial Tariff Issue.
out, could not be uniformly applied, since while it
The quadrennial meeting of the British Imperial afforded "adequate protection to the industries now
Conference, which began its sessions at London on existent or yet to be established," a "certain flexiOct. 1, has before it a long agenda whose items, while bility" in the preferential tariff must be insured in
naturally of varying degrees of importance, reflect order to take account of the need of stability in trade
the manifold interests of an empire on which the sun conditions and provide for such preferences as are
never sets, and whose 450,000,000 people represent now higher than the general one proposed. The
one-fourth of the world's population. Premier proposed preference, however, "should not be conHertzog of South Africa, for example, hopes to ob- sidered as a step toward Empire free trade." In the
tain from the Conference an explicit affirmation of opinion of Canada, Mr. Bennett said, "Empire free
the right of a member State of the British Common- trade is neither desirable nor possible, for it would
wealth to secede; the Irish Free State desires some defeat the very purpose we are striving to achieve."
further recognition of its independent status; the
In commenting further upon the necessary flexiquestion of creating an Imperial court of appeal for bility of the suggested 10% increase, Mr. Bennett
the consideration of controversies between members pointed out that the rate might conceivably be lower
of the Commonweath has been given special im- "in the case of raw products or where the Empire
portance, and a recognition of Canadian or Aus- supply does not meet the Empire demand," and might
tralian or other national citizenship in addition to be higher "where that rate in relation to the main
British has been specially urged. The overshadow- tariff is adequate to afford Empire goods an appreing issue, however, is the tariff question, and while ciable advantage over those of foreign countries."
the decisions that may be taken on other matters The question of what agencies should be employed
will in no sense be negligible, what is done regarding to insure the fullest co-operation in carrying out the
•
•has naturally caused still more stringency. The
reduction in the bank rate had no effect on spot yen
in New York but futures advanced from a discount of
15 to 16 points to a discount of about 3 points. New
York bankers are undecided as to the ultimate effect
of the reduction, but it would appear that more gold
must be shipped. Closing quotations for yen .checks
yesterday were 49.60@49%, against 49.49@49 11-16;
Hong Kong closed at 32/@32 3-16, against 32M@
32 5-16; Shanghai at 39%@,39, against 39 7-16@
4; Singapore at
4, against 497
3998; Manila at 497
56%@56 11-16, against 56%@56 11-16; Bombay at
3614,against 363; Calcutta at 363(, against 3634.
III
4
OCT. 11 1930.3
FINANCIAL CHRONICLE
scheme was one which Mr. Bennett thought should
be left for technical experts in the various countries
to work out, and he accordingly suggested the appointment of committees in the different countries
to make an exhaustive examination of the effect of
the proposal. He further proposed that when the
Conference had had "an opportunity profitably to
discuss the plan in its various aspects," it should
adjourn to meet early next year at Ottawa to consider a final report.
Mr. Bennett's proposal, while somewhat novel in
the particular form in which it was presented, could
hardly have occasioned surprise save for the earnestness with which prompt action upon it was urged.
For more than a year the tariff question has been
stirring deeply the waters of English politics. Precisely where the various political parties stand is not
easy to say, and the full reaction to the submission
of Mr. Bennett's plan or of such decision as the
Conference may reach regarding it has still to be
awaited. The Conservatives, who have seemed to
be pretty well committed to an Imperial tariff wall,
appear to have found the proposed combination of
protection without and protection plus preference
within entirely welcome, and Stanley Baldwin, the
party leader, has not only promptly espoused the
Bennett proposal, but has given notice that he will
make it the issue in the next general election.
The Liberals, on the other hand, with their traditional attachment to free trade, may be expected to repudiate any attempt to undermine
their position. For the Labor Party the Canadian
proposal is disturbing. The great majority of the
party, and presumably a large majority of its members in the House of Commons, are pronounced free
traders, but it is an open secret that an appreciable
number of Labor members of the House and some
members of the Cabinet have of late inclined to the
view that an out-and-out free trade position must be
modified. Mr. Snowden, Chancellor of the Exchequer, is an uncompromising free trader, but there
is a good deal of opposition to Mr. Snowden in the
Labor Party, and his retirement as Chancellor has
been several times predicted. J. H. Thomas, Secretary for the Dominions, is understood to favor the
establishment of some kind of government purchasing board which should favor the Dominions, but his
emphatic rejection by the annual conference of the
party at Llandudno, Wales, on Thursday, as a member of the party executive, suggests that his position,
too, in the Cabinet may not be very secure.
'Semi-officially, at least, the attitude of the Labor
Party is indicated by the London "Daily Herald",
the organ of the party, which declares, apropos of
the Bennett plan, that "if one surveys the world
situation one conclusion emerges: tariffs are no
remedy for our economic ills and protection affords
no protection against economic blizzards (an allusion to Mr. Thomas's remark that the world was "in
the midst of an economic blizzard" from which Great
Britain was suffering with particular severity).
That blizzard has smitten protectionist America,
protectionist Australia and protectionist Germany
as relentlessly and as disastrously as it has smitten
free trade Britain." The paper concludes that the
Dominions, having been asked to "contribute ideas,"
have contributed one that is "demonstrably and patently useless." Prime Minister MacDonald, in his
speech at the conference of the party on Tuesday,
also spoke out strongly against protection. Against
2277
these declarations are to be set the clearly expressed
unwillingness of Canada,South Africa and Australia
to remain merely producers of agricultural products
or raw materials and to draw their manufactured
products from Great Britain, and the curious situation under which the Dominions impose protective
duties on imports from foreign countries and preferential duties on imports from Great Britain, while
imports from everywhere are virtually free of customs duties in Great Britain.
It is not too much to say that what the Imperial
Conference does will profoundly affect tariff policies
throughout the world. Mr. Bennett is quite correct
in insisting that his plan is not a step in the direction
of Empire free trade, for each of the Dominions will
still be free to tax imported foreign goods as much
or as little as it deems best. What his scheme appears to mean is that wherever a preference to British goods or goods from other Dominions is granted,
existing or future rates on the same goods from
foreign countries shall be increased by three per cent.
Precisely what influence this is intended to have in
forcing the adoption of protective duties by Great
Britain is not wholly clear, but apparently there
would be no preference in the Dominions if Great
Britain continued to admit foreign goods free. In
other words, the suggestion of a tariff wall about
the Dominions, even at the low rate of 3% above the
rates imposed upon foreign imports, seems naturally
to suggest the erection of some kind of tariff barrier
by Great Britain to give British goods the benefit
of Dominion preference. Any step in that direction,
however slight, would undoubtedly tend to discourage the movement for lowered tariffs on the Continent. What with tariff preference within the British
Empire on the Bennett plan, the recent inauguration
of an agricultural protection movement among eight
states of Eastern Europe, and a possible tariff agreement by the Balkan Conference that is meeting at
Athens, there would be a marked trend toward the
formation of groups of states each offering tariff
preference to its members but discriminating duties
to States outside. The Imperial Conference will
have a heavy responsibility in showing that protection, if it throws its influence in that direction, will
in the long run open any markets that are now closed
or impeded, promote the interchange of commodities
throughout the world, relieve unemployment, encourage shipping, or extricate the world from the
vast and serious economic depression into which
financial inflation, reckless speculation and unnecessary tariff protection have plunged it.
Ultimate vs. Immediate Recovery.
Said President Hoover in his very temperate address to the bankers at Cleveland: "I would again
profess my own undaunted faith in these mighty
spiritual and intellectual forces of liberty, self-government, initiative, invention and courage, which
have throughout our whole national life motivated
our progress and driven us ever forward. These
forces, which express the true genius of our people,
are undiminished. They have already shown their
ability to resist this immediate shock. Any recession in American business is but a temporary halt
in the prosperity of a great people." And we like
the paragraph which preceded this conclusion: "Our
economic system is but an instrument of the social
advancement of the American people. It is an instrument by which we add to the security of rich-
2278
FINANCIAL CHRONICLE
ness of life of every individual. It by no means comprises the whole purpose of life, but it is the foundation upon which can be built the finer things of the
spirit. Increase in enrichment must he the objective of the nation, not decrease."
Midway in his address Mr. Hoover, as noted by
us in our issue of last Saturday, said: "Our present
situation is not a new experience. These interruptions to the orderly march of progress have been
recurrent for a century. And apart from recovery
from the present depression, the most urgent undertaking in our economic life is to devise further
methods of preventing these storms. We must
assure a higher degree of business stability for the
future." . . . "The causes advanced for these
movements are many and varied. There is no simple
explanation. This is not an occasion for analysis
of the many theories, such as too little gold or the
inflexible use of it. Whatever the remote causes
may be, a large and immediate cause of most hard
times is inflationary booms. These strike some segment of economic life somewhere in the world, and
their re-echoing destructive results bring depression
and hard times. These inflations in currency or
credit, in land or securities, or overexpansion in some
sort of commodity production beyond possible demand even in good times—may take place at home
or abroad—but they all bring retribution."
Our present sickness is not a fatal one. We will
in the end recover because the forces in us are benign
and resistless. Health will sooner or later have its
way. But we cannot quite indorse the comparison
to prevention of typhoid and small-pox in the medical world. What antitoxin can we ever pour into
the business world which will prevent speculation
and inflation on the part of mankind, and where is
the source of power to manufacture it, and how can
we suppress these "storms"? Health is inherent in
the normal living of the individual. We were not
horn to be sick. And our cures come largely from
our own readjustments to nature. It is the physician who aids in the temporary cure; the permanent
cure lies in the abandonment of the causes of the
illness and in a right-about face toward a mode of
life that does not exhaust, or disorder, or enervate.
And it is largely so in the economic world. But we
do not wish to split hairs over this statement. It is
abundantly true that inflationary periods are followed by retribution. Time and physical conditions
operate to determine the extent of the period of
revival. Certainly we will not set the goal of recovery at the feverish period when inflation was at
its height. And if "causes" are "remote," and even
obscure, we cannot set the period of perfect health
in the midst of these. Nor can we, in the well.
ordained continuing advance,expect that things will
ever be again as they were before and during the
"inflation." It is true, as the President intimates,
that the causes of our present depression are mixed
and world-wide. If so, not art, nor artifice, of a
single government can do more than assist the
alleviation, and that not directly, for there is no
inherent power in government to do so. And as to
leadership, this is a province of men and not laws.
We will do well to separate these in our thought,
and there is danger in confusing government with
the officers thereof, who may elect to suggest ways
and means.
Far out at sea is the impulse that rolls the surf
upon the shore. Deep hidden in the hearts and
[Vol.. 131.
minds of men are the motives that shape the efforts
of peoples and culminate in the breaks in trade and
finance. The heave and swell of industrial effort
carry us on without our own knowledge, often lead
us into excesses of endeavor, extravagances of living,
and inflations that break upon the shores that bound
all oceans. Surely recovery of "normalcy" is part
of our present duty and purpose. We must lop off
some of the "fever called living." Suppression is
as important as extension. We believe the President is wrong in feeling that there must be no curtailment in the employment and enjoyment of our
multiple inventions and opportunities. There is an
appointed time for everything. Older than a century of recurring panics and depressions is the truth
that a man is entitled to buy and use what he can
pay for. We have misused the power of credit, expanded it to the breaking point, so used it in speculation and ill-advised extension, while all the time
the old principles were working, principles of serious
effort and sober living, that we brought on ourselves
the "retribution" he speaks of. No people can eat
its cake and have it. No man can spend immoderately and not find himself without current resources. No economics can preach artificial prosperity without destroying the real kind. Deflation
follows inflation, indigestion follows overeating;
put the beggar on horseback and he foolishly
imagines he owns the earth; temperance is health;
slow growth insures strength; we cannot each enjoy
the fruits of the efforts of all to the full, for not
every man has the wherewithal with which to pay.
We are just as sure to come back into our own
as the sun is to rise. The eternal truths will prevail.
But when and how? Even as we ask the forces of
industry and thrift are at work. There is deep
significance in the increase of savings deposits. We
must meet our normal needs by normal methods.
"We rise upon stepping stones of our dead selves to
nobler things," and always. •We have tasted the
bitter waters of "get-rich-quick" schemes. We have
felt the pressure of crop failures. We have listened
once too often to the specious promises of overwrought prophets. Shall we not, then, buckle down
to business in the old way at the old stand—conscious that he who works and watches shall have
his reward? Where is the date and demand to which
we shall return? Is it 1914 or 1928 or 1929? Manifesting neither. No date can be set. We are covertly
advancing even in adversity. Principles must guide
us. How shall we shape our course? What shall
we do? New times and occasions require new
methods. Must we not avoid some of the old pitfalls, refrain from some of the former excesses,
eschew some of the chimeras of so-called "perpetual
prosperity"? The energies are imperishable, the
resources are exhaustless, the work is at hand. But
it is work tempered by reason and regularized by
supply and demand according to the new day and
the new need. As the world was not made in a day,
so we cannot recover in a day. But nothing can deny
success that is based on honesty, ability, persistence,
and prescience of the meaning and the purpose
of life.
But, of all things, let us not base our new and
coming prosperity on false premises and promises.
If, as indicated in this address, we cannot analyze
all the elements that contribute to present conditions, we must frankly admit we do not know in
detail the remedies to apply. There is nothing so
OCT. 1.1. 1930.]
FINANCIAL CHRONICLE
2279
certain as confidence based on content, and effort 608, while for agents
and brokers there were 134 in
energized by the needs of plain living. This is no September this
year, owing $11,188,339, against
backward step, no dilatory reasoning, no submis- 102 with liabilit
ies of $2,550,670 last year. Much
sion. We are all trying to do the best we can and the largest increas
e is in the last two divisions, and
in the best way. Business is spiritual at its core. the liabilit
ies for the brokerage class were particuWe are trying, working, thinking, that others near larly heavy
last month because of a number of large
and dear may have a better life—not that they may brokerage
defaults.
enjoy everything invented, made, sold, in a single
The two leading classes in the manufacturing divilifetime—but shelter, clothing, food sufficient for sion both report
fewer failures in September this year
generous living and being. Each sets about his task than last,
the lumber section and that including
in his own way. This individual effort of each manufa
cturers of clothing. Insolvencies in both of
mingles with that of others, and the result is civiliza- these lines
in some of the preceding months of 1930
tion and culture. These truths are trite, but worth have been
quite heavy. There were some large failreiterating in a crisis. So that there is little room ures in the lumber
section last month, so that liabilifor despondency, though we cannot, not knowing all, ties are
heavy, although the number is less. Another
escape from some measure of fear. But we have important
class in the manufacturing division includes
no time for psychology statistics as to contrasting bakers;
and for that class there was an increase last
periods. We must work. We must not ignore cer- month. More
defaults also occurred last month than
tain facts. One of these, that peoples overseas, a year ago
among manufacturers of machinery and
harder-pressed than we are, are driven to heroic tools, woolens
, furs, hats and gloves; in the printing
business efforts, and are therefore competitors to be lines, as well as
for leather goods, the latter including
counted on. Another, that raw materials in the shoes. In the
trading section, some of the important
continent south of us are practically untouched, and merchandising
lines show a considerable increase in
the peoples of these States are eager, ambitious, and the insolvency
record for the month just closed.
educated more and more in trade. As for our do- There was a large
increase for the clothing trade, and
mestic possibilities and probabilities, if we "carry a higher number
of defaults for dealers in dry goods;
on" according to our knowledge and opportunity, in shoes and leather
goods;furniture, hardware, drugs,
in the normal way we have suggested, the darkness dealers in jewelry
and for general stores. Again the
will be dispelled, the new day will dawn, the pros- large grocery class
report a decrease in the number of
perity will return,in a new kind and way, even while failures last
month, and there were also fewer defaults
we are awaiting it.
in September among hotels and restaurants. As to
liabilities, the amounts were very heavy in September
Mercantile Insolvencies Increase.
for the grocery division; hotels and restaurants; clothInsolvencies during September continued quite as ing, general stores and dry goods,
and for some of
numerous and for as large an amount of liabilities these classes a number
of the larger failures are
as in the preceding months of this year. According included.
to the records of R. G. Dun & Co., there were in the
The increase in the number of large failures in
United States during the month just closed 1,963 September, that is those
where the indebtedness for
mercantile failures for $46,947,021 of indebtedness. each default amounted
to $100,000 or more, was
For August 1913 similar defaults occurred involving mainly in the class embrac
ing agents and brokers;
$49,180,653, while for September of last Year there there having been in the month
just closed, a number
were 1,568 insolvencies owing $34,124,731. The in- of such insolvencies involvi
ng in the aggregate a concrease in September this year over the preceding year siderable amount. There
was, likewise, some inwas somewhat heavier than in August. Further- crease in the number
of the larger defaults in the
more, September defaults this year were more num- manufacturing division,
though the increase was not
erous than those of August, which is quite unusual, important, while the
trading classes, fewer large failthe record for September customarily being at the ures occurred in
September than for that month last
low point of the year. The increase over a year ago year, with a reduce
d amount of liabilities this year.
as to the number of defaults was 25.2%.
The total of large failures in September was 64,
For the third quarter of this year commercial involving
$23,364,726 of indebtedness, against 52
failures in the United States number 5,904, against for $16,742,094,
in that month last year, with the
5,082 a year ago, an increase this year of 16.2%, greater part of
the increase in the brokerage division.
while for the nine months of 1930, 19,675 insolvenThe statement for the third quarter of the year also
cies compare with 17,254 in the corresponding period presents the record
by geographical divisions. There
of 1929, an increase this year of 14.0%. It will be is a considerable
increase in the number of defaults
seen that the September comparison is much less for the past three
months, compared with the corre- •
satisfactory than that of the third quarter of this sponding period
of last year, for all three classes into
year, as well as for the nine months. As to liaL which the record is
separated, and the same is true
bilities, the total for the third quarter this year of as to liabilities.
The trading class, both as to number
$135,954,091 compares with $100,296,702 a year and indebtedness,
makes rather the poorest showing
ago, and for the nine months $473,043,174 with in this year's
return, although the liabilities for the
$332,425,638 for the same period in 1929.
third division, covering defaults among agents and
For the month of September all three classes into brokers, are
more than double the amount of those
which the failure record is separated show an increase for the same,
period of last year. The amount this
both in number and liabilities. Thus, for the manu- year for the
brokerage class is especially heavy for
facturing division 434 insolvencies for $16,448,056 New York,
Massachusetts, New Jersey, Illinois,
compare with 427 in that month last year owing Tennessee
and Missouri, in which States some large
$14,914,403; in trading lines there were 1,395 defaults defaults occurre
d in the brokerage line. In these
for the month this year with a total indebtedness of six States
more than 70% of the total indebtedness'
$19,310,626, against 1,039 a year ago, for $16,659,- shown for the
third division is reported.
2280
FINANCIAL CHRONICLE
[Vol,. 131.
. . . "It is Ford's view that American business
and industry must ever keep in mind the following
principles: (1) to make an ever-increasing large
quantity of goods of the best possibe quality; to
make them in the best and most economical fashion,
and to force them out on the market; (2) to strive
always for higher quality and lower prices as well
as lower costs; (3) to raise wages gradually but
continuously—and never to cut them; (4) to get the
goods to the consumer in the most economical manner BO that the benefits of low cost production may
reach him."
Upon the surface some of these suggestions seem
entirely right in principle, but in practice we cannot
be so sanguine. Is Mr. Ford's set of principles the
outcome of his own achievements? Can they be
applied successfully to all kinds of business and to
all times in the world's progress? Can the manufacturer control the cost of raw materials or the
cost of transportation, "get the goods to the consumer in the most economical manner"? Can the
industry really make an "ever-increasing large quantity of goods of the best quality," especially in view
of the mechanization of industry without at some
point going beyond the needs of the consuming public and thus glutting the market? Quality, if it
does not too much increase cost, can, it is true,
increase indefinitely, bounded only by the perfection
of things; not so with quantity. Can "wages" be
raised "continuously" in view of the limitations on
products and use? And are they never to be cut
in the face of conditions that come into existence
outside of and independent of the single article
manufactured? And taking these ideas or principles
together as a whole, do they not necessarily suggest
an industrialistic monopoly able and willing to control from raw material to ultimate use?
An industry may be individualistic as well as a
man. It has its own place, its own inherent power,
its own methods. It may be temperamental, striving to meet the changing winds of popularity. Or
it may be based on the solid rock of human need,
largely free from the fashions of the times. It may
be limited in its scope and incapable of indefinite
$27 A Day Minimum Wage in 1950.
•
Henry
of
In a word, confining ourselves to manuincrease.
predictions
It is difficult to discuss the
the
and
alone, there are thousands of peculiar
facturing
wealth,
eminence,
Ford because of his
forbid combination into a class
that
products
manufactures.
he
product
the
peculiar nature of
laws and principles. Hence
wholesale
of
to
possible
capable
is
it
impersonal,
is
truth
However, as
by the cost of high living
of
wages
scale
applied
writthe
Forward,"
"Moving
book,
latest
his
In
do so.
ten in collaboration with Samuel Crowther, and just cannot become a criterion. Generalizations from
published, he considers the general subject of wages personal experiences and personally applied theories
and the "cost of living." We have before us a news- are always open to doubt. We do not altogether
paper statement upon which, for the moment, we formulate our rules of life. They are often made
rely for our facts. We quote therefrom as follows: for us by the trends and contacts of industrial prog"As part of this new industrial revolution, Ford ress itself. We accept the "concensus of opinion"
predicts a general minimum wage of $27 a day—$4 and the competition of things competing against or
an hour—for the American workingman by the year with each other. Consumption often controls pro1950; the universal five-day week, which Ford does duction beyond the power of the producer or connot consider the ultimate but only as the next step, sumer. "Variety is the spice of life." And before
and such readjustment of production as will truly one product or industry has demonstrated its right
make man the master of his social and economic to exist or to increase continuously the public taste
destiny." . . . "Sweeping aside the theory that changes and it cannot go on, or if it continues it
unemployment is the result of overproduction and must be on a diminishing scale. Profits do not
maintaining that the time when the world will have accrue equally in all industries on the capital inan actual surfeit of goods is still far off, Ford chal- vested, and wages cannot be held at the same ratio.
lenges the wisdom of rationing output by agreement Wages mat sometimes be reduced to stave off bank, and calls for more production and more scientific ruptcy. And any general level possible must recogdistribution as principles for the maintenance and nize the ups and downs.
Printed in a time of depression and in the face
extension of American prosperity. High wages he
makes the corner-stone of his economic system." of widespread unemployment, this book must by its
All of the eight geographical divisions into which
the country is divided show an increase in the number of business failures for the third quarter of this
year, and larger liabilities than in the corresponding
period of 1929. The Southern States make a slightly
better exhibit in the comparison than some of the
other sections, although there is an increase for most
of the Southern States over last year. Except for
a larger brokerage default in Tennessee, the liabilities
in the South would be considerably reduced. Several States in the South Atlantic group show fewer
insolvencies this year than a year ago. In the West
too, the increase is less marked than in some of the
Other sections, particularly as to the number of
defaults. This applies to the section west of the
Mississippi River. In that section also there were
some large failures, notably in Missouri, and one
large manufacturing default in Arizona caused most
of the expansion in liabilities. California is the only
one of the three Pacific Coast States showing an increase in the number of failures this year, and liabilities are also heavy for that State, especially for
the manufacturing division.
A large increase appears for each of the three Middle Atlantic States, the liabilities being especially
heavy for New York in the manufacturing division,
and for the brokerage class. Manufacturing defaults
were also large in New Jersey, whereas in Pennsylvania the addition was mainly in the trading section.
The increase shown for New England was almost entirely in Connecticut, although the liabilities for that
State were smaller this year than they were a year
ago. There was a small increase for Massachusetts,
but the larger liabilities reported for that State were
almost entirely in the brokerage class. In the five
Central Eastern States there were a larger number
of defaults and much heavier indebtedness in four
States, Wisconsin alone showing fewer defaults this
year, and with little change in the amount of liabilities. The increase in insolvencies in Illinois was
very heavy, and relatively speaking, the same remark
applies to Indiana and Michigan.
OCT. 11 1930.]
FINANCIAL CHRONICLE
2281
romantic prophecies create unrest and dissatisfac- exacted to sustain the increasing free institutions
tion. If V7 in 20 years, why not a nearer approxi- provided without cost for those who pay no taxes,
mation now? The long intervening years are over- or whether wages will be paid in dollars or some
looked. All Utopias are located in the future, but form of substitute. This fabric of American civilizawhy may they not be made now? If another 20 tion is interwoven of so much restriction and freeyears will progress wages faster than the last 20, dom, of so many materials, of so many unlike eleif wages must never be cut, why not an increase now ments, that we cannot know.
despite depression? This theory is too bold, too
comprehensive. Were there no times in the last 20
Pennsylvania's Newest Depot.
years when special wages were reduced, and when
On the vast Pennsylvania Railroad system are so
the general advance was at a standstill? Has not many large, prosperous and
progressive cities that
the coercive power of labor unionism, arbitrarily the carrier is pressed to keep
abreast with terminal
exercised, contributed advances that are swallowed improvements to meet freight
and passenger traffic
up in this apparent general advance for the period? demands. Large expenditures
are required for yard
And what of technological unemployment in the next facilities and building
construction, especially when
20 years? May not that be expected to increase plans must be made to care
for needs well in the
also? Why the five-day week to increase employ- future.
ment and the free introduction of machinery to deThe extensive passenger terminals and tunnel apcrease it? There are jaggles and contradictions in proaches planned for New York
City by Alexander
the general advance that preclude the practice of J. Cassatt and completed under
the administration
indefinitely increasing wages.
of Samuel Rea are one of the company's creditable
When wages are abolished, or reduced to tithes achievements. Such is American
urban growth that
of food, clothing and shelter, as in the Soviets, they corporation managers must
contemplate requiremay be kept on an enforced level, but as long as ments far in advance and
build accordingly, even
workingmen are free agents, as at present in Amer- though the large expenditures may
appear to be a
ica, no general level can be predicted, and, therefore, tax upon current income and
borrowing capacity.
no regular increase can be assumed. We cannot deWhen Broad Street Station in Philadelphia was
duce from a single industry or a single industrial first occupied as a passen
ger terminal and headexperience a law applicable to all. Hence, we must quarters for all of the
railroad's executives thirtybeware of prophets as well as the prophecies. It six years ago, George
B.Roberts, then president, and
would be gratifying to assume that the tides of life the Pennsylvania
directors believed they had met the
will increase always for all workers. But what lies carrier requir
's
ements for a great many years, but
ahead? How much more will government exercise it was
not long before the building was more than
control through Boards and Commissions? What double
d in size. Also it was found that the clerical
will be the standard of value, the measuring stick
force could no longer be accommodated by the former
in another 20 years? What are the capabilities
of executive quarters on South Fourth Street and an
the proletariat to use their leisure for the advanc
e extra building was purchased near Broad Street to
of art, letters and science? What do we see in the
house an additional force of clerical workers, largely
present to assure us that with even the present high made
necessary by the exacting Federal accounting
wages life is growing more stable, useful, beneficial
thrust upon the railroads by Congressional action.
to others as well as pleasurable to ourselves? There
Now a skyscraper has been erected at Thirty-secis now a marked divergence in the wages paid to
ond Street, West Philadelphia, which houses five
common labor and unionized labor, in the wages
thousand accountants and clerks, the old Fourth
paid in protected and unprotected industries, in the
Street offices being vacated and the clerical building
\vages on the farm and in the factory? Will this
near Broad Street being demolished.
divergence be increased or will it be wiped out?
Last week the Pennsylvania opened a new Broad
Who can rationally estimate these things?
Street Station and office building north of the old
Capital is stored-up labor; capital is saved-u
p Broad Street Station. President W. W. Atterbnry,
wages; capital is at least a partner in industr
y. with other executives and directors, occupy the five
Why a continuous advance in wages the
price of top floors as general offices.
labor and no increase or a lowering in
profits which
In the subway below the first floor are six tracks,
are the wages of capital? The
individual ownership which will be increased to twelve,
to accommodate
in stocks of industries by the worker
s therein makes the commuter traffic which has grown to 65,000
inthe question more than pertinent!
Why a continu- coming passengers daily, due largely to migration
ous advance in the wages of workmen
While the bulk to the suburbs as business encroaches upon old resiof profits retained by the owner or
owners amount dential sections of the Quaker City. All of the
lines
in 20 years to hundreds of millions?
What is all except the New York division have been electri
fied
this saving in cost to the consumer while
the maker over a radius of 20 to 30 miles and this work is
still
or makers retain the lion's share? Consis
tency con- progressing.
tinues to be a jewel even in economic
discussions.
For the present steam trains will continue to use
Really, we are in danger in our prolific
theorizing the old Broad Street Station, but within two and
of losing sight of tendency of things to
work them- one-half years, by which time all of the West
Philaselves out right against the prophecies of men.
delphia new construction will have been completed,
No one can safely predict what 20 years
Will the old central station at Broad Street and its unbring about, or what the wage-scale will
then be, sightly elevated approaches will have been deor how many workmen will be needed when
mechan- molished.
ization is through, or what the products
will be—
A new bridge has been erected over the Schuylkill
the proportions of necessaries to luxurie
s, or what River, near the West end of which will be built
a
the high-paid workman will do with his
leisure, or new main depot from which incoming through
paswhat capital will be allowed to retain
from taxes sengers from all points may transfer to the
subway
2282
FINANCIAL CHRONICLE
lilies to reach the city's center. Elaborate plans are
made in the West Philadelphia spacious yards for
quick handling of a large quantity of mail, the site
for the new postoffice being directly opposite on the
South side of Market Street.
When the full program of construction is completed it will represent the very latest plans devised
to accommodate the traveling public. Although
Philadelphia is the home office of the Pennsylvania
Railroad, the needs of New York City, Chicago,
Pittsburgh, Washington and other cities were first
supplied, but as Philadelphia's new passenger depot
is entirely up to date, the city has gained something
by waiting. The mezzanine floor is larger than that
of the Hudson Terminal in New York City and it
is supplied with every modern convenience for
travelers, including shower baths and beauty shops.
After viewing the work already completed and studying that which is under way one inspector remarked:
"Philadelphia is just putting on its long pants."
Philadelphia municipal authorities, headed by
Mayor Mackey, have shown a remarkable spirit of
co-operation. They have encouraged the railroad
expenditures by assuming on the part of the city the
entire cost of extending the Market Street subway
under the Schuylkill River and several blocks westward, so that the elevated passenger railway may
be removed from in front of the Pennsylvania's new
main station in West Philadelphia. The city is also
obligated to improve qnd beautify the banks of the
Schuylkill which will greatly enhance the environment of the Pennsylvania Railroad depot site. The
cost to the city will be several million dollars.
Yearly Figures of New York Clearing House Association—Jackson E. Reynolds Re-elected President.
Total transactions of $456,109,800,988 are shown in the
annual report of the New York CIearhig House Association
for the year ending Sept. 30 1930. The report was presented at the annual meeting of the Association Oct. 6.
The figures for the latest year compare with $507,399,981,620
for the year ending Sept. 30 1929. Of the present year's
total, $399,471,637,874 represents exchanges and $56,638,163,114 balances. The largest day's transactions on record
were those for Oct. 31 1929, when the total was $4,231,241,175, consisting of exchanges of $3,853,040,114 and balances
of $378,201,061. Jackson E. Reynolds, President of the
[VOL. 131.
First National Bank, was re-elected President of the Clearing House Association at this meeting, and Clarence W.
Weston, Vice-President of the Chatham Phenix National
Bank & Trust Co., was elected Secretary of the Association,
succeeding S. Sloan Colt, whose term expired. On the Clearing House Committee, Mortimer N. Buckner, Chairman
of the Board of Trustees of the New York Trust Co., becomes Chairman of the committee, succeeding William C.
Potter, President of the Guaranty Trust Co. The full
membership of the Clearing House Committee is as follows:
Mortimer N. Buckner, Chairman, Board of Trustees, N. Y. Trust Co.
Percy H. Johnston, President, Chemical Dank & Trust Co.
Henry J. Cochran, President, Bankers Trust Co.
Charles S. McCain, Chairman, Board of Directors, Chase National Bank.
Harry E. Ward, President, Irving Trust Co.
Clarence E. Bacon was re-elected Manager of the Clearing House, Edward L. Beek continues as Assistant Manager,
and Charles A. Hanna continues as Examiner. The following regarding the transactions is from the Manager's
annual report for the year ending Sept. 30 1930:
The Clearing House transactions for the year have
been as follows:
$399,461,637,873.86
Exchanges
56,638,163,114.24
Balances
Total transactions
The average daily transactions:
Exchanges
Balances
$456,109,800,988.10
31,318,388.243.80
186,924.630.74
$1,505,312,874.54
Total
Total transactions shire organization of Clearing
House (77 years):
36,540,489,321,898.01
Exchanges
541,524,350,463.05
Balances
$7,082,013,672,361.06
Total
Largest exchanges on any one day during the year
$3,853,040,114.48
(Oct. 311929)
Largest balances on any one day during the year
432,909,546.73
(Oct. 30 1929)
Largest transactions on any one day during the year
4,231,241,175.56
(Oct. 31 1929)
Smallest exchanges on any one day during the year
420,958,451.22
(Aug. 25 1930)
Smallest balances on any one day during the year
91,549,871.50
(April 19 1930)
Smallest transactions on any one day during the year
529,691,672.99
(April 19 1030)
Largest day's transactions on record, Oct. 311929:
$3,853,040,114.48
Exchanges
378,201,061.08
Balances
34,231.241,175.56
transactions
Total
,
33,853,040.114.48
Largest exchanges, Oct. 31 1929
432,909,546.73
Largest balances. Oct. 30 1929
Y.:
N.
of
Bank
Reserve
Transactions of the Federal
12.702,453,664.81
Debit exchanges
50,652,354,662.37
Credit exchanges
47,949,900.997.56
Credit balances
one State
The Association is now composed of seven National banks,
of New York
bank and 13 trust companies. The Federal Reserve Bank
also make exchanges
and the Clearing House City Collection Department
clearing direct.
at the Clearing House, making 23 institutions
the
and vicinity, not
in
city
companies
trust
There are five banks and
through banks
members of the Association, that make their exchanges
provisions.
that are members, in accordance with constitutional
•
The New Capital Flotations During the Month of September and from
January 1 to September 30
New financing in this country is now on a distinctly
smaller scale, and the figures we furnish to-day for the
month of September afford strong testimony to that effect.
The aggregate of the new issues brought out during that
month, as shown by the tabulations further along in this
article Is not so extremely light as was the case in the
previous month (August), when the new capital flotations
were the smallest of any month since August 1928, and yet
the total is of only moderate size when compared with the
standards to which the country became accustomed prior
to the stock market crash of last autumn. In a word, new
financing in September did not quite reach half a billion
dollars, though closely approaching that amount. In the
strict sense of the word, this cannot really be deemed small,
since it is at the rate of$6,000,000,000a year,and yet it looks
insignificant alongside the financing done prior to the panic,
when the new issues brought out averaged twicethat amount,
and in some months were over three times that figure.
Our tabulations, as always, include the stock, bond and
note issues by corporations, by holding, investment, and
trading companies, and by States and municipalities, foreign
and domestic, and also farm loan emissions. The grand
total of the offerings of securities under these various heads
during September aggregated $494,578,268. This compares
with only $290,469,407 in August, but with $583,238,756 in
July; with $772,792,186 in June; with $1,179,633,616 in May,
when the total was swollen by two pieces of financing of
exceptional size, namely, the offering of $235,000,000 stock
by the Amer. Tel. & Tel., and the $120,000,000 Cities Service
Co. convertible deb. 5s of 1950, offered to stockholders of
the company at par; it compares with $957,838,752 in April;
with $821,142,580 in March; with $621,374,402 in February,
which was a short month; with $824,183,488 in January;
with $658,012,982 in December 1929, and with $298,029,283
in November 1929, which latter was the month of the termination of the stock market crash. In October 1929, when
the total had already begun to dwindle, because of Stock
Exchange conditions, the new offerings footed up $878,901,935, while in September 1929, the month with which
we are now comparing, when all records of monthly totals
1.4
OCT. 11 1930.]
FINANCIAL CHRONICLE
for new capital issues were broken, the new flotations
amounted to $1,616,904,181.
The contrast with a year ago is striking, not alone in
the comparison of the grand totals—that of the present
year being comparatively moderate at $494,578,268, while
that for September last Year at $1,616,904,181 (the month
Immediately preceding the stock market collapse of that
year) was, as just stated, the very largest on record—but
is striking also in revealing anew the changed character
of the financing. In this latter respect these September
figures supplement the record of all the preceding months
of the current year. In other words, the new issues now
are made up almost entirely of bonds and notes, whereas
a year ago they consisted to a predominant extent of new
stock issues, and more especially of common stock issues.
The total of the corporate issues, foreign and domestic, for
September 1930 is only $346,886,620, as against $1,507,876,014
in September 1929. Of the corporate total last year no
less than $1,037,649,514 consisted of new common stock,
while $228,237,500 more consisted of offerings of preferred stock. The bond and note issues at that time
footed only $241,989,000. The present year, on the other
hand, out of total corporate issues of $346,886,620, $285,112,000 consisted of bonds and notes (of which $5,677,000
were those of foreign corporations), and only $35,448,370
was in the form of common stock and $26,326,250 in the
shape of preferred stock. Actually over $43,000,000 more
of new bonds and notes were put out the present year than
In the month of big financing last year when the grand
total of the corporate issues of all kinds brought out was
more than four times that of the present year.
One feature of the old method of financing still persists.
We allude to the tendency to make bond issues and preferred
stock issues more attractive by according to the purchaser
rights to acquire common stock. In the following we bring
together the more conspicuous issues floated during September of the present year containing convertible features
of one kind of another, or carrying subscription rights or
warrants to subscribe for or acquire new stock. In the
detailed enumeration of all the issues which were brought
out during the month of September, given at the end of
this article, we have put in italics the part relating to the
right of conversion or subscription in all cases where such
rights exist, italic type being used to designate the fact
so that it may be readily detected by the eye.
CONSPICUOUS ISSUES FLOATED IN SEPTEMBER WITH CONVERTIBLE FEATURES OR CARRYING SUBSCRIPTION
RIGHTS OR WARRANTS.
100,000shs. Appalachian Gas Corp. $7 cony. pref. stock, series "A,"
convertible on or before Dec. 31 1943, into com, stock on
bases ranging from 10 shares to six shares for each share of
preferred.
100,000shs. Seaboard Public Service Co. $3.25 cony, pref. stock, each
share carrying a non-detachable warrant to purchase one
share of corn, stock up to June 1 1935 at prices ranging from
$50 to $75 per share; each share also convertible up to June 1
1935 into 19-30ths of one share of common stock.
$2,500,000 Illinois Pacific Coast Co. cony. 8s, 1945, each bond cony.
into corn, stock up to maturity at prices ranging from $18 to
$30 per share.
700,000 Canadian-American Public Service Corp. 1-yr. cony.
secured 68, July 15 1931, each $1,000 note cony, into one
$1.000 1st lien coll. 10-yr. 8% cony, gold bond, or into 40
shares of partic. class "A" stock.
550,000 Fairfax Bldg. (K. C., Mo.) 1st mtge. cony. 8s, 1941, cony.
up to maturity into 1st pref. and com, stock of the Eleventh
& Baltimore Corp. at rate of one share of 1st pref. stock and
one share of corn, stock for each $100 of bonds.
When comparison is made of the figures for the nine
months ending with September the features noted also
appear, only in greatly emphasized form. In the first
place the total of the new financing done has been greatly
reduced, the'aggregate of the new issues brought out in the
nine months of 1930having been only $6,563,432,790as against
$9,762,785,007 in the corresponding nine months of 1929.
This reduction appears in face of the fact that $472,386,000
of foreign government issues were floated in the United
States in the nine months of the present year, against only
2283
$64,750,000 in the nine months of 1929, and the further fact
that the municipal issues the present year were $1,049,736,189 against $936,398,760 last year, and that $45,500,000
of farm loan issues came upon the market the present year
against none last year. It is not, however, until we come
to the corporate issues that we see revealed the most noteworthy change of all, and to which reference was made
in the remarks further above dealing with the corporate
results for the month of September standing by itself,
namely, the displacement of stock issues by bond issues.
The total of the corporate emissions of all kinds for the
nine months of 1930 was no more than $4,929,985,601 against
$8,722,029,247 in the nine months of 1929. These totals
include foreign corporate issues placed in this country as
well as domestic issues. Confining ourselves to the domestic corporate flotations, the amount for 1930 stands at
$4,464,079,261 in 1930 as against $8,174,486,800 in the nine
months of 1929. The amount of common stock included
the present year is only $1,008,743,671 as against $4,460,002,641 in 1929,• while the preferred stock offerings were
no more than $397,878,030 against $1,496,780,806. In contradistinction, the bond and note issues comprised no less than
$3,057,457,560 in 1930 as against $2,217,703,300 in 1929.
Another and still more significant change in the character
of the financing deserves to be noted. We have reference
to the fact that a year ago contributions to the corporate
totals by investment trust and trading and holding corporations constituted a predominant factor in the total, whereas
in the current year new issues of that character have been
of relatively small dimensions. In the nine months of 1930
the amount contributed to the grand total by the investments trusts and trading and holdings corporations was
only $229,237,079, while in the nine months of 1929 the
amount coming from that quarter reached the large total
of $2,133,018,972. It is not to be inferred from this, however, that the investment trust has disappeared. The advertising columns of the daily newspapers are filled with new
offerings by investment trusts. Scarcely a week passes
now that some new trust of that kind does not spring into
existence. These trusts, however, are not of the type that
was so prominent in 1928 and 1929. They do not consist of
large new capital issues offered for public subscription in
the way common last year and in the way always done by
public utility, railroad, industrial and other corporations.
The practice now is to gather blocks of securities of one
kind or another and to issue participating interest in the
some split up into small *its. These units are then disposed
of over the counter by distributing groups or syndicates.
Judging from the liberal way in which display advertising
placed by trusts of this type, or their distributing groups
and syndicates, have been appearing, a considerable measure
of success must be attending the offers of such investment
units. Excepting one or two instances, however, no information of the extent of these sales is forthcoming, and being
sales over the counter it is impossible to make estimates
regarding their amount.
Of course, in magnitude the disposals of this character
over the counter do not anywhere near approach those in
the old form and yet they can hardly be treated as entirely
insignificant. In only one instance as far as our knowledge
goes have even occasional statements been given out as to the
extent of the sales. We have reference to the North American Trust shares, termed by its promoters as "the largest
fixed investment trust." This trust last January reported
sales for the year 1929 of $40,117,516, while in July 1930 it
was announced by the promoters that the $100,000,000 mark
had been reached. A further statement given out Sept. 24 by
the Distributors' Group, Inc., the managing syndicate, said
that "reports presented at the meeting revealed that sales are
running far ahead of 1929." It is open to question whether
2284
sales of trust participations of this kind have a proper place
in compilations of new capital issues, but even if they have
it is impossible to include them since nothing definite is
available as to the extent of their operations from month
Where any specific amount has been
to month.
offered for public sale or subscription, we have included the
same in our totals. There have, however, been only two
such instances the present year. One came in March, when
500,000 shares of capital stock of Premier Shares, Inc., were
offered at $12.50 per share, and another in April when
100,000 Short Term Trust Shares, series U, were offered at
$10.00 per share.
Proceeding further with our analysis of the corporate
offerings during September, we find that public utility corporations led in volume with $172,243,000,which compares with
only $48,071,334 in August. Industrial and miscellaneous
flotations totaled $98,389,620, which very closely approaches
the previous month's output of $100,278,440. Railroad issues
at $76,254,000 for September show a sizable increase over
the total of $41,516,000 reported for August.
Total corporate offerings, foreign and domestic, during
September were, as already stated, $346,886,620, and of this
amount long-term bonds and notes, including $4,977,000
foreign accounted for $232,537,000. Short-term bonds and
notes, including $700,000 Canadian, totaled only $52,575,000,
while stock issues aggregated $61,774,620. The portion of
the month's total raised for refunding purposes was $62,317,000, or nearly 18% of the total. In August the refunding portion was $68,350,000, or about 36% of the total; in
July it was only $26,481,000, or slightly over 6% of the total;
in June it was $67,315,250, or not quite 12%; in May it was
$63,334,000, or less than 7%; in April it was $51,258,750, or
not quite 8%; in March it was only $15,436,500, or less than
; in February the refunding portion was also small,
totaling only $27,635,500, or less than 6% of the total. In
January the refunding portion was $73,096,000, or slightly
over 10% of the total. In September of last year the amount
for refunding was no less than $306,592,000, or slightly over
20% of the month's total. There was one prominently large
refunding issue during September of this year, namely:
$40,000,000 Portland General Electric Co. 1st & ref. mtge.
4%s 1960, of which $20,000,000 comprised refunding.
The total of $62,317,000 raised for refunding in September
(1930) consisted of $39,917,000 new long-term to refund
existing long-term; $15,000,000 new long-term to refund
existing short-term, and $7,400,000 new short-term to refund
existing short-term.
Foreign corporate financing in this country during September totaled only $5,677,000, consisting of the following:
Canadian: $700,000 Canadian American Public Service
Corp. 1-yr. cony. secured 6s due July 15 1931, offered at 99%
to yield 6.52%. Other foreign: 140,000,000 French francs
Midi RR. Co. (France) 4% bonds,foreign series, 1960, priced
at $35.55 per 1,000 franc bond.
Foreign government financing undertaken in this country
during September comprised three offerings for a total of
$52,900,000. The issues were as follows: $50,000,000 government of the Argentine Nation 1-yr. Treasury 5s, Oct. 1 1931,
priced at 100.36, to yield 4%%; $1,900,000 City of Bergen
(Norway) ext. 5s, 1949, issued at 97, to yield 5.25%, and
$1,000,000 Free State of Bremen (Germany) 3-month
Treasury notes, placed privately. Announcement was made
during September of an offering of $15,000,000 Federal Intermediate Credit Banks 3% debentures, due from April 15
1931 to September 15 1931, priced at 100.
Public utility issues of prominence during September
comprised the following: $40,000,000 Portland General Electric Co. 1st & ref. mtge. 4%s, 1960, offered at 93%, to yield
4.90%; $20,000,000 Consumers Pr. Co. 1st lien & unif.
mtge. 4%s, 1958, priced at 101% to yield 4.40%; $15,-
[VOL. 131.
FINANCIAL CHRONICLE
000,000 Electric Power & Light Corp. deb. 5s, 2030,
sold at 92%, yielding 5.40%; also 100,000 shares of the
same company's $6 cum. pref. stock, priced at $100% per
share, yielding 5.95%, and involving a total of $10,050,000,
and $16,000,000 Continental Gas & Electric Corp. deb. 5s A,
1958, issued at 92%, to yield 5.53%.
Industrial and miscellaneous financing during September
was featured by the following: $40,000,000 Corporation
Securities Co. of Chicago, serial 4%s and 5s, Sept. 1 1931-35,
Issued at prices to yield from 4.50% to 5.75%, and 600,000
shares Insull Utility Investments, Inc., common stock, offered to stockholders at $50 per share, involving $30,000,000.
Railroad offerings of unusual size during September included the following mentioned issues: $23,735,000, The
Pittsburgh, Cincinnati, Chicago and St. Louis RR. Co. gen.
mtge. 4%s 1977, priced at 100%, to yield 4.47%; $12,000,000 Chicago & North Western Ry. Co. 1st & ref. mtge. 4%s
C 2037, offered at 99%, yielding 4.51%, and $12,000,000
The Cincinnati Union Terminal Co. 1st mtge. 4%s A 2020,
sold at 10214, to yield 4.39%.
There was a single offering during September which did
not represent new financing by the company whose security
was offered. The issue involved $15,661,503, and, as pointed
out by us in previous months, is not included in our totals
of new financing. The offering is shown, however, in tabular form following the details of actual new capital flotations during the month. See page 2288.
The following is a complete summary of the new financing
—corporate, State and city, foreign government, as well as
farm loan issues—for the month of September and since the
first of January:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
•
•
New Capital.
MONTII OF SEPTEMBER—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stock
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate.
Foreign Government
Farm Loan Issues
Municipal. States, Cities, dze
Canadian
United States Possessions
Grand total
8
177,620.000
44,475.000
26,326,250
35,448,370
Grand total
Total.
•
•
49,940,000
7,400,000
700,000
227,580,000
51,875,000
26,328,250
35,448,370
700,000
4,977,000
4,977,000
284,569,620
1,000,000
15,000,000
76,751,648
1,750,000
62,317,000
51,900,000
346,886.620
52,900,000
15,000,000
78,041,648
1,750,000
379,071,268
115,507,000
4E4,578,268
$
$
NINE MONTHS ENDED SEPT. 30
3,
Corporate—
Domestic—
Long-term bonds and notes
2,264,398,660
Short-term
399,477,850
Preferred stocks
396,528.030
Common stocks
995,427,921
Canad is n—
Long term bonds and notes
173,638,000
Shozt-term
5,700,000
Preferred stock
13,000.000
Common stocks
16,516,340
Other Foreign—
Long-term bonds and notes
169,015,000
Short-term
31,000,000
Preferred stocks
stocks
Common
10,060,000
Total corporate
Froelgn Government
Farm Loan Issues
WunIcIpal, States. Cities, Scc
Canadian
United States Possessions
Refunding.
1,290,000
328,588,250 2,592,966,910
85,013,000 464,490,650
1,350.000 397,878,030
13,315,750 1,008,743,671
38,000,000
212,338,000
5,700,000
13,000,000
16,518,340
8,977,000
177,992,000
31,000,000
10,060,000
4,474,781,601
412.306,000
45,500,000
1,018,759,552
48,992,000
9,675,000
455,224,000 4,929,985,601
60,080,000 472,386,000
45,500,000
30,976,637 1,049,738,189
7,158,000
56.150,000
9,675,000
6.009.994.153
553.438,637 6.563.432.790
In the elaborate and comprehensive tables on the succeeding page we compare the foregoing figures for 1930 with
the corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all different classes of
corporations.
Following the full-page tables we give complete details
of the new capital flotations during September, including
every issue of any kind brought out during that month:
MONTH OF SEPTEMBER FOR FIVE YEARS.
SUMMARY OF THE CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
184243.700
4,452,000
49,569,150
62,847,542
7.500,004
44,070,001
2.000,00(
9.062.50(
428,184,031
43,500,001
2,000.00(
66,704,33,
.3.000.00(
ctlq .21282 'IA(
1927.
Refunding.
Total.
New Capital.
-
1926.
Refunding.
Total.
71.758.800
500.000
2,799.750
120,000
256,702.500
4.952.000
52,368,900
62,967,542
163,888.000
12,508,600
22.439,844
23,944,669
31,660,000
1.821.900
400,000
1,542,300
195,548.000
14.330.500
22,839,844
25.486,969
47,533,000
1.600,000
49,133,000
38,450.000
5.050,000
43.500,000
2.000,000
27,000.000
2,000,000
29,000.000
22,000,000
5.000,000
27.000,000
2.00i0;0436
457,123,942
31,281,000
3.700.000
117,571,822
24,087.000
98.000
633,861,764
283,231,113
71,900,000
1,750,000
135.749,743
45.474,200
3.000,000
f,b1S;ML
328.705,313
74,900,000
1,750,000
136.795.778
492.630.856
49.520,235
542.151.091
378,345.392
21.281,000
3.700,000
113,893.522
24,087.000
98,000
541.404.914
78,778,550
10,000.000
3,678,300
92.456.850
FOR FIVE YEARS
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF SEPTEMBER
1929.
1930.
Total.
New Capital. Refunding.
MONTH OF SEPTEMBER.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
81,520.000
• 69,270.000
12,250,000
76354.000
4,977,000
71.277.000
Railroads
62,581,000
525.000
62,056,000
49,715,000 137.543.000
87.828.000
Public utilities
Iron, steel, coal, copper. &c
Equipment manufactures
Motors and accessories
4,000,000
4,000,000
4,250,000
4.250.000
Other industrial and manufacturing
50,000.000
50.000.000
Oil
5,338,000
5,338,000
13,890,000
13.890.000
Land, buildings, &c
Rubber
Shipping
2,000,000
2.000.000
Inv. trusts, trading, holding, &c_
21,000.000
21,000,000
600.000
225,000
375,000
Miscellaneous
226,439,000
69,795,000
156,644,000
232,537,000
54.917,000
177,620,000
Total
Short Term Bonds and Notes—
Railroads
10,850.000
10,850,000
9,950,000
7,250,000
2.700,000
Public utilities
Iron, steel, coal, copper. &c
manufacturers
Equipment
Motors and accessories
900.000
150,000
750.000
Other industrial and manufacturing
1,000,000
1,000.000
Oil
200.000
200.000
1,725,000
1,725,000
Land, buildings, &c
Rubber
Shipping
40,000.000
40,000.000
Inv. trusts, trading, holding, &c___
3,500.000
3,500.000
Miscellaneous
15.550,000
15,550.000
52,575,000
7.400,000
45,175,000
Total
Stocks,—
Railroads
163,460.200 143.400.000 306.860,200
24.750.000
24.750,000
Public utilities
90,007.535
88,000.000
2,007.535
Iron, steel, coal, copper. &c
568,947
568.947
Equipment manufacturers
2,165,600
2,165.600
Motors and accessories
183,335.632
5,397,000
177.938.632
5,123,370
5,123.370
Other industrial manufacturing_
Oil
962.500
962,500
Land, buildings. &c
Rubber
Shipping
527.237,100
527,237.100
30.000.000
30,000.000
Inv trusts, trading, holding, &c
154.749,500
154.749.500
1,901.250
1.901,250
Miscellaneous
1,265.887,014
236,797.000
61.774.620 1,029.090.014
61.774.620
Total
Total
81,520,000
69,270.000
12,250.000
76,254,000
4.977.000
71.277,000
Railroads
236.366,200 143.925.000 380,291.200
56,965.000 172,243.000
115,278.000
Public utilities
90,007.535
88,000,000
2.007,535
&c
copper.
Iron, steel, coal,
568.947
568,947
Equipment manufacturers
2,165.600
2,165.600
Motors and accessories
187,335.632
5.397,000
181.938.632
10.273.370
150.000
10,123,370
Other industrial and manufacturing
51,000,000
51,000,000
011
6,500,500
6,500.500
15.615,000
15.615,000
Land, buildings, &c
Rubber
Shipping
529,237.100
529.237.100
70,000.000
70,000,000
Inv. trusts, trading, holding, &c
179.249,500
179,249,500
2,501.250
"YiK000
2.276.250
Miscellaneous
1,507.876.014
306.592.000
1,201,284.014
346,886.620
62.317.000
284,569,620
Total corporate securities
New Capital.
1928.
Refunding.
Total.
New Capital.
1927.
Refunding.
Total.
New Capital.
61.706.000
26.722,000
1.650,000
1926.
Refunding.
Total.
61,706,000
28.511,000
4,950.000
13.000,000
143,504,500
175,000
7,670,500
225.000
151,175.000
400.000
9,614,000
102,275,000
1,500.000
9.879.000
44,922,000
19,493,000
147,197,000
1,500,000
23.758.000
2,162,000
25,920,000
1,250.000
44,060,200
7.797,800
1,250,000
51,858.000
55,190,000
5,560,000
60,750,000
39,215,950
12,900,000
52,115,950
42,912.500
10,000,000
250,000
43.162,500
10,000,000
42,300.000
306,000
42,606,000
12,950,000
5,050,000
18,000,000
19,035,000
225,688,450
700.000
23,657.500
19.735,000
249.345,950
22,865,000
234,476,700
10,510,000
73,358,800
33,375,000
307,835,500
23,820,000
224,338,000
12,705,000
41.710,000
36.525.000
266,048,000
2.250,000
2,250,000
525,000
525,000
5.703,100
175.000
1,671,900
7,375.000
175.000
3,000.000
700.000
3,000,000
700,000
1,325,000
1.825,000
1.650,000
350,000
1,650,000
350,000
191.400
191,400
1,100.000
1,100,000
3,130,500
3,130,500
650,000
6,791;400
650,000
6,791,400
28,502.000
31,452,000
2.000.000
2,500,000
30,502.000
33,952,000
1.500.000
12,508,600
150,000
1,821,900
1,650,000
14,330.500
1,542,300
10,044,231
3,850,000
500,000
f,7:Wii(56
3,300,000
13,000,000
46,393,370
2.510.550
48,813.920
50,076.700
2,375.000
52,451,700
8,501,931
3.850.000
1,062,000
63,293,965
620,000
3,238,000
1.682,000
66.531,965
25,680,992
544,750
26,225,742
1,940.000
28.272,582
1,940,000
28,272,582
5,210,000
1,339.000
1,339,000
2,800,000
2,800.000
10,485.000
24.835,000
112,416,692
10,485,000
24.835.000
115.336,442
1,020,000
46,384,513
19,493.000
200,173.700
1,500,000
61.706,000
40,927,031
5,675.000
1.250.000
79.908.742
3.590,000
83,812,582
45,601,500
10,000,000
48.230.500
12,950,000
5,050,000
18.000,000
26,340,000
283,231.113
1.,255,000
45.474,200
39.595,000
328.705,313
5,210,000
8,699.122
34,109.678
158.678,135
13,368,550
8,699,122
41,109.678
172,046.685
192.057,870
175.000
10,181.050
225,000
202,238,920
400,000
9,614,000
152,876,700
1,500,000
9,879,000
47,297,000
4.062.000
87.751,965
620.000
5.400.000
4,682.000
93,151,965
1.250.000
71.066,192
8.842,550
44,617,350
12.900,000
57,517,350
45.351,500
10,000.000
250,000
10,485,000
76,202,000
378,345.392
12,510,000
78,778,550
8.699.122
53,794,678
391.157.985
7.000,000
f.Yob:ooti
37,026.050
8,699,122
61,494.678
428,184.035
2,919,750
10,485,000
88.712.000
457,123.942
400,000
1,942,300
1.420,000
48,326,813
5,003.200
3,300.000
13,000,000
5.560.000
61.706,000
45.930,231
8,975,000
13,000.000
3,590.000
89,372,582
306,000
48,536.500
NMI II 'IDO
Total.
IC
197.775.951
6.791.40(
56,650.871
104,333,301
New Capital.
arlDINOZIHD rIVIONVNLI
1928.
1929.
1930.
MONTH OF SEPTEMBER.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
$
$
$
3
3
Domestic—
174,118.450
23,657,500
69,795,000 226,439,000
156,644,000
49,940.000 227.560.000
Long term bonds and notes_ 177220.000
6.791.400
15,550.000
15,550,000
51.875.000
7.400.000
44,475.000
Short term
56,462.879
188,000
56,960,000 228,237,500
171.277,500
26.326.250
26.326.250
Preferred stocks
91,152.756
13.180.550
857,812.514 179,837.000 1,037.649,514
35,448.370
35.448,370
Common stocks
Canadian—
7,500.000
Long term bonds and notes_
700,000
700.000
Short term
Preferred stocks
Common stocks
Other foreign
44.070,000
4.977.000
4,977.000
Long term bonds and notes_
Short term
2,000,000
Preferred stocks
9,062.500
Common stocks
391,157.985
37,026,050
1,507,876.014
62.317,000 346,886.620 1.201,284,014 306,592,000
284.569.620
Total corporate
43,500,000
8,000.000
8.000,000
52,900.000
51.900.000
1.000.000
Foreign Government
2.000,000
-- ______
15,000,000
15.000.000
Farm loan issues
64,497,234
2,207,100
530,160 100,028.167
99.498,007
78.041.648
1,290,000
76.751.648
Municipal, States, Cities, &c
3,000,000
1.000,000
1.000,000
1.750,000
1.750.000
Canadian
United States Possessions
49 9•1'4 Inn
fli in; 910
, on..,.. no, 9A0 100 I an 1 ale 004 101
379,071.268 115,507.000 494.578,268
Grand total
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT,
FARM LOAN AND MUNICIPAL FINANCING FOR THE NINE MONTHS
ENDED SEPT. 30 FOR FIVE YEARS.
9 MONTHS ENDED SEPT. 30.
1930.
1929.
1928.
1926.
1927.
Corporate—
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic—
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
$
Long term bonds and notes_ 2.264/
9
8,660
328,5
$
68,250 2,592166,910 1.555125,340 475,285,260 2,030,410,600 1,537.003,950
S
$
$
$
Short term
960.276,900 2,497,280.850 2,166,570,690
399,477.650
2,257.187,500
410,351,170
1,846,836,330
65,013,000 464.490.650
,183,730,500
8
1
0
3
,
7
f
5
9
.
143.355.200
43.937.500
Preferred stocks
187,292,700
158.124.800
38.373.800 196,498.600
160,750,300
396,528,030
41,925,200 202,675,500 199.685,295
36,864.900 236,550,190
1.350.000 397,878,030 1.346,569,266 150,211,540 1.496.780,806
Common stocks
674.805.146
236,990,300
911.795,446
546.673,725
995.427.921
120,406,100 667,079,825 392,727,616
13,315,750 1,008,743,671 3,886.429,392 573,573,302 4.460.002,694
10.627,500 403.355,110
Canadian—
876,747,308 186.363.380 1,063.110,688
500.523,507 '68,946.100 569.469.607 480.729.583
12.569,875 493,299,45E
Long term bonds and notes
173,638.000
38.000,000 211,638.000
214,100,000
Short term
214,100,000
90.980.000
68,792.000
159.772,000
160,373,000
5.700.000
21,600,000 181,973.000 134,342.000
32.508.000 166.850,00C
5,700,000
Preferred stocks
13,000,000
2,000.000
1,250,000
1,250,000
2,000,000
13,000,000
10,400,000
Common stocks
10.400,000
22,000.000
26,000.000
48.000,000
16,516,340
4,000,00C
4.000,000
16.516.340
18.163.900
Other foreign
18,163,900
8.613.400
8,613,400
990,000
990,000
Long term bonds and notes
169.015,000
8.977.000 177.992.000
156,260,000
Short term
2,000,000 158.260,000
394.851,500
46.118.500 440,970,000
•
234.788,000
31,000,000
18,787,000 253,575,000 261,474.000
15,815,000 277,289,00(
31.000,000
1,617,283
10,432,717
12,050,000
Preferred stocks
10,000,000
10,000,000
44,000,000
25,000,000
2,000,000
6,000,000
19,000:000
46,000,000
102.312,200
Common stocks
102,312.200
14,030,000
14.030,000
10.060,000
--------25.240.000
25.240.000
10,060.000
32,256,347
32,256.347
39,344.250
39.344,250
Total corporate
5.080,625
30.100.740
5,080,625
3.419.300
33.620.040
• 4,474.761,601 455,224,000 4,929,985.601 7.466.588,928
Foreign Government
1,255,440,319 8.722,029.247 3,826,500,354 1.562.914.880 5.389.41.5,234 3,820.759.847 1,290,824,210 5,111.584.057
• 412,306.000
3.396,375.564 528,155,745 3,924,531,300
60.080.000 472,386,000
04,750.000
Farm loan issues
64,750.000
485,831,587 100,538,413 586.370,000
•
508,655,800
45.500,000
39,500,000 548,155,800 306,519,000
17,873.000 324,392,00(
45,500,00C
Municipal, States, Cities, &c . 1,018,759.552
40,100,000
40.100,000
54,550,000
92.800,000 147,350,000
86,375,000
40.200,000 126,575.000
30,976,637
1,049,736,181:
927.093,574
9,305,186
936,398,760
Canadian
962,103,769
32,737
.209
994,840.978
1.151.784,994
26,723,100 1,178,508,094 1,030,440,736
48.992,000
7 158,000
15.780,882 1,046,221.61
56,150,00(
28.612.000
United States Possessions
9.000,000
37,612.000
28,840.000
3,000,000
31,840.000
62,597,000
.
9.675.000
28.969.000
53,792,000
91.566.000
99,792,011
46,000.000
9,675.000
1,995,000
1,995,000
6,1 .500
6,161,500
5.443,000
Grand total
5.443,000
8.288,00(
8,288.000
.6,009.994.153 553,438,637 6,563,432,790 8,489.039,50
1.273,745,5059,762.785.007 5.349,537,210 1,699,190,502 7,048,727.712 C CA_ ,-ynn CAI 1 A.10 olic 01A 5 non ran& ne, 4001 ,,rin onn nAo nnn 001 K Kr/07000D
CHARACTER AND GROUPING OF CORPORATE ISSUES IN THE UNITED STATES
FOR NINE MONTHS ENDED SEPT. 30 FOR FIVE YEARS.
1930.
9 MONTHS ENDED SEPT. 30.
1929.
1928.
1927.
1926.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
Total.
New Capital. Refunding.
Total.
Railroads
696,468,250 222.662,750 919.131,000
$
301127.240 181113,760 483.041.000
Public utilities
115,888,500 206,691,500 322,580,000
320,361.490
1,226.306,000 117,262,500 1,343,568.500
329.557,510
649.919.000
270,607,000
36,055,000
306,662,000
530,152.500
252.360,000 782,512,500
Iron,steel, coal, copper, S:c
700.336,000 538,859,800 1,239.195,800
811,094,600 448.868.900 1,259,963,500 796.201,330 245,597.170 1,041.798.500
21,500.000
21,500.000
123,513,500
3,186,500 126,700,000
85,382,700
Equipment manufactures
61,969,300 147,352,000
79,765,000
9.040,000
16,160.000
95.925,000 117,731.000
35,184.000 152,915.000
9,040,000
1,850,000
1,850,000
Motors and accessories
5,816.000
5,816,000
11,155,000
6.799,000
11,155,000
13,000,000
19,799,000
150,000
Other industrial and manufacturing 207.751.910
150.000
5,020,000
-77W(566
5,800,000
51,420,000
130,000
66.000,000
51,550,000
27,355,000 235,106,910
66.000,000
219,553.000
2,075,000
Oil
221,628,000
241,623,700
107,192,300
348.816,000
324.784,200
142,550.000
79,080,800 403.865.000 223.877.000
6,950,000
76,306.000
300,183.000
149,500,000
68,984,000
15,416,000
84,400.000
Land, buildings, &c
27,753,000
31,747,000
59.500,000
211,859,400
54,540,600 266,400.000
124.525.500
54,515,000
70,000 124.595.500
7.935,000
62.450,000
294,750,100
3,929.000 298,679,100
Rubber
434,868,050
84,620,000 519,488,050
403,289.500
30,621,000 433,910,500 462.616,000
30.000.000
19.653,000 482.269,000
30,000.000
1,000,000
1,000,000
1,300.000
Shipping
1.300,000
10,000.000
10.000,000
60.000,000
70.000,000
1,750.000
1,750.000
10,000,000
3.100,000
6.0-0l0-.1500
Inv. trusts, trading, holding, &cc
9,100,000
3.866.000
75,250,000
419,000
19.850,000
4,285,000
5.050,000
24,900.000
75,250,000
116,250,000
116,250,000
82,388,000
Miscellaneous
1,012,000
83.400,000
54,000.000
63.660.000
54,000,000
9.500.000
13F41.61545 64,905.000 264,555.000
9.500.000
12,905,000
277.460,000
322,459,500
42,315,500 364.775.000
280,636,500
Total
38.169.000 318,305.500 210,814,000
19.286.000 230.100,000
2.607.051.660 375.545,250 2,982,596,910 1.925,485,340 477.285,260
Short Term Bonds and Notes
2.402.770,600 2.022,835.450 1,075.187.400 3,098,022,850 2,561,731,690 1,057,546,810 3,619,278,500 2,240.260.330 458.066.170
2,698,326,500
Railroads
12,000.000
2,500,000
14,500,000
1,500.000
5,360,000
6,860,000
Public utilities
12,500.000
17,000,000
29,500.000
17.000,000
185.222.000
650.000
22,878.000 208,100,000
6,600,000
17,650,000
16,000.000
22,500,000
38.826,283
41.313,717
80,140.000
Iron, steel, coal, copper, &c
87.422,000
6,000,000
93,422,000
46.600.800
28,000,000
22,309,200
64.753,100
68.910,000
5.000,000
13,396,900
78.150.000
33.000.000
720.000
5,780,000
6.500.000
400,000
Equipment manufacturers
400,000
2,300.000
12.000.000
2.300,000
6,175,000
6.175,000
12.000,000
Motors and accessories
1.200,000
10,100,000
1,200,000
10,100,000
500.000
500,000
Other industrial and manufacturing
4,200.000
750,000
4,950,000
4,400,000
71.855,000
14,860.000
4,400.000
17,350,000
200,000
15,060,000
89.205,000
13,150,000
13.150.000
Oil
4,803,900
2,488,100
7,292,000
11,075,000
6.650,000
4,950,000
43.750,000
16,025,000
600,000
5.750.000
49,500.000
7,250,000
2,000,000
2,000.000
Land, buildings, &c
6,505,800
10,694,200
17.200,000
37,850,000
49,700.650
12,350,000
50.200,000
12,966,000
685,000
7.034.000
20,000.000
50,385,650
61,672.700
61.672,700
Rubber
24,468,100
1.441,500
25.909,600
28,512,500
3,900,000
1.666,000
19,387,000
15.000,000
30,178,500
19,387,000
18,900,000
Shipping
32.250,000
32,250,000
Inv. trusts, trading, holding, &c_
125,000
41.000,000
125,000
500,000
500,000
41,000,000
Miscellaneous
1.600,000
1,600,000
3,000,000
15.750,000
4.000,000
1Ji00-:1566 16,750,000
3,000,000
4,000,000
26,603.500
1,916,500
28.520,000
25.225.000
25,225,000
54,687,000
Total
2,000,000
56.687,000
17,794.195
-71781.666
18,278,195
436,177.650
65,013,000
501.190,650
144,972,483
54,370.217 199.342,700
Stocks—
167,124,800
38,373.800 205.498,600
206,750.300
43,925,200 250,675,500 222,935,295
42.864,900 265,800,195
Railroads
66.055,600
66.055,600
71,107.700
71.107,700
Public utilities
51,597,650 139,954,700 191.552,350
88,168.487
690,478,095
84.036,700
10,240,000
12,912,250
172,205.187
10,240,000
703,390,345
1,096,366,101 204,106,590 1,300.472,691
Iron, steel, coal. copper. &c
568.132.633 153.828,598 721,961,231
518,846,236
133.351,675
46.869,500 565,715,736 394,450,813
9:2-5-6;600 403,707,413
133.351.675
145,034,920 351,020,200 496,055,120
57,379.861
Equipment manufacturers
17.200,000
74,579,861
6,019,250
40,525,000
6,019,250
40,525.000
568.947
568,947
1,920,000
Motors and accessories
1,920,000
4,723.962
5,628,500
5,628.500
4,723,962
79,517.310
5,511.852
85,029.162
Other industrial manufacturing_ __ _ 197.457.065
9,478.400
28,908,702
38,387.102
31,918,790
31,918,790
43,160,650
43,160,650
1,371,500 198,828.565
781,810,605
90,229.220 872.039,825
Oil
345,908,998
68,891.040 414,800,038
169,577.077
82.323,463
32,703.450
149,380,224
202.280,527
12,122.575
161.502,799
82.323,463
84.948,652
58.666,080 143,614.732
Land, buildings. &c
10,126.180
10,126,180
14,573,200
16.320.000
1,964,300
16.537.500 102,287,140
2,800,000 105.087.140
16,320,000
110,734,830
408,500 111.143,330
Rubber
59.755.783
1,14-6;(366 61,101.783
29,817,500
100,000
37,306,480
29.917,500
37.306.480
54,233,534
54,233,534
11,887.975
Shipping
1,042.400
12,930.375
2,701,675
1,464,537
2,701.675
1.464,537
23,178,000
23,178,000
8,325,855
Inv. trusts, trading, holding, &c
8.325,855
112.987,079
112,987,079 2,015,268,972
1,500,000
2,016.768,972
223,926,912
Miscellaneous
2,964,500
226,891.412
68,864,478
127,835,352
37,800,000
"382.000 128,217,352 933.361.534 12.342.400 945.703,934 288.099,857 35,217.740 323,317.597
68,864,478
37.800.000
Total
121,791,164
2,
6-7-3-.250 145.469.414 110,936.595
3.045,500 113.982,095
1,431,532.291
14,665,750 1,446,198,041 5,396,131.105 723,784,842 6.119.915.947 1.636.540,104 449,353.680
Total—
2.085,893,784 1.052,277,857 189,352,200 1,241,630.057 933,179.939
27.224.675 960.404,614
Railroads
774,523.850
225,162,750 999.686.600
1
374.234,940 186.773,760 561,008,700
Public utilities
179.986,150 363,646,200 543,632.350
2,102,006,095 153,052.750 2,255,058,845 1,665.344,884 497,780.307
425,529,977 414,244,210 839,774,187 287,347,000
52,055,000 339,402.000
2,163.125.191 1,355,8903333 698.688,398 2.054.579,031 1.376.541.636
Iron, steel, coal, copper, dm
182,851,675
518.047,600 1,894,589.236 1,255,405,243 268.250,670 1,523,655.913
5.000.000 187.851,675
269.268,420 359,986.700 629,255.120
143,162,561
Equipment manufacturers
79.169.300 222,231,861
88.084.250
21,040.000
16,160,000 104,244.250 164.431,000
35,184.000 199.615,000
21.040,000
2,418,947
2,418.947
7,736.000
Motors and accessories
7.736.000
12,355,000
14,823,962
12,355,000
12,427,500
13.000,000
25,427,500
14,823,962
80,167,310
5.511,852
85,679.162
Other industrial and manufacturing 477.063,975
18,698,400
30,438,702
49,137.102
87,738,790
130,000
87,868,790 124.020,650
46,076.500 523.140,475 1.014.513,605
200,000 124,220,650
92,304.220 1.106.817,825
011
592,336.598 178.571,440 770.908,038
505,436,277 116.734,250 622,170,527 417,007,224
231,523,463
7.550.000 239.073,463
94,178,575
511,185.799
155.932.652
74,082.080
230,014,732
Land, buildings, &c
44,384,980
42,441.200
86.826.180
264,282,600
190,546,150
68,854,900 333,137,500 169,768,140
755,000 191.301.150
17,769,000 187,537,140
467,157,630
4,337.500 471.495.130
Rubber
519,091,933
87,407.500 606,499,433
461,619.500
33.900.000
32,387,000 494.006,500 519.309.480
15.000,000
19,653,000 538.962.480
48.900,000
55,233,534
55,233.534
Shipping
13.187,975
1,042.400
14,230,375
12,701.675
10,000.000
60.000,000
72,701.675
35,464.537
10,000,000
35,464.537
26,278,000
6.000.000
32,278.000
Inv. trusts, trading, holding, &c
8,325.855
8,325,855
3,991.000
229,237,079
419.000
4,410,000
20,350.000
5,050,000
229,237,079 2.131,518,972
25,400,000
1,500,000 2,133,018,972
307.914,912
Miscellaneous
3:916:866 311,891,412
125,864,478
207,245.352
125,864,478
51,300,000
2,627,000 209,872,352 1,224,520,034
51,300,000
27,163,900
1,251,683,934
635.784,357
77,533.240
713,317,597
456,614.664
Total corporate securities
63.847,250 520.461.914 339,544,790
22,815,500 362,360,290
4,474,761.601 455.224,000 4,929,985,601 7.466.588.928 1.255.440.319 8.722.029.247
3.826.500,354 1.562,914,880 5,389.415,234 3,820.759.847 1,290.824,210 5.111.584,057 3.396.375.564 528.155,745
3,924.531,309
OCT. 1.1. 1930.]
FINANCIAL CHRONICLE
2287
DETAILS OF NEW CAPITAL FLOTATIONS DURING SEPTEMBER 1930.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amouru.
Purpose of Issue.
Railroads12,000,000 Addris., bett'mts & impts
To yield
About.
Price.
Company and Issue, and by Whom Offered.
4.51 Chicago and North Western Ry. Co. 1st & Ref. M.444s C, 2037. Offered by Kuhn,
Loeb & Co..
andNational City Co.
3.75-4.70 Chicago Great Western RR. Equip. Tr. 446s A, 1931-45. Offered by Soloman Bros.
dr
Hutzler and
Evans, Stillman & Co.
Capital expenditures, &o
4.39 The Cincinnati Union Terminal Co. 1st M.434s A, 2020. Offered by J. P. Morgan &
1025
Co.; Kuhn,
Loeb & Co.;First National Bank, N.Y.and Nat. City Co.
Capital expenditures
100)6
4.47 The Cleveland and Pittsburgh RR.Co.Gen.& Ref. M.444s, A. 1977. Offered by Kuhn,
Loeb &Co.
New equipment
3.25-4.50 Long Island RR. Equip 'Fr. 446s, 1931-45. Offered by Saloman Bros. & Hutzler.
New equipment
3.25-4.55 Merchants Despatch Equip. Trust S. F. 1930 Equip Tr., 444s, 1931-45. Offered by Chase Securities
Corp. and Freeman dr Co.
Retire Amer.series6% bds. 1960.. $35.55 per 1,000 fr. Midi RR.Co.(France)4% Bonds, Foreign Series, 1960.
Offered by A.Iselin& Co.
0, francs)
Capital expenditures
4.47 The Pittsburgh Cincinnati Chicago & St. Louis RR, Co., Gen. M.4345,
10046
"C" 1977. Offered by
Kuhn, Loeb dt Co.
Pay bank loans; other corp. pup_ _ 92%
4.90 St. Louis-San Francisco Ky. Co. Consol. M. 446s, "A," 1978. Offered
by Speyer & Co.: J. & W..
Seligman & Co.and Guaranty Co. of New York.
99%
2,235,000 New equipment
12.000,000
7.182,000
1,305,000
2,820,000
4,977,000
(140,000,00
23,735,000
10,000,000
76,254,000
Public Utilities5,000,000 Capital expenditures
4.53 Central Maine Pr. Co. 1st & Gen. M.436s, "E," 1957. Offered by
Harris, Forbes & Co.;Coffin &
Burr,Inc., and Hill, Joiner & Co., Inc.
5.62 Central States Electric Co. 1st M.544s,"B," 1952. Offered by Harris
& Says. Bk., Chicago4.78 Chicago District Electric Generating Corp. 1st ht. 4469,"A," 1970.Trust
Offered by Halsey, Stuart
& Co., Inc.
Additions and improvements__ _ _ 10134
4.40 Consumers Pr. Co. 1st Lien & Unit. M.4465. 1958. Offered by Bonbright
& Co., Inc.; Nat. City
Co.and Bankers Co. of New York.
Extensions and improvements
- 9236
5.53 Continental Gas & Electric Corp. Deb. 5s, "A," 1958. Offered by Otis &
Co.;
Forbes &
Co.; The Union Trust Co. of Pittsburgh; Guaranty Co. of N. Y.; Bonbright &Barrie,
Co., Inc.: Field.
Glare & Co., and 3.0. White & Co., Inc.
Acquire power sites
4.80 Cumberland County Pr. & Light Co. let M.436s, 1956. Offered by Harris.
9545
Forbes & Co.: A. C.
Allyn & Co., Inc., and Hill, Joiner & Co., Inc.
Retire current debt; wkg. cap,&c- 9234
5.40 Electric Pr. & Light Corp. Deb. 55, 2030. Offered by Bonbright & Co.. Inc.
Additions,fronts.,rettre mtge
101
4.43 Kansas City Pr. & Lt. Co., let M.446a,"13," 1957. Offered by Otis & Co.; Guaranty Co.GIN.
T.:
Bonbright & Co., Inc., and Halsey. Stuart & Co., Inc.
Additions. betterments. &c..
5.00 Kentucky Utilities Co. 1st 33.53,"1," 1969. Offered by Halsey,Stuart dr Co.,
993(
Inc.
Capital expenditures
4.45 New Haven Water Co. 1st & Ref. M.444s, "B." 1970. Offered by Chas. W.Scranton dr Co., New
noy,
Haven.
Acquisitions
99
5.08 New York Water Service Corp., 1st M.55,"A," 1951. Offered by G.L. Ohrstrom & Co.,Inc.
Refunding; wkg. cap., dm
Portland General Electric Co., 1st & Ref. M.,444s, 1960. Offered by Harris, Forbes & Co.; H. Ms
4
9334
Byliesby & Co., Inc.; Nat. City Co.; Halsey, Stuart & Co., Inc.; Continental Illinois Co.. Inc.;
West & Co.; W.C. Langley & Co.; Albert E.Peirce & Co.and E. W.Clark & Co.
General corporate purposes
5.80 Public Elec. Lt. Co.(St. Albans, Vt.) 1st 111., 544s, "II," 1956. Offered by Es H. Rollins dr Sons.
96
Refunding; other corp. purp
4.56 Public Service Co.of New Hampshire 1st & Ref. M., 444s,"B," 1957. Offered by Tucker, Anthony
99
& Co.;First National Old Colony Corp., and Hill, Joiner & Co., Inc.
5.34 Sierra Pacific Pr. Co. 1st NI. & Ref. 5a,"A," 1960. Offered by Stone & Webster and Itiodget. Inc..
Refunding;cal/. expenditures, &c.. 95
and Peirce. Fair & Co.
5.20 Tennessee Public Service Co. 1st dr Ref. M., 5s, 1970. Offered by First Nat. Old Colony Corp.
Acquisitions
9634
W. C. Langley & Co.; Bonbright & Co., Inc.; Tucker, Anthony & Co.; Jackson & CUSt1/3; lisle.
Waters & Co. and 'Poerge & Schiffer.
General corporate purposes
Prices on aPPlie. Washington Gas & Electric Co., let Lien & Gen. M., 6s, 1960. (Each bond carries a warrant, nondetachable except when exercised to purchase on or before Feb. 2 1935, two shares of class
"A" Owl.
$1.60 dividend series of North American Gas & Electric Co.for each sloo of
boar at Priem ?Whir
from $20 to $25 per share.) Offered by A. C. Allyn & Co., Inc.
Other Industrial & Mfg.
Retire indebtedness
6.00 American Sash & Door Co.(K. C.. Mo.) lot (c.) M. 6s, 1940. Offered by Fidelity Nat. Corp.,
100
Kansas City, Mo.
Acquisitions; retire cur?. debt, &e- 9836
6.15 Illinois Pacific Coast Co. Cony. 65. 1945. (Coreverabia lots amuses stock up to maturity at prices
ranging from 516 to 530 per share.) Offered by Mitchum,Tully & Co.. and Dean, Witter & Co.
Impts., construction, &c
6.00-6.50 Saginaw & Manistee Lumber Co. 1st (c.) M., 6s, 1931-36. Offered by Baker, Fentress dr Co.
General corporate purposes
/00
5.00 St.Joseph Stock Yards Co. let M., bs. 1940. Offered by First Union Tr. & Savings Bk., Chicago.
and BancNorthwest Co., Minneapolis.
500,000 Extensions and additions
15,000,000 Refunding
20,000,000
16,000,000
2,400,000
15,000,000
3,000
2,500,000
1,500,000
2.264,000
40,000,000
200,000
5,279,000
if
1,400.000
7,000,000
500,000
137,543,000
350,000
2,500,000
400,000
1,000,000
4,250,000
Land. Buildings. &c.500,000 Finance constr. of buildings
9236
9834
95
Allis Hotel Bldg. Co. 1st M. Lshld. 68, 1932-40. Offered by The Wheeler, Kelley, Ilagny Tr. Co..
Wichita, Kans.; Mftehner Investment Co., Hutchinson. Kans., and Wheeler-Cill Co..„ Ban
Antonio, Tex.
1,000,000 Provide funds for loan purposes...- 100
5.50 Briggs Bond & Investment Co. 1st M.Coll.634e,"A," 1940. Offered by Guardian Detroit Co.,Inc.
550,000 Finance constr. of bldg
9734
6.30 Fairfax Bldg. (K. C., Mo.) let M. Cony. 6s, 1941. (Convertible up to maturUy into 1st pref. & cons.
mock of Eleventh & Baltimore Cory at rate oft sh, oils: Pref. stock and 1 share
of ann,stock fur tali
$100 of bonds.) Offered by Prescott. Wright, Snider Co., K. C., Mo.
100,000 Real estate mortgage
100
7.00 Graham Hotel Co.(Pecos, Tex.) let M., 78, 1932-41. Offered by Brandon & Co., New York.
425,000 New construction
6.00 Michigan State College 6% Dormitory Trust Ctts., 1933-59. Offered by First Detroit Co.,lee.
100
750,000 Provide funds for loan purposes__ _
5.50-5.55 Potomac Mortgage Co. 1st M.Coll. 5365, 1935-40. Offered by The Baltimore Co.
Real estate mortgage
65
itio
5.00 (The) Roman Catholic Bishop of Altoona. Pa.. let M. 58, 1934-40. Offered by
Oso• H. Bum
& Co., St. Louis.
10,500,000 Acquire additional securities
Placed privately Van Sweringen Corp. 5% Bonds. Played privately with an Insurance company.
Prices on applle.
13,890,000
Miscellaneous600,000 Refunding: acquisitions
95
8.50 Asheville Citizen-Times Co. 1st (c) M. lis, 1945. Offered by Citizens & Southern Co., Savannah.
Ga., and Scott Az Stringfellow, Richmond, Va.
SHORT TERM BONDS AND NOTES (ISSUES MATURIN3 UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities700,000 General corporate purposes
Price.
To Yield
About.
Company and Issue; and by Whom Offered.
6.52 Canadian American Public Service Corp. 1-Year Cony. Sec. 8s, July 15 1931. (Each $1,000
note tower:Ole into one $1,900 101 lien coll. 6% cow bonder into 40 Owes panic. class A stock.)
Offered by Ilambleton dr Co.
5.50 Chicago District Electric Generating Corp. 5-Year Deb. 536s, Oct. 1 1935. Offered by Halsey.
Stuart dr Co.. Inc.
5.00 Keystone Telephone Co. of Philadelphia 1-Year 5% Notes, Sept. 15 1931. Offered by A. C.
Allyn & Co.. Inc.
99%
8,000,000 Refunding;other corp. purposes-- 100
1,250,000 Refunding
100
9,950,000
Other Industrial & Mfg.
150,000 Refunding
100
750,000 Capital expenditures; work's cap_ 100
6.00 Capitol Dairies,Inc., 2-Year6% Notes, Aug. 151032. Offered by Fletcher American Co..Indianan.
6.001 Olympic Forest Products Co. 3-Year 6% Notes, Sept. 1 1939. Offered by Blyth & Co.
900,000
Land, Building, dm._
775,000 Real estate mortgage
150,000 Real estate mortgage
800,000 Real estate mortgage
1,725.000
Investment Trusts,Trading &
Holding Cos. (Not primarily
Controlling)40,000,000 Retire cure. debt;seq.secur.,
100
100
5.00 55 East 86th St.(N. y. City) Guar. 5% Mtge. Cris., 1935. Offered by Lawyers Altge. Co., N.Y.
5-00-5.50 Pine Investment Co.(St. Louis)1M M.534s,1951-33. Offered by Franklin-American Co St. Loeb].
5.00 12-20 West 96th St. (N. Y. City). Guar. 5% Mtge. Ctrs., 1935. Offered by Lawyers Mortgage
Co., New York.
4.50-5.75 Corporation Securities Co. of Chicago Serial 444s and 68, 1931-35.
Offered by Halsey, Stuart &
Co., Inc.; Continental Illinois Co., Inc.; Harris, Forbes
Co.; Central Illinois Co., Inc.: First
Union Trust & Savings Bank. Chicago; Foreman-State dr The National Republic Co.; E. H.
Rollins & Sons; A. B. Leach dr Co., Inc.: Hill, Joiner & Corp.:
Co., Inc.; Insull Son ic
Peck & Rockwood Co.; Russell, Brewster & Co., and A. C. Allyn & Co., Inc. CO.. Inc.; Emery.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities*100.000shs Acquisitions; other core. Purposes_
a Amount Price
To Yield
Involved. per Share. About.
10.000.000 100
•100,000shs Retire curr. debt; other corp. PurP. 10.050.000 100%
.100.000ehs General corporate purposes
4,700,000 47
24,750,000
Company and Issue; and by Whom Offered.
7.00 Appalachian Gas Corp. $7 Cony. Pref. Stuck, Series A. (Convertible as or be,foro Dec.
31 1943 into conunon stock on basis rangingfrom 10 to 6 sharesfor each share of preferred,
)
Offered by P. W.Chapman & Co., Inc., and Reilly, Brock & Co.
5.95 Electric Power & Light Corp. $6 Cum.Pref, Stock. Offered by Bonbright & Co.. Inc.
0.91 Seaboard Public Service Co. $3.25 Cony. Pref. Stock. (Each shore cearertibie at any
time prior to June 1 1935 into 19-301h5 of one share of COMM07$ stock; each share also
carries a non-detachable warrant to purchase 1 share of common stock up to June 1 1931
at prices ranging frees $50 to 975 per share.) Offered by Utility Securities Corp.
K. H. Rollins & Sons; Insull, Son & Co., Inc.: Hill, Joiner & Co., Inc.; A. B. Leack
dr Co., Inc.. and Emery. Peck & Rockwood Co.
Par or No.
of Shares.
Purpose of Issue.
Other Industrial & Nun.—
$
.55,302 ohs Working capital
*300,000shs
*15.000 abs
*140,000sh8
*2.500 shs
Firm,. 131.
FINANCIAL CHRONICLE
2288
Additions and betterments
Working capital
Acquire Norwalk Lock Co
Expansion of business
•140,000shs Retire bank loans; wkg. capital__ _
To Yield
(a) Atnoun 2 Price
Involved. per Share. About.
Company and Issue, and by Whom Offered.
.553,020
10
2,100,000
300,000
700,000
62,500
7
20
5
25
1,407,850
10
Cetoter Co. Common. Offered by company to stockholders; underwritten by White.
Weld & Co.
Harriscolor Films. Inc. Capital stock. Offered by Marlon S. Emery & Co., Inc.
Loudon Packing Co. Capital Stock. Offered by company to stockholders.
Segal Lock & Hardware Co. Inc. Common. Offered by company to stockholders.
Sheer Pharmacal Corp. Class A Panic. Stock. Offered by Louis I. Muckerman &
Co., Inc., St. Louis.
Zonite Products Corp. Common. Offered by company to stockholders; underwritten.
50
Insult Utility Investments, Inc. Common. Offered by company to stockholders.
5,123,370
Investment Trpsts, Trading
& Holding Cos. (not PrimaHly controlling)—
*600,000shs Provide funds for investm't purp— 30,000,000
Miscellaneous—
325,000 Additional capital
*65,000 abs Acquisitions; other corp. purposes_
325,000
1.576,250
Equitable Casualty & Surety Co. Capital Stock. Offered by company to stockholders.
5(par)
24U7.22Pacific Freight Lines Corp., Ltd. Corn. Panic. Pref. Stock, Series A. Offered by
A. E. Fitkin & Co., Ltd.
1.901,250
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by—
%
$
50,000,000 Govt. of the Argentine Nation 1-Yr. 5%
Treasury Notes, Oct. 11931.(A payment of
an equal amount of Six Months 5% Treasury
4.62 Brown Bros. & Co.; Bonbright & Co., Inc., and the New York Trust Co.
100.36
Notes. due Oct. 1 1930)
1,900,000 City of Bergen (Norway) Ext. 55, 1949 (Re5.25 Brown Bros. & Co. and Halsey, Stuart & Co., Inc.
97
tire 25-Yr. 6s, due Oct. 1 1940.)
1,000,000 Free State of Bremen (Germany) 3-Months
Treasury Notes (for treasury requirements)._ Placed privately. National City Co.
52,900,000
FARM LOAN ISSUES.
Amount.
1
Issue and Purpose.
Price.
3
15,000,000 Federal Intermediate Credit Banks 3% Debentures, due April 1.5 1931-Sept. 15 1931
100
(provide funds for loan purposes)
To Yield
About.
Offered by-
%
3.00 Chas. R. Dunn, fiscal Agent.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (a) Amount
Involved. Price.
of Shares.
To Yield
About.
Company and Issue, and by Whom Offered.
5.05 General Motors Corporation $5 Series Preferred Stock. Offered by J. P. Morgan & Co.
*158,197 shs 15,661,503 99
•Shares of no par value.
at their offering prices.
a Preferred stocks of a stated par value are taken at par, while preferred Stocks of no Par value and all Classes of common stock are computed
Indications of Business Activityl
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, October 10 1930.
Cool weather in some northern areas tended for a time to
help business. Jobbing and retail trade was better. But
of late temperatures have risen in the Central West. Within
a day or two they have been abnormally high for this time
of the year. Of course, however, this is merely a passing
condition. We are nearing the middle of October and in the
nature of things cooler weather may be expected, very
shortly, succeeding the present summer-like conditions in
parts of the West, where it has been as high as 80 at St.
Paul and 88 at Kansas City. A prominent feature of the
week, of course, has been the big drop in the stock market,
accompanied by the suspension of Prince & Whitely, one of
the oldest firms in Wall Street. But to-day there was a
sharp rally in an evidently oversold market, and this was
accompanied by a rally of 2 to 3 cents in grain and some
20 to 25 points in cotton, though other commodities for
special causes were lower. Wholesalers and jobbers want
colder weather for the sale of most clothing lines. Sales
of the chain stores, mail order concerns and department
stores in September fell below those in the same month last
year. Grain has declined 3 to 4c. on renewed liquidation,
partly in sympathy with the declining stock market. Moreover, export trading in wheat has been on a very moderate
scale. Russia continued to be a heavy seller at times in
Western Europe and its exports this week make a noteworthy showing. Curiously enough, however, Russia was
said to be buying at one time in Liverpool for shipment to
northern Russia. It is possible for Russia to be suffering
from famine or semi-famine in one section and have an
almost a plethorax of grain in other parts of that vast
country. The sales of copper have been large. Nonferrous metals have declined. Steel is lower. Heavy
melting steel has declined 50c. a ton. At the same time
the demand for rails has been rather better. Tin plate
prices are down to the lowest seen since 1923. A pretty
good business is being done in wire products, the supply of
which in dealers' hands is small. Automobile companies
are not buying much steel, and prices are somewhat weaker
for bars, strips and sheets.
Pig iron has been dull but fairly steady. The coal trade
has fallen off in this section; in fact it has been quiet all over
the country. Building in September was larger than in
August. This is something new. It is the first September
increase in 13 years.
Trading in coffee has been excited and unusually active
owing to the news in regard to the civil war in Brazil. At
first it caused a very sharp decline, amounting indeed to some
75 to 160 points. But later there was an equally sharp
recovery when it was found that the Brazilian Government
might commandeer shipping and thus check exports of coffee
from Brazil. Later came another decline which left final
prices for the week some 40 to 80 points lower on most months,
though there has been buying of December by Europe on a
scale that left the closing price of to-day 16 points higher
than a week ago. Spot coffee has advanced sharply and
cost and freight offerings have naturally been very small,
mostly at higher prices. The coffee business has been disorganized by the prevalence of internal war in Brazil and
the contradictory reports in regard to the fighting. Rubber
has continued to decline, falling this week about half a cent.
The fact about rubber is that it is still plentiful and for the
most part dull. The natural result is declining prices at
home and abroad. Sugar has advanced some 15 points
under the stimulus of reports that Cuban shipments may
possibly be limited to 2,800,000 tons. Also if there should
be serious political trouble with fighting in Cuba there might
be an interruption of exports from Cuba from that cause alone
apart from anything else. Moreover a committee will soon
visit Europe with a view of concerting stabilization measures
there. Silk has declined 8 to 10 points. Cocoa advanced
45 to 50 points. Hides have dropped 30 to 35 points.
Radio products are in active demand aided by expositions
and widespread and persistent advertising. Canned goods
are selling at very low prices. Cotton prices on the whole
have acted steady all things considered. The Government
estimate of the crop was 14,486,000 bales or about 150,000
more than was expected. This estimate compares with
14,340,000 in the September report and a final crop last
year of 14,828,000 bales. And there is the carryover from
last year of 6,100,000 bales. So that there is seemingly no
FINANCIAL CHRONICLE
danger of a scarcity of cotton. But it seems that of this
carryover of 6,000,000 bales or more the Stabilization
Corporation at the South has 1,300,000 bales and one of its
members announced to-day that it would not be sold at
under 173
4c., including handling charges. Meanwhile the
tendency in the textile industry is towards an improvement.
Cotton goods have been steady with a noticeably better
business of late in percales and now and then in print cloths.
Woolens, worsteds and silks have been in better demand.
The textile trade figures showed a notable improvement.
That is to say the sales of standard cloths in September were
60% above the production. Shipments in September were
nearly 28% above production. Stocks on hand decreased
113%. Unfilled orders on Sept. 30 showed an increase
during the month of a little over 26%. The September
exhibit was much better than any for many months previously. In the lumber trade the tone is better, with orders
outrunning the reduced production, showing that things
are in distinctly better shape.
The stock market has been declining with growing liquids,
tion and other trading until to-day the total transactions
reached approximately 6,300,000 shares. Thursday was
marked by the regrettable suspension of Prince & Whitely, a
house over 50 years old and always of enviable standing. It
is hoped and believed that its difficulties will soon be adjusted.
On the 9th inst. U.S. Steel under the shock of the unexpected
occurrence fell 5 points. There was heavy liquidation of
loans by banks for account of the suspended firm. Among
the severe declines were American Water Works, which lost
% points; A. M.Byers, which dropped 53/8; Goodyear Tire,
83
which lost 63/
3; Worthington Pump, which dropped 9 and
General American Tank Car, which fell 63. A long list
declined 5 to 10 points and two or three fell more than that.
On the Curb, Prince & Whitely Trading Corp., common
stock sold at 50c. a share, a decline of 7 points, and preferred
at 14, which was a drop of 20% points, although both rallied
on the statement by counsel that the firm's difficulties appeared to be only temporary and that there will probably be
no loss to creditors. The latest drop in brokers' loans
amounting to $158,000,000 hassent the total down to $2,905,000,000,the smallest since Apri127 1927, when it was $2,882,994,000. The present is the first time since May 1927 that
the Federal Reserve Bank's compilation of brokers'loans has
been less than $3,000,000,000. There has been a drop of
$3,899,000,000 in loans since the record high of $6,804,000,000 of Oct.2 1929.
To-day stocks had a sharp drop and then a quick rally.
At one time early they were down 5 to 25 points on miscellaneous issues and some 350 stocks rceched new low records.
Film stocks fell sharply. Later when the list rallied, many
stocks ran well above the closing prices of Thursday. U. S.
Steel to-day dropped to 1443/i but rallied 5 points ending
that is, at 1493/2, or a rise of 3 points net. Other stocks included among those making worthwhile net advances were
American Can, General Electric, Westinghouse, Consolidated Gas and American Telephone. The transactions of
the day were some 6,300,000 shares or 11,300,000 in two
days, against 2,050,000 last Friday and 3,900,000 a year ago.
At Manchester, N. H., the Amoskeag Mills will be closed
over Columbus Day, closing at noon, Saturday and re-opening on Tuesday the 14th. Sears Roebuck & Co.'s sales fell
off 143% for the period Sept. 11 to Oct. 8, as compared
with the same period last year. Since Jan. 2, a decrease of
73% is shown under last year. Washington wired that
department store sales in September were 7% smaller than
in the corresponding period a year ago, according to preliminary reports made to the Federal Reserve System by
538 stores, located in leading cities of all Federal Reserve
districts. On a daily average basis, the report states that
sales were 11% smaller than the same month last year.
There were 25 business days in September this year and 24
last year. Sales during the first nine months of this year
were 6% below the level of a year ago.
The first gain since last October in New York State factory
employment is reported in the 2% increase from the middle
of August to the middle of September. A rise of 2 points in
the index number which stood at 82.7 in August is looked
for with the September gain. Although the employment
level is the lowest of any September on record, the percentage
rise compares favorably with that of other years.
What appears to be a slight turn for the better in the building industry is indicated in the preliminary returns to Bradstreet's of building permitted for during the month of September. There is a gain over August in the volume of build-
2289
ing permitted for, this gain by the way not being contributed
to by New York City but being furnished by other cities in
the Middle Atlantic, the Central West, the Northwest and
the Pacific and Mountain States. Also the decrease as a
whole from September a year ago is the smallest in percentage noted in any month since October last year though this
lessened decline may be attributed as much to the subsidence
of building last year due to the high money as to any other
reason.
The weather here has been cooler but has grown a little
warmer within a few days. On Thursday it was 50 to 67
and on Wednesday 55 to 67, but to-day it was 57 to 73 and
the forecast is for moderate temperatures on Saturday with
fair weather. It has latterly been warmer at the West and
Northwest. It was 88 at Kansas City at one time and 86,
it seems, at St Paul. Boston on the 9th inst. had 46 to 58,
Montreal 52 to 66, Philadelphia 56 to 66, Portland, Me.,
42 to 54, Chicago 62 to 76, Cincinnati 58 to 78, Cleveland
58 to 68, Detroit 56 to 70, Louisville 58 to 80, Milwaukee
54 to 60, Kansas City 64 to 88, St. Paul 62 to 86, Oklahoma
City 62 to 86, St. Louis 62 to 80, Winnipeg 40 to 54, Denver
54 to 80, Helena 38 to 48, Salt Lake City 44 to 52, Los
Angeles 54 to 66, Portland, Ore., 46 to 56, San Francisco
52 to 54, San Diego 54 to 66, Seattle 40 to 56.
Federal Reserve Board's Preliminary Report on Department Store Trade in September Shows Falling Off
of 7% as Compared With Same Month Last Year.
Department store sales in September were 7% smaller
than in the corresponding month a year ago, according to
preliminary reports made to the Federal Reserve System
by 538 stores located in leading cities of all Federal Reserve
Districts; on a daily average basis sales were 11% smaller
than a year ago. Sales during the first nine months of this
year were 6% below the level of a year ago, says the Board,
which furnishes the following statistics Oct. 7:
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total (538 stores)
Number of
Reporting
Stores.
September.*
Jan. 1
to
Sept. 30.*
-9
-2
-8
-10
-9
-4
-14
-11
-3
-7
-7
-5
-3
-1
-6
-9
-3
-8
-12
-9
-7
-5
-8
-5
.4.N.NMbD.qt0W00
00.2C.04.40.
OCT. 11 1930.]
-7
-8
538
•September figures preliminary; the month had 25 bu.stness days this year and
24 last year.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States-Increase
in Business Activity as Measured by Bank Debits.
According to the weekly statement of the Department of
Commerce at Washington, business conditions during
the week ended Oct. 4 1930, as measured by bank debits,
outside New York City, registered a marked gain over the
week of Sept. 27 1930, but declined from the corresponding
week in 1929.
Wholesale prices as indicated by the index of 120 commodities showed a fractional change from the preceding week
and were below the level of a year ago. Iron and steel prices
remained at the same level as the preceding week and like
other wholesale prices were lower than in 1929. The price
for middling cotton at New York showed a slight increase
and red winter wheat at Kansas City a slight decrease when
contrasted with a week ago. Both prices were lower than
for the same week, a year ago.
Bank loans and discounts of Federal Reserve member
banks for the latest week recorded a slight gain over the week
before and were only slightly below their total of a year ago.
The average prices of 50 representative railroad and industrial stocks declined from the prices of the week ended Sept.
27, while bond prices remained unchanged. Stock prices
were lower and bond prices higher than a year ago. Time
money rates were lower while call rates showed no change
from the preceding week. Business failures during the past
week were less numerous than a week ago.
For the week ended Sept. 27 1930, increases occurred
over the preceding period in bituminous coal production and
hog receipts at primary markets. Declines during this period
occurred in petroleum and lumber production, wheat and
2290
[voL. 131.
FINANCIAL CHRONICLE
cattle receipts. The activity of steel mills showed no change
from the week ended Sept. 20.
Bank loans and discounts, bond prices and the Federal
Reserve ratio for the week ended Oct. 4 1930, showed increases when compared with the period ended Oct. 6 1928,
two years ago.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=1004
1930.
Oct. Sept. Sept. Sept.
4.
27. 20. 13.
1929.
192s.
Oct. Sept. Sept. Sept.
5. 28.
6. 29.
Steak operations
78.9 78.9 76.3 110.5 111.8
Bituminous coal production..... __ __ 93.4 91.5 93.8 114.0 119.1
Petroleum produe'n (daily avge.) __ __ 114.7 110.3 116.2 138.6 139.2
Freight car loadings............ _ __ __ __ 99.3 100.7 123.0 125.4
a Lumber production
67.2 67.9 68.7 __ __ 100.8
Building contracts. 37 States
Kay average)
76.2 89.7 95.0 112.1 99.2
Wheat receipts
_ 144.9 167.6 212.4 114.3 140.0
Cotton receipts
302.7 198.8 193.5 165.0 298.5 245.8
Cottle receipts
101.0 102.8 99.1 115.2 121.5
Hag receipts
63.8 60.4 60.1 77.5 77.8
Price No.2 wheat
56.6 59.7 60.5 62.0 06.1 95.3
Prise cotton middling
38.6 38.2 40.1 40.8 69.5 68.8
Price iron & steel composite
78.6 78.6 78.8 78.9 87.8 88.0
Copper, electrolytic price
__ __ 71.7 73.9 75.4 129.0 129.0
Plsher's index (1926=100)
82.3 83.1 83.6 83.4 94.7 95.8
Boat debits outtdde N. Y. City
128.8 106.5 110.0 99.8 166.4 147.8
Bank loans and discounts
136.1 135.3 135.1 134.5 139.4 138.0
Interest rates, call money
48.5 48.5 54.5 60.6 181.8 215.1
Business faitures
109.8 119.9 122.1 113.8 97.3 105.2
Stock priers
187.0 193.7 203.8 210.5 292.8304.9
Bond Prices
109.0 109.0 108.7 108.6 102.8 102.9
Interest rates, time money
62.9 67.7 74.3 75.4 205.7 208.6
Federal reserve ratio
105.3 105.8 105.3 104.9 03.8 95.2
b Composite Index-N.Y."Times" __ __ 84.1 .85.1 86.4 102.7 103.6
b Cempositeindex-bustness week
__ 88.0 *85.8 84.1 108.0 109.2
•Revised. a Relative to weekly average 1927-1929 per week shown
to a computed normal taken as 100.
115.8 113.2
113.3 113.4
121.2 120.5
123.8 124.8
__ __ __ __
180.6 162.7
279.1 249.1
303.8 256.5
121.8 121.8
56.1 72.3
85.3 85.3
70.2 71.0
85.3 85.2
108.7 108.7
99.2 99.3
150.3 126.2
127.6 126.5
178.8 163.6
105.4 98.3
209.4 210.4
107.8 107.9
165.7 168.6
89.5 88.4
__ __ -- -__ __ -- -b Relative
Psychological Shake-up Needed to Bring About Resumption of Buying by Public According to S. I.
Miller of National Association of Credit Men.
What the American people need is "a psychological
shake-up that will cause them to resume their normal buying
habits," according to Dr. Stephen I. Miller, Executive
Manager of the National Association of Credit Men. This
view of the current business situation is expressed in the
October bulletin of the association, which was sent to members Oct. 5. Dr. Miller says:
Our great purchasing power is now static, rather than dynamic. We
have a fine lot of logs, but they are still in a jam. The lumberjack who
can spot the key log and pry it loose with his "peavy" will be a real hero.
Doctor Miller takes the view that recent trade developments show an undercurrent of strength, and that the continued improvement in collections gives reasonable grounds
for a more hopeful outlook. He continues:
Although production in general has not yet shown unmistakable signs
of a strong come-back, many lines of business have begun to feel the quick-
ening effect of seasonal improvement. In certain lines the advance is
clearly more than seasonal.
All districts reported reductions in the total loading of all commodities.
compared not only with the same week in 1929, but also with the same week
In 1928.
Loading of revenue freight in 1930 compared with the two previous
years follows:
1930.
1629.
1928.
Four weeks in January
3,349,424
3.448,895
3,571,455
Four weeks in February
3,505,962
3,766.136
3,590,742
Five weeks in March
4,815,937
4,414,625
4,752,559
Four weeks in April
3,619,293
3,989,142
3,740,307
Five weeks in May
4,598,555
4,939,828
5,182,402
Four weeks in June
3,719,447
4,291,881
3,989.442
Four weeks in July
3,555,731
3.944.041
4,160,078
Five weeks in August
4.670368
5,800,706
5,348,407
Four weeks in September
3,725,243
4.470,541
4,542,289
Total
35,158,648
39,920,026
38.224,762
September Chain Store Sales Decline.
Gross sales of 26 leading chain store systems for the month
of September showed a decline of 8.27% compared with the
same period in 1929, whereas for the nine months ending
with September sales for the same systems decreased 4.33%
compared with the figures for the corresponding period in
1929, according to the monthly compilation of George H.
Burr & Co.
Sales of these 26 store systems aggregated $158,338,723
for September, a decrease of $14,273,267 or 8.27% from
September 1929. Losses in sales were reported by 15 of the
26 companies. For the first nine months of 1930 these 26
store systems report gross sales of $1,441,234,483, a decrease
of $59,819,937 or 4.33% from the corresponding period of
1929. A comparative table shows:
September
1930.
$
Sears. Roebuck__ :28,030,215
F. W. Woolworth_ 22,352,534
Montgomery Ward 21,332,576
Kroger Grocery-- 19,930.175
S. S. Kresge
11,265,218
American Stores... 10,301.482
National Tea Co.... 6,850,862
W. T. Grant
5,286,353
S. H.Erma & Co
5,478,003
McCrory Stores... 3,280,888
Nat. Bellass-Hess. 2,848,891
J. J. Newberry_... 2,386,329
F.& W.Grand-MI_
2,748,980
Daniel Reeves
2,315,482
Schulte-United
2,276,064
McLellan Stores
2,036,966
Lerner Stores
1,934,364
G. C. Murphy Co_
1,343,980
Waldorf System
1,288,971
Southern Grocery_
1,199,100
Neisner 13ros
1,165,517
David Fender Groc 1,191,858
Bickford's
494.409
Kline Bros
346.909
Edison Bros
474,551
M. U. Fishman
177,395
Inc. or Dec. over
Inc. or Dec. over
September 1929. 9Mos.End.
1929.
Sept.30'30.
Amount.
%
Amount.
%
$
$
$
--4,612,031 14.1 7251637498 -17,476,084 6.5
+88,198 0.4 196,466,061 -8,576,246 4.1
-4,795,013 18.3 191,153,121 -2,545,664 1.3
-1,496,630 6.9 196,479,070 -13,073,863 6.2
-705,870 5.8 101,015,229 -3,288,359 3.1
-78,308 .75 104,701,956
+40,195 .03
-162,183 2.3 63,442,049 -3,023,003 4.5
+509.598 10.6 45,493,453 +4.255,833 10.3
+114,713 2.1 45,978,362 +1,430,778 3.2
-301,003 8.4 29.219,677
-540,440 1.8
-1,813,064 38.8 25,475,694 -11,172,331 30.4
+182.434 8.2 19,369,828 +1,882,332 10.7
+338,991 14.0 25,168,902 +5,709,942 29.3
-11,364 0.5 25,330,665
+658,539 2.6
+480,087 25.73 18,191,345 +7,127,801 64.43
+127,212 6.7 15,767,726
+927,959 6.3
+518,679 36 6 17,1130,776 +4,864,465 39.6
+8.063 0.6 11,126.751
+912.836 8.9
-34,471 2.6 11,812,254
+411
-112,400 8.5 12,081.415
+734.236 6.4
--69,808 5.6 10.573,723 +1,103.913 11.6
-10,859 0.9 11,507,661
+199.876 1.7
+21.884 4.6 4,322,778
+396,870 10.1
-70.263 16.8 3,034,908
-123,937 3.9
+124,982 35.7 3,313,529
+679,694 25.8
+6,039 3.5 1.410.052
+199,682 16.4
Total
158,338,723 -14.273,267 8.27 1441234483 -59,819,937 4.83
The bulletin includes the results of a survey of wholesale
x Four weeks ended Sept. 10. y Year to Sept. 10.
trade in Virginia, West Virginia, Kentucky, Tennessee,
the Carolinas, Georgia and Florida. Sixty-eight per cent. of
Commodity Decline Laid to Restricted Gold Exchange
the firms contributing to the survey reported larger sales in
Use-Actual Metal More Largely Employed in
August than in July, although a slight majority-55%International Payments, Grosvenor Jones of Dereported smaller collections. For the next six months, 70%
partment of Commerce Says-Government Official
of the firms anticipated improved sales and collections,
Blames Industrial Depression Upon Inlfated World
23% no substantial change,and 7% less favorable conditions.
Credit.
A shift from a widespread to a more restricted use of the
Loading of Railroad Revenue Freight Continues Small. gold exchange standard throughout the world,
brought about
Loading of revenue freight for the week ended on Sept. 27 by last year's stock market debacle, was cited on Sept. 24
totaled 950,381 cars, the Car Service Division of the American by Grosvenor Jones, Chief of the Division of Finance and
Rai/way Association announced on Oct. 7. This was a de- Investment of the Department of Commerce, as
the princrease of 2,131 cars below the preceding week this year and cipal reason for the sharp decline in commodity
prices evia reduction of 252,758 cars below the same week last year. denced the world over. The
New York "Journal of ComIt also was a decrease of 246,584 cars compared with the merce," in indicating this
in a Washington dispatch, further
corresponding week in 1928. Details are given as follows:
stated:
Miscellaneous freight loading for the
week of Sept. 27 totaled 382,165
Speaking before the luncheon meeting of the sixteenth annual convention
cars, 107.370 cars under the same week in 1929 and 98,346 cars under the
of the American Association of Personal Finance Companies, at its opening
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 244.733 session here to-day, Mr. Jones declared that "international balances of
payments are now being settled more largely in actual gold since fresh
cars, a decrease of 28,761 cars below the corresponding week last year and
supplies of gold exchange have declined in volume, due to lessened foreign
25,835 cars below the same week two years ago.
lending
and investing." "With the export of gold," he said, "credit has
Coal loading amounted to 153,183 cars, a decrease of 57,818 cars below
the same week in 1929 and 53,121 cars under the same week two years ago. to be restricted in the countries whose stocks are none too large. With
Forest products loading amounted to 42,159 cars, 21,622 cars under the credit restricted, prices decline."
corresponding week in 1929 and 24,456 cars under the same week two years
Blames Credit Inflation.
ago.
In the development of his subject Mr. Jones traced the industrial revolt'.
Ore loading amounted to 48,095 cars, a reduction of 20,762 cars below tion brought about by
the application of modern invention and modern
thesame week in 1929 and 14.009 cars below the same week in 1928.
methods of production to what he termed "the superindustrial revolution,"
Coke loading amounted to 7,951 cars, a decrease of 4,471 cars below the
it
was
not
said
and
surprising
that in the changes wrought there should
corresponding week last year and 2,844 under the same week in 1928.
maladjustment in the volume of goods produced throughout the world,
Grain and grain products loading for the week totaled 43,119 cars, a be a
in the political and social order.
decrease of 5,930 cars under the corresponding week in 1929 and 20,206 as well as
International credit inflation was assigned as one of the principal
undercars below the same week in 1928. In the Western districts alone, grain
of the present industrial depression by Mr. Jones. "The
causes
lying
and grain products loading amounted to 30.891 cars, a decrease of 3,573
depression
has
continued
year,"
he
for
asserted,
about
a
"and it has assumed
cars below the same week in 1929.
Live stock loading totaled 28.976 cars, 6,024 cars under the same week proportions and has had a duration greater than any one anticipated at the
In 1929 and 7.767 cars under the corresponding week in 1928. In the outset.
"An examination of our present economic situation discloses no fundaWestern districts alone, live stock loading amounted to 23,428 cars, a
mental weakness in the structure of industry. So far as I am aware there
decrease of 4,292 cars compared with the same week last year.
ss
OCT. 11 1930.]
2291
FINANCIAL CHRONICLE
has been no collapse of any important manufacturing, mercantile, transportation or banking enterprise. Other major economic depressions were
brought on or were accompanied by such collapses, but this one has not
had such concomitants."
The economic structure of the United States has withstood the stress of
the past depression remarkably well, Mr. Jones said, far better indeed than
It did that of the depression of 1920-21.
amounted to approximately 7,878,802,000 kwh., a decrease
of about 6% as compared with the corresponding period in
1929, when output totaled about 8,356,000,000 kwh. Of
the total for August of this year, 5,385,718,000 kwh. were
produced by fuels and 2,493,084,000 kwh. by water power.
The Survey's statement follows:
Only a "Breathing Spell."
"The present depression will serve as a necessary breathing spell In the PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
industrial
race for
development," he declared. "It will also allow time for
considering at what speed and under what conditions the balance of the
Change in Output
race shall be run. Such breathing spells are as inevitable as they are
frorn Previous Year.
Total ha Water Power and Fuels.
Diotston.
necessary, since the race is a free-for-all contest, with no umpires or referees. Only by actual experience will the world learn what nations are
July. August.
August.
June.
July.
to run, what industries shall be entered, and how the race shall be con-8%
New England
487,130,000 486,555,000 498,100,000 -6%
ducted. As yet we have had only the trial heats.
Middle Atlantic_ _ 1,980,191,000
-3%
0%
2,035,337.000
"It should be remembered that the original industrial revolution did not East North Central_ 1,771,280,000 2,004,975,000
1,732,010,000 1,746,481.000 -9% -10%
+2%
gain its beneficial objectives at once; many adjustments in the political and West North Central 484,126,000 515,902.000 511,805,000 +8%
851,390,000 813,954,000 780,358,000 -11% -13%
social order as well as in the economic system had to be worked out in the SouthAtlantic
-7%
East South Central- 291,040,000 316,846,000 312,655.000 +6%
light of experience. We should, therefore, be prepared to face changes West South Central. 432,400,000 457,882,000 462.591,000 +7%
+2%
which an even greater revolution In industry will undoubtedly affect us."
Mountain
-7%
327.462,000 336,905,000 330,543,000 -6%
Nagle
Says Gold Shortage May Depress Prices-League of
Nations Body Holds Use of Gold Coin Would
Increase Danger-To Study Farm Credits.
The following Geneva cablegram, Sept. 24, is from the
New York "Times":
11
While the Drafting Committee was trying to harmonize the conflicting
views of the League of Nations Assembly on what to do about the world
economic depression, the part that gold plays in the crisis was stressed in
the report from the Financial Committee of the Council, which was heard
this afternoon.
The report underlined the conclusion reached in the gold delegation's
interim report, which was released yesterday, saying that the inadequate
supply of new gold available for monetary purposes would be liable at no
very distant date to contribute further to the depression of commodity
prices. Thia danger would be aggravated, the report added, were gold
coin again to be put into circulation, though, if it were recognized in time,
it might be avoided by remedial measures.
The Financial Committee's report, pointing out that the period in which
the committee's work had centered on the financial reconstruction of various
States seemed to •be ending, indicated that agricultural credits and other
financial aspects of the cycles of economic depression would occupy much
of its attention in the future. As a first definite step in this direction,
the Council, in approving the report, authorized the financial section of
the League to aid Bulgaria in the reform of its system of co-operative
societies.
The Council referred the dispute between Greece and Bulgaria over the
former Turkish forest lands to the committee of jurists, and approved the
Spanish proposal for a European conference on rural hygiene and the
French proposal to found at Paris a superior school of public health. The
new Anglo-Iraq agreement was referred to the Mandates Commission.
Annalist Weekly Index of Wholesale Commodity
Prices.
Advances in grains, sharp advances in live stock and higher
prices for food products have raised the "Annalist" index
of wholesale commodity prices to 122.1 against the revised
index of 120.8 last week. The "Annalist" further reports
as follows:
Total for U.
1,127,267.000 1.202.300,000 1,190,932.000
+2%
-2%
7,752.286.000 7.867.329.000 7.878,802.000
-2%
-6%
The average daily production of electricity by public ut lity power plants
In the United States in August was 254,200,000 kwh.,0.1 of 1% more than
the daily production in July. Normally there is an increase of about 2%
in production of electricity from July to August. The output for August
of this year was about 534% less than for August 1929.
The daily production of electricity by the use of water power in August
was nearly 13% less than In July. The following table shows the change in
the production of electricity by the use of water power in different sections
of the United States during June. July and August:
CHANGE IN PRODUCTION OF ELECTRICITY BY THE USE OF WATER
POWER.
July-August.
June-July.
-16%
New England States
-20%
-10%
Middle Atlantic States
-13%
-24%
-24%
East North Central States
I.
-22%
--13%
West North Central States
-32%
-23%
South Atlantic States
-10%
+1%
East South Central States
-6%
Mountain States
+3%
-6%
, +11%
Pacific Statee
As drouth conditions were only partly relieved during September and
as the September output is normally the minimum for the year, the output
by water power in September will probably show still further decrease.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
1929.s
Ocw10
January_ --February
March
April
May
June
July
August
September
October
November
December
Total
1930.
(kwh)
8.240,000.000 8,862.000.000
7,431.000.000
7,992,000,000
7,882,000,000
8,086,000,000
7.768,000,000
8,072,000,000
8,356.000,000
8,062,000,000
8,709,000,000
8,242,000,000
8.512,000.000
97.352.000.000
Increase Thereat.
1929
1930
Over
Over
1929.
1928.
6%
7,618,000,000
3%
2%
8,175,000,000
1%
8.000,000,000
8,015,000,000 el%
7.752,000,000 --- _
7,867,000,000 c2.5%
7,870,000,000 c5.7%
Produced by
Water Power.
1929.
1930.
13%
b12%
10%
15%
14%
11%
13%
11%
11%
10%
6%
8%
33%
33%
39%
42%
43%
40%
38%
34%
31%
31%
32%
32%
34%
35%
40%
41%
40%
38%
36%
32%
____
____
-----
11%
36%
----
a Revised. b Based on output for 28 days. c Decrease.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations and electric railway
5 cents to $1.0534 a bushel, and wheat at New York is now 9834 cents. plants. Reports are received from plants representing over 95% of the
Advances in live stock prices, the first after three weeks of declines, are total capacity. The output of those plants which do not submit reports is
even more pronounced. Hogs have advanced 77 cents a hundredweight; estimated; therefore the figures of output and fuel consumption as reported
The advances were confined to the farm and food products groups.
This is the first advance in grains in many weeks. Corn has advanced
lambs. $t. and steers, 25 cents. The farm products index has advanced in the accompanying tables are on a 100% basis.
(The Coal Division, Bureau of Mines. Department of Commerce, co2.3%. While this is a considerable upturn from last week, it should be
pointed out that this week's farm products index is, with four exceptions, operates in the preparation of these reports.]
the lowest post-war index on record.
Meats in the main have turned up, though certain classes of higher
priced meats, such as veal, continue to decline. Coffee prices have turned Farm Products Register Price Advances During Month
up for the second consecutive week and flour has turned up in sympathy
from Aug. 15 to Sept. 15.
with higher wheat prices.
Cotton goods prices have remained weak. There has been consistent
The general level of farm prices advanced 3 points from
buying, but an attempt to firm prices during the earlier part of the week
has met with considerable dumping of second-hand goods, goods that had the unusually low level reached on August 15, and on Sepbeen previously purchased by consuming establishments, but were again tember 15 was 111% of the pre-war level, according to the
thrown on the market in competition with manufacturing establishments.
However, these goods are expected to be digested by the end of the week Bureau of Agricultural Economics, U. S. Department of
and there are prospects of moderate selling by mills at firmer prices. Night Agriculture. At 111, however, the index was 30 points
work among producing mills has virtually ceased and in consequence the
below September 15, 1929, and at the lowest September level
report on cotton goods, expected during the coming week, will probably
show considerable liquidation of stocks.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=--100.)
(Al. 7 1930. Sept. 30 1930. Oa. 8 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
113.3
130.8
108.0
153.4
106.5
131.1
126.8
96.4
122.1
*110.6
129.5
*107.8
153.8
107.1
*130.1
126.8
98.4
•120.8
144.5
151.5
146.5
159.3
126.8
152.3
134.0
127.9
146.1
*Revised.
Output of Electric Power in the United States in
August About 6% Below That for the Same Period
Last Year.
According to the Division of Power Resources, Geological
Survey, electric power produced by public utility plants in
the United States during the month of August, 1930,
since 1915, says the Bureau, which under date of October
1 added:
Farm price movements from August 15 to September 15 showed advances
for practically all commodities except cotton, cottonseed, wheat, flaxseed,
apples, lambs and horses.
Of the declines, those for cotton, wheat and flaxseed were most spectacular.
Farm prices of cotton reached the lowest level since September 1915.
Farm prices of wheat set a new low record for the period in which monthly
data have been collected (1908-1930). September 15 farm prices of flaxseed were the lowest recorded since January 1922.
September 15 indexes of farm prices by groups of commodities showed
the following changes from August 15: Prices of poultry and poultry
products, up 18 points; meat animals, up 9 points; dairy product prices,
up 4 points. Prices of cotton and cottonseed were down 11 points and
grains and fruits and 'vegetables, down 1 point each.
The Sept. 15 group indexes of farm prices showed the following declines
from a year ago: Cotton and cottonseed, 63 points; poultry and poultry
products, 40 points; grains, 31 points; meat animals, 28 points; dairy
products, 16 points, and fruits and vegetables, 12 points.
Farm prices of hogs averaged $9.44 per hundredweight on Sept. 15 compared to $8.51 on Aug. 15, and $9.53 a year ago. The sharp upturn in
prices since Aug. 15 was favored by continued small storage supplies of
hog products and relatively light market receipta of live hogs.
Dun's Commodity Price Index.
Monthly comparisons of Dun's Index Number of wholesale
commodity prices, proportioned to consumption, follow:
Total
Oct. 1
Sept. 1
1930.
1930.
28.984
31.946
18.984
18.874
20.190 19.633
17.724 17.668
28.487 28.807
20.072 20.001
33.768 33.995
Oct. 1
1929.
33.333
24.901
22.729
18.987
34.841
21.036
36.377
Oct. 1
1927.
32.400
23.202
21.417
19.325
34.779
21.736
37.358
168.209 170.924 192.204 194.731 190.217
liabilities for the third quarter, at $135,954,091, also are
unusually high, with an expansion of about 35.6% over the
$100,296,702 of the corresponding period of 1929, but a
much smaller increase in comparison with the $121,745,149
of the third quarter of 1928. In 1921, the indebtedness for
the third quarter was about $126,000,000, while it was close
to $123,000,000 for the same three months of 1921.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
MONTHLY AND QUARTERLY FAILURES, SHOWING NUMBER AND
LIABILITIES, ARE CONTRASTED BELOW FOR THE PERIODS
MENTIONED
Number.
September
August
July
3d quarter_
_
LiaMlities.
1930.
1929.
1928.
1.963
1,913
2,028
1,568
1,762
1,752
1,635
1,852
1,723
1930.
1929.
1928.
$46,947,021 $34,124,731 $33.956,686
49,180,653 33,746,452 58,201.830
39,826,417 32,425,519 29.586.633
5,904
5,082
5,210 $135,954,091 8100,296,702 8121,745,149
2.026
2,179
2,198
1,767
1,897
2,021
1,947
2,008
1,818
2d quarter.... 6,403
June
May
April
563,130,762 531.374,761 $29,827,073
65,541,462 41,215,865 36,116,990
49,059,308 35,269.702 37,985,145
5,685
5,773 5167,731,532 $107,860,328 $103,929,208
2,347
2,262
2,759
1,987
1,965
2.535
2,236
2,176
2,643
15t quarter.... 7,368
6,487
7,055 $169,357.551 5124,268.608 $147,519,198
1929.
1928.
1927.
2,037
1,796
1.822
1,943
1,838
2,023
2.162
1,864
1,787
4th quarter__ 5.655
5,804
5.813 8150.824,558 5116.366.069 8123.644,698
March
February
January
December
November
October
$56,846,015 $36,355,691 554.814,145
51,326,365 34.035.772 45,070,642
61,185.171 53,877,145 47,834,411
1929.
1928.
1927.
$67,465,114 $40,774,160 $51,262,253
62,045,863 40,601,435 38,146,573
31,313,581 34,990,474 38.235.872
FAILURES BY BRANCHES OF BUSINESS-SEPTEMBER,1930.
Number.
Liabilities.
1930. 1929. 1928
ManufacturersIron, foundries and nails__
Machinery and tools
Woolens, carpets dr knit gds.
Cottons, lace and hosiery
Lumber, carpenters and
coopers
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving....
Milling and bakers
Leather, shoes es harness
Tobacco, Ac
Glass, earthenware & brick
All other
Total manufacturing
TradersGeneral stores
Groceries, meat and fish
Hotels and restaurants
Tobacco, AO
Clothing and furnishings._
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery.__ _
Hardware, stoves & tools_
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
1930.
1929.
1928.
10
20
4
1
13
16
__
3
12
23
3
1
65
30
18
n
16
35
14
8
7
197
77
37
8
5
3
10
38
11
3
9
194
73
40
30
7
1
6
24
15
4
3
212
W
Sept. 1 pork stocks were approximately 15% smaller than on Aug. 1,
and about 23% below Sept. 1 1929. Receipts of live hogs at seven primary
markets during the three-week period ended Sept. 20 were about 5%
smaller than in a similar period ended Aug. 16, and about 11% below
receipts during the corresponding period of last year.
The sharp advance in the farm price of hogs resulted in corn-hog ratios
more favorable to producers. For the United States, the ratio advanced
from 9.5 on Aug. 15 to 10.3 in mid-September. The latter figure may be
compared to a ratio of 9.8 for Sept. 15 1929.
Farm prices of lambs continued to decline to Sept. 15, and at $6.67
per hundredweight on that date, lamb prices were approximately 2% lower
than on Aug. 15, and about 40% below a year ago. The continued decline
was the result of a seasonal increase in receipts of sheep and lambs.
Receipts of sheep (including lambs) at seven primary markets during the
four,
reek period ended Sept. 20 were approximately 62% larger than
in a similar period ended Aug. 23, and about 10% larger than in the
corresponding period of last year.
The farm price of corn made an additional advance of about 2% from
August 15 to Sept. 15, reaching 91.7c. per bushel on the latter date.
At that time, however, the price paid farmers was still about 6% below
a year ago.
Indications that the North American wheat crop would be even larger
than the production expected in August, heavy Canadian marketings, and
uncertainty as to the amount of wheat Russia will export during the
1930-31 marketing season were the principal factors in a 5% decline in
the farm price of wheat from Aug. 15 to Sept. 15. Wheat prices declined
generally throughout the country during this period except in the South
Atlantic States, where feeding demand in the drouth area was apparently
a strengthening factor.
A continued low rate of mill activity and small consumption of raw
cotton, and an early movement of the 1930 crop accompanied the decline
of prices paid producers for cotton from Aug. 15 to Sept. 15. The Sept. 15
average farm price was 9.9c. per pound, approximately 13% lower than
on Aug. 15, about 46% below Sept. 15 1929, and the lowest price recorded
since September 1915.
Continued poor demand for linseed oil and reports of an increase in
flax acreage in the Argentine resulted In a 13% decline in the farm price
of flaxseed from Aug. 15 to Sept. 15. Mid-September farm prices of
flaxseed were approximately 41% below Sept. 15 1929, and the lowest
recorded since January 1922.
The United States average farm price of potatoes advanced approximately 1% from Aug. 15 to Sept. 15 as a result of reduced crap prospects
and a somewhat less than usual seasonal increase in carlot potato shipments. Potato prices declined, however, in New England and Far Western
States during this period, but advances in other sections of the country
slightly outweighed these declines. At 109.9c. per bushel on Sept. 15, the
average farm price for the country as a whole was still approximately 19%
below a year ago.
Groups.
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
For., 181.
FINANCIAL CHRONICLE
2292
427
454 316,148,056 514,914,403 514,727,430
60
256
87
20
117
51
40
31
'21
43
11
24
11
11
256
582,376 52,657,910 51,283,982
836.564
568,710
588,252
283,100
168,443
30,000
53,700
200,000
6,324,730
473,255
261,726
170,275
292,617
460,829
636,676
70,308
39,725
6,600,532
60 $1,094,218
279 2,733,665
83 2,132,607
14
118,383
126 2,079,551
85 1,246,203
32
493,817
40
898,732
887,512
45
39
735,994
4
94,229
17
681,488
140,941
13
10
110,911
226 5,862,375
5,131,420
1,002,113
103,440
27,411
25,903
136,180
376,608
64,600
37,700
623,150
4,105,508
$773,006
2,151,927
1,220,085
188,889
1,425,513
449,588
563,337
537,762
682,609
450,846
91,301
303,011
550.060
287,460
6,984,264
2,332,603
700,145
447,376
161,183
3,600
115,245
141,380
2,442,950
100,550
151,246
5,772,818
$655,733
2.071,441
901,289
110,396
1,563,453
1,613,033
283,479
724,526
684,828
345,286
77,826
367,276
318,014
152,800
3,692,684
Dun's Report of Mercantile Failures for September.
Changes in trend mark the insolvency returns for September, the number of commercial failures in the United States
moving contrary to the declining tendency noted in August,
1,395 1,039 1.073 $19.310,626 $16,659,658 $13,567,064
but the liabilities reversing the earlier sharp expansion. Thus, Total trading
)ther commercial
134 102 108 11,188,339 2,550,670 5,662,192
data compiled by R. G. Dun & Co. shows that 1,963 defaults
Total United States
1.963 1 1811.6r.546.947.021 834.124,731 833.958.686
occurred last month, or 2.6% more than the 1,913 insolvencies of August, which represent the low point for this
year. On the other hand, the September indebtedness, at Approximately 7,655,792 Freight Cars Required for
Commodity Shipments in Fourth Quarter-7.3%
$46,947,021, is 4.5% below the $49,180,653 of the immeBelow Requirements in Same Quarter Last Year.
diately preceding month. The totals in each case indicate
Shippers of the country, through estimates just submitted
that the business mortality continues appreciably above the
average, and the numerical increase over the 1,568 failures to the Shippers' Regional Advisory Boards, and made public
of September 1929, exceeds 25%. A somewhat less pro- Oct. 2 by the Boards, anticipate that carload shipments of
nounced rise-one of about 20%-appears in comparison the 29 principal commodities in the fourth quarter of 1930
with the 1,635 defaults of the corresponding period of 1928. (the months of October, November and December) will be
In no previous September, however, have insolvencies been approximately 7,655,792 cars, a reduction of 600,120, or
so high in number as in the present instance. Similarly, 7.3% below the corresponding period in 1929.
the September liabilities, although the second smallest aggreThese estimates are furnished quarterly to the Shippers'
gate of the current year, are larger than usual for this season, Regional Advisory Boards, which cover the entire United
and are approximately 37.6% above the $34,124,731 of a
States, and are based on the best information as to the
year ago. The increase over the amount for September 1928 outlook obtainable at the present time by the
commodity
is about the same.
committee of the various Boards, says the American RailAs had been clearly indicated by the monthly returns, the way Association, in making public the figures.
The Associainsolvency record for the third quarter of this year is adverse.
tion adds:
Statistics compiled by R. G. Dun & Co. place the number
The Shippers' Regional Advisory Boards have a
of more
of commercial failures in the United States during the three than 16,000 persons representing every section of themembership
United States and
marks
a
new
high
which
point virtually every industry, including agriculture, to be found in this country.
months just ended at 5,904,
Due to the general business situation and the uncertainty as to the
for the third quarter. The increase over the 5,082 defaults
outlook that exists in various industries, a forecast at this
is somewhat
of the corresponding period of 1929 slightly exceeds 16%, difficult to make. The shippers, as represented on thetime
various Boards,
while the rise from the 5,210 insolvencies of the third quarter however, have attempted to give consideration to all available facts and
of 1928 is about 13 1-3%. There is, however, a numerical figures regarding their respective industries Bo that any estimate made by
as to freight car requirements for the fourth quarter will be as nearly
reduction of 7.8% from the 6,403 failures of the second them
accurate as it is possible to make at this time.
quarter of the present year, while the decrease from the
Except for the Atlantic States Board, which covers New York, Eastern
7,368 defaults of the first quarter approximates 20%. The Pennsylvania, New Jersey, Delaware, and parts of Maryland and Virginia,
OCT. 11 1930.]
2293
FINANCIAL CHRONICLE
all of the 13 Shippers' Regional Advisory Boards, according to the estimate,
Textiles usually pick up in September following a seasonal mid-summer
anticipate a reduction in transportation requirements for the fourth quarter slump. This year cotton goods firms were increasing their forces exof the year 1930 compared with the same period last year. The estimate tensively following the severe losses of July and August. The recovery
by each Board as to what freight loadings by cars are anticipated for the 29 In knit goods which began in August continued in September, especially
principal commodities in the fourth quarter of this year compared with the in the up-State firms. Many knitting mills, however, were not operating
corresponding period in 1929 and the percentage of increase or decrease full time, and several reported reduced forces.
Automobile firms reported irregular changes, with a Oct upward movefollows:
Per Cent of ment for the State as a whole. There was a net decrease in the machinery
Estimated
Actual
and
electrical apparatus group, although one or two large firms reported
BoardIncrease or Decrease.
1929.
1930.
Atlantic States
4.1 increase Increases in employment in September. Net gains were shown by manu953,945
916,318
Central Western
8.6
330,422
361,597
facturers of firearms, tools and cutlery and of silverware and jewelry.
Pacific Coast
3.5 decrease
328,262
340,322
Pacific Northwest
12.1 decrease Practically all other industries in the metal and machinery group showed
248,941
283,328
Great Lakes
13.2 decrease downward changes for the State as a whole. Losses In railroad equip445,650
513,545
Ohio Valley
11.6 decrease ment and repair shops were not so heavy as in August. Several repair
855,472
967,718
Mid-West
11.1 decrease shops reported gains in September. Large cuts in one firm caused a net
1,150,363
1,293,842
Northwest
9.2 decrease
422,486
465,159
Trans-Missouri-Kansas
3.0 decrease loss in employment in the brass, copper and aluminum group, where most
425,425
438,731
Southeast
6.7 decrease firms were taking on workers. The total number of workers employed
793,621
850,899
Southwest
7.7 decrease by manufacturers of pig iron and rolling mill products dropped 53i%•
567,265
614,873
1.2 decrease
New England
179,868
177,765
Canneries and most candy manufacturers reported large seasonal gains.
7.1 decrease
Allegheny
956,175
1,029,712
Increased forces were general in the foods and tobacco group, except in
decrease
Total
7.3
sugar refineries and in meat and dairy products firms. Shoe firms con7,655,792
8,255,912
Each Board making the compilation, estimated what freight car require- tinued to lay off workers in September. Some printers and most paper
ments will be for the principal industries found in the territory covered goods manufacturers reported good gains in September after losses in
by that Board. On the basis of this information it is estimated that of August. Gains in brick, tile and pottery firms were largely responsible
the 29 commodities increases in transportation requirements will develop for increased employment in the stone, clay and glass division.
Decreased employment in metal and machinery factories was reported
for six as follows: Flour, meal and other mill products; fresh fruits,
in all the up-State cities except Syracuse. In Buffalo this loss was pracexcept citrus; potatoes; other fresh vegetables; petroleum and petroleum
tically offset by gains in other industries. Gains in textile mills caused a
products, and sugar, syrup, and molasses.
net rise in employment in Utica and in Albany-Schenectady-Troy. The
Commodities for which a decrease is estimated total 23, as follows: net loss in employment in Binghamton was due largely to cuts in shoe
Grain; hay, straw and alfalfa ; cotton; cotton seed and products, except
factories. Syracuse reported general gains in employment.
oil; citrus fruits; live stock; coal and coke; ore and concentrates; gravel,
FACTORY EMPLOYMENT IN NEW YORK STATE.
sand and stone; salt; lumber and forest products; iron and steel;
machinery and boilers; lime and plaster; brick and clay products; agricul(Preliminary.)
tural implements and vehicles other than automobiles; automobiles, trucks
and parts; paper, paperboard and prepared roofing; fertilizers of all
Percentage Change
kinds; chemicals and explosives; canned goods; poultry and dairy products,
August-September 1930.
and cement.
Iflduslry.
Total State. N. Y. City.
The estimate in detail as to what transportation requirements will be
for various commodities for the fourth quarter of 1930 compared with the
+4.1
+2.1
Stone, clay and glass
same period in 1929 follows:
+0.6
+5.7
Miscellaneous stone and minerals
-3.4
+0.3
plaster
Lime,
cement
and
-Est. Per CentCarloadings
+12.6
+7.3
tile and pottery
Actual
Estimated Increase Decrease Brick,
-3.4
+1.8
Glass
Commodity1929.
1930. Per cent. Per Cent. Metals
-4.4
-1.8
and machinery
Grain-All
1.0
312,751
315,939
+14.1
+0.7
Silverware and Jewelry
Flour, meal and other mill products
3:i
255,393
245,937
-4.3
-10.0
Brass, copper and aluminum
Hay, straw and alfalfa
6.4
69,404
74,160
-5.5
Iron and steel
Cotton
18.7
135,621
166,902
•=6:6
-6.7
Structural and architectural iron
2.1
Cottonseed & products, except oil
92,522
94,490
+3.3
+0.1
Sheet metal and hardware
Citrus fruits
10.2
27,545
30,669
-8.0
+1.2
cutlery
Firearms,
tools
and
Other fresh fruits
4.5
119,408
114,216
-2.6
apparatus
+0.2
ventilating
heating,
Cooking,
Potatoes
1.4
74,595
73,569
-5.6
-2.1
Machinery and electrical apparatus
Other fresh vegetables
61,718
3.2
59,806
-2.1
+2.4
Automobiles, airplanes. arc
Live stock
2:5
389,739
398,440
--1.0
+3.7
repair
shops
equipment
and
Railroad
Poultry and dairy products
2.3
35,123
35,949
-10.5
-10.5
Boat and ship building
Coal and coke
6.6
2,6013,386
2,790,470
+0.9
-0.7
appliances
Instruments
and
Ore and concentrates
20.2
428,144
341,725
-0.7
+2.2
Gravel, sand and stone
9.6 Wood manufactures
602,673
667,019
-6.4
-4.1
Saw and planing mills
Salt
29,511
5.7
31,308
-4.8
+2.3
cabinet
work
and
Furniture
Lumber and forest products
15.7
801,445
675,672
+13.8
+14.1
Pianos and other musical instruments
Petroleum and petroleum products.... 601,631
-613,073
1.9
-2.8
-0.1
Miscellaneous wood, &O
Sugar, syrup and molasses
51,548
0.3
51,374
+4.9
+0.4
Iron and steel
433,883
5.8 Furs, leather and rubber goods
460,805
+1.7
Leather..
Machinery and boilers
46,944
14.9
55,146
+IC6
+10.6
and
fttr
goods
Furs
Cement
4.1
153,359
159,949
-1.4
-2.6
Shoes
Brick and clay products
113,511
15.3
134,093
+14.4
+204
Gloves. bags, Canvas goods
Lime and plaster
42,061
7.7
45,570
No
change
+0.2
and
gutta
perch&
Rubber
Agricultural implements and vehicles
-1.9
-10.6
Pearl, horn, bone. &c
other than automobiles
17,859
17.4
21,611
+3.4
paints,
&c
,
+1.7
Chemicals,
oils,
Automobiles, trucks and parts
112,133
22.0
143,718
+2.5
+4.9
Drugs and industrial chemicals
Fertilizers-An kinds
60,074
3.2
62,069
+4.1
+3.4
Paints and colors
Paper, paperboard and prepared
+2.3
+1.3
Oil products
roofing
91,230
5.8
96,808
+5.9
-1.2
Photographic and miscellaneous chemicals
Chemicals and explosives
74
28,121
30,364
+2.0
-0.3
Pulp and paper
Canned goods-All canned food prod+0.5
+1.0
Printing and Paper goods
ucts (includes catsup, lams. Jellies,
+7.6
+2.0
Paper boxes and tubes
3,3
62,210
olives, pickles, preserves, &cI
64.311
+2.3
+8.1
Miscellaneous paper goods
-0.1
Printing and bookmaking
7.3
7,855,792
Total for all commodities
8,255,912
+3.6
+5.9
Textiles
+1.4
+3.3
Silk and silk goods
+10.3
-4.4
Woolens. carnets, felts
Increase of 2% in New York State Factory Employment
+150.0
Cotton goods
-1-1:5
+6.4
Knit goods, except silk
in September-First Gain Since Last October.
+5.4
Other textiles
+1.4
+17.6
millinery
+11.0
Clothing
and
An increase of about 2% in factory employment in New
No change
-0.8
Men's clothing
+11.5
+4.8
Men's furnishings
York State from the middle of August to the middle of
+30.1
+28.7
Women's clothing
+11.2
September is the first gain to be reported since last October,
+10.7
Women's underwear
+36.3
+362
Women's headwear
according to a statement issued by Industrial Commissioner
+17.1
+12.2
Miscellaneous sewing
+3.0
Laundering and cleaning
+2.0
Frances Perkins. The September gain is expected to cause Food
+4.4
+9.3
and tobacco
-4.2
a rise of about two points in the index number of employ- Flour, feed and cereals
+2.3
+49.4
+62.0
Canning and preserving
ment in the State, which stood in August at 82.7. The per+4.3
Sugar and other groceries
-6.8
+0.3
Meat and dairy products
-0.3
centage rise for the month compares favorably with that of
+1.4
Bakery products
+1.3
+22.7
+16.4
Candy
other years, although the present level of employment is the
-5.1
+2.0
Beverages
+7.2
lowest of any September on record. The total decline in
+8.2
Tobacco
+0.9
-0.2
Water, light and Power
employment from October 1929 to August 1930 was about
18%, says the statement made available by Commissioner
Perkins on Oct. 9; the survey continues:
N These statements are based on reports from about 1,700 factories, which
Total
+2.4
+4.4
report regularly to the New York State Department of Labor. The list Building Operations in Cleveland Federal Reserve
of reporting factories includes concerns in all lines of manufacturing and
District.
located in all parts of the State. Index numbers are constructed with the
According
to
the
Oct.
1
Monthly Business Review of the
three
years 1925-27 as 100.
monthly average for the
Net gains in employment from mid-August to mid-September were Cleveland Federal Reserve Bank, construction activity in
shown by nearly all the industrial divisions on the Department of Labor's the Fourth (Cleveland) District exhibited no improvement
list. Especially good gains were reported by the New York City clothing
firms, which were in the full swing of their autumn trade and by the up- in August or the first part of September.
State textile mills which were increasing forces following the severe cuts of
Total contracts awarded to the F. W. Dodge Corporation, reached
recent months.
$33,784,000 in August, a decline of $14,000,000 from July and 45.6%
Women's headwear and women's clothing firms reported the largest below the level of August 1929. August was the first month to show a
gains for the month. The gains were general and were felt by nearly all decline in total contracts which anywhere near approximated the falling-off
the reporting firms. Houses which had been closed in July and August in residential building. The drop in this latter type of construction from
were opened in September. Those few firms which were not taking on last year was 44.6%, August's contracts totaling only $8,003,000.
workers tended to increase working hours and payrolls. Men's furnishers
In the first eight months of 1930 total building in this District amounted
more than replaced the workers whom they had laid off in August. The to $360,149,000, a drop of 16% from the corresponding months of 1929.
peak of the fall season in the men's clothing industry came in August and, In this same period residential building totaled only $79,670,000, a decrease
although many of the smaller men's clothing houses were retaining or of 33,5% from one year ago. Prior to August. the total volume of conadding to their forces, cuts in a few large houses caused the usual seasonal struction was being maintained by public utility and industrial building
decline in September.
under the stimulus of easy money and the desire to maintain employment
2294
FINANCIAL CHRONICLE
(VOL. 131.
by increasing construction, but these also seem to have declined during the during August as compared with July. After allowing for
past month.
The shortage of funds which had so much bearing on the decline in con- the usual seasonal changes, August bank debits showed a
struction work in early 1929 has been materially relieved and money rates small gain over July, but were lower than June, says the
have been unusually low for some time. Rising bond prices have resulted California State Chamber of
Commerce, which further says,
In the issuance of new securities, the proceeds of which, in the majority of
cases, will lead to new construction and improvement in industrial and com- in part:
mercial lines. But a somewhat overbuilt condition seems to prevail in the
The adjusted indices for industrial employment and freight car loadings
residential field in this District, and lower interest and material costs for August were higher than the previous two months. Building permits
have not stimulated new home construction, as yet. Until the demand showed a smaller than usual seasonal gain.
for homes shows some signs of improvement, the building industry, as a
The agricultural outlook is about the same as it was a month ago.
whole, cannot be expected to show any marked upturn.
Temperatures throughout the State were about normal, which aided harvestA slight increase in demand for materials, entirely seasonal, but smaller ing of crops and fruit drying.
The outlook for deciduous fruits and field
than in past years, was reported by lumber dealers and manufacturers of crops is for higher yields, but prices
are lower than a year ago. Citrus
the District. Prices are very low but seem to have ceased their decline. fruit prices are higher
than last year, due to a smaller crop. The outlook
Wage rates, in general, have shown no change. Collections were reported for
quality and production of fall vegetables is above normal. Carloadings
fair.
of grain and grain products during August were 2.9% less.
Condition of livestock, pastures and ranges during August continued
Few Signs of Improved Business in Cleveland Federal better than a year ago. Prices of livestock and dairy products were lower
than in 1929. Livestock shipments were greater than in July but 15.2%
Reserve District—Conditions in Rubber, Tire and less than a year ago. August slaughter of hogs and sheep increased over
Other Manufacturing Industries.
last year, while cattle and calves decreased.
The gain in number of employees in 760 establishments from July to
In summarizing conditions in its district, the Cleveland August
was approximately 9.2%, whereas the normal seasonal increase
Federal Reserve Bank,in its Oct. 1 monthly Business Re- is only 6.2%. This advance was mainly due to increased employment in
canneries
and public utilities. Placements made by State Employment
view, says:
Business activity in the Fourth (Cleveland) District during August and Agencies during August, while 19.7% below 1929, showed a gain of 30%
early September showed only a few signs of improvement, most of which over July 1930. In spite of this improvement, a general labor surplus
were seasonal in character, and, in several cases, less than seasonal in existed throughout the State.
Crude petroleum output increased slightly during July and August, but
amount. Sentiment has improved perceptibly in the past month, however, and there has been a noticeable increase In the number of inquiries was well below 1929 output. July refinery production, shipments and
stocks
were less than in June.
for goods, and in a few cases, in actual orders.
Building and the allied industries during August showed no improvement
Retail trade increased more than seasonally in August, the sales index
of 55 large department stores, corrected for seasonal variations, advancing over July and continued below the level of 1929. The value of building
from 92% of the 1923-25 monthly average in July to 96% in the following permits for 51 California cities showed a slight increase over July, but
month. Steel production also increased more than seasonally in August. was less than seasonal. Heavy construction work, however, is fairly well
but the improvement was at the expense of backlogs. Operations in mid- sustained. Pine lumber orders and shipments increased slightly, but the
September were at a definitely higher level than one month earlier, but new gain was less than a year ago. Redwood orders and shipments were
orders, in general, have not shown any marked expansion. Tin plate and greater than July. Total shipments and orders for the eight months this
some pipe and structural mills were operating at higher rates than the year were about 22% less than in 1929. Cement shipments increased over
average of the District, but automobile orders are lacking. Shoe produc- July. Production and stocks decreased. Building construction costs in
tion increased about the usual seasonal amount.
San Francisco and Los Angeles moved to lower levels.
A sign of possible strengthening of business conditions was the firming of
Department store sales for August were 8.9% less than a year ago. The
in
steady
or
advanced
slightly
commodity prices; most indexes remained
percentage changes for June and July were 5.9% and 7.8%, respectively,
the past month. Although much of the improvement was due to an in- below the corresponding months in 1929. For the year to date the sales
crease in farm products, a result of the drouth situation, individual com- were 4.3% under last year. The sales for 580 United States
departments
modities, including hides and leather, coffee, and silk, have advanced. for the eight months' period were 6% less than in 1929.
Prices of cotton and wool textiles and iron and steel remained fairly steady
Distribution of merchandise as reflected by merchandise L. C. L. and
in early September, with an increase in steel scrap.
miscellaneous carloadings increased more than the usual seasonal chanke.
Although electric power production, car loadings, clothing sales and
The advance from July to August was about 80.5% as compared to normal
activity at small general manufacturing plants located in the central part of
of approximately 20%.
this district have shown some seasonal improvement,all but one ofthe most gain
August automobile sales showed a further decline and were 35.3% under
important factors in the business situation, so far as this section is conAugust
1929. The cumulative to date was 24.8% less than last year.
cerned—building, automobiles, agriculture, coal and rubber and tiree—
up to mid-September did not show any rise from the low levels of July.
Agricultural prospects declined sharply in August and, though some
Seasonal Improvement in Business in Certain Lines
Improvement has occurred since Sept. 1, the cash value of all crops is
Reported in Richmond Federal Reserve District—
materially below last year, based on the Sept. 1 condition figures and the
latest price quotations. Building showed a little improvement in early
Wholesale and Retail Trade.
when
conthe
low
level
of
August
but
only
slightly
exceeded
September,
"There were signs of seasonal improvement in business in
tracts were $14,000,000 smaller than in July, and 46% below August last
year. Coal production in August declined from July, contrary to the certain lines of trade in the Fifth (Richmond) Federal
seasonal trend. Sales of domestic coal increased, but little demand for
Reserve District during August and the first half of SeptemIndustrial grades was reported. Automobile production up to the middle
of September was at an extremely low rate. Failure of this industry to ber, but the increase was less than in most years and on the
increase output after the July shut-downs was disturbing to the many whole recent developments have been unfavorable for early
steel mills, parts concerns and rubber factories in the district.
resumption of active business" says the Richmond Federal
Bank debits decreased 24% in August as compared with the same month
last year, a much larger decline than was shown in the first eight months Reserve Bank in its Sept. 30 "Monthly Review." The Bank
of1930. Commercialfailures have increased,both in number and liabilities. continues:
The employment situation is still quite unfavorable, and,from reports
The severe drouth which damaged crops in the upper half of the District
received, seems to have changed but little in the past month. Increases
so severely in July continued through August in most affected sections, and
in some branches were offset by decreases in summer work.
further reduced agricultural prospects for this season. On the other hand,
The Bank also reports as follows regarding conditions at there were no upward trends in prices for agricultural products insofar as
the leading money crops of the Fifth District are concerned, cotton prices
rubber and general manufacturing plants in its district:
decline and tobacco markets opening at or near record low
Rubber Tires.—Activity at rubber plants in this district showed no im- continuing to
levels.
provement in August or early September from the low levels prevailing In
Reserve Bank credit needed in the Fifth District did not increase between
July. Employment declined 3% from the preceding month and was 28%
the middle of August and the middle of September as it usually does, but
below August 1929. In past years there has been a slight increase from
volume of Reserve notes in circulation turned upward slightly, about a
the
July to August.
month later than in most years. Member bank condition statements
Consumption of crude rubber in August was estimated at 30,575 tons,
changed very little last month, there being relatively small demand for
an increase of 4.6% from July, but compares with 38,274 tons last year
loans. Debits to individual accounts in leading cities declined during the
and 42,927 tons in August 1928. Imports were 34.558 tons in August,
four
weeks ended Sept. 10 in comparison with debits during the four
34,084 tons in July, and 38,292 tons in August 1929. Domestic stocks of preceding weeks this year and the corresponding
like period in 1929.
crude rubber were estimated at 158,178 tons on Aug. 31 as compared with
Business failures last month, on the other hand, compared quite favorably
90,769 tons one year ago.
with the National record, being fewer in number and lower in liabilities
The price situation, both of raw and finished goods has been very unthan in August 1929 in the Fifth district, while for the United States as a
favorable. Crude rubber was quoted at 8 cents a pound in September,
increases in both number of failures and liabilities involved in August
whole
the lowest price on record. Considerable price cutting is reported in tire
1930 were reported. Employment showed little or no change last month.
prices.
Coal production in August showed a seasonal increase over July production,
Other Manufacturing—Activity at general manufacturing plants in the but the increase was relatively small and the output was considerably
below
Fourth District declined further in August, continuing the downward the tonnage mined in August last year. The situation in the textile field,
trend of employment noticed for over a year. The index of the Bureau which has been very unsatisfactory for many months, changed little in
of Business Research of Ohio State University declined 3% during the August. Less consumption ofraw cotton wasreported,there was no increase
month to the lowest point since February 1923, and 21% below August in forward orders, and Fifth District mills continued operations on restricted
last year. The decline is all the more significant when it is contrasted schedules. Building permits issued in the leading cities ofthe Fifth Reserve
with the five-year average July-to-August increase of 1%. There was a District last month were fewer in number and lower in estimated valuagreater reduction in payrolls which indicated either wage revisions or a tion than those issued in August 1929, and contracts actually awarded for
reduction in the number of hours plants were in operation.
construction work were also materially lower than in August a year ago,
Since the first of September there seems to have been a reversal of trend the value of contracts awarded for residential types of construction being
and a slight improvement has been reported in a number oflines. Although especially small. Retail trade, as reflected in department store sales,
was
this is entirely seasonal, manufacturers seem much more optimistic con- 5.6% less in dollar amount in August 1930 than in August 1929,
and
cerning general outlook than one month ago.
wholesale trade in August was much below the volume of business done
last year, the declines ranging from 10.3% in groceries to 29.3% in dry
goods. There were some seasonal increases in dry goods and shoe sales in
State
Chamber August in comparison with July sales, however.
Conditions in California As Viewed by
of Commerce—Slightly More Favorable Barometers
In its further survey of wholesale and retail trade the
Reported—Labor Surplus Reported.
Bank says:
Retail trade in the Fifth Federal Reserve District in August showed about
Fundamental barometers of trade and industrial activity
5% increase over July trade, but averaged 5.6% below the business done in
in California registered a slightly more favorable situation August last year, according
to reports from 34 leading
department stores in
Pg
OCT. 11 1930.]
FINANCIAL CHRONICLE
2295
the District. Total sales this year, through Aug. 31, were 1.5% less than tions against regular accounts for 33 firms was 29.5%, and the ratio of
sales from Jan. 1 through August a year ago.
collections against installment accounts for 10 firms was 14.9%.
Stocks on the shelves of the 34 reporting stores decreased 1.2% during
August, and on Aug. 31 were 8.1% less in retail selling value than stocks on
hand on Aug. 31 1929. The reporting stores turned their stocks .243 times
Automobile Price Reductions and New Models.
In August, and since Jan. 1 stocks have been turned an average of 2.125
The
Nash Motors Corp. on Oct. 8 announced four new
times, a slightly higher figure than 2.066 times for the corresponding period
last year.
groups of automobiles, ranging in prices from $795 to $2,025.
Collections during August in 33 of the 34 reporting stores averaged 23.6% This presentation of three
distinctive new straight eight
of receivables outstanding on Aug. 1, a lower figure than 24.5% collected
In August a year ago. Collections were generally slower in August 1930 series and the new six-cylinder group comprises in all 20
throughout the District, 25 stores reporting lower percentages this year, new models, as follows:
seven reporting higher percentages, and one reporting the same figure.
The New Six
Last Year's Six
Price
There was some seasonal increase in wholesale trade in August ir the
Body StyleW.B. 114ti In.
W.B. 1141( In.
Difference.
Fifth Reserve District, sales in groceries, dry goods and shoes being larger Sedan (4-door)
$845
11,005
-8140
795
-145
940
than sales in July, with especially large gains in dry goods and shoes. In Coupe
Coupe (rumble seat)
-152
825
980
comparison with sales in August 1929, however, sales in August this year Sedan (2-door)
79.5
-140
935
in!alliines were smaller, declines ranging from 10.3% in groceries to 20.3%
The New Eight-70
Last Year's Six
Price
in dry goods. Total sales in the first eight months of 1930 were lower in
W.B. 1163 In.
W.B. 1144 /n.
Difference.
all of the five lines for which data are available than sales in the correspond- Sedan(4-door)
$995
-$10
11,005
Coupe
945
+5
940
ing period of 1929.
Coupe (rumble seat)
975
-§
980
Stocks on hand declined during August in all lines except hardware,which Special sedan (4-door)
955
Increased over the July 31 figure by one-tenth of 1%. On August 31 1930.
The New TwinLast Year's TwinIgnition Eight-80
stocks were smaller in all lines than on Aug.31 1929, except in shoes, which
Ignition Six
Price
W.B. 121 /n.
Difference.
W. 118 In.
which reported an increase of 24.7%.
Sedan (4-door)
$1,295
$1,415
-$120
Collections in groceries in August this year were slightly better than In Coupe
1,245
-308
1,345
August last year, but the other lines reported lower percentages for 1930.
Coupe (rumble seat)
1,285
-110
1,395
Town sedan (4-door)
1,875
The New Twin- Last Year's Twin.
ignition Eight-90
Ignition Eight
Price
W.B. 124-1331n. W.B. 124-133 In,
Difference.
DespiteSeasonal Increases in Wholesale and RetailTrade Sedan (4-door)
$1,565
$1.795
-2228
District
Reserve
Cabriolet
During August in Atlanta Federal
1,695
-188
1,875
Coupe
1,695
1,915
-229
Volume was Smaller Than Year Ago-Improvement Coupe (rumble seat)
1,745
1,975
-230
Sedan (7-passenger)
1,925
2,195
-270
in Cotton and Tobacco Crops.
Limousine (7-passenger)
2,025
2,385
-899
1,825
2,095
-279
The Atlanta Federal Reserve Bank in its "Monthly Ambassador
Victoria
1,765
2,045
-280
for
prospects
Review" Sept. 30 reports that during August
Note.-All prices f.o.b. factories.
cotton and tobacco in its District improved, and that "these
crops are expected to be larger than were produced last year,
but estimates for most other crops, except fruits, continue
to be smaller than for 1929." In its sumary of conditions in
the District the Bank also says:
ss
The Reo Motor Car Co.is announcing three new passenger
car lines, one six and two eights, each with three body styles,
according to a Detroit dispatch. All models in the sixcylinder lines list at $1,695. The smaller eight listed at
$1,995 for the three body types and all models of the Royale
There were seasonal increases In retail and wholesale distribution of Eight are priced at $2,485. The three body types in each
merchandise in August over July, but department store sales were 9.1%,
and wholesale sales were 27.3%, smaller in volume than in August 1929. lines are a two-passenger coupe, a five passenger victoria
Building permits at 20 cities in the District, and contract awards in the and a five-passenger sedan. Price on Royal Eight includes
District as a whole, declined in August and were substantially smaller than six wire wheels.
In that month of 1929, and cumulative totals for the eight months of 1930
The Dodge Brothers Corp., a division of the Chrysler
show decreases of 42.5% in permits, and 32.6% in contract awards, compared with that period of last year. Consumption of cotton by mills in the Corp., has reduced prices $100 on its six and eight-cylinder
United States declined further in August and was 37% smaller than in that
New prices on the sixes are: business coupe, $735;
month of 1929. Output ef both cloth and yarn mills reporting to the lines.
Federal Reserve Bank of Atlanta was smaller than in July, or in August roadster, $755; coupe with rumble seat, $755; sedan 4-door,
a year ago, but orders reported by both classes of mills increased sub- $765; phaeton, $775 and convertible coupe, $835. Prices
stantially over July, and orders booked by yarn mills were also larger than
a year ago. Production of pig iron in Alabama was about the same in on eight line are: roadster, $995; coupe with rumble seat,
August as In July, but somewhat less than in August last year,and output of $1,025; sedan, $1,045; phaeton, $1,045 and convertible
bituminous coal in both Alabama and Tennessee continued below the coupe,$1,095.
volume recorded a year ago.
The Chrysler Sales Corp. has reduced prices $50 on all
There was an increase in holdings of bills and securities by the Federal
Reserve Bank of Atlanta between Aug. 13 and Sept. 10, due principally to body types in the Chrysler six line. The new list prices
larger holdings of purchased bills, but total holdings of bills and securities follow; coupe, $745; touring, $785;
roadster, $785; royal
on Sept. 10 were 35 millions less than a year ago. Total loans and investments of weekly reporting member banks also increased somewhat during coupe, $785; royal sedan, $795 and convertible coupe, $875.
this four-weeks period, but were considerably less than a year ago. Debits
Mack Trucks, Inc., is introducing a new Mack model AK
to individual accounts at 26 cities of the District declined 6.3% from July six-cylinder truck,
supplementing the present model AK
to August, and were 24.5% less than in August last year.
four-cylinder line.
retail
Wholesale and
trade in the Atlanta Federal Reserve
The Studebaker Corp. is introducing new Dictator eight
District are indicated as follows by the Bank:
models, powered with 81 h.p. eight-cylinder engines, and
Wholesale Trade.
equipped with free wheeling. Prices on the new line,which
Following an increase of one-half of 1% in sales by 117 wholesale firms is offered in four body models, range from $1,095 to $1,250
In July over June, there was a more substantial seasonal increase reported
In August in which seven of the eight reporting lines of wholesale trade compared with price range of $1,195 to $1,415 on former
shared. August sales by these firms averaged 9.6% greater than in July Dictator eight line.
but continued well below the level prevailing a year ago. August stocks and
Durant Motors, Inc., has introduced a new four-cylinder
accounts receivable also increased slightly over July, but all reported items
ear in three body styles, listing at $675 for the coach;$695
were less than for August last year.
Cumulative sales for the eight months of 1930 through August were less for the coupe and $695 for the four-door sedan.
than for that period of last year in all lines, and averaged 14.3% as Indicated
The Ford Motor Co., Detroit, Mich., is introducing a
by the following figures;
Percentage I
Percentage new de luxe delivery car designed in general for the delivery
Comparison.'
Comparison. of small articles. The list price of the new car is $545,
-10.7
Groceries
Shoes
-29.7
-20.6 Stationery
Dry Goods
with the tray as optional equipment at an extra cost of $10.
-15.3
-17.1
Hardware
Drugs
-10.0
-22.3
List prices of the new Cadillac 12-cylinder line are anFurniture
-2.6
Total
Electric Supplies
-14.3
nounced as follows: roadster, $3,945; phaeton, $4,045;
Retail Trade.
all-weather phaeton, $4,895; two-passenger coupe, $3,795;
Distribution of merchandise at retail in the Sixth (Atlanta) District two-passenger
convertible coupe, $4,045; five-passenger
Increased seasonally in August over the low level recorded in July, but was
less than for other months of the year except January. The August index coupe, $3,895; five-passenger town sedan, $3,945; fivenumber this year is somewhat below those for August of the past four years, passenger sedan, $3,895; seven-passenger sedan, $4,195,
but Is higher than for August 1921, 1922, 1924 and 1925.
and seven-passenger imperial, $4,345.
August sales of 42 department stores increased on an average of 15.8%
over July, but were 9.1% smaller than in August last year. For the eight
months of 1930 department store sales have averaged 8.7% below those for
the corresponding part of 1929.
Stocks of merchandise at the end of August declined at Atlanta and
Birmingham compared with those a month earlier, but increased at other
points, and stocks were smaller than those carried a year ago for all reporting
cities except Nashville. The rate of stock turnover was the same for
August, and for the first eight months of the year, as for corresponding
periods last year.
Accounts receivable at the end of August averaged 1.4% larger than for
July, but 0.4% less than for August last year, and collections during
August declined 17.6% compared with July, and were 8.2% smaller than
in August 1929.
The ratio of collections during August to accounts receivable and due
at the beginning of the month for 33 firms was 27.7%; for July this ratio
was 30.3%,and for August last year 29.1%. For August the ratio of collec-
Surplus of Lumber Orders Over Curtailed Production
Indicated for Week Ended Oct. 4.
With identical lumber mills reporting softwood production
a third less than for the comparable week a year ago, and
with even a further curtailment in the hardwood cut, the
indicated relation between lumber production and demand
for the week ended Oct. 4 reached the most satisfactory
ratio since February. Orders received by 881 hardwood
and softwood mills were reported to the National Lumber
Manufacturers Association as 14% above production of
these mills for the week. Shipments were 8% above pro-
duction, which amounted to 255,191,000 feet. A week
earlier 899 mills reported orders 104% and shipments
107% of a total production of 274,652,000 feet. By way of
comparison with last year, 485 identical softwood mills
gave production 33% less, shipments 27% less and orders
19% less than for the corresponding week a year ago; for
hardwoods, 203 identical mills gave production 52% less,
shipments 33% less and orders 35% under the volume for
the same week last year.
Lumber orders reported for the week ended Oct. 4 1930,
by 62 softwood mills totaled 257,341,000 feet, or 12%
above the production of the same mills. Shipments as
reported for the same week were 244,267,000 feet, or 7%
above production. Production was 229,066,000 feet.
Reports from 285 hardwood mills give new business as
34,223,000 feet, or 31% above production. Shipments as
reported for the same week were 32,501,000 feet, or 24%
above production. Productionjwas126,125,000 feet. The
Association, in its statement, further reports:
Unfilled Orders.
Reports from 496 softwood mills give unfilled orders of 763.027.000
feet, on Oct. 4 1930, or the equivalent of 16 days' production. This is
based upon production of latest calendar year-300-day year-and may
be compared with unfilled orders of 504 softwood mills on Sept. 27 1930, of
765,732,000 feet, the equivalent of 15 days' production.
The 374 identical softwood mills report unfilled orders as 725,019,000
feet, on Oct. 4 1930, as compared with 1.007,448.000 feet for the same
week a year ago. Last week's production of 485 identical softwood mills
was 211,849,000 feet, and a year ago it was 315,769,000 feet; shipments
were respectively 226.269,000 feet and 308,578.000; and orders received
239,271.000 feet and 296,666,000. In the case of hardwoods, 203 identical
mills reported production last week and a year ago 20,430,000 feet and
42.728,000; shipments 27,225,000 feet and 40,446,0003and orders 28,318.000 feet and 43,253,000.
ea kr ora
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 228 mills reporting
for the week ended Oct. 4:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery._ _ 42,010.000 delivery_-_211,554,000 intercoastal _ 37,929,000
21,452,000
85,671,000 Export
26.987,000 Foreign
Export
45.569,000
44.806,000 Rail trade__ _103,195,000 Rail
By rail
15,415,000
Local
15,416,000
Other
Total
[Vol.. 131.
FINANCIAL CHRONICLE
2296
129,219,000
Total
400.420,000
Total
120,365,000
Weekly capacity of these 228 mills is 251.927,000 feet.
Reports from 229 West Coast mills gave production for the week as
116,863,000 feet. Orders received amounted to 129,559.000 feet or 11%
above this production. This indicates further improvement in the balance
of supply and demand, largely as a result of curtailed production. For the
year to date 183 identical mills reported production 34% below the cut last
year and orders 25% below those of last year. The actual production of
these mills for the 40 weeks of 1930 was 59% of their rated capacity and
81% of their three-year average production. For the latest week their
reported production was 46% of rated capacity and 64% of their three-year
average.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 142
mills reporting, shipments were 8% above production, and orders 4%
above production and 4% below shipments. New business taken during the
week amounted to 48,426,000 feet.(previous week 48,468.000 at 140 mills);
shipments 50,358,000 feet, (previous week 48,195,000); and production
46.498,000 feet, (previous week 45.511,000). The three-year average
production of these 142 mills is 68,825,000 feet. Orders on hand at the end
of the week at 125 mills were 110,355,000 feet, the equivalent of 10 days
average production. The 130 identical mills reported a decrease in production of 27%, and in new business a decrease of 21%. as compared with
the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 91 mills as 34.628,000 feet, shipments 38,698,000
and new business 46,888.000. Sixty-five identical mills reported a decrease
of 24% in production, and an increase of 29% in new business, when compared with 1929.
The California White 3c Sugar Pine Manufacturers Association, of San
Francisco. reported production from 18 mills as 13,767.000 feet, shipments
15,814,000 and orders 14,055,000 feet. The same number of mills reported
production 44% less, and orders 1% less, than that reported for the same
period of last year.
The Northern Pine Manufacturers Association, of Minneapolis. Minn.,
reported production from seven mills as 3,498,000 feet, shipments 3,460,000
and new business 3,886,000. The same number of mills reported a decrease
of 56% in production, and a decrease of 3% in new business, in comparison
with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 24 mills as 1,955,000 feet, shipments 1,798.000 and orders 1,395,000. Twenty-two identical mills reported
a 64% decrease in production, and a 51% decrease in orders, when compared with last year.
The North Carolina Pine Association, of Norfolk, Va., reported production from 98 mills as 6,337.000 feet, shipments 9,047,000 and new
business 7,951.000. Forty-nine identical mills reported a decrease in production of 39%,and a decrease in new business of 59% in comparison with
1929.
The California Redwood Association, of San Francisco, reported production from 11 mills as 5.520,000 feet, shipments 4,442,000 and orders
5,181.000. The same number of mills reported a decrease in production of
27%,and a decrease in orders of45% when compared with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 261 mills as 25,188,000 feet, shipments 29,945,000 and
new business 31,812.000. Reports from 181 identical mills reported a
decrease in production of 50%, and a decrease in new business of 33% in
comparison with last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis.,reported production from 24 mills as 937,000 feet,shipments
2,556,000 and orders 2.411.000. Twenty-two identical mills reported
production 74% below, and orders 50% below that reported for the corresponding week of 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED OCT. 4 1930 AND FOR 40
WEEKS TO DATE.
Association,
P. C.
Ship- P. C.
Producof
Orders.
meats.
of
lion,
(M. Ft.) (M. Ft.) Prod. (M. Ft.) Prod.
Southern Pine:
46,498
50,358 108
Week-142 mill reports
2,208,114 2,077,992 94
40 weeks-5,656 mill reports
West Coast Lumbermen's:
116,863
120,650 103
Week-229 mill reports
5,805.843 5,702,316 98
40 weeks-8.759 mill reports
Western Pine Manufacturers:
34,628
38,698 112
Week-91 mill reports
1,665,771 1,477,282 89
40 weeks-3,679 mill reports
California White & Sugar Pine:
13,767
15,814 115
Week-18 mill reports
775,932
800,899 103
40 weeks-993 mill reports
Northern Pine Manufacturers:
3.498
3,460 99
Week-7 mill reports
157,811 83
190,711
40 weeks-305 mill reports
No.HemlockdrElardwood(softwoods):
1,798 92
1,955
Week-24 mill reports
122,729
88,457 72
40 weeks-1.229 mill reports
North Carolina Pine:
9,047 143
6,337
Week-98 mill reports
348.122 102
342,070
40 weeks-4,334 mIll reports
California Redwood:
4,442 80
5,520
Week-11 mill reports
248,917 92
270.386
40 weeks-577 mill reports
48,426
2,038,692
104
92
129.559
5,673,393
111
98
46,888
1,440,775
135
86
14,055
800,458
102
103
3,886
151.685
III
80
1,395
78,970
71
64
7,951
283,088
125
83
5,181
261,241
94
93
Softwood total:
257.341
244,267 107
229,066
Week-620 mill reports
40 weeks-25,532 mill reports._ _ 11,381,556 10,901,796 96 10.718,302
112
84
Hardwood Mfrs. Institute:
Week-261 mill reports
40 weeks-10,343 mill reports
Northern Hemlock & Hardwood:
Week-24 mill reports
40 weeks-1,229 mill reports
Hardwood total:
Week-285 mill reports
40 weeks-11.572 mill reports. _
Grand total:
Week-881 mill reports
40 weeks-35,875 mill reports
25,188
29,945 119
1,305,728 1,191,065 91
31,812
1.150,005
126
88
2,556 273
173,031 65
2,411
139,866
257
53
26,125
32,501 124
1,571,145 1,364,096 87
34,223
1.289.871
131
82
291,564
276,768 108
255,191
12,952.701 12.265,892 95 12.008,173
114
93
937
265,417
1929 Wool Output off Sharply in Australia-Decrease
of $175,000,000 in Value of Year's Production
from Total in 1927.
Under date of Sept. 26, Associated Press accounts from
Conberm, Australia, published in the New York "Times,"
said:
Australia's wool returns are the worst for some years, and all sections
that make up the wool industry are getting together for a big effort to save
the situation. Wool production in 1927 was valued at $375,000,000. The
1928 production raised $345,000,000. The 1929 clip will not reach
$200,000.000.
Texas Wool Clip Off.
From Kerrville, Texas, the "Wall St. Journal" of Oct. 7
reported the following:
An enormous falling off in the fall wool and mohair clips of Texas Is
assured as a result of efforts of the National Wool Marketing Associa4ion
to discourage further accumulations to existing stocks. An advance of
50 cents a head on sheep not sheared this autumn is offered as an inducoment to curtail production. Estimate is that the fall clip of Texas will be
approximately 4,000,000 pounds below production a year ago.
Paper and Pulp Industry in August-No Change from
Preceding Month.
According to identical mill reports to the Statistical Department of the American Paper and Pulp Association from
members and co-operating organizations, the daily average paper production in August showed practically no change
over July 1930 and a decrease of 15% under August 1929.
The daily average wood pulp production in August registered
practically no change over July 1930, and a decrease of 10%
under August 1929. The Association's survey, dated Oct. 6,
continues:
The August production of newsprint, uncoated book, paperboard, wrap.
ping, bag, writing, hanging and building papers registered a decrease under
August 1929 output. The production of all major grades of paper during
the eight-month period ending August 1930 registered decreases under the
totals for the same period of 1929. Shipments of all major grades, excepting hanging paper, also registered decreases during the eight months'
period of 1930 as compared with the same period of 1929.
Inventory increases over the July level were registered by the following
grades: Newsprint, paperboard, wrapping, writing and hanging. As corn.
pared with August 1929, increases in inventory were reported In the
following grades: Newsprint, book, writing, tissue and hanging.
Identical pulp mill reports for the eight-month period ending August 1930
indicated that 7% more mitscherlich sulphite pulp and 1% more kraft
pulp was consumed by reporting mills than for the same period of 1929.
The total shipments to outside markets of all grades of pulp during the
first eight months of 1930 were approximately 7% below the total
for the same period of 1929.
All grades of pulp, excepting bleached sulphite and mitschelich sulphite,
registered a decrease in inventory at the end of August as compared with
the end of July 1930. As compared with August 1929, groundwood and
soda pulps were the only grades whose inventories registered decreases.
The tonnage increase in the other grades, however, was not large.
1
FINANCIAL CHRONICLE
OCT. 11 1930.]
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF AUGUST 1930.
Production,
Tons.
Shipments.
Tons.
Stocks on Hand
End of Month.
Tons.
Newsprint
Book (uncoated)
Paperboard
Wrapping
Bag
Writing, cover, etc
Tissue
Hanging
Building
Other grades
101,601
68,008
177,554
44,161
12,072
25,293
14,273
4,002
4,944
17,788
99,236
68,862
176,529
42,565
12,310
24,658
14,329
3.591
5,669
18,529
30.691
61.985
59.047
43,291
4,775
52,419
12.802
6,273
3,025
15,496
Total-All grades
469.606
466.278
289.801
Grade.
'REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR
THE MONTH OF AUGUST 1930.
63,632
31,869
23,771
2,736
6,979
30,666
19,423
94
72,956
28,063
20,013
2,429
6,012
22,732
12,430
___
3,020
4,018
3,564
332
667
8,403
7,154
87
Total-Allgrad es _ _ _
179.170
164.635
27.245
1
Groundwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite mitscherlIch
Kraft pulp
Soda pulp
Pulp-Other grades__ _
0VOI.
00 '
Production,
Tons.
new price lists: 27-inch staple gingham, for October to January delivery,
8 cents net; Dominant chambray, 10 cents net; nineteen thousand range,
12% cents list; Imperial chambray, 1834 cents list; Braeloch, 17 cents net;
Glenwoody fabric, 13% cents net; Amoskeag seersucker, a new fabric made
particularly for hospital use and nurses' uniforms, 15% cents net; Glen
Ron zephyr, 30 cents net. and Fenwick cloth, 12% cents net. With the
exception of ginghams, deliveries on goods are for November to March.
Prices, on the average, are 1 to 23. cents lower.
The Riverside and Dan River Cotton Mills also named new prices as
follows, all subject to 10% discount: Security ginghams, 32-inch, 12)-i
cents; Dan River ginghams, 27-inch, 103 cents, and Dimitisce, 32-inch
wash fabric, 123 cents.
Cellophane Prices Cut-Du Pont Reduces Schedule
Yi Cent on Each 1,000 Square Inches.
The following is from the "Wall Street Journal" of Oct. 2:
Du PoRt Cellophane Co. has reduced the price of cellophane % cent
on each f,000 square inches. The reduction brings the current prices of
large quantities of moisture-proof cellophane to 5% cents a thousand
square inches and of regular cellophane to 35i. cerlls•
Company states the reduction was due to the continued increased acceptanco of the product by the cigar, baking, meat, candy, nut and other
food industries and its indicated adoption in other fields in the near future.
The reduction in price of regular cellophane was the twelfth cut in price
since the manufacture of the product was started.
1,
Grade.
A10
,7
....14..C,
. Ce0,1>
CO CZ, CA CT,Co4 CO CT .
Snipped Due- Stock on Hand
Used During fro Month, End of Month,
Month, Tons.
Tons.
Tons.
2297
Raw Silk Imports Increased in September-Deliveries
to American Mills Also Higher.
According to the Silk Association of America, Inc., imBritish Spinners of American Cotton Would Unify ports of raw silk increased during the month of September
Yarn Prices-Push Compulsory Stabilization Plan. to 58,292 bales from 51,147 bales in the preceding month.
The following (Associated Press) from Manchester, Eng., In September of last year imports totaled 59,970 bales.
Approximate deliveries to American mills during September
is from the New York "Times:"
Spinners of American cotton at a meeting to-day decided to prepare a amounted to 55,649 bales, as compared with 53,274 bales
plan which will embody compulsory clauses for stabilizing yarn prices.
in the corresponding month last year and 41,734 bales in
The meeting was a special gathering of members of the Federation
General Committee interested in American spinning. The session was August 1930. Raw silk in storage at the close of Septemcalled for the purpose of considering the possibility of establishing a scheme ber 1930 totaled 47,621 bales as against 44,978 bales at
with compulsory powers, its object being the stabilization of prices among Aug. 31 1930 and
55,104 bales at Sept. 30 1929. The Asspinners of American cotton.
The Chairman, Fred Holroyd,stated after the meeting that the principal sociation's statement shows:
105,566
purpose of the proposed scheme was not so much to fix definite prices as
to establish a principle whereby prices could be calculated on a basis which.
generally speaking, would prevent selling at loss than the cost of production
from efficient mills on full-time working status.
RAW SILK IN STORAGE OCT. 1 1930.
(As reported by the principal warehouses in New York City and Hoboken.)
(Figures in Bales.)
European,
Total.
All Other.
Japan.
Stocks, Sept. 1 1930
1,729
25,978
44,978
17,271
Imports, month of September 1930 x.,_ 1,586
58,292
49.737
6,969
Rice Futures Drop at Tokio, Japan.
From the "Wall St. Journal" of Oct. 3 we take the following Tokio advices:
Total available during September__ __
Stocks, Oct. 1 1930 z
Approximate deliveries to American
mills during Sept. 1930 Y
1,029
SUMMARY.
Due to a bumper rice crop, 1234% above normal, prices collapsed, marking the lowest points since 1917 at Tokio. The Osaka Rico Exchanges
closed futures trading. Spots broke 3 to 21 yen during the day. The
Tokio stock market was also weak, traders believing that the lower purcha.sbig power of the farmers was sure to defer a full recovery.
Production, Sales and Shipments of Cotton Cloth.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of September 1930,
were made public Oct.8 by the Association of Cotton Textile
Merchants of New York. The figures cover a period of
four weeks. Production during September amounted to
182,285,000 yards, or at the rate of 45,596,000 yards per
week. This was 32.1% less than September 1929, when the
rate was 67,153,000 yards per week. The survey continues:
Sales during September were 291,980,000 yards, or 160.1% of production. Shipments during the month were 232.975.000 yards, equivalent to
127.7% of production.
Stocks on hand at the end of the month amounted to 392.406.000 yards,
representing a decrease of 11.4% during the month. Unfilled orders on
Spetember 30 were 285,427.000 yards, representing an increase of 26.1%
during the month..
As a result of the continued low production, stocks were reduced more
than 50.000.000 yards during September. This reduction Is the greatestboth in yardage and percentage-recorded in any month since these statistics
have been compiled.
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling
agents reporting through the Association of Cotton Textile Merchants of
Now York and the Cotton-Textile Institute, Inc. The groups cover
upwards of 300 classifications or constructions of standard cotton cloths and
represent a large part of the production of those fabrics in the United States.
PRODUCTION STATISTICS-SEPTEMBER
1930.
The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths, and represent a very large part of the total
production of these fabrics in the United States. This report represents
yardage reported to our Association and the Cotton-Textile Institute, Inc.
It Is a comolidation of the same 23 groups covered by our reports since
October 1927. The figures for the month of September cover a period of
four weeks.
SEPTEMBER 1930 (Four weeks)
Production, yards
182.385,000 Stocks in hand Sept. 30, yds_392,406,000
Sales. yards
291,98U 000 Change in stocks
Dec. 11.4%
Ratio of males to production__
160.1% Unfilled orders Sept. I, yds 226.422,000
Shipments
232,975,000 Unfilled orders Sept. 30, yds_285,427,000
Ratio of shipts, to production
1'27.7% Change in unfilled orders_ _inc. 26.1%
Stocks on hand Sept. 1, yards142,996.000
Name Gingham Prices-Amoskeag Spring Line Opens
1 to 23/ Cents Lower.
The following is from the New York "Times" of Sept. 29:
The Amoskeag Manufacturing Co.. D. W. Jarvis, agent, will open its
1931 spring line of ginghams and other fabrics to-day. Following are the
3,315
2,286
Imports During the Months
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
Total
Average monthly
24,240
18,420
103,270
47,621
48,800
5,820
55,649
Storage at End of Month.Z
1930.
1929.
1928.
1930.
1929.
1928.
43,175
42,234
39,990
37.515
22,596
22,369
47,063
51,147
58,292
58,384
43,278
48,103
47,762
49.894
54,031
46.795
65.516
59.970
66,514
62,885
58,479
46,408
44,828
50.520
36.555
52.972
45.090
38.670
62.930
47,286
48,857
48,134
44.128
78.264
68.646
57,773
53,704
28,450
35.565
44,978
47,621
49,943
46.993
45.218
39,125
39,898
47,425
42.596
48.408
55.104
64,129
76,452
90,772
47,528
41,877
40,180
35,483
42.088
41,127
38,868
50.976
50,484
69,381
69,806
48,908
364,381
40,487
661,611
55,134
566,378
47,108
49,831
53,839
44,707
Approximate Del series
to American 51 lls.y
January
February
March
April
May
June
July
August
September
October
November
December
75,715
26,915
Approximate Amount of Jaya*
561 in Transit Between Japan
and NewYork End of Month.
1930.
1929.
1028.
1930.
1929.
1928.
57.683
49.852
50.863
41.584
40,823
29.396
39.948
41.734
55,649
57.349
46,228
49,878
53,855
49,121
40,504
51,624
59,704
53.274
57,489
50.562
44,159
52,420
50.679
52,011
41,258
46,367
46.051
40,931
50,821
47.797
49,940
47,709
45.026
37,000
24,000
17,800
8,000
7,700
16,300
41,700
51,600
31,000
30.000
29,000
30.700
28.000
21,200
34.100
41.600
39.000
49,000
41.000
38.000
25.000
23.500
19,200
28.500
24.000
17,600
32.300
27,500
25,600
31.200
22.800
42,500
407,532
45,281
619,747
51,646
571,010
47,584
26,145
34.383
26.612
x Covered by European manifests 3M to 40, Incl.: Asiatic manifests 211 to 245, Incl.
Ine.luths re-exports. z Inc tides 325 bales held at railroad terminals at end of
month. Stocks In warehouses include National Raw Silk Exchange certified stocks:
2,250 bales.
Agricultural Department's Report on Grains, &c.
The Department of Agriculture issued on Friday, Oct. 10,
its report on grain crops as of Oct. 1. We give below a
summary of the results. The report in detail will be published by us in our issue of next week.
This year's corn crop was heavily curtailed by the drouth; the estimated
production as of Oct. 1 is now placed at 2.046,716,000 bushels, as compared
with a production of 2,614,307,000 bushels last year.
Last month 1.982,765,000 bushels of corn were indicated, two months
ago 2,212,000,000 bushels and three months ago 2,802.000,000. showing
the effects of the drouth on the growing crop as the summer advanced.
The country's wheat crop was placed at 839,612,000 bushels, as compared
with 837.761.000 bushels indicated a month ago and 806,000,000 bushels
produced last year.
The harvest of winter wheat is placed at 597,000,000 bushels, as compared with last year's production of 578,000.000 bushels.
2298
[Vol,. 131.
FINANCIAL CHRONICLE
Spring wheat production is now placed at 242,220,000 bushels, compared
with 240,369,000 bushels indicated a month ago and 228,006,000 bushels
produced last year.
The spring wheat total comprises 52,314,000 bushels of durum wheat,
compared with 52,380,000 bushels last year and 189,906,000 bushels of
other spring wheat, compared with 175,626,000 bushels last year.
Production this year of other crops, as announced by the Department of
Agriculture, follows:
Oats. 1,410,761,000 bushels, compared with 1,390,892,000 bushels Indicated a month ago and 1,234,000,000 bushels produced last year.
1929.
1930.
Crop—
323,000,000
328,000,000
Barley
40,500,000
46,700,000
Rye
11,500,000
8,700,000
Buckwheat
16,800,000
25,200,000
Flaxseed
40,200,000
38.600,000
Rice
100,800,000
79,200,000
Grain sorghums
142,000,000
153,000,000
Apples
360,000,000
352,000,000
Potatoes
434,700,000
67,700,000
Sweet potatoes
Butter and Egg Future Deliveries in Chicago Go to
New Low Records.
It was stated in Associated Press advices from Chicago
Oct. 3 that the bottom dropped out of the egg futures market that day on the Chicago Mercantile Exchange, prices
of the November delivery reaching the lowest level ever
touched in the history of the Exchange. The dispatch
added:
690,174 bags, an increase of more than 40% over the Sept. 1
holdings of 478,977 bags.
Decline in Stock of Raw Sugar in New York Warehouse.
The stock of raw sugar in licensed warehouses in New York
as reported to the New York Coffee & Sugar Exchange on
Sept. 30 amounted to 717,105 bags,a decrease of over 2,000,000 bags from the same date last year, when the stock
amounted to 2,721,083 bags.
President Machado of Cuba Said to Have Approved
T. L. Chadbourne's Proposal for Withdrawal of
Sugar from Market for Distribution Over Five;
Year Period.
Thomas L. Chadbourne's plan for the withdrawal of
1,500,000 tons of sugar from the market, is said to have
received the approval of President Machado of Cuba on
Oct. 8, and steps were immediately taken to obtain the
consent of American and Cuban sugar interests so that the
plan may be formally adopted. This was reported in Associated Press dispatches from Havana on Oct. 8, which also
said:
Mr. Chadbourne, Chairman of the Cuban-American Committee seeking
to establish a balance between production and consumption of sugar,
visited the palace in company with the Santa Clara Planters' deramities
at the Executive's invitation.
Mr. Chadbourne asked the President to appeal to the producers of
sugar in Cuba to segregate in the hands of a single organization 1,500.000
tons—the estimated carry-over of the 1929-30 crop. He requested that this
carry-over be disposed of "in an orderly manner"over a period not to exceed
said:
Later advices (Associated Press)from Chicago Oct.7
five years, the pay therefor to be the sum of $4 a bag, f.o.b., payment to
Chicago be made in Cuban Government bonds to be Issued under an appropriate law.
Future deliveries of eggs established a low-price record on the
delivIn addition Mr. Chadbourne asked the President to approve the giving
Mercantile Exchange to-day. Selling orders forced the November
of of certificates to those so contributing sugar for segregation, these cerlosses
represented
This
ery down to 21K cents a dozen, wholesale.
price last spring. tificates to entitle their owners to a pro rata share of the net proceeds of the
$240 a car since Saturday and $1,200 a car from the peak
ago.
sugar contributed after deducting necessary expenses and the amount of
Holdings of eggs in 29 cities are now 1,341.000 cases more than a year
Press dis- principal and interest of the bonds.
November eggs shot down to 22% cents a dozen, wholesale. The low
nark to-day presented an overnight drop of raore than $100 a car, and a
reaction of $1,100 from the high mark of the year.
supTo-clay's heavy selling pressure resulted from figures showing the
ply of eggs withdrawn from storage was considerably less than last year,
with hoklings nearly 2,000,000 cases greater.
We likewise quote the following Associated
patches from Chicago Oct. 8:
For the second successive day future deliveries of butter and eggs reached
new low levels on the Chicago Mercantile Exchange to-day. November
eggs struck 20% cents a dozen, wholesale, and November butter 34 Al cents
so
a pound, each % cent lower than yesterday. Egg prices have not been
low in 20 years. Butter at its lowest point was as cheap as in last year's
break.
On Oct. 9 the Associated Press accounts from Chicago
stated:
ExThe worst break in price in the history of the Chicago Mercantile
change was recorded to-day for future deliveries of butter. The Novemlow
record
new
ber delivery dropped about 2 cents a pound over-night to a
of 32% cents, wholesale. Consumer use of butter was reported at the
Lowest ebb in years.
World Deliveries of Coffee During September.
World deliveries of coffee during September amounted to
1,947,944 bags, compared with 1,741,878 bags delivered
during the preceding month, according to figures compiled
by the New York Coffee & Sugar Exchange. Deliveries for
the three months ended September 30 totaled 5,368,029
bags.
World's Visible Supply of Coffee Oct. 1.
World's visible supply of coffee Oct. 1 totaled 5,536,184
bags, according to an estimate by the New York Coffee
& Sugar Exchange on Oct. 2. This compares with actual
world visible supply of 5,528,978 bags on Sept. 1 this year
and 5,227,068 bags on Oct. 1 1929.
The New York "Journal of Commerce" in a cablegram
from Havana Oct. 8 said in part:
Owners of the sugar which is to be withdrawn from the market will be reimbursed through bank loans which will be based upon the sugar itself as
collateral. In addition to the withdrawal of sugar exports to the United
States from the next crop will be restricted to 2,800,000 tons. Exports
from later crops will also be restricted to amounts based upon American
consumption.
Efforts will now be made to roach agreements with Java and other producing countries. Conferences for this purpose will be held in Holland.
Mr. Chadbourne representing American interests.
The same paper in its Oct.9 issue also stated:
An international conferences in Holland of sugar producers for the purpose of arriving at some plan to control world output will open shortly, it
was stated in well-informed trade circles yesterday. Thomas L. Chadbourne of the law firm of Chadbourne, Stanclifield & Levy is to sail for
abroad shortly, it was said. Among sugar traders it was held that partial
restrictions of output, excluding important producing areas, would be
likely to lead to results little better than those occasioned by efforts in
other industries to control production.
Holland Conferences.
it was said, would be directed
At the conferences in Holland first efforts,
toward the reaching of agreements for the restriction of Javan production,
that the agreements reached
believed
was
It
interests.
controlled by Dutcn
that similar proIn Cuba in part had been predicated on the expectation
posals regarding Javan output would be accepted.
from 1 to 3
ranged
Gains
Quotations on all options advanced yesterday.
points. The market had advanced on the previous day as a result of earlier
reports that restriction agreements had been all but officially completed.
The plan provides that 1,500,000 tons be immediately withdrawn from
the market and distributed over a period of five years. Cuban exports to
the United States on the next crop will be restricted to 2,800,000 tons.
Cuban sugar withdrawn from immediate sale may not in the future be
delivered in the United States. Exports to the United States after 1931
are to be governed by the rate of increase in American consumption.
To Reimburse Holders.
Cuban holders of sugar will be reimbursed through loans based upon the
September Deliveries of Coffee on Future Contracts sugar
itself, which will be held as collateral. Since the sugar would be the
Largest
Exchange
on New York Coffee & Sugar
basis for such loans, it is indicated that the distribution provided for during the next five years would be under the supervision of the banks holding
Since May 1928.
the collateral.
September deliveries of coffee on future contracts on the
rtwas not considered at all likely that for the present any public offerbe made. It was
New York Coffee & Sugar Exchange totaled 69,500 bags, ing of notes based upon the withdrawn sugar wouldfuture
they could be
pointed out that should such notes be floated in the
the largest amount since May 1928, when 83,000 bags were serviced through proceeds derived from the distribution of the sugar.
delivered. All of this coffee, totaling 9,035,000 pounds, Such a method, it was pointed out, would greatly resemble that adopted
flotations of coffee stabilization bonds of the State of Sao
was graded under Exchange supervision. Of the Septem- in the recent
l
TheBrazi.
Paulo,
ber deliveries, 2,000 bags were delivered under the "A"
proposals of Mr. Chadbourne were referred to in these
contract and 67,500 bags under the "D" contract, the latter columns Aug. 30, page 1328, and Sept. 6, page 1487.
any
in
contract
this
on
delivered
being the largest amount
one month to date.
Banks Arrange $44,000,000 Sugar Credit—Acceptance
by Cuba of Chadbourne Restriction Plan Will Lead
States
Ports
United
Arrivals of Brazilian Coffee at
Purchase of Big Surplus.
to
During September Largest in Any Month Since
The following is from the New York "Herald Tribune"
December 1927.
of Oct. 10:
Arrivals of Brazilian coffee at United States ports during
Plans for the arrangement of a $44,000,000 credit to be extended to
largest
the
amount
bags,
Cuban sugar planters through the Cuban government as part of the ChadSeptember amounted to 846,216
bourne plan for stabilizing the sugar industry of the world have been comthat has arrived in any one month since December, 1927, pleted
by local bankers, it is understood on good authority. The credit will
by
compiled
data
to
according
when 874,150 bags arrived,
be granted as a result of the acceptance in Cuba of the plan evolved by
the New York Coffee & Sugar Exchange on Oct. 1. Stocks Thomas L. Chadbourne,chairman of the committee of bankers and planters
here.
of Brazil coffee in the United States on Oct. 1 amounted to recently formed
OCT. 11 1930.1
FINANCIAL CHRONICLE
2299
Mr. Chadbourne is expected to arrive in New York from Havana next
Saturday. About a week later he is scheduled to leave for Europe, where
he will confer with Dutch-Saran planters.
According to information received yesterday from a member of toe banking group, the plan provides for the creation of a 10-year 5 % issue of
Cuban bonds, which will be direct obligations of the government. With this
credit, the Cuban government is to purchase sufficient sugar to stabilize
the market and give the planters a special issue of government notes for
their crops. It is further planned to keep this sugar out of the market
until its sale is considered advisable or funds are needed to meet interest
payments on the 5% bonds.
This credit, if arranged, would rival in size and importance the Brazilian
coffee stabilization loan made this year by American and British banking
Interests.
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,558,400 barrels, or 95.4%, of the
3,730,000 barrel estimated daily potential refining capacity
of the plants operating in the United States during the week
ended Oct. 4 1930, report that the crude runs to stills for
the week show that these companies operated to 67.2% of
their total capacity. Figures published last week show that
companies aggregating 3,558,4(X) barrels, or 95.4%, of the
3,730,100 barrel estimated daily potential refining capacity
of all plants operating in the United States during that week,
Department Stores in Cuba Give Free Sugar to Cus- but which operated to only
70.3% of their total capacity,
tomers-Plan Adopted to Encourage General Buy- contributed to that report. The report for the week ended
ing and Help Sugar Industry, Commercial Attache Oct. 4 1930 follows:
Declares.
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED OCT. 4 1930.
Five pounds of sugar free with every dollar's worth of
(Figures in barrels of 42 gallons.)
merchandise is a plan adopted by department stores of
Havana to stimulate general purchasing and help the Cuban
Per Cent
Per Cent
Potential
Crude
Oper.
Gas and
sugar industry, according to information from the Acting
District.
Runs to
Capacity
of Total
Gasoline
Fuel CU
ReportStills.
Capacity
Stocks.
Stocks.
Commercial Attache at Havana, Albert F. Nufer, made
Mg.
Report.
public on Oct. 3 by the Department of Commerce. This is East Coast
100.0
3,497,000
81.5
5,182,000
11,774,000
made known in the "United States Daily" of Oct. 4, from Appalachian
87.5
519,000
59.9
980.000
1.075,000
Ind., Illinois, Kentucky 97.5
2,001,000
75.0
5,497,000
4,339,000
which the following is also taken:
Okla., Kansas, Missouri 89.4
1,803,000
62.5
2,435,000
4,821,000
Most business indicators in Cuba continue to demonstrate inactivity,
with radio equipment sales one of the exceptions, the statement shows.
It follows in full text:
The general Cuban economic situation continued unsatisfactory during
the month of September, and it is generally conceded that business activities
have shown a further decline as compared with the preceding month.
There are varioussigns of decreased activities and reduced purchasing power.
Preliminary Reports.
Preliminary reports on the present tobacco crop show large production of
low grade tobacco, while the crop of high grade tobacco is said to be scarce.
The unusually large percentage of low grade tobacco has decreased the
average price received by the tobacco growers, which, in the Remedios
section, is around 10 cents a pound as compared with 20 cents for last year's
crop.
Several of toe large department stores in Havana, which have heretofore
handled high grade merchandise to a very large extent, have been giving
more attention to popular priced lines in the hope of securing speedier turnover. A number of these stores, in an effort to stimulate sales, and incidentally increase the consumption of sugar, have adopted the novel plan
of presenting each purchaser with a five-pound bag of refined sugar with
each dollar's worth of merchandise purchased. As these bags are retailed
in Havana at 18 cents, this amounts to a discount of 18% on the goods sold.
Netherlands Government Acts To Improve Rubber
Industry in Far East.
The Netherlands Government is prepared to take measures
to improve the situation in the rubber industry in the
Far East, according to a cable on the Rubber Exehage
of New York from The Hague on Oct. 2. Reporting on
a conference between members of the Dutch committee
of the Rubber Growers' Association and the Netherlands
Minister for the Colonies, the cable said:
Texas
Louisiana-Arkansas__
Rocky Mountain
California
Total week Oct. 4_
Daily average_ __ Total week Sept. 27_
Daily average
yTotal Oct. 5 1929._
Daily average
Texas Gulf C,oast.x..
Txmlainnn (MU (*.nag}
91.9
98.3
93.1
98.3
3,734,000
1,124,000
336,000
3,728,000
71.7
61.3
34.4
80.3
95.4
16,742.000
2,391,700
17,512,000
2,501.700
19.082,000
2.726.000
95.4
94.4
100.0
loan
2,911,000
775 Ann
5,618,000
1,132,000
1,794,000
13.805,000
10,480,000
2,153,000
1,182,000
104,627,000
67.2
36,441,000
140.451.000
70.3
37,222,000
140,779,000
83.3
31,765,000 *142,905,000
78.5
75 1
4,459.000
501 nn!!
7,827,000
1 din non
• Final revised. x Included above in table for week ended Oct. 4 1930 of their
respective districts. y The United States total figures for last year shown above
are not comparable with this year's totals because of the difference in the percentage
capacity reporting.
Note.-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel Oil Stocks." Crude runs to stills
Include both foreign and domestic crude.
Percentages of capacity reporting and operated for the week ended Sept. 27 1930
have been placed on a comparable basis with current figures.
Imports of Petroleum at Principal United States Ports
Declined in September.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined oils) at
the principal ports for the month of September, totaled
8,426,000 barrels, a daily average of 280,867 barrels, compared with 8,583,000 barrels, a daily average of 276,871
barrels for the month of August.
Imports at the principal United States ports for the week
ended Oct. 4 totaled 1,164,000 barrels, a daily average of
166,286 barrels, compared with 2,533,000 barrels, a daily
average of 319,571 barrels for the week ended Sept. 27.
In the course of the discussion it was made clear that the Government
fully realizes the danger of the situation and was ready to reconsider the
rubber problem in all its aspects; further, that the Government is pre- IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
pared to consider the possibility of taking measures to improve the situation.
(Barrels of 42 gallons.)
The Minister for the Colonies intends to co-operate with the GovernorGeneral of the Dutch East Indies for this purpose.
Month of
Week Igncled
September.
Crude Rubber Shipments from Malaya in September.
September shipments of crude rubber from Malaya totaled
49,229 tons, an increase of 1,427 tons over the August
shipments of 47,802 tons, according to cables to the Rubber
Exchange of New York on Oct. 3. A total of 27,344 tons
of the September shipments was consigned to the United
States, against shipments of 27,051 tons to this country
from Malaya in the preceding month. Malayan imports of
crude rubber last month were 8,107 tons, against 10,304 tons
in August.
At Atlantic Coast PortsBaltimore
Boston
New York.
Philadelphia
Others
Total
Daily average
At Gulf Coast PortsGalveston district
New Orleans and Baton Rouge
Port Arthur and Sabine district
Tampa
August
Oct. 4.
1,166.000
256,000
4,528,000
1,035,000
767,000
1,210,000
139,000
4,514,000
1,034,000
778,000
811,000
27,000
557,000
269,000
7,752,000
258,400
7,675,000
247,581
1,164,000
186,286
193,000
367,000
261,000
282.000
285,000
93,000
114,000
908,000
Total
674,000
Daily average
29.290
22,467
Al AU United Stales PortsTotal
8,428,000 8,583,003 1.164.000
166.286
276.871
Daily average
280.867
DISTRIBUTION OF TOTAL IMPORTS.
514.000
Crade
5,238,000 5,160,000
389,000
Gasoline
1,511,000 1,663,000
Kerosene
35,000
17,000
Gas oil
60,000
281,000
Fuel oll
1,584,000 1,743,000
Sept. 27.
835,000
1,351,000
140,000
205,000
2,031,000
290,143
166.000
40,000
206,000
29,428
2.237,000
Tea Output Reduced Through Agreement-British and
319.571
Dutch Interests to Restrict Production in First
Co-Operation.
1,405,000
462,000
Restriction of tea production by British and Dutch
80,000
planters will result in an estimated reduction of output
310.000
this year of between 55,000,000 ana 60,000,000 pounds, Total
8.428,000 8.583.000 1.164,000 2,237,000
according to a report from Assistant Commercial Attache
Homer S. Fox at London made public Sept. 30 by the Receipts of California Oil at Atlantic and Gulf Coast
Ports Lower in September.
Foodstuffs Division of the Department of Commerce. The
foregoing is from the "United States Daily" of Oct. 1, which
Receipts of California oil (crude and refined oils) at
gives as follows the full text of the Divison's announcement:
Atlantic and Gulf Coast ports for the month of September,
It is suggested that the adoption by a section of tea producers of the totaled 1,911,000 barrels, a daily average of 63,700 barrels,
restriction scheme has been the outstanding feature of the tea industry
compared with 2,533,000 barrels, a daily average of 81,710
during the current year, and it is pointed out that this is the first time that
barrels for the month of August. Receipts at Atlantic and
the British and Dutch interests have co-operated.
This restriction scheme is based on a sliding scale, according to the Gulf Coast ports for the week ended Oct. 4, totaled 282,000
quality of the tea, and it Is also based on the average selling price during
barrels, a daily average of 40,286 barrels, compared with
the last three years, the lower grades being subject to the largest percentage
615,000 barrels, a daily average of 87,857 barrels for the
of restriction.
2300
FINANCIAL CHRONICLE
[VOL. 131.
week ended Sept. 27. The Institute's statement further Petroleum and Its Products-Set Texas Production
shows:
Level at 764,000 Barrels Daily-Julian Renews Legal
CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST PORTS.
Attacks on Oklahoma's Proration Schedule-South
(Barrels of 42 gallons.)
Oklahoma City Wells Curbed-Crude Oil Output
Month of
Week Ended
Figures Show Decrease.
September.
August.
Oct. 4.
Sept. 27.
The past week in the petroleum field was characterized by
an absence of important news developments. Producers,
At Atlantic Coast PortsBaltimore
189,000
81,000
230,000
Boston
192,000
al37,000 generally, continue to hold production down, an effort which
271,000
New York
768,000 1,208,000
197,000 is being reflected in weekly output figures.
207,000
Philadelphia
402,000
658,000
114,000
Others
287.000
Results of a questionnaire sent out by the American
163,000
75,000
86,000
Total
1,838,000 2,530,000
282,000
615,000 Petroleum Institute indicate that a total of 28,984,000
Daily average
61,267
81,613
40,286
87,857 barrels of gasoline is adequate for "working stocks," as of
At Gulf Coast PortsTotal
73,000
3,000
Sept. 30. The Institute in its report for the week ended
Daily average
2,433
97
At Atlantic & Gulf Coast PortsOct. 4, showed total stocks of 37,222,000 barrels. ConTotal
1,911,000 2,533,000
282,000
615,000
Daily average
63,700
40,286
81,710
87,857 trasting these figures reveals that total stocks are now close
to consumption.
DISTRIBTJTION OF TOTAL CALIFORNIA OIL RECEIPTS.
Texas crude oil production has been set at 764,000 barrels
Gasoline
1,617,000 2,114,000
207,000
a498,000 daily until Nov. 27, when an extension will be made at
Gas oil
52,000
339,000
52,000
Fuel oil
239,000
80,000
75,000
85,000 perhaps a reduced total figure. A hazard to the proration
Lubricants
3,000
program of the State has been the Gulf Coast area, where
Total
1.911,000 2,533,000
282,000
615,000
output still exceeds the tentative maximum of 150,000 barrels
a Revised.
daily by almost 20,000 barrels.
A protest against proration, questioning jurisdiction of the
Crude Oil Output in United States Continues to
Corporation Commission has been filed by atOklahoma
Decline.
C.Julian Oil & Royalties Co.at a hearing
The American Petroleum Institute estimates that the torneys for the C.
Corporation Commission on the petition for continuof
the
daily average gross crude oil production in the United States,
oil proration during the remainder of the year.
for the week ended Oct. 4 1930, was 2,386,950 barrels, as ance of
Attorneys for the Julian company indicated they are supcompared with 2,389,750 barrels for the preceding week, a
ported by other independents.
decrease of 2,800 barrels. Compared with the output for
Co-operative methods among oil operators are in order to
the week ended Oct. 5 1929, of 2,887,050 barrels daily, the restore the oil industry to a prosperous condition is urged by
barrels
per
decrease
of
500,100
current figure represents a
John M. Lovejoy, President of the Mexican Seaboard Oil
day. The daily average production east of California for
Co. The statement was made at the annual meeting of the
the week ended Oct. 4 1930 was 1,800,750 barrels, as comMid-Continent Oil & Gas Association. Particular reference
pared with 1,795,450 barrels for the preceding week, an
was
made to the Kettleman Hills district, where, Mr. Loveincrease of 5,300 barrels. The following are estimates of
joy said, if the old competitive methods are to be followed,
daily average gross production, by districts:
the field will swamp the industry with crude oil and the
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
worse than unnecessary development will involve a wholly
Oct. 4 '30. Sept.27'30. Sept. 20'30. Oct. 5 '29.
Week Ended558.450
559.000
563,600
659,650 uneconomic investment of capital.
Oklahoma
115,950
116,650
117,300
Kansas
124.500
78,800
78,600
82,350
Panhandle Texas
122.600
The Corporation Commission at Oklahoma City has post63,150
64.450
63,850
94,850
North Texas
48,450
46,650
49,050
56.850 poned until Oct. 14, hearings for 61 Oklahoma oil operators
West Central Texas
269,800
269,250
266.200
365.150
West Texas
42.650
42,000
41,650
17,150 charged with violating the State proration regulations. In
East Central Texas
98,000
96,650
95,650
71,450 most instances the violations are said to be technical, with
Southwest Texas
39,900
40.050
40,500
43,700
North Louisiana
53,150
53,600
53,650
64.950 many of the actions complained of having been corrected
Arkansas
166,350
168.450
173,500
132,100
Coastal Texas
29.900
29,000
26,750
Coastal Louisiana
28,200 since the charges were filed.
114,000
112,500
113.000
120.450
Eastern (not including Michigan)
An order curbing new and producing wells in the South
7,850
8,000
Michigan
8,050
18,300
52,000
53,450
Wyoming
49,750
57,300 Oklahoma City field to 8 hours' open flow in each 12-day
8,950
8,700
9,050
Montana
10,950
4,300
4,250
4,350
Colorado
6,350 period has been signed by the State Corporation Commission.
47,800
45,500
49.950
6.250
New Mexico
was asked in a petition filed by Otto B.
586,200
594,300
613,600
California
886,300 The order which
Bradford, field proration umpire, and M.P. Kirwan, Chair2,389,750
2,386.950
2,421,800
Total
2.887.050
man of the Operators' Committee, became effective Oct. 7.
The estimated daily average gross production for the Mid-Continent
August exports of crude and refined petroleum aggregated
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas, 13,919,682 barrels valued at $45,754,399, according to
for the week ended Oct.4, was 1,369.600 barrels, as compared with 1.365,600
Department of Commerce. This
barrels for the preceding week, an increase of 4,000 barrels. The Mid- figures released by the
Continent production, excluding Smackover (Arkansas) heavy oil, was constitutes a decrease of 60,113 barrels and $2,354,614 in
1,333,200 barrels, as compared with 1,328,800 barrels, an increase of 4,400
value as compared with a year ago. Shipments in the first
barrels.
The production figures of certain pools in the various districts for the eight months totalled 103,728,359 barrels, worth $344,525,current week, compared with the previous week, in barrels of 42 gallons, 319, an increase of 2,515,067 barrels but a decrease of $11,follow:
959,972 compared with a year ago.
-Week Ended-Week EndedSouthwest TexasOct. 4. Sept.27.
Oct. 4. Sep1.27,
OklahomaCrude oil production in the week ended Oct. 4, averaged
Chapman-Abbot
14.900 14.900
10.500 10.950
Bowlegs
15.100 15.100 Darst Creek
44,700 42,500 2,386,950 barrels daily as compared with 2,389,750 barrels
Bristow-Slick
15.400 15,450 Luling
10.000 10,000
Burbank
previous week and 2,887,500 barrels in the corresponding
9.700 Salt Flat
7,400
17,000 16,500 the
Carr City
North Louisiana17,400 20,450
Earlsboro
week
of 1929. California continue .to curtail its flow, the
17,700 17.250 Sarepta-CartervIlle
2,550
2,650
East Earlsboro
8.850 Zwolie
9.150
4,500
4,700 daily average last week being 586,200 barrels as compared
South Earlsboro
Arkansas18,150 16,400
Konaws
5.000
23.600 24,800 Smackover, light
5.050 with 594,300 barrels the preceding week.
Little River
36.400 36,800
12,500 12.250 Smackover, heavy
East Little River
There were no crude oil price changes posted this week:
Coastal
Texas
3,700
3.000
Maud
17,900
7.150 Barbers Hill
5.550
12.000
110.500 104.400 Raccoon Bend
27.100
24.850 24.750 Refugio County
11,700
7,350 Sugarland_
7.300
Coastal Louisiana14.300 14,750
2,900
2.100 East Hackberry
2,200
Old Hackberry
250
1VgoinIngKansas29,100
23,000 22,100 Salt Creek
Sedgwick County
Montana9,250 10.250
Voshell_ .
Kevin -Sunburst
6,100
Panhandle TexaSNew
Mexico53,600
54,750
Gray County
38.150
Hutchinson County-- -- 16,100 17,300 Hobbs High
Balance Lea County
7,000
CaliforniaNorth Texas32,000
13,800 12.950 Elwood-Goleta
Archer County.
27.600
16,200 15,800 Huntington Beach
Wilberger County
15,200
Inglewood
24,200
Kettleman Hills
West Central TexasBeach
100,500
Long
13,900
15,500
Young County
61,500
Midway-Sunset
20.000
Playa Del Rey
West TexasSprings
94,700
Fe
Santa
Crane Rt Upton Counties 34,750 33.500
19.000
7.200 9,600 Seal Beach
Ector County
46,500
23,300 23,800 Ventura Avenue
Howard County
Pennsylvania Grade22.200 23.100
Reagan County
6,750
61,200 62.000 Allegany
Winkler County
23.950
104,450 102,250 Bradford
Yates
7.050
3,300 Southeast ern Ohio
3,200
Balance Pecos County
Southwestern Penna.__ 2,700
East Central Texas13,200
29,000 28,500 West Virginia
Van Zandt County
Mission
Oklahoma City
Be. Louis
Searight
Seminole
East Seminole
17.600
12,100
28.300
11,450
2,650
1,000
30,300
8,100
35,850
7.000
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$2.55 apindletop, Texas, below 25
Bradford. Pa
Corning, Ohio
1.50 Winkler, Texas
Cabell, W. Va
1.35 Smackover. Ark., 24 and over
Illinois
1.85 Smackover, Ark.. below 2
Western Kentucky
1.50 Eldorado, Ark.. 34
Midcontinent. Okla., 37
1.23 Urania, La
Corsicana, Texaa, heavy--...r-----.80 Salt Creek, Wyo., 37
Hutchinson, Texas, 35
.87 Sunburst, Mont
Kettleman Hills. 55
1.65 Artesia, N. Mel
Kettleman Hills, 35-399
1.10 Santa Fe Springs, Calif., 33
Kettleman Hills, 40-49.9
1.35 Midway-Sunset, Calif., 22
Kettleman Hills, 50-54.9
1.50 Huntington, Calif., 28
Luling, Texas
.85 Ventura, Calif., 30
Bpindletop, Texas, grade A
1.15 Petrone. Canada
1.00
.85
$1.05
.75
1.14
.90
1.23
1.65
1.()8
1.75
1.05
1.34
1.13
1.90
33,600
28.000
16,200
24,000
99.600
62.500
20,200
96,700
19,000
47,400
REFINED PRODUCTS-LACK OF FAVORABLE NEWS SLOWS
GASOLINE MARKET-STORAGE GASOLINE STOCKS AGAIN
OFF-TANK CAR MARKET DISPLAYS FIRMNESS-BROOK-
6,500
21,600
6.800
2,750
1,2,600
Lack of any favorable developments to stimulate the
market and with continued weakness in the Western markets
manifesting itself in lower prices, the gasoline market here
LYN PRICE WAR CONTINUES-KEROSENE AND HEATING
OILS IMPROVE DUE TO SEASONAL DEMAND.
OCT. 111930.]
••
FINANCIAL CHRONICLE
this week was very irregular. Uncertainty of the effect of
the renewed attacks in the courts against proration schedules
has further confused the market. On the constructive side
of the news however, was the announcement that gasoline
stocks had showed a substantial drop. Weather conditions
have been a bit more favorable this week and this has resulted
in a moderate increase in consumption.
Stocks of gasoline in storage for the week ended Oct. 4
declined 781,000 barrels to 36,441,000 barrels. Refinery
operations for the week just ended showed a marked decrease, operations being at 67.2% of capacity as compared
with 70.3% of capacity in the preceding week. The week's
run of crude oil to stills totaled 2,391,000 barrels against
2,501,700 barrels in the previous week.
The tank car market price structure showed weakness in
the early part of the week but towards the end of the week
increasing firmness was noted. While the majority of refiners still hold their offerings at 78
/0. a gallon, in tank ears
at the refineries, the few who have held their price at 8%c. a
gallon, tank car lots, at the refinery are not as willing to make
price concessions as they have been recently. One of the
larger refiners, who had been reported as shading the price below his quoted level of 73
4c.a gallon denied this and said that
he expected to increase his quotation to the 8c.a gallon level.
Consumption has shown a mild increase but with winter just
around the corner, the period of heavy consumption is practically over.
The price war among the service stations in Brooklyn continues unabated and seems fated to go on until some strong
oil company takes the same steps to end this foolish practice
as taken by the Standard Oil Co.of California in dealing with
a similar situation on the Pacific Coast. Competition among
the various refiners is too keen at the present, however, to
allow any possibility of their getting together and agreeing
to stop the cutthroat competitive methods now prevalent.
Kerosene and domestic heating oils continue to show
strength with the threat of cold weather shortly inducing
many home and industrial consumers of kerosene and fuel
oils to stock up. Water white kerosene is moving in a fairly
strong degree and 41-43 gravity is held firm at 6Mc.a gallon,
tank cars, at the refineries.
Demand for domestic oils has shown mild improvement
with the price levels firming up. Consumption is picking up
every day and soon will reach heavy levels. Rumors of price
shading are denied by leading operators in this field.
Price changes follow:
Oct. 7-Price war in Houston, Tex., brings quoted price down to 19c. a
2301
were asked to list their working stocks of gasoline at refineries, bulk terminals and in transit on Sept. 30 1930.
The compiled results of the survey, showing stocks for each
refinery district and for the country as a whole, are given in
barrels in the table which follows. The separate figures for
the Texas Gulf Coast and Louisiana Gulf Coast districts
which appear below the total for the United States, are
included in the figures for Texas and Louisiana-Arkansas
appearing in the tabulation.
RESULTS OF RECENT AMERICAN PETROLEUM INSTITUTE SURVEY ON
WORKING STOCKS OF GASOLINE REQUIRED AT REFINERIES ON
SEPT. 30 1930.
Wko. Stocks
WO. Stocks
DistriaRequired.
Required.
DistrictRocky Mountain
1,173.000
East Coast
4,696,000 California
10,819,000
Appalachian
888.000
Ind., Illinois, Kentucky
3.925.000 Total United States
28,984,000
Okla., Kansas, Missouri
1.914.000
Texas
4,319.000 Texas Gulf Coast
3.501,000
Louisiana-Arkansas
1,250,000 Louisiana Gulf Coast
1,115.000
Note.-The above figures on working a oaks are comparable with current Bureau
of Mines reports and are also comparable with American Petroleum Institute weekly
figures when the latter are corrected (due to not being 100
,
, representative In all
districts) so as to be comparable with the Bureau's summaries. In California the
same definition applies to these figures as to Bureau of Mines monthly
figures and
American Petroleum Institute weekly flgures-(stocks at refineries plus
bulk terminal and certain other storage).
Gas Utility Sales in July Below Those of a Year Ago.
According to statistics prepared by the American Gas
Association, from reports received from companies representing 90% of the manufactured gas industry, July sales
totaled 25,537,171,000 cubic feet as compared with 25,839,481,000 cubic feet in the corresponding month in 1929.
For the seven months ended July 31 1930 gas sales from these
same companies amounted to 213,479,630,000 cubic feet,
as against 210,064,600,000 cubic feet in the same period
last year. A comparative table follows:
COMPARATIVE STATISTICS OF 148 MANUFACTURED GAS
COMPANIES IN UNITED STATES.
P. C. Inc.
Month of July'1930.
1929.
or Dec.
Customers
8,850.757
8,744.970
+1.2
Gas sales (cubic feet)
25,537,171.000
25,839.481,000
-1.2
Revenue
$28,030.249
$27.930,643
+0.4
Gas produced (cubic feet):
Wrater gas
10.700.561,000
11,286.396.000
-5.2
Retort coal gas
2,264.197.000
2.549.031,000
-11.2
Oil gas
472.505.000
458.857.000
+3.0
Coke oven gas
3.895,207.000
3.663.827,000
+6.3
Reformed oil still gas
136.394.000
Total gas produced
17.468,864,000
17.958,-1-11,656
L
.:2.
Gas purchased (cubic feet):
Coke oven gas
8,710.638,000
8.989.062.000
-3.1
natural
gasOil still and
151,776.000
173.041 000
-12.3
Total gas purchased
8,862.414,000
9,162,103.000
-3.3
Total gas produced and purchased
26.331.278,000
27,120,214,000
-2.9
Seven Mos.End. July 31Customers
8.850.757
+1.2
8.744,970
Gas sales (cubic feet)
213A79.630.000
210.064.600.000
gallon at the service station, less a 2c. discount, which makes price 17c. a Revenue
$225,704,056
$222,897,367
gallon. Independents are selling "boot-leg" gasoline through unmarked Gas produced (cubic feet):
Water gas
107.629.542.000
113.296,361.000
pumps at 15c. a gallon.
-5.0
Retort coal gas
17.768,028.000
18.449.649.000
-3.7
Oct. 9-Chicago bulk gasoline prices for U. S. Motor gasoline off Hc,
Oil gas
4,689.902.000
4.832.600,000
-3.0
a gallon.
Coke oven gas
28.188.001.000
26,529,353,000
+6.3
Reformed oil still gas1,007.756.000
Gasoline, U. S. Motor, Tank Car Lots, F.0.13. Refinery.
Total gas produced
159.283,229,000
-2.5
--163.W:9-616M
N.Y.(Bayone)$.08HO.10 N.Y.--Sinclair Ref_ .0784 California
os
Gas purchased (cubic feet):
Stand. Oil, N.J-- .0794
Los Angeles. export. 0734
Coke oven gas
Colonial-Beacon.... .08
65.613.673.000
60.298.821.000
+8.8
Stand. Oil. N. Y. .08
Gulf Coast. export__ 08
Oil still and natural gas
.08
Carson Pet
1.211.041,000
, . .
-18.8
Tide Water011Co. .0814
Crew Leviak
North Louisiana.. 0714
.08
Total gas purchased
66,824.714,000
61,789.972,000
+8.1
Richfield Oil Co._ .0814 West Texas
.0654 North Texas__ _05M 06
Total gas produced and purWarner-QuinihnCo -Chicago
0534-0014 Oklahoma
chased
0534 .06
226,107,943,000
224,897,935,000
+0.5
Pan-Am.Pet. Co_ .0734 New Orleans
Pennsylvania
.07
.0834
Shell Eastern Pet- .0834 Arkansas
See also "Chronicle" of Sept. 20 1930, page 1784.
.0634
Gasoline, Service Station, Tax Included.
New York
$.163 Cincinnati
3.21
8.222
Minneapolis
Tin Curtailment Program Succeeding-Produ cers As
Atlanta
.25 Denver
New Orleans
.195
.20
Baltimore
.172 Detroit
.143 Philadelphia
.22
sociation Reports Eight Months' Output of 113,379
Boston
165 Houston
.19 San Francisco
.21
Buffalo
188 Jacksonville
Tons Against 122,035 Tons Reported for the Same
25 Spokane
.275
Chicago
17 Kansas City
.179 St. Louts
192
Period Last Year.
Kerosene. 41-43 Water White. Tank Car Lots. F.O.B. Refinery.
substantial reduction in the world's tin output during
A
N.Y.(Bayonne)____ 8.07 I Chicago
11.0534 INew Orleans
1.0734
North Texas__0334=.03 MILos Angeles, export.. .0534'Tulsa
.0614 the first eight months of 1930 was disclosed in a report
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
issued by the Tin Producers' Association to its members in
New-York (Bayonne,$1.05 ILos Angeles
$.85'Gulf Coast
1.76 London. The official statistics show that the total world's
2.00 New Orleans
Diesel
.951Chlcago
.55
supply of fine tin for the eight months' period amounted to
Gas Oil. 32-34 Degrees, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)-__$.0534 I Chicago
$.03'Tulsa
8.03 113,379 metallic tons, compared with 122,035 metallic tons
Survey Shows Need for Gasoline Working Stocks of
28,984,000 Barrels.
Refineries of the United States required gasoline working
stocks totalling 28,984,000 barrels on Sept. 30 1930, it was
disclosed in the report of a survey made by the American
Petroleum Institute.
By "working stocks," the Institute explained, is meant
the minimum to which refiners can allow their gasoline
stocks to fall and still be able satisfactorily to fill orders.
Collection of these data through the survey represents the
first attempt of the petroleum industry to determine what
gasoline stocks refiners actually need to carry on their
operations.
In a questionnaire distributed a few weeks ago among
refiners, and which attracted general co-oneration, refiners
t1:(1
for the corresponding period last year. The advices in the
matter further state:
While monthly supplies averaged 14,171 tons against 15,254 tons in the
same period of 1929, the extent of the curtailment is better reflected by
comparing the August supply of 11,017 tons with the 18,000 tone reported
last January, before the restriction program took effect.. The official circular states that the large reduction in output achieved to the end of August
does not yet reflect to any appreciable extent the effects of complete suspension of operations during two full months. A large number of companies,
it states, closed down during August, while others delayed their closing until
September. It is expected that the effect of this suspension will be spread
over the current month and the next two months.
Further progress in the tin curtailment program was later
reported in London, with the announcement that 7 additional
tin dredges had closed down on September 25 and would
suspend operations for a period of four months. These
dredges are the property of Kamunting Tin Dredging, Limited, and Pangnga River Tin Concessions, Limited.
[Vol,. 131.
FINANCIAL CHRONICLE
2302
Transactions in zinc during the week were of modest proportions, with the
Additional drastic curtailment of tin producing operations
price declining to 4.20 cents. Demand at the new price was at no time inby the Tin Producers Association has since been announced sistent.
Unfavorable statistics and an increase in stocks are not creating
in London, together with a statement that the results of the much optimism. Renewed selling in London, ascribed chiefly to forced
liquidation,
sent tin prices below 27 cents, a new low for the movement.
curtailment program during the quarter ended Sept. 30 had
fully come up to its expectations. In reply to various
Steel Ingot Production at Year's Low.
rumors, the Association announced that there had been no
secessions from its membership nor had any question arisen
The American Iron and Steel Institute, in its latest monthly
as to discontinuance of regulation of output already agreed report of ingot production, issued Oct. 8, calculated the
upon. The announcement also says:
output of all companies during the month of September
Since the issuance of the Association's last circular of July 25, the fol- at 2,867,978 tons, the smallest amount produced in any
the
year
in
for
the
remainder
of
have
suspended
activities
lowing groups
support of the curtailment program: Kamunting Tin Dredging, Ltd., month since September 1924, when the figure was 2,827,625.
with five dredges; Pangnga River Tin Concessions, Ltd., with two dredges; In August 1930 there were produced 3,095,293 tons, while in
Tanjong Tin Dredging, Ltd., with one dredge; Batang Padang Tin Dredg- September 1929 the output was 4,527,887
tons. For the
ing, Ltd., with two dredges; Datil Caves Tin Dredging, Ltd., with one
dredge; Rantau Tin Dredging Co., Ltd., with two dredges; Taiping Tin 26 working days in September 1930 daily output averaged
Dredging Co., Ltd., with two dredges; South Taiping Tin Dredging Co., only 110,307 tons and in August 1930, which also contained
Ltd.. with one dredge; Puteh Tin Dredging Co., Ltd., with one dredge.
26 working days, the average was 119,050 tons. In SepAdditional companies which have closed down indefinitely are Mambau
Tin,Ltd.,with one dredge,and Temoh Tin Dredging, Ltd., with one dredge. tember 1929, in which month there were but 25 working
days, daily production approximated no less than 181,115
tons. Below we furnish the monthly figures, as given out
Frank Mair Resigns from Executive Committee of Tin by the Institute, back to January 1929:
Producers' Association.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1929 TO SEPFTem the "Wall Street Journal" of Oct. 8 we take the
TEMBER 1930-GROSS TONS.
Reported
by companies which made 94.27% of the Open-hearth and Bessemer
following London advices:
Steel Ingot Production in 1929.
September Production and Shipments of Slab Zinc
Continues Below Rate a Year Ago-Inventories
Again Increase.
According to the American Zinc Institute, Inc., a total
of 40,485 net tons of slab zinc (all grades) were produced
in the month of September 1930, as compared with 41,029
tons in:the previous month and 51,994 tons in September1929.
Shipments amounted to 30,173 tons of slab zinc in September 1930, as against 47,202 tons in the corresponding period
last year and 35,775 tons in August 1930. Stocks at Sept. 30
1930 totaled 132,947 net tons, as compared with 122,635
tons at August 311930, and 53,856 tons at Sept. 30 1929.
The A sociation's statement follows:
SLAB ZINC STATISTICS (ALL GRADES) 1929 AND 1930 (Tons of 2,000 lbs.
50,501
47,733
55,008
55.203
57.475
52,532
54.447
55,708
51,994
94,513
48,411
47,292
Total
1930.
January
February
Vann
April
May
June
July
August
September
Total
4,
10C04,
00,...MothW
.40
3..JOWNOOWC.11
,
1929.
January
February
March
April
May
June
July
August
September
October
November
December_........_
y Retorts Unfilled
Stock at x Ship- Operarg Orders
End of ped for End of End of
Month. Export. Month. Month.
Shipped
During
Month.
7
Produced
During
Month.
W,P4,
4,
CnbC,
W.GrICAOIGna, I
Month.
630,817
601,357
52,026
44.645
48,136
44,450
44,578
43,473
40,038
41,029
40,485
41,179
42,489
43,094
40,839
38,889
36,670
32.235
35,775
30,173
308,860
341.343
46,887
42,275
39,320
36,233
35,482
38,832
45,336
49.064
53,856
59,592
64,855
75,430
1,551
1,014
1,025
1,227
600
235
185
185
123
67
39
11
Daily
Aver.
Prod.
63,698
68,127
68,015
70,455
70,533
69,703
69,911
59,408
69.468
67,636
58,723
57,999
58,726
59,610
79,995
55.571
42,883
36,127
32,031
24,283
20,270
14.844
11,872
18,585
1,629
1,705
1,774
1,840
1,854
1,751
1,756
1,797
1,733
1,758
1,614
1,526
59.457
57,992
51,300
50.038
52,072
52,428
46,030
50,404
44,974
39.017
32,962
29,330
29,203
30,515
28,979
34,135
28.972
27,108
1,678
1,594
1,553
1,482
1,438
1,449
1,292
1,324
1,349
6,352
86,277
88,433
03,475
97.086
102.775
109,878
117,381
122,635
132,947
20
6
17
26
31
37
20
17
11
185
x Included In total shipments. y Retort capacity relates only to prime
and a small quantity of bras, special and high-grade production.
WESteAM
OpettHearth.
Months.
1929.
Jan
Feb
March
April
May
•
June
July
August
Sept
Total _
1930.
Jan
Feb
March __
April
May
June
July
August
Sept
549,616
489.279
596,691
640,351
707.484
622,004
649,950
668,023
642,886
4,241,678
4,080.105
4,777,099
4,685,760
4,982.645
4,621,367
4.572,003
4,655,423
4,267,840
4,500.131
4,328.713
5,088.176
4.950.053
5,288.246
4.902.955
4.850.583
4,939,086
4,527,887
27
24
26
26
27
25
28
27
25
35,297,636 5,566,284 40,863,920 43,353,830 233
9 mos_
Oct
Nov
Dec
3.692.062
3,590,826
4,180.408
4,025.409
4,275,161
3,999,363
3,922,053
3,987,400
3,624,954
Calculated No. of Approx. per
Monthly
Output
Monthly Work- Daily
Cent,
Output OperaBessemer. Companies Output All ing
Reporting. Companies. Days. All Cos. tion.a
•
166,672 84.99
180,363 91.97
194,930 99.40
190,387 97.08
195,787 99.84
196,118 100.00
186,561 95.13
182,929 93,28
181,115 92.35
186.068
94.88
27
20
25
187.938
135,427
116,120
85,64
69.06
59.21
44,101,321 7,091,680 51,193,001 54,312,279 311
174,638
89.05
70.22
84.88
82.60
79.80
74.45
68.73
511.35
59.46
55.10
3,631,674
2,796,214
2,375,797
3,137,002
3.336,021
3,513,004
3,406,610
3.285,190
2,835,527
2,411,592
2,543,466
2,273,668
842,235
522,672
360,489
441,572
508,618
539,616
509.234
528,988
407.586
353,723
374,467
429,975
4.273.909
3,318,886
2,736,286
3,578,574
3,844,639
4,053,520
3,915,844
3,794,158
3,243.113
2,765,315
2,917.933
2,703,693
4,534,326
3,521,111
2,903,012
3,796.090
4,078,327
4,299,905
4,153,860
4,024,778
3.440 239
23133,399
3,095.293
2,867,978
27
24
26
26
27
25
26
26
26
-.404400A,—.00
/fair, Chairman and director of several Malayan tin companies, has
from the Executive Committee of Tin Producers' Association on
grounds, but states that his companies are continuing and will
curtailment program on the same scale as formerly agreed.
00..400C.,00
14.
0.
00.
00
Frank
resigned
personal
continue
9 mos... 26.722.980 4.093.759 30.816.73° 32.689.869 233 140.300 70.08
a The figures of "per cent of operation" In 1929 are based on the annual capacity
es of Dec. 31 1928, of 60,990,810 gross tons for Bessemer and Open-hearth steel
Ingots, and In 1930 are based on the annual capacity as of Dec.31 1929,of 62,265.670
gross tons for Bessemer and Open-hearth steel ingots.
Further Falling Off in Steel Backlog.
Unfilled steel orders on the books of subsidiaries of the
United States Steel Corp. on Sept. 30, as announced at noon
yesterday, aggregated 3,424,338 tons. This shows a decrease of 155,866 tons under Aug. 31, at which date the
backlog was 3,580,204 tons. At Sept. 30 1929 the unfilled
tonnage was 3,902,581 tons. Below we give the monthly
figures back to 1925. Figures for earlier dates may be found
in the "Chronicle" of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF
1929.
1928.
End of Month. 1930.
4,468,710 4,109,487 4,275,947
January
4.479,748 4,144,341 4,398.189
February
4,570,653 4,410,718 4,333,2013
March
4,354,220 4,427,763 3,872,133
April
4,050,227 4,304,167 3,416.822
May
3,968,064 4,256,910 3,637,009
June
4,022,055 4,088,177 3,570,027
July
3,550.204 3,658,211 3,624,043
August
September_ _ _3,424,338 3,902,181 3,698,368
4,086,562 3,751,030
October
4,125,345 3,643,000
November ---- --4,417,193 3,976,712
December
U. S. STEEL CORPORATION.
1927.
1926.
1925.
3,800,177 4,882,739 5,037,323
3,597,119 4,616,822 5,284,771
3,553.140 4,379,935 4,863.504
3,456,132 3,867,976 4,446,568
3,050,941 3,649,250 4,049,800
3,053,246 3,478,642 3,710,458
3,142,014 3,602,522 3,539,467
3,196,037 3,542,335 3,512.803
3,148,113 3,593,509 3,717.297
3,341,040 3,683,661 4,109.183
3,454,444 3,807,447 4,581,780
3,972,874 3,060,069 5,033,364
Copper Holds at 10c. After Active Buying-Good Tonnage of Tin Sold-Other Metal Prices Weaken.
Eager buying of copper and tin dominated the past week's Steel Production Declines-Pig Iron Output Loweractivity in non-ferrous metal markets. Ten-cent copper
Prices of Finished Steel and Steel Scrap Decreased.
proved very attractive for a few days but, as the novelty wore
Declining
6.8%, pig iron production in September reached
and
Mineral
off, sales dwindled considerably, reports "Metal
the lowest rate since the same month in 1924, the "Iron Age"
Markets," which adds:
of Oct. 9 says. Total output was 2,276,770 tons and the
Somewhat lower quotations obtained on most of the other metals. but
average was 75,890 tons, compared with 2,523,921
daily
stimulated
thereby.
Two
declines
In
buying
was
tin
of
the
case
only In
failed to attract tons, or 81,417 tons a day, in August. Eighteen
lead, and a further slight concession in zinc and antimony,
furnaces
buyers to any extent.
were blown out last month and two were lighted, making a
copper,
the
in
total
being
about
business,
domestic
Most of the week's
16. This marks the sixth consecutive reduction
38,000 tons, was confined to the close of last week, following the reduction net loss of
for first-quarter
to the even figure. A large unsatisfied demand continues
in active capacity and brings the total number of stacks in
consider
producers
will
not
such
1931 shipment at current prices, but most
blast down to 123, or 62 fewer than on April 1, when the unbusiness. Foreign bookings so far this month, aggregating 20,000 tons,
aided considerably in putting the order books of the custom smelters in interrupted recession began.
stability of the 10good shape, so that there are no existing threats to the
Steel ingot production also showed a reduction in Septemcent price.
declining 7.3% from August and more than canceling
ber,
producers
here
reduced
the
quotations,
Under pressure of lower London
price of lead on two occasions in the last week,the net decline amounting to that month's gain over July. The gain in business that
15 points. Sales went through at 5.20 cents, New York, and 5.05 cents, developed in September was apparently too small to
absorb
St. Louis. The downward trend of prices restricted business and sales for
the surplus stocks of raw steel accuMulated in August.
the period were below the weekly average for the year to date.
OCT. 11 1930.]
FINANCIAL CHRONICLE
It is to be noted, also, that much of the buying last month
was for forward delivery and did not result in immediate
demands on the mills. The "Age" further states:
Contracting, in turn, has been checked by the realization that the improvement in steel bookings in September was overestimated. In some
instances, negotiations for forward commitments have been dropped because of failure of mills and buyers to come to agreement on prices. Renewed price pressure, in fact, has become a feature of the reversal in sentiment.
Recent advances in bars and black and blue annealed sheets have failed
to hold, while hot rolled strip and skelp are down el and $2 a ton respectively. Tin plate has been reduced 25c. a base box to $5. Pittsburgh, the
lowest level since March, 1923. This change was influenced in part, no
doubt, by the fall in pig tin, which is now at the lowest figure since 1921,
but it also represented an effort to stabilize a price that has been subject
to sharp concessions in recent months.
Scrap, always a closely watched barometer, has developed further weakness. Heavy melting grade at Pittsburgh has declined 50c. a ton for the
second time in as many weeks. Recessions of 50c. at Chicago and St.
Louis and 25c. at Cleveland indicate that the trend is no longer localized.
While the brief spurt in steel demand in September failed to bring the
long awaited "recovery," current specifications, as contrasted with forward commitments, have shown little diminution. Steel ingot output
for the country at large averages close to 58%,compared with 61% a week
ago.
The Santa Fe has placed orders for 61,200 tons of rails and will soon
purchase 20,000 tons of track fastenings. The Pere Marquette has bought
13,650 tons of rails. Inquiry by the New York Central for 175,000 tons has
been postponed.
The finished steel composite price of the "Iron Age" has dropped back to
2.142c. a lb., the low for the year, reached late in August. from 2.156c.
last week. The pig iron composite is unchanged at $16.38, but that for
heavy melting steel scrap has declined to $13.25, the level from which it
advanced in August, and only 17c a ton above the low point of July 1.
A comparative table shows:
Finished Steel.
Oct. 7 1930. 2.142e. a Lb.
lBased on steel bars, beams, tank plates,
One week ago
2.158e. wire, ralls, black pipe and sheets.
One month ago
2.1420. Them) products make 87% of the
One year ago
2.384o.J United States output.
High.
Low.
1980.
2.382e. Jan. 7
2.142e. Aug. 28
1929
2.412e. Apr. 2
2.382e. Oot 29
1928
2.391e. Dec. 11
2.314e. Jan. 3
1927
2.2930. Oct. 25
2.453e. Jan. 4
Rae
2.4530. Jan. 5
2.403e. May 18
1925
2.5130e. Jan. 8
2.3950. Aug. 18
pia Iron.
Oct. 71930. 510.33a Or Ton.
Based on average of baste Iron at Valley
One week ago
$18.38 furnace and foundry irons at Chicago.
One month ago
16.831 Philadelphia, Buffalo, Valley and BirOne year ago
18.29 mington.
High.
Low.
1930
518.21 Jan. 7
$18.38 Sept. 30
1929
18.71 May 14
18.21 Dee. 17
1928
18.59 Nov.27
17 04 July 24
1927
19 71 Jan, 4
17.54 Nov. 1
1928
21.54 Jan. 6
19.48 July 13
1925
22.50 Jan. 13
18.96 July 7
Steel Scrap.
Oct. 7 1930, 113.25 a Gross Ton.
Based on heavy melting steel quoOne week ago
$13.58 tations at Pittsburgh, Philadelphia
One month ago
13.75 and Chicago.
One year ego
15.92
Low.
High.
1830
$15.00 Feb. 18
513.08 July 1
1929
17.58 Jan. 29
14.08 Dec. 3
1028
18.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
1928
17.25 Jan, 5
14.00 June 1
1925
20.83 Jan. 13
15.08 May 5
Coincident with a flattening out of the gently rising curve
in demand for finished steel and pig iron comes the disclosure
that the production of steel ingots and pig iron declined
sharply last month, to the lowest level in six years for both,
reports "Steel," formerly "Iron Trade Review," of Oct. 9.
Apparently, the gains in demand reported by most producers
through September were met by shipments from stock or
represented obligations against which buyers have not yet
specified. No small portion of this coverage appears to
have been protection at current low prices. "Steel" also
adds:
A deflation of the improved sentiment of recent weeks undoubtedly
will
result from the combination of receding production and the loss
of momentum in buying. This week, as last week, there has been more
talk of
holding recent gains than of bettering them.
Ingot production had declined from March to July, then advanced
slightly in August to 119,050 gross tons daily, but in September
sank to
110.307 tons, a level not plumbed since September. 1924. To Oct. 1 the
1930 output of steel was 32,689,869 tone, against 43,353.909 tons in record
1929. The steelmaking average for September was 55.1%; for 1930 to
date 70.08%.
This 7.6% drop in the daily ingot rate in September was slightly larger
than the 6.8 loss in pig iron. September's daily rate of 75,893 gross tons
compares with 81,455 tons in August. The 9-month total for 1930 is 25,744,941 tons; for 1929, 32.682.700 tons. At the close of September only 126
stacks were in blast, 11 fewer than on Aug. 31.
Appraising steel and iron requirements by industries, a stand-off is revealed. Automotive and gas, oil and water consumers are lethargic, with
no indications of revival this quarter. Structural activity, on the other
hand, is well maintained for the season, and the railroads, while shunning
the equipment market, are beginning to place 1931 track material.
Pere Marquette has distributed 13,650 tons of rails, with the Great
Northern reported closing on 10,000 tons and the Northern Pacific 5.000
to 6,000 tons. The Santa Fe is inquiring for 62.000 tons. Chicago Great
Western has ordered 15 locomotives; the Baltimore & Ohio is considering
50. September freight car awards, at 535, were the lowest this year,
bringing orders for nine months to 35.557, barely half the 70,528 of a year
ago.
Structurai steel awards spurted this week to 25,433 tone, compared with
14.387 tons last week and 22,315 tons a year ago. For 1930 to date structural orders total 1.446.778 tone, 15% behind 1929. Low prices continue an
incentive to prospective builders and much work is on architects' boards.
2303
Five thousand tons for a nickel refinery at Copper Cliff, Ont.,was the week's
largest award.
Moderate general demand for bars, alloy steel, sheets, strip and wire
fails to offset the slack releases from automotive consumers. Better jobber
buying of wire is reported at Chicago. Bolt, nut and rivet demand is higher
in most districts. Tin plate, reduced $5 per ton to the lowest price since
1923. is expected to develop first-half needs promptly.
Of the raw materials, pig iron is quieter, coke and semi-finished material
are unchanged,scrap is in slack demand and tending easier. It now appears
that the 1930 lake movement of Iron on will not exceed 49.000.000 WM,
compared with 66,166,637 tons last year
Steelmaking operations are unchanged this week at 55-57% for Chicago,
55 for Pittsburgh, 58 for eastern Pennsylvania, 50 for Cleveland and 48
for Birmingham. Youngstown mills are off a point, to 52-53, while Buffalo
is down two points to 51%. The industry as a whole Is at about 54% this
week, against 55 last week.
Pig iron prices are unchanged this week. Semi-finished material and such
finished products as bars, plates,shapes,sheet,strip and wire-constituting
the great bulk-are moderately firm, but the $5 per ton reduction in tin
plate drops "Steel's" market composite 20 cents, to $32.32, the lowest
In a decade.
Steel ingot production in the week ended Oct. 6 is estimated at about 56M% of capacity, the "Wall Street Journal"
of Oct. 8 states. This compares with 60% in the preceding
week and slightly in excess of 60% two weeks ago. For the
United States Steel Corp. the rate is placed at between 61%
and 62% in the past week, against a shade over 65% in the
previous week and nearly 66% two weeks ago. Leading
independent steel companies are down to around 53%,
contrasted with 56% the week before and slightly over 56%
two weeks ago. The "Journal" continues:
At this time last year the Steel Corp. was unchanged at 89% while
Independents had dropped over 1% to 80% and the average was 84%:
off nearly 1%.
In the corresponding week of 1928 there was an increase of 3% by the
Steel Corp.at89%,with independents up about 1 VAL.86%. and the average
rose nearly 2% to 87%.
There has been little change for the better in the steel situation. During
September a moderate increase in buying was experienced, but this did not
gain momentum and toward the end of the period the movement seemed to
be petering out. Thus far in the current month there has been no perceptible change. Consumers are still cautious and when inquiries come into the
market the prospective buyers negotiate for the purpose of securing the best
possible price.
One of the redeeming features in the current situation is that practically
every tone of business reported by the Steel Corp. can be considered "firm."
The consumers of steel have not purchased in excess of their actual needs.
They have been working off surplus material carried in inventories and few,
if any of the contracts reported by the Steel Corp. at this time, are subject
to cancellation for any reason.
Steel operations have been coming down. In view of the small buying
it is considered probable that there will be further reductions in activities
in the coming months. It is the plan of all the leading steel companies to
keep operations in line with new business, and with orders coming down
the logical result will be a reduction in activities. This will mean that at
the first sign of improvement in steel buying the mills will be compelled to
speed up again.
Pig Iron Output Declined in September.
September pig iron output suffered a decidedly sharp loss
from August, states the "Iron Age" of Oct. 9. Actual
returns from every blast furnace blowing during the month
show that the daily rate last month at 75,890 gross tons was
6.8% under that for August, accompanied by a large net
loss in active furnaces.
Production of coke pig iron in September was 2,276,770
gross tons, or 75,890 tons per day for the 30 days. This
compares with 2,523,921 tons, or 81,417 tons per day in
August. The loss in daily rate for September was therefore
5,527 tons, or 6.8%. Corresponding losses in August and
July were 4.3% and 13% respectively. The September
daily rate of 75,890 tons is the smallest since September
1924, when it was 68,442 tons. The "Age" also adds:
Comparisons for Nine Months.
Output for the first nine months of this year was 25.701,540 tons, which
contrasts with 32,679.324 tons for the same nine months in 1929, and with
27.791,629 tons to Oct. 1 1928. The next most recent smallest total for
nine months was in 1924, when the output to Oct. 1 was 23,159,900 tons.
Net Loss of Sixteen Furnaces.
There were 18 furnaces blown out or banked during September, with
only 2 blown in, a net loss of 16 stacks for the month. This compares with&
net loss of 5 in August, of 16 in July and of 20 in June-57 in the last four
months or 62 since April 1.
Operating Rate on Oct. 1.
For the 123 furnaces blowing on Oct. 1, the operating rate Is estimated
at 73,525 tons per day, which contrasts with 80,620 tons daily for the
139 furnaces active on Sept. 1.
Of the 18 furnaces shut down during September, 10 were independent
steel company stacks, 7 belonged to the Steel Corporation, and one was a
merchant furnace. The two stacks blown in are credited to the Steel Corporation. The net loss in steel-making furnaces was 15.
There was a sharp loss in steel-making iron last month. At only 62,342
tons per day, it registered a decline of 3.8% from August. Likewise merchant iron, at only 13,548 tons daily was less than in August by 1.8%.
Both of these are the lowest levels in many months.
Furnace Changes During September.
Only two furnaces were blown in during September; one furnace at the
Gary plant of the Illinois Steel Co. and No. 5 Fairfield furnace of the
Tennessee Coal. Iron & RR. Co. in Alabama.
The followng furnaces were blown out or banked during September:
J furnace at the Lackawanna plant of the Bethelehem Steel Corp. and
the Niagara furnace in the Buffalo district; the Swede furnace of the Alan
Wood Steel Co. in the Schuylkill Valley; No. 2 Lucy furnace of the Carnegie Steel Co. in the Pittsburgh district; one Ashland furnace of the
American Rolling Mill Co. in Kentucky; No. 5 Ohio furnace of the Carnegie Steel Co., the Mary furnace of the Sharon Steel Hoop Co., No. 2
Hubbard furnace of the Youngstown Sheet & Tube Co. and the TrumbullCliffs furnace of the Republic Steel Corp. in the Mahoning Valley; one
Shenango furnace of the Shenango Furnace Co. in the Shenango Valley;
the Martins Ferry furnace of the Wheeling Steel Corp. in the Wheeling
district; one South Chicago furnace and No. 9 Gary furnace of the Illinois
Steel Co. and one Madeline furnace of the Inland Steel Co. in the Chicago
district; the Zenith furnace in Minnesota; and three Ensley furnaces of
the Tennessee Coal, Iron & RR. Co. in Alabama.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1925-016055 TONS.
WO.4
40OWWo-,000..411.NOD,.
1926.
,
0000000C*09.
.-
August
September
October
November
December
12 moue.'average
w-4to.
January
February
March
April
May
June
First six months
="880tzooxSooco8:=8
1925.
July
[VOL. 181.
FINANCIAL CHRONICLE
2304
1927.
1928.
1929.
1930.
100.123
105.024
112.366
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
108,183
105.931
102.733
101,763
99,091
101,180
102.077
108,832
110.084
108.705
103.382
111,044
114.507
119.822
122.087
125.745
123.908
119.564
122.100
121,151
116,585
115,745
106.047
91,513
115.851
91.209
101.396
104,711
108,062
104.283
97,804
100.891
85.146
81.417
75,890
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Works.
Merchants.*
23.053
69.520
78,444
21,560
19.726
83.489
85,183
21.000
20,355
85.576
21.103
81,830
19,578
79.513
18.538
82.642
19.487
82.590
20.781
88.051
21.610
88.474
85.415
23.290
25,514
85.530
25.261
89.248
95.461
24.361
95.880
26.407
25.571
100.174
99.993
23.915
98.044
24.056
22.251
98.900
95.426
21,159
93.644
22.101
83.276
22.771
68,152
23,361
71.447
19,762
81.850
19.810
20.815
83.900
85.489
20.573
84,310
19.973
77.883
19.921
68,949
18,197
64.857
16.560
AR 342
IR 946
•Includes pig Iron made for the market by steel companies.
1928-January
February
March
April
May
June
July
August
September
October
November
December
1929-January
February
March
April
May
June
July
August
September
October
November
December
IWO-January
February
March
April
May
June
July
August
Total,
92.573
100.004
103.215
106.183
105.931
102.733
99.091
101,180
102.077
108,832
110,084
108.705
111.044
114.507
119.822
122.087
125.745
123,908
122.100
121,151
116.585
115.745
106.047
91.513
91.209
101.390
104.715
106.062
104,283
97,804
85,148
81,417
79 son
BEGINNING JAN. 1 1928-GROSS TONS.
1930.
1929.
1928.
1928.
Jan___ 2.889,761 3,442,370 2,827.464 July,, 3,071,824
Feb__ 2,900,126 3.206,185 2,838.920 Aug __ 3,136,570
Mar,, 3,199,674 3,714,473 3.246.171 Sept__ 3,062.314
Apr __ 3,185,504 3,662.625 3.181,868 Oct___ 3,373.806
3.302.523
May,.. 3,283,856 3.898,082 3.232,760 Nov
June__ 3,082,000 3,717,225 2,934,129 Dec __ 3,369,846
1929.
1930.
3,785.120 2.639.537
3,755.680 2.523,921
3,497,564 2,276,770
3,588,118
3,181.411
2,836.916
yr_18,520,921 21,640,960 18,261,312 Year*.37,837,804 42.285,769
• These totals do not include charcoa pig Ron. The 1929 production of this
Iron was 138,193 gross tons, as compared with 142,980 gross tons In 1928.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Total Pig IronSpiegel and Ferromanganese.
Ferromanganeseot
The average daily rate of production of bituminous coal
in September 1930 was 1,525,000 net tons, as against
1,372,000 tons in the preceding month and 1,856,000 tons in
August 1929. The Bureau's statement follows:
Total for
Month
(Net 7'ons).
September 1930 (preliminary) a
Bituminous coal
Anthracite
Beehive coke
August 1930 (revised)Bituminous coal
Anthracite
Beehive coke
September 1929Bituminous coal
Anthracite. b
Beehive coke
Number Ave.for Cal. Year to
Working W'king Day End of Sept.
Days. (Net Tons) (Net Tofu).
38,580,000
5,327,000
168,500
25.3
25
26
1,525,000
213,100
6,482
35,661.000
6,190,000
169,500
26
26
26
1,372,000
238.000
6,519
45.110,000
6,543,000
504,300
24.3
24
25
1,856.000
272,600
20.172
339.590.000
50,967,000
2,248,900
387,336,000
52,605,000
4.7itit 400
a Slight revlsions of these estimates will be issued in the weekly coa report about
the middle of the Month. b Final figures.
Production of Bituminous Coal Continues Below Rate
Last Year-Output of Pennsylvania Anthracite
Also Lower.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and Pennsylvania anthracite during the week ended Sept. 27 1930,
continued to show a decline as compared with the corresponding period last year. During the period under review
9,100,000 net tons of bituminous coal, 1,147,000 tons of
Pennsylvania anthracite and 41,400 tons of beehive coke
were produced. This compares with 11,605,000 tons of
bituminous coal, 1,980,000 tons of Pennsylvania anthracite
and 119,200 tons of beehive coke produced in the week of
Sept. 28 1929, and 8,920,000 tons of bituminous coal,
1,268,000 tons of Pennsylvania anthracite and 38,600 tons
of beehive coke in the week ended Sept. 20 1930.
For the calendar year to Sept. 27 1930, the output of
bituminous coal amounted to 336,262,000 net tons as compared with 383,423,000 tons in the calendar year to Sept.
28 1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Sept. 27 1930.
Including lignite and coal coked at the mines, is estimated at 9,100,000
net tons. Compared with the output in the preceding week, this shows
an increase of 180,000 tons, or 2%. Production during the week in 1929
corresponding with that of Sept. 27 amounted to 11,605,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930-1929
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
Week Ended9.145,000 318.242.000
11,008,000 360.805.000
Sept. 13
1,467,000
1,524.000
1.835,000
1.665.000
Daily average
8.920.000 327.162.000
11.013,000 371.818.000
Sept. 20 b
1.468.000
1.487.000
1.836,000
1,670,000
Daily average
11,605,000 383,423.0
9.100.000 336.262.000
Sept. 27 c
1,470,000
1.934.000
1,517.000
1,677,000
Daily average
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
Sept. 27 (approximately 219 working days) amounts to 336.262,000 net
tons. Figures for corresponding periods in other recent years are given
below:
386,732,000 net tons
383.423.000 net tons11927
1929
400,543,000 net tons
354,964,000 net tons 1926
1928
As already indicated by the revised figures above, the total production
a
whole
during
as
the
week
ended Sept. 20
country
of soft coal for the
1930 is estimated at 8.920,000 net tons. Compared with the outpUt in
1928.
1929.
1930.
1928.
1929.
1930.
the preceding week, this shows a decrease of 225,000 tons, or 2.5%. The
following table apportions the tonnage by States and gives comparable
January
February
March
2,155,133
2,274,880
2,588,158
2,651.418
2.498,901
2,953,295
2,214.875
2,284,234
2,600,980
22.298
19,320
27,912
28,208
35,978
24,078
27,260
21,310
23,345
figures for other recent years:
f
Estimated Weekly Productior;:loko
3 months
April
May
June
7,018,171
2,555,500
2,652.872
2,448,905
8,109,612
2,826,028
3,105,404
2,999,798
7,100,089
2,564,681
2,613,628
2,304,223
69,530
18,405
29,040
32,088
79,164
22,413
25,896
33,363
71,915
27,777
30,295
27,327
Ralf-year
July
August
September
14.675,448 17,040,842 14,682,621 149,063 160,836 157,32.5
2,464.896 3,039,370 2,075,414 32.909 31,040 17,728
2,561,904 3.065,874 2,010,572 24,583 28,461 20,909
2,477,695 2,862,799 1,870,269 22,278 27,505 21,181
9 months
October
November
December
22.179.943 26.008,885 20,538,876 230,733 247,842 217,143
2,729,589 2,902,960
23,939 31,108
2,654.211 2,408,291
29,773 28,285
28,618 28,564
2,647,863 2,112 074
30.211,606 33,522.840
Year
Includes output of mercha it furnacw.
312,061 335,799
Output of Bituminous Coal During September Continues Below That for the Corresponding Period
in 1929-Anthracite Production Also Lower.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for September
1930 show that a total of 38,580,000 net tons of bituminous
coal 5,327,000 tons of anthracite and 168,500 tons of beehive
coke were produced in that month, as compared with 45,110,000 tons of bituminous coal, 6,543,000 tons of anthracite
and 504,300 tons of beehive coke in the corresponding month
last year and 35,661,000 tons of bituminous coal, 6,190,000
the
of beehive coke
tons of anthracite and 169,500
month of August 1930.
tons
in
StateAlabama
Arkansas
Colorado-Illinois
Indiana
Iowa
Kansas------ --
S4'2
15
19
17
,000
.
142.000
917.000
288.000
67,000
49,000
37.000
Esnoealplelly States (Net Tons).
21 29 Sept.22 '28 '
..,15eroP
etr.
aal.2
a3
333.000
3i.c1:888
437:28
51.000
143.000
257,000
952.000 1,322,000
287,000
367.000
60,000
96,000
46,000
70,000
2
3g:88g
1,244:888
11.9:888
59,000
95,000
1,023,000
Kentucky-.
Eastern
Western
Maryland
Michigan
Missouri
Montana
826,000
843.000
989.000
942.000
713,000
205,000
204,000
291,000
333,000
248,000
40,000
43.000
46.000
54.000
40.000
13,000
12.000
16.000
27.000
13.000
67,000
72,000
89.000
76.000
73,000
58.000
86,000
82,000
56.000
68.000
32,000
56,000
50,000
51.000
32,000
New Mexico _ _ _
29,000
26.000
45.000
20.000
27.000
North Dakota __
405.000
441.000
861.000
486,000
451.000
Ohio
45.000
82.000
65.000
79,000
45.000
Oklahoma
Penna. (bitum.)- 2,378,000 2,436,000 2,844.000 2,640,000 3,585.000
107.000
119.000
106.000
83.000
101.000
Tennessee
29.000
19,000
17.000
15,000
26,000
Texas
121.000
115.000
95.000
103.000
86.000
Utah
236,000
267,000
218,000
221.000
245.000
Virginia----55,000
54.000
41,000
Washington_42,000
58,000
West Virginia-Southern b__ 1,852,000 1,940,000 2,077,000 1,938,000 1,474,000
755,000
716,000
580.000
591,000
857.000
Northern c 153,000
151,000
143.000
165.000
135.000
Wyoming
._
5,000
6,000
1,000
1,000
4,000
Oth states,...
Total bitum's_ 8,920,000 9.145,000 11,013,000 10.183.000 11,814.000
714.000
Penna.anthracit 1,268.000 1435,000 1,564,000 1470.000
Total all coal__10,188,000 10,580,000 12.577.000 11653,000 12,528,000
a Average weekly rate for the entire month. b Includes operations on
the N. & W., C. & 0., Virginian, and K. & M. c Rest of States, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Sept. 27 is estimated at 1,147,000 net tons. Compared
OcT. 11 1930.]
FINANCIAL CHRONICLE
with the output in the preceding week, this shows a decrease of 121.000.
tons, or 9.5%. Production during the week in 1929 corresponding with
that of Sept. 27 amounted to 1,980,000 net tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1930—
Daily
Daily
Week Ended—
Week.
Week.
Average.
Average.
September 13
1,435,000
1,434.000
239.200
239.000
September 20
1,268.000
1,564.000
211.300
261.000
September 27
1,147,000
1,980,000
191.200
330,000
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Sept. 27 is estimated at 41,400 net tons. Compared
with the output in the preceding week, this shows an increase of 2.800
2305
tons or 7.3%. The following table shows the sources of the tonnage, by
regions. Production during the week in 1429 corresponding with that
of Sept. 27 amounted to 119.200 tons.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930
1929
Sept. 27 Sept. 20 Sept. 28
to
to
Region—
1930.12
Dale.
1930.c
1929.
Date.a
Pa., Ohio St W. Va__ 36.800
34.300
106.100 1.996.200 4,285.600
Ga., Tenn. & Va____ 3.100
2.700
8.900
185.000
277,500
Colo., Utah & Wash
1,500
1,600
4.200
82.800
195.300
United States total 41,400
38,600
119.200 2,264.000 4,758,400
Daily average
6,900
6.433
19.867
9.801
20.599
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.
r Current Events and Discussions
The Week with the Federal Reserve Banks.
loans "for account of others" from $627,000,000 to
The daily average volume of Federal Reserve Bank credit $610,000,000.
outstanding during the week ending Oct. 8, as reported by CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
the 12 Federal Reserve banks, was $1,041,000,000, an inNew York.
crease of $29,000,000 compared with the preceding week
Oct. 8 1930. Oct. 1 1930. Oct. 9 1929.
and a decrease of $383,000,000 compared with the corres$
8,236,000.000 8.325.000,000 7,464.000.000
ponding week in 1929. After noting these facts, the Federal Loans and investments—total
Loans—total
6,127.000,000 0.244.000.000 5.756.000.000
Reserve Board proceeds as follows:
On Oct. 8 total Reserve bank credit amounted to $1,012.000.000, an
This increase corresponds with an
Increase of $14,000,000 in member bank reserve balances, offset in part by a
decline of $5,000,000 in money in circulation and increases of $3,000,000 in
monetary gold stock and $3.000,000 in Treasury currency.
Holdings of discounted bills decreased $13,000.000 during the week, the
principal changes being declines of $3,000,000 each at the Federal Reserve
banks of Boston and St. Louis and 52.000,000 each at Philadelphia. Atlanta
and Chicago. Tbe System's holdings of bills bought in open market increased $18.000,000 and of Treasury certificates and bills $1,000,000, while
holdings of Treasury notes declined $1,000,000
Increase of $2,000,000 for the week.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
In the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle," on page 3797.
The statement in full for the week ended Oct. 8 in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 2342 and 2343.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
Oct. 8 1930 were as follows:
On securities
All other
3,660,000,000 3,796,000,000 2,836,000,000
2,466,000,000 2,448,000,000 2,921.000.000
Investments—total
2,110,000.000 2.081.000.000 1,708,000,000
U.S. Government securities
Other securities
1,049,000.000 1,038.000.000
1,061.000,000 1,043,000.000
Reserve with Federal Reserve Bank.... 794,000,000
Cash in vault
46,000,000
173,000,000 —13,000.000
211,000.000 +18.000.000
—1.000.000
600,000.000
—2,000,000
28.000.000
—684.000.000
—122.000.000
+459.000.000
—26,000.000
+2.000.000
1,012,000,000
4.514.000.000 •+3.000.000
1,784,000,000
+3.000,000
—373,000.000
+136.000.000
+3,000.000
Money in circulation
4.487.000.000 •-5,000.000
Member bank reserve balances
2 408.000,000 +14.000,000
Unexpended capital funds, non-member deposits, itre
416,000,000
•October 1 figures revised.
—301.000,000
+89.000.000
TOTAL RES. BANK C1tEDIT
Monetary gold stock
Treasury currency adjusted
—1,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included 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 shows a decrease of
$158,000,000, the total on Oct. 8 1930 standing at $2,905,000,000, as against $3,063,000,000 a week ago. Loans
"for own account," fell during the week from $1,834,000,000
to $1,740,000,000, while loans "for account of out-of-town
banks" dropped from $602,000,000 to $555,000,000 and
727.000.000
56.000.000
Net demand deposits
Time deposits
Government deposits
5,822.000 000 5,778,000.000 5,106,000.000
1,479,000.000 1.454.000.000 1,255.000.000
37,000.000
46.000,000
60.000,000
Due from banks
Due to banks
108,000.000 122,000,000
1,147,000.000 1,224.000,000
Borrowings from Federal Reserve Bank_
2,000,000
111.000.000
883.000.000
46,000,000
Loans on senor. to brokers & dealers:
For own account
1,740.000.000 1,834,000.000 973,000.000
For account of out-of-town banks—. 555.000.000 602,000.000 1.799,000.000
For account of others
610.000.000 627,000,000 3,941.000.000
Total
2.905.000,000 3.083.000.000 6.713.000.000
On demand
On time
2,298.000.000 2,453,000.000 8,340.000.000
608,000,000 609.000,000 373,000.000
Chicago.
Loans and investments—total
1 995.000,000 2,025.000.000 1,950,000,000
Loans—total
1,532,000.000 1,556,000,000 1,591,000.000
On securities
All other
Investments—total
U.S. Government securities
Other securities
901,000.000
631,000,000
930.000.000
626.000.000
464,000,000
469.000,000
359.000.000
178,000,000
286,000,000
174,000,000
295,000.000
160,000.000
198.000.000
176,000.000
13.000,000
177,000.000
15.000,000
Increase (+) or Decrease (—)
Since
Reserve with Federal Reserve Bank.... 187.000,000
Oct. 7 1929.
Oct. 8 1930. Oct. 11930.
Cash in vault
13.000.000
:
Bills discounted
Bills bought
United States securities
Other reserve bank credit
802,000.000
44,000.000
932.000.000
775.000.000
Net demand deposits
Time deposits
Government deposits
Due Irons banks
Due to banks
890.000.000
701.000.000
1,244,000.000 1,260.000.000 1,251.000,000
661,000.000 670.000.000 552,000.000
5,000.000
6,000,000
14.000,000
'
Borrowings from Federal Reserve Bank.
175,000.000
356,000,000
194,000.000
348,000,000
119.000.000
306,000.000
1,000.000
45,000.000
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 Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Oct. 1.
The Federal Reserve Board's condition statement of weekly reporting
member banks In leading cities on Oct. 1 shows increases for the week of
$170,000,000 in loans and investments, $270,000,000 in net demand deposits. 145.000,000 in time deposits and $11,000,000 in borrowings from
Federal Reserve banks. Government deposits remained unchanged.
Loans on securities show a net increase of $22,000,000 for the week, an
increase of $152,000,000 in the New York district being partly offset by
reductions of $65,000,000 in the Chicago district. $27,000,000 in the Philadelphia district and $14,000.000 in the San Francisco district. "All other"
loans increased $34.000,000 in the New York district, $30.000.000 in the
Boston district. $14,000,000 in the Chicago district, $6,000,000 each in the
Cleveland and Atlanta districts and $79.000,000 at all reporting banks,
and declined $21,000.000 in the San Francisco district.
Holdings of U. S. Government securities increased $29,000,000 in the
Philadelphia district and $9,000,000 In the Chicago district, and declined
$17,000,000 in the New York district and $6,000,000 in the Cleveland district, all reporting banks showing a net increase of $13,000,000. Holdings
of other securities increased $38,000,000 in the New York district, $6,000,000 in the Philadelphia district and $56,000,000 at all reporting banks.
FINANCIAL CHRONICLE
2306
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $44,000.000 on Oct. 1. the principal change for the week
being an increase of $6,000.000 at the Federal Reserve Bank of Chicago.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ended
Oct. 1 1930, follows:
Oct. 2 1929.
Oct. 1 1930.
Sept. 24 1930.
s
Loans and Investments—totaL___23,467,000,000 *1-170,000,000 +638,000,000
Loans—total
17,013,000,000 *1-101.000,000
—415,000.000
8,483,000.000
8,530,000,000
+22,000,000 +655,000.000
*+79,000,000 —1,070,000,000
6.454.000.000
+69,000,000 +1,053,000.000
2,946,000,000
3,508,000,000
+13,000,000
+56,000,000
+286,000.000
+767,000,000
Reserve with Federal Res've banks 1,782,000.000
Cash in vault
201,000,000
—34,000,000
—7,000,000
+43,000.000
—29,000,000
13,812,000,000 +270.000.000
7.534,000.000 •+45,000,000
181,000,000
+517,000,000
+709,000.000
—46,000.000
+22,000.000
1,657,000.000
3,664,000,000 •+167,000,000
+440,000.000
+776,000.000
On securities
Another
Investments—total
U.S.Government securities
Other securities
Net demand deposits
'rime deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. b anks
44,000,000
+11,000,000
—628,000,000
•Revised.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 11 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The outlook for cereals and livestock continues to be favorable, owing
to the heavy rains which have fallen over a large part of the country.
The further weakness in the peso exchange and cereal prices is creating
interest in the indefinite program to encourage a more scientific means
of storing and distributing the grain crops of the country, the producer
at present being unable to hold his cereals until world demand improves.
The Ministry of Agriculture is attempting to negotiate with European
countries with the view of facilitating the marketing of the country's
cereals and livestock in greater quantities.
BRAZIL.
General business dullness continues throughout Brazil. Total coffee
exports amounted to 337,584 bags. Santos having shipped 227.018 bags.
Prices are slightly firmer. Santos 4s being quoted at 20.40 mllreis per 10
kilos for November delivery.
CANADA.
Between $80,000,000 and $90,000,000 will be released for expenditure
within the next 12 or 18 months in connection with the Dominion government's scheme for unemployment relief. This amount will be made up
of $20,000,000 contributed by the Dominion government, a like amount
by the provinces, substantial outlays by the municipalities and approximately 121.000,000 by the railways, which will undertake immediately
construction work originally planned to cover a period of four years. Of
the Dominion government's contribution 54.000,000 is appropriated for
direct employment relief, and $12,000,000 is available for the construction of public works by the provincial governments and municipalities
with Federal aid.
The Maritime Provinces and Quebec report a very quiet trend In trade
over the week ended Oct. 3. with collections continuing fair in Halifax and
Montreal. Ample food stocks are on hand and prices are generally firm.
Ontario trade shows a slight improvement especially marked in rubber
lines which are in demand for winter use. Steel operations In the province
show a slight increase, reports indicating that the commitments of small
consumers are on the upturn. Conditions in the automotive market are
decidedly spotty with the demand dull for high-priced cars. Considerable
activity is noted in used machinery lines but the demand for new machinerY is light. The provincial lumber industry will be aided by the announcement by the local government that operators may defer the payment of
50% of the taxes due on Oct. 30.
Prairie trade and manufacturing is marked by a slight stimulation in
trade and manufacturing lines attributed to winter demand in necessities.
Grocery markets note a slow movement in fancy lines but staples continue to turn over in satisfactory quantities. Shoe sales are declining but
one Winnipeg factory has announced an increased schedule of production.
Aeronautical companies are collecting winter equipment and causing a
seasonal stimulation in that line. A Made-in-Manitoba campaign Is
being vigorously pushed in the province. The provincial government is
assisting farmers to purchase feeder cattle and stock yards are buying
large quantities of hogs for fattening. Threshing is again general In the
northern districts of Alberta and Saskatchewan where harvesting has been
delayed by recent rains. Winnipeg wheat prices closed the week with a
net gain.
British Columbia conditions continue fair with a good demand reported
for flood light equipment, radios, hunting supplies, and door chains. Building trades there are generally slack. September construction contracts
for all Canada are unofficially estimated at $32,407.000. 34% less than in
August and considerably less than a year ago. August savings accounts
of the chartered banks gained 1% over July but are still 4% lower than In
August a year ago.
CZECHOSLOVAKIA.
[VoL. 131.
the expected slight improvement in general economic conditions failed to
materialize. Protested drafts have increased greatly both in volume and
value, notwithstanding the easier credit facilities granted. Customs
receipts from May to the middle of September were 7% under last year,
despite increases under the new tariff. The general unfavorable economic
situation has been reflected in automobile sales in July and August, which
were 25% below the same months of 1929, with estimate4 for the remainder
of the year indicating no improvement. Due to extra caution by distributors, collections on installments sales have been fairly satisfactory. As a
result of the recent award of the exclusive Cairo bus franchise to a British
firm, the market for American trucks and busses is expected to be affected.
With a view to relieving the difficult situation of cotton growers, the
Government has adopted special measures in the form of a partial 20%
agricultural rent moratorium for the coming year and the postponement
of the collection of half the Government advanced to growers and of half
the cost of fertilizers sold to them during the past season.
ENGLAND.
British trade conditions continue discouraging with comparatively llttle
change from the previous month. Disappointment Is felt over the fact that
the anticipated autumn trade revival is showing no signs of taking place
and it is feared that a considerable increase in unemployment may be experienced. Reports from all parts of the country indicate that the value
of retail sales during August were considerably less than in the same month
of last year. Registered unemployed workpeople in Great Britain, including
those temporarily stopped, totalled 2.109,000 on Sept. 22, as compared
with 1,163,000 a year previous. An increase in unemployment has taken
place in most of the staple industries, including Iron and steel, engineering,
motor and other vehicle manufacture,snipbuilding, water transport service.
building and contracting, and all textile industries except jute (in which
trade unemployment continues severe). Building trades, however, are
still fairly active with August building plans passed for principal urban
areas, exclusive of London, in excess of last year's level. The general depressIon of industry continues to be reflected in gross receipts of the four
British railway systems. Although the volume of eight months launching
In British and Irish shipyards is well up to the aggregate for the same period
of 1929, shipbuilding is now experiencing a scarcity of orders and the immediate outlook is not encouraging. Practically all branches of the iron and
steel trades remain depressed and some districts report that conditions were
worse in September than in August. The Scottish trade Is experiencing
toe most severe depression within nine years, with the exception of a brief
period in 1928 (the year of the prolonged coal stoppage). In the Sheffields
district scarcely 25% of the open-hearth furnaces are employed; demand
from railroads, shipbuilding, and automobile Industries is poor. Ordinary
rolling mills and forges are working three days a week. Stainless steel and
alloy steels are the most active sections in the district. In other districts
conditions are mostly unchanged with both export and home demand poor.
The coal industry is adversely affected by the continued depression of the
iron and steel and other heavy industries. Seasonal improvement in September was less than anticipated. The Industry is now concerned chiefly
with adjustments necessary under the new Coal Mines Act, with most WsLiget marketing schemes and the national scheme awaiting Government
approval. Consumers are reported to be hesitating to place orders until new
price schedules are fixed.
GUATEMALA.
During September business in Guatemala dropped to new low levels for
the year with the restriction of credit and the scarcity of money becoming
more acute. The only hopeful outlook is that coffee prices may continue
firm. Foreign drafts received for collection by local banks are estimated
at 10% less than in August and 25% less than in September, 1929. Railway passenger traffic decreased from 12 to 15% In September as compared
with August, while freight traffic declined 30%. The freight and passenger
traffic In September was 45% less than for the same period in 1929. The
decreased business is partly due to seasonal trends, height of the rainy
season, and a minimum coffee movement. Sales of all commodities decreased in September as compared with August.
IRISH FREE STATE.
The agricultural situation was unfavorably affected by weather conditions
in August, considered the worst experience in several years, according to a
telegrapnic information. Crops are understood to be abundant but the
quality is below average due to the excessive rain. The condition of livestock, the mainstay of the agricultural population, is good but farmers'
returns will probably be affected unfavorably by the deterioration in forage
crops. Considering the present depression in Great Britain, which buys
more than 90% of Free State exports, the export trade returns available
to date are generally encouraging, while conditions are not prosperous,
local traders are confident. Collections are slow but credit is safe when
carefully handled.
INDIA.
India overseas trade in August continued to register marked declines
compared with last year. Imports in August declined to 127,500,000
rupees, compared with 203,400.000 rupees for August 1929, and exports
were reduced from 287.400,000 to 172,700.000 rupees. The decline both
in imports and exports resulted from a combination of lower price levels
and smaller volume. Imports of automobiles and trucks, sugar, galvanized
Iron, and grey and colored piece goods were greatly reduced, as well as
exports of hides and jute products, shellac, and tea. Receipts of piece
goods from England Increased somewhat at the expense of Japan.
ITALY.
No perceptible change occurred in the Italian economic position during
September. Summer quiet is still prevalent in most lines of industry and
business and the only sign of activity now apparent Is on public works
undertaken by the Government as an aid to the unemployed.
The grain harvest now completed shows crops considerably below last
year's—owing to the unfavorable weather during early summer and also
to reduced acreage. The wheat yield is about 1,000,000 tons less than
that for 1919, but is still well above the average for pro-war and early
Dullness characterizes the present economic situation in Czechoslovakia, post-war years. Fruit and vegetable canneries are now operating on full
with no definite trend of improvement, but there has been no further time; although crops were rather short they are for the most part of good
slackening in industrial activity. There has been a slight increase in unem- quality.
ployment and a further drop of 4% in the wholesale index. On the other
JAPAN.
hand, the average daily car loadings in August, numbering 15,701, were the
Activity in Japan's spinning and weaving industries has increased
highest of any month this year and net losses from failures and reorganiza- slightly, owing to a better tone in the China market. This will doubtless
tions, totaling 53,000.000 crowns, were the lowest. Steady commodity necessitate larger imports of raw cotton during the next throe months
to re-establish
prices and a general recovery of world trade seem essential
since present stocks are relatively small. Forward deliveries of rice are
satisfactory conditions. The crop season, in general, ended with average quoted at approximately 20 yen per koku, or 10 yen below production
expected.
is
crop
beet
sugar
satisfactory
a
and
Yields
cost. (One koku equals 5.12 bushels and one yen is equivalent to 10.495.)
EGYPT.
The silk price indemnity law, which became operative last Macrh, will be
to June 1932, and the Government will guaranty losses up to
extended
further
the
with
Economic conditions have become increasingly difficult
yen. The Deposits Bureau of the Department of Finance
the
during
29,500.000
Business
crops.
leading
decline in the price of cotton, and other
summer season was unusually slack, with retail sales reaching their lowes., has approved loans of 104.400,000 yen, of which 70,000,000 yen will be
level since the war. Despite the opening of the cotton season in September, applied to agriculture, fishing and afforestation at a rate of interest from
OCT. 111930.]
FINANCIAL CHRONICLE
2307
491,513,660
4.2% to 5.4%. The Yokohama Specie Bank is shipping 10,000,000 yen
Stock of Money in the Country.
in gold. Electric power and light charges are being reduced.
The
Treasury
Department at Washington has issued the
MEXICO.
President Pascual Ortiz Rubio has announced that he will give up the customary monthly statement showing the stock of money
special powers of changing import and export duties, which have heretofore in the country and the amount in circulation after deducting
been vested in the Chief Executive, and the tariff making power will therefore revert to the Mexican Congress. General business conditions remain the moneys held in the United States Treasury an by Fedunchanged. Improved railway service, with a running time of 61 hours eral Reserve banks and agents. It is important to note that
from Mexico City to St. Louis, Mo., and 85 hours from Mexico City to beginning with the statement of Dec. 31 1927, several very
New York, has been inaugurated.
important changes have been made. They are as follows:
NEWFOUNDLAND.
No improvement has been shown during the past month in either the (1) The statement is dated for the end of the month instead
catch or the market for cod fish. Only $3.80 per quintal is now offered for of for the first of the month;(2) gold held by Federal Reserve
the best Labrador catch as against $6 per quintal last season. This is banks under earmark for foreign account is now excluded,
equivalent to a considerable decrease in the purchasing power of the and gold held abroad for
Federal Reserve banks is now inmajority of the population who are dependent upon this industry for a
livelihood. The only pronounced change in imports, however, is a decrease cluded; (3) minor coin (nickels and cents) has been added.
• in incoming supplies of barrelled pork and beef. Industrial conditions con- On this basis the figures this time, which are for Aug. 31
tinue good with the mines and paper mills operating continuously at 1930, show that the money
in circulation at that date (incapacity. Interest in the Gander Valley paper mill project has been
revived by the visit to St. John's by representatives of United States and cluding, of course, what is held in bank vaults of member
Canadian interests. Purchases of blueberries for the United States market banks of the Federal Reserve System) was $4,533,196,558,
for the season just ended are estimated at 800,000 gallons.
as against $4,426,493,631 July 31 1930 and $4,839,858,913
SOUTH AFRICA.
Aug. 31 1929, and comparing with $5,698,214,612 on Oct.
With the exception that satisfactory rains have fallen in the winter
rainfall area, basic conditions show little or no change during the month. 31 1920. Just before the outbreak of the World War, that
The general tone in mercantile circles, however, is somewhat brighter, the Is, on June 30 1914, the total was only $3,458,059,755. The
feeling prevailing generally that the worst of the depression is over, although following is the statement:
the continued fall in Government and railway revenues is responsible for
''''''' 8
'''''''
nervousness. Winter weather in the Cape has stimulated business in
'''''''.
111' some
5 §§§§§§
1,1111
footwear, clothing and other seasonal lines, and Transvaal sales have im...,
Buyers
two
provinces.
1Q v
iiiiiii ..
proved slightly. No change is noted in the other
are still cautious, notwithstanding low stocks, wholesale and retail, in
.
mosemov
_ sie;C:coceM
g2
most lines. This is in part a reflection of the less active purchasing by the
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ge'i9v!"cle1
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mines, railways and Government, all of which are endeavoring to reduce
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expenses. The credit position is still difficult, in so far as traders are concerned, but some improvement in the general outlook is indicated by the
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lowering of the Reserve Bank rate to 5H% from the 6% rate inaugurated
Cs
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a year ago. August imports, on the basis of estimates are available.
QS
probably declined by about 20% from the 1929 figures for that month.
and
the
decreasing
I
new
cars
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is
very
quiet
with
stocks
a
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Cs
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credit position still difficult. Argicultural implement sales are also sluggish.
.4;
TURKEY.
M0004
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Despite the favorable crop returns, general economic conditions have
nned 4
failed to improve, due to the low world market prices for the country's
koo.n
ll
02.01M
leading export commodities. The lack of improvement in purchasing power
0000000
6
4tr.4m1';
NV00
and the continued credit stringency have been reflected in automotive sales
COts
.0=
for the first nine months of the current year, which were 35% below the
are
restricting
credit
sales
and
period
of
1929.
Dealers
in
this
trade
2
2
same
2 2
:8 g 0E,Cs
0 0000
MCOMMOOMO
are keeping new commitments at a minimum, despite their extremely, low
4noice
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stocks. No change in the downward trend of automobile sales in the last
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quarter is expected. American cars and trucks have comprised about 90%
Cs
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it: e
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of the total sales in this market during the current year.
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The Department's summary also includes the following
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with regard to the Island possessions of the United States:
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PHILIPPINE ISLANDS.
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Pellippine business conditions remain practically unchanged. An addi.
m..
tional decline in the copra market is partially offset by stiffening of the
abaca market and heavier shipments of tobacco. Importers and indent
merchants are finding great difficulty in placing new orders of any size.
Cs
Movement of textiles is slow but steady in some of the cheaper lines. The
Government ban on exports of rice from the Philippines was lifted by the
E
Governor General on Sept. 24. The embargo had been adopted as a war
measure at the time of the entrance of the United States into the World
2
War. Present conditions indicate a surplus of rice for the first time since
0
American occupation of the Philippines.
0
woo
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Berlin Repudiates Dr. Schacht's Talk in U. S.—Chancellor Denies Germany Will Seek Relief From
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According to a Berlin cablegram, Oct. 3, to the New York
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"Times" a denial was promptly issued from government
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headquarters on that day of reports that Germany would
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reparations payments. The cablegram went on to say:
MAI6.66
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While its position on this issue was definitely stated weeks ago, Chan00
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cellor Bruening and Finance Minister Dietrich apparently moved to give
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reinforced expression to the government's attitude, in view of the reso;1. Cs
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by Dr. Iljalmar Schacht, former President of the Reichsbank, on the
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occasion of his arrival in New York.
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government
not
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realized that such reports are inimical to the
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pending negotiations for a credit loan to tide it over the present emer0-I.
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gency, but also desired it to be known that any statements by Dr. Schacht
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represented his private views and that he was unauthorized to speak for
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which he had an active part, had previously been given free expression,
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his utterances in New York caused no surprise here and are being appraised
Setia.tq2•'22:.4 -412.4.g.ifq4
wholly as a private academic discussion of a subject on which he holds
5.;”142 4§
72
views.
strong personal
prtZ ET,
848iME.°
In addition to the flat denial that Dr. Schacht was speaking for the
a Includes United States paper currency in circulation In foreign eountries and
Government, Dr. Dietrich, the Minister of Finance, declared to-day that
Bank of Atlanta.
Federal
amount
held
by
the
She
the
of
Cuban
agency
the reparation pact, like any other international treaty assumed by Ger- •Does not include gold bullion or foreign ooln otherReserve
than that held by the Treasmany,could not be abrogated by Parliament.
ury. Federal Reserve banks, and Federal Reserve agents Gold held by Federal
"If such a procedure could be adopted, it would be an equally simple Reserve banks under earmark for foreign account Is excluded, and gold held abroad
matter for us to nullify,through the Reichstag's action, the rest of our post- for Federal Reserve banks is included.the total since the money held in trust against
C These amounts are not (Deluded in
war treaties and commitments," Dr. Dietrich told newspaper men in the told
and silver Certificates and Treaatlry 1:10teD of 1890 hi included under gold coin
course of his elucidation of his official program.
and bullion and standard silver dollars, respectively.
He does not anticipate its rejection when it is submitted to the Reichstag
d The amount of money he/c1 In trust against gold and sliver eartifleates and Treasfrom this total before combining it with total
on Oct. 14, he said, as he believes that much of the present intransigent ury notes of 1890 should be deducted
outside of the Treasury to arrive at the stook of money In the United States.
talk from the ranks of the various parties must be set down as fading mosey
This total Includes $21,311.372 of notes in process of redemption, 835.376.073
reverberations of campaign oratory.
of gold deposited for redemption of Federal Reserve notes, 127,723,890 deposited
redemption of National bank notes, 81.900 deposited for retirement of additional
Dr. Schacht's views as expressed with his arrivall'inINew for
circulation (Act of May 30 1908), and 57.728,699 deposited as a reserve against
York on Oct. 2, were indicated in our issue of a weeklago, postal savings deposits.
inelodes money held by the Cuban agency of the Federal Reserve Bank of
(Oct. 4), page 2151.
Atlanta.
-.
2308
FINANCIAL CHRONICLE
fVor.. 181.
Note.—Gold eert111catos are secured dollar for dollar by gold held In the Treasury
I think, gentlemen, you can overcome that dilemma only by speaking
for their redemption; silver certificates are secured dollar for dollar by standard silver
dollars held In the Treasury for their redemption: United States notes are secured by exactly the truth. There is a grave problem in Germany, but there is no
a gold reserve of 3156.039.088 held In the Treasury. This reserve fund may also reason for any anxiety or for being afraid of the situation, because I am
be used for the redemption of Treasury notes of 1890, which are Mao seoured dollar sure that by international co-operation it will be solved, even the
more
for dollar by standard silver dollars held In the Treasury. Federal Reserve notes as the
world-wide depression has shown that it is impossible for the world
are obligations of the United States and a first lien on all the assets of the betting
Federal Reserve bank. Federal Reserve notes are secured by the deposit with to stand the fact that 65 millions of people in the middle of Europe are going
Federal Reserve agents of a like amount of gold or of gold and such demounted or to be ruined, unless great harm is done also to all the rest of the world.
purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
So we need international co-operation in order to overcome that problem,
Reserve banks must maintain a gold reserve of at least 40%, including the gold
redemption fund, which roust be deposited with the United States Treasurer, which, according to the Young Plan itself is not a German problem only.
against Federal Reserve notes In actual circulation. Lawful money has been de- but an international problem in which everbody is
interested.
Posited with the Treasurer of the United States for retirement of all emote/idle*
What this problem means you may see by one figure which I would like
Federal Reserve bank notes. National bank notee are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the to give you, and that is that exact calculations show that if Germany is
United States for their retirement. A 5% fund is also maintained In lawful money going to pay reparations out of an export surplus,
which is the only way to
with the Treasurer of the United States for the redemption of National bank notes pay reparations,
then your present percentage in world trade, which has
secured by Government bonds
already reached the pre-war percentage, must be increased by almost half
the amount. And that, of course, can only be done by the other countries
Dr. Schacht, Former Head of German Reichsbank, losing that share. Now,I wonder whether the other countries, if they find
out that the situation is such, might be willing to give up part of their
in Address Before Bond Club, Declares Germany share
in the world trade in order to have it come to Germany for paying
Will Pay Debts—Expects Readjustment of Repara- the reparations.
tions Problem.
But, whatever the difficulties of the reparation problem may be, gentlemen, this problem must not interfere, and it ought not to interfere, with
Dr. Hjalmar Schacht, former head of the German Reichs- the
credit situation and the orderly economic development of Germany.
bank, was the gnest of honor at the Bond Club of New And this for one reason, first: Germany will pay
by all means her debts
which
she has contracted after the war. And there is one danger, perhaps,
York at a luncheon held at the Bankers' Club on Oct. 9.
which we might visualize; that is, that political powers of outside may
Discussing Germany's financial and economic situation, Dr. interfere with this intention
of Germany.
Schacht declared that "whatever the difficulties of the
Now gentlemen, I do not think that any political powers of the world
could
take
an
attitude to prevent Germany from paying her debts if they
reparation problem may be, this problem must not interfere,
going to do so, because this political power would first like that the
and it ought not to interfere, with the credit situation and are
political debts should be paid and rank ahead of the private debts. That
the orderly economic development of Germany." "Ger- cannot be done, because such political power would at once ruin her own et
many," he went on to say, "will pay by all mewls her debts credit in the world. So I do not see that any danger lies in that question.
But, as to the positive of the credit question, I want to emphasize that
which she has contracted after the war." Dr. Schacht made' whatever
has happened to Germany during all these last 12 years, not to
it plain that he included the Young Plan bonds; as to the speak about the war itself, that the moral force of the German people is
unshaken,
and that they will stand by what they have undertaken to do.
reparations problem, he said, "I do not believe that the
I want to emphasize here, in the full public, that everyone who, after
reparations will be paid or can be paid, but that any read- the war, has invested
any money in Germany, on long-term or on shortjustment which will come about the reparations problem will term, whether he has invested it in industrial credits or commercial credits,
or
in
credits to the public authorities, will not be disappointed, because
come within the frame of the existing international contracts
Germany will pay those debts. And I include the Young Plan—the Young
and undertakings." "You must not be afraid of any violent loan, not the Young
Plan—pardon me, the Young loan, which has been
action whatever," said Dr. Schacht, "because the Young Issued, because it does not matter what the reasons for that loan were,
whether
they were political or other kind, it matters only who has invested
Plan is not so bad as more recently some people might his money
in tnat loan. And if a loan once has been brought out to the
think it is." In full, Dr. Schacht's speech follows:
public, then it is not any more any political power who is interested in the
The honor which the Bond Club is extending to me to-day is even the loan, but it is the private investor who is interested in the loan; and that is
greater because I am quite a private man to-day, who is out of a job and the reason why Germany will also have to pay these, and will pay this kind
does not command any power whatever. Nevertheless, you have asked me of debts.
to give an opinion about the present financial and economic situation of
But, gentlemen, as far as the reparation problem is concerned, I think
Germany. I understand, after having come over here, that there is some even about that I may safely say that Germany will stick to the engagement
uneasy feeling about our situation in Germany which perhaps is aggravated undertaken. That is to say,that I do not believe that the reparations will
by the news which has reached you about the outcome of the German elec- be paid or can be paid, but that any readjustment which will come about
tions.
the reparations problem will come within the frame of the existing interNow, what I would like to emphasize publicly here, gentlemen, is that national contracts and undertakings; gentlemen, you must not be afraid of
I cannot understand the lack of responsibility of some so-called leading any violent action whatever, because, gentlemen, the Young Plan is not so
German newspapers which are always sending news over to you here that bad as more recently some people might think it is. The Young Plan,which
Germany is going to face a civil war and another revolution, and all such I have signed myself, and by which I am still standing as having been under
really foolish stuff. I think we commit almost a crime in doing so, not the existing political circumstances the only feasible way out of overcoming
only to Germany, but to the whole world. And I can assure you that there the political troubles at the time, is, so to say, a self-liquidating economic
Is not the slightest idea of any such danger.
scheme. It provided for all the necessary arrangements for a readjusting of
I would not say that the German situation is not difficult, serious. the reparation payments in case there would be shown, in case it would be
Certainly it is. But whoever has watched the almost superhuman patience shown that the payments could not be made economically. I think that
with which the German population has stood all these economic needs and the permanent Advisory Committee which was set up by the Young Plan
all that outside foreign political pressure which has been brought upon gave all the means at hand and has shown all the ways to readjust that probthat country, I think must be surprised about the orderly behavior of the lem, because even the politicians would think otherwise. There was that
Germans during all that time. And if, at these elections, at last they have great international moral power of an international body of experts who
protested against the continuance of such a policy, I think it is only a sign would explore the situation and who would give to the politicians their
of self-respect. But, funny to say, gentlemen, they did not protest by recommendations. And I think it would be very difficult for the politicians
violent action of any kind. They protested just in the way the constitution to overcome such a moral strength of an international character of that
gives the right to them to do. They voted at the polls, and they voted kind. And it is only due to the fact that politics at The Hague intruded
according to their feeling, sentiments and opinions. That was absolutely again upon that self-liquidating scheme of the Young Plan, the sanction
constitutional.
clause, which made me decide not to assume any responsibilitifor suclian
And it is very funny to say that just those people who always say,"Oh, international agreement, because it seemed to me to be unwise and seemed
you mustn't act against the constitution," are sometimes upset when people to me to contain the danger that this matter should go again once more before
use their constitutional rights against their opinions. And that is the thing the politicians instead of going before the economists. And, although I
that just happened in Germany when the turn in the general sentiment do not emphasize too much this danger, although I think that the economic
of the population came from the Left to the Right.
sound views will prevail. I nevertheless thought that I snould not commit
Now, it is not the question in Germany whether there will be monarchy myself to such an arrangement.
or republic. It Is not the question whether there will be a parliamentaristic
Gentlemen, I think it is very much due to politics that our present interregime or a dictatorship. All that is stuff for the newspapers. The ques- national economic depression is lasting already such a longtime,and perhaps
tion in Germany to-day is, gentlemen, whether the Germans are going to we may expect it may still last for some time more. I think there is a
live or to die. The economic depression all over the world has added so general feeling of uneasiness,of political distrust, all over the world. People
much to our internal depression already existing, that the economic problem are not afraid of another war, in my opinion, because that would be such a
is just the problem which we have to face.
foolish thing which a generation, I think, can only commit once in her life.
And I still assure you that the economic potentialities of Germany are And I do not think that any living man who has seen the disaster of the
unshaken in every way. There is not only the orderly spirit of the people, World War would not do everything to avoid another disaster of that kind.
of the workmen, still existing, but the great task of rationalizing which has But what one is always afraid of is whether or not here or there, in Europe
been done in German industry is certainly of that kind that the prospects of or South America, or wherever It may be, Asia. Africa, anywhere in the
German economy would be sound and good if only we could find the markets world, there will always be some social unrest which,of course, will encroach
for our products.
upon trade, which will do great harm to economy. That is why nobody
But what the situation characterizes to-day is that our financial reserves, dares to venture his money in long-term investments, and that is why you
reserves,
have
been
exhausted. And I am frank cannot sell foreign bonds here to-day, whilst the market for home bonds is
our internal financial
enough to say, because I am a private man now, and I dare say it, that quite easy.
Then I think that the fact being given, that the economic systems of all
this is certainly due to some extent to the payment of reparations not out
of actual surplus of economy but out of borrowed money from outside. the great industrial operations are combined so close to each other to-day
that
is
the
wrong
financial policy which that we must have an international new action derived from industrialists
But there is still another reason, and
we have taken, which we have had at home under the influence of socialism and bankers, that means from economists, in order to check politics, because. gentlemen, the broad masses of all the civilized people will not stand
or what you might call State socialism.
We have to face the possibilities, and I hope you will not be frightened to live poorly, to live poor; they will not stand to have their standard of
about that, but you will think about the greatness of that problem. We living reduced. They will ask at least for maintaining such standards_ of
• A
have to face during this Winter a number of, say more than four million, living.
And that is why I think that, stronger than any political interference on
unemployed. And all these unemployed have no reserves to live upon,
but they depend upon public assistance or upon the insurance system, the economic situation, much stronger than politics, is the cry of the broad
which means another burden on the industrialists and on trade and com- masses all over the world for social welfare through economic prosperity.
And here is the great task which the leading economists of the world have to
merce.
Gentlemen, every German who Is going to speak about the economic or face, not only now, which they not only have to think about, but which they
financial situation of Germany is always faced with a dilemma. Either he must come to handle in joint co-operation and which they must handle by
says he utters an optimistic view, then everbody says "Oh, everything is some joint action. I think this task is so important that only the fulfilling
going to be all right and these people don't need any help whatever; they of such a task will do away with all that political interference and will do
will come out right," or he utters a pessimistic view, then everybody Says, away with all that social unrest, will do away with all that distrust which is
"Oh, you mustn't give a cent more of credit to Germany, don't help these ruling to-day;and only that will bring about in the world another prosperity
whkh we all need so badly.
people any more, they are going to be ruined."
OCT. 11 1930.]
FINANCIAL CHRONICLE
Dr. Schacht Sees Need of Aiding Germany to Pay
Reparations—Former Reichsbank Head Says Payments Impossible Unless Trade Increases—Says
Moratorium May Be Necessary.
Unless the opportunity is given Germany to increase her
national income to enable her to pay reparations, reparations
will disappear, Dr. Hjalmar Schacht, former President of
the German Reichsbank, told the members of the Board
of Trade for German-American Commerce on Oct. 3, at a
luncheon-meeting given in his honor. Dr. Schacht said
that the German people were willing to pay if the chance
were given them to earn the money either by selling their
goods to other countries or in other ways. We quote the
foregoing from the New York "Journal of Commerce"
which further reported Dr. Schacht's remarks as follows:
2309
can be found a way to do it. I will go into more detail as to this in my
subsequent addresses."
In touching upon the movement in Germany to raise another loan, he said
that it was necessary to finance the payments on reparations, and after
that to finance industry, the only other alternative being a moratorium.
Why Dr. Schacht, Former President of German Reichsbank Lost Job—Ex-Chancellor Says It's Due to
Telling the Truth.
Dr. Hjalmar Schacht, former President of the Reichsbank
of Germany, who is here to lecture on the impossibility, as
he sees it, of Germany ever being able to meet the reparations
fixed by the Young plan, was the guest at luncheon on
Oct. 3, of the Board of Trade for German-American'Commerce at the Hotel Astor, at which Herman A. Metz,
President of the Board, presided. In the New York "Sun,"
Dr. Schacht is quoted as stating at the luncheon:
It was quite possible, Dr. Schacht suggested, that under existing con"I always believe in telling the truth," said Dr. Schacht, in his address.
ditions it might be necessary for a moratorium to be declared on reparations
"To that trait I lay responsibility for my present status as a private citizen.
payments before long. He indicated that in his opinion a revision of repafor
being without a Job and without a dole."
rations would have to come sooner or later in any case.
-There is another chance," said Dr. Schacht, "perhaps the last one.
You must give Germany the opportunity to earn the reparations she is
called upon to pay without disturbing things. Let us try to discuss and try German Party Asks Young Plan Change—Economic
to get out of this troublesome situation. This is the last chance to solve the
Group Tells Bruening it Will Move Initiation of
reparations problem, and if you want peace, then the reparations problem
Negotiations in Reichstag—Debt Liquidation
must be solved or it must disappear."
Election Not Surprising.
This was the first public address of Dr. Schacht since he arrived here on
Thursday to deliver a series of lectures through the country under the
auspices of the Institute of International Education. Dr. Stephen P.
Duggan. who is the director of the Institute, introduced the speaker yesterday to a large audience. Herman A. Metz, President of the Board, presided.
In alluding to the recent election in Germany, which resulted in such an
accession of strength to the Hitler Nationalist Party, or so-called Fascisti.
Dr. Schacht said that it must not be taken too seriously, but that the outcome of the election is not surprising since it was a natural reaction of people
who had been so sorely tried and treated during the last 10 years or so,
and the gradual awakening of the labor classes to the fact that they have
to contribute to the reparation payments.
In opening, Dr. Schacht qualified his remarks by saying that he was
speaking as a private citizen and merely giving his private opinion of pending
problems. He asked why, after the peace treaty had been made, how was
it that they were still discussing security, disarmament and allied matters,
as if nobody were really assured as to whether there is to be a lasting peace
or whether a solution to economic problems were to be found.
"I don't believe in war anymore," he said, "and those who have had
experience will never want another war. Social unrest continues and
economic disorder troubles business and human welfare."
Stripped Germany.
Dr. Schacht spoke of some of the troubles which agitate Germany and
handicap her ability to do business. He alluded to dividing Germany into
two parts by the creation of the Danzig corridor, which cuts off one part
of Germany from the other. He said that it had a great influence on the
situation in Europe.
The speaker complained of the fact that they had taken private property
away from Germany all over the world. He said the question of minorities
affected Germany, that disarmament bad been promised to Germany by
the treaty and had not been accomplished, and that all the small powers
have armed to the limit against Germany.
All of this, he went on to suggest, had had an important reaction on the
German people.
"They have kept quiet so long," he said."that it is not surprising that the
last election turned out as it did. It is indeed surprising that Germany has
stood these injustices so long. It is simply a case of reaction."
How Can Germany Pay?
Dr. Schacht then turned his attention to the economic question confronting his country—the question of reparations. He said that after they had
taken everything away from Germany, her colonies, her merchant marine,
and everything they could take, they had then imposed upon her these
reparations.
"The question comes up: How is Germany going to pay these reparations 1" he said, "and that is the question to-day. One can do it out of
fortune it; one has substance, but everything has been taken away. There is
no substance left. You need something that one country can give to another.
If there is nothing left there is only one way out and that is to earn it, and
that Is what the German people are trying to do. and it is astonishing that
they are willing to do it, but they want the opportunity to do it."
, Dr. Schacht said that sometimes others get a very wrong impression of
Germany. If the annual reparations had to be met as fixed now it would
mean that you would have to take away everything about 85,000—no one
could earn more than $5,000. To illustrate this idea, he said that in Germany out of a population of 63,000.000 only 33,000,000 have a fixed income.
Out of this number half of them have an income of less than $300 a year,and
out of the other half only 80,000 people have an income above 85,000 a year.
"If you were to tax them above that they would disappear out of the
country," he said."I tell you this to show you how ridiculous lathe economic
fallacy of expecting Germany to pay $2,000,000,000."
Moratorium May Come.
Dr. Schacht discussed the part he took in the negotiations on the Young
plan and said he had to withdraw on account of politics being introduced.
He believed that the plan would have to be revised.
"But some day a moratorium will be declared," he warned; "when, I
don't know." He said that he simply looked at the Young plan as a step
In the right direction, and that was why he had been willing to enter into
negotiations on it. Dr. Schacht declared that the real situation to-day
affects the question of exports. He said that with a world depression Germany can't find markets. The people who would like to buy from Germany
haven't the means.
'That is the whole situation," he added. "Those who have money dare
not invest abroad. There is a general feeling of distrust. We need expansion
of world trade to help each other to return to prosperity. It is very easy to
say 'wait.' Many people cannot wait to earn their daily bread, and that is
why I am urging so strongly the Young plan as a means for the enlarging
of world trade. It is difficult to reduce present standards of living. Once
they have reached a certain standard they should be retained and an effort
should be made to raise those of the lower standard. If there is a will there
Planned—Proposed Foreign Credits.
From the New York "Times" we take the following from
Berlin, Oct. 2:
The government's plans for raising the more than 8300,000.000 required
to liquidate tee Reich's floating debt include a drive for foreign credits
totaling $125,000.000 under the terms prescribed for the Young plan
reparations bonds.
As the new loan is to be apportioned over one,two and three-year periods,
it is now estimated that it will fetch a 7% return, although nominally it
will be put out at 5%%•
At the Reichsbank to-day it was declared that negotiations with foreign
banking groups had already been initiated, but that no statement would
now be forthcoming with respect to the allocation of various portions of the
loan abroad. It is hoped to raise the remaining $190,000,000 in the German
capital market through the sale of treasury certificates and a series of
running credits by German banks. The total indebtedness is to be liquidated
in monthly instalments of about $8,500,000, beginning April 11931.
Chancellor Bruening to-day was closeted with the leaders of various
moderate parties, of which the Economic group, which will be represented
by 23 Deputies in the new Reichstag, informed him it would move the
Initiation of early negotiatiens for revision of the Young plan. Unless the
Government succeeds In holding some of the parties now backing it in
check when the reparations issue reaches the stage of debate it will be
clearly in a minority in the new Reichstag, as the anti-reparations
parties already command a majority.
Protests against the 6% salary cut for civil service employees in the
government's fiscal program continue to pour in, the latest being one from
the League of German Judges, which designates the salary slash as unfair
and dangerous discrimination, and one which will impose further privations on a profession which has already been forced to forego numerous
cultural enjoyments because of the inadequacy of its present salaries.
German Reichsbank Forced To Sell Exchange To Protect Mark-30,000,000 Marks in Forcing Bills Sold
To Meet Heavy Demand—More Gold Shipments
to France Likely.
In its issue of Oct. 4 the New York "Journal of Commerce"
published the following Berlin cablegram dated Oct. 3:
The Reichsbank was compelled to intervene in the foreign exchange
market again to-day, selling 80,000,000 marks in foreign bills to meet the
demand. This intervention was disappointing to the market here in view
of the relative quiet that has prevailed during the past few days and the
better feeling that seemed in evidence,
The renewed weakness in the exchange makes further gold shipments to
France likely. In all, the Reichsbank has lost since the elections 500,000,000
in gold and foreign exchange, leaving its reserves at 8,000,000,000 reichsmarks.
Doubt Acceptance of Bruening Program
It is generally felt here that, even if the Reichsbank continues to lose
gold and exchange at this tempo, expansion of its loans and discounts would
still be feasible. Should the situation become serious the same steps would
likely be taken as early in 1929, at the time that the Paris Reparations
Conference appeared in danger of collapse. The Reichsbank then rationed
credit in such a way as to partly fill all legitimate demands made on it.
For the ;time being the institution still has a reserve large enough to permit
substantial further expansion of its loans.
The outlook for Parliamentary acceptance of the finance reform program
of Chancellor Bruening remains doubtful. German industry approves the
program of the Government for economic reform, except for the cut in
salaries of officials. The general wage reduction program is approved.
The course of prices in the New York market of German
bonds was noted as follows in the same paper, Oct. 4:
German bonds and quotations on mark exchange were strong yesterday
and in a quiet market advanced moderately. The annuities bonds, which had
borne most selling pressure during the past few weeks, advanced % point
and closed at 81%. The Dawes bonds showed a slight decline and the
municipals were steady.
It is expected that announcement will be made shortly regarding the
extension of a one or two-year credit to the German Government The
credit will exceed $100,000,000, about $60,000,000 to be arranged in
New York.
In its Oct. 8 issue the "Journal of Commerce" said:
Bankers in touch with the German situation expect a growing credit load
on the Reichsbank to result from the current heavy withdrawals of iunda
by both foreigners and Germans from the country. While sales of foreign
2310
FINANCIAL CHRONICLE
exchange and gold have moderately reduced the reserves of the central bank,
a marked increase in loans and currency circulation has taken place simultaneously, and this phenomenon is expected to persist as long as the present
outward movement of capital continuos.
Yesterday cable dispatches from Europe told of the shipment of 5,000,000
guilders in gold to the Bank of Netherlands. While further large gold
shipments have not been reported in the last few days, the mark declined in
the local exchange market yesterday. As a result there is strong reason to
believe that the Reichsbank will continue to intervene to maintain the
mark in the open market by selling foreign exchange and gold.
Possible Rate Advance
Bankers in close touch with the situation point out that withdrawals of
capital from Germany compel the banks to secure advances at the Reichsbank
in order to make good the deposits withdrawn. This expansion of loans and
bills held at the Reichsbank naturally brings up the question of an early
advance in the discount rate of that institution, which is now 4%. The
present 4% rate was established in June of this year after a steady influx
of funds from abroad had created a plethora of short terrn money within the
country. With the outward movement of such funds now a return to a
higher discount rate is indicated.
A higher discount rate, however, is not expected to have much effect on
the situation. It is pointed out that political uncertainty, rather than comparative interest rates, is leading to the present withdrawals of funds from
Germany. A mere advance in the rate would not, therefore, have much
influence on the outward capital movement, although it is called for by the
facts of the case.
Transfer Problem
Bankers seen yesterday regard the present outward flow of funds, and
the
likely increase in the discount rate of the Reichsbank, as likely to result in
more insistent efforts on the part of Germany to secure a suspension of
the
Young plan payments. However, it is felt that this subject will not be
taken
up for serious discussion until the position of the Reichsbank has
become
more difficult in its task of maintaining the German exchange. The
short
term loan now being negotiated for Germany may modify the situation,
and
any restoration of confidence and halt to the capital outflow would
make
immediate discussion of Young plan modification unlikely.
The scheduled visit of Dr. Hans Luther, President of the Reichsbank,
to this country later in the year will permit a full and free discussion of
the
position of the Bank and the whole transfer question. The position of the
Reichsbank at that time will, it is expected, have an important influence
on the discussion. The question of interallied debts, in the opinion
of
several bankers here, will have to be discussed along with reparations payments, and a further weakening of the reserve position of the Reichsbank
will thus tend to precipitate international discussion of this problem.
[VOL. 131.
Reports reaching circles close to the Bank for International Settlements
say that negotiations between the Hungarian Government and a large
American banking firm for a loan of $15,000,000 have been discontinued.
Instead, It is said, Hungary will get the money in Switzerland.
Bankers hero say the Hungarian Government, rightly or wrongly, has
become convinced that American banking trust was trying to obtain whac
they call a "mortgage monopoly" on the Central European grain belt.
Hungary has arranged for the loan through the Societe Internationale
des Placements of Basle, a trust whose policy is to combine a large number
of issues for the purpose of securing a broader basis of guarantees
against
risks.
This trust is not directly connected with the Bank for International
Settlements, the rule by which the latter was created under the Young Plan
not allowing such combinations. However, one of the administrators of
the local Basle placements trust is also a member of the board of directors
of the Bank for International Settlements, and this is interpreted as proving
that there is a close co-operation between the two organizations.
The confidence of all Central European countries in the Bank for International Settlements and its efficiency in launching State loans and reorganizing State finances is said to be behind the rejection by the Hungarian
Government of the American banks' offer and its closing the deal with
the Swiss firm.
Belgian Cabinet Reduces Budget Expenditures by
$1,000,000.
Associated Press advices as follows were reported from
Brussels, Oct. 4:
The Belgian Cabinet, sitting late last night, decided to reduce budget
expenditures by $1,000,000 in view of the heavy decrease in tax receipts
resulting from the economic depression. An increase in taxation is under
consideration.
Proposed Reduction in Denmark's Military Budget.
Associated Press accounts from Copenhagen, Oct. 9,
stated:
The proposed reduction of Denmark's annual military budget from
$15,000,000 to $5,000,000 was the principal feature of a new defense bill
introduced to-day in Parliament by the Minister of Defense. The bill
proposes to abolish the ranks of General and Colonel and replace them with
Chief Inspector and Inspector.
President of Italian Valclotain Bank of Credit Arrested
Following Failure of Institution.
Successful Offering of British Treasury Bonds to
The following (Associated Press) from Aosta, Italy,
Refund War Loan.
Oct. 8, is from the New York "Times":
From London, Oct. 9, the New York "Journal of ComThe President of the board of directors of the Valdotain Bank of Credit
merce" reported the following:
has been arrested, following failure of the institution.
Great success has attended the Government's offer of Treasury bonds
to repay the .C75,000.000 of war tax-exempt 4% loans due next January.
Tenders for the new bonds totaled £116,310,000, and the Government Paris Sees Ending of Its Gold Import—Wheat Harvest,
accepted tenders of £105,000,000. The lowest price for which tenders
363'% Smaller Than Year Ago, Will Compel Heavy
were accepted was 100. Tenders at that price will receive about 56%
Purchases Abroad—Gold Outflow Not Likely.
of the amount applied for, while tenders above that price will receive full
allotments. This means an average price of slightly above 10034.
From Paris, Oct. 3 advices to the Now York "Times,"
The success of the issue will enaa le the Government to repay £75,000,000 said:
of war loans, and also £11,000,000 of 4% Treasury bonds maturing
Thursday's (Oct. 2) statement by the Bank of France showed further
Feb. 1. The new bonds are repayable at par in April 19:36, the GovernIncrease for the week in its gold reserve, amounting in American values to
ment having the option to repay in April 1933. The yield on these bonds
$29.600,000, of which $23,400,000 were received from the German ReichsIs, roughly.
%, whereas the interest on the tax-free war 4s is equal to
bank, the rest from London. This addition made the bank's total gold
5.16%, subject to income tax at the current rate. The issue is regarded
holdings $1,920,000,000, as against $1,537,000,000 a year ago. This week
as a very successful transaction for the Government. It will probably two
further arrivals of gold from Germany were announced,each amounting
strengthen the demand for British Government securities, especially as to
about 35,000,000 marks, or $8,200,000. Since the Reichsbank decided
the money outlook LS considered favorable.
to send gold to Paris to support mark exchange, the Bank of France has
The offering was referred to in our issue of Oct. 4, page received from Germany more than 1,000.000,000 francs gold, or $39,000,000.
This week, also, further gold imports from England were announced,
2151.
amounting to £600.000. It is thought that these arrivals resulted from previous purchases made when sterling was lower than now in terms of francs,
Death of Richard Pohl, President Berlin Boerse. but sterling remains rather weak and a few more gold imports may take
place. At present such operations in sterling are not very profitable, but
Under date of Oct. 7 the Associated Press reported the French arbitrageurs
Can afford to pay a premium for the South African
gold
following from Berlin:
said every Tuesday at London. They will probably take part of the next
Switzerland
arrival,
no
being
longer
a
competitor,
since
the
Swiss
National
As a mark of respect to the memory of Richard Pohl, President of the
Berlin Boerse. who died on Sunday, the Exchange will be closed to-morrow, Bank Is trying to restrict influx of gold into its vaults by requiring coin and
excluding bullion.
the day of his funeral.
Under all these conditions, gold imports by Paris from London will be
only spasmodic during the coming weeks, and it is thought here that they
Bank Merger in Germany—All Gold Mortgage Insti- will soon cease when the trade balance becomes more unfavorable with the
necessary imports of wheat. The French wheat harvest is now generally
tutions Will Be Consolidated.
accepted as only 67 million quintals, wnich would be 36 l % smaller than
The following Berlin message Oct. 9 is from the New last ye les crop. Twenty-five million quintals. equivalent to about 90,000,000 bushels, will have to be imported to cover home consumption
York "Times":
requirements. Moreover, unless the German political situation becomes
A merger of all German gold mortgage banks, with capital of 84,500.000 worse, gold imports from the Reichsbank will alacken.
marks, reserves of 701.300,000 marks and mortgages and loans of 2,900,Still, although the gold flow into France is expected soon to diminish,
000,000 marks, will be announced here to-morrow.
financial circles here do not foresee any great reversal of tendency such as
In the future there will be only three leading central groups, namely, would result in an outlfow of gold from France. The Bank
of France is
Gemeinschaftsgruppe Deutscher Hypothekenbanken, Prussische Central fully prepared to allow gold
to leave, when exchange rates warrant it, and
Bodenkredit und Pfandbriefbank A.G. and Frankfurter Hypothekonbank. to refrain from selling foreign exchange in support
of the franc. But the
'While maintaining independent administrations, they will have one man- only factor capable of depreciating franc exchange sufficiently to
cause gold
agement and will pool profits.
export would apparently be the export of French capital for long or short
investment abroad and, in view of the present economic depreciation and
the low foreign rates of interest, such exports do not at present seem
Hamburg, Germany, Senators Aid Unemployed.
probable on any large scale.
According to Associated Press advices from Hamburg,
Germany, Sept. 24, members of the Hamburg Senate have Gates W. McGarrah of Bank for International Settlevoted to contribute 10% of their salaries until further
ments Ends European Trip.
notice toward feeding the unemployed.
Basle (Switzerland) Associated Press advices, Sept. 30,
said:
Hungary Reported Seeking Loan in Basle—Said to
Gates W. McGarrah, President of the Bank for International Settlements,
Negotiations
with
Abandoned
Americans in has returned from a trip through Europe in the course of which
Have
he conferred with bankers in Holland, Poland, and Germany. His object was to
Favor of Swiss Trust.
obtain co-operation between European State banks and the Basle bank
The following Associated Press cablegram from Basle for the betterment of general business conditions. He
said he was well
(Switzerland), Oct. 3, is from the New York "Times":
satisfied with the rcsults of his trip.
OCT. 11 1930.1
FINANCIAL CHRONICLE
2311
PC
After meeting six hours Premier Berenguer's Cabinet to-night issued a
long note indicating its intention of stamping out by every legal means
all "political and revolutionary" strikes, suppressing all subservive public
meetings and taking action against all newspapers that seek to "incite, aid
or counsel revolutionary ideas" with every means at its disposal.
Alarmed by the week's fall of the peseta the Government has taken
the political element in the Situation and states its intention
Emile Moreau, former Governer of the Bank of France, has been elected cognizance of
is to continue "without haste but without vacillation" toward the constituVice-President of the Board of Banque de Paris et des Pays Bas an proposal
tion of a Parliament which will meet just as soon as the electoral census ill
of Jules Cambon, President.
finished.
An Item regarding M. Moreau's resignation as Governor
Stating that it has been the Government's intention to allow public
meetings in order that all ideas might be legally represented in Parliament
of the Bank of France appeared in our issue of Sept. 27, when
it is convened, the note says that subversive agitators are causing
page 1983.
unrest in the country and misapprehension abroad and makes it clear that
the Government, which ,it is stated, has always acted according to the
legal code, is by law given the power in the case of political strikes to use
Swiss Government Sets Precedent—Calls Loan Before "extremely
forceful" measures without declaring a state of war.
Final Maturity for First Time—Cuts Interest Par.
The keynote of the message is that the Government, while allowing no
law-breaking, wants every one to have a fair chance legally to express
ments.
ideas, and in strikes held lawfully for economic reasons the Government
Zurich advices to the "Wall Street Journal" of Sept. 22 will co-operate in arranging fair settlements.
A royal order will be published to-morrow arranging for the buying of
said:
more than 70.000.000 pesetas held abroad in an exchange action by shipping
In announcing an issue of 150,000,000 francs 4% loan for conversion
gold from the Bank of Spain, which will be paid back from the Government
of a 1917 5% loan, the Swiss Federal Government takes advantage of income from imports. Attention is drawn to the heavy gold reserve, and
unusually favorable market conditions prevailing and sets a precedent. the note ends: "We have nothing to fear if we are represented abroad in
Hitherto, no Federal loan has been called before final maturity.
our true condition."
The new loan, running for 20 years but callable after 15, was offered
at 98% plus stamp tax, which made the actual price 99.1%. Earlier in
Met
the year a 4%% conversion loan amounting to 250,000,000 francs was Spain to Pay Credits—Foreign Obligations Will Be
issued at 99%. It is now quoted at 104%. The proceeds were used to
by National Bank at Maturity.
complete redemption of the 1922 5%ga Treasury bonds.
Madrid advices as follows are taken from the "Wall Street
Two principal influences have been at work to bring about the present
monetary situation. First, slackness of general business has had the effect Journal" of yesterday (Oct. 10):
of reducing to a minimum the call for fresh working capital for developDecree from Ministry of Finance states that foreign credits remaining
Ment of industries at home, and such money as has been available conse- to be liquidated will not be prolonged beyond their maturities but will be
the
of
securities
ing
interest-bear
paid off by the National Bank from Special reserve established by banking
quently had sought employment in fixed,
best type, such as loans of the Federal Government, railways, cantons and law without affecting the bank's reserves or modifying the balance sheet.
The decree points out that metallic reserves exceed legal requirements by
municapilities.
Secondly, there is a wide international search after safety in investments. P.600.000.000 in gold and P.450,000000 in silver. It reasserts the aim
with
invest
of stabilization and forecasts the opening of foreign credits.
Capitalists all over Europe are looking for opportunities to
This decree is interpreted as a move to strengthen the Government's
maximum possible guarantees of stability in countries characterized by stable
position in the face of political and social unrest and rumors of dissentions
regime.
financial
cautious
political conditions and a
Largely due to this influx of funds for high-class investment, the past within the Cabinet.
Increasing demand for foreign exchanges is depressing the peseta. 'Unmonth has seen a steady flow of business to the Swiss Stock Exchange with
certainty continues because of strikes.
considerable activity in the "gilt-edged" section.
Emile Moreau Elected Vice-President of Board of
Banque de Paris et des Pays Bas.
The following from Paris appeared in the "Wall Street
Journal" of Sept. 27:
Ivar Rooth, Head of State Bank of Sweden Arrives in
London Houses Fail—H. T. Munro & Co., Brokerage
United States.
Operations.
Suspend
Dunn
Firm, and Douglas Roy
of
head
the State Bank of Sweden, arrived in
Rooth,
Ivar
From London the "Wall Street Journal" of yesterday
Oct. 6 for a conference with Federal Reserve
on
York
New
(Oct. 10) reported the following:
Bank officials said the New York "Times" which added:
has
failed. The comThe stock brokerage firm of H. T. Munro & Co.
Be did not visit the bank, but it is understood that George L. Harrison,
pany was establisned in 1901. The failure caused a decline in local markets.
Governor of the bank, called upon him at his hotel. He is expected to
Liquidation was small, but dealers marked down quotations as a preconfer with the officials of the bank to-day.
cautionary measure.
Brazilian bonds continue weak. The 63i% bonds of 1927 were off
seven points to 58.
United Hellenic Bankshares, Inc. and United Hellenic
Another failure of a London Stock Exchange firm. Douglas Roy Dunn,
Trading Corp., New York, Permanently Enjoined
the
trader,
and
single
is
a
113
failure
member
has been announced. The
importance.
by Supreme Court—Milton Hertz Appointed Reno
of
considered
Recent weakness of Rhodesian copper shares is believed to have been
ceiver.
connected with the failure of H. T. Munro az Co., but position of the
United Hellenic Bankshares, Inc., and United Hellenic
market for these issues improved this morning.
Trading Corp., both of 11 Broadway this city, have been
by Supreme
Peseta in New Drop to 9.96 to Dollar—Finance Minister permanently enjoined from further stock dealings
motion by
Takes Steps to Censor Reports Sent Abroad on Court Justice Charles J. Druhan of Brooklyn on a
Bureau of
the
of
Badger
John
P.
Attorney-General
Deputy
Peseta.
of
Subject—Further Decline
according to the "Wall Street Journal" of Oct. 7.
Securities,
8,
from
Oct.
is
the
Madrid,
from
follows
as
A cablegram
They consented to the injunction. Milton Hertz of 189
New York "Times":
St., Brooklyn, was appointed receiver.
At closing to-day the peseta was listed at 9.96 to the dollar, musing con- Montague
sternation in financial and business circles, and alarm was expressed lest
the drop continue.
While the slump in the peseta is approaching a national catastrophe,
the public is taking the matter quietly despite the rise in the cost of living.
Considerable perplexity,is being expressed as to the reason for the latest
fall, the recent strikes in Spain, as well as the continued upsets in SpanishAmerican countries being regarded by many as factors. Many believe
the governmental measures to halt the fall have created an unjustifiable
uneasiness abroad that would not have existed bad the peseta received
free play.
Finance Minister Julio Wais issued orders to cable and radio companies
to-day that press reports on the peseta must be translated into Spanish
and copies sent to the Finance Ministry. This has led to strong rumors
that the Government would like to exclude some foreign journalists in
order to pin the blame for the fall abroad.
The A. B. C., which is strongly monarchial, declares in an editorial:
"All political propaganda here in either pro-republican or pro-dictatorial.
The middle parties, representing the bulk of the Spanish people, must
start campaigning."
A general strike exists at Logrono. a fruit-preserving center, and one
man was killed to-day in a labor row at Malaga, where policeseveral times
fired into groups of strikers.
On Oct. 8 Associated Press advices from Madrid stated:
The peseta, which has fluctuated widely thissummer, to-day slumped to
what bankers said was the lowest point since the Spanish-American War.
The dollar was quoted from 9.87 to 9.96 and the British pound at around
48.60. Bankers regarded labor and political conditions generally as the
cause.
Still further advices from Madrid (Oct. 9) are taken as
follows from the New York "Times":
The peseta, which yesterday touched the lowest point in recent Spanish
history, remained at'ritually the same level to-day, closing at 9.95 to the
dollar. Official satisfaction was expressed, but some banks charged that
the Government Control Committee had refused many orders for foreign
gold, and since all foreign currency must be purchased through this Committee there was naturally not much selling of pesetas to-day, which led to
the steadying of the market.
Madrid, Spain, Housing Surplus-12,000 Dwellings
Vacant Now, But Building Continues Apace.
The New York "Times" reported the following (Associated Press) from Madrid, Sept. 24:
This city, which only two years ago faced a serious housing shortage.
now has a surplus of living quarters for its million inhabitants.
A survey shows that 12,000 one-family dwellings are vacant. This 1.3
about 6% of the housing accommodations in Madrid.
Construction of new houses continues, however, landlords hoping to
attract tenants by offering improved buildings.
Everett Colson, American Financial Expert in Haiti,
Selected as Abyssinia's Adviser.
Everett Colson, assistant to the American financial adviser
in Haiti, has been selected as financial adviser to the Emperor
of Abyssinia, according to a Washington dispatch, Sept. 27,
to the New York "Times" which added:
The selection was made from a list of financial experts submitted by the
State Department upon request of Kantiba Gabru and Lij Malaku Baien,
who came to Washington recently as representatives of the Abyssinian
Government to seek advisers on financial and educational matters.
The selection of an American for the post is particularly gratifying
because Emperor Haile Sellassie I, formerly King Ras Tatar! Makonnen,
the ruler of that country, has undertaken a program of development for
showing a preference for
hia country along modern lines and already is
American methods.
Send Gold to Italy—Exchange Under Par—Believe
Shipment Is Made at Order of Italian Government.
Regarding a recent shipment of gold to Italy the New York
"Journal of Commerce" of Sept. 20 said:
2312
FINANCIAL CHRONICLE
The first export of gold to Italy in several years was announced yesterday [Sept. 19] by the Federal Reserve Bank of New York. Because Italian
exchange is now quoted far below par, so that the outward shipment of
gold would involve a loss, it was inferred in financial quarters that the gold
had been withdrawn for some special purpose. It was believed that the
shipment had been made at the order of the Italian Government, but
there Were no definite reports that this was the case.
The shipment amounted to 33,000,000 and was made through the Banat
Commerciale Italiana Trust Co. The trust company had arranged the shipment at the order of the Bence Commerciale Italiana of Milan.
The lira, which has a par value of 5.28c., is currently quoted at
5.23 13/16c, for cable transfers. In consequence the purchase of gold in
New York with lire would lead to a loss, leaving out of account costs of
shipment.
Purpose of Shipment.
It was considered possible that the shipment had been made for the purpose of re-export, possibly to Turkey, from which Italy imports commodities.
It was pointed out, however, that the purchase of gold in New York for
this purpose would have been expensive even though a profit were earned
on later re-exports.
The metal was shipped on the Saturnia, which sailed at midnight yesterday. The vessel will arrive at Naples after touching Marseilles.
In banking quarters it was pointed out that the shipment could not have
originated in the need for gold as reserve against note currnecy, as was
said to have been the case with respect to recent accumulations of gold in
France. The Bank of Italy since 1926 has been the only bank of issue.
Against its notes a 40% reserve in gold or foreign exchange is required.
Bemuse foreign exchange is legal reserve against the notes gold for the
purpose of increasing note currency would not be necessary. On Aug. 20
the Bank of Italy reported a ratio of almost two-thirds of reserves and
bullion against note circulation.
Since there were no indications yesterday as to the purpose of the shipment, bankers said that there was no way of judging whether the shipment
would be followed by others. The fact that the shipment had been made
regardless of foreign exchange quotations, it was pointed out, emphasized
the difficulty.
[vol.. 131.
provisions of the Bank's charter, which are now the main cause of the
glut of gold in its vaults, led to a large accumulation of gold and in the
sixties this accumulation became a source of uneasiness to the Bank's
managers.
In those days the natural ratio between gold and silver was such that
silver as a coinage metal was none too plentiful. Students of American
monetary history will remember that, prior to the "crime of 1873," free
coinage of silver in this country had in fact resulted in but a small mintage
of legal tender silver dollars. The managers of the Bank of France were
disturbed because they thought they saw corning a flood of gold which
threatened to upset the bi-metallic basis of the currency. Before. however,
they had decided what to do about it, the scene changed in most complete
fashion and in the seventies there began the debacle of silver as a currency
metal. The Bank of France went into this period with Its vaults bursting
with gold, and a.. a result of this it was able to maintain for a full generation
the stability of the Latin Union currency system. It was a fortunate accident and it saved the situation for the Bank in spite of itself.
The same charter provisions which brought it about are responsible
for the situation to-day. It may, however, be doubled that history will
repeat itself in furnishing this time, a "happy ending." As at present
constituted the Bank of France gold reserves threaten the smooth working
of the world's reserve bank machinery. Nevertheless, this episode in the
Bank's history adds point to the remark of the late Sir William Acworth,
who said thac he had been hearing and reading about money and currency
all his life and now was quite sure that no one knew or could know much
about the subject, and that he purposed to waste no more time, thought
or talk upon it any more. Perhaps In all discussions of these matters It
is well to remember the old-fashioned German maxim with respect to all
attempts to forecast the future, "It always comes out different.'
Special Meeting of Stockholders of Banco del Comercio
of Havana Oct. 14.
The "Wall Street Journal" of Oct. 6 carried the following
item from Havana:
Stockholders of Banco del Comercio have been called to extraordinary
meeting on Oct. 14. According to balance presented by Banco del CornerFrance Found to Rank Second in Gold Holdings— do in connection with the suspension of payments, the conditions of the
bank are assets of $5,500,000 and deposits of $2,000,000. Securities, cash
Commerce Department Says Nation Is Ready to and
balances in other banks amount to $1,000,000.
Take Important Role as Supplier of Capital.
Plan presented to the court by Banco del Comercio in requesting legal
The following is from the "United States Daily" of Oct. 3: suspension of payments, promises full payment of creditors on terms of
10% within 30 days, 10% In 90 days, and the balance in four payments of
France stands second among the nations in its holdings of gold and 20% each every six months thereafter.
first in holdings of short term assets in foreign gold markets, and therefore
The court will decide whether to accept the request for suspension of
is likely to become one of the chief suppliers of international capital, Payments, and if it accepts will summon creditors to accept or refuse the
according to the Director of the Bureau of Foreign and Domestic Com- suggested plan.
merce, William L. Cooper.
The suspension of payments by the bank was noted in
II While the expected growth in French investments abroad has not yet
materialized, Mr. Cooper stated, it is likely that the investments will be our issue of Oct. 4, page 2153.
made through the Paris Bourse, and for that reason the Bureau issued
on Oct. 2 a review of the organization and operations of the Bourse, which.
it is expected, will be useful to bankers, business men, and others. This Herbert Brookes, Australian Trade Commissioner in
review is contained in Trade Information Bulletin No. 719.
United States, To Relinquish Post—No Seccessor
Divisions in Paris Bourse.
to Be Named.
The Paris Stock Exchange, it is explained in the review, is divided into
A cablegram from Melbourne Oct. 3 to the New York
three parts, the official market, a second market which corresponds somewhat to the curb market in the United States, and a third which deals in "Times" said:
Herbert Brookes, Australian Trade Commissioner in the United States,
unquoted securities and Is not subject to regulation.
has asked to be relieved of his duties, and the Federal Cabinet has granted
Mr. Cooper's foreword to the review follows in full text;
"The international financial Position of France has been strengthened his request.
No successor will be appointed and this will result in a saving of $30,000
remarkably since the stabilization of the franc in 1928. France's gold
reserves to-day stand second only to those of the United States, while yearly. Mr. Brookes was appointed in 1929.
its holdings of short-term assets in other gold markets of the world exceed
those of any other country. These huge credit resources hay, been growing rapidly from the savings of the French people, se France st-nds ready Emergency Session of Australian Parliament To Conto assume a significant role as a supplier of Internet on, capital.
sider Proposals To Relieve Financial Situation—
"Notwithstanding a promising outlook, little has yet been accomplished
Plan To Cut Expenses $20,000,000 a Year.
direction,
for a number of reasons. In the first place, before the
in this
World War French investors bought foreign securities on a large scale,
The following from Canberra Oct. 2 is from the New
only to see them depreciate heavily in value during the war and post-war York "Times":
periods. Lingering recollections of losses so Incurred continue to play a
A special emergency session of the Australian Federal Parliament has
large part in present Investing attitudes. In addition, from 1916 until
1928 the introduction of foreign capital issues into the French market was been summoned for Oct. 30 to discuss proposals to relieve the financial
situation.
The Cabinet, moreover, agreed to reduce expenditures by
under Governmental ban,ever since remaining under official supervi ion.
"Lastly, higher dividend taxes have been and are levied upon all foreign $20,000,000 a year. Some increased taxation, the Cabinet statement
securities, except those deposited with French banks or those which pay says, may be necessary on income from property.
A special committee is to discuss the work of finding an ultimate solution
the securities stamp taxes, tending to make foreign investing, at least in
for Australia's difficulties. It is believed here that the large yearly saving
part, less attractive than domestic investing.
planned
by the Cabinet can be effected only by large reductions in salaries
"Whatever the ultimate outcome, there Is little question that the French
Government services, but that as a 10% reduction would
securities market will provide the scene and furnish the mechanism for the throughout
developments which will take place. Accordingly, it has seemed appro- save only $6.250.000, other sources must be tapped, the most productive
being held to be pensions and the maternity bonus.
priate to publish at this time a reliable review of the organization and
The newspaper "Argus" of Melbourne, notes that Parliament will not
operations of the Paris Bourse, the central securities market of France,
meet until after the New South Wales elections and asks what guarantee
together with translations of the various legal provisions and other regulathe Government gives that the retrenchment plans will not be repudiated
Lions under which it operates.
after the poll has been taken.
t "It is believed that this study will prove useful not only to those who
The "Times" also reported the-following from Melbourne
are seeking an understanding of the growing importance of France as an
International financial centre, but also to bankers and business men whose Oct. 3:
dealings are international in scope and require an intimate knowledge of
The Australian Cabinet's decision to cut Federal expenditures by $20,the facilities of the French capital market.
This survey was prepared by Consul H. Merle Cochran of the Ameri- 000,000 yearly had a favorable reaction on the Stock Exchange here to-day,
Government securities and industrial shares advancing.
can Consulate-General at Paris. It is issued by the Finance and In- both
Though the detailed plan of the reductions was not disclosed, it is known
vestment Division of the Bureau of Foreign and Domestic Commerce,
Cabinet agreed upon a 15% reduction in ministerial salaries and 10%
which welcomes inquiries on this and allied subjects. That division has the
parliamentary salaries and graduated reductions reaching 15% in civil
on file translations of French legal regulations affecting stock brokers and in
service salaries.
also of the regulations of the Company of Paris Stockbrokers."
The Cabinet sub-committee's dudes regarding unemployment, It Is
Editorially the "Wall Street Journal" of Oct. 6 had the stated, will be to examine reproductive works. Including several investifollowing to say regarding the gold holdings of the Bank of gated by the Development and Migration Commission before its disbandment. If the Tu.] Cabinet agrees to the committee's proposals, the
France:
Commonwealth Bank will advance the necessary funds, and on this it is
Will History Repeat Itself?
believed Australia's future depends.
This is not the first time that accumulation of gold in the Bank of France
has been a subject of concern. When a century and a quarter ago Napoleon Australia
Prohibits Iron—Importations Banned After
founded the Bank he had two purposes in view. One was to provide a
Closing of Lysaght's Factory.
sound currency and the other was to give the people of France cheap
discounts. In both respects the Bank achieved Its founder's desires.
following
The
Canberra (Australia) cablegram Oct. 3 is
Throughout the nineteenth century the people of France had a sound
currency and enjoyed the lowest discount rates in Europe. The Bank from the New York "Times":
was on a hi-metallic basis; that is, it could redeem its notes in either gold
The importation into Australia of galvanized iron from whatever
source
or silver coin. Following the great gold discoveries in California the was prohibited by the Federal authorities to-day. The
decision followed
OCT. 11 1930.]
FINANCIAL CHRONICLE
the closing of Lysaght's factory in Now South Wales, on account of large
foreign importations.
The Government is concurrently withdrawing the present bounty of
$16 per ton at present awarded to Australian manufacturers, whose prices
henceforth will be controlled.
The blow will be a heavy one to British manufacturers, whose Welsh
factories are already short of work.
Nanking Again Delays Abolition of Likin Tax—New
Date is Jan. 1 1931.
The following Shanghai cablegram Oct. 3 is from the
New York "Times":
The abolition of the likin Ian internal customs tax], which was formally
announced for Oct. 10. has again been postponed, the new date of abolition
being Jan.'1 1931. The postponement is due to the continued warfare and
the acute need for money.
At a projected economic conference of domestic and foreign creditors
it is hoped to work out a plan to collect additional revenue as substitute
for the loss of $70.000,000 annually from the abolition of the likin.
Loans on Wheat to North Pacific Grain Growers, Inc.
Through Spokane Intermediate Credit Bank.
It was stated on Sept. 25 that the loans made by the North
Pacific Grain Growers, Inc., through the Intermediate
Credit bank of Spokane, Washington, to Inland Empire
farmers on 1930 wheat this week passed the $1,000,000 mark.
A. C. Adams, Treasurer of the Grain Growers Corp. is reported as stating that business so far this month is practically double that of August, and a net profit of $3,060
had been made since they began business in Spokane, April
8. It is added that on May 31, the organization statement
showed an estimated deficit of $5,200 which has since been
entirely wiped out.
North Pacific Grain Growers Report Big Selling Wave.
From Spokane, the New York "Sun" of last night (Oct. 3)
reported the following Associated Press dispatch:
Officers of the North Pacific Grain Growers. Inc., regional marketing
co-operative, to-day announced 6,000,000 bushels of wheat had been sold
through that agency. This represents a turnover of approximately $4,000.000.
A heavy selling movement has gained momentum in the inland empire in
the last 10 days, the officers reported, and this, coupled with increased demands from China and the Orient, is responsible for the large turnover.
J. M. Chilton, Chicago, Assistant General Manager of the Farmers
National Grain Corp.. said here stock raisers were feeding wheat in "larger
proportions than most people appreciate."
Federal Farm Board Refuses to Give Out Loan Data—
Figures Will Be Withheld Until Annual Report,
Despite Request of Representative Celler.
The Federal Farm Board on Oct. 4 refused to give out
in advance of its annual report an accounting of the money
It has lent and of the interest it has charged. A dispatch
from Washington Oct. 4 to the New York "Times" stating
this went on to say:
The information was asked by Representative Celler of New York
In a letter to Chairman Legge. Mr. Ocher had previously asked for data.
but Chris L. Christensen, the Board's Secretary, informed him on Sept 22
that the Board had "found it inadvisable to make available currently the
amount of loans made to the various co-operative associations, as well as
the rate of Interest applying to each loan commitment.'
ProfesAng to have been "astounded" at the first refusal of this information, Representative Collor wrote;
"I am informed from reliable sources that loans have been made to
co-operatives at a maximum rate of interest of 4%, while other loans have
been made as low as 1 %.
"I am also informed that central co-operatives pass these loans down
to local co-operatives, where the interest rate runs as nigh as 5% and, In
some cases, even 6 and 7%."
Although it has received occasional requests for information the Board
has formulated the practice of keeping its activities confidential, whether
they have related to financing plans or stabilization purchases of farm
commodities.
Farm Board Needs of Funds Uncertain—Repayments
May Make Appropriation Unnecessary, Says ViceChairman Stone.
The following is from the "United States Daily" of Sept.
27:
The Federal Farm Board has not yet determined whether It will ask for
an additional appropriation at the next session of Congress, and has not
discussed the amount which might be needed, the Vice-Chairman of the
Board, James C. Stone, stated orally Sept. 26.
No Jesse on any ofthe Board's operations have yet materialized definitely,
Mr. Stone said, although he added that it is almost certain that there will
be some losses when final settlements are made in some cases. Cotton and
wheat held by corporations sponsored by the Board are now worth less
than the price paid for them, Mr Stone pointed out.
Any possible request to Congress for more funds will depend on the amount
of repayments of loans made by the Board, Mr. Stone said. If repayments
are heavy no added appropriation may be needed.
The appropriation authorized for the Board totals $500.000,000, of which
$250,000.000 has been actually appropriated, it was stated orally at the
Board's office. Mr. Stone said that about $7,000,000 of the appropriation
already made is still unobligated in the hands of the Board, while some $70.000.000 is still held by the Board but has been pledged in loans. The
Grain Stabilization Corporation soon is to repay about $30.000.000 to the
Board, having obtained that amount as a loan from a group of banks, it
was stated orally at the Board's offices.
2313
Grain Floods Rotterdam—Ships Used to Store Surplus
as Imports Increase Substantially.
A wireless message from The Hague, Oct. 7 appeared
as follows in the New York "Times":
September figures from Rotterdam show an increase in grain imports
through that port to 562,800 tons from 252,500 tons last year. North
America sent 139,200 tons, as against 57,400 tons last year. South America
showed a decline. Rumania sent 108.600 tons and South Russia, which sent
nothing last year, 129,700 tons. There is so much grain now in Rotterdam
that ships which are laid up are being used for storing it.
Purchases Swamp Russian Soviet Government, Says
Chairman Legge of Federal Farm Board—Thinks
These Explain "Frantic" Selling of Wheat—Denies
Reports That International Harvester Co. Advanced 840,000,000 to Russia.
Chairman Legge of the Farm Board, who formerly was
President of the International Harvester Co., revealed
on Oct. 2 that he had advised agents of the Russian Government repeatedly against making large purchases of industrial
materials against future needs. The purchases were given
by Mr. Legge as a possible explanation of the "frantic"
selling of wheat and other commodities by Russia, as it is
understood that the Soviet commitments for materials
bought largely in the United States are a heavy drain on
her resources. The New York "Times" from which the
foregoing Washington advices Oct. 2 are taken further
said in its dispatch:
The Chairman took a view of Russia's underselling in the wheat market
which differs from that expressed by other officials, however, when he stated
that all of the wheat which Russia is capable of exporting could not affect
the world market for more than a few weeks. He estimated that Russia
is exporting not to exceed one-fifth of her pre-war volume of wheat.
Tells of Plant Expansion.
Painting a picture of the building by the Soviet of huge factories which
cannot be productive for some years, of power projects that will take many
years to complete, and of agricultural land stocked with modern equipment
which is more of a puzzle than an aid to peasants, untrained in modern
methods. Chairman Legge stated;
"I have told the Russian buyers repeatedly that I thought heavy purchases of material which may not be used for years to come is a mistake.
The point was that the Russian peasant is content to go on in the old way,
and probably would yield as much now through old methods as with modern
ones, until be learns the newer methods."
Admitting that the wheat situation caused by hasty Russian selling
might be "bad for a few weeks." Mr. Legge said that "the largest amount
they have to export could be absorbed by any one of the four great European
wheat importing countries." Regarding the report to the Farm Board
that Russia is prepared to export 48,000,000 bushels, for which 85 ships
have been chartered, he observed:
"That's only a drop in the bucket compared to an overseas importing
demand of about 800.000.000 bushels."
Chairman Legge declined to comment on proposals now being unofficially
considered for the international bartering of huge quantities of surplus
crops and other products,including 100.000,000 bushels of American wheat.
Saying that he had "Just heard the plans mentioned," he added that
"nothing has formally come before the board," but thought it might be
practicable, for instance, to export grain to France and receive such products
as laces and silks in return.
Could Ship 100.000.000 Bushels.
Despite surveys which have been interpreted officially as showing that
the United States may need all of its surplus wheat to help overcome the
corn shortage this Winter, Chairman Legge said:
"I don't think there would be any trouble about shipping 100.000.000
bushels of wheat. We have heard nothing definite, but we know that
during the Winter there will be requests for it."
On the other hand, he was certain that the question of needs for livestock feed "undoubtedly will come up in that connection."
Following reports published today that some manufacturers are taking
wheat from fanners in lieu of cash for farm equipment, Chairman Legge
named the Dempster Manufacturing and the Baldwin Gleaner Co. of
Kansas City, Mo., as two firms that have tried out this practice.
Chairman Legge denied without qualification published reports from
London that the International Harvester Co. advanced $40.000.000 In
credits to Russia recently. He said that small credits had been extended
within the last 12 months but, speaking for the harvester company and
other manufacturers of farm implements doing business with the Soviet
Government. he explained:
"The Russian Government has plunged on industrial equipment, such as
turbines, to such a great extent that the expenditures for farm machinery
seem small indeed."
As an example of the buying for future needs in the industrial field by
the Moscow Government, he said that a banker who recently visited him
after returning from Russia told of two outstanding cases of industrial
work on which expenses might easily have been deferred.
One was described as a power project "about the size of Boulder Dam,"
for which all equipment that will be needed in years has been contracted.
The other was said to be a tractor works at Stalingrad, designed and
equipped to produce 100.000 machines a year in which to date, two tractors
have been built by hand. The plant cost the equivalent of $22,000,000.
Inter-State Commerce Commission Extends Emergency
Freight Rates on Feed and Livestock Shipments in
Drouth Areas.
The Inter-State Commerce Commission on Oct. 7 extended
for five months the period during which railroads throughout the country will be permitted to publish and charge
reduced rates on livestock, feed and water as a relief measure
affecting the drouth-stricken areas. The Commission's
2314
FINANCIAL CHRONICLE
order, issued on Aug. 9, was originally set for expiration
on Oct. 31, but was extended on Oct. 7 to March 31 1931.
[vol.. 131.
average price of all commodities is down only 14% from the 192o-29 base
period.
With regard to pre-war relationships, says the Service, if the average
prices In 1913 be taken as 100, the present price of cotton would be represented by an Index number of 81, while the present average price of all
commodities in this country would be represented by an index number of
120. Stated otherwise, cotton Is now selling about 19% below the 1913
level, while the average price level of all commodities is 20% above 1913.
Federal Farm Board Plans Series of Conferences in
South to Act on Reduction in Cotton Acreage.
The Federal Farm Board announced on Oct. 7 that in
co-operation with the United States Department of Agriculture, it will invite a series of conferences in the South Southern Cotton Trust Organized in Dallas to Buy
500,000 Bales of Cotton.
looking toward a reduction in the acreage of cotton and a
readjustment of the farming programs of cotton farmers.
Operations of the Southern Cotton Trust of Dallas,
The Board's announcement further says:
organized to purchase 500,000 bales of cotton and other
The acreage planted to cotton this year was 45,800,000. The Board agricultural products to be held for higher prices, will begin
believes that 40.000,000 acre is the danger line and that the South as a in offices in the Dallas Cotton Exchange
Building as soon as
whole should reduce acreage to that point.
There are, of course, other steps for readjustment of the South's farming necessary papers are received from the Secretary of State's
program besides reduction of the acreage of cotton. The South produces office in Austin, officers of the company announced according
too much cotton of poor character and staple and too little of the better
to the Dallas "News" of Oct. 1, which further said:
staples. There Is too much unproductive and, therefore, unprofitable land
A permit under the blue sky law to sell its capital stock of $49.500
planted to cotton. Too little land Is planted to food and feed crops. There
is too much gin-run seed and too much mixing of varieties In the same divided into 3,000 shares costing $16.50 each, was granted Tuesday at
Austin. The shares of stock will be sold only for cash, and of the $16.50
community and even in the same bales.
All of these things will be discussed In a series of conferences with repre- collected $15 will go into a cotton purchase fund and $1.50 will go to paying
sentatives of agricultural colleges, experiment stations, extension divisiont organization expenses and commissions.
Vice-President Clarke W. Clarke announced that the First National
and county agent groups, teachers of vocational agriculture, bankers'
associatione land ownership groups, the cotton co-operatives, general farm Bank in Dallas had been appointed depository for the company funds.
officers are D. R. Hitsmann, President; A.E. Merkle, Vice-President.
Other
of
knowledge
organizations, and all other agencies whose experience and
and H. T. Pearson, Secretary, all of Dallas. Mr. Hitsmann and Mr. Pearthe South will hi ip to solve these problems.
This series of meeting. will be held as quickly as they can be arranged in son are cotton men, Mr. Clarke is an oil man,and Mr. Merkle Is a certified
every cotton State. In them an attempt will be made to work out definite public accountant.
No central storage warehouse Is planned but the products will be stored
programs suited to the needs of each State and to localities and innividual
farmers within the State.. All useful facts on toe present cotton situation wherever they are procured in large quantities. Cotton will be the principal
will be presented so that, in the end. every cotton farmer may know within commodity dealt in.
reason what he is facing before he makes his planting plans next spring.
The first of these meetings was held in Montgomery. Alabama, on Oct. 7. Legislation Providing for $25,000,000 Seed Loan Re-
Governor Moody of Texas Consents to Discuss Cotton
Acreage Cut—Bars Special Session Without Assurance of South-Wide Reduction.
Associated Press advices as follows from Austin, Texas,
Oct. 3, are taken from the New York "Times":
ported as Proposed by Texans in Congress.
Associated Press advices from Washington Oct. 2 stated:
A farmers' seed loan fund of perhaps $25,000,000 was forecast In agricultural circles to-day as a step toward alleviating distress brought on by
drouth.
Reports that the Texas delegation in Congress would ask for such legislation, with a provision that 25.000,000 be allotted to their State, followed
closely an announcement by G. L. Hoffman. head of the Federal seed
Declining to call a special session of the Texas Legislature for the con- loan office, that his funds had been completely wiped out under a daily
sideration of cotton acreage reduction legislation without assurance that barrage of applications running high Into the hundreds.
other cotton States would join in. Governor Moody consented to-day to
Texas was among numerous other States which did not share in the
confer with other Southern Governors on a South-wide reduction program.
unexpended balance of the 86,000.000 appropriated by Congress last March
The Governor's promise was given at a meeting with a committee headed to relieve distress in 15 States caused by storms, floods and drouth. Mr.
by J. E. McDonald, Democrat nominee for Commissioner of Agriculture Hoffman had only 2550,000 left and that was distributed among 1.732
and sponsor of the cotton acreage reduction bill In the last Legislature.
applicants for loans in Alabama. Oklahoma, Virginia and Missouri.
After the meeting. Mr. McDonald said he had not given up hope for a
It was necessary, Mr. Hoffman explained, to limit the disbursements.
special session and did not regard the Governor's statements as a refusal. Since the loans could be made only for crops of 1930. they were made In
Be said he was certain that if a conference of the cotton States' Governors those States which had the best opportunity to produce pasture crops by
could be arranged, all would agree to call their Legislatures into special November and December.
session for the purpose of enacting acreage limitation laws.
Seed loans, which draw 5%,require no further security than a mortgage
The Governor promised to communicate with Southern Governors im- on the crop the farmer expects to produce. The Government bears the cost
mediately. asking if they would attend a conference to discuss the entire of legal details.
program.
Mr. Hoffman said nearly 90% of the $6.000.000 loaned to the flood
sufferers in Georgia, Alabama. South Carolina, North Carolina, Florida
Cotton
Acreage
Legislation in Mississippi To Enforce
and Virginia last year had been repaid.
Reduction.
From Jackson, Miss., Associated Press advices, Oct. 3, Feed Shortage Bears Heaviest on Livestock Producing
Areas.
said:
Mississippi was among the first States to enact legislation relative to
Considerably larger than usual shipments of feeds into
cotton acreage reduction, the enforcement of which is contingent upon a livestock producing areas this fall and winter are expected by
sufficient number of other Southern States agreeing to a similar plan.
Under the Mississippi law, sheriffs of the counties would be empowered the Bureau of Agricultural Economics of the U. S. Departto enforce the provisions of the Mississippi law, which prohibits planting ment of Agriculture as indicated in its Oct. 1 report on the
more than 60% of land In cotton that was under cultivation the preceding agricultural situation. The Bureau under date of Sept. 30
year. It virtually calls for a 40% acreage reduction.
said:
Alabama Conference Calls For Reduction In Cotton
Acreage—Asks For A Cut To 40,000,000 Acres to
Restore Prosperity.
The following from Montgomery, Ala., Oct. 6, appeared
in the New York "Times":
While the country's feed crops perhaps are sufficient as a whole, a large
volume must be transported into the deficit areas. Even the local distribution of supplies is very abnormal. Kansas, for example, has a corn
crop nearly 70% as large as last year's but two-thirds of the corn is In about
30 of the 105 counties, where cattle are comparatively few. Although
wheat and other small grains may be substituted for corn quite extensively,
this Involves transportation. All reports indicate that farmers everywhere
are storing fodder, straw, silage and all possible feedstuffs.
was started
A movement for the reduction of cotton acreage in the South
farmers, bankers and
here to-day with the endorsement of fifty leading
industrialists of Alabama and representatives of the Federal Farm Board.
The conference was called by Governor Bibb Graves at the request of
Thompson, of Robs,
the Federal Farm Board, whose representative. J. 0.
faced by the
Ala.. stated that overproduction had been the first obstacle
Board In Its efforts to help the farmer.
Resolutions were adopted recommending that cotton planting be limited
production upon a profitable basis.
to 40.000.060 acres to put cotton
;
be held within 40
Ti,. resolution recommending that cotton planting
to an original resolu000.000 acres In the cotton belt wastosupplementary
reduce the cotton acreage, but to
tion calling upon farmers not only
products through cooperative
plant more foodstuffs and to market their
The Bureau at the same time reported that the production
of livestock products has already fallen off as a result of the
drouth, and expresses the belief that production of these
commodities "will continue to decline." The figures show
that butter production during August was 12% less this
year than last and cheese 14% less. Total carlot shipments
of fruits and vegetables, on the other hand, are almost up
to last season's corresponding figure of approximately 4,000
cars a day.
The Bureau also said:
agencies.
This season will go down as one of the great drouth years—the fifth
since the Civil War. In 1901, the last previous one, corn yielded 17 bushels
fall is for a little over 19 bushels per acre,
American Cotton Selling Below Average Price of to the acre. The forecast thisproduction
Is slightly more than 28 bushels,
whereas in the average year
Commodities.
Moreover, large areas in the eastern half of the country are still suffering
average
relationthe
below
acutely from dry weather. Not only have the late crops such as corn,
American cotton is selling far
potatoes. beans, and buckwheat been reduced but the new clover and alfalfa
United
the
in
commodities
all
of
price
average
the
ship with
seeding, and even many old meadows are past help, thus carrying the
prein
or
years
recent
in
either
States which has prevailed
problem over into next year.
war years, according to the New York Cotton Exchange
Late reports to the Bureau from certain key States are in
Service, which says:
as follows:
part
years from 1926 to 1929 incluslve
Taking the average prices In the four
by an index
as 100, the present price of American cotton Is represented
in this
number of 55 while the present average price of all commodities
country is represented by 86. In other words, cotton is down 45% but the
Iowa —Corn curing rapidly as a result of ideal conditions in September.
Less shrinkage than indicated earlier. County fair attendance generally
smaller than last year.
OCT. 11 19301
FINANCIAL CHRONICLE
2315
The reported plans of California grape growers and distributors to
Indiana.—Hay prices advancing. Some improvement in butterfat
capitalize the Government's attitude toward the home wine maker have
prices makes farmers lees pessimistic.
Kansas.—Steady hog prices and materially improved markets for fat caused an announcement by Pronibition Director Amos 'W. Woodcock
cattle since the July lows have offered some encouragement to livestock that prosecutions would follow any concerted move to market grapes for
producers. Conditions for seeding the new wheat crop are very favorable. wine purposes.
He made it plain that the immunity for the householder who desires to
It appears now that only prices and economic pressure would be deterring
make wine for his own use will not apply to those seeking to provide wineInfluences to maintaining last year's wheat acreage.
making
ingredients or utensils on a commercial basis.
fruit
many
of
Cahfornia.—Insuffident demand and large production
"It is against the law knowingly to sell grapes or anything else for the
and vegetable crops have resulted in some wastage, as low prices would not
manufacture of intoxicating liquors," he said. "The whole question of
warrant the cost of harvesting, packing, and shipping to market.
Northwest.—Wheat summer fallow ready for fall Seeding but growers violation hinges on the intent of the seller. The burden of proof rests on
Government to show Illegal intent."
the
short
little
mostly holding off on account of lack of rainfall. Pastures a
The statement came after Woodcock's attention had been drawn to
because of the dry session.
grape advertisements in trade journals. He denied that any action against
grape concerns was planned and said the matter would be considered in
Federal Farm Board Moves to Aid Raisin Industry— the regular order of enforcement.
The Government has had difficulty in the prosecution of wine makers
Control Board's Purchase of 320,000 Tons of
because there L. no limit for alcohol placed on the product of fruit juices.
Raisin Grapes.
and a jury may snake its own definition of an intoxicating liquor.
Home brew is in a different category. Woodcock said. Beer containing
Washington advices Oct. 3 to the New York "Journal of
more than ;.‘ of 1% alcohol Is Illegal, and a householder could be prosecuted
Commerce" said:
for possessing it. Evidence of sale is required for Issuance of a search
, The Federal Farm Board today assisted In placing in effect a plan which warrant, however.
has been referred to, among equalization fee backers, as "the McNaryHaulm bill for the grape industry."
National Finance Credit Corporation Formed as SubThe control board for the industry has purchased 320,000 tons of raisin
sidiary of Texas Live Stock Marketing Association.
grapes. As surplus wheat was to have been bought up and sold abroad
to leave the domestic market for the American grain farmer, these surplus
of the National Finance Credit Corporation
Organization
instance.
this
in
grapes are now to be taken off the grape market. But
Marketing
Instead of being exported, grapes are to be left on vines or manufactured of Texas, a subsidiary of the Texas Live Stock
Association, has been completed, it was announced on Oct.2
into by-products.
Wheat farmers expected that ifthe McNary-Haugen bill had been enacted by John,C. Bums, General Manager of the Association,
disposal of the surplus would have made the tariff effective and would
have resulted in price increases to repay them toe equalization fee plus which maintains its headquarters in the Live Stock Exchange
30 cents to 35 cents a bushel.
Building, Fort Worth. A Fort Worth dispatch Oct. to
In the ease of grapes, C. 0. Teague, member of the Farm Board for the Dallas "News" from which we quote, added:
the
of
removal
that
fruits and vegetables, today wired California growers
Officers of the Credit Corporation are: H. L. Kokernot, San Antonio.
320.000 tons "from competition with the 1930 crop and a shrinkage of 15
Housto 25% whicn has since developed in estimate of tonnage of raisins now President; '1'. D. Hobart, Pampa, First Vice-President; J. M. West,
; W. E. Connell, Fort Worth, Treasurer. and
on trays now make a strong statistical position for raisins which should ton, Second Vice-President
There
thins=
directors,
are
Worth,
Secretary.
Fort
Barnes,
W
George
make a strong market position."
Kokernot, Mr. Hobart and Mr. West. are Dolph
Costs of buying up the surplus raisin grapes are to be borne by the who. including Mr.
Mangum, Eagle Pass; G. R. White, Brady; W. T.
California grape co-operatives, and the Farm Board is assisting in the Briscoe. Uvalde; Hal L.
Thomas, Strawn; J. C. McGill, Alice: 8, E. McB.
R.
financing. Teague announced that in view of better market prospects the Coble, Amarillo;
Ozona; L. A. Machemehl, Bellville. and
Kincaid,
A.
'I'.
Sonora;
Knight,
lb.
per
;ie.
as
board is increasing loans onsgrapes to co-operatives as much
Claude K. McCan, McFaddin.
folthe
3
Oct.
on
public
made
Board
The Federal Farm
The executive committee, composed of Mr. Kokernot, Mr. West. Mr.
Briscoe and Mr. Coble, met in Fort Worth recently to outline plans and
lowing telegram to the California Raisin Pool:
au.3 1930.
to complete arrangements for the making of loans.
California Raisin Pool, Fresno, Calif.
Supervisor Named.
Purchase by Control Board of 320,000 tons of raisin grapes on vines.
At this meeting they employed as supervisor of loans A. A. Wright of
which Is equivalent to 85.360 tons of raisins and their removal from comtaken up his duties at Fort Worth. Mr.
has
San Antonio, who already
petition with 1930 crop and a shortage of 15 to 25%, which has since develis excellently qualified for his work, both in training and experience,
oped in estimate of tonnage of raisins now on trays, now makes strong Wright
Burns explained. .Reared near Alice, Tex., on a cattle ranch, Mr.
statistical position for raisins which should make a strong market condition. Mr.
graduated in animal husbandry from the A. & M. College In 1906.
Farm Board, tnerefore, under conditions which prevail In grape industry Wright
then has followed the cattle and loan business continuously.
has decided it is warranted in increasing advance one-quarter cent per and since
J. G. Shamburger of Fort Worth has been engaged as assistant to Mr.
pound on substandard and one-half cent per pound on extra-standard and
He not only has had several years of experience as an office man
standard raisins in addition to former commitments, and you are therefore Wright.
commission firms In Fort Worth, but is very familiar with the live
advised that this will be done. Mr. Fred Koster's trip to Washington with
business, having served as Assistant Secretary to the Fort Worth
has been very helpful in bringing these later developments to Board's stock loan
of the War Finance Corp. during the entire period of its operations.
attention, and we are appreciative of fine spirit of public service that is agency
The National Finance Credit Corp. of Texas is incorporated under the
prompting him to devote his time to interest of grape industry.
laws of Texas and capitalized for $500,000, thus giving a rediscount privi(Signed) C. C. TEAGUE.
lege through the Federal Intermediate Credit Bank of Houston of approxiMember Federal Farm Board.
mately $5,000.000. Under the law, loans may be made only on cattle
and sheep in the process of preparation for market. Mr. Burns pointed out.
Chairman Legge of Federal Farm Board Admits Aid in Preparing such live stock for market may be done either by feeding consuch as grain, cottonseed products, &c., in conjunction with
Grape "Process"—Laughs as Farm Board Loan to centrates,
the necessary roughage, or grass, or it may be done by grazing exclusively.
California Producers Is Linked With Home Wine- The financing of live stock for breeding purposes is not permitted.
Making—No Protests Yet, He Says.
From the New York "Times" we quote the following
from Washington Sept. 29:
Interest Rates.
The interest rate on loans of less than $20,000 will be 6% and that on
j.
loans of more than 520.000 5 %, these rates being based on the present
rediscount rate of 4%. Borrowers of sums of $20,000 or more will be
required to subscribe 5% of their loans to the capital stock of the Credit
Corporation for the ultimate purpose of Increasing the capital stock to
$1.000,000. Theirs will be preferred stock and bear 8% interest. The
term of the loan may be for nine months or a shorter period.
Those who obtain loans must either be or become members of the Texas
Live Stock Marketing Association. Necessary forms will be furnished on
request. These are, first, membership application; second, application for
loan, and, third, financial statement. The two latter forms are to be
executed by the applicant in duplicate. Prompt service will be rendered
In passing upon loans and in making funds available when loans are granted.
The statement of Prohibition Director Woodcock that wine-making in
the home was virtually beyond the reach of Federal interference was viewed
with a greater interest here to-day when it was discovered that part of a
large loan by the Federal Farm Board to California grape growers was
to be used to "process" surplu juice grapes for such home consumption.
It came to official notice In Washington that the California Grape Control Board, Ltd .comprising three large Western fruit growers'co-operative
associations, had been advertising that the "legal purchase and home
consumption of juice grapes is assured."
The Control Board, formed to process surplus grapes into by-products
and to develop markets for them, Includes in its membership the California
Fruit Growers, the California Vineyardists' Association and the San
Joaquin Growers-Shippers' Association and, as a subsidiary. the Fruit Dumping of Grain Admitted by Soviet—Moscow OffiIndustries. Inc.
cials Say They Must Sell at Any Price to Get Funds
In an advertisement in "Produce News," a trade publication, on Sept.6
for Five-Year Plan—Deny Seeking Depression.
the Control Board set forth the following:
"Juice grapes sales will be aided through the services of a competent
Walter Duranty, writing to the New York "Times" under
manager located at New York or Chicago, and ample assistance will he
given him in other Important markets. The trade will be contacted daily date of Sept. 28 from Moscow, said in part:
and necessary steps taken to acquaint all classes of consumers with their
Russia's Communist leaders profess to see surprising contradictions in
rights under existing laws.
the European attitude toward this country nowadays. On the one
wao
consumers
authorized
Federal
with
no
interference
be
"There will
hand It is written and stated, and in many countries believed, that the
desire to purchase grapes for the home manufacture and consumption of Soviet five-year plan is an imposture or a Utopian dream, doomed to
fruit juices. Ample protection will be afforded In all cases where neces
failure. On the other hand Soviet "dumping." not only of raw materials
sary. Regional representatives will be available to handle such cases in but of manufactured goods, is regarded as a deadly menace to the hardFederal
and
State
the
Governments."
co-operation with
pressed business Industry of the Western world.
Alexander Legge, Chairman of the Federal Farm Board, Indulged in a
Ready To Sell at Cut Price.
hearty laugh when informed to-day of charges that the Farm Board was
It Is an unquestioned fact that the Soviet, In order to sell its goods
helping the California grape growers In their campaign to encourage wineabroad, Is willing to accept less than the market price. Hence the accusamaking at home.
Be denied none of the statements regarding Farm Board aid to the tion of dumping. to which the Boishevild reply that they would rather
grape producers in "processing" their products so It could be used for that keep at home the materials which are exported, but are forced to sell
them anyhow by the "financial blockade."
purpose, and said that up to to-day he had received no protests.
"If" they say, "we could get loans or long-term credits on the usual
terms we would export less. As it is, we are depriving ourselves and
Illegal,
to
Is
Growers—Sale
Wine
Makers
Warns Grape
tightening our own belts to provide ourselves with the foreign machines
and technical assistance required for our industrial reorganization."
Says Prohibition Director Woodcock.
The accusation that the Soviet Is dumping deliverately with the IntenThe following United Press advices from Washington tion of depre.sing world prices In order to provoke economic slumps and
subsequent political uprisings the Bolsheviki dIsmis as childish. Every
Oct. 3 are from the New York "Sun":
2316
FINANCIAL CHRONICLE
nickel more on the world price of a bushel of wheat or a ton of coal or
a standard of timber eases their purchase of foreign machinery. Whatever may be their plans for the distant future, this will remain true for
the next ten years or more, until the Russian industrial reconstruction is
completed.
The trouble is that world prices—or at any rate European prices—In
these commodities have already fallen to or below the cost of production
and the fact that the Soviet is willing to cut Its rates still further and
deliver large quantities as well Is just about the last straw for Western
producers. In other words, when the whole world is suffering from over
production and low prices. the Soviet bursts in with goods which it is
prepared to sell and must sell at any price.
Nowhere is this better illustrated than In grain. Official estimates
place the Russian cereal crop at 90.000.000 tons, whereas the internal
need of the country in previous years has been not more than 80,000,000
tons. Of the 90,000.000 total, wheat can be reckoned upon as making
up about three-tenths, or, say. 25.000.000 to 27.000.000 tons.
The Russian masses for the most part are unaccustomed to consuming
wheat, which is grown mostly In Northern Caucasla, Southern Ukrainia
and in other regions most suitable for exporting this grain. One might
deduce, therefore, that the Soviet could export this year some 10,000.000
tons of grain, of which half or more would be wheat. But It is not so
simple as that.
With all exportation under State control, grain must first of all be
mobilized by the State, or "collected," as the Russians call it. While
the State farms were fairly well provided with threshing and storage
facilities, the collective farms and individual peasants were notably lacking
in the same this year, and there will be much waste.
Last year, on a crop 15 or 20% smaller. the State "collected" with
some difficulty 14,000.000 tons. After repaying what had been borrowed
the previous year from the reserve grain fund and supplying its own needs,
the Soviet had about 1,000,000 tons to export,of which 600.000 was exported
up to the end of June.
State grain collections are not going too well this year, but it is likely
the State will be able to mobilize from 18.000.000 to 20.000.000 tons.
which would leave an export margin of 6.000.000 to 8.000.000 tons, of
which at least half would be wheat.
Last June, when the harvest was still uncertain but the prospects looked
good, your correspondent was informed that the Soviet hoped to export
3.000.000 to 5,000,000 tons of grain In the coming year. Taking into
consideration the waste through lack of storage and other facilities and
the difficulties of collection and transport, it is improbable that this figure
will be materially increased.
The ()Metals concerned do not know, or will not say—they probably
do not know—but the writer is inclined to set 6.000,000 tons as the ultimate
limit of Soviet grain exports this year. of which wheat may reach 3,000.000
or a trifle more. The exact figures will depend not only on State collections but on how the grain winters this year and the spring prospects
for the next harvest.
Investigation by Congressional Committee Inquiring
Into Russian Soviet Wheat Deajings on Chicago
Board of Trade—J. S. Badenoch of Latter Says
Russian Short Selling Was Not To Depress Price
in United States.
That the Business Conduct Committee of the Chicago
Board of Trade considers that the short selling of approximately 7,500,000 bushels of wheat in Chicago "was not to
depress the price of wheat in this country," Is the statement
made by J. S. Badenoch, Chairman of the Committee, on
Sept. 29 to the Congressional Committee Investigating Communistic activities in the United States. The charge by
Secretary of Agriculture Hyde that the Russian Government was short selling wheat on the Chicago market, thus
contributing to the fall in prices, was referred to in our
Issue of a week ago, page 1980, in which it was also indicated
that an inquiry would be undertaken into the dealings by the
House Committee investigating Communistic activities, according to an announcement by Representative Hamilton
Fish, Jr., Chairman of the Committee. The statement above,
attributed to Mr. Badenoch, is taken from the Chicago
"Journal of Commerce" of Sept. 30, which in its further
account of the testimony brought out at the hearing in
Chicago before the House Committee on Sept. 29 said:
Representative Fish by his questioning brought out the fact that the
Board of Trade itself set in motion an inquiry that preceded the telegraphic
demand of Secretary of Agriculture Hyde for an investigation. John A.
Bunnell, President of the board, said the short selling of 7,500,000 bushels
of wheat might temporarily tend to depress prices, but he declared that be
saw in the Russian action no "threat to the American farmer."
Acted on Advice
[vor.. 131.
Orders Fixed a Limit
Mr. Badenoch was asked the result of the inquiry by his committee, and
aid:
"We are satisfied that the purpose of the Russian Government was
not to depres
the price of wheat in this country. We reached that conclusion because
the orders
were placed as limit orders, not to go below a definite price.
"Had it been Its purpose to depress prices, the Russian eyndIcate would have
given carte blanche orders. regardless of price. The marketing was In orderly
units."
Safeguard for Deals at Home
In reply to questions by Representative John E. Nelson, Maine, Badenoch
said he was convinced the purpose of Russia was hedging "to safeguard
European transactions." Depressed prices would have been of no benefit to
Russia since such a result would have meant a loss on cash sales by the
Russian government, the Committee Chairman insisted.
Badenoch declared Russia had not depressed wheat prices, which
were
already on the decline before the Soviet sales were made.
It was brought out that the Russian short sales here were handled
through
three firms, J. S. Bache and Company, Wachsman & Wassail and
Norden
and Company.
Says Testimony Conflicta
Chairman Fish declared Badenoch's testimony, which was to the effect
that he understood that collateral had been placed by the brokerage firms,
was in conflict with information obtained by the Congressional
Committee
in New York,
Chairman Fish asked Badenoch if the three brokerage firms had
sold
cotton short in Chicago and the witness said he understood that
they
had not.
"That is contrary to what they said under oath in New York,"
said
Chairman Fish,
Griffin Gives View,
The opinion that it is dangerous for the United States or any foreign
government to compete with private traders in the commodity markets
was
expressed by Joseph P. Griffin, who three times was President of the Board
of Trade. Mr. Griffin is resident partner of J. S. Bache and Company,
OM
of the brokerage firms which received Russian wheat selling orders.
In response to a question as to his opinion regarding the adoption of the
resolution barring foreign governments from short selling in the Chicago
market, Mr. Griffin said:
"I think It a menace to have the United States or any other Government Interfering with private trade. During the war foreign Governments were heavy buyers
of wheat futures. They bought more than there was. Then the situation
was
dangerous. If different, because there was a shortage rather than a surplus. Governments are financially too powerful. If there Is any delinquency In not barring
them sooner, It Is In Washington and not here."
Mr. Griffin explained that all of the Russian orders were for sales at a
fixed price and that was evidence that Russia was not trying to depress the
price. Low prices for wheat, he said, were due to generally depressed conditions in all commodities.
Congressman Nelson demanded of Mr. Badenoch if the Board was interested in the compliance of members with Federal regulations. He referred
to the rule that futures sales of 500,000 bushels or more must be reported
to the grain futures administration.
"There is no moral standard among the members," Nelson declared.
Mr. Badenoch immediately took issue with him and asserted that the
standard of the members was "very high."
Calls Action Hedging
Mr.. Bunnell told the Committee that in his opinion the action of the
Russian Government was hedging. The President of the Board of Trade,
In reply to questions said that Mr. Badenoch had come to him
about
September 13 or 14 and said he had heard rumors on the floor of the Board
of sake of wheat by the Russian Government.
At that time Mr. Badenoch sought to visit L. A. Fitz, supervisor here
for
the United States Grain Futures Administration, who was out of town,
but
when the latter returned Mr. Badenoch saw him and suggested he take
the
usual steps to learn what had been done.
This, Mr. Bunnell explained, was before Secretary of Agriculture
Hyde
telegraphed him to the effect that the Russian action was detrimental to
the
American farmers.
"Mr. Fitz took the matter up with the Washington office," said
Mr.
Bunnell, "and nothing further was heard by us until we received a
telegram
from the Secretary of Agriculture."
Tells of Private Quiz
Mr. Bunnell told of the exchange of communications between
the Secretary
and the Board officials and after requested information had
come through
Mr. Fitz, the Committee on Business Conduct had begun its
investigation.
"The Committee is not entirely through with their
investigation, but Mr.
Badenoch will gladly give you information," Mr. Bunnell said.
"The officers
of the Board as members and citizens wish to co-operate
with your Committee to the fullest extent. Our interests are identical.
If there has been
any abuse of our marketing machinery we are much
interested in finding
It out."
Mr. Bunnell also told of a delegation representing
the Board having gone
to Washington to confer with Secretary Hyde and
of the adoption later by
the directors of the Board of a resolution
prohibiting placing of short sale
orders for foreign governments. Mr. Bunnell, in
reply to a question, said the
resolution was not contrary to the best judgment
of the officers of the
Board, but that the Board acted on the advice of
the Committee which went
to Washington.
"You can see no reason why the Russian
Government should sell wheat
short on a falling market?" Representative Nelson
"I'm not a grain man," Mr. Bunnell answered.asked.
"Could you see any threat to American farmers?"
Representative John E. Nelson, Republican, Maine, in interrogating the
witness asked why Russia should not be allowed to sell wheat on the Chicago
market and Mr. Bunnell said he knew of no reason. Then, Mr. Nelson
T9hee°Ruulesd a
not."i naction, Mr. Bunnell said, was not necessarily inimical.
wanted to know, why had the directors adopted a resolution barring such
Asked
if the Russian selling WAS "merely a flyer
short selling by foreign governments.
in the market," Mr. Bunnell
President Bunnell answered that the directors of the Board had acted on answered that it "may have been a hedging operation."
"Gambling in the American market to recoup losses
the advice of its Committee which it had sent to Washington. After drawin the European
ing out the witness' opinion that the Russian sales did not seriously affect market?" Nelson asked.
a
regular
was
"If
it
hedging transaction it was not gambling," the Board
prices, Nelson asked:
"Why, on a matter which had so little effect, has there been such unusual President replied.
' Mine Union Chief Testifies
activity on your part?"
Mr. Bunnell said he did not consider it unusual. When Nelson sought
John L. Lewis, International President of the United Mine
Workers of
to term the short selling gambling, Mr. Bunnell said that Canadian and America, was called as a witness to tell what
be knew of Communistio
Argentine firms indulge in hedging, but started to add:
activities.
"I'm not here to defend Russia,"
"In your opinion," he was asked, "was the Herrin massacre
instituted
"Yon are here to answer questions, of course," Congressman Nelson by Communists?"
Interrupted.
"I have no doubt of it," Lewis answered.
The Committee, headed by Representative Hamilton Fish, Jr., Republican,
He declared the United Mine Workers of America had been made
a special
New York, took testimony here yesterday after a hearing in New York.
target by the Communists who had organized the National
Miners' Union,
OCT. 11 1930.]
FINANCIAL CHRONICLE
group now was
headed by William Z. Foster. Lewis said he understood that
virtually extinct.
said it
Asked if the United Mine Workers excluded Communists, Lewis
did when the officers knew about it.
Object to Federal Police
would
In reply to another question, Lewis said the United Mine Workers
not favor a Federal police force.
police force
"The United Mine Workers would not favor a secret Federal
to too many
to deal with Communists," he said. "It would be open
abuses."
for
"Being a Communist itself is no crime," he said, "but working
a closer check
Moscow is another matter. Our State Department could keep
comes back
upon those from Russia. Foster goes to Russia each year and
of
with fresh orders to execute. Foster could be stopped and that is true
others. The goings and comings of such people are a matter of concern to
2317
Q. "Did you receive cotton orders from the Textile Syndicate?"
A. "Yes."
from the
Q. "When you came to engage in grain you received your orders
Russian agency that controls the grain trade?"
A. "Yes."
Syndicate Belongs to State
Q. "The Soviet Government owns the All-Russian Textile Syndicate?"
A. "It belongs to the State."
Q. "Why didn't you sell the wheat short in Liverpool?"
A. "I don't know, only that Chicago is the best place."
Q. "Have you made any other short sales since these?"
A. "No."
used
Q. "Your profit on the short sales, if any, goes to Russia and is not
in American industry?"
A. "To the syndicate in Russia."
be
Mr. Belitzsky emphasized that the short sales transactions were to
wheat on
considered as a precautionary measure to protect the price of
this country.
the United
futures and was not done in any way to depress the price in
"The presence of Russian agents is inimical to America."
States.
Lewis criticized American business men for their dealings with Russia.
11, when
and
10
of
In his prepared statement he revealed that on Sept. 9,
"Corporations doing business with Russia are really largely agents
looking forward to a crop
the Russian Govemtnent, whether they are the Board of Trade of Chicago the sales were made, the wheat industry had been
which was published on Sept. 10,
or the Chase National Bank of New York," he said. "They are only aiding report by the Departsnent of Agriculture,
with the market reflecting accordingly.
Russia to achieve a more commanding position to cause America more trouble and was expected to be bearish
He said that the bearish feeling of the market was intensified by the
in the future."
figures published on Sept. 8 by a London authority, Mr. Beerbohm, in which
Comnal
Congressio
the
before
Regarding testimony given
he held that the world's crop for 1980 would be 268,000,000 bushels over
mittee in New Vork on Sept 27 we take the following from that of 1929.
Bache Firm's Part Told
the "United States Daily":
of J. S. Bache and Company, stated that his
member
Bache,
L.
Harold
the
in
9
Sept.
on
Short sales of 7,765,000 bushels of wheat were placed
of the clearing house, but he did not know of any report
member
a
was
firm
Hamin
Chlegborg
named
client
Chicago wheat market on an order from a
bushels in one day. He
for futures, nscessary by law on short sales of over 500,000
burg, and were placed with the intention to fix the price
and explained that his sale w,as probably handled in Chicago.
-President
Vice
Belitzky,
Y.
S.
by
27
Sept.
according to testimony on
Mr. Bache said his firm's part of the sales were 2,300,000 bushels on
the House
Treasurer of the All-Russian Textile Syndicate, In., before
Sept. 10 and 11. Questioned as to whether the matter of short selling of
States.
Committee investigating Communistic activities in the United
account was taken up at a
for New wheat in the American market for the Russian
Mr. Belitzky appeared on the second of the two days scheduled e Fish meeting of his firm's members, it was stated that the matter was discussed
Representativ
by
headed
York hearings by the Committee, which is
and considered.
(Rep.) of Garrison, N. Y.
The intention of selling was not to depress the market here, he said he
Object of Transaction
believed, and that there could be no possible effect on the price of world
the
depress
to
made
not
was
transaction
Belitzky stated that the
because of these sales.
the market markets
price of the American market in wheat futures, and that while
A. L. Wachsman, of Wachsman & Wassail, testified that his firm was not
been
in futures was declining at the time of sales in question, it had
a member of the clearing house and, therefore, not compelled to report
declining for a year before and continued to decline thereafter.
short sale transactions. He said that this was done only when requested
sales
the
by
shown
It was pointed out that at the present time the profit
by a Washington department. He said his firm handled 3,110,000 bushels
is around 7 points, the market having dropped that much since the order of the short sales and had the orders executed through various Chicago
was consummated.
sources.
The functions of the All-Russian Syndicate, as described in a statement
First Sales of Syndicate
to the Committee, were to purchase cotton and textile machinery. The
transaction for the All-Russia Syndicate in short
grain
first
the
was
This
to
it
permit
to
powers of the organization were said to be broad enough
and the orders covered three days. When asked what
continued,
be
sales,
purchase other commodities.
the reason behind the sales he said that probably it was for cash
Since its origin in 1923 the syndicate has purchased over $250,000,000 could be
manufacturers and others in the United States. He declared that
worth of cotton in the United States, the organization's capital is $2,000,000, to pay
of this kind was "nothing more than firing a price for
and all the stock is owned in trust by the President, who is in Russia, it short selling
futures." The transactions were purely in the nature of hedges, he claimed.
was stated.
Mr. Wachsman said that if the object was to depress prices the sales
"The All-Russian Syndicate has purchased $262,000,000 of cotton, $5,000,have been made "at the market." These particular orders, he said,
wheat
would
sold
has
and
.machinery,
of
worth
$2,500,000
sugar,
of
000 worth
and they did not change the existing prices on the
futures to the value of less than $7,000,000," Mr. Belitzky's statement were "limit orders,"
of Trade.
explained. "In this record surely there is not the slightest indication of Chicago Board
When asked if he knew the amount of wheat exported by Russia this
a desire or an intent to manipulate the commodity markets, or to injure
said he believed it was 20,000,000 bushels and that
the American farmer; in fact, these figures are clearly sufficient to show year, Mr. Wachsman
about 48,000,000.
be
would
total
to
American
the
been
most
beneficial
have
syndicate
the
of
that the activities
Adolph E. Norden, partner in the firm of A. Norden & Co., said his firm
trade and, in particular, to the American farmer."
was
handled 2,355,000 bushels of the short sales. He said his business
Witness Soviet Citizen
particularly in cotton. His firm was not a member of the clearing house,
The testimony revealed that there was no possibility of delivering the it was stated, and therefore not subject unless requested to making a report
wheat involved in the short sales, but that in event of a loss in the European of short sale transactions.
market this would be offset by the covering of the Chicago deal.
Mr. Belitzky said he was a Soviet citizen and had been here for four
d from
years, having an extension of his time made every six months. He said he Brokerage Firm of Prince & Whitely Suspende
—Bankruptcy Petition
Exchange
was not a Communist. He explained that through telephone calls from the
Stock
York
New
client in Hamburg he placed his order with various houses for the short
Filed—Creditors Expected to Suffer No Loss—Irvsales, involving three days' transactions.
ComBache
S.
J.
were
said,
he
ing Trust Co. Appointed Receiver.
The firms to which he gave the orders,
pany, A. E. Norden and Company, and Wachsman & Wassail. He stated
ment was made by the New York Stock Exchange
Announce
that this was the first wheat transaction of which he had knowledge the
on Thursday of this week, Oct. 9, that the 51-year-old house
firm had ever put through.
The following questions, asked by various members of the Committee, are of Prince & Whitely, one of the largest and best-known brogiven with Mr. Belitzlcy's answers:
kerage firms in Wall Street, had been suspended by the ExQ. "How did you decide to go into the grain business for short sales?"
it was unable to meet its
A. "When our client, Chlegborg, in Hamburg, called me on the telephone change on its own admission that
and told me to sell for their account 210,000 metric tons of wheat, which obligations. Richard Whitney, President of the Exchange,
is equivalent to 7,765,000 bushels. He considered it a good idea to protect announced the suspension from the rostrum at 12.30 p. m.
Russian wheat on futures by selling ahead of time."
Following the suspension by the New York Stock ExQ. "Is the Soviet Government a grain monopoly?"
A. "The industry's properties belong to the state."
change, the firm was suspended by the New York Curb
Q. "This is the first time your organization dealt in grain?"
Exchange, the Chicago Stock Exchange and the Chicago
A. "Yes."
Later in the day an involuntary petition
Q. "How did it happen when the market was low that you decided to Board of Trade.
do
in
it
not
did
past
years?"
You
in bankruptcy was filed against the firm in the Federal Dissell wheat short?
A. Before the World War Russia was the bigger exporter of wheat and trict Court before Judge William Bondy by W. Ludlow
because of the large crop expected this year it was probably now decided
James, attorney for three petitioning creditors. The firm
to be a good idea to get an insured price."
is composed of nine members, namely J. M. Hoyt, G. Lisle
Q. "Can you find Out the exports of wheat last year."
A. "I shall try."
Forman, Otto Antonsen, Felix T. Hughes, James H. Stark,
Supervision of Corporation
Laurence Sanford Critchell, Oscar B. Van Sant, Morrison
Q. "Your corporation comes under the jurisdiction of the Commissariat
B. Orr and Gerald W. Hoyt. It has branches in the followRussia?"
of Commerce in
C.,
by
the
supervised
Supreme
organization
Council
indcpendent
ing cities: Boston, Chicago,Philadelphia, Washington,D.
A. "It is an
Akron,
and
Pa.,
Reading,
Economy."
is,
Indianapol
National
of
Cleveland, Detroit,
Q. "That is under the Commissariat of Commerce?"
Ohio. We quote below in part from the account of the
A. "The Supreme Council has nothing to do with that."
from
the
section
ultimately
of
American
the
orders
failure as printed in yesterday's New York "Times":
Q. "Do you get your
Exchange at 1220
Commissariat in Russia?"
The suspension, announced from the rostrum of the on behalf of the
and it was said
A. "I don't know of any such section. I have been away from Russia o'clock, was declared to be temporary,
stocks in which
in
firm's partners that, barring unexpected depreciation
for four years."
on the dollar. .
thefirm is interested,creditorsshould receive 100%
Q. Doesn't all your business come under the Commissariat."
Prince & Whitely bad been
Late in the afternoon, after the partners of
A. "I don't think so."
hours, it was announced
In conference witn their attorneys for several
Q. "From whom do you receive all your orders?"
United States District
in
that, in response to a petition filed by creditor- the
A. "The Textile Syndicate in Moscow."
be appointed temporary
would
probably
Co.
Court here, the Irving Trust
Q. "Who controls that?"
petitions were filed, one in
receiver for the firm. Three receivership
A. "The Supreme Council."
2318
FINANCIAL CHRONICLE
[Vol.. 131.
• New York,one in Chicago and one in Boston. The receiver will take charge
Kielsrath, 1,307 Bloomfield Street, Hoboken, N. J.,
$350, credit balance.
at once of the firm's affairs and it was learned also that a creditors' com- and
Elenore Wencker,59 Pineapple Street, Brooklyn
$800 credit balance.
mittee was being organized. Steps also are being taken to reorganize the
The New York "Times" account also said:
firm.
Deputy Attorney-General Watson Washburn announced late yesterday
None of the companies whose stocks have been sponsored
or which have
that the Attorney-General's office would conduct a tnorough investiga- been financed by Prince &
Whitely is expected to be involved in the diffition into the affairs of Prince & Whitely. The announcement explained culties of that firm,
according to a survey made yesterday by Wall Street
that while the Attorney-General's office harbored no suspicions of any experts. The companies
include the Atlas Stores Corp.,the Hahn Departkind pointing to malpractice in the management of the brokerage firm, an ment Stores, the Brockway
Motor Truck Co., the Kelvinator Corp.,
Investigation was deemed essential in the public interest owing to the large National Dairy Products
Corp. and the Young Spring and Wire Co.
extent of the firm's business.
The latest reports from the companies all indicate a
sound financial
The financial position of Prince & Whitely was not disclosed, but it was position, and as far as could
be learned there are no obligations toward
learned that their collateral loans amounted to between $33.000,000 and them from the insolvent
firm which would imperil their positions.
$35,000,000. The firm's difficulties were ascribed to the general derangeFederal Judge Bondy has appointed the Irving Trust Co.
ment of the stock market, in the course of which it found itself "frozen"
In stocks with which it nas been identified. Issues In which the firm is said receiver for Prince & Whitely,
according to last night's
to be most heavily involved are Hahn Department Stores. Atlas Stores,
Brooklyn "Eagle."
Brockway Motor Truck and Prince & Whitely Trading. The firm also
has had a market interest in Kelvinator Corp., National Dairy Products
and Young Spring & Wire.
Eugene L. Garey of Garey, Crowley & Beatty, counsel for Prince & Prince & Whitely Failure Stuns London-Firm Had
Whitely, said the firm had been solvent at the close of business Wednesday
Been Doing Large Arbitrage Business There.
and that it was not until late yesterday morning that suspension had been
In
a special cable from London, dated Oct. 9, the New
decided upon. During the previous nignt, it was understood, negotiations
were carried on with the idea of bringing new interests into the firm, which York "Times" reports that Financial London was
stunned
would have averted the suspension. These negotiations, it was said, were by news of the failure
of Prince & Whitely, which was held
given up yesterday morning, after the further declines on the Stock Exhere to be the most far-reaching development since the
change had sharply reduced the market value of stocks.
For some days, it was learned, the Stock Exchange has been watching original break in the New York market last November.
The
the firm's status closely through its questionnaire system. . . .
house conducted an important arbitrage business with London.
Some excitement was caused at the offices of the firm soon after the
suspension was announced when a crowd of customers collected outside Stocks in which the house is interested that concern London
and in the offices of the firm on the 11th floor of 2.5 Broad Street. Mr. particularly are International Nickel and
Brazilian Traction.
Hughes and other partners spoke briefly to the assembled groups, reassur- A
large volume of these stocks has been sold in London from
ing them. It was understood that a considerable number of customers
had witndrawn funds from the firm early in the day and on the afternoon America in the last two days, more than 100,000 of the latter
before, apparently because of rumors that the firm was distressed.
changing hands in one day at $27, against $54 earlier in year.
Mr. Garey, speaking as the firm's attorney, expressed confidence that
the difficulties were only temporary and that creditors would suffer no
loss. But it all depends, he said, on whether there is hasty and ill-timed
Market Value of Listed Shares on New York Stock
liquidation of stocks in which the firm is interested. He voiced the hope
Exchange Oct. 1, $60,143,183,105 Compared with
that, with proper banking co-operation, the stocks would not be sold at
sacrifice prices.
$67,721,096,999 Sept. 1-Classification of Listed
Mr. Garey said the firm's difficulties resulted from the efforts it made
Stocks.
to support certain stocks in order to protect customers who have invested
As of Oct. 1 1930, there were 1,312 stock issues aggregatIn them. The drastic decline in securities prices finally precipitated the
suspension. He added that the stocks of all the companies for which ing 1,284,052,185
shares listed on the New York Stock
tae firm has acted as bankers or in which it has a market interest were reduced yesterday to ridiculous prices, and he cited the current earning posi- Exchange, with a total market value of $60,143,183,105.
tion of these various companies.
This compares with 1,309 stock issues aggregating 1,282,Prince & Whitely, Mr. Garey said, had $12,000,000 of capital a year ago. 451,274
shares listed Sept. 1 on the Stock Exchange, with a
The steady shrinkage in market values had impaired the firm's financial
position, he said, but there was no thought of suspension before yesterday. total market value of $67,721,096,999. In making public
He said the firm had between 8.000 and 9.000 customers, but that he could the Oct. 1 figures yesterday (Oct.
10) the Stock Exchange
give no figures as to the firm's obligations to them.
said:
Such obligations to other firms as may be outstanding, he said, were
As of Oct. 1 1930, New York Stock Exchange member
created in the regular course of business. No other house, he said, should
borrowings on
be injured by the Prince Fs Whitely suspension. The collateral loans of the security collateral amounted to $3,481,452,761. The ratio of security
firm at various banks were said to be amply protected, even at the reduced loans to market values of all listed stocks on this date was therefore 5.79%•
market levels.
As of Sept. 1 1930 Stock Exchange member borrowings on
The suspension of Prince & Whitely came at a time when the stock market
was breaking widely under waves of liquidation and short selling. United security collateral amounted to $3,598,633,069. The ratio
States Steel common, the traditional leader of the market, broke through of security loans to market values of all listed stocks
on that
its low of last autumn around 11 o'clock, after opening at 151 Li. Evi- date
was 5.31%. In the following table, covering Oct. 1
dences of support were seen as the price approacned 150. One block of
25,500 shares appeared on the tape at 150, suggesting that a supporting and Sept. 1 this year, listed stocks are classified by leading
order had been placed at just that figure. This recalled that powerful industrial groups, with the aggregate
market value and
support was provided when the stock approached 150 during the big break
average share price for each:
of last November, and rumors were current in the late morning yesterday
that "Richard Whitney was buying again." . .
October 11930.
Heavy liquidation of stocks which had been sold to customers of Prince
September 11930.
& Whitely occurred on the New York Curb after the suspension, the sales
Market
Aver.
Market
Aver,
having been conducted "under the rule." These included about 55 stocks
Values.
Price.
Values,
Price.
and the sales varied from small lots td blocks of hundreds of shares. Selling
I
$
"under the rule" always is conducted on toe Curb after a suspension. The
I
$
Autos and accessories
2,916.511.154
26.63 3,464,632.711 31.76
Curb announced suspension of the firm after the action of the Stock Ex- Financial
2,150.248,022 34.71 2.418,416,054 39.07
change. The firm's floor member on the Curb was Gerald.W. Hoyt, who Chemical
4.472,728.582 69.18 5.097.853,802 78.60
Building
was elected on Feb. 11 of this year.
535.160.163 36.66
619,427,503 42.44
2,330,064.090 56.84 2.802.850,124 68.38
The status of Prince & Whitely is the same as that of any other firm Electrical equipment manufacturing
Foods_
3,139.900.308 45.28 3,450,169,788 49.96
or company in the hands of temporary receivers. The employees, num- Rubber and tires
315.958.408 24.00
357.774,602 27.19
bering between 700 and 800. will be subject to the instructions of the re- Farm machinery
608.286,183 52.89
723,546,657 62.92
Amusements
665.199,050 29.86
ceivers.
794.453,758 36.97
Land and realty
173.715.748 33.10
194.364,194 37.07
and metals
As to the effect of the failure on the stocks of the cora- Machinery
1,837,346.155 37.10 2.134,649,053 42.95
Mining (excluding iron)
1.718.066,386 30.07 1.898.625,210 33.23
firm
the
w-hich
was
interested, the New York Petroleum
panies in
5,161,248,518 32.02 6,202,205.246 37.54
Paler and publishing
683,398.941 37.44
"Times" had the following to say:
634,911,803 40.79
Retail merchandising
2,798,758,211 39.42 3,116,492,324 44.01
8,881.230,405 76.75 9,608,330,888 82.19
The pressure against so-called Prince & Whitely stocks was heaviest Railroads and equipments
Steel.
coke
iron
and
3,210.781,640 83.77 3,465,329,531 90.46
after the announcement that the firm had suspended, although there had Textiles
192.610.696 17.63
217,764,314 19.93
been steady liquidation throughout the morning. The preferred stock of Gas and electric (operating)
4,244.509,060 63.42 4.695,395,705 70.30
(holding
electric
Gas
and
showed
widest
the
Trading
break,
falling from a high
Prince & Whitely
3.845.057,580 41.62 4,332,896,290 47.09
(cable, tel. ek radio)_ 4,613,560.168 128.18 5,034,946,369
of 34 to a low of 14 and closing at 20 with a net loss of 147 points. The Communications
137.26
Miscellaneous utilities
328.256.557 31.50
331,981,328 31.88
common stock of the company fell from 74 to H of a point on news of Aviation
196.833,984 12.50
293,554,759 18.65
the suspension, although it closed at 3 with a net decline of 47i points. Business and office equipment
439,233,904 43.19
494,422,680 48.62
The fluctuations and the net losses in the stocks in which the firm was Shipping services
48.621.471 29.27
81,687,409 31.11
Ship operating and building
45,312.171 11.46
52,645,220 13.32
specially interested are shown in the following table:.
Miscellaneous business
171.052,164 45.43
195,049,609 51.81
boots
Leather and
289,690.081 41.16
299,476,640 42.55
H.
L.
Cl.
Tobacco
1,674,902.631 52.38 1,836,133,209 62.31
22% 17
17
4,900 Atlas Stores
Garment manufacturing
34.277.401 17.15
42,482.683 21.25
10H
4
5
11,800 Brockway Motor Truck
U. S. companies operating abroad__ _ 1,316,883.331 36.53 1,535,222.818 42.66
12
754
8
52.200 Hann Dept. Stores
Foreign companies (including Canada
9
784
884
1,
36.100 Kelvinator Corp
and Cuba)
1,200,779,942 37.07 1,323,394,720 41.74
47
4O4 427
4
97.100 Nat. Dairy Products
3
454
H
All listed stocks
23,700 Prince & Whitely Trading
60,143,183,105 46.84 67,721,096,999 52.81
34
14
20
14%
10,000
Do pf
33H 1954 21
14
27,700 Young Spring & Wire
The New York "Times" also said:
Presidents of Hahn Department Stores and Atlas Stores
The bankruptcy petition of Prince & Whitely was filed shortly before
Report Business Good-Firms Connected with
4 o'clock by W. Ludlow James, attorney for three petitioning creditors.
Prince & Whitely-Store Sales Asserted Up.
The petition charges that Prince & Whitely and nine listed members of
the firm committed an act of bankruptcy last Wednesday by making a
The following is from the New York "Journal of Compreferential payment of $1,187.50 to the Durham Realty Co., a creditor,
of2 East Fifty-fifth Street. There is no estimate in the petition of thelirm's merce" of Oct. 10:
Statements that their business conditions were satbfactory were made
liabilities or assets.
Petitioners and the amounts they claim are Iris I. Smith, 113 West yesterday by officers of two of the companies with which Prince & Whitely
ikventy-fourth Street, $7,218, equity on a brokerage account; Lillian A. has had banking relations. The Stock Exchange firm was yesterday sue-
Ammiporumme.
OCT. 11 1930.]
FINANCIAL CHRONICLE
pended for insolvency and it is understood part of the reason was losses
incurred in efforts to support the stocks in which it was interested.
Sales of the Atlas Stores Corp. and the Hahn Department Stores, Inc.,
have increased this year, according to H. M. Stein and Lew Hahn, respective presidents of the companies.
Mr. Hahn said; "Although at this date it is too early to predict 1930
profits, because in department store operation a very substantial proportion
of salts and profits is made in the last quarter, it can be stated that net
earnings to date as against actual earnings of last year before charges to
reserves show a substantial improvement. Moreover, the financial condition of the company is pre-eminently satilactory. Our working capital
position as of Aug. 311930,shows net current assets of 123,100,000, with a
current ratio of 4.6 to 1. The result of one of the most progressive steps
taken expresses itself in inventories. At the close of our spring season,
July 31 1929, the inventones at cost were 116,384,000, wh.le as of the same
date in 1930 they were 113.260,000, a decrease of $3,124,000.
"The individual stores which constitute the properties of Hahn Department Stores, Inc., were brought under the integrated management of the
company for the first time during the year 1929. Substantial write-offs in
inventories in that year were taken and charged against reserves for contingencies which had been set up for that purpose upon the formation of the
company. Although it raig t be justifiable to follow this same course
again in 1930, the management has decided to show net earnings for the
year 1930 in figures wnich have not been corrected by charging losses
arising from prior periods against reserves. Instead of using reserves it has
been decided to assume in current operating any further losses accruing
from the liquidation of inventories accumulated prior to 1929."
"Sales of the Atlas Sotres Corp. have been consistently higher this year
September
than last and sales for September were in excess of those for
1929. Day by day in October the same situation appears.
end of the
"Directors of the company are scheduled to most before the
week and the regular dividend will be declared," said Mr. Stein.
2319
action where it was violated by members. Concerted bear raids on individual issues were understood to have been specially attacked.
* * *
Real Liquidation Seen.
Selling yesterday reflected genuine liquidation more than short selling,
in the opinion of many brokerage observers. While the existing short
interest is generally regarded as being large the fall of prices into new low
ground has made bear operators cautious and they are not selling shares
aggressively, it Is said. On the other hand, potential buyers are generally
reported as delaying the making of commitments in the expectations of
more attractive buying levels being available in the near future, so that
demand for most shares was only met on a scale down.
In the first half hour an accumulation of selling orders brought increased
activity into the market and prices declined rapidly for a time. After this
wave of selling was completed a firmer tone developed and prices rallied
feebly with the drop in volume. In the late trading renewed weakeiass made
itself manifest, with numerous stocks selling down several points on small
volume. High grade issues were hardest bit, while numerous low priced
stocks which had already suffered very sharp deflation were able to restrict their losses to fractions.
The following comment is from the New York "Times"
of Oct. 9:
The Other Side of the Question.
Those who take exception to the recent action of the Stock Exchange
authorities in warning members against bear raiding to take advantage
of weak situations have complained that the board of governors ought to
have been equally stern to bull operators. As a matter of fact, they were.
On at least one occasion in the late bull market operators for the rise who
were suspected of using their knowledge of special technical conditions
In certain issues to bring about spectacular rises were called on the carpet
and warned against such tactics.
New York Stock Exchange, in Seeking To Check
Rumors Affecting Members, Calls for Telegraphic
Communications Bearing on Financial Condition
of Members.
Noting that the New York Stock Exchange had taken
action to guard against a repetition of rumors subversive to
brokerage firms which the members of the Exchange wanted
to trace to their source, the New York "Herald Tribune"
of Oct. 5 said:
Assistant Attorney-General Washburn of New York
To Act with New York Stock Exchange in Tracing
False Rumors Incident to Short Selling.
Assistant Attorney-General Watson Washburn, head of
the State Bureau of Securities of the Attorney-General's
Office, 74 Trinity Place, announced on Oct. 7 that he had
arranged with the New York Stock Exchange to turn over
to the Attorney-General any evidence of the circulation of
false rumors by short sellers. Mr. Washburn stated that
All Exchange members were notified by the Secretary that the Business any persons who were guilty of circulating false rumors would
Conduct Committee had directed that all telegraphic communications
the Penal Law, entitled
received over private wires and relating in any way to the financial condi- be prosecuted under Section 926 of
tion of members of the Exchange sent or received in the two weeks ended "False rumors as to stocks, bonds or public funds," which
committee.
the
of
yesterday be placed immediately in the hands
provides in part that "A person, who, with intent to affect
The order followed notification to members on Oct. 1 to keep on file
for at least two weeks all communications sent and received over private the market price of the stocks, bonds, or other evidences
wires for inspection later by the Business Conduct Committee.
of debt of a corporation or association, knowingly circulates
At the time of the failure of the Stock Exchangt)firm of.!. A. Slate & Co.
any false statement, rumor, or intelligence, is punishable
the
regarding
circulation
in
were
rumors
irresponsible
of
recently, a flood
financial status of other Exchange members. In some circles these un- by a fine of not more than $5,000, or by imprisonment for
market
founded reports were thought to have had their origin in certain
not more than three years, or both."
groups interested in the down side.
This section was successfully invoked by the State some
The notice to members follows:
years ago in the case of People vs. Goslin, when a false
NEW YORK STOCK EXCHANGE.
rumor was circulated that a receiver was about to be apCommittee on Business Conduct.
New York, Oct. 3 1930.
pointed for the Brooklyn Rapid Transit Co. Besides
a criminal offense, Mr. Washburn pointed out that
To the Members of the Exchange:
being
under
Referring to the circular issued by the Secretary of the Exchange
of malicious reports in connection with short
circulation
date of Dec. 1 1920, reading as follows:
to notify you selling operations is a rraudulent practice under the Martin
"I am instructed by the Committee on Business Conduct
sent and received
to keep on file for at least two weeks, all communications
Act, proof of which would lead to action by the Attorneyover private wires, as the committee may wish to 'nspect them,"
to
send
please
to
you
requests
General for an injunction and the appointment of a receiver
now
Conduct
Business
the Committee on
it promptly all telegraphic communications relating in any way to the of all the illicit profits from the fraud, which would then be
you
financial condition of members of the Exchange sent or received by
distributed pro rata among the victims. Any person having
during the two weeks ending to-day.
ASHBEL GREEN. Secretary.
knowledge of the source of any of these unfounded rumors
is asked to submit his information to the Attorney-General's
Place.
New York Stock Exchange Acts To Discourage Bear office, 74 Tritinity
Raids.
Five Others
In referring to a sharp reaction in trading on the New Howard Boulton, Stock Specialist, and
Alleged Fraud
for
Jury
Grand
Federal
by
Indicted
York
"Journal
New
the
Oct.
6,
on
Exchange
York Stock
in Stock Pool Transactions.
of Commerce" of Oct. 7 said:
The Federal Grand Jury on Oct. 3 returned an indictment
At the same time it was learned in informed quarters that the Business
Conduct Committee had summoned a number of members of the Exchange, charging Howard Boulton, stock specialist, and for several
and questioned tnem with regard to short selling operations, in view of
of the New York Stock Exchange; two
widespread reports that bear operators had become quite active in the years a member
recent decline in the market, carrying out concerted selling raids on many employees of the Stock Exchange firm of Prince & Whitely,
individual issues.
and three others with mail frauds as a result of the alleged
It is not the practice of the Business Conduct Committee to make public
the
of
manipulation of the stock of the Manhattan Electric Supply
members
nor
Exchange
Comthe
of
officials
neither
and
Its actions,
mittee would comment on the matter. Denial that the Committee had Co. (now known as American Machine & Metals, Inc.).
taken this action was also refused. The last time that definitive action The indictment is said to be the first ever returned against
against short selling was taken was November 13 1929, when a questionpool" on the Stock Exchange.
naire was addressed to members of the exchange asking them to give data operators of an alleged "illegal
on borrowings of stock. This act marked the end of the panic decline in In addition to Mr. Boulton, the defendants named include
stocks last fail.
Charles Woram, customers' man of the Prince & Whitley
The action of the Business Conduct Committee, it was reported yesterof
the
Article
of
the
XVII
of
constitution
4
firm;
Charles F. Petree, Manager of that firm's office in
Section
day, was taken under
Exchange. This article provides:
Reading, Pa.; Richard H. Brown, former President of the
or sell securities,
Charles H. McCarthy,
Purchases or sales of securities or offers to purchase
of the market and bring- Manhattan Electric & Supply Co.;
made for the purpose of upsetting the equilibrium
in which prices will not fairly stock trader, and Norman B. Ross, Texas Oil operator, said
ing about a condition of demoralization
The
article
further
that
forbidden.
provides
reflect market values, are
any such purchases or sales. to be an officer of the Ross Petroleum Co.
any member who makes or assists In makin;„
shall be deemed to be guity of an act inconsistent with the just
.
The New York "Times" of Oct. 4, from which the above
trade.
and equitable principles of
information is obtained, continuing said:
Sell Stocks on Fear of Crash.
The indictment charges use of the mails to defraud on nine counts and
While considerable bona fide liquidation was reported yesterday, brokers
have indicated their belief that many holders of stocks have been induced
to sell by the rapidity with which numerous stocks, including high grade
issues, have lost ground during the last few days.
The Business Conduct Committee is said to have made clear its intention
of enforcing Section of 4 of Article XVII, and to take drastic corrective
conspiracy to do so on a tenth count. It alleges tnat the defendants gave
discretionary orders to Boulton to buy and sell stock of the Manhattan
Electric Supply Co. on their accounts in order to run up "artificially" the
price of the stock. Mr. Boulton, a well-known trader on the floor of the
Exchange,is said to have handled many shares of stock of other companies.
2320
FINANCIAL CHRONICLE
Attention was first called to the alleged manipulation of stock by what
was said to have been a pool by the failure of Sutro & Co., which was
suspended recently from the Stock Exchange because of its dealings in
shares of Manhattan Electric Supply.
Soon after the suspension Laurence J. Rittenband, Assistant United
States Attorney, aided by Harold A. Felix, began to present evidence to
the Grand Jury in an investigation that lasted twenty-five days. During
this time Clarence Webb and William H. Moore, postal inspectors, presented evidence to the Federal body.
Mr. Rittenband, in presenting the indictments to Federal Judge Paul J.
McCormick of California, who is sitting temporarily in this district, said
that his inquiry was not finished and that more indictments might be
returned. . . .
The indictment charges that the defendants formed a pool to manipulate
the market and advance the price of Manhattan Electric Supply stock
without consideration of its real value.
The stock, it is charged, was worth about $20 a share, but its price was
rushed up to several times that figure. Mr. Rittenband pointed out that
no charges had been made against Prince & Whitely or the Manhattan
Electric & Supply Co., whose officials, it is said, were innocent of any
fraudulent intent in the matter.
Brown, the indictment charges, obtained an option and purchased outright many thousand shares of the supply company's stock at $27.50 a
share. He arranged with McCarthy as promoter of the stock, it is charged,
to bring about an artificial bull movement so that he could sell his shares
at greatly mcreased prices.
The arrangement, according to Mr. Rittenband, was that Brown and
Canby split profits on a "fifty-fifty" basis on the difference between $27.50
and whatever price investors might pay. According to the indictment,
the plan was to send the stock to $90 a share.
The pooling agreement, the indictment charges, was entered into last
December by the defendants and ended last May, when McCarthy and
Brown disagreed and the price of the stock dropped to $50 a share.
George J. Mintzer, chief of the criminal division of former Federal
Attorney Tuttle's staff, charged originally that the conspiracy was promoted by customers' men in brokerage houses.
The indictment charges that the principal defendants paid customers'
men in various brokerage houses 850 for every 100 shares of stock they
sold. Boulton, it was charged, received permission to sell and buy whenever it seemed necessary to support the market and raise the price of stocks.
The indictment is based on matter alleged to have been sent through
the mails to a "sucker" list stating that the stock was bound to go to
$90 a share and that Manhattan Electrical Supply would declare a dividend
of $6 to $10 a share this year.
Mr. Rittenband called untrue the statement laid to the defendants that
the company's subsidiary, the Trout Mining Co. had contracted to sell
its entire output of manganese ore to the Union Carbide Co.
About forty witnesses, including numerous customers' men,it is charged,
told the Grand Jury that the defendants engaged W. J. Goldman. Inc.,
to circularize through the mails about 250,000 letters and pamphlets,
painting in rosy colors the advantage of buying stock of Manhattan Electrical Supply.
Among the false statements alleged are that the defendants said the
company earned from $6 to $10 a share. The defendants, the indictment alleges, engaged a publicity agent to write misleading copy for publication. The agent is not named in the indictment.
According to the "Wall Street Journal" of Oct. 6, Richard
H.Brown,former President of Manhattan Electrical Supply
Co., and Norman B. Ross, formerly of Ross Petroleum
Corp. of Texas, were held in $3,000 bail each by Federal
Judge Henry W. Goddard when arraigned on the indictment
charging mail fraud and conspiracy in connection with alleged manipulation of Manhattan Electrical Supply Co.
stock. They pleaded not guilty.
An item regarding the inquiry by the Stock Exchange
into the dealings by members in the common stock of the
Manhattan Electrical Supply Co. appeared in our issue of
May, page 3472.
Questionnaire of New York Curb Exchange on Dealings
in Common Stock of Rainbow Luminous Products.
An item regarding the questionnaire sent to members by
the New York Curb Exchange requesting information regarding dealings in the common stock of the Rainbow
Luminous Products, Inc., appeared in our issue of a week
ago, page 2160.
The Curb's questionnaire follows:
NEW YORK CURB EXCHANGE
113-123 Greenwich Street, New York.
October 2 1930.
To the Members:
Under instructions of our Committee of Arrangements, you are requested
to furnish us with a transcript of transactions made by you or your firm in
the "A" Common and "B" Common stock of the Rainbow Luminous
Products, Inc., from Sept. 24 1930 to Oct. 1 1930, inclusive, stating from
whom purchased or to whom sold; also the name and address of customer
for whom each transaction was executed. Kindly separate odd lots and
100-share lots. Please use the date of transaction and not the blotter date.
If any transactions were made for out of town account, have correspondent
give names and addresses of customers.
If you have had no transactions in said stock during the time above
specified, kindly report accordingly.
The Committee desires this information submitted to it on or before
Monday, Oct. 6 1930.
EUGENE R. TAPPEN,
Secretary.
Governors of Detroit Stock Exchange Act to Reduce
Brokers' Commissions.
The Board of Governors of the Detroit Stock Exchange
has voted to reduce brokers' commissions on bank, trust
and insurance company stocks, effective Oct. 1. The new
rates are 50 cents per share on such stocks selling under $100;
[VoL. 131.
75 cents per share when selling from $100 to $150; $1 per
share when selling from $150 to $200; $1.50 per share when
selling from $200 to $250; $2 per share when selling at $250
and above.
James H. Patrick, Fifty Years with New York Produce
Exchange, Presented with Watch.
In commemoration of his fiftieth anniversary as an employee of the New York Produce Exchange, James H.
Patrick has been presented with a solid gold watch by his
fellow employees. Mr. Patrick started working for the
Produce Exchange as a messenger on Sept. 24 1880, when
the Exchange was located on Whitehall Street, where the
Army Building now stands. His present position is that
of Librarian of the New York Produce Exchange Library,
one of the most complete commercial libraries in the country.
United States District Court Asked To Appoint Equity
Receiver for Lincoln & Associates, Inc., Wilmington, Del.
According to the Philadelphia "Financial Journal" of
Oct. 3, an equity petition has been filed in the United
States District Court at Philadelphia for the appointment
of a receiver for Lincoln & Associates, Inc., dealers in
securities and investments, by two stockholders who declare
the affairs of the company have become muddled because
of dissension among the directors. The Lincoln company,
it was stated, is a Delaware corporation, having a min
office at 10 West Tenth St., Wilmington. No action was
taken by the Court on the plea for receiver. Continuing,
the paper mentioned said:
Charles Winters, a director and holder of 1,025 shares of the common
stock, and Henry Applegate are the complainants. While they alleged
the corporation is insolvent, they are not seeking immediate liquidation
of its affairs, explaining this would be harmful to both stockholders and
creditors, but desire the appointment of a receiver to continue the operation
of the business. No statement is given as to the liabilities and assets.
Chain Extension Meets Objection Among Bankers—
Representative McFadden Finds General Feeling
That Wider Branch Banking Would Be Preferable—Cleveland A B A Convention Sentiment Is
Sounded.
Sentiment expressed in the meetings of the 56th annual
convention of the American Bankers' Association was distinctly in opposition to the further extension of chain or
holding company banking, according to an oral statement
Oct. 2 by Louis T. McFadden (Rep.), of Canton, Pa., Chairman of the House Banking and Currency Committee. We
quote the foregoing from the "United States Daily" of Oct.
4, which continued as follows:
There seemed to be a general agreement, Mr. McFadden stated, that if
any extension must be made, it might be better to extend branch banking
than to permit any further extension of chain or holding company banking.
Mr. McFadden had a particular interest in this convention, he stated,
because the main subjects under consideration were those which are before
the House Banking and Currency Committee, namely, branch, chain and
group banking, taxation, and distribution of Reserve Bank earnings.
Mr. McFadden's oral analysis of the convention follow,:
"I came to Cleveland because of the fact that this American Bankers'
Association meeting had up an its most important subjects branch, chain
and group banking, the revision of section 521-9, Revised Statutes, pertaining to bank taxation, and the distribution of Federal Reserve Bank
earnings, all pending before the Committee of Congress over which I preside
as Chairman.
Influence of Larger Banks,
"I listened to as much of the discussion of these subjects as possible,
got an expression of the private views of bankers all over the country as
well. It is apparent from the resolution which was adopted that the
subject of branch, chain and group banking is still an immature one. The
Influence of the larger banks and particularly the groups and branch
bankers is noticeable and evidenced by a change to some eytent in the
sentiment of an increasing number of country bankers who heretofore have
been definitely opposed to extension of branch banking beyond its present
limits.
"The resolution on this particular subject is a slight departure from the
position indicated at Los Angeles a year ago in that the resolution recognizes
branch banking and favors an extension beyond the present corporate
limits of the city in which the parent bank is located. It was still
apparent, however, to keen observers that those in favor of extension
from present limits were well organized while those opposed to any extension beyond present limits were unorganized.
"The common question following the adoption of the resolution on this
subject is to what extent will the Congress be influenced br a r.e,
l'ition
such as was passed by the American Bankers' Association? Will the
Congress extend the present limitations from cities in which the parent
bank is located to a county limit or a State limit or a nation-wide limit?
I recall freely the prediction made at the time of the passage of the McFadden Act that if branch banking privileges were given to National
banks, even though confined to the city limits, it would be but a short
time until those engaging in branch banking would insist on further
extension to county lines. I am wondering whether this prophecy is not
being fulfilled, and if so, and branch banking is extended to county limits,
how long it will be before a demand is made for an increase to Statewide branch banking?
OCT. 11 1930.]
FINANCIAL CIIRONICLE
2321
to the
Since than, I have given most earnest consideration and careful thought
"There was every evidence on all sides of opposition to trade area situation, and have consulted with my friends in the community. They and I
DeBank
W.
Savings
the
John
of
fully realize the importance of maintaining the integrity
branch banking, as proposed by the Comptroller of the Currency,
standing among the people of the State.
undermine
Pole. There was also plenty of evidence of opposition to a further partment and itsgiven
to
tended
bly
unquestiona
has
situation
the whole
The publicity
extension of chain or holding company banking, and an agreement that Public confidence in my department. Personally, I am not conscious of any neglect
with the examinations
if any extension must be made, it might better be an extension of branch on my part or on the part of my associates in connection feelings,
they must be
of the bank in question. But, whatever may be my ownmy resignation as Bank
banking than a further extension of chain or holding company banking.
tender
therefore
I
and
good,
public
to
d
the
subordinate
that
"In consideration of this subject, however, it must be recognized
pleasure.
your
at
effect
Commissioner, to take
there is an important public interest involved, even after the bankers have
The following earlier advices from Concord (Sept. 19)
agreed from their standpoint. Much of the discussion that took place in
corridors
hotel
the
in
as
likewise from the "United States Daily":
well
of
are
as
the
meetings
Association
the various
proceeded along lines that seem to me to have been thoroughly covered
Charles W. Tobey and his Council have advised Bank CommisGovernor
Currency
be served
by the hearings that were conducted by the House Banking and
sioner Arthur E. Dole that the best interests of the State would
issued by the
Committee,
by his resignation from office, according to a statement
adds.
Tax Association Position.
Governor Sept. 18. Mr. Dole has refused to resign, the statement
bank
six-year term.
"Apparently from the resolution that was adopted as regards the
Commissioner Dole was appointed Sept. 15 1925 for a
differences
and his
their
d
compromise
tax problem the Committee in charge have
State law provides for removal from office by the Governor
The
R.
with the State tax commissioners by agreeing to the Goodwin bill (H.
after a hearing for inefficiency, neglect of duty, or malfeasance
Council
ves
12490), which is largely the result of recommendations of representati
in office, it was stated orally at the Governor's office.
to
was to the
of the National Tax Association. This association, I understand, Is
Information made available at the office of the Governor
subject
before
main
the
convene in Kansas City the latter part of October, where
that the Governor's Council deliberated more than seven hours
effect
the
of diffiof discussion will be bank taxation. If it results at this meeting that
taking the action related above. The meeting was an outgrowth
various State tax authorities are in agreement on the Goodwin bill, which culties arising in connection with the recent closing of the Merrimack
has now been indorsed by the American Banker.' Association, it would River Savings Bank, Manchester.
is a
States
seem as if action might be had at an early date. This, however,
The security of loans made by the bank on real estate in Western
than
by court
very complicated question, and a public interest is involved other
was questioned by the Bank Commissioner. The bank was closed
needs
the
namely,
officials,
is indicated by either the bankers or the taxing
order, tieing up some $11,000,000 in deposits.
of the
indictment
of revenue of the various States to meet the increasing demands
The action of the Governor Sept. 18 followed closely upon the
Bank,
s.
expenditure
increasing
constantly
Arthur H. Hale, former Treasurer of the Merrimack River Savings
of
tax
"The public will be interested to know as to whether or not the
in connection with alleged irregularities in handling bank accounts.
burden.
tax
about to be agreed upon is an equitable proportion of the total
The statement issued by Governor Tobey follows in full text:
has
matter of the Merrimack
There are those who believe as a result of the controversy which
The Governor and council conferred at length on the
Va.,
Richmond,
Arthur E. Dole, Attorney
famous
now
River Savings Bank situation, with Bank Commissioner
arisen and the upset brought about by the
advised Commissioner
They
new methods General Ralph W. Davis. and the bank auditors.
decision, taking into consideration also the fact that 60 many
would be served by his resignation from
capital Dole that the best interests of the State
resign.
to
of bringing other moneyed capital into competition with banking
declined
r Dole
comparison office. Commissione
have arisen, that perhaps a complete revision of the basis of
On Sept. 26 State Insurance Commissioner John E. Sulliof competing capital should be written into this section.
by the van was appointed State Bank Commissioner by Governor
.1Should the action already taken and that about to be taken
for the
tax authorities not be in accord, it might be found desirable
Council. Mr. Sullivan, who succeeds Mr.
the various Tobey and his
Congress to take cognizance of the fact of gross inequalities in
e Commissioner since 1923.
Insuranc
been
authority
had
Dole,
States as regards the taxation of national banks under the present
might be
of section 521-9, and that because of this definite limitation
in such
necessary to be written into the law in order that National banks
States where excessively taxed should be properly protected.
Mellon Answers Representative Byrns' AlleReserve Secretary
"As regards the further distribution of net earnings of Federal
That Treasury Surplus Reported for
gations
Banks among member banks it came in for comparatively small considerathe
among
Sept. 30 is Fictitious.
tion. There is everywhere, however, a feeling, particularly
Reserve
smaller banks, who find the expense of belonging to the Federal
A statementin which he asserted that the Sept.30 Treasury
System excessive, that there should be some compensation for that expense.
might statement of Secretary Mellon was a "political campaign
methods
of
number
a
that
discussion
the
from
gathered
I rather
be used with satisfaction to the country banks.
document" rather than "an honest, straightforward, unsuggestion
"There seemed to be a growing expression of approval of a
on Oct. 8 by Repreto biased business statement," was made
I made several year. ago that the Federal Reserve Act be amended
Democratic member
e,
ranking
of
Tennesse
There
Byrns,
banks.
country
small
of
sentative
part
the
on
membership
permit voluntary
Representative
Reserve
Federal
of
the
students
ee.
of
part
the
Committ
on
ations
recognition
Appropri
a
also
House
appears
of the
better,
System that these small banks can be as well served, and perhaps
in the "Times" were based on
noted
was
it
charges
Byrns's
in
are
turn
who
banks
through correspondent relations with Reserve city
quarter,
stream figures in the statement for the final day of the
members and who can furnish the necessary access to the credit
of
surplus
a
was
my
observaIt
reported
banks.
small
Treasury
these
the
to
that
System
which showed
of the Federal Reserve
It
000 had been applied to
tion that small country banks would welcome a change of this sort.
$65,000,
only
while
000,
$52,000,
would welcome
was also stated by many Reserve city bankers that they
the comnts in this debt retirement, compared with $236,846,000 in
an opportunity of serving these country banks as corresponde
parative quarter of the fiscal year of 1930. It was contended
by Representative Byrns that had not debt reduction
Insurance Stocks Declined Average of 4 Points During through purchases for the sinking fund been slowed up a
September, According to Hoit, Rose & Troster.
very sizable deficit would have been shown. The "Times"
In sympathy with the declines in other security markets, account of his charges went on to say:
eight years
the New York City insurance stock market was lower and
Mr. Byrn" stated that when Democrats during the last
in taxes the Treasury had replled that greater
heavier during September. From a high of 63% on Sept. 10, urged furtherbereductions
g
"attemptin
was
it
now
used for debt reduction, but that
sums should
the Hoit, Rose & Troster weighted index of 20 leading in- to create a fictitious surplus by withdrawing from the sinking fund sums
surance stocks eased off to 58 on Sept. 30. The range for legally required for the reduction of the public debt."
Mr. Byrns
"At the close of the first quarter of the last fiscal year,"
the month, based on closing bid prices, was as follows:
sinking fund toward public debt
sot. 2. Sept. 10. Sept. 30. continued, "there had been paid into thecompared
of $65,sum
the
with
115
134
129
reduction the sum of $237,000,000. as
Aetna Casualty & Surety
56
63
way."
Aetna (Fire)
Aetna Life
American (Newark)
Continental Casualty
Globe & Rutgers
Great American Insurance
Halifax
Hanover
Harmonia
Hartford Fire
Home Insurance
National Casualty
National Liberty
Prov. Washington
Springfield F. & M
Travelers
II. S. Casualty
U. S. Fire
Westchester
Weighted average
83
19
38
945
30
23
43
28
73
41%
20
11H
64
128
64
84
19
3734
970
32
23
44l
29
7444
42j
20
12
663i
76
18
36
905
28,i
21
38
24
66
39
19
5.411
0
13813
1230
1325
63
62
54
1380
83
8334
54
60
62
49
62
6334
58
000,000 for the corresponding period of this year.
ion realized
"This being a Congressional election year, the administrat
to show
that it would not be politically profitable to the Republican party
a blunder
such
avoid
to
a large deficit on the threshhold of the election, and
of the governthe sinking fund is used to meet ordinary running expenses
ment for the first time since our large public debt was incurred."
fund would be reIt had suggested, said Mr. Byrns, that the sinking
failing in eha. with
imbursed out of revenues collected next March, or,
This he termed
money obtained by issuing short-term notes or certificates.
real experts in the
"peculiar financing," adding that "we are becoming
juggling of figures to meet political exigencies."
continued, "foreign gov"When our bonds are above par," Mr. Byrns
indebtedness In cash rather
ernments make their annual payments on theirSince
there has been a drop
than in bonds purchased in the open market.
the first quarter
in the revenues to the extent of some $146,000,000 for
of this adminisfrom what they were last year under the economic policies expenditures,
increased
tration, and on account of the government's greatly
be collected from
it has even been proposed to divert such cash as may
Treasury to be applied
foreign governments to the general funds of the
this plan
Whether
to the ordinary running expenses of the government.
will be followed remains to be seen."
J. E. Sullivan Named as Bank Commissioner of New
Hampshire Succeeding Arthur E. Dole—Latter
t
Called Upon to Resign by Governor Tobey FollowOn Oct.9, Secretary Mellon issued the following statemen
ing Closing of Merrimack River Savings Bank.
disputing the allegations of Mr. Bryns:
of Tennessee appearing in
Concord (N. H.) advices to the "United States Daily,"
"The statement of Representative Byrns
been called to my attention. Representative
has
press,
this
morning's
said:
Sept. 24,
30, which
the Treasury's daily statement for Sept.
Byrns charged that
The Bank Commissioner of the State of New Hampshire, Arthur E. Dole, showed a surplus for the first quarter of the fiscal year, is 'a political camand
ward, unbiased busiresigned Sept. 24, following the request of Governor Charles W. Tobey
paign document' rather than 'an honest, straightfor
is 'attempthis Council that he do so.
' Mr. Byrne goes on to say that the Treasury
ness
statement.
the recent
from the sinking fund
His resignation was asked last week in connection with
ing to create a fictitious surplus by withdrawing
the public debt.'
closing of the Merrimack River Savings Bank, in Manchester.
sums legally required for the reduction of
however, to a complete
"These are serious accusations. They are due,
Mr. Dole's letter of resignation follows in full text:
Is rather surprising in so experthe
of
s
which
to the examination
anding of the situation,
misunderst
In regard to the recent conference with you in regard
with the failure
a member of the House of Representatives, who
Merrimack River Savings Bank, of Manchester, and In connection
me with surprise, and I ienced and intelligent
preceding election display
of that bank you asked for my resignation, which met
would hardly at any time other than the month
refused.
2322
FINANCIAL CHRONICLE
such a convenient ignorance of Treasury finances. Mr. Byrnes charges
are evidently based on the fact that only $65,000,000 were applied
to debt
retirement on account of the sinking fund during the first quarter
of the
fiscal year 1931, as compared with $236,846,000 during the first
quarter
of the fiscal year 1930. The explanation is simple enough.
"During the first three months of the fiscal year 1930 United
States
Government bonds and Treasury notes were selling at a discount.
It was,
therefore, good business for the Treasury to take advantage of this situation and to retire them at that time. Accordingly, some
$226,000,000
of 3 % Treasury notes were purchased at prices varying
from 96 20-32
to 98 30-32. The prevailing price was 98, and over $198,000,000
were
purchased at that figure, thus effecting a saving of almost
$4,000,000.
"During the first three months of the present fiscal year United States
Government bonds and Treasury notes have sold consistently a premium.
at
By applying the sinking fund appropriation to the retirement
of Treasury
notes which have been called on March 15 next, and which will be
retired
at par, the Treasury avoids the payment of a premium. Accordingly,
the
sinking fund purchases during the first quarter of this fiscal year have
been limited to the minimum amount made advisable by the established
program of financing.
"Just a word as to the charge that funds are being 'withdrawn from the
sinking fund' to meet the ordinary expenses of the government, with its
implication that we are drawing on a trust fund set up for a specific purpose.
It is difficult to understand how the ranking Democratic member of the
Committee on Appropriations could fall into such an error. Mr. Byrns
must know that debt retirements on account of the sinking fund are made
by virtue of a continuing appropriation, available throughout the fiscal
year and, as in the case of every other appropriation, constitute charge
a
on the general revenue of the government, and that no special fund in
the
nature of a trust fund is ever set up for this purpose.
"Moreover, he is utterly mistaken in his assumption that the amount
of debt retirement on account of the sinking fund during the present
quarter is unusually low. Omitting the fiscal year 1929, in the first quarter
of which the Third Liberty loan matured, and the fiscal
year 1930, as to
which the explanation is given above, sinking fund retirements during
the first quarter of this fiscal year are not out of line with the sinking fund
retirements made during the first quarter of any year from 1921 to 1931.
For instance, in 1022 the figure was $81,000,000; in 1923, $52,000,000;
in
1924, $77,000,000; in 1925, $118,000,000; in 1926, 582,000,000; in 1927.
$134,000,000, and in 1928, $74.000.000.
"In the light of these facts, I leave it to the public to decide which statement can fairly be described as 'a political campaign document,' the Treasury statement of Sept. 30 or Representative Byrna's statement of Oct.
8."
For. 131.
$601,000,000 of March 1929. The March returns will
be on incomes of
1930. In June,to close of the fiscal year,$429,373.000
in 2 % certificates
fall due. In addition there will be Issues of bills
in the meantime to swell
the total of retirements.
There appears to be no doubt that President
Hoover will make an especially strong appeal to Congress in his December
message for extraordinary
economy.
The new offering was announced as follows by Secretary
Mellon:
The Secretary of the Treasury gives notice that
tenders are invited for
Treasury bills to the amount of $100,000,000 or
thereabouts. They will
be 62-day bills and will be sold on a discount basis
to the highest bidders.
Tenders will be received at the Federal Reserve
Banks or the branches
thereof, up to two o'clock p. m. Eastern standard
time.
on Oct. 10 1930.
Tenders will not be received at the Treasury
Department, Washington,
The Treasury bills will be issued in two series,
$50,000,000 or thereabouts.
to be dated Oct. 15 1930 and maturing on Dec.
16 1930 and $50,000,000
or thereabouts, to be dated Oct. 16 1930 and
maturing Dec. 17 1930.
Bidders will not be required or permitted to bid for
a particular series,
but the Treasury will apportion each accepted bid
equally between the
two series in so far as the minimum denomination of
$1,000 will permit.
At maturity the face amount of the bills will be
payable
The bills will be issued in bearer form only,and in amounts without interest.
or denominations
of $1.000, $10,000 and $100.000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded
in the special envelopes which will be supplied by the
Federal Reserve
Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be
considered. Each
tender must be in multiples of $1,000. The price offered must
be
on the basis of 100, with not more than three decimal places, expressed
e.g. 99.125:
fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks
and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by
a deposit
of 10% of the face amount of Treasury bills applied for, unless
the tenders
are accompanied by an express guaranty of payment by an
incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 10
1930.
all tenders received at the Federal Reserve Banks or branches
thereof up
to the closing hour will be opened and public announcement of the
acceptable
prices will follow as soon as possible thereafter, probably on the
following
morning. The Secretary of the Treasury expressly reserves the
right to
reject any or all tenders or parts of tenders, and to allot less than the
amount
Offering of $100,000,000 62-Day Treasury Bills in Two applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof,
Series of $50,000,000 Each.
With respect to bidders whose tenders have been accepted such advice
Notice of the issuance of 62 day Treasury bills to the will state the amount of each series allotted. Payment at the price offered
amount of $100,000,000 or thereabouts, was made by Secre- for Treasury bills allotted must be made at the Federal Reserve Banks in
cash or other immediately available funds on Oct. 15 1930 for the bills
tary of the Treasury Mellon on Oct. 6, bids for the same allotted
bearing that date of issue, and on Oct. 16 1930 for the bills allotted
being invited up to 2 p. m. Eastern standard tune, Friday, bearing the latter date of issue. ,
The
Treasury
bills will be exempt, as to principal and interest, and any
Oct. 10. The bills are to be issued in two series, each for
gain from the sale or other
thereof will also be exempt, from all
$50,000,000 or thereabouts, one of the series to be dated taxation, except estate anddisposition
inheritance taxes. No loss from the sale or
other
disposition
of the Treasury bills shall be allowed as a deduction, or
Oct. 15 1930 and maturing Dec. 16 1930 and the other
recognized, for the purpose of any tax now or hereafter imposed
series to bear date Oct. 16 and mature Dec. 17 1930. Secre- otherwise
by the United States or any of its possessions.
tary Mellon, in announcing the offering, states that "bidders
Treasury Department Circular No. 418, as amended, dated June 25 1930
will not be required or permitted to bid for a particular and this notice as issued by the Secretary of the Treasury, prescribe the
terms of the Treasury bills and govern the conditions of their issue. Copies
series, but the Treasury will apportion each accepted bid of the circular may be
obtained from any Federal Reserve Bank or branch
equally between the two series in so far as the minimum thereof.
denomination of $1,000 will permit." As in the case with
the previous issues of Treasury bills put out, the present
offering will be sold on a discount basis to the highest bidders.
The bills carry no interest; they will be issued in bearer form
only, and in amounts or denominations of $1,000, $10,000
and $100,000. No tender for less than $1,000 will be
considered. Tenders were received at the Federal Reserve
Banks and their branches. In commenting on the new
offering the Washington correspondent of the New York
"Journal of Commerce" on Oct. 6 said:
The $100,000,000 will be employed along with 150,000,000 in
current
receipts, to meet Interest payments of $150,000,000 on the outstanding
block of $6,268,241,150 in 4% Liberty bonds of 1933-1938 and an issue
of $758,984,300 in 4,1% Treasury bonds of 1947-1952.
Fears Possibility of a Deficit.
According to Treasury officials, by delaying the borrowing for
this interest
payment until Oct. 15 30 days' interest has been saved. Without the
bill
system the Treasury would have included this amount in the Sept.
15
financing of certificates.
On the other hand, it is considered unusual that there should be an issue
of securities for the particular purpose of meeting such current expenses as
Interest payments. This would indicate, according to experts, that officials
are apprehensive as to a possible deficit June 30 1931, because of heavy
losses in Government income as the result of a falling off in customs receipts,
following the depression in business, and the income tax loss for the first
half of the current fiscal year as a result of the 1 4 tax cut.
From the strictly economic standpoint it would seem to apply to 1930
incomes without cutting the average annual public debt reduction. Some
economists and officials, however, take the position that It would be good
judgment to maintain the tax cut because of its psychological effect on
business, even though it were necessary to do additional governmental
borrowing. This belief is based on the assumption that business will
show a sharp upward turn before the end of 1930.
The Administration already is virtually committed to maintaining the
tax cut.
The pinch on Government finances is further amplified by the large
refunding issues which must be handled before the end ofthe 193i fiscal year.
Face Heavy Refunding.
Nov. 17 there will fall due an issue of $120,000,000 in Treasury bills,
indicating another block of bills at that time. Dec. 15 and 16 there must
be retired $483,341,000 in 3(% Treasury certificates and the $100,000,000
in bills just authorized. At that time it is not anticipated that the income
tax receipts will exceed $475,000,000 judging from the $496,000,000 collection during September.
Then March 15 more than $1,000,000,000 in 3.4% notes will be retired
on call in the face of a material reduction in income tax receipts from
the
Resignation of Dwight W. Morrow as Ambassador to
Mexico—J. R. Clark Jr. Named as Successor.
Joshua Reuben Clark Jr. of Salt Lake City, Utah, was
named by President Hoover on Oct. 3 as United States
Ambassador to Mexico, succeeding Dwight W. Morrow,
who resigned on Sept. 30. Mr. Morrow's letter of resignation to President Hoover was made public as follows on
Oct. 4:
Sept. 30 1930.
The President,
The White House.
My dear Mr. President;
It is with regret that I hereby tender my resignation
as Ambassador to
Mexico with the request that you will consider it
effective from to-day.
I desire to express to you my deep appreciation for the
unfailing considers.Lion which you extended to me throughout the
period during which I was
privileged to serve under you.
I am, my dear Mr. President,
Faithfully yours,
DWIGHT W. MORROW.
In his letter to Mr. Morrow accepting his resgiantion,
President Hoover said:
Sept. 30 1930.
Hon. Dwight W. Morrow,
Ambassador to Mexico, Dept. of State,
Washington, D. C.
My dear Mr. Morrow;
I have received your letter of resignation as
Ambassador to Mexico.
I must, of course, accept it.
In doing so, I should like to take occasion to
express the appreciation
I have, and which I know the whole country feels, for
the able representation you have given. It has been a service marked
with achievement and
one in which every one of us must take satisfaction.
Yours faithfully,
HERBERT HOOVER.
Secretary of State Stimson also addressed Mr.
Morrow
as follows:
Sept. 30 1030.
The Hon. Dwight W. Morrow,
Englewood, N. J.
My dear Mr. Morrow;
I received to-day your letter of resignation as
Ambassador to Mexico
and I have with regret transmitted it to the President.
Your services to your country in Mexico were of so
distinguished a character that they merit the deepest appreciation on the part of
the department.
OCT. 11 1930.]
FINANCIAL CHRONICLE
2323
My Fellow Countrymen:
men,
This is a place of inspiring memories. Here less than a thousand
force intrenched in
inspired by the urge of freedom, defeated a superior
turned back a dangerthis strategic position. This small band of patriots
the united Colonies.
ous invasion well *signed to separate and dismember
of mighty portent.
was
It was a little army and a little battle, but it
, which rightly should
History has done scant justice to its significance
and Yorktown as one
place it beside Lexington and Bunker Hill, Trenton
independence.
of the crucial engagements in our long struggle for
national memory not
The Battle of King's Mountain stands out in our
Carolinas, Georgia, Tennessee,
only because of the valor of the men of the
because of the
and Virginia, who trod here 150 years ago, and
of
Mr. Morrow, as we have before indicated in these columns, Kentucky,leadership
of Colonel Campbell, but also because the devotion
brilliant
A
Senator.
Colonies and set a
is the New Jersey Republican candidate for
those men revived the courage of the despondent
e.
reference to his withdrawal as Ambassador appeared in nation upon the road of final triumph in American independenc
our issue of Sept. 20, page 1801. Mr. Clark, the new
America's Ideals.
human progress so mightily
Ambassador, was formerly Under Secretary of State. The
No American can review the vast pageant of
faith in humanity, new
"World" Washington advices Oct. 3 said:
contributed to by these men without renewed
As Under Secretary of State Mr. Clark was virtually in command when courage and strengthened resolution.
and have observed many
My friends, I have lived among many peoples
the revolution in Mexico disturbed the peace of President Hoover's inauguraand its own ideals, its own
tion in March, 1929, and guided the ship of State through these events. governments. Each has its own institutions
respect and to admire. It is
His previous experience in Mexican affairs enabled him to anticipate spirit. Many of them I have learned to
this end. from these contrasts and these experiences that I wish to speak to-day—
the trend of the short-lived revolution and he successfully handled
and
spirit of America.
He accompanied Ambassador Morrow to Mexico three years ago
to speak upon the institutions, the ideals, upon the
fought our country
later returned to run for the Senate in Utah. Upon his defeat he accepted
In the time since the Battle of King's Mountain was
seaboard to
the post of Under Secretary of State, effective Aug.31 1928.
marched from those struggling Colonies on the Atlantic
has
his
3,000,000
Mr. Clark was with Ambassador Morrow when the latter concluded
sweep of the Pacific. It has grown from fewer than
full
the
two weeks
than its growth
service in the nation to the south, and returned to Utah about
people to more than 120,000,000. But far more inspiring
society.
ago.
has been the unfolding of a great experiment in human
Assistant of numbers
institutions
He first entered the service of the State Department in 1906 as
Within this land there have been builded new and powerful
that
in
remaining
relations.
human
Solicitor,
of
Solicitor, and four years later was made
designed of new ideas and new ideals in a new vision
capacity until 1913.
have attained a wider diffusion of liberty and of happiuntil his return Through them we
From the time he left the State Department in 1913,
ness and of material things than humanity has ever known before.
nuin
States
United
and in
in 1928 as Under Secretary, Mr. Clark represented the
Our people live in a stronger security from enemies abroad
to be
before been the fortune of a nation.
merous world conferences. President Taft selected him in 1912
coun- greater comfort at home than has ever
this
represent
to
conthe
Commission
Preparatory
inventions,
in the valor, the
Chairman of the American
general We are filled with justifiable pride
We
try at the Hague conference, and in the following year he became
art and literature, the moral influence of our people.
to
tributions
CommisClaims
nation, the
counsel for the United States before the American-British
glow with satisfaction at the multitude of activities in the
blessings among us,
sion.
State, the local community, which spread benefits and
these 150 years,
Al Arms Conference.
We may be proud of our vast economic development over
greater returns for his effort and
At the time of the Washington arms conference Mr. Clark was counsel which has secured to the common man
exist in any other place on
for the Department of State and expert legal assistant to the American greater opportunity for his future than
World the earth.
Commissioners. He also rendered important service during the
of opportunity,
DeIn the large sense, we have maintained open the channels
War for the Department of Justice and also in the Judge Advocate's
lowly beginconstantly refreshing the leadership of the nation by men of
partment.
limits the
nings. We have no class or caste or aristocracy whose privilege
have been
education
hopes and opportunities of our people. Science and
They have
President Hoover at Celebration of 150th Anniversary spread until they are the universal tools of the common man. They
have
touch of a thousand finer things of life.
of Battle of King's Mountain (S. C.) Says Socialism brought to him the of
our vision into the inspiring works of God.
enlarged the horizon
Equal
of
ion
Destruct
'Effect
Would
sm
alone
not
was
and Bolshevi
This unparalleled rise of the American man and woman
Opportunity and Our Constitution—Government the result of riches in lands or forests or mines; it sprang from ideas
exertion of a
the
and
stimulated
mind
in Business Also Declared Destructive of Equal and ideals, which liberated the of the world even more easily accessible
There were other parts
people.
Opportunity.
were as great as those
to new invasion by man,'whose natural resources
years presents no
Speaking on the institutions, the ideals, and the spirit of the United States, yet their history over this 150 But
the deadening
of the United States.
march
the
to
parallel
achievement
of
n
the
of America, President Hoover, at the celebratio
ideas and ideals
poverty of other lands was in the absence of the stirring
150th anniversary of the Battle of King's Mountain, S. C., which have lightened the path of the whole American people. A score of
from us, and they tempered the
noted that "ours is a system unique with America—an ex- nations have borrowed our philosophy
under them.
course of history in yet a score of others. All have prospered
is
people—it
our
of
ent
environm
and
spirit
the iouls of
the
of
pression
These ideas and these ideals were in the hearts and inspired
had spurred
American." "We hold," said the President, "that all men the men who fought the Battle of Kings Mountain. They
of their fathers from the persecutions and restricted opporare created equal, that they are equal before the law, and the migration
had been
tunities of Europe, had been sustained by their religious faith,
exwe
as
and,
become the spirit
that they should be safeguarded in liberty
developed in their conflict with the wilderness, and had
his own
of
press it latterly, in equality of opportunity to every indi- of the American people, demanding for man a larger mastership
formulated them through the Declaration and the
forefathers
Our
destiny.
comthe
for
and
unique
vidual that he may achieve for himself
Constitution into a new and practical political and social system
munity the best to which his character, his ability and his in the world. Devoted generations have secured them to us.
we uphold
It is never remiss for us to review these principles, that
ambition entitle him." The President, in making the statestretch of
faith in them, that we search our fidelity to them, that by
gain
should
ment that "from experiences in many lands I have some- our
our vision over the vast pageant of our accomplishment we
times compared some of these systems to a race," added, courage to meet the difficulties of the day.
whether by indiOur political system was a revolt from dictatorship,
in part:
freedom was
viduals or classes. It was founded upon the conception that
"In the American system . . . the winner is he who shows the most inalienable, and that liberty and freedom should rest upon law, and that
Socialves of the
conscientious training, the greatest ability, the strongest character.
law should spring from the expressed wisdom of the representati
ism or its violent brother, bolshevism, would compel all the runners to majority of the people themselves.
end the race equally; it would hold the swiftest to the speed of the most
Inspired Charter of Rights Guaranteed Under Constitution.
backward. Anarchy would provide neither training nor umpire. Despotism
the
or class government picks those who run and also those who win. Whatent was not in itself a new human ideal, but
self-governm
This
ever the merits or demerits of these other systems may be, they all mean Constitution which provided its framework, with the checks and balances
they
mean
and
opportunity,
the
equal
driving
of
force
the destruction of
which gave it stability, was a marvelous genius.
of government
the destruction of our Constitution, for our political framework would
Yet of vastly more importance than even the machinery
serve none of them and many of its fundamental provisions are the negation was the inspired charter of the rights of men which it guaranteed. Under
of them. They mean the abandonment of the nation's spiritual heritage. them we hold that all men are created equal, that they are equal before the
It is significant," the President went on to say, "that some of these law, and that they should be safeguarded in liberty and, as we express it
systems deny religion and seek to expel it. I cannot conceive of a whole- latterly, in equality of opportunity to every individual, that he may achieve
some social order or a sound economic system that does not have its roots for himself and for the community the best to which his character, his
in religious faith."
ability, and his ambitition entitle him.
these principles
No student of American history •can fail to realize that
The President further asserted that "any practice of busiaspirations
and ideals grew largely out of the religious origins and spiritual
own
by
its
selfish
the
country
and universal
ness which would dominate
of our people. From them spring at once the demand for free
should
leadership
Interests is a destruction of equality of opportunity. Gov- education, that the door of opportunity and the ladder of
to every boy and girL
generation,
new
every
for
free
be
,"
he
said,
in
likewise
emergeny
ernment in business, except
which has mainIt is these human rights and the success of government
"Is also a destruction of equal opportunity and the incarna- tained them that have stimulated the initiative and effort in each individual,
gigantic achievement of the nation. They
tion of tyranny through bureaucracy. Tendencies of com- the sum of which has been the
all the riches
are the precious heritages of America, far more valuable than
munities and States to shirk their own responsibilities or in land and mines and factories that we possess.
and
to unload them upon the Federal Government, or of the
Never had these principles and ideals been assembled elsewhere
is the American system.
Federal Government to encroach upon the responsibilities combined into government. This
to name it.
We have lived and breathed it. We have seldom tried even
of the States, are destructive of our whole pattern of self- Perhaps we might well abandon efforts to define it—for things of the spirit
term has
that
but
government. But these evils cannot shatter our ideals or can be little defined. Some have called it liberalism,
political use. Some have called it individualism, but
by
corrupted
become
The
the
faith.
hold
knowlwe
if
ns,
institutio
subvert our
equal opporit Is not an individualism which permits men to override the
edge of danger is a large part of Its conquest." The Presi- tunity of others. By its enemies it has been called capitalism, and yet
under its ideals capital is but an instrument, not a master. Some have
speech in full follows:
The general situation which confronted you when you went to Mexico
your task
was one of great complexity and difficulty and you have fulfilled
earned
conscientiously and with brilliant success, so that you have justly
the gratitude of your Government.
you
which
It is with the keenest regret that I see you leave a service in
like to add
are so admirably fitted to serve with distinction and I should
convey
an expression of my personal appreciation for your services and to
to you every best wish for success and happiness in your future career.
Yours faithfully.
HENRY L. STIMSON.
dent's
2324
FINANCIAL CHRONICLE
called it democracy, yet democracy exists elsewhere under social ideals
which do not embrace equality of opportunity.
Ours in a system unique with America—an expression of the spirit and
environment of our people—it is just American.
[VOL. 131.
The world about us is tormented with the spiritual and economic struggles
that attend changing ideals and systems. Old faiths are being shaken.
But we must follow our own destiny. Our institutions are a growth.
They
come out of our history as a people. Our ideals are a binding
spiritual
heritage. We can not abandon them without chaos. We can follow than
with confidence.
Our Problems Are Problems of Growth
Our problems are the problems of growth. They are not the problems
of
decay. They are less difficult than those which confronted generations
before us. The forces of righteousness and wisdom work as powerfully
in
our generation as in theirs. The flame of freedom burns as
brightly in
every American heart. There need be no fear for the future of
a republic
that seeks inspiration from the spirit of the men who fought at
the Battle
of Kings Mountain.
Destructive Forces of Socialism--Bolshevism.
Parallel with us, other philosophies of society and government have
continued or developed, and new ones have come into the world, born of
the spirit of other peoples and other environments. It is a function of
freedom that we should search their claims with open mind, but it is a
function of common sense that we should reject them the moment they fail
in the test.
From experiences in many lands I have sometimes compared some of
these systems to a race. In the American system, through free and universal
education, we train runners, we strive to give them an equal start, our
government is the umpire of its fairness. The winner is he who shows the
most conscientious training, the greatest ability, the strongest character.
Socialism or its violent brother, Bolshevism, would compel all the runners President Hoover, in Address Before
American Federato end the race equally; it would hold the swiftest to the speed of the most
tion of Labor, Urges Continued Effort Toward
backward. Anarchy would provide neither training nor umpire. Despotism
Stability in Employment—Cites Difficulties in
or class government picks those who run and also those who win.
Whatever the merits or demerits of these other systems may be, they all
Bituminous Coal Industry Where Destructive Commean the destruction of the driving force of equal opportunity, and they
petition and Breakdown of Wages Has Occurred—
mean the destruction of our Constitution, for our political framework would
Would Revise Regulatory Laws if at Fault.
serve none of them, and many of its fundamental provisions are the negation
of them. They mean the abandonment of the nation's spiritual heritage.
Two addresses were delivered in Boston by President
It is significant that some of these systems deny religion and seek to
expel it. I cannot conceive of a wholesome social order or a sound economic Hoover on Oct. 6—one before the American Legion and one
system that does not have its roots in religious faith. No blind materialism before the American Federation of Labor. Elsewhere
in
can for long engage the loyalties of mankind. Economic aspiration, though this issue
we give the first mentioned address. In speaking
it strongly marks the American system, is not an end in itself,
but is only
one of many instruments to accomplish the profound purposes of the Ameri- before the American Federation of Labor President Hoover
can people, which are largely religious in origin. This country is supremely referred to the White House Conferences of last
November,
dedicated, not to pursuit of material riches, but to pursuit of a richer
life at which "leaders of business and industry undertook to do
for the individual.
their utmost to maintain the rate of wages," and "leaders
Imperfections in Our Own Political and Social Systems.
It would be foolish for me to stand here and say that our political and of labor undertook to urge effort in production and to presocial system works perfectly. It does noi. The human race is not perfect vent conflict and dispute." "We have
now," said the Presiyet. There are disheartening occurrences every hour of the day. There
are dent, "had nearly a year In which to observe the working
of
always malevolent or selfish forces at Fork which, unchecked, would
destroy
the very basis of our American life. These forces of destruction vary from these arrangements. There are, of course, exceptions, but
generation to generation; and if we would hand on our great inheritance
to in the large sense our great manufacturing companies, the
our children, we must successfully contend with them.
While we cannot permit any foreign person or agency to undermine our railways, utilities and business houses have been able to
Institutions, yet we must look to our own conduct that we do
not by our maintain the established wages. Employers have spread
own failure to uphold and safeguard the true spirit of America weaken our their employmen
t systematically. For the first time in
own institutions and destroy the very forces which upbuild our national
more than a century of these recurring depressions we have
greatness. It is in our own house that our real dangers lie, and it is
there
that wehave need to summon our highest wisdom and our highest sense of been practically free of bitter industrial conflict."
public service.
The President noted that "We still have a burden of unWe must keep corruptive influences from the nation and its ideals
as we employment.
Although," he went on to say, "it is far less
would keep them from our homes. Crime and disobedience of law
are the
very incarnation of destruction to a system whose basis is law.
Both than one-half in proportion to our workers than in either
pacifism and militarism court danger from abroad, the one by promoting
weakness, the other by promoting arrogance. Failure of many of our citi- England or Germany, no one can contemplate its effect in
zens to express their opinions at the ballot box is at once their abandonment hardship and discouragement without new resolves to conof the whole basis of self-government. Manipulation of the ballot
is a tinued exertion and to further effort in solution of our
denial of government by the people. Corruption or even failure of moral
greatest economic problem—stability in employment. Your
perceptions in public office defiles the whole spirit of America.
Mere
destructive criticism destroys leadership and substitutes weaklings.
Chairman," said President Hoover, "has spoken of my interest in the development of an American basis of wage.
Government in Business Destructive of Equal Opportunity.
Any practice of business which would dominate the country by its own Both the directors of industry and your leaders have made
selfish interests is a destruction of equality of opportunity. Government
in great progress toward a new and common ground in ecobusiness, except in emergency, is also a destruction of equal opportunity
and nomic conceptions, which, I am confident, has had a prothe incarnation of tyranny through bureaucracy. Tendencies
of communities found effect upon our economic
progress during the last few
and States to shirk their own responsibilities or to unload them upon
the
Federal Government, or of the Federal Government to encroach
years. That is the conception that industry must be conupon
the
responsibilities of the States, are destructive of pur
whole pattern of self- stantly renovated by scientific research and invention;
that
government.
But these evils can not shatter our ideals or subvert our
institutions if
we hold the faith. The knowledge of danger is a large part of its
conquest.
It is the first duty of those of us who believe in the American system
to
maintain a knowledge of.and a pride in it, not particularly
because we need
fear those foreign systems, but because we have need to sustain
ours in
purity and in strength.
Country's Progress in 150 Years in Educational and Other
Spheres.
The test of our system of government and of our social principles and
ideals as compared to others may in part be interpreted by the
practical
results of the 150 years of growth that have brought to us the richness
of
life which spreads through this great nation. I can give you some measurements both of our standards and of our social progress.
In proportion to our population, we have one-fourth more of our children
in grade schools than the most advanced other country in Europe, and
for
every thousand of our young people we have six and one-half times as many
in colleges and universities. And I may add that today we have more of
our youth in institutions of higher learning than all the rest of the 1,500,000,000 people of the world put together.
Compared with even the most advanced other country in Europe, we shall
find and incomparably greater diffusion of material well-being. We have
twice the number of homes owned among every thousand people that they
have; we consume four times as much electricity and we have seven times
as many automobiles; for each thousand people we have more than four
times as many telephones and radio sets; our use of food and clothing is
far greater; we have proportionately only one-twentieth as many people
in the poorhouse or upon public charity.
There is a profound proof, moreover, that the doors of opportunity have
Indeed been kept open. The posts of leadership in our country, both in
government and in other activities, are held by men who have risen to
command. A canvass of the leading administrative officials of our Federal
Government, of our industries, and of our professions, shows that 00% of
them started life with no financial inheritance. Despite the misrepresentations of demagogy, there are today more chances for a young men to rise,
and for young women, too, than there were thirty years ago.
But these tangible things which we can reduce to statistics and comparisons are but a part of America. The great intangibles of the spirit of a
people are immensurable—our sense of freedom, of liberty, of security, our
confidence of future progress, our traditions of past glory and sacrifice,
the example of our heroes, the spiritual enrichment of our people—these
are the true glories of America.
labor welcomes these labor-saving devices; that labor gives
its full and unrestricted effort to reduce costs by the use of
these machines and methods; that the savings from these
reduced costs shall be shared between labor, employer and
the consumer." The President pointed out that "if we
stretch our vision over the last ten years we shall find much
to convince us that the problem is not at all insurmountable
in the long run. It is estimated by some of our statisticians
that in this period over 2,000,000 workers have been displaced from older industries due to labor-saving devices.
Some way, somehow, most of these were re-established in
new industry and new services. Nevertheless," the President said, "there is a period of readjustment in each case
of
new discovery, and industry has need of a larger understanding of the facts." According to the President, "it is
this process of readjustment that partly causes our present
difficulties in the bituminous coal industry." He went on
to
say in part:
In that industry the encroachments of electrical power, of
natural gas,
of improvements in consumption, have operated to slow
down the annual
demand from its high peak, leaving a most excessive production
capacity.
At the same time, the introduction of labor-saving devices
has decreased
the demand for mine labor. In addition to its other
difficulties must be
counted the effect of the multitude of 6,000 independent
mine owners
among 7,000 mines, which has resulted in destructive
competition and final
breakdown of wages.
All these conditions have culminated in a demoralization
of the industry
and a depth of human misery in some sections which.%
wholly out of
place in our American system. The situation has been
under investigation
of our government departments, by Congress, together
with commissions
and committees of one sort or another, for the last ten
years. The facts
are known. One key to solution seems to me to lie in
reduction of this
destructive competition. It certainly is not the purpose of
our competitive
system that it should produce a competition which destroys
stability in an
industry and reduces to poverty all those within it.
Its purpose is rather
OCT. 11 1930.]
FINANCIAL CHRONICLE
protects
to maintain that degree of competition which induces progress and
the consumer. If our regulatory laws be at fault they should be revised.
The President said that "the demonstration of nation-wide
co-operation and team play and the absence of conflict during this depression have increased the stability and wholesomeness of our industrial and social structure. We are
justified in feeling that something like a new and improved
tool has been added to the working kit for the solution of
our future problems." President William Green, of the
American Federation of Labor, in introducing President
Hoover said:
"This occasion presents a most appropriate opportunity to refer to the
economic philosophy which President Hoover has repeatedly expounded.
I refer to the matter of wages. He has steadfastly maintained that the
prosperity of our country depended very largely upon the development of
the consuming power of the masses of the people to a maximum capacity
through the payment of the highest possible wages.
"I have always interpreted his statements in favor of the payment of
high wages as an endorsement of the wage philosophy announced by the
Atlantic City convention of the American Federation of Labor.
"The President demonstrated his faith and confidence in the principle
of high wages when he called a conference of representatives of labor and
industry at the White House last November. At that conference, he suggested that peace be preserved in industry and that wages be maintained
during the period of unemployment through which we were passing. The
great influence which he exercised on that occasion served to maintain
wage standards and to prevent a general reduction in wages.
"As we emerge from this distressing period of unemployment, we are
permitted to understand and appreciate the value of the service which the
President rendered the wage earners of the country and industry when he
convened the White House conference to which I have just referred.
"For many reasons, including those just enumerated, I take great pleasure
in presenting to you the President of the United States."
President Hoover's address before the convention follows
In full:
2325
reduced
the use of these machines and methods; that the savings from these
costs shall be shared between labor, employer and the consumer.
co-operation
It is a philosophy of mutual interest. It is a practice of
either
for an advantage that is not only mutual but universal. Labor gains
hours.
shortened
or
through increase of wage or reduction of cost of living
Employers gain through enlarged consumption and a wider spread distribution of their products and more stable business.
Consumers gain through lower coat of what they buy.. Indeed, mass
production must be accompanied by mass consumption through increased
standards of living. A conception of this sort does not at once find universal
application. We ought not forget that it is something new in the world's
economic life. And there are, of course, those who do not yet believe.
It is as far apart as the two poles from the teachings of the economists
of 100 years ago, who took it for granted that the well-being of the worker
could be purchased only at the expense of the well-being of the employer
or some other group in the community, and, further, that wages could
never rise above subsistence or the number of workers would so increase
as to pull the weaker back into the cesspool of poverty.
If we survey the nation broadly we shall find that the diffusion of cost
economies between wages, profits and prices has worked out fairly well.
In fact, due to competition and the necessity to average profits over the
losses of lean years, industry in the national sense is probably to-day getting
the least of the three.
From the aecepta.ice of this basis sy industrial relations I believe America
Is making more progress toward security, better living and more hours of
leisure than those countries which are seeking to continue old conceptions
of the wage and to patch up the old system, with doles of various kinds,
which limit the independence of men.
Any comparison of the situation of our labor with the labor of those
other countries, whether in times of high prosperity or to-day in times of
temporary depression, should carry conviction that we are on the right
track.
No system is or can be free of difficulties or problems. The rapidity
of our inventions and discoveries has intensified many problems in adjusting
what we nowadays call technological unemployment. I sin co-operating
with President Green and representatives of employers' associations in an
exhaustive inquiry into its various phases.
If we stretch our vision over the last ten years, we shall find much to
convince us that the problem is not at all insurmountable in the long run.
It is estimated by some of our statisticians that in this period over 2,000,000
workers have been displaced from older industry, due to labor-saving devices.
Someway, somehow, most of these were re-established in new industry and
new services.
Nor is there any reason to believe that we cannot revolve our economic
will
system in such fashion that further new discoveries and inventions
men
further increase our standard of living and thereby continue to absorb
period
who are displaced in the older industries. Nevertheless, there is a
of a
of readjustment in each case of new discovery, and industry has need
larger understanding of the facts.
Members of the American Federation of Labor:
In his invitation that I should address you on this occasion President
Green spoke in terms of high praise of the benefits to labor from the
nation-wide co-operation initiated at the White House last November for
mitigation of the effects of the present depression.
At those White House conferences the leaders of business and industry
undertook to do their utmost to maintain the rate of wages. They also
undertook in case of shortened employment to distribute work as evenly as Effects of Process of Readfiutment in Bituminous Industry—Destructive
possible over their regular body of employees. The leaders of labor underCompetition and Breakdown of Wages
took to urge effort in production and to prevent conflict and dispute. The
diffiIt is this process of readjustment that partly causes our present
public officials and the managers of industry and utilities undertook to
culties in the bituminous coal industry. In that industry the encroachexpand construction work to mitigate unemployment.
consumption
We have now had nearly a year in which to observe the working of these ments of electrical power, of natural gas, of improvements in
peak, leaving
arrangements. These, the first undertakings of this character in our history, have operated to slow down the annual demand from its high introduction
a most excessive production capacity. At the same time the
have been carried out in astonishing degree.
In addiThere are, of course, exceptions, but in the large sense our great manu- of labor-saving devices has decreased the demand for mine labor.
the multitude
facturing companies, the railways, utilities and business houses have been tion to its other difficulties must be counted the effect of
has resulted in
able to maintain the established wages. Employers have spread their of 6,000 independent mine owners among 7,000 mines, which
employment systematically. For the first time in more than a century destructive competition and final break-down of wages.
All these conditions have culminated in a demoralization of the industry
of these recurring depressions we have been practically free of bitter
place
and a depth of human misery in some sections which is wholly out of
industrial conflict.
investigation of our
The fine co-operation in providing organized emergency employment in our American system. The situation has been under
and
commissions
through Federal, State and municipal public works and utility construction government departments, by Congress, together with
The facts are
has been an important contribution in taking up the slack of unemployment. committees of one sort or another, for the past ten years.
known.
The measure of success is easily demonstrated.
destructive
One key to solution seems to me to lie in reduction of this
The Department of Commerce reports to me that public works and the
months
last
competition. It certainly is not the purpose of our competitive system
eight
the
in
utilities
and
the
railways
construction work by
stability in an industry
amount to about $4,500,000,000, as compared with about $4,000,000,000 that it should produce a competition which destroys
is rather to maintain
in the same period of the boom year of 1929, or an increase of about $500,- and reduces to poverty all those within it. Its purpose
the con000,000. In all previous depressions these works decreased, so that the that degree of competition which induces progress and protects
sumer. If our regulatory laws be at fault they should be revised.
gain is more than even the apparent figures.
But most of these problems are problems of stability. With the job
We have thus had nation-wide co-operation and team-play which have
You, as
greatly ameliorated the hardship of this depression. These measures have secure, other questions can be solved with much more assurance. job. It
workers, know best of all how much a man gains from security in his
served as a practical system of unemployment insurance.
himself
of
valuation
personal
There are some unexpected by-products. Through distribution of employ- Is the insurance of his manliness, it upholds the
ment, large numbers of workers have been saved from being forced into and his family. To establish a system that assures this security is the
competition for new jobs; the sense of security that the job is theirs by supreme challenge to our responsibility as representatives of millions of our
part-time employment has contributed to relieve much of the fear, de- fellow workers and fellow citizens. The discharge of that responsibility
spondency, and discouragement that come to men and women in search for does not allow present difficulties to rob us of our clear vision or the
new jobs in hard times.
wholesome faith and courageous aggressive character for which our country
I would indeed be amiss if I did not express an appreciation, in which has been long the leader of the world.
The demonstration of nation-wide co-operation and team play and the
I know you share, to the thousands of men in leadership of business and
labor who have served in bringing about these results. In the face of absence of conflict during this depression have increased the stability and
decreasing prices it has required great courage, resolution and devotion to wholesomeness of our industrial and social structure. We are justified in,
the interest of their employees and the public on the part of our great feeling that something like a new and improved tool has been added to the
working kit for the solution of our future problems.
manufacturers, our railways, utilities, business houses and public officials.
them
No one would invite either war or business depression, but from
The leaders of labor have likewise contributed their part. Our freedom
from strike and lockout is well evidenced by the statement of the Depart- may come some new inspirations. We find in these times courage and
ment of Labor that in the last depression there were more than 2,000 labor sympathy, generous helpfulness from our workpeople to those unfortunates
disputes, many of them of major character and accompanied by great public suffering not alone from the present but from fear for their future.
We find inspiration in the courage of our employers, the resolution of
disorder, as compared with leas than 800 disputes in this period, and these
mostly of minor character. And the great body of labor itself deserves the nation that we shall build steadily to prevent and mitigate the dewhich
structiveness of these great business atoms. It is this inspiration
much praise, for never was its individual efficiency higher than today.
The undertakings made at that time represent a growing sense of mutual gives confidence for the future, and confirms our belief in fundamental
responsibility and a willingness to bend private interests to the general good. human righteousness and the value of our American conception of mutuality
of interest in our daily work.
Continued Exertion Needed in Effecting Stability in Employment
We still have a burden of unemployment. Although it is far less than
one-half in proportion to our workers than in either England or Germany,
no one can contemplate its effect in hardship and discouragement without
Will of Daniel Guggenheim Sets Aside $1,500,000
new resolves to continued exertion and to further effort in solution of our
Guggenheim Fund.
greatest economic problem—stability in employment.
Your Chairman has spoken of my interest in the development of an
The bulk of the fortune of Daniel Guggenheim, copper
American basis of wage. Both the directors of industry and your leaders
and philanthropist, who died at his home on Long
man
new
a
and
common ground in economic
have made great progress toward
has
had
a
confident,
effect
upon
profound
our Island on Sept. 28, is left to his widow, Mrs. Florence
conceptions, which, I am
economic progress during the last few years.
Guggenheim, in the will filed for probate at Mineola, L. I.,
That is the conception that industry must be constantly renovated by
Oct. 3, says the New York "Times" from which we also
on
scientific research and invention; that labor welcomes those labor-saving
devices; that labor gives its full and unrestricted effort to reduce costs by take the following:
2326
•
FINANCIAL CHRONICLE
(VOL. 131.
Harry F. Guggenheim. Ambassador to Cuba, a son, is to get $2,000,000
outright, as is Mrs. Gladys G. Straus, a daughter. A second son, Colonel
M.Robert Guggenheim, is made the beneficiary of a trust fund of $2.000,000, which will go to his children at his death or revert to the residuary
estate if he leaves none. All the real estate left by Mr. Guggenheim goes
to the widow.
The will sets aside $1,500,000 for the already heavily endowed Daniel
and Florence Guggenheim Foundation, incorporated in 1924 to promote
"through charitable and benevolent activities the well-being of mankind
throughout the world."
The will provides for carrying on the interest of Mr. Guggenheim in
aeronautics, directing that $475,000 be added to the $2,025,000 already
given to the Daniel Guggenheim Fund for the Promotion of Aeronautics.
Along the same lines the executrix, Mrs. Guggenheim, is instructed to
pay for the tuition at approved aeronautical schools of children of his employees at Hempstead House, his country home on Long Island.
Secretary Adams issued this statement as he made public
the facts
concerning the reorganization:
"Admiral Pratt, the new Chief of Naval Operations, has developed
a
new plan of operation which has been approved by the
chiefs of
Bureaus in the Department and which would seem to bevarious
more efficient,
and, incidentally, save some money.
The plan will go into effect as soon as practicable."
The savings to be effected by the end of the 1932 fiscal year are $10,998,949, according to Admiral Halligan, Assistant Chief of Naval Operations.
Estimate of the Savings.
The savings are put as follows:
Fiscal Year Ending June 30 1931.
Fiscal Year Ending June 30 1932.
Personnel
$1,579,000 Personnel
$3,428.949
Maintenance
1,386.000 Maintenance
3,614.000
Fuel
475,000 Fuel
716.000
Total
$3,440.000
Total
$7,758,949
Broad Powers to Mrs. Guggenheim.
The first units to be pared down will be the destroyer and submarine
Under the terms of the will Mrs. Guggenheim receives broad powers, forces of the fleet
organizations in the Pacific and Atlantic. At the same
as executrix, to sell or buy securities with the proceeds of the estate as she time the scrapping
or rendering unfit for combatant service of a great
sees fit. In the event that she is either unable or unwilling to assume the number of destroyers,
all practically obsolete, will begin soon. The Ameriduties of executrix, the will names two of his brothers, Murry and Solomon can destroyer
tonnage, when the treaty was signed in April, was about
R. Guggenheim, as executors, with the same powers. Another brother. 290,000 tons. Under
the treaty it must be reduced to 150,000 tons.
Simon, is named as alternate to either of these two.
Admiral William V. Pratt, Chief of Operations, in announcing the start
Colonel Henry Breckenridge, Mr. Guggenheim's personal attorney, who of the treaty
reductions, said that a new squadron for the training of naval
filed the will for probate, declined last night to make any estimate of the reserves would
be created, thereby relieving the scouting division of the
size of the estate. The will mentions only that it disposes of more than fleet of this
duty.
$10,000 worth of personal property and more than $10,000 worth of real
Ship Will Be Used in Training.
property. Mr. Guggenheim's fortune has long been considered one of
This training squadron will comprise the battleships Wyoming and ArAmerica's greatest.
Mrs. Guggenheim receives an outright bequest of $200,000, besides the kansas and two destroyer flotillas of four vessels each. Under the terms
residue of the estate, and all of Mr. Guggenheim's personal effects, au- of the treaty one of the three battleships which must be rendered unfit
for combat service can be retained as a training ship. It has not been
tomobiles and his pew in Temple Emanu-El.
decided which of the two battleships will be dismantled, but it probably
Other beneficiaries of trust funds set up in the will are the following:
Mrs. Rose Quicke, a sister, $250,000; Cora S. Rothschild, a sister, will be the Arkansas. The other two American battleships which must be
8250,000; Nettie G. Knox, a niece, $250,000; Salvina S. Grant, a sister-in- scrapped under the treaty are the Florida and the Utah.
Admiral Pratt also announced that the cutting down of naval personnel •
law, $50,000; Claudia S. Frankel, a sister-in-law, $50,000.
The money set aside in the will for the Fund for the Promotion of Aero- will begin Nov. 1, after which the maximum monthly enlistments would
be
cut in half. The maximum is now 400 men a month. There will be no
nautics is to bring the total up to $2,500,000. It may be drawn upon by
the trustees of the fund any time up to 1936 upon certification that the reduction in officer personnel.
The number of destroyers with the fleet will be substantially decreased
money is needed.
by reducing the size of the flotillas from six to four ships; in other words,
Transfers May be Delayed.
the 109 destroyers now in the fleet, including destroyers assigned to mineThe actual transfer of the bequests from the estate to the beneficiaries laying services,
will be reduced to 92 vessels. This destroyer rearrangement
may be delayed as long as 10 years, at the discretion of the executrix, in will affect mainly
the scouting fleet.
order to avoid any sacrifice in the disposal of securities. The executrix
Questioned on plans for submarine reduction, Admiral Pratt replied
Is empowered to transfer the securities, if she sees fit, instead of cash, and that that
also would be started soon and the United States would gradually,
shall be the judge of the value of the securities, the will provides.
but within treaty time limits, cut her underwater tonnage from about
The confidence and faith that Mr. Guggenheim had in his brothers are
70.000 tons to 52,700 tons, the maximum fixed in the treaty.
reflected in a paragraph in the will, explaining why he named them as
alternate executors. It reads:
Reasons for the Changes.
"I have nominated my said brothers to act as my executors or trustees,
Admiral Pratt said further:
in the contingency stated (Mrs. Guggenheim's inability to act), because
It is a question of looking over the material that you have on hand
of the close and affectionate relationship which has ever existed between and seeing whether any changes can be made, any adjustments which
us, confident in the knowledge that whatever the burden involved they would tend to make the fleet more efficient. The purpose of the fleet
which
maintain now is naturally one for training. Nobody expects
will gladly undertake it in deference to my wish as well as for the sake of to havewe
all the ships in peace which they will want in time of war, but
those for whom I would provide."
what we need is a nucleus of a fleet sufficiently large so it can adequately
train a number of men to perform all the tactical exercises required to keel)
Mr. Guggenheim was 74 years old at the time of his death. the
fleet up in shape.
With that in view, we have overhauled all our floating material InHe was born in Philadelphia on July 9 1856. From the cluding
equipment at the yards.
The basic organization of the fleet has not been changed at all. Some
"Times" of Sept. 29 we take the following:
of the numbers in the organization have been cut and some of them have
His father had settled there in 1848 on arrival from Switzerland, where been changed. We have left the Asiatic fleet, except for an eventual
the family for years had been engaged in the textile industry. A firm change of flagship, exactly as it was.
The reduction in the numbers of destroyers in a division will give us
dealing in laces was established in Philadelphia, and it prospered. Young
better tactical units, as well as providing some destroyers for the training
Daniel went througn the Philadelphia Public Schools and was 17 years old squadron
and for aircraft carrier plane guards.
in
the
and
Philadelphia High School when his father decided to send him
Our destroyers are beginning to get old and shopworn. There is a
to Switzerland to finish his education and to begin to get a training in tremendous hump in the replacement schedule for destroyers, and if we
cannot take care of that hump by new appropriations we are going to
business. He worked as buyer for a Swiss firm from 1873 to 1884.
Prolong the lives of the destroyers we have as much as we can. In laying
In the meantime, however, his father had, almost by accident, interested Up some of our destroyers,
therefore, we are keeping them in good shape::
himself in mining. A friend named Graham was a financial factor in a
Sampson's Flagship to Go.
mine at Pueblo, Colo., and he wrote to Meyer Guggenheim suggesting that
The reduction of the battle fleet from 18 to 15 units is already accomhe take a share in the property. Although somewhat luke-warm about the
project, the elder Guggenheim sent one of his sons out to Colorado to plished and the Utah and Florida will soon be ready for the wreckers.
investigate. His report was glowing, and the name of Guggenheim became At the same time the old armored cruiser Rochester, which,as the New York
was Sampson's flagship at Santiago. has finally been ordered to the scrap
associated with mines.
Soon the holdings were extended and smelters were purchased and heap.
Owing to the fact that the United States has in commission only five
enlarged. Finally the Guggenheim enterprises became so large and so
important that Meyer Guggenheim called his sons in, the entire family of the 8-inch gun cruisers of 10,000 tons, this country will not be called
devoting all its energy to the one line. Each of the sons was thoroughly upon to dispose of any vessel of that type. Eight more vessels of the type
grounded in the business, and when the enterprises were soundly established are under construction and the five necessary to bring that arm of the fleet
to treaty strength have been authorized by Congress.
the elder Guggenheim retired. He died in 1905.
Daniel Guggenheim was distinguished for the labor, talent and vision
which he brought to the various undertakings, which were to be extended to
Alaska, Mexico, South America and Africa, not only for the development 1,200 Employees of Central RR.
of New Jersey Repair
of copper holdings but also in forestry,diamonds, gold,railroads, banks and
Shops Resume Work.
nitrate.
Elizabeth (N.J.)advices Oct. 2, to the New York "Times"
Was Progressive in Business.
Progrsive personally, he was progressive in business, and his belief said:
that new processes would be devised to reduce costs and increase production
About 1,200 employees of the Central Railroad of New Jersey repair
led him to support the most ambitious undertakings. They included the
acquisition of copper holdings on a mountain top in Alaska in a region so shops here, who were laid off some time ago, were back at work to-day, the
remote that a railroad had to be built over a moving glacier before the mine Elizabethport shops having resumed operations yesterday. C. E. ChamCould be worked. This mine is now operated by the Kennecott Copper Co. bers, the Superintendent of motive power and equipment, announced that
Another copper property was bought 9,500 ft. above sea level on a there has been no reduction in the plant force.
mountain top in Chile, where the difficulties were so great that a new
process of treating ore had to be devised, and water was carried 45 miles
and power 85 miles to the mines so this work could be done. The Guggen- Denial that Sir Henry Thornton Will Be "Dictator"
heim company invested $50,000,000 in the Chile Copper Co. before diviof British Railways.
dends were paid, but the property now has assets of $200,000,000 and is
Associated Press advices from London, Sept. 27, said:
rated one of the lowest-cost copper producers in the world.
The London and North Eastern Railway to-day issued a statement denying that Sir Henry Thornton, Chairman of the Canadian Railways,
would
be appointed "dictator" of British railways.
Navy Department Retires 4,800 Men and 49 Ships In
Conformity with London Naval Treaty Limitations.
The scrapping or retirement of 49 naval vessels of various
categories, the reduction of the Navy personnel by 4,800
and the cutting of monthly enlistments from 400 to 200
were ordered by the Navy Department at Washington
on Oct. 8, with a view to adjusting the Navy to the limitations established by the London Naval Treaty. The New
York "Times," in reporting this, added:
Transamerica Corp. Announces Terms of Exchange of
Its Stock for Banca d'America e d'Italia and
Ameritalia Corp.
Formal announcement has been made by the Transamerica
Corp. of the terms of the offer to exchange its stock for
shares of the Banca d'America e d'Italia and the Ameritalia
Corp., according to the New York "Herald Tribune" of
Oct. 8,from which we quote further as follows:
OCT. 11 1930.]
FINANCIAL CHRONICLE
majority of
Transamerica now holds through a subsidiary company a
additional shares
all the outstanding shares of these institutions, and any
of its subone
of
acquired as a result of this offer will be for the account
sidiaries.
Corp. for
The basis of exchange is as follows: One share of Transamerica
Corp.
five shares of Banca d'America e d'Italia; one share of Transamerica
for
Corp.
Transamerica
for five shares of Ameritalia Corp.; one share of
shares of
2% stamped shares of Banca d'America e d'Italia carrying 23
Ameritalia Corp.
of
On this basis stockholders owning a considerable number of shares
these two institutions have already signified their desire to deposit their
Shares for exchange.
Annual Convention of Investment Bankers Association
of America at New Orleans Next Week,Oct. 12-15.
Members of the Board of Governors of the Investment
Bankers Association of America, headed by Trowbridge
Callaway, President, left on Oct. 9 in three chartered cars
for New Orleans, where the annual convention of the Association will be held next week. Other New York bankers in
the party were William H. Eddy, Chase Securities Corp.;
George N. Lindsay, Bancamerica-Blair Corp.; Allen M.
Pope, First National Old Colony Corp.; Robert E. Christie
Jr. of Dillon, Reed & Co.; Henry R. Hayes, Stone & Webster
and Blodget, Inc.; J. Augustus Barnard of Dominick &
Dominick,and J. Ritchie Kimball of the Guaranty Trust Co.
The program of the convention, which will be held Oct. 12-15,
was referred to in our issue of Sept. 6, page 1510. The
principal speakers will be Eugene R. Black, Governor of the
Federal Reserve Bank of Atlanta, on Tuesday morning,
and Silas H. Strawn of the Chicago law firm of Winston,
Strawn & Shaw, on Wednesday morning. George W.
Robertson, a Governor of the association, will deliver the
address of welcome at the opening general session Monday
forenoon, followed by the address of President Trowbridge
Callaway.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The second New York Cotton Exchange membership of
Frank M. Hartcorn was reported sold this week to Elwood
P. Manany for another for $19,000. Last preceding sale
$18,100.
Arrangements were reported made this week for the sale
of two New York Stock Exchange memberships at $275,000
and $265,000 respectively. The last preceding sale was
$258,000.
David T. Frank, for fifty years one of the trusted employees of Speyer & Co., passed away on Oct. 5 in his
ninetieth year. Mr. Frank was born in Germany on July
28 1841, near Duren, in the Rhineland. He first attended
public and then the high school at Aix-la-Chapelle. He
began his business career at the age of seventeen and, after
serving his apprenticeship with a banking house in Hannover, held positions in Brussels, Amsterdam and Riga before he sailed for New York in September 1879. Upon his
arrival here, at the age of forty, he entered the employ of
Speyer & Co., whom he served faithfully from that date to
his end, declining all offers made to him to retire with full
pension. He was possessed of a remarkable memory and
enjoyed the friendship and confidence of his associates, as
well as of the partners of the firm. He lost his wife about
a year ago and is survived by an only son, Albert Frank, a
mining engineer and graduate of the Columbia School of
Mines, who resides at Forty Fort, Pa.
This is the second instance in the history of Speyer & Co.
that a member of their staff remained at his post for half a
century, the other case being that of A. J. Sauter, who died
in 1925 after sixty-three years' service with the firm.
2327
recalls with pride that never once in the Greenwich Bank's
97 years of history was it necessary to suspend specie payments. In addition to his banking activities, Mr. Hammond
has taken an active part in civic affairs of his native town
of Boonton, N. J., having served several years on the Board
of Education and the Board of Aldermen, and as Mayor
during 1918 and 1919.
One of the largest mural paintings in the city, a 200-foot
canvas dealing with four centuries of New York shipping
and architecture, will adorn the new branch of the New
York Trust Co. at Fifth Avenue and Fifty-Seventh Street
upon its completion October 20. The theme of the huge
mural, by Griffith Baily Coale, is the development of New
York during the 17th, 18th, 19th and 20th centuries. The
narrative goes far back to include an early Dutch merchantship, the "Half-Moon", and covers the entire space of 300
years to depict a speed-boat of to-day shooting beneath
Brooklyn Bridge. Equally interesting is the treatment of
New York buildings. From the early beginnings of a few
scattered Dutch structures, the narrative continues up to
the present, with the spire of Trinity Church buried almost
out of view by the mass of surrounding skyscrapers. The
site of the New York Trust Co.'s new branch is an historic
one. To make way for it, there was removed the handsome
white marble house, in the style of Eighteenth Century
French architecture, which was one of the last traces of the
once fashionable residential life of 57th Street and Fifth
Avenue. When the bank took over the leasehold in 1918, the
mansion was remodelled in such a way that the architectural
beauties were preserved, while all the essential features for
conducting a banking business in the most convenient manner were introduced. The growing business of the bank
made it necessary last year to seek larger quarters. The
new building, which was designed by Cross & Cross, architects, and built by Thompson-Starrett Company, Inc., is
fifteen stories high, with the New York Trust Co. occupying
the basement, street floor and part of the office space above.
The exterior is of white Georgia marble. Aluminum is used
extensively throughout, even for the exterior window frames,
a comparatively recent use for this material.
The Central Hanover Bank and Trust Co. of New York
has opened its new Lexington Avenue and 43rd Street Office
in the Chrysler Building. The office is designed to serve
the east Grand Central Zone and affords complete banking
facilities. The main banking rooms and women's department are on the street level, the trust department on the
second floor, and the safe deposit vaults in the basement.
Alick 'McD. McLean, Assistant Vice-President, is in charge.
The Berlin Representative Office of the Central Hanover
Bank and Trust Co. has moved from 54-55 Unter den Linden
to its new quarters at Pariser Platz 6a.
At a regular meeting of the Governing Committee of the
New York Stock Exchange on Oct. 8, the petition of the
members to close the Exchange on Saturday, Oct. 11, was
not granted.
The Board of Governors of the Rubber Exchange of New
York voted on Oct. 2 to close the Exchange on Saturday,
Oct. 11, but directed that members who have rubber to deliver keep their offices open on that day.
The Board of Managers of the New York Cotton Exchange
voted not to close the Exchange Saturday, Oct. 11, preceding
Frank Hammond, Vice-President of the Central Hanover Columbus Day.
Bank and Trust Co. of New York, has retired after more
The National Metal Exchange will be closed to-day, Oct.
than 47 years of banking. He has become widely known in 11, incident to the Columbus Day holiday.
financial circles through his many years as Vice-President
of the Greenwich Bank, the Hanover National Bank and
the Central Hanover Bank and Trust Co. He has withdrawn from active business with the good wishes of a host
of friends. He plans to rest during the autumn months and
to spend the winter in St. Petersburg, Florida. Starting as
debit clerk with the Greenwich Bank on December 1 1883,
Mr. Hammond served successively as clearing house clerk,
discount clerk, receiving teller, paying teller and assistant
cashier. In 1909, he was made Cashier and in 1914 he was
promoted to Vice-President, which office he retained through
successive mergers. During his service with the Greenwich
Bank, deposits and resources increased over 3,700%. He
Winthrop W. Aldrich, President, and Charles S. McCain,
Chairman of Chase National Bank, sailed on Oct. 3 aboard
the Lloyd liner Europa, en route to Europe, according to the
"Wall Street Journal."
Charles A. Wight was elected a Vice-President of Bankers
Trust Co. of New York, at a meeting of the Board of Directors on Oct. 7.
The Central Hanover Bank & Trust Co. of New York
invites your inspection of its remodeled William Street
Office, 135 William St. at Fulton St. on Oct. 14.
2328
FINANCIAL CHRONICLE
The Central Hanover Bank & Trust Co., announces the
election of R. G. Stephens of Atlanta, Georgia, as VicePresident in charge of trust operations at its 42nd Street
office. Mr. Stephens has been for several years Vice-President and Trust officer of The Trust Co. of Georgia. Mr.
Stephens received a law degree from the University of
Virginia and, during the World War, served as a captain in
France.
-4---
At a meeting of the directors of the Chemical Securities
Corp., William G. Laemuel was elected Vice-President and
Secretary, M.D.Howell was elected Assistant Vice-President
and Raymond C. Ball, Treasurer.
Press dispatches from Albany yesterday (Oct. 10) said:
The New York State Banking Superintendent has refused to grant an
organization certificate to the Colony Trust Co., New York City.
No reason for this action was given by the Banking Department here.
The application for a charter for the institution was
referred to in our issue of May 31 1930, page 3825.
The directors of the Anglo--South American Bank, Ltd.,
have declared a final dividend of 5s. and 11.49d. on the
A and B shares respectively, according to Norman C.
St,enning, President of the Anglo-South American Trust Co.,
who received a cable from London to that effect on Oct. 7.
Both dividends less income tax are payable Oct. 27. This
dividend brings the distribution on the A shares to 10%
for the year and proportionately 10% on the B shares. It
is further announced:
.630,000 Is to be transferred to the Staff Pension Fund; £26,743 to be
transferred to legal reserves in Chile, Columbia and Ecuador; £350.000
transferred to Contingency Fund; £207,160 carried forward. In view of
the world wide depression in commodity prices which have an important
effect on all countries in which the Bank operates, the directors have
deemed it prudent to strengthen internal reserves by transferring to Contingency Account, in addition to the provision mentioned above,'ammo.
being the premium received on the issue of B shares made in December of
last year, after deducting commissions paid on such issue.
The annual general meeting of stockholders is to be held on Oct. 21.
The Anglo-South American Bank, one of the more important foreign trade banking institutions in the world,
maintains 60 branches in Argentina, Brazil and Chile, and
throughout the Americas, Spain and England.
For,. 131.
in 1913 a handsome bank building was erected on Main
Street.
In 1922 the facilities of the banking quarters were again
substantially increased and finally during 1926 and the early
part of 1927 stIll more extensive alterations and additions
were made, giving the institution the spacious and beautiful
banking home it occupies to-day. The present capital of the
Brockton National Bank is $600,000, with surplus and undivided profits of $754,023. Deposits total more than $8,500,000 and its resources approximate $10,000,000. In April
1926 a branch of the institution was established at Campello
(h suburb of Brockton), and the following year a subsidiary
institution, the Brockton National Co., was organized.
Clarence R. Fillebrown, who was appointed Cashier of the
bank on its organization, is the present head of the institution, an office he has held since 1921. Mr. Fillebrown is the
only man now identified with the Brockton National Bank
who was with it at the beginning. This year he is rounding
out 56 years of service as a banker. Other leading officers
of the bank are: Fred W. Filoon, Harold C. Keith, F. O.
Stacey (and Trust Officer), and W. R. Buck, Vice-Presidents, and A. R. Ewell, Cashier.
On Oct. 1, by authority of the Rhode Island Board of Bank
Incorporation, the High Street Bank of Providence inaugurated a general trust company business and changed its title
to the High Street Bank & Trust Co. The officers of the
Institution, which is capitalized at $120,000, are as follows:
Henry A. Grimwood, President; William A. Hathaway and
Arthur L. Peck, Vice-Presidents; Walter C. Nye, Trust Officer; Victor H. Frazier, Secretary and Treasurer; Lovett 0.
Ray, Assistant Secretary and Assistant Treasurer, and
Howard A. Jepson, Assistant Treasurer.
Announcement was made
-Oct. 1 by the United States
Savings Bank of Newark, N. J., of the appointment of Benjamin Fairbanks, Jr., as Treasurer of the institution, according to the Newark "News" of that date, which continuing
said in part:
Mr. Fairbanks has been a banking executive 16 years. . . . Re was
Arthur Bancroft, formerly Assistant Treasurer of the Assistant Secretary of the Guaranty Trust Co. of New York, with which
American Trust Co. of Boston has been made an Assistant he had been connected since 1919.
Mr. Fairbank's banking experience began in 1902 with the National Bank
Treasurer of the Kidder, Peabody Trust Co. of that city.
of Commerce in New York, where he
According to the Boston "- Transcript" of Sept. 26, the
Cohasset National Bank, Cohasset, Mass., has notified its
shareholders by letter that the Rockland Trust Co., Rockland, Mass., has agreed to purchase from the Old Colony
Trust Associates, Boston, the latter's controlling stock interest in the Cohasset National Bank, consisting of 262 shares
of the outstanding 500 shares, at the price of $160 a share.
The same price, it was said, will be offered the minority
shareholders, but both the Cohasset National and the Rockland Trust suggest that individual stockholders retain their
holdings In order to assure maintenance of a large local
Interest in the stock. The directors of the Cohasset National
Bank, who, with the officers, will be retained under the
new control, have unanimously approved the sale, it was
stated. The "Transcript" went on to say:
n is felt, the letter states, that Cohasset National, controlled by Rockland Trust Co., which has branches surrounding Cohasset, will be able
more promptly to serve depositors through greater knowledge of local
conditions and through connections in surrounding communities. Old
Colony Trust Associates has no affiliated bank near Cohasset.
Old Colony Trust Associates acquired its interest in Cohasset National
Bank in 1928 and 1929 at an average cost of $150 a share.
To commemorate the 50th anniversary of its founding,
the Brockton National Bank of Brocton, Mass., has issued a
handsome illustrated booklet entitled "Banking Service for
Half a Century", giving a brief chronology of the outstanding events which have marked the progress of Brocton from
a Pilgrim outpost to a modern cosmopolitan city of 65,000
people. The organization of the Brockton National Bank
was authorized in November 1880 and on Dec. 3 of that year
(the anniversary date) the first meeting was held, when
directors were elected and the name "Brockton National
Bank" decided upon. On Mar. 1 of the following year the
Institution opened for business in the "South Store" of the
old City Block with a capital of $100,000. The bank
flourished. In 1894, feeling the need of larger quarters, the
institution leased a store on the Northeast corner of Main
and Centre Streets, where it continued to prosper until its
growth made increased and better facilities Imperative. So
worked in all departments. In 1912
be became Assistant Auditor and Assistant Treasurer of the International
Paper Co.
In 1914 he became a New York State bank examiner and served until
1919. He was sent to examine branches of New York banks in France and
England in the last year of his State service. He went with the Guaranty
Trust in 1919.
Ile takes the position made vacant by the removal of William G. Trautwein, who was arrested and charged with embezzlement as a result of
disclosures of shortages after the suicide of William T. Serbe.
Charles H. Ewing, Vice-P-resident of the Reading Co.,
Philadelphia, on Oct. 8 was made a director of the United
Security Trust Co., Philadelphia, to succeed Conrad N.
Lauer, resigned, according to the Philadelphia "Ledger" of
Oct. 9.
The proposed union of the Chester National Bank and the
Cambridge Trust Co., both of Chester, Pa., to form a new
organization under the title of the Chester-Cambridge Bank
& Trust Co., has been effected, according to the New York
"Evening Post" of Oct. 8. The consolidated Institution, it
was stated, is capitalized at $1,050,000, with surplus and
undivided profits of $2,311,324; deposits of $10,060,752, and
total resources of $13,528,077. The approaching merger of
these banks was noted In our issue of Sept. 13, page 1659.
We learn from the Philadelphia "Ledger" of Oct. 8 that
the Wayne Title & Trust Co. of Wayne, Pa., will to-day
(Oct. 11) formally open its new banking home at Lancaster
and Wayne Avenues, that place, erected at a cost of approximately $250,000. The company has total resources of $2,581,174. L. H. Watt is President.
Stuart D. Armour has been appointed an Assistant Treasurer of the Provident Trust Co. of Philadelphia, according
to the Philadelphia "Ledger" of Oct. 3. His work will
supplement that of the new business organization of the
company and will be devoted primarily to the business of
the banking department, it was said.
The following description of a suite of new offices recently
prepared for certain of the high officers of the Union Trust
Co., Cleveland, has been received from the bank. The
OCT. 11 19301
FINA_NCIAL CHRONICLE
remodeling of this new suite, we are told, is one of the
most extensive changes which have been made in the Union
Trust Co. Building since its construction in 1924 with the
possible exception of the construction of the new Cleveland
Stock Exchange on the top floor of the building, which has
recently been completed.
a
One of the show places in Cleveland during the A. B. A. Convention is
newly-finished suite of fine new offices on the third floor of the Union
was
Trust Co.. Complete remodeling and decoration with new furniture
March when
necessary to make room for officers who were promoted last
Chairman of the Board J. R. Nutt, who also held the office of President,
retired as President.
The officers who will occupy the quarters on the third floor are Chairman
of the Board J. R. Nutt, Vice-Chairmen of the Board George A. ConIton
and J. R. Kraus, and Vice-President H. D. Messick. In addition to quarters
for these four officers there is also a large reception room.
The reception room and corridors are finished in Louis XVI style with
American black and gold marble floors and baseboards. The walls are
paneled with white avodire wood imported from Africa, with all carvings
sand
and mouldings picked out in silver leaf. A high-pile chenille rug of
color, bordered in rose, covers the floors. The curtains are of rose lampas
are
mounted on wrought iron curtain rods, and the doorknobs and locks
of gold.
Offices 1 and 2, which will be oocupied by Vice-Chairman of the Board
J. It. Kraus and Vice-President H. D. Messick, are finished in the William
and Mary period, with African walnut paneling with mouldings picked
out in ebony. The ornamental frieze is overlaid with gold and silver,
firetoned down to the hue of the woodwork. An Italian black and gold
gold
place occupies the end of each office. The curtains are of blue and
lampas and the furniture is of walnut.
Board
the
of
The third office, which will be occupied by Vice-Chairman
with
George A. Coulton, is in Georgian style, paneled with African walnut,
with
decorative carving over the doors. The doors themselves are decorated
wrought iron grills in antique cathedral glass, appearing as a screen
and
behind the desk. The floors are of American black and gold marble,
the mantle is of black and gold Italian marble. The fixtures are of pewter
for
space
and gold. Old-fashioned secret sliding panels disclose closet
dull
office supplies. The curtains in this office are of Georgian linen in
blue and rose.
Perhaps the most interesting of these offices in architecture is that of
the Chairman of the Board J. R. Nutt. The period of paneling and furniture is of the Federal era of American history, when Thomas Jefferson and
Alexander Hamilton lived. The paneling is of white pine, a typically
American wood, richly ornamented with carvings and finished in its
natural color, showing the picturesque knots and grain of the wood. The
mantelpiece is of carved pine faced with Verde antique marble and fitted
with a hob grate. The deep-pile carpet is green, with henna freize.
Curtains also are of green tapestry. Some of the furniture consists of
genuinely old pieces, with some new ones of mahogany and walnut, all
finished to carry out the traditionally American atmosphere of the room.
2329
According to the Michigan "Investor" of Oct. 4, Robert
M. Allan, President of the American State Bank, of Detroit,
has announced the promotion of Smith Faulcner, heretofore
discount teller, to Assistant Cashier. Mr. Faulcner's banking experience began in the British Linen Bank in Edenborough, Scotland, where he was engaged four years. He
left this position to accept a post in the Royal Bank of
Canada in Winnipeg, where he also remained four years.
Mr. Faulcner joined the American State Bank organization
in 1923.
That A. T. Hudspeth had purchased the Bank of Yellville,
Yellville, Ark., capitalized at $30,000, making a total of 12
banks in Northwest Arkansas under his control, was reported in a dispatch from Harrison, Ark., Oct. 3, to the
,
"Wall Street Journal." Including the present acquisition
National
First
follows:
as
said,
the banks are, the dispatch
Bank, Peoples Bank, and Citizens Bank & Trust Co., Harrison; First National Bank, Eureka Springs; American Exchange Bank, Leslie; Bank of North Arkansas, Leslie; First
State Bank, Marshall; Citizens Bank, St. Joe; Bank of Lead
Hill, Lead Hill; Bank of Alpena, Alpena, and Peoples Bank,
That the First National Bank & Trust Co. of La Porte,
Ind., has purchased the deposits of the People's Bank Trust
& Savings Bank of the same place, an institution founded
19 years ago, was reported in La Porte advices, Sept. 28,
to the New York "Herald Tribune." The acquired deposits
amount to approximately $1,000,000, making the combined
deposits more than $6,000,000. The deal, it was stated,
went into effect immediately. Herbert W. Fox is President
of the First National Bank & Trust Co. The dispatch, continuing, said:
Berryville.
That the Eastern Bank & T- rust Co. of New Bern, N. C.
(the closing of which on Aug. 7 as a precautionary measure
was noted in the "Chronicle" of Aug. 16, page 1053) was
reopened for business on Oct. 4, following the filing of a
Court order to that effect, was reported in a New Bern
dispatch on Oct. 4, printed in the Raleigh "News & Observer"
of Oct. 5. After stating that President W. J. swain and
other officials of the bank had expressed themselves as
pleased with the first day's business, the advices went on to
say:
o. I. Taylor, of Raleigh, liquidating agent for the State Banking Depart-
ment, arrived here last night with the court order giving official sanction
for the reopening of the institution. Approximately 96% of the depositors
signed agreements to keep their money in the bank for more than two years
without interest. The remaining $66,000 in deposits will be paid out on
demand. An additional $110,000 will also be paid on preferred claims.
According to the bank order filed in Court here, similar to the scheme
being used recently for other banks in the State, the bank must proceed
at once in liquidation of its assets and discharge of its liabilities, with no
authority to make reloans, unless later allowed by the State commission.
All new deposits must be kept separate and apart from the old assets at
the bank. No loans will be permitted on them at present, the bank may
make deposits at interest in other banks and in a few months may be allowed
to buy Government bonds, if its resources justify this purchase, Mr. Taylor
states.
Advices by the Associated P- ress on Oct. 3 from Magnolia,
Miss., appearing In the New York "World" of the same date,
reported the closing on Oct. 3 of the Citizens' Savings Bank
of Magnolia and the placing of the institution in the hands
of the State Banking Department. J. S. Love, SuperinThe People's Bank was the victim of one of the largest bank robberies tendent of State Banks for Mississippi, was reported as sayIn Indiana in February 1927, when more than $100,000, mostly in securipoor crop conditions and the low price of cotton
ties, was taken in a bold daylight hold-up. Practically all the securities ing that
caused the failure.
were recovered.
According to a dispatch on Sept. 27, by the Associated
Press from East Chicago, Ind., appearing in the New York
"World," P. Hazel K. Groves, President of the American
State Bank of East Chicago, and of Lake County, Ind., has
returned to his home. The strange disappearance of Mr.
Groves, on Sept. 19, and the closing of the bank by its
directors on account of his absence, was repotted in our
issue of Sept. 27, page 2006. We quote, in part, from the
dispatch mentioned:
Groves, who dropped out of sight Sept. 19, returned early to-day (Sept.
27) and issued a statement through his son saying he could remember
nothing from last Saturday until yesterday when he awoke in a Peoria, Ill.,
hotel. He refused to see reporters, but held a short conference with business associates at which it was said the proposed merger of Groves's and
another East Chicago bank was discussed. .
The bank was found to be in satisfactory condition, despite "slight
irregularities." Groves's' books as Lake County Treasurer were also
examined and found to be in good shape.
That the Bank of Clearwate- r, Fla., which closed its doors
on June 12, was to reopen for business on Oct. 1, was
reported in Associated Press advices from that place on
Sept. 26, appearing in the Florida "Times-Union" of the next
day. H. W. Bivens and John S. Taylor, formerly President
and Vice-President, respectively, have been re-appointed,
and Myron A. Smith and H. H. Constantine, have been appointed Vice-Presidents, succeeding John M. McCling and
H. B. Yerxa. Other appointments are: E. H. Coachman as
Chairman of the Board (succeeding A. C. Lewis of Tampa);
C.0. Paircloth, as Vice-Chairman of the Board; H. C. Moss,
Cashier, and A. W. Smith, Assistant Cashier. The dispatch
furthermore stated that the depositors will be paid 10% of
their deposits.
Promotion of Arthur E. Pucciiaelli, heretofore Manager of
the Bakersfield, Cal., branch of the Bank of Italy National
Trust & Savings Association, to a Vice-Presidency and
Managership of the East Bakersfield Branch, that will result in the immediate future from the consolidation of the
Bank of Italy and Bank of America of California branches,
was announced Oct. 1 by A. C. Dimon, Vice-President and
Supervisor of the Kern-Inyo district for the new Bank of
America-Bank of Italy unit, according to a dispatch from
Bakersfield on Oct. 1, printed in the Los Angeles "Times"
of Oct. 2. The advices continuing said:
The resignation is announced of C. Howard Marfield as
Vice-President and Chairman of the Discount Committee
and also as a director of the Central Trust Co. of Illinois,
Chicago. Mr. Marfield plans to travel for several months
and then enter the private banking field. He was formerly
President of the Bank of America of Chicago, which was
merged with Central Trust Co. last year. He has served as
a member of the Executive Council of the American Bankers' Association, as President of the Association of Reserve
The amalgamated East Bakersfield branch of the merged institution will
City Bankers, and enjoys a very wide acquaintance among be located in the new Bank of America Building at Baker and Humboldt
streets, as soon as the consolidation becomes effective, Vice-President
the bankers of the country.
Dimon also announced.
2330
FINANCIAL CHRONICLE
Other officers of the merged branch will be as follows: Charles H.
Shuler, Assistant Manager; Frank Estribou, Assistant Manager; C. V. Benz,
Assistant Cashier; Hobart E. Henderson, Assistant Cashier, and Carmen
Burubeltz, Assistant Cashier.
Alterations already are under way in the Bank of America Building on
the East side not only to more conveniently accommodate the patrons of
both units, but to take care of the personnel.
FoL, 131.
The market was weaker on Tuesday, and during the early
trading, prices continued to register new lows all along the
line, though the moderate rally toward the end of the day
cancelled some of the early losses. The railroad shares extended their previous lows in the case of New York Central,
Baltimore & Ohio, Illinois Central, and Atlantic Coast Line.
The 57th semi-annual report of the Industrial Bank of Westinghouse and General. Electric moved down with the
Japan, Ltd. (head office Tokyo), submitted to the share- rest of the list and so did Amer. & Foreign Power. Many
holders at their general meeting on Aug. 5, has just recently other recognized market leaders slumped to new levels, the
been received. The statement, which covers the six months list including General Motors, Amer. Tel. & Tel., and Radio
ended June 30 1930, shows total resources of Yen 503,133,267, Corp. Prices again declined on Wednesday, the closing
of which cash on hand and at bankers amounts to Yen quotations showing many active stocks down from 2 to 5 or
2,554,724. Gross earnings of the institution for the period more points. Pressure was directed against Gillette, which
under review were Yen 14,760,668, making with a balance of crumbled more than 7 points, followed by National Air
Transport, which dropped about the same. Pressure was
Yen 1,154,597 brought forward from the preceding half
also exerted against such representative issues as U. S. Steel,
year, a total of Yen 15,915,265. After deducting Yen 12,which was forced to 151,and Youngstown which broke about
674,831 for the gross expenses, net profits were found to be
6 points followed by a 2 point recession in Bethlehem Steel,
Yen 3,240,434. From this amount the following allocations Crucible,
and Colorado Fuel & Iron. Other declines ranging
were made: Yen 1,500,000 to take care of dividends at the from 2 to 3 points were recorded
by Eastman Kodak, Worthrate of 6% per annum; Yen 500,000 added to reserve funds, ington Pump, Auburn Auto, Air Reduction,
and Yen 80,000 contributed to officers' bonus, leaving a bal- Business Machine, and J. I. Case Threshing International
Machine.
ance of Yen 1,160,434 to be carried forward to the current
Prices continued to crumble on Thursday, the downward
half-year's profit and loss account. The bank, which was reaction being the worst in several weeks. The break exfounded in 1902, has a paid-up capital of Yen 50,000,000. tended to every part of the list and 325 issues slipped to new
In addition to its head office in Tokyo, branches are main- low levels, United States Steel was hard hit and dipped 4
tained in Tokyo, Osaka, Kobe and Nagoya.
points to below 146. New York Central ended the day with
a loss of 53', Allied Chemical & Dye 6, American Can 4%,
5 J. I. Case 53., and Eastman Kodak
Bethlehem Steel 5%,
THE WEEK ON THE NEW YORK STOCK EXCHANGE. 73'. Westinghouse was down 63 and Vanadium Steel was
It has been a week of depression on the New York Stock off 6%. Railroad stocks also broke to new lows and losses
Exchange as day after day prices have tumbled downward of 3 to 4 or more points were recorded by Baltimore & Ohio,
to new low levels for 1930 in no less than 554 instances and St. Louis-San Francisco, Rock Island, and Chicago-North
in 348 cases lower even than during the panic period of 1929. Western. In the final hour the market was slightly stronger,
Trading reached over 5,000,000 shares on Thursday and but the rallies that occurred from time to time were of short
nearly 6,300,000 shares on Friday. The recessions extended duration and made little change in the final quotations.
On Friday, the market during the early part of the day,
to practically all parts of the list, and while there have been
occasional rallies, they have been as a rule, of short duration, was almost swamped with an avalanche of forced liquidation.
until late on Friday when the market suddenly turned up- The volume of selling was so voluminous that the new high
ward. United States Steel has been drifting gradually speed tickers, with which the exchange has recently been
downward and on Thursday reached a lower level even than equipped, were running about 5 minutes behind the transduring the panic of 1929. On Thursday the market reached actions on the floor. The flood of selling was tremendous
an acute state of unsettlement and broke badly following the and the transactions were well over the 6,000,000 mark.
report of the suspension from membership of the New York Prices of all the leading speculative favorites were again
Stock Exchange of the old Wall Street firm of Prince & lowered, United States Steel, for instance, dropping to
Whitely on its admission that it was temporarily embar- 1443'. Toward the middle of the afternoon the market
rassed. The announcement caused a violent outbreak of suddenly turned upward and under the leadership of United
liquidation that carried 325 issues to new low levels for the States Steel moved vigorously forward to higher levels,
year. One of the;interesting features of the week was the many of the active stocks showing gains ranging from 2 to 8
advance of 1% in the discount rate of the German-Reichbank. or more points on the day. The principal advances were
The weekly statement of the Federal Reserve Bank made Air Reduction 8 points, Allied Chemical & Dye 7 points,
public after the close of business on Thursday showed a Auburn Auto 53 points, United States Steel 3% points,
further drop of $158,000,000 in brokers' loans. Call money Westinghouse 3% points, Eastman Kodak 6 points and
% points. The final tone was good.
renewed at 2% on Monday and continued unchanged at that General Electric 25
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
rate during the rest of the week.
DAILY, WEEKLY AND YEARLY.
Trading was dull and the volume of business was comparatively small during the abbreviated session on Saturday.
Stocks,
Railroad,
State.
United
Total
Number of
&c..
Week Ended
The opening transactions displayed moderate strength, but
Municipal db
Stales
Bond
Bonds.
Oct. 10 1930.
For'n Bonds.
Skates.
Bonds.
Sales.
prices sagged as the selling increased and many new lows
900,370 $3,770,000 $1,560,000
$138,000 $5,468,000
were registered at the close. Railroad stocks were weak, Saturday
2,365,060
Monday
6.647.000
3,546,000
179,300 10,372,300
3,568,040
8,759,000
4,010,000
especially during the final hour when New York Central and Tuesday
251,000 13,020,000
2,066,960
Wednesday
8,812.000
4,357,000
440,000 13,609.000
Southern Railway dropped into new bottom prices for 1930 Thursday
5,050,600 11,897,000
4,528,000
483,100 16,908,100
6,296,918 13,984.000
4,034.000
1,450,000 19,468,000
and standard industrial stocks, like United States Steel, Friday
20,247,948 $53.869.000 822 035 000 82941 aon 17R RAS Ann
Total
American Can and General Electric, moved sharply downward. On Monday a fresh wave of heavy selling, and liquidSales as
Week Ended Oct. 10.
Jan. 1 to Oct. 10.
New York Stout
ation, forced many active stocks violently downward, the
Exchange.
1930.
1929.
1930.
1929.
losses ranging from 2 to 17 or more points. United States
of shares_ 20,247,948 21,592,150
654,161,578
866,863,250
Steel was especially weak and fell 3 points to 1533
%. The Btocks-No,
Bonds.
Government bonds_ - _ $2,941,400 $1,294,000
principal losses were Allied Chemical & Dye 17 points, and State
$89,635,500
$97,129,200
& foreign bonds_ 22,035,000 11,383,000
537,893,400
480,036.150
New York & Harlem 14 points. Other stocks showing Railroad & misc. bonds 53,869,000 50.600.000 1,531,212,100
1,600,627,800
losses of 2 to 6 or more points were J. I. Case Threshing
Total bonds
$78,845,400 863.277,000 82,158,743,000 $2,177,793,150
Machine, Bethlehem Steel, Columbian Carbon, JohnsTRANSACTIONS
DAILY
AT THE BOSTON. PHILADELPHIA AND
Manville, Western Union, Carbide & Carbon, Eastman
BALTIMORE EXCHANGES.
Kodak, Du Pont, and International Business Machine.
Railroad issues were especially weak, Atchison dropping
Boston,
Philadelphia:
Baltimore.
Week Ended
about 4 points and Canadian Pacific, and Louisville & NashShares. BondSates. Shares. Bond Sales. Shares. Bond Sales.
Oct. 10 1930.
ville were down about 7 points each, while new low levels for Saturday
15,039
32,624
82,000
85.200
682
$4,700
the year were recorded by New York Central, Bait. & Ohio, Monday
35.890
16,000 a60.858
5,400
1,490
4,000
36,494
9,000 a106,742
16,500
2,403
1,400
Southern Railway and Missouri Pacific. In the public Tuesday
Wednesday
24.370
29.000 059,855
6,000
2,630
20,200
56,874
Thursday
50,000
a125,775
25.100
4,204
utility group, Amer. Tel. & Tel. dipped close to the year's Friday
3,000
30,075
57,000 141,460
7,839
17,000
low, American & Foreign Power was off over 2 points and
Total
198,762 $163,000 527,314
858.200
19,248
$50,300
so was Consolidated Gas. Standard Gas & Electric was
down 2% points and Electric Power & Light was off 24 Prey week revised 241.117 2122 000 457.R32 255.100 12002 Red ann
a In addition, sales of rights were: Wednesday, 100. Sa es of warrants werC
points.
Monday, 700: Tuesday, 500; Wednesday, 1,200; Thursday. 1.300.
2331
FINANCIAL CHRONICLE
OCT. 11 1930.]
PRICES ON BERLIN STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
quotations of representative stocks on the Berlin
Closing
We reprint the following from the weekly circular of
as received by cable each day of the past
Exchange
Stock
of
date
under
written
London,
of
Co.
Samuel Montagu &
as follows:
been
have
week
Sept. 24 1930:
Per Cent of Par
GOLD.
The Bank of England gold reserve against notes amounted to £2156.the previous
419,699 on the 17th inst. (as compared with £155,545,822 on
since Jan. 1 last.
Wednesday), and represents an increase of /10,459,615
this week
The consignment of bar gold from South Africa which arrived
forward to France.
amounted to £511.000, of which E250,000 had been sold
187,000
Of the £261,000 available in the open market today, the bulk-£
trades absorbed
was also taken for France, the home and Continental
£59,000 and India £15,000.
French account
There has been a resumption of withdrawals of gold on
franc having perfrom the Bank of England, the recent firmness of the
to make it of
order
in
gold
mitted refining charges to be incurred on such
of gold at
the requisite fineness for the Bank of France. Movements
of £155,000.
the Bank of England during the week show a net efflux
sovereigns released
Receipts totaled £373,011 and consisted of £350,000
abroad. Withfrom "set aside" and £23,000 sovereigns received from
the
drawals amounted to £528,011 of which £23,000 were in sovereigns,
France.
remainder being bar gold, which included about £380,000 for
gold
of
exports
The following were the United Kingdom imports and
22d inst.:
registered from mid-day on the 15th inst. to mid-day on the
Imports.
Brazil
British South Africa
British West Africa
Other countires
Exports.
£615,654 France
811,344 Switzerland
30,248 Germany
7,100 Kenya
Netherlands
Other countries
£919,533
132.738
76,570
4.035
5.384
3,484
£1,141,744
£1,464,346
SILVER.
as supplies
The steadiness of the market has been well maintained,
in the Shanghai exchange
have continued to be restricted. An improvement
quarter
same
the
as
but
account,
was followed by a demand on China
market is difficult to
sold at the advance in prices, the tendency of the
bear sales and America
gauge. The Indian Bazaars have bought to cover
week. Quotation on the
has also shown a disposition to buy during the
this figure was
followed,
18th inst. rose to 17d., and although a reaction
was the highest price
again quoted on subsequent days of the week: it
recorded since June 2 last.
19th and
Demand for prompt silver has of late been poor, and on the
as compared with
20th inst. cash silver was quoted at a discount of 1-16d.
re-established on the
two months' delivery: even prices were, however,
22d !dem.
silver
The following were the United Kingdom imports and exports of
registered from mid-day on the 15th inst. to mid-day on the 22d inst.:
Imports.
£24,008
Canada
United States of America--- 7,042
8,800
Java
1,416
Other countries
Exportsi
France
British India
Germany
Other countries
Oct.
6.
102
Ans.Deutsche Credit(Ades)(8)
133
(12)
Gee.
Berlin. Handels
119
Commerz-und-Privat-Bank (11)
161
Darmstadtcr u. Nationalbank (12)
117
(10)
Oes.
Deutsche Bank u. Disconto
116
Dresdner Bank (10)
220
Relchsbank (12)
63
Algermeine Kunstslide Unle (Aku) (0)
121
Aug.Elektr. Ges.(A.E.G.)(9)
205
(10)
Berlin
Co.,
Ford Motor
99
Gelsenkirchen Bergwerk (8)
123
Oestuerel (10)
78
(7)
Lines
(Hapag)
-American
Hamburg
120
Hamburg Electric Co.(10)
43
Hayden Chemical (5)
87
88
Harpener Bergbau (6)
115 114
Hotelbetrieb (12)
138 138
La, Farben Indus.(Dye Trust) (14)
127 127
Kali Chemie (7)
92
92
Karstadt (12)
72
74
(7)
Tubes
Mannesmann
78
80
North German Lloyd (8)
68
69
Phoenix Bergbau (1334)
151 150
Poiyphonwerke (20)
152
Rhein. Went. Elektr.(R.W.E.)(10)
81
82
fiachsenwerk Licht u Kraft (734)
180
181
Siemens & Halske (14)
74
74
Stoehr dc Co. Kammgarn Spinneret (5)
120 120
Leonhard Tletz (10)
70
Ver. Stalhwerke (United Steel Works)(6) 71
a El-dividend.
•THe Berlin Stock Exchange was closed Oct. 8 on
President, Mr. Richard Pohl.
£12,092
16,549
7.300
6.092
£42,033
£41,266
INDIAN CURRENCY RETURNS.
Sept. 15. Sept. 7. Aug. 31.
(In Lacs of Rupees)16887
16958
17022
Notes in circulation
12131
12067
12050
Silver coin and bullion in India
India
of
out
bullion
and
Silver coin
.g
3228
3228
Gold coin and bullion in India
Gold coin and bullion out of India
.
1
17
§
8
1476
1560
)
Government
Securities (Indian
123
123
184
Securities (British Government)
The stocks in Shanghai on the 20th Inst. consisted of about 100.700,000
silver bars, as compared
ounces in sycee, 146,000,000 dollars, and 4,020
dollars and 4,200 silver
with 102.000,000 ounces in sycee, 146,000,000
week:
the
bars on the 13th inst. Quotations during
Bar Gold per
Bar Silver per Or. Std.
Or. Fsne.
2 Mos.
Cash.
85s. Md.
17d.
17d.
Sept. 18
16 15-166.854.34d.
Sept. 19
85s .%cl.
16%cl.
16 13-16d.
Sept. 20
85s. %.d.
17d.
17d.
Sept. 22
85s. ;Id.
17d.
17d.
Sept. 23
854. Wicl.
16%d.
.
%d
16
Sept. 24
854. 0.62d.
16.958d.
16.937d.
Average
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Oct.
9.
101
128
115
153
113
112
207
53
115
200
94
114
74
113
40
84
110
132
124
86
67
75
63
143
148
78
174
70
107
64
Oct.
10.
100
126
113
151
111
110
204
51
107
198
87
110
72
110
34
82
105
128
122
84
63
73
58
141
145
73
171
70
105
59
account of the death of Its
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Oct. 10.
Oct. 9.
Oct. 8.
Oct. 7.
Oct. 6.
Oct. 4.
16 11-16
1834
169-16
1634
1634
Silver, per oz_d 1634
Gold, p.fine oz. 848.1134d. 848.1134d. 84s.1134d. 84n.11 34d. 843.1134d. 848.1134d.
5634
5834
5634
563(
57
Consols,2H %_
10434
104H
10434
10434
British, 6%------- - 10414
10134
10134
101%
101H
10134
%_
British,
French Rentes
87.20
87.40
87.80
88.10
88.15
(in Paris).fr. ____
French War L'n
101.75
101.70
101.95
101.95
101.90
(in Paris)-fr-
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cM):
3534
3534
Foreign
3514
3534
3631
3634
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended to-day (Saturday,
Oct. 11) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will fall
20.1% below those for the corresponding week last year.
Our preliminary total stands at $9,765,093,373, against
$12,220,471,198 for the same week in 1929. At this center
there is a loss for the five days ended Friday of 36.9%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Oct. 11.
1929.
III
v.C.07141
25,277,000,000 $8,357,000,000
550,766,548
429,513,370
467,000,000
374,000,000
468,000,000
343,000,000
125,084.301
101,684,516
128.600,000
99,000,000
173,794,656
141,302.000
Will no longer report clearings
181,757,395
133,143,016
168,819,882
102,362.391
127,830,718
101,307,796
81,621.522
71,918,231
64,481,588
47,937,922
Per
Cent.
Mill
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Elan Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1930.
C40000M110
04..04,1Ny.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
86
111
136
126
90
71
77
68
147
151
80
177
74
119
69
Oct.
I
The silver quotations to-day for cash and two months' delivery are the
same as those fixed a week ago.
Oct.
7.
102
131
117
157
115
115
216
59
121
204
97
121
78
118
Oct.
4.
102
133
.119
161
117
116
223
. 63
122
205
99
125
79
a120
Oa. 4. Oct. 6. Oct. 7. Oct. 8. Oct. 9. Oct. 10.
1930. 1930. 1930. 1930.
1930.
1930.
Francs. Francs. Francs. Francs. Francs. Francs.
87.80 87.40 87.20
88.05
88.15
$7,150,251,011 $10,874,756,590 -34.2
French Rented 3% Perpetual___
Thirteen cities, 5 days
1,080,284,985 -6.9
103.25 103.25 103.15 102.70 102.70 Other cities. 5 days
987,326.800
French Rentes 4% 1917
101.80
101.95
101.95
101.95
1915-16
101.75
5%
Relates
French
$8,137,577,811 $11,935,041,575 -31.8
BoatsTotal all cities, 5 days
285.429,623 +470.3
21,900 21,800 21,675 21,465 21,460 All cities, 1 day
1,627,515,562
Banque de France
2,635 2,640 2,160 2,460 2,635
Banque de Paris et des Pays Sas_
2,910 2,875 2,880 2,820 2.780
23_735 1133 373 S12.220.471.1913 -20.1
Credit Lyonnais
Total all anima far week _
1,290 1,290 1,280 1,275 1,265
Union desMines
CanalComplete and exact details for the week covered by the
16,950 16,905 18,800 16,565 16,500
Canal Maritime de Sues
Railroadwill appear in our issue of next week. We cannot
foregoing
1:2
2,350 2,315 2,310 2,275 2
23
70
Cherala de ter du Nord
furnish them to-day, inasmuch as the week ends to-day
Mines1,255
1,297 1,295 1,271
des Courrieres
will not be available
1,195 1,117 1,087 1,046
1,028 (Saturday) and the Saturday figures
Mines des Lens
Soc. Miniere at Metallurgique de
Accordingly, in the above the last day
to-day.
noon
until
630
637
633
635
630
Penarroya
Public Utilitiesof the week had to be in all cases estimated.
3,163 3,140 3,070 2,980 2,975
Cle. General d'Electricite
2,860 2,850 2,785 2,695 2,660
HoltIn the elaborate detailed statement, however, which we
Soc. Lyonnalse des Eaux
day
Cie. Francalse den Precedes
further below we are able to give final and complete
present
778
700
780
755
690
Thomson-Houston
1,176 1,163 1,145 1,110
1,110 results for the week previous-the week ended Oct. 4. For
Union d'Electricite
Industrials2,100 2,110 2,101 2,080 2,065 that week there is a decrease of 27.3%, the aggregate of
Tretllerles & Lamb:loin du Havre
778
745
780
765
740
Societe Andre Citroen
266
282
274
278
259 clearings for the whole country being $12,102,296,358,
Ford
Ste. Francalse
908
870
895
905
825
Coty, S. A
same week of 1929. Outside
2,645 2,650 2,610 2.550 2,525 against $16,651,751,781 in the
Pechiney
1,588
1,664 1,650 1,622
1,575 of this city there is a decrease of 19.5%, while the bank
l'Air Liquide
757
778
761
756
757
Etablicsements Kuhlmann
155
160
160
155 clearings at this centre record a loss of 30.7%. We group
162
Gaieties Lafayette
OftReserve Districts in
3,400
3,520 3.500 3,480
3.410 the cities now according to the Federal
Royal Dutch
2332
FINANCIAL CHRONICLE
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
show a loss of 30.6%, in the Boston Reserve District of
19.1% and in the Philadelphia Reserve District of 9.3%.
In the Cleveland Reserve District the totals are smaller by
17.6%, in the Richmond Reserve District by 11.7%, and in
the Atlanta Reserve District by 22.6%. In the Chicago
Reserve District the totals show a shrinkage of 23.4%, in
the St. Louis Reserve District of 18.2%, and in the Minneapolis Reserve District of 20.3%. The Kansas City Reserve District has a decrease of 23.2%, the Dallas Reserve
District of 38.9%, and the San Francisco Reserve District
of 20.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 4 1930.
1930.
1929.
Ine.or
Dec.
1928.
1927.
Federal Reserve Dists.
$
8
$
8
%
617,464,138
tin Boston_ _ _ -12 cities
763,249,011 -19.1
650,056,509
691,468,486
2nd New York _12 "
8,254,756,993 11,891,465,637 -30.6 9,049,820,340 7,351,338,176
615,305,191
8r0 Philadel la.10 "
678,687,016 -9.3
675,514,312
623,569,053
448,099,897
40 Cleveland__ 8 "
543,587,603 -17.8
497,802,981
440,393,239
198,139,747
556 Richmond _ 8 "
224,392,490 -11.7
219,808,366
212.903,540
Atlanta---12
"
159,025,405
Mb
205,541,216 -22.6
205,124,670
232,118,777
765 Chicago -__20 "
874,374,366 1,141,425,505 -23.4 1,205,989,726 1,033,427,696
illb Bt. L0u18_ __ 8 "
200,869,546
245,562,716 -18.2
254,185,775
254,922,000
125,941,323
91b Minneapolis 7 "
157,948,564 -20.3
178,888,799
179,265,805
184,953,857
100 Ransaseity 10 "
240,673,715 -23.2
240,969,036
2111999,032
5 1191' Dallas
65,661,814
107,393,517 -38.9
106,658,817
94,841,175
1211'San Fran 16 "
357,703,093
451,724,592 -20.1
442,273,261
417,040,872
Total
126 oities 12,102,296,358 16,651,751,781 -27.3 13,527,092,592 11,744,284,851
Outside N. Y. C1t1
4,041,643,702 6,018,044,469 -19.5 4,684,525,151 4,581.280,769
r•enarla
al Milan
APO 555 141
FOR 'JAI Ken J1•11
M1 FIR PRA
MK .1.1.4 F9/I
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Oct. 4.
Clearings at- I
1930.
1929.
1928.
1927.
1,328,884
6,099,355
581.000,000
1,390,160
1,251,207
1,066,822
7,374,305
4,544,586
18,294,851
9,812,028
16,996,000
898,331
1,284,450
6,005,342
619,000,000
2,214,536
1,380,803
1,149.012
6,812.957
4,206,395
22,838,240
11,047,494
14,643,600
885.657
763.249,011 -19.1. 650,056,509
691,468,486
First Federal Reserve Dist ict-Boston
1,012,764
Me.-Bangor____
1,114,923
7,604,035
Portland
6,856,773
Mass.-Boston - _ 552,010,172 680,788,312
1,195,829
Fall River_ _ _ _
1,670,694
520.938
Lowell
1,319,392
1,060,644
New Bedford_
1,232,546
5,913,900
Springfield7,420,048
4.019,642
Worcester
4,440,293
18,162,071
Conn.-Hartford
27,669,973
10,924,901
New Haven...
11,061,609
R.I.-Providence
14,156,300
18,971.500
878.940
N. H.-Manches'r
703,556
Total(12 allies)
617,464,136
Du.or
Dec.
Second Feder al Reserve D 'strict-New
9,076,620
N. Y.-Albany_ _
7,825,698
Binghamton-1,989,116
1,778.720
57,131.997
Buffalo
80,436,629
929,730
Elmira
1,074,692
1,412,726
Jamestown
1,568,020
8,060,652.656 1613707,312
New York _
17,287,804
Rochester
22,571,649
7,084,728
Syracuse
10,177,784
3,923,419
Conn.-Stamford
6.763,633.
-Montclai
927,610
r
N. J.
1,043.056
42,278,405
Newark
46,938.676
51,962,157
Northern N. J_
77,579.988
--9.2
+10.9
-18.9
--28.4
--20.3
--9.5
--34.3
--1.2
--25.4
+24.6
York
+16.0
8,197.601
5,887,236
+11.8
1,582,750
1,629,987
-29.0
66,707,352
62,277,608
-13.5
1.361,496
1,105,369
-9.9
1,462,572
1,912,369
-30.7 8,842,567,441 7,163,004,082
-23.4
20,996,456
18,473,188
-30.4
9,392,619
7,954,871
-42.0
6,869,913
6,484,146
-11.1
1,100,000
1,092,312
-9.7
34.556,637
31,693,051
-33.0
55,025,503
49,823,957
Total(12 cities) 8,254,756,993 11891465,837 -40.6 9,049,820,340
7,351,338.178
Third Federal Reserve Dist rlet-Philad elphla
1,588,774
Pa.-Altoona
1,633,970 -2.8
1,588,862
1,727,631
4,555,391
Bethlehem_.
5.872,940 -22.4
5,598,936
4,827,076
1,333,517
Chester
1,144,898 +16.5
1,746,049
2,032.883
2,301,326
Lancaster
3,390.570 -32.1
3.016,948
3,278,728
585,000,000 640.000,000 -8.6 638,000.000
584,000,000
3,931,253
Reading
4,945,794 -20.5
4,964,262
4,835,924
5,358,225
Scranton
8,091.647 -33.8
7,776,363
8.656,821
5,013,688
Wllkes-Barre- _
4,686.469 +7.4
4,413,953
4,791,405
2,213,017
York
2,551,961
13.3
2,411,768
2,232,556
4,010,000
N.3,-Trenton
6,388,785 -37.2
5,997,171
7,396.029
Total(10015169) 615,305,191 678,687,016 -9.3 675,514,312
623,569,053
Fourth Feder al Reserve D istrict-Clev eland
Ohlo-Akron____
6,367,000
7,710,000 -17.4
7,653,000
8,810,000
3,459,747
Canton
4,594,678 -24.7
4,464,935
4,262,849
61,233,585
Cincinnati.- _
77.918,256 -21.4
79,311,525
76.333,149
149,741,962 193.667,563
Cleveland
22.7 155,081,338 144,488,725
19.490,200
Columbus
22.970,800
15.2
20,824,400
21,432,900
1,714,257
Mansfield
2,431.040 -29.5
2,345,000
2,125,108
7,085,082
7,146,248 -0.9
Youngstown
7,339,228
5,414,608
Pa.-Pittsburgh _ 199,008,064 227,150,018 -12.4 220,783,005 179,545,900
Total(8 cities)_ 448,099,897 543,587,603 -17.6 497.802.981 440.393,239
Fifth Federal Reserve Dist 'Jet-Richm ond
W.Va.-IIunt'g'n
1,101.825
1,382,011 -20.3
1,442,374
1,450,932
Va.-Norfolk_ _ _
4,973,806
4,818.714 +3.2
5.484,862
6,494,343
48,995,000
Richmond. _ _ _
55,000,000 --10.9
52,382.000
50,180,000
2,792.123
3,032,594 --7.9
S.C.-Charleston
3.000,000
2,912,865
Md.-Baltimore _ 110,859,177 123,809,421 -10.5 121,138,887 122.004,743
D.C.-Washing'n
29,417,816
36,849,750 --I9.1
36.382,243
29,857,657
Total(6 cities)_
198,139,747
224,392,490 -11.7
219,808,366k
Sixth Federal Reserve Dist rict-Atiant aTenn.-Knoxvllle
2,824.026
3,576,394 -21.0
22,817,329
Nashville
25,726,345 -11.3
44,114,517
Ga.-Atlanta.._
60.772,394 -27.4
2,225,006
Augusta
1,766.340 +26.0
1,599,977
Macon
1,958,792 -18.3
Fla.-Jack'nville.
10,722,257
11,338,526 -5.4
1,415,000
Miami
1,947,000 -27.3
Ala.-Blrming'in.
18,639,634
29,121,452 -36.0
1,1)88,107
Mobile
36.2
3,117.689
2,387,000
Miss.-Jackson
2,631,000 -9.3
178,944
Vicksburg
390,681 -54.7
La.-NewOrleans
50,116,608
63,194,622 -20.7
3,200,000
25,431.876
56,889,940
3,108,535
3,285,695
14,932,671
2,331,00
28,206,437
2,714,767
2.381,000
573,925
60,068,824
Total(12 cities)
159,026,405
205,541,215 -22.6
205,124,6701
[Vol.. 131
Week Ended Oct. 4.
Clearings at- I
1930.
Inc. or
Dec.
1929.
1928.
1927.
Seventh Feder al Reserve D 'strict-Chl cagoMich.-Adrian_ _
186,719
333,495 --44.0
270,450
275,123
Ann Arbor_ _ _1,286,708
1,804,423 --19.8
1,289,521
1,097.578
Detroit
163,112,018 237,380,602 --3I.3 225,123,014 168,846.961
Grand Rapids.
6,549,991
8,753.321 --25.2
9,017,586
8,218,936
Lansing
3,657,494
4,219,917 --13.3
3,492,989
2,946,773
Ind.-Ft. Wayne
3,062,437
4,256.189 --28.0
3,937,604
3,409,518
Indianapolis.
21,371,000
28,969,000 --20.8
35,355,000
24,880,000
South Bend_ _ 2,390,380
3,432,344 ---3.4
3,988,458
3,687,000
Terre Haute...
4,363.199
5,189,252 --15.9
5,119,592
6,255,565
Wis.-Milwaukee
32,029,467
39,157,349
46,772,053
48,619,609
Iowa-Ced. Rap_
3,658,869
4,444,802 --17.7
3,610,151
3,595,566
• Des Moines_ _ _
8,963,708
12,072,366 --25.8
12,426,796
12,829,034
Sioux City__ _
7,232,127
7,808,107 --7.5
8,742,627
7,837,105
Waterloo
1,867,221
1,996,095 --6.5
1,897,095
1,657,440
I11.--illoomington
1,797,891
2,341,850 --23.2
2,104,299
1,834,891
Chicago
601,686,145 766,428.743 --21.5 827,094,174
725,070,893
Decatur
1,050,418
1,322,016 --20.5
1,474,055
1,257,514
Peoria
4,474,767
6,481,987 --31.0
6,515,805
4,825,201
Rockford
2,843,775
4,169,823 --3I.8
3,848,660
3,621,449
Springfield..
2,790,022
3,084.124 -4.9
3,109,805
2,661,491
Total(20 cities) 874,374,356 1,141,425,505 -23.4 1,205,989,7 1
26 ,033,427,696
Eighth Festers Reserve Die trict-St. Lo uieInd.-Evansville.
3,877,128
4,621,339 --16.2
5,558,312
5,495,546
Mo.-St. Louis
125,922,087 141,900,000 --I1.3 157,100,000 158,800,000
Sty.-Louisville_
38,935,214
40.625,382 --9.I
38,565,800
89,795,317
Ownesboro _
275.544
369,104
405,122
463,444
Tenn.-Memphis
21,416.820
36,772,690 --41.7
31,987,058
31,666,000
Ark.-Little Rock
11,083,700
10,379,824 --42.8
18,399,885
16,708,765
111.-Jacksonville.
185,675
330,792 --43.9
397,575
408,797
Quincy
1,173,378
1,613,605 --27.3
1,792,043
1,585,131
Total(8 cities). 200,869,546 245,562,716 -18.2 254,185,775
254,922,000
-
Ninth Federal Reserve Die trict-Minn caponsMinn.-Duluth
7.682,027
7,402,373 -3.8
13,117,025
Minneapolis_ 85,853,273 111,129,596 -22.7 118,792,020
Bt. Paul
25,024,580
30,148,101 -17.0
36,606.127
N. D.-Fargo...
2.379,000
2.446,175 -2.7
2,413,122
S.33.-Aberdeen.
1,093,458
1,572,861 -30.5
1.932,155
Mont.-Billings _
805,627
1,001,142 -24.2
1,402,390
Helena
3.103,358
4,188,316 -25.9
4,626,000
15,508,200
120,095,059
33.667.979
2,343,589
1,865.875
1,378.103
4.407,000
Total(7 cities)- 125,941,323 157,948,564 -20.3 178.1188,799
179,265,805
Tenth Federal Reserve DIs trict-Kans as CityNeb.-Fremont_
447,151 -35.1
292,055
543,526
484.698
Hastings
517,738
689.960 -25.0
757,375
466,571
Lincoln
4.006,321
4,112,111 -2.6
5,668,033
5.586,217
Omaha
42,019,453
51,839,868
49.546,332
44,579,308
Kan.-Topeka___
5,545.426 --48.2
2,870,219
4,578,048
4,839,809
Wichita
9.272,525 --24.4
7.013,885
9,978,703
8.832,785
Mo.-Kan, City, 120,899,143 158,309,548
158,841,526 138,692,901
St. Joseph.4,715,551
7,088,216 --33.5
7,679,899
6,564,443
Colo.-Col. Elpgs.
910,673
1,393,483 --34.6
1,470.380
1,502,265
Denver
a
a
a
a
a
Pueblo
1,708,819
2,075,427 --17.7
1,905,414
1.450,055
Total(10 cities) 184,953,857 240,773,715 -23.2 240,969,036
212,999,032
Eleventh Fede cal Reserve District-Da
Texas-Austin___
2,444,104
1,853,963
Dallas
71,160,637
48,684,377
Fort Worth_
16,728,591
9,967.592
Galveston
8,936,000
3,855,000
La.-Shreveport.
4.300,882
8,124,185
Total(5 cities).
65,661,814
las-24.1
-31.6
-40.4
-58.9
-17.4
2,251,214
70,662,168
16,482,996
9,594.000
7.688,439
2.152,218
61,201,423
16,043,550
8,647,000
6,796,984
107,393,517 -38.9
106,658,817
94,841,175
Twelfth Feder al Reserve D strict-San Franc'scoWash -Seattle..
56,001.879 -29.9
39,244.220
52,987,639
49,923,252
Spokane
16,728.000 -24.1
11,945,000
15,771,000
15,296,000
Yakima
2.031,778 -32.8
1,364,546
2,249,793
1,758,508
Ore -Portland..
44,66.5,915 -18.0
42,938,008
37,540.649
42.394.416
Utah-B. L. City
22,787,337 -20.3
18,168,335
22,113,561
20,182.801
Calif.-Fresno.....
5,968,558 -54.6
2.708,220
5,759,067
6,294.154
Long Beach,.,
8,487,870 -21.4
6.669,027
8,298,663
7,179,626
Los Angeles., No longer wil report clear' nga•
Oakland
21,189.682 -30.8
14,661,403
22,136,706
23,337.805
Pasadena
6,478,456 -14.5
5.538,620
6,814,752
7,728,952
Sacramento_ _ _
7,911,356 -14.9
6,736,123
8,945,757
8,342,829
San Diego_ _ _ _
6,440,930 -24.7
4,848,645
6,099,230
5,350,660
San Francisco_ 198,496,163 242,414,200 -1.8 236,620,700 218,720.000
San Jose
4,742,532 -23.6
3,624,604
4,524,926
3,726,394
Santa Barbara,
2,126,209 +3.6
2,202,452
2,044,625
1.747,254
Santa Monica_
2,229,390 -11.9
1,964,193
2,178,324
2,140,921
Stockton
2,520.500 -21.0
1,990,900
2,820,500
2,917.301)
Total(16 cities) 357,703,093 451,724,592 -20.1 442,273,261 417,040,872
Grand total (126
cities)
12102 296,358 18651 751,781 -27.3 13527092,592 11744 284,851
Outside New York 4,041,643,702 5,018,044,469 -19.5,4,684.525,151 4,581,280,7
69
Week Ended Oct. 2.
Clearings at1930.
1929.
Inc. or
Dec.
1928.
1927.
Canada143,591,916 194,515,785 -26.2 168,300,742 177,211,755
Montreal
141,397,072 186,619,181 -15.1 152.790,382 173,315,733
Toronto
.
69.438,048 107,174,071 -35.4
Wit:WPM
96,464,584
64,523,198
Vancouver
18.636,835
25,550,325 -27.1
21,596,227
18,686,848
6,932,900
Ottawa
9,055,290 -23.4
9,107,776
8,572,174
7,292,574
Quebec
8,350,498 -12.7
7,708,441
7,453,592
Halifax
3,790,773
4,015,194 -5.6
7,178,225
3,702,250
Hamilton
10,620,733
7.782.802
7,420,786
7.444,605
Calgary
9,831,963
18,207.967 -46.0
15,718,270
8,606,181
St. John
2,624,394
2,675,853
2.965,470
2,729,757
Victoria
4.2,500,000 3,448,129 --27.5 7,849,383
2,792,041
3,832,416
London
4,218,372 --9.I
4,408,556
3,952,559
6,901,227
Edmonton
8,383,155 --17.7
7,902,824
6,847,808
Regina
6,588,172
9,258,577 --28.8
8,621,360
6.751,875
828,143
Brandon
870,049 --27.8
1,045,762
848,694
606,054
Lethbridge
1.242,651 --51.2
996,908
718,814
Saskatoon
2,657,054
3,737,253 --28.9
3,358,884
2,742.230
1,154,683
1,611,611 --28.4
1,528,946
212,900,540 Moose Jaw
1,845,636
1,178,352
Brantford
1,537,568 --23.4
1,651,390
1,634,265
Fort Willlam-809,181
1.165.426 --30.6
1,342,521
1,164.625
1.119,929
1,448,114 --22.7
1,280,036
3,500,000 New Westminster
959,525
345,748
759,149
528,466
26.316,465 Medicine Hat-- 505.080
869,219
1,130,191 --23.I
1,041,922
62,780,721 Peterborough....
1,120,064
Sherbrooke
760,186
1,066,949
1,145,095 --33.6
3,889,090
1,077,233
1.367,800
1,773,614 --2.3
1,509,441
3,552,077 Kitchener
1.953,549
3,154,869
5,855,343 --46.1
6,449.884
16,456,426 Windsor
4,536,961
Prince
Albert._
608,437
621,182 --2.0
672,727
3,599,000
507,952
1,081,029
i-3.1
1,048,356
1,018,233
33,222,567 Moncton
933,130
1,197,418
1,158,283
1,147.938 4.4.3
2,205,617 Kingston
1,210,401
626,024
803,843 --22.1
'825.483
2,529,000 Chatham
739,910
682,807
1,100,000 --37.9
1,016,027
864,450 Sarnia
846,281
73,403,364
Total(31 cities) 452,825,351 596,252,590 -24.1 541.518,869 515,334,526
232,118,777
a No longer reports weekly clearings. •Es treated.
OCT. 11 1930.]
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
The Curb Exchange this week suffered the worst break of
the year. Selling pressure started with the opening of the
week and increased in intensity until there were very few
issues not affected by the decline. New low records were
the rule. Utilities were notably affected. Electric Bond &
Share corn. fell from 69% to 53% and recovered finally to
593. Amer. & Foreign Power warrants dropped from 36%
to 22% and closed to-day at 245
%. Amer. Gas & Elec. corn.
sold down from 1153j to 95 and rested finally at 100. Amer.
Light & Tract. corn. weakened from 553/i to 493
4 and ended
the week at 50%. Duke Power moved down from 148% to
139 and sold finally at 140. International Superpower fell
from 34 to 255
% and recovered to 293/g. Northern States
Power,com. declined from 151% to 140 and closed to-day at
1403'. United Light & Power coin. A receded from
363'
to 289 and recovered finally to 32%. Changes among
oil
shares were not so large. Humble Oil & Ref. sold down from
78% to 743
4 and at 76 finally. Vacuum Oil was off from
73% to 653g, the close to-day being at 67%. Gulf Oil of
Pa. declined from 101% to 90, the final figure to-day being
92. The failure of Prince & Whitely on the Exchange caused
a break in the Prince & Whitely Trading Corp. on the Curb,
the stock selling down from 8% to 50c., though it recovered
finally to 33.. Other investment trusts also suffered.
Goldman Sachs Trading Co. fell from 16 to 93/i and finished
to-day at 12. Insull Utility Investment corn.sold down from
513
% to 433
4 and ended the week at 473.. Aluminum Co.
of Amer. corn. dropped from 192 to 177. Deere & Co. fell
from 683/2 to 53% and recovered to 62%
3
A complete record of Curb Exchange.transactions for the
week will be found on page 2363.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANG
E.
Week Ended
Oct. 10.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks
(Number of
Shares).
255,100
500,300
812,800
515,100
1,100,100
1,607,700
Bonds (Par Value).
Rights.
Foreign
Domestic. Gorernment.
$1,308,000
2,648,000
3,716,000
4,466,000
6,103,000
6,966,000
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements)
Aug. 31 1919
When War Debt
Sept. 30 1929
June 30 1930
Was at Its Peak.
A Year Ago.
Last Quarter.
Gross debt
326.596,701,648.01 816,719,982,771.63 816,185,309,831.43
Net bal. In gen. fund... 1,118,109,534.78
407.837,380.60
318,607,168.11
Gross debt less net batan e general fund 325,478,592,113.25 316,312,341
,411.03 $15,866,702,663.32
Aug. 31 1930
Last Month.
Sept. 301930.
Gross debt
316,187,636,782.50 316,080,512,702.25
Net balance in general fund
103,667.155.02
331.163,294.28
Gross debt less net bal. In general fund
116,083,969,627.48 315,749,349,407.97
Public Debt of the United States—Completed Return
s
Showing Net Debt as of July 31 1930.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued July 31
1930,
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 1929:
CASH AVAILABLE TO PAY MATURING
OBLIGATIONS.
July 31 1930. July 311929.
Balance end of month by daily statement,5,c
Add or Deduct—Excess of 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
Total.
2333
Balance, deficit(—)or surplus (-I-)
188,275,987
150,932,758
—4,088,880
--3,105,398
184.189,107
147,827,380
24,819,147
76,641,162
5,133,085
1,001,415
25,796.838
76.909.447
5,852,020
2,290,714
107,594,809
110,849,017
+76,594.298
+37,178,343
$189,000 $1,497,000
260,000 2,908,000
285,000 4,001,000
361,000 4,827,000
486,000 8,589.000
550,000 7.516,000
INTEREST-BEARING DEBT OUTSTANDING.
Interest July 311930. July 31 1929.
Title of Loan—
payable.
2s Consols of 1930
Q.-J. 599,724,050
599,724,050
2s of 1916-1938
Q.-F.
48,954,180
48,954,180
Total
4,791,000
9,000 325,207.000 32,131,000 $27,338.000 Is of 1918-1938
Q.-F.
25,947,400
25,947,400
35 of 1981
Q.-M.
49,800,000
49,800,000
as conversion bonds of 1946-1947
Q -J
28,894,500
28,894,500
Preliminary Debt Statement of the United States
Certificates of indebtedness
J.-J. 1,264,354,500 1,840.199.500
35as First Liberty Loan, 1932-1947
Sept. 30 1930.
J.-J. 1,392,250,350 1.397,685.200
45 First Liberty Loan converted, 1932-1947_ _J.-D.
5.004.950
5,155,450
The preliminary statement of the public debt of the United 454s First Liberty Loan,
converted, 1932-1947 J.-D. 532,798,300
532,811,000
States Sept. 30 1930, as made upon the basis of the daily 434s First Liberty Loan, 2d cony., 1932-1947-J.-D.
3,492,150
3,492,150
434s Fourth Liberty Loan of 1933-1938
A -O. 8,288,241,150 6,278,350,150
Treasury statement, is as follows:
434s Treasury bonds of 1947-1952
758,984,300
Bonds758.984,300
4s Treasury bonds of 1944-1954
2% Consols of 1930
1.036,834.500 1,036,834,500
$599,724.050.00
2% Panama's of 1916-36
354s Treasury bonds of 1946-1956
48,954,180.00
489,087,100
489.087,100
2% Panama's of 1918-38
3345 Treasury bonds of 1943-1947
25,947.400.00
493,037,750
493,037,750
8% Panamas of 1961
49,800.000.00
354s Treasury bonds of 1940-1943
3% Conversion bonds
359,042.95
359,042.950
0
28,894,500.00
234s Postal Savings bonds
234% Postal savings bonds
20,491,820
18,053,380
20,491,820.00
3773,811.750.00 5548 to 534s Treasury bonds
2,386,061,500 2,781,237,550
First Liberty Loan of 1932-47Treasury bills, series maturing Aug. 18 1930
e104,800,000
854% Bonds
$1,392,250,350.00
Treasury bills, series maturing Sept. 15 1930
4% Bonds
e50,920,000
5.004,950.00
454% Bonds
536,290,450.00
Aggregate of Interest-bearing debt
15,918,521,
250 18,547.291,090
$1,933,545,750.00
Bearing no interest
44I% Fourth Liberty Loan of 1933-38
6,268,241.150.00
232,008,341
239,581,449
Matured,
interest
ceased
8,201.788,900.00
25,234,815
ax% 'Treasury Sonde of 1947-52
44,908,889
3758.984,300.00
a% Treasury Bonds of 1944-54
Total debt
1,036.834,500.00
a18,175.782,408 18,831,779,208
834% Treasury Bonds of 1946-58
Deduct
489,087,100.00
Treasury surplus or add Treasury deficit.... +78.594,29
336% Treasury Bonds of 1943-47
8 +37,178.343
493.037.750.00
934% Treasury Bonds of 1940-43
Net debt
359,042,950.00
916,099,168
,108
18,794,800.865
3,136,988,600.00
a Total gross debt July 30 1930 on the busts of
Total Bonds
daily
Treasury
statements
was
312,112,585,250.00 318.173.516.622.43 and
the net amount of public debt redemption and receipts in
2`reaaury Notestransit, dm., was 8245,783.75.
354% Set. A, 1930-32, maturing Mar. 153932 $825,548,35
0.00
834% Ser. B, 1930-32. maturing Sept. 15
0 No reduction is made on account of obligations of foreign
483,831,700.00
354% Se!. C. 1930-32. maturing Dec. 15 1932
governments or other
1932
Investments.
451,722,450.00
e
Maturity
value.
81,581,102,
500.00
4% AdJusted service—Series 1931 to 1935....
624,700,000.00
a% Civil service—Series 1931 to 1935
157.800.000.00
6% Foreign service--Seriee 1933 and 1935....
1.239,000.00
Treasury Cash and Current Liabilities.
2,344,841,500.00
Treasury CertificatesThe cash holdings of the Government as the items stood
354% Series TS-1930, maturing Sept. 16 1930 8483,341,00
0.00
354% Series TD-1930. maturtng Dec. 15 1930
429,373,000.00
Sept. 30 1930 are set out in the following. The figures are
254% Series TJ-1931, maturing June 15 1931
334.211,000.00
1,246,925,000.00 taken entirely from the daily statement of the United States
Treasury Bills (Maturity Value)—
Maturing Nov. 17 1930
Treasury as of Sept. 30 1930.
120,000,000.00
Total interest-bearing debt
CURRENT ASSETS AND LIABILITIES.
815,824,351,750.00
Matured Debt on Whisk Interest Has Ceased—
Old debt matured—Issued prior to Apr. 1 1917
GOLD.
31,852,070.28
Second Liberty loan bonds 01 192742
demi—
5,049,250.00
Ma/ditties—
8
Third Liberty loan bonds 01 1928
$
old coin
734,056,671
8,629,550.0
.17 Gold ctfs. outstanding_ _1,631,732,409.00
0
334% Victory notes of 1922-23
old bullion
2.758,664,372.94 Gold fund. Fed. Reserve
20,900.00
% Victory notes of 1922-23
1,388,700.00
Board (Act of Dec. 28
Treasury notes
391,600.00
1913. as amended June
Certificates of Indebtedness
5,681,800.00
21 1917)
1 858,668,809.07
Treasury bills
62,000.00
Gold reserve
158,089,088.03
Treasury savings certificates
1,458,075.90
Gold in general fund._
44,282,738.01
24,311,745.28
Debt Bearing no Internt—
TotaL
3,490,721,0
44.11
Total
3,490,721,044.11
United States notes
3346.681,018.90
Note—Reserve against 3346,881,016 o U. S. notes and $1,251,900
Lew gold reserve
of Treasury
156,039,088.03
notes of 1890 outstanding. Treasury notes 01 1850 are also
secured by silver dollars
In the Treasury.
Deposits for retirement of national bank and 3190.641,927.97
SILVER DOLLARS.
Federal Reserve bank notes
35,729,104.50
Assess—
Old demand notes and fractional currency__ _
2,043,049.74
Silver dollars
Thrift and 'Treasury savings stamps, unclassi495,294,493.00 Silver etre. outstanding_ 488,272,594
.00
fied sales, dce
'Treasury notes of 1890
3,435,124.78
outstanding
1,251,900.00
231,849,208.99
Silver dollars in gen.fund
5.789.999.00
Total gross debt
$16,080,512,702.25
Total
495,294,493.00
TotaL
495.294,493.90
100
300
2,500
2,600
3,500
5111.1111111w
duetsGold (see above)
Silver dollars (see above)
United States notes.. _ _
Federal Reserve notes__
Fed. Res. bank notes_
National bank notes_ _
Subsidiary sliver coin_
Minor coin
Silver bullion
Unclassified, collections.
Deposits In Federal Reserve banks
Deposits in special depositaries acct. of sales
of ctfs. of indebtedness
Deposits in foreign dep.:
To credit of Treas. U.S
To credit of other Government officers_ -Deposits In nat'l banks:
To credit of Tress. U.5
To credit of other Government officers_ _ _
Dep.In Philippine Tress.
To credit of Treas. U.S
Total
[Vou 1111.
FINANCIAL CHRONICLE
2334
GENERAL FUND.
LfabiWks44,282.738.01 Treasurer's checks outstanding
5,769,999.00
3,366,261.00 Depos. of Govt. officers:
Post Office Dept
1,216,080.00
Board of Trustees.
66,385.00
Foetal Say. System:
28,949.280.50
6% Reserve, law6,112,511.61
ful money
4,234,777.49
Other deposits-7,204,594.38
Postmasters, clerks of
courts,diabursingof1,004.984.14
firers. drc
for:
Deposits
.04
40,696,067
Redemption of Fedi
Res. notes (5% Id..
gold)
272,686,000.00
Redemption of nat'l
bank notes(5% fd,
309,506.29
lawful money)
Retirement of addl
1,753,259.20
circulating notes.act
May 30 1908
7,751,737.23
Uncollected items, exchanges. Jai
18.493,478.14
843,471.18
444,741,130.21
Net balance
Total
587,261.74
32,668.25
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of July, August,
September and October, 1930:
7,728,698.82
591,133.26
39,035,612.00
34,954,122.56
28,765,311.24
1,900.00
1,881,128.06
113,577,835.93
331,163,294.28
444,741,130.21
and agencies to-day was
Note.-The amount to the credit of disbursing officers
$315,448,825.95.
of lawful money for
Under the Acts of July 14 1890 and Dec. 23 1913, deposits
Rederal Reserve bank notes are
the retirement of outstanding National bank and and these obligations are made,
paid into the Treasury as miscellaneous receipts,
The amount of such obligaunder the Acts mentioned, a Dart of the public debt.
tions to-day was 335.729,104.50.
National bank notes are
8917,825 in Federal Reserve notes and $28,905,289 in against the deposits for
In the Treasury in process of redemption and are charges
funds.
redemption
5%
the respective
1930. Oct. 1 1930.
Holdings in U.S. Treasury July 1 1930. Aug. 1 1930. Sept. 1
$
$
$
$
206.629,665 204,023.516 203,825,300 200,321,826
Net gold coin and bullion
12,974,593
10,789,305
11.823,412
13.218.032
Net sliver coin and bullion
3,366,261
2,792,711
3,269,691
2,847.706
Net United States notes__
28,949.281
20,695.094
23,712,841
19.319,704
Net national bank notes._
1,216,080
871,885
2,099,500
1.764,465
Net Federal Reserve notes
66,385
47,718
22.400
52.165
Net Fed'I Res bank notes
6.112,512
6,356,443
6.057.499
5.234.097
Net subsidiary silver
5,239,762
5,836,222
5,273,381
5,692,580
As
coin.
Minor
.258,246,700
Total cash In Treasury_ 254,758,414 256,282,240 251,214,678
8 156,039,088
Lees gold reserve fund__ _ 156.039,088 156,039,088 156,039.08
95,17.5,590 102,207,612
98,719,326 100,243,152
Cash balance in Treas'y
Dep.in spec'l depositories
account Treas'y bonds
Treasury noted and cer0
63,913,000 272,686,000
tificates of Indebtedness 296,626,000 152.684,00
40,696,067
27,949,343
28,476,836
31,587,027
Dep. In Fed.]Res. bank
Dep. in national banks:
7,751.737
7,112,486
6,984,062
8,162.532
To credit Treas. U. El
18,493,478
18,336.588
17.670,364
18,914,766
To credit dist,. officers.
843,471
744,428
357,040
515,568
Islands
Philippine
Cash in
2,062.765
2.769,967
2,107.709
2.265.109
Deposits In foreign depts.
Dep.In Fedi Land banks_
Net cash in Treasury
and in banks
Deduct current liabilities_
456,790,328
138.183,160
308,651.987
120,376,001
215,872,978
112,205,823
444,741,130
113,577,836
Available mai balance
318.607.168
188.275.986
103.667.155
331.163.204
minor, ea., coin not
Includes Oct. 1 $7,204,594 silver bullion and $41,234,777
included in statement "Stock of Money."
ed
Government Receipts and Expenditures.
Bank Notes-Changes in Totals of, and in Deposit
Bonds, &c.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
We give below tables which show all the monthly changes
Government receipts and disbursements for September 1930 in national bank notes and in bonds and legal tenders on
and 1929 and the three months of the fiscal years 1929-1930 deposit therefor:
and 1930-1931.
-Month of September- -Three Months-1929.
1930.
1929.
1930.
Receipts3
$
3
$
Ordinary36,654,824 52,611,721 94,937,162 161,183,393
Customs
Internal revenue:
498,520,395 542,279,987 554,386,120 609,373,921
Income tax
47,379,166 51,647,355 156,595,240 161,158,917
Miscell. internal revenue
liseellaneous receipts:
'
4011111111
Proceeds Govt.-owned secure.Foreign obligations25,000
30,000
Principal
10,019,360
Interest
565,857
668,948
3,233
142,193
Railroad securities
616,964
1,649,175
218,903
516,066
All others
Trust fund receipts (reappro13,122,979
15,057,123
2,400.329
3,692,677
)
priated for investment
3,249,477
664,850
613,251
249,447
Proceeds of surplus property
7,484,134
7,133,159
2,913,969
2,044.944
Panama Canal tolls, Sec
47,910,913
37,818,437
18,047,034
13,611,695
Other miscellaneous
602,811,407 670,735,773 868,940,214 1014710915
Total ordinary
Excess of ord. receipts over total
expenses chargeable against
294,590,220 271,667,735 52,292,255 55,092,517
ordinary receipts
Excess of total expends, chargereceipts
able against ordinary
over ordinary receipts
Expenditures-Ordinary (checks and warrants
paid, am.)107,224,109 174,861,626 585,898,094 544,274,081
General expenditures
34,396,988 61,103,106 49,928,206 82,484,368
Interest on public debt a
5,154,879
5,553,380
1,591,958
1.589,372
-Customs
Refund of receipts
6,260,877 17,343,199 28,701,272
6,557,452
Internal revenue
15,000,000 15,000,000 25,004,582 15,000,000
Postal deficiency
3,433,299
3,358,204
1,492,459
727,488
Panama Canal
Operations in special accounts:
5655,102
85,687
4,367
24,490
Railroads
833,720
5536
53,344
1,535
War Finance Corporation
8,701,521
4,230,480
1,436,355 2,663,827
Shipping Board
22,894,464
6,899,524
(net).
fund
Agrieul. marketing
1,010,138
871,444
434,393
93,060
Allen property funds
681.842
128,999
192,764
471,720
Adjnsted service elf. fund
20,441,845
20,865,632
7,835
84,417
_
c__
fund
Civil service retirement
Investment of trust funds:
2,434,526 14,700,570 12,860,596
Government life insurance. _ _ _ 3,692,677
189,737
244,256
834,207
Dist. of Col. teachers' retire't
363,444
368,000
5249
58,000
Foreign service retirement c
72.646
112,298
.
contingent.
General railroad
268,191,187 266,009,938 751,586,959 722,680,845
Total ordinary
Public debt retirements chargeable against ord. receipts:
40,000,000 133,000,000 65,000,000 236,864,950
Sinking fund
Purchases and retirements from
30,000
30,000
s
repayment
foreign
Received from for. govts. under
debt settlements
54,100
40,100
Received for estate taxes
Purchases and retirements from
(Fed'I
receipts
tax
franchise
Res. and Fed. Intermediate
Credit banks)
18,503
31,000
18,000
Forfeitures, gifts, arc
0 65,061,000 236,937,553
133,058,10
40,030,000
Total
Total expends, chargeable
399,068,038 816.647,959 959,618,398
against ordinary receipts_ _308,221,187 the Treasury in July are included.
Receipts and expenditures for June reaching
and for the fiscal year 1931 to date
aiThe figures for the month include $30.697.70
certificates of matured series, and for
$108,913.80 accrued discount on war-savings
$38,240.25 and $129,696.59,
include
figures
the
the corresponding periods last year
respectively.
S Excess of credits (deduct).
1 of 620.850,000 for the civil
the appropriations available July for the foreign service retireF c The amount ofand
disability fund and $216,000
service retirement
Issues of 4% Treasury notes maspecial
in
invested
was
fund
ment and disability
available on July 1 for investment in the
turing June 30 1935. Also other amounts $179,000, Making the total investment
foreign service retirement fund aggregated
the working cash balance account for
in
Variations
on that account $395,000.
On June 30 like investments were made
any difference in amounts charged above.$4,900,000 for account of the civil service
of
amount
the
in
due
then
from Interest
foreign service retirement fund.
retirement fund and $32,000 for account of the
Amount Bonds
on Deposit to
Secure Circula
ion for National
Bank Notes.
$
667,819,250
Sept. 30 1930
667,320,950
Aug. 30 1930
666.406,250
July 31 1930
.666,824,750
June 30 1930
667.156,250
May 31 1930
667,650.750
April 30 1930
667.251,240
Mar. 31 1930
667,108.740
Feb. 28 1930
667,464,790
Jan. 31 1930
687.774,650
Dec. 31 1929
667,635.650
Nov. 30 1929
666,736.100
Oct. 31 1929
667,093,770
8ePt.I30 1929
668.864,280
Aug. 31 1929
666.407.040
July 31 1929
666,199,140
June 30 1929
666,233,140
May 31 1929
666,221.390
1929
30
Apr.
Mar. 31 1929......666,630,890
666,432,090
Feb. 28 1929
667,013,340
Dec. 31 1928
Nov. 30 1928..- 667,505,440
667,168,440
Oct. 31 1928
667,318,440
Sept. 29 1928
666,732.700
Aug. 31 1928
686.643.200
1928
31
July
665.658.650
June 30 1928
667.491,900
May 31 1928
666,196,460
Apr. 30 1928
666,866,710
Mar. 31 1928
667.011.210
Feb. 29 1 28
0
666,230,71
Jan. 31 1148
667,127,710
Dec. 31 1927
666.830,210
Nov 30 1927
National Bank Circulation,
Afloat on-
Bonds.
Legal
Tenders.
2
665,853,557
664,838,833
663,528,038
665,607.070
665,719,485
665,974,780
665,107,343
664,928,197
664,468,092
663,823,167
664,115.977
661,822.047
652,823,980
649,297,990
657.764.443
662.773,570
663,328.203
663,364,517
661,924,472
659.651.580
662,904.627
663,931.957
662.705,675
660,463.912
660,518.182
658.463.423
658.732.988
661,522,450
661.127,600
662.412.992
661.451,322
659,332.017
662,380,082
663,340,675
$
33,414,773
32,984,335
33,025,390
32,710,398
31,933,193
31,225.248
31,066,745
31.669.548
32,115.298
34,118,073
37.465,128
38.506,768
38.564,685
38.652,573
39.707,550
41.520,872
39,651.731
38,720,772
36,750.627
35,231.759
35,877,502
36,248,802
37,446.779
37,688.747
38.299.802
38.926,224
40,887,664
39.757,992
38,814,609
38.802.227
38.260.372
38.407,517
38.823,507
39.060,424
Total.
$
699,268,330
697,823.168
696,553.428
698,317,468
697,652,678
697,200,028
696.174,088
696,597,745
698,583,390
697.941,240
701,581.105
700.328,816
691.388,665
687,950.563
697,471.993
704,294.442
702.979.934
702,085.289
698,675.099
694,883.339
698,782,129
700.180,759
700.152.454
698,152.659
698,817,984
697.389,647
699,620,652
701.280,442
699,942,169
699,215,219
699,731,694
697,739.534
701,003,589
702,401,099
1 1930, secured bY
$3,184,042 Federal Reserve bank notes outstanding Oct.
lawful money, against $3,557,901 on Oct. 1 1929.
were $605,000
S.
• The total bonds reported held for circulation by the U. Treasury
less, due to not having received this amount until July 1 1930.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Sept.30 1930:
U. S. Bonds Held Sept. 30 1930 to SecureBonds on Deposit
October 1 1930.
2s, U. S. Consols of 1930
28, U. S. Panama 01 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
593,426,650
48,637.860
25,754.740
593,426,650
48,637,860
25,754,740
667,819.250
667,819.250
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Sept. 2 1930
and Oct. 1 1930 and their increase or decrease during the
month of September:
National Bank Notes-Total AfloatAmount afloat Sept. 2 1930
Net increase during September
Amount of bank notes afloat on Oct. 1
Legal Tender Notes2
Amount on deposit to redeem national bank notes Sept.
Net amount of bank notes issued in September
1 1930
Amount on deposit to redeem national bank notes Oct.
3697,823,168
1,445,162
8699,268,330
32,984,335
430,438
833,414,773
•
4"
.
"
1 4111111.
OCT. 11 193(h]
FINANCIAL CHRONICLE
Commercialand WscellantottsBtu's
Breadstuffs figures brought from page 2405.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river
for the week ending last Saturday and since Aug. 1ports
for
each of the last three years:
Receipts atChicago
MinneapolLs_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis_
St. Louis_
Peoria
Kansas City_
Omaha
St. Joesph_
Wichita
Sioux City_
Total wk.1930
Same wk.1929
Same wk.1928
Flour.
Wheat.
Corn.
Oats
Barley.
Rye.
bbls.196158. bush.60 lbs. bush. 56165.bush. 32 lbs. bus.48 lbs.
bus.
56 lbs.
232,000
673,000
862,000
316,000
546,000
469,000
2.743,000
138,000
392,000
517,000
244.000
3,586,000
31,000
250,000
236,000
311.000
7,000
10,000
249,000
204,000
302,000
8.000
173.000
372,000
18.000
24,000
8,000
14,000
12.000
23,000
275,000
120,000
9,000
143,000
564,000
476,000
237,000
30,000
6,000
61,000
55,000
314,000
85,111
119,001
61,000
1,150,000
244,0( 1
90,000
422,000
249,000
146,000
258.000
105,000
to •
48,'''
265,000
7.000
8,000
26.000
42,000
37,000
80,000
493,000 9,988,000
491.000 9,079,000
561,000 22,176,000
3,063,000
4,772,000
2,953,000
2,362,000 1,792,000 1.108,000
3,724.000 1,405.000 1,042,000
3,343,000 4,346,000 1.287,000
Since Aug.11930
4,440,000174,972,000 41.733.000 45,233,00022,106,00011,131,000
1929
4,451,000174,113.000 43,952,000 54,270,00026,482.000 9,205,000
1928
4 orta
133 132 ono 46 748.11 i 46.317.00045.647.000 8.70.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday Oct. 4 1930, follow:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs.bush.60 las• bush. 56 lbs. bush. 32 lbs. bus.48 lbs.bus.56 lbs.
New York_.340,''' 1,176,000
32,000
88,000
Philadelphia _
34,000
4,000
82,000
10,000
Baltimore____
25,000
85,000
12,000
14.000
Newport New.
2,000
Norfolk
1,001
New Orleans*
75,000
162,000
33,000
15,1 1 1
Galveston__ -194,000
Montreal_.
. 141,0''
777,003
43,000
17,000
22.000
Boston
29,000
62,000
14,000
1,000
Total wk.1930 647,000 2,460.000
Since Jan.1'3019,514,000129,151,000
159,000
3,766,000
184,000
4,479,000
17,000
640,000
23,000
607,000
Week 1929. _ _
438,000 2.108,000
113,000
131,000
3,000
Since Jan.1'2919.590.001140.231.000 16.148.00
0 13.910 ti s 24.044.'11 3.376.000
• Receipts do not include grain passing through
New Orleans for foreign ports
on through bills of lading.
United StatesOmaha
On Lakes
2335
GRAIN STOCKS.
Wheat,
Corn,
Onts,
bush,
bush,
bush,
15,870,000
303,000
278,000
981,000
154,000
Rye,
bush.
17,000
Barley,
bush.
221,000
Total Oct. 4 1930-202,993.000 4,643,000 30,495,60
Total Sept. 27 1930-.205,742,000 4.684,000 30,264,00 0 16,468,000 12,138,000
Total Oct. 5 1930____191,584,000 4,230,000 28,885,00 0 16.130,000 11,979,000
0 10,089,000 9,625,000
Note.-Bonded grain not included above: Oats-New
York, 44.000 bushels;
Duluth. 5,000; total, 49,000 bushels. against 000.000 bushels
In 1929. BarleyNew York, 217,000 bushels; Buffalo. 540,000: Buffalo
afloat,
120,000; Duluth.
22,000; total, 899,000 bushels, against 000,000 bushels
York, 1,543,000 bushels; Boston, 770.000; Philadelphia, In 1929. Wheat-New
706,000;
Baltimore, 1,096;000; Buffalo, 8.375,000; Buffalo afloat, 4,212,000; Duluth,
1,253.000; Canal, 2,134,000; total, 20,267,000 bushels, agaInsz 173,000; on Lakes.
000,000,00 bushels
In 1929,
CanadianMontreal
6,692,000
709,000
822,000 1,009,000
Ft. William & Port Arthur47,629,000
2,613,000 7.090,000 16,818,000
Other Canadian
15,146,000
1,623,000 1,256,000 5,426,000
Total Oct. 4 1930
60,467,000
4,945.000 9,168,000 23,253,000
Total Sept. 27 1930.,.,65.894,000
4,680,000 9,418,000 21,294,000
Total Oct. 5 1929
77,112,000
11,715,000 4.717,000 12,577,000
SummaryAmerican
202,993,000 4,643,000 30,495,000 16,468,000 12,138,00
0
Canadian
69,467,000
4,945,000 9.168,000 23,253,000
Total Oct. 4 1930____272.460.000 4,643,000 35,440,00
0
25,636.00
0 35,391,000
Total Sept. 27 1930_271,636,000 4,684,000 34,941,000
0 33,273,000
Total Oct. 5 1929._ _ _268.696,000 4,230,000 38.600,000 25,548,00
14,806.000 22,202,000
The world's shipments of wheat and corn, as furnish by
Broomhall to the New York Produce Exchange, for the ed
week
ending Friday, Oct. 3, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
Exports-
Week
Od. 3
1930.
Since
July 1
1930.
Corn.
Since
July 1
1929.
Week
Od. 3
1930.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
North Amer_ 8.875,000127,208.000 93.753,00 Bushels,
40,000
654.000 1,458,000
Black Sea__ 4,608,000 23,568,000 4,960,0000
434,000 15,599,00
401,000
Argentina.__
879,000 12,418,000 65,069,000 3,743,000 54,582,000
0 69,925.000
Australia __- 1,312,0003 14,936,000 16,352,000
India
8,360,000
320,000
0th. countr's
880,0
12,872,000 9.284,000 2.023,000 21,621,00
0 13,660,000
Total
16.554,000199,362,000189,728,000 6,240,000
101,406.000 85.390,000
Los Angeles Stock Exchange.-Record of transac
tions
at the Los Angeles Stock Exchange, Oct.
4 to Oct. 10,
both inclusive, compiled from official sales lists:
0,
-.ommo.cm.-.00 oTosTo.T...0.-4.mm,
.
sgagaganagggg6aaa 4-St 0,00
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g322aSgUtga aUallUAY3Cag'irgg6-.0cA.1
23,EWS
X
XX
X XXX8
I. b,
000 0.-....
mm
r-.000'.0mm
XXX =XXX= X X
W
,DWWW.WW.wWWWWWW,P.WV
WWW..410.WWWWIPWrP-4-40Ww
-,
m .
.c00
XXX
X
1
..
.
.
.
ol,
Q.
.l.2 WQWWW
w
.WWW .WWw. Ww...W.000
Ww. 00.4. wwwwm000.ow.mocnoa
0 W
ma 86gcn0
00wwwwwo00000000
X
XA
X
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Low.
High.
*
Assoc Gas 4: Elea A
The exports from the several seaboard ports for the week Bohm
2934 2934
100
443( Mar
Chios Oil A
10
1
1134
1134
034
4,700
ending Saturday, Oct. 4 1930, are shown in the annexe B'dw'y Dept St Pf ex-w 100
1434 Mar
d Byron Jackson
75
75
10
80
Jan
statement:
9
9
100
2334 Feb
California Bank
2; 99
98 100
350
120
Jan
Central Investment Co.100
92
93
70
Exportsfrom99
May
Citizens Nat Bank
Wheat.
Corn.
Flour.
20 100
Oats.
Rye.
100 100
Barley.
750
11234 Jan
Chtude Neon Elea Prods__• 1934
1934 23
4,300
45
Feb
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Comml Discount com-25 25
25
25
174
New York
2734 Beet
994,000
Douglas Aircraft Inc
48,578
*
1534 1534
300
Boston
2234 Apr
97,000
Emsco Derrick & DVS Co•
1234 1234 1,000
Philadelphia
23
Jan
Gilmore 011 Co
128,000
* 1634 1634 18
1,500
Baltimore
20
Aug
Goodyr T & R pret_ _-100
138.000
9,000
9434 95
65
Norfolk
98
Max
Goodyear
Textile
pref-100
1,000
95
95
9534
20
Newport News
98
Apr
Hal Roach 8% pret
25
2,000
6
6
90
New Orleans
10
May
Hancock 011 com A
194,000
25
41,000
1,000
1054 1134 1,300
Galveston
1434 Aug
Home
945,000
Service
8% pref-25
1,000
21
2034
32
Montreal
2434 May
Intemat
777,000
141,000
43,000
35
22.000
36
17,000 Lincoln Re-lnsur Corp_ _10
300
Houston
4934 Max
Mtge cool
16.000
•
12,000
200 200
1,950
320 Mat
Preferred
*
4
4
500
Total week 1930- 3,289,000
634 Mar
Los Angeles
255.578
44,000
109 110
22,000
17.000 Los Angeles0& El pf__100 109
498
Same week 1929____ 1.536,000
Invest Co__10 1534 15
170,638
10.000
1534 1,600
107,000 MacMilla
2034 Jan
n Petrol Co_ -_25
614
7
8
1,200
31
Apt
The destination of these exports for the week and since Mortgage Guarantee Co100 167 167 168
100
180 June
Pacific Amer Fire Ins Co 10
34
July 1 1930 is as below:
34
50
5754 Ara
Pacific Clay Products Co..' 2534 2534 2534
100
3134 Am
Pacific Finance Corp com10 1634 1634 1834
2,600
43
Jan
Preferred ger A
10
9% 1034
Flour.
650
Wheat.
1134 Apt
Corn.
Series C
Exports for Week
10
7%
734 7%
150
9
Are
Series
D
and Since
10
834
Week
8
834
Since
150
Week
Since
9% Feb
Week
Since
Pacific Gas az Elec com_25
July 1 toOd.4
5034 5334
July 1
200
Oct. 4
7334 Mat
July 1
Oct. 4
July 1
1st preferred
25
1930.
2834 2834
1930.
212
1930.
2
1930.
1930.
1930.
834 Oct
Pacific Lighting corn
• 6834 66
72
600
10534 Mai
6% preferred
•
Barrels. Barrels.
104 104
10
Bushels.
10334 Mal
Bushels.
Bushels. Bushels.
United Kingdom_ g2,333 1,394,907
Pacific Mutual Life Ins_ _10 6934 69
7134
450
1,289,000 25,547,00
94
Apt
Continent
86,000 Pacific Nat Co
25
139,245 1,671,650 1,692,000 52,829,000
2
2
2
200
0
814 Mal
Bo. & Cent. Amer. 7,000
Pacific Pub Serv A com....• 2534 2534 2734
321.040
900
199,000 1.030,000
3
934
Feb
West Indies
Pacific
Western
011 Co-..• 14
11,000
283,100
1334 1434 2,400
1934 Am
10,000
Brit. No.Am.Col.
18,000 Pickwick Corp corn
__ _ _
10
334
3
6,000
3%
500
2,000
814 Jam
Other countries__ - 6,000
Republic Petroleum Co_10 2.30
2.30 2.30
165,325
100
209,000 1,330,000
4
Feb
Richfield 011 Co com
25
834
734 9
40,900
2534 Api
Total 1930
Preferred
255,578 3,842,022 3,289,000
25 1234 11
14
3,300
2234 Jae
Total 1929
104,000 Rio Grande Oil com
170,638 2,348.424 1,536.000 80,748,000
25
934
834 10% 8.400
47.998.000
2531 Api
175.000 Ban Joaquin L & PThe visible .supply of grain, compris
7% Prior preferred___100 12034 12054 12234
107
12434
Sept
ing
prior
6%
the
stocks in
preferred_ _100
10934 10934
15
granary at principal points of
10934 Sept
Seaboard Nat Sec Corp__25 45
45
45
ation at lake and Security
10
5434 Bar
seaboard ports Saturday, Oct. 4,accumul
First National
were as follows:
Bank of L A
25 100
9944 10034 10,900
11834 Mai
Signal Oil & Gas A
GRAIN STOCKS.
25 2034 2034 23
1,400
3834 Api
So Calif Edison com
25 5134 4934 54% 14,900
Wheat,
Corn,
7134 Apt
Oats,
Barley,
Rye,
United StatesOrig pref
25
bush,
59
59
bush.
110
bush.
70
Am
bush.
bush.
New York
7%
preferred
25
810,000
2934 2934 2934
900
36,000
81,000
3034 Mai
50,000
Boston
0,000
6% preferred
25 2734 2734 2734 1,600
28
Sept
Philadelphia
534%
preferred
25
813,000
2534
2534
1,600
2534
02,000
26
154,000
Sept
14,000
Baltimore
3,000 So Calif Gas ser A pref-25 263-4 26% 263-4
8.304,000
50
17.000
27
62,000
jar
Newport News
13,060
106,000 So Counties Gas 6% pt-25
377,000
101 101
12
103
New Orleans
Standard 011 of Calif
Sep:
•
4
5
4
4,039,000
5234
36
5634 16,600
118,000
54,000
7434
Api
Galveston
Superior
129,000
corn
Oil
25
21
5,023,000
21
10
25
Sept
Fort Worth
Preferred
16,000
25
25
7,294,000
25
188,000
204
293,000
25
150,000 Taylor Milling Corp
Buffalo
5,000
Oel
* 2834 2834 30
12,433,000
693,000 1,395,000
900
3334
Trans
549,000
769,000
-America
"
JIM,
Corp___
afloat
25 1834 1734 2034 55,300
6,270,000
698,000
4734 Fe/
415,000 Union Oil Associates____25 3034 28% 3434 16,000
Toledo
5,312,000
20.000
282,000
4834 Apt
1,000
Detroit
3,000 Union 011 of Calif
25 3114 2934 3534 21,000
237,000
23,000
66,000
18,000
Chicago
4934 Api
69,000 Union Bank & Tr Co100 325
325 325
20,219,000 1,278.000 7,530,000
211
5,431,000 1,670,000 1/(7,..arn Al,' R:nrona
"
10 _ _ _ _ _
afloat
27%,4 2714
100
1,770,000
_.
620,000
Milwaukee
977,000
477,000
1,825,000
784,000 4.870,000
Duluth
239,000
* No par value.
750,000
30.431,000
60.000 2,750,000 4,186,000 1,643,000
Minneapolis
32,518,000
19.000 5.923,000 4,616,000
Sioux City
5,177,000
1,197,000
56,000
921.000
St. Louis
National Banks.-The following informa
34,000
6,967,000
200,000
609,000
tion regarding
27,000
Kansas City
74,000 national banks
24,292,000
183,000
is from the office of the Comptro
154,000
100,000
Wichita
414,000
2,169,000
ller of the
2,000
Curren
cy,
Treasu
Hutchinson
ry
16,000
Depart
ment:
4,946,000
2,000
St. Joseph, Mo
20,000
6,974.000
283,000
436.000
Peoria
40,000
CHANGE OF TITLE.
.-_ _
172,000
1,464,000
Indianapolis
91,000 Oct. I-The Anaheim National Bank,
1,750,000
281,000 1.641,000
Anaheim, Calif., to
4.000
62,000
"Anaheim First National Bank."
VOLUNTARYELIQUIDATIONS.
25,000
g. IndSept.29-The Farmers National Bank oi Edinbur
Effective Sept. 18 1930. Liqwdating agent, Merchants National Bank of Indianapolis, Ind.
Ind.
Absorbed by Thompson State Bank of Edinburg, New
Co. of
Sept.30-The Broadway National Bank & Trust
2,000.000
Y
N.
York,
ee:
Effective Sept. 29 1930. Liquidating committ
Leonard L. Rothstein. Chas. Cohen and Myer Davidow, care of the liquidating bank.
Absorbed by Plaza Trust Co., New York, N. Y. which
changed its title to Broadway & Plaza Trust Co.
250,000
, N. Y
Oct. 1-The Genesee National Bank of Buffalo
Effective close of business Sept. 30 1930. Liquidating
ing
liquidat
the
of
care
n,
0.
Johnsto
d
Agent, Edmun
bank.
N. Y.
Absorbed by Commercial Trust Co. of Buffalo,
The liquidating bank has one branch.
110,000
By
Oct. 2-Farmers National Bank of Hodgenville,
Lincoln
Effective Oct. 11930. Liquidating agent, the
By.
ille,
National Bank of Hodgenv
Succeeded by the Lincoln National Bank of Hodgen
ville, No. 13479.
CONSOLIDATION.
200,000
own, Pa
Oct. 1-The Second National Bank of Uniont
200,000
The Third National Bank of Uniontown. Paunder the
and
1918,
7
Consolidated under Act of Nov.
National
charter and corporate title of "The Second stock of
Bank of Uniontown," No.5034, with capital
$400,000.
following,
Auction Sales.-Among other securities, the at
auction
not actually dealt in at the Stock Exchange, were sold
Wednesin New York, Boston, Philadelphia and Buffalo on
day of this week:
By Adrian H. Muller & Son, New York:
$ per Sh.
$ per Sh.
Shares. Stocks.
16 Union Bank & Trust Co., Phila6
delphia, in liquidation
700 Corlite Corp., class B (formerly
Improved Cinder Co., Inc.),
$10 lot
no par
700 Corlite Corp., class A (formerly
Improved Cinder Co., Inc.).
$120 lot
no par
5 Commonwealth Hotel Construc- lot
tion Corp., corn. ctf. of dep____515
368 Commonwealth Bond Corp.,
common, no par; 174 cony.
$180 lot
pref..
no par
13 Union Terminal Cold Storage 92
Co., Inc.. common
3
100 Sylvestre Oil Co.. no par
(Wu 131.
FINANCIAL CHRONICLE
2336
Stares Stocks.
$10 lot
14 Paddock Cork Co., COM
lot
15 Roberts Wrench Co.,Inc., no par $6
110 Commonwealth Bond Corp., lot
$16
par
no
,
common
520.807 sundry accts. receivable,
acquired by Commercial Investment Trust, Inc., from Williamsburg Talking Machine Co.. lot
$5,000
Brooklyn, N. Y
Metals,
Share lots (27) Amer. Machine & follows:
Inc., all at 16% Per share, as
275,
600.
1,100,
4,700,
700.
1.500.
450,
200, 50. 375, 400, 50, 200, 300,
1.650, 250. 250. 250, 75, 500, 175,
500, 150, 725, 150, 1,000, 2,000.
By Wise, Hobbs & Arnold, Boston:
$ Per Sh.
Shares. Stocks.
Note of W. H. HaMes & Co., Inc.,
for 55,000 dated April 3 1929, due
Aug 5 1929: balance due $3.319.73
secured by following collateral:
Note, Soule Brothers, $153.48;
dated Mar. 15 1928, due May 15
1929. Note, Brown Bros. Piano
Co.,$465.90; dated Nov.121928,
due June 12 1929. Note, Soule
Brothers, $154.22; dated Mar. 15
1928, due June 15 1929. Note,
Brown Bros. Piano Co., $507.21;
dated Feb. 10 1929. due July 6
1929. T. A.W.E. Drake,$71.53:
6
dated Nov. 6 1928, due July
1929. T. A. A. Gotland, $216.82:
7
July
due
1927,
7
Nov.
dated
1923. Note, Brown Bros. Plano
Co., 5400.53; dated Nov.12 1928,
due July 12 1929. Note, Soule
Brothers, $154.94; dated Mar. 16
1923, due July 15 1929. Note,
Brown Bros. Piano Co., $204.07:
dated Mar. 22 1929, due July 22
1929. Note, Brown Bros. Piano
Co., $245.64; dated Mar.6 1929,
W.
due July 25 1929. T. A. A. 1
Lawson, $54.14; dated Nov.
1928, due Aug. 1 1929. T. A.
S. J. Jacobs. $140.16: dated Aug.
3 1928. due Aug. 3 1929. Note,
Brown Bros. Piano Co., $156.83;
$ Per Sh.
Shares. Stocks.
dated Nov. 12 1928, due Aug. 12
1929 Note, Brown Bros. Piano
Co., $286.14; dated Aug.22 1928,
due Aug. 22 1929. Note, Baker
Plano Co.. $72.85: dated Sept. 7
A.
1928, due Sept. 71920. T. A.
Gotland, 584.53; dated Jan. 31
A.
A.
T.
301029.
Sept.
1923, due
7
Golland, $220.93: dated Nov. $10
lot
1927, due Nov. 7 1929
_ 98
$20par
Bank,
200 Federal Nat'l
81
10 Boston National Bank
10 Federal Nat'l Bank, par $20._ _ 98
Associated Textile Co's as follows:
10 at 35; 10 at 35: 5 at 35; 10 at
35:5 at 35:4 at 35; Sat 3634• 87
II Pepperell Mfg. Co
86%
5 Pepperell Mfg. Co
32
5 National Service Co., pref
10 Boston Herald-Traveler Corp- 2241
20 E. E. Gray Co., corn. class A, 244
par $5
9044
10 Geo. E. Keith Co. let prof
lot
10,150 Shawmut 011 Co.. par $1.....51
1044
50 Old Colony Investment Trust._ 36
25 Morgan's, Inc., pref
16 Central Maine Pow.Co.,56 ord. 96
75 Mass. Bonding & Ins., Par $25-100
Per Cent.
Bonds.
Ice
$5,000 Southern New EnglandwarCo. 644s, Feb. 1942, with
& bat.
58
rants
By R. L. Day & Co., Boston:
$ per Sh.
Shoves. Stocks.
41 Federal Nat'l Bank, par 520_--_ 98
98
par
$20_.-Bank.
Nat'l
35 Federal
98
119 Federal Nat'l Bank, par $20--_ 2234
Mills
n
Arlingto
38
Co.,
RI.
St.
$70 Eastern Mass.
Mint
act,. scrip
corn.,
8 New England Power Ass'n,
90A , ex-dtv.
ex-div.
2 Plymouth Cordage Co____7044,
-- 1741
10 Saco Lowell Shops, 1st pref_
Hemp5 Public Service Co. of New
98
shire, $6 pref
$25.
15 Mass. Bonding & Insur., par96 ex-div.
$ per Sh.
Shares. Stocks.
36
2 Boston National Bank
20
pref
10 Parker Young Co., 7%
25 Mass.Bonding & Insur., par $25,
100, ex-div.
_8(1 lot
5 17nited Silver Black Fax Co., Ltd
25 Mass.Bonding & Insur., par 525, div.
100, ex65 Mass.Bonding & Insur., par 525.
100. ex-div.
Per Cent.
Bonds.
$1,000 Jewett Repertory Theatre 6s, lot
$13
Dee 15 1939
51,000 Sasquehanna Public Utility
95 & Int.
6s Sept 1931
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclossise.
Railroads (Steam).
$1.37 Nov. 1 Holders of rec. Oct. 15
Allegheny Corp., pref. A (quar.)
"244 Dec. 1 *Holders of rec. Oct. 31
Atch.TOD,Ss Santa Fe, corn.(mar.)
$1.50 NOY. 1 Holders of rec. Oct. 24ce
Cincinnati Sandusky & Cleve., pref
*81.15 Nov. 1 'Holders of rec. Oct. 20
Elmira Sr Williamsport, common
Dec. 31 *Holders of rec. Dec. 5
Mo.-Kansas-1'0,4S,common (quar.) - 'Si
•5
Panama RR.(annual)
*Holders of rec. Sept. 30
Sept.30
"750.
Pennsylvania Company (quar.)
Oct. 15 Oct. 11 to Oct. 14
Wheeling & Lake Erie, regor lien stock_ _ 57
Public Utilities.
of rec. Oct. 15
1
Arkansas-Missouri Power, pref. (quar.). •141 Nov. 1 *Holders of rec. Oct. 17
Holders
Associated Telep. & Teleg., cl. A (extra) $1 Nov.
*51.50 Nov. 1 "Holders of rec. Oct. b
Atlantic City Elec., pref. (quar.)
*50c. Nov. 3 *Holders of rec. Oct. 18
Barcelona Tr., Light & Power (quar.)
"144 Nov. 1 "Holders of rec. Oct. 15
Calgary Power, pref. (quar.)_
-Holders of rec. Sept. 30
Central Hudson Gas & El., COM.(cu.).. '20c. Nov. 1
Nov. 1 *Holders of rec. Oct. 15
Central Mass. Power, common (gnat.).. •51
of rec. Oct. 15
1
*Holders
Nov.
.1.41
Central Power & Light,7% pref.
"144 Nov. 1 'Holders of rec. Oct. 15
6% preferred (quar.)
of rec. Oct. 25
1
*Holders
Nov.
'1
(qu.).
5(
B
dr
A
Cent. West Pub.Ser., pref.
1 *Holders of rec. Oct. 20.
City Water Co.(Chattanooga). pf.(go.) 141.60 Nov.
1 "Holders of rec. Oct. 15
Nov.
$1.63
(gm)•
B
pret.
Lt..
&
Pow.
Ky.,
Columbus
$1.50 Nov. 1 *Holders of rec. Oct. 21
Community Power & L... ls• pref. (go.)
25c. Nov. 1 Holders of rec. Oct. 10
Eastern States Power, corn. B (go.).... $1.75 Nov. 1 Holders of rec. Oct. 10
Preferred A (guar.)
Nov. 1 Holders of rec. Oct. 10
$1.50
Preferred B (quart.
$3.40 Nov. 1 Holders of rec. Oct. 10
Edison Elec. Ill. of Boston (quar.)
Nov. 1 'Holders of rec. Oct. 15
•75e.
Fall River Gas Works (quar.l..
•15c. Oct. 20 *Holders of rec. Oct. 15.
Hawaiian Electric, Ltd.(rattly.)
Nov. 1 *Holders of rec. Oct. 15
*51.75
(quar.)_
pref.
Junior
Illinois Nor Mil.
Nov. 1
Knoxville Power & Light $7 Pt. (go.)... *51.75 Nov. 1
$1.50
$6 preferred (quar.)..
.1,1!4 Oct. 15 *Holders of rec. Sept. 30
Luke Superior 151st. Power
e. _ 314 Oct. 31 Ilolders of rec. Oct. 16
Acsn
Light Jr Power 7% (quar.)_Mepreferenc
be. Oct. 31 Holders et rec. Oct. 16
4% second preference
*141 Nov. 1 *Holders of rec. Oct. 15
Michigan Gas & Elec., Pref.(quar.)
'I8f Nov. 1 *Holders of rec. Oct. 15
Prior lien stock (quar.)
*o30c. Nov. 1 *Holders of rec. Oct. 16
Midland Naturalflas. cl. A (quar.)
84341c Nov. 1 Holders of rec. Oct. 16
Mid-West States Utli. (quar.)
•Ixt Oct. 1 *Holdrrs of rec. Sept. 25
Minot Gas Co., pref. (quar.) _
.50 Nov. 1 *Holders of rec. Oct. 16
'$1
pf.
1st
Mississippi Power & Light,
*$1.50 Nov. 1 *Holders of rec. Oct. 16
Second preferred (guar.)
Oct. 15 *Holders of rec. Sept.30
.
"51.50
(quar.)
prof.
$6
Missouri Public Serv..
Nov. 1 Holders of rec. Oct. 15
Municipal Service Co.,6% pref.((uer.). 1%
45c. Nov. 1 Holders of rec. Oct. 15
Nat. Elec. Power. corn. A (quar.)
4,1x Nov. 1 Holders of rec. Oct. 10
(quar.)
pref.
Northern N.Y.Utilities,
d omit Md.
Northwest Louisiana Gas, pref.-cilviden .1% Oct. 1 "Holders of rec. Sept. 15
Northwest State Ctn. pref. (quar.)
Nov. 1 *Holders of rec. Oct. 15
*S2
Norton Power & Elec.(guar.)
*55 Nov. 1 *Holders of rec. Oct. 15
Extra
Nov. 1 *Holders of rec. Oct. 15
__•58
1-3c.
(mthly.)
pref.
7%
Ohio Pub.Serv.,
*50c. Nov. 1 *Holders of rec. Oct. 15
6% preferred (monthly)
*41 2-3c. Nov. 1 'Holders of rec. Oct. 15
5% preferred (monthly)
"3744c Nov.15 'Holders of rec. Oct. 31
Pacific Gas Sc Elec,6% prof.
.344te Nov.15 'Holders of rec. Oct. 31
5.4% preferred (quar.)
•750. Nov.15 *Holders of rec. Oct. 31
(quar.)
eom.
Co.,
Pacific Lighting
41.25 Nov.15 *Holders of rec. Oct. 31
$5 preferred (guar.)
411.80 Nov. 1 *Holders of rec. Oct. 15
Pacific Northwest P. El., 1st W.((Mara
Oct. 1 "Holders of rec. Sept. 15
Panama Power & Light, ore!.(quar.).. _ $1 Oct. 31 Holders of rec. Oct. 1
Philadelphia Co.. corn.($50 par) (go.)..
The. Oct. 31 Holders of rec. Oct. 1
Common (350 par) (extra)
411.25 Nov. 1 'Holders of rec. Oct. 10
Philadelphia Electric, $5 pref. (quar.)
'1)4 Nov. 1 *Holders of rec. Oct. 20
Potomac Edison.7% pref.(guar.)
*134 Nov. 1 *Holders of rec. Oct. 20
6% preferred (gear.)
"20e Oct. 1 *Holders of :eci. Sept. 15
_
Quebec Telep. & Power. cl. A (quar.)
60e. Nov. 1 Holders of rec. Oct. 15
Railway & Light Securities, corn.(go.).. $1.50 Nov. 18 Holders of rec. Oct. 15
0,Preferred (guar.)
313
*$1.75 Oct. 15'Holders of rec. Sept.
Seattle Gas Co., pref.(quar.)
60e. Nov.25 Holders ot rec. Oct. 31
Southern Colorado Power. corn. A (gu.)- '1
of rec. Sept. 15
s
'Holder
1
Oct.
Superior Water Light & Pow..Pi.(CM)
175e. Nov.15 *Holders of rec. Oct. 24
Tampa Electric Co.. corn. ((uer.)
"52.25 Nov. 1 *Holders of rec. Oct. 15
Union Light & Power (guar.)
15
*55 Nov. 1 *Holders of rec. Oct. 15
Extra
*35c. Dec. 10 'Holders of rec. Oct.
Union Natural Gas(quar.)
Dec. 10 *Holders of rec. Oct. 15
'Sc.
7
Extra
$1.41 Oct. 10 Holders of rec. Oct. 29
United Elec. Serv. Amer. shares
*30c. Dec. 31 'Holders of rec. Nov.
United Gas Improvement, corn.(quar.)_ *$1.25 Dee. 31 'Holders of rec. Nov.29
Preferred (quar.)
"51.50 Nov. 1 "Holders of rec. Oct. 18
Utica Gas & Elec. $6 Pref.(guar.)
*E2 Nov. 1 "Holders of rec. Oct. 15
Ware Electric Co.(quar.)
.111 NOv. 1 *Holders of rec. Oct. 16
Extra
*60c. Nov. 1 "Holders of rec. Oct. 15
Western Power, Lt.& Telep. Cl. A (qu.). '611c. Nov. 1 'Holders of rec. Oct. 15
. Class A (extra)
*25c. Nov. 1 "Holders of rec. Oct. 15
Weymouth Light & Power (guar.)
*50c. Nov. 1 "Holders of rec. Oct. 15
Extra
Nov. 1 *Holders of rec. Oct. 15
*2
Winchendon El. L.& Pow.(guar.)
$1.50 Oct. 51 Holders of rec. Oct. 20
York Railways, corn. (quar.)
Oct. 15 Holders of rec. Oct. 6
134
5% preferred (quar.)
Fire Insurance.
American Reserve, pref.(guar.)
Lincoln Fire (guar.)
"Mc. Oct. 15 'Holders of rec. Oct. 6
*60c. Oct. 15 *Holders of rec. Oct. 6
Miscellaneous.
I)._ .4311c Oct. 15'Holders of rec. Oct. 12
Agricul. Bond & Credit A(gm)(No. de (erred
Alberta Pacific Grain. pref.-dividend
•1% Oct. 10 "Holders of rec. Sept.30
Alpha Glaude Neon, pref. (guar.)
51.626 Nov. 1 'Holders of rec. Oct. 15
Allied Kid Co. (quar.)
Oct. 1 'Holders of rec. Sept.29
n1.75
Alms & Doepke, pref.(guar.)
*30e Nov. 1 "Holders of rec. Oct. 15
Altorfer Bros. Co.,corn.(quar.)
Oct. 1 *Holders of rec. Sept.20
'3744c
(quar.)
(Toledo)
Co.
Amer. National
'$1 Nov. 1 *Holders of rec. Oct. 17
Amer.Smelt.& Rots., corn.(quar.)
•1% Dec. 1 "Holders of rec. Nov. 7
Preferred (quer.)
*144 Dee. 1 "Holders of rec. Nov. 14
Second preferred (guar.)
*50c. Oct. 1 *Holders of rec. Oct. 1
Apex Smelting (Chicago) (guar.)
:
elphia
d,
Philad
Loflan
*50c. Nov. 1 *Holders of rec. Oct. 21
(qu.)
&
d,
s
corn.
-Midlan
Barne
-Daniels
By
Archer
Sh.
per
$
Nov. 1 'Holders of rec. Oct. 21
•141
Stocks.
$ per Sh. Mares.
Preferred (quar.)
Shares. Stocks.
of rec. Oct. 20
1
1 Citizens Nat.Bk.,Jenkintown,Pa.100
&c.,
Associated Security Invest., pref. (gt.).•51.50 Nov. 15 *Holders
50 Pa. Co. for Ins. on Lives,
Oct.
*4
2 First Nat. Bk., Columbus, N..1._125
pref
9034
Avondale Mills,
&
Bank
Par $10
Nat.
e
10 Corn F.xchang
52
Babcock & Wilcox117
B Franklin Trust Co., par $10 $10_ 5444
Oct. 30 "Holders of rec. Oct. 9
*re7
Trust Co., par 520
Amer. dep. rcts., ord. reg
20 Germantown Trust Co., par
"144 Oct. 15 *Holders of rec. Sept. 30
25 Commercial National Bank &
10
Co., pref. (guar.)
$10
par
Baldwin
Co..
Trust
Oct. 15
22
Aldine
100
"1% Nov. 1 'Holders of rec. Oct.
Trust Co., par $10
par.100
Beatty Bros., Ltd., pref. A (quar.)
10
100 Heinen Air Yacht Corp., nocorn100 Adelphia Bk.& Tr.Co.. Par $10 834 Beaux Art Apt., Inc.(N.Y.). 1st pf.(qu)•$1.50 Nov. 1 "Holders of rec. Oct. 15
rec.
of
Trust
&
Holders
10 Bankers Securities Corp.,
1
Bank
Nov.
1)4
2 Third National
, Ltd., corn. (guar.)._
55
orticelli
tft.____
Belding-C
certifica
29
trust
Nov.
rec.
voting
of
125
mon
151 Dec. 16 Holders
Co., Camden, N. J
Title &
Preference (guar.)
150 Continental-Equitable
30 Holders of rec. Oct. 10
20 Central Tr. & Say. Co., par $10. 22
30
Beneficial Indus. Loan Corp., com.(qu.) 3744c Oct.
10
Trust Co., par 55
8744c Oct. 30 Holders of rec. Oct. 25
10 Keystone Telep. Co., 34 Prer-- 53
(guar.)
A
d
Atlantic
Preferre
Co.,
Trust
4.1% Nov. 1 "Holders of rec. Oct.
2 Guarantee
100 I. Fischman & Sons,cl. A,no par 1934 Bird & Sons, Inc., pref. (guar.)
351
Mort
City. N. J
1
n
Oct.
Suburba
&
phia
11941 5 Philadel
Birmingham Mtge.7% pref. (quar.)___ *874ic Nov. 1 'Holders of rec. Oct. 15
105
10 Erie National Bank
.25c.
gate Guarantee Co
_127
Birtman Electric Co., corn.(guar.)
10 Phila. National Bank, par 520_
•$1.75 Nov. 1 'Holders of rec. Oct. 15
$7 preferred (gust.)
o:
Buffal
Co.,
'114 Dec. 1 *Holders of rec. Nov.26
&
corn.
pt.
Co.,
WO
Clawson
&
By A. J. Wright &
Black
$ Per Sh.
Nov. 1 *Holders of rec. Oct. 20
$ per Sh. Shares. Stocks.
Bloomingdale Bros., pref. ((tsar.)
Shares. Stocks.
1,000 Peterson Cobalt Mines, par
DrugPure
Mines.
s
Boots
Fairbank
n
Se.
Creighto
Oct. 7 'Holders of rec. Sept.30
500
*toil
$1
500. lot
Amer. dep. rots., ord. cog
Ltd.. Par $1
•75c. Dec. 1 'Holders of rec. Nov. 15
&
Borden Co.(guar.)
Nov. 1 "Holders of rec. Oct. 31
5 Labor Temple Ass'n of Buffalo 25c. lot
"141
Brill (J. G.) Co.. pref. (quar.)
Vicinity, Inc., par $5
British-Amer. Tobacco, Ltd.Oct.
*1944c
Amer. deP. rcts., ord. bearer
*Holders of rec. Sept. 3
•1944c Oct.
DIVIDENDS.
Amer. dep. rcts., ord. registered
"6d Oct.
the
In
.
Amer. dep. rcts., Pref., bearer
tables
te
separa
*Holders of rec. Sept. 3
two
Oct.
*6d
in
ed
d_
Dividends are group
Amer. dep. rote., Prof., registere
Holders of rec. Oct. 20
1)4 Nov.
the dividends announced the Brown
Shoe, preferred (quar.)
s of rec. Oct. 25
"Holder
Nov.
•1%
first we bring together allfollow
((uar.)
in
table,
Brothers, pref.
second
a
Bunte
with
ed
we
pass
d
current week. Then
Business Buildings, Inc., pref.-Dividen "$1.50 Sept.3 *Holders of rec. Sept.30
but
nced,
annou
usly
previo
(guar.)
Ltd.
nds
,
divide
Systems
Business
which we show the
which have not yet been paid.
OCT. 111930.]
Name of Onsfaray.
FINANCIAL CHRONICLE
Per
When
Ceist. Payable.
Books ClOted.
Days Inclusive.
Miscellaneous (Continued).
Calhoun Mills (guar.)
Oct. 1 'Holders of rec. Sept. 30
California Packing Corp.(quar.)
•51 Dec. 15 *Holders of rec. Nov.301
Caned. Celanese. Ltd.. partle. pf.(No. 1) 3% Dec. 31 Holders of rec. Dec. 15
Canadian Dredge & Dock, corn.(guar.)The. Nov. 1 Holders of rec. Oct. 16
! Preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 16
Capital Management (guar.)
*25c. Nov. 1 *Holders of rec. Oct. 23
Extra
•25e. Nov. 1 *Holders of ree. Oct. 23
Cartier, Inc.,p ref. (guar.)
'191 Oct. 31 *Holders of rec. Oct. 15
Castle(H. M.)& Co.(guar.)
575c. Nov. 1 *Holders of rec. Oct. 20
Central Illinois Scour., pref. (guar.)
*37%c Nov. 1 *Holders of roe. Oct. 23
Century Ribbon Mills, pref. (guar.)...- S1X Dec. 1 *Holders of rec. Nov. 20
Cerro de Paseo Copper Corp. (guar.)
Nov. 1 Holders of rec. Oct. 16
.
- $1
Checker Cab Mfg.(monthly)
•350. Nov. 1 *Holders of rec. Oct. 20
Cln. Postal Terminal dr Realty, pf. (qtr.) •1% Oct. 15 *Holders of rec. Oct. 6
Cluett, Peabody & Co., Inc.. com.(Qu.)
75e. Nov. 1 Holders of rec. Oct. 21
Collingwood Terminals, Prof. (guar.).- lh Nov. 1 Holders of ree. Sept. 30
Columbian Carbon (guar.)
"11.25 Nov. 1 *Holders of rec. Oct. 17
Extra
•25c. Nov. 1 *Holders of ree. Oct. 17
Cons. Chem. Indust., par. pref. A (qu.) •37%0 Nov. 1 *Holders of rec. Oct. 15
Consolidated Laundries, pref.(en.)----° 31.875 Nov. 1 *Holders of rec. Oct. 15
Consolidated Press, Ltd. A, ord.(qu.)- *500. Nov. 1 *Holders of rec. Oct. 15
Coon(W.B.) Co.,corn.(guar.)
570e. Nov. 1 *Hold
of rec. Oct. 14
•1% Nov. 1 *Holders of rec. Oct. 14
Preferred (guar.)
Continental Can kquar.)
8234c Nov. 15 Holders of rec. Nov. la
Credit UtII. Banking, class B (quar.)_.. 37Mc. Oct. 10
Curtis Lighting-Dividend passed.
Dehydrating Process Co
*25c. Oct. 10 'Holders of rec. Oct. 1
Dennison Mfg., pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Debenture stork (guar.)
2
Nov. 1 Holders of rec. Oct. 20
De Vilbiss Co.(guar.)
*37),ic Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
"17)ic Oct. 15 *Holders of rec. Sept. 30
Dictaphone Corp., corn.(guar.)
"75c. Dec. 1 *Holders of rec. Nov. 14
Preferred (guar.)
*2
Dec. 1 *Holders of ree. Nov. 14
Distributors Group, Inc.(guar.)
12)ic Dec. 1 Holders of rec. Nov.15
Duff-Norton Mfg.. prof. (guar.)
*$1.50 Oct. 15 *Hoidens of rec. Oct. 1
Dunlop Rubber Co., Ltd.
Amer. dep. rots. ord.rag
*totl
Oct. 18 *Holders of rec. Sept. 30
East Hampton Seeur. Co
*50c. Oct. 1 *Holders of rec. Sept. 29
Eastern Dairies. Ltd., corn.(11114(No.1) •25e. Nov. 1 *Holders of rec. Oct. 15
Elec. Hose & Rubber (ouar.)
*2
Oct. 15 *Holders of rec. Oct. 8
Elec.Power Associates,corn. A (guar.)
250. Nov. 1 Holders of rec. Oct. 15
Elec. Sec. Corp.. pref. (guar.)
*31.25 Nov. 1 *Holders of rec. Oct. 15
Empire Title & Guarantee (guar.)
$1
Nov. 1 Holders of rec. Oct. 20
Ernsco Derrick & Equip. (guar.)
•20c. Oct. 26 *Holders of rec. Oct. 10
Enamel & Heat. Prod.(guar.)
25o. Nov. 1 Holders of roe. Oct. 15
Exchange Buffet Corp. (quar.)
37%c Oct. 31 Holders of rec. Oct. 15
Faber, Coe dr Gregg, pref.(guar.)
•131 Nov. 1 *Holders of roe. Oct. 15
Federal Theatres, let preferred-Dividen d pass ed.
Federal Title & Mtge. Guar. (N..1.)-- *$1.25 Nov. 1 *Holders of rec. Oct. 20
Federated Metals (guar.)
25c. Oct. 10 Holders of rec. Oct. 2
Federated Publications (guar.)
530c. Oct. 31 *Holders of rec. Oct. 15
Fenn (J. J.) dr Co., pref.(guar.)
*1% Oct. 15 *Holders of rec. Oct. 10
Financial Institutions, pref. (guar.).- "$1.50 Nov. 1
Flnnell System, Inc., pref. A (guar.).- - *17)ic Nov. 15 *Holders of rec. Nov. 1
Preferred B (guar.)
•17)ic Dec. 15 *Holders of rec. Dec. 1
Gardner-Denver Co.. pref. (guar.)
*1% Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
*I% Jan. 31 *Holders of rec. Jan. 20
General Cable. pref.(guar.)
"31.75 Nov. 1 *Holders of rec. Oct. 22
General Cigar Co., Inc., corn.(guar.)
$1
Nov. 1 Holders of rec. Oct. 17
•1),/ Dec. 1 *Holders of rec. Nov.21
Preferred (guar.)
General Tire & Rubber, corn. (quar.).- $1
Nov. 1 Holders of rec. Oct. 20
Gllmore 011 (guar.)
*300. Oct. 30 *Holders of rec. Oct. 15
Great Lakes Financial Co.. corn. A-Div dend omitted
Great Northern Investment, class A-Di Mend omitte d.
Hall Printing (guar.)
*500. Oct. 31 *Holders of ree. Oct. 2a
Hamburg Electric Works
10
Hold, of coup. No. 34
Handley-Page, Ltd.
Amer. dep. rets., pantie. pref
*tr5
Oct. 21 'Holders of rec. Oct. 2
Harris Bros. Co.. pref. (guar.)
.1% Nov. 1 *Holders of rec. Oct. 10
Hart, Schaffner & Marx, Inc. (guar.)... *52
Nov.26 *Holders of rec. Nov. 14
Ilomestake Mining (monthly)
*500. Oct. 25 *Holders of rec. Oct. 20
Extra
5$1
Oct. 25 *Holders of rec. Oct. 20
Hupp Motor Car-Dividend omitted.
*5
Imperial Airways, Ltd., ordinary
Oct. 13
18e. Oct. 30 Holders of rec. Oct. 25
Imperial Royalties, pref. A (monthly)Old preferred (monthly)
1%c. Oct. 30 Holders of ree. Oct. 25
Internat. Paper & Power,corn. A-Divid end Pa seed.
Interstate Equities. pref. (guar.)
75c. Nov. 1 Holders of ree. Oct. 18
Jackson & Curtis Scour. Corp., prof.(qu) *31.50 Nov. 1 *Holders of rec. Oct. 15
Jenkins Bros., pref. (guar.)
*91.75 Oct. 1 *Holders of rec. Sept. 15
Kidder Peabody Acceptance Corn.Pt. A. 2% Nov. 1 Holders of rec. Oct. 15
•3
Preferred B
Nov. 1 *Holders of rec. Oct. 15
.3
Second preferred
Nov. 1 *Holders of rec. Oct. 15
Lanston Monotype Machine(qeer.)---- '191 Nov.29 *Holders of ree. Nov.19
Extra
*25e. Nov.29 *Holders of rec. Nov.19
Lawbeck Corp., pref.(guar.)
Nov. 1 *Holders of rec. Oct. 20
Lawyers Title Ins.(Rich.) pref
*33 Oct. 15 *Holders of ree. Oct. 10
Leach Corp., preferred-dividend ornate d.
Lincoln Printing, corn.(guar.)
*50e Nov.
*Holders of ree. Oct. 21
Preferred (guar.)
*87%c Nov. 'Holders of rec. Oct. 21
Loew's Boston Theatres(quar.)
•15e Nov.
*Holders of rec. Oct. 18
Logan Gear. pref.(guar.)
•40e Oct.
Loose-Wiles Biscuit, corn. (guar.)
•65c Nov.
*Holders of rec. Oct. 18
Common (extra)
Nov.
*Holders of rec. Oct. 18
Preferred (quar.)
*10c*191 Janl'3 *Holders of rec. Dec. 18
Los Angeles Invest., pref. (guar.)
"30e Nov. 1 *Holders of rec. Oct. 15
Mallory (P. R.)& Co., com.-dividend o mitted
Marbelite Corp. of Amer. pref.(quar.)_ *500 bet. 10 *Holders of rec. Sept. 30
Massachusetts Investors Trust
42c Oct. 20 Holders of rec. Oct. 8
Mayflower Drug Stores, pref.(guar.)... *50e. Oct. 15 *Holders of rec. Oct. 1
Maytag Co., pref.(guar.)
75e. Nov. 1 Holders of rec. Oct. 15a
First preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 150
McLennan MeFeely & Prior, 1st pf.(o.) *1% Oct. 1 *Holders of rec. Sept.24
•134 Oct. 15 *Holders of rec. Oct. 7
McNeel Marble. pref.(guar.)
Mead Corp., corn.(payable in stock)...
Oct. 15 "Holders of rec. Oct. 1
Melville Shoe Corp., corn.(quar.)
*50e Nov. 1 *Holders of rec. Oct. 17
First preferred (guar.)
*I% Nov. 1 *Holders of rec. Oct. 17
Second preferred (guar.)
*7% Nov. 1 *Holders of rec. Oct. 17
M erca ntIle Amer.Realty, pref.(guar.)_ _
Oct. 15 *Holders of rec. Oct. 15
Merchants Ice & Cold Storage, pf.(qu.) *1 Si Oct. 1 'Holders of rec. Sept. 20
Merrimack Val. Pow. dr Bides.. pf. (qu.)
Nov. 1 *Holders of rec. Oct. 15
Metal & Mining Shares, pref. (quar.)_ _ •750 Oct. 1 *Holders of rec. Erin.20
Meyer Blanke Co.. corn. (guar.)
314e Oct. 10 Holders of rec. Sent.30
Minnesota Val. Can., pref.(guar.)
•$1.75 Nov. 1 *Holders of ree. Oct. 20
Preferred (guar.)
*31.75 Feb. 1 *Holders of ree. Jan. 20
Mullins Mfg. Corp., Prof. (guar.)
131 Nov. 1 Holders of rec. Oct. 15
Nash Motors(guar.)
$1
Nov. 1 Holders of rec. Oct. 20
National Battery (guar.)
*65c Oct. 1 *Holders of rec. Sept. 17
Nat. Bearing Metals. pref. (guar.)
131 Nov. 1 Holders of rec. Oct. 16
National Carbon. Pref. (guar.)
$2
Nov. 1 *Holders of roe. Oct. 20
National Dept. Stores. 1st pref. (guar.) *1% Nov. 1 *Holders of rec. Oct. 15
Second preferred (guar.)
Dec. 1 *Holders of ree. Nov.15
National Industrial Service, pref.(qu.) "51.75 Oct. 15 *Holders of rec. Oct. 7
National Terminals, Prof. (guar.)
*43jic Nov. 1 'Holders of ree. Oct. 21
Prior preferred (guar.)
525c. Nov. I *Holders of rec. Oct. 21
National Tile Co.,corn -Dividend omit ted
Nation-Wide Securities Trust. ctts. A._ 27.5e. Oct. 1 Holders of coup. No.24
•s5
Natomas Co., common (No. 1)
Oct. 15 "Holders of rec. Oct. 4
*131 Sept. 30 *Holders of rec. Sept. 24
Neilson (Wm.) Ltd., pref. (guar.)
Nelsner Bros., Inc., Prof. (guar.)
131 Nov. 1 Holders of ree. Oct. 15
New Departure Mfg., pref. (guar.)
*131 Oct. 1 *Holders of rec. Sept. 20
New England Equity,corn.(guar.)_ _
*62tie Nov. 1 *Holders of rec. Oct. 15
N.Y.& Foreign Investing, Prof. (4u.)_ _
1% Oct. 15 Holders of rec. Oct. 7
New York Merchandise, corn. (guar.).25c Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Oliver United Filters, class A (guar.)_
•50c. Nov. 1 *Holders of rec. Oct. 20
Oppenheim. Collins de Co., corn. (guar.)
75c. Nov. 15 Holders of me. Oct. 31
Orchard Farm Pie pref. A (quar.)
*31.75 Oct. 15 *Holders of rec. Oct. 7
Pantex Pressing Machine, pref.-DIvide nd omi tted.
Perfection Petroleum, pref. (quar,)____ *37lie Oct. 1 'Holders of rec. Sept. 25
Pickens Mills-Dividend deferred
Name of Company.
2337
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Plg'n7Wistle. pref. (guar.)
*30e. Nov. 1 *Holders of rec. Oct. 15
Pittsburgh United Corp., pref. (qu.)
*31.75 Nov. 5 *Holders of rec. Oct. 11
Preferred Auto Underwriters, 6% Prof.. *30c. Oct. 1 *Ffolders of rec. Sept. 25
Prentice(G. E.) Mfg. (guar.)
550c. Oct. 15 'Holders of rec. Oct. 1
Prospect Hill Apartments, Inc., pref.__ 3
Nov. 1 Oct. 16 to Nov. 2
Prosperity Co., Inc., el. B (guar.)
*10e. Oct. 1 *Holders of rec. Sept. 24
Provincial Paper, Ltd.. Prof. (quar.)_..
Oct. 1 'Holders of rec. Sept. 15
Purity Bakeries, corn. (guar.)
111
Dec. 1 *Holders of rec. Nov. 14
Pyrene Mfg. (guar.)
•20c. Nov. 1 *Holders of rec. Oct. 17
Raymond Concrete Pile, corn. (guar.).- •75e. Nov. 1 *Holders of ree. Oct. 20
Preferred (guar.)
•75c. Nov. 1 *Holders of ree. Oct. 20
Reliance International, pref.(quar.)._. 75e. Dec. 1 Holders of ree. Nov.20
Reserve Resources Corp.,corn.& ptiqu.) 31.50 Oct. 15'Holders of ree. Oct. 7
Rio Tinto Co.. Ltd.
Amer. dep. rats., ord. bearer
*10 a Nov. 6 *Holders of reo. Oct. 31
r Amer. dep. rots., pref. bearer
•2s.6d Nov. 6 *Holders of roe. Oct. .31
Rollins Hosiery Mills, Inc., pref.(qu.)._ •90e. Nov. 1 *Holders of rec. Oct. 17
Roos Bros.. Inc., corn.(guar.)
*629Ic Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
• 31.625 Nov. 1 *Holders of rec. Oct. 15
Ryerson (Joseph T.)& Sons,(quar.)____ *500. Nov. 1 'Holders of roe. Oct. 17
Sally Frocks, Inc., corn -Div. omitted.
San Diego Ice & Coal, class A (guar.)._ _ °4391c Oct. 1 *Holders of rec. Sept. 25
Savannah Sugar Refg., corn.(guar.)_
Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
'131 Nov. 1 *Holders of rec. Oct. 15
Seaboard Surety Co.(guar.)
12%0 Nov.15 Holders of rec. Oct. 31
Seton Leather, common (guar.)
*25o. Nov. 1 *Holders of rec. Oct. 16
Shur-On Stand. Optical Co., pre/.(qu.)_ "$1.50 Oct. 1 *Holders of reg. Sept.30
Simpson's, Ltd., class A (guar.)
50e. Nov. 1 Holders of rec. Oct 250
Preference (guar.)
1% Nov. 1 Holders of rec. Oct. 250
South American Air Lines
(r) Nov. 1 *Holders of rec. Oct. 18
Southland Royalty (guar.)
15e. Oct. 15 Holders of rec. Oct. 1
Squibb (E. R.) At Sons. 1st pref. (quar.)_ .31.50 Nov. 1 *Holders of rec. Oct. 15
Standard Coosa-Thatcher, pref. (guar.)_ •1% Oct. 15 *Holders of rec. Oct. 15
Stearns (Fred'k) & Co., corn.(mthly.)' 18 2-3e Oct. 31 *Holders of rec. Oct. 20
Sun Investing Co., Inc., pref.(guar.)
75e. Nov. 1 Holders of rec. Oct. 20
Super-Maid Corp. (quar.)
*25c. Nov. 1 *Holders of ree. Oct. 20
Swift Internacional (extra)
El
Nov. 15 *Holders of rec. Oct. 15
Teck-Hughes Gold Mines (guar.)
150. Nov. 1 Oct. 18 to Oct. 31
Texas Creosoting (guar.)
*25c. Sept.30 *Holders of roc. Sept.26
Tex-O-Kan Flour Mills, common
•200. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
"$1.75 Dec. 1 *Holders of rec. Nov. 16
Thatcher Manufacturing, pref.(quar.).. "90e. Nov. 15 *Holders of rec. Nov. 5
Thermold Co., pref.(guar.)
'131 Nov. 1 *Holders of rec. Oct. 15
Tide Water Oil, pref. (quar.)
"51.25 Nov. 15 *Holders of me. Oct. 17
Toronto Carpet Mfg., corn. At pref.(qu.) *$2
Oct. 1
Torrington Co. (guar.)
750. Oct. 18 Holders of rec. Sept. 18
Triplex Safety Glass Co., LtdAmer. dep. rots. ord. reg
ora5 Oct. 21 *Holders of rec. Sept. 30
Tel-Utilities Corp., Prof. (guar.)
75e. Nov. 1 Holders of rec. Oct. 15
Truax Traer Coal, corn.(guar.)
40e. Nov. 1 Holders of rec. Oct. 21
Underwriters, Finance Co., com.-Divi dend o 'flitted.
Preferred (quar.)
•2
Oct. 1 *Holders of rec. Sept. 15
Union Bldg. Co.(Newark) (guar.)
*22 tic Oct. 15 *Holders of rec. Sept. 30
Union Oil (Calif.) (guar.)
*50o. Nov. 10'Holders of rec. Oct. 18
Stook dividend (guar.)
*el
Nov. 10 *Holders of roe. Oct. 18
United Milk Crate, class A (guar.)
*50e. Dec. 1 *Holders of rec. Nov. 15
U.S.& Internat. Securities, 1st pt.(en.) 51.25 Nov. 1 Holders of rec. Oct. 11
United•States Rubber Reclaiming, prior pref.& class A -Dividend omitted.
Universal Pipe & Radiator, Prof.(qu.)__
131 Nov. 1 Holders of rec. Oct. 150
Utility & Industrial Corp., pref. (guar.) 37340 Nov. 20 Holders of rec. Oct. 31
Victor Talking Mach. (guar.)
'$1
Nov. 5 *Holders of rec. Oct. 18
Washburn Wire (Oust.)
•75c. Sept.30 *Holders of rec. Sept.30
Western Royalty Corp., el. A (monthly) *I00. Nov. 6 "Holders of rec. Oct. 15
Western Steel Products, Ltd., pf. (qu.) 154 Nov. 1 Holders of rec. Oct. 15
Western Tablet Ae Stationery corn.(qu). 550e. Nov. 1 *Holders of rec. Oct. 20
Wright (Oscar) Co., class A
•250 Oct. 20 'Holders of rec. Sept. 25
Woolworth (F. W.) Co., corn.(guar.)._ •60o. Dec. 1 'Holders of rec. Nov.10
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.
Naas of Company.
Per
When
Cent. Payable.
Books Closed.
Days IneIstien.
Railroads (Steam).
Atlantic Coast Line RR., prof
.2% Nov. 10 *Holders of rec. Oct. 24
Baltimore & Ohio corn.(guar.)
131 Dec. 1 Holders ot rec. Oct. 116
Preferred (quar.)
Dec. 1 Holders of rec. Oct. ha
Chesapeake dr Ohio. pref.(guar.)
Jan 1'31 Holders of rec. Dec. 80
Cleve,(-In. Chicago & St. Louts. pf.(qu.) 134 Oct. Al Oct. 9 to
Oct. 29
Cuba RR., preferred
Feb2'31 Hold, of rec. Jan.15'310
Delaware Lack. & Western (quar.)___ $1.50 Oct. 20 Holders of rec. Oct. 40
Erie RR., lot and and preferred
2
Dec. SI Holders of rec. Dee. 1110
Internat. Rys. of Cent. Am., M.(qua
134 Nov. 15 Holders of ree. Oct. 310
Kansas City Southern,coin.(qtr.)
111 Nov. 1 Holders of rec. Sept.300
Preferred (guar.)
1
Oct. 15 Holders of rec. Sept.300
Maboning Coal RR.common ((Nara__ $12.50 Nov. 1 Holders Of rec. Oct. 150
Midland Valley, corn
31.25 Oct. 15 Holders of reo. Sept.30
Mo.-Kansas-Texas. pref. A (guar.)
19( Dec. 31 Holders of rec. Dec. 54
New York Central RR.(guar.)
2
Nov. 1 Holders of rec. Sept.21311
Norfolk & Western, adj. pref. (Oust.).. 1
Nov. 19 Holders of rec. Oct. 310
Northern Pacific(guar.)
Nov. I Holders of rec. Sept.300
Pere Marquette, prior Prof.& pf.(qu.)
13,
1 Nov. 1 Holders of rec. Oct. 34
Pittsburgh & West Virginia, corn.(guar.) Icy Oct. 31 Holders of rec. Oct. 150
Reading Co., common (oust.)
$1 Nov. 13 Holders of rec. Oct. 160
Rutland RR., preferred
2
Oct. 15 Holders of rec. Sept. 286
St. Louis-San Franc., pref.(oust'.)
134 Nov. 1 Holders of rec. Oct. la
Southern Ry., corn. (guar.)
2
Nov. I IL:driers of rec. Oct. la
Preferred (quar.)
131 Oct. 16 Holders of rec. Sept. 220
United N.,1. RR.& Canal Cos.(flu.).. '2% Jan 1'31 *Holders of reO.Dec.20'30
Wabash By.,Prof. A (guar.)
ill Nov. 25 Holders of rec. Oct. 250
Public Utilities.
Alabama Power $5 pref.(guar.)
$1.25 Nov. 1 Holders of ree. Oct. 15
Amer. Cities Pow.& Lt., class A (qu.).... 1750 Nov. 1 Holders of rec. Oct. 4
Class B (payable he class IS stock).
1234 Nov. 1 Holders of ree. Oct. 4
Am.Coni'wesiths Pow.,cow. A&I.1 (qu.) na2% Oct. 25 Holders of rec. Sept. 30
First pref. series A (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
First pref. 38.50 series(guar.)
31.83 Nov. 1 Holders of rec. Oct. 15
First pref. $6 series(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
Second pref. series A (guar.)
$1.76 Nov. 1 Holders of ree. Oct. 15
Amer. Dist. Teleg. of N.J. corn.(qu.)__ *$1
Oct. 15 *Holders of roe. Sept. 15
Preferred (guar.)
'134 Oct. 15 *Holders of rec. Sept. 15
Amer. Gas & Elec., Prof.(guar.)
6$
2L.5
e0 Nov. 1 Holders of rec. Oct. 8
Amer. Light & Traction, corn. (Oust.)..
Nov. 1 Holders of rec. Oct. 170
Preferred (guar.)
37%c Nov. 1 Holders of ree. Oct. 170
Amer. Teter,. & Teleg. (guar.)
231 Oct. 15 Holders of ree. Sept.200
Amer. Water Works & Elec., corn. (qu.)
250. Nov. 15 Holders of me. Oct. 240
Associated Gas & Elec.. class A(quar.) - bbh0c. Nov. 1 Holders of rec. Sept. 30
Associated Telep.& Teleg., Cl. A (guar.)
Nov. 1 *Holders of rec. Oct. 17
Associated Telett. Utilities corn. (oust.). 12
Oct. 15 Holders of rec. Sept. SO
Bangor Hydro Elec. Co.. corn.(quar.)_ •500. Nov. 1 *Holders of rec. Oct. 10
13011 Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept.23
Bell Telep of Pa6%% pref.(qu.)
131 Oct. 15 Holders of ree. Sept.200
Bridceport Hydraulic Co. (guar.)
.40c Oct. 15 *Holders of rec. Oct. 1
British Columbia Pow.. CIA (oust.)....
500 Oct. 15 Holders of res. Sent.30
Broad Myer Power, pref. (guar.)
•lai Nov. 1 *Holders of rec. Sept. 30
Brooklyn-Manhattan Transit. com.(qu.) El
Oct. 15 Holders of rec. Oct. ict
Preferred A (Omar.)
31.50 Oct. lb Holders of roe. Oct. la
$1.50 Jy 15'31 Holders of res. Dec. 31a
Preferred. series A (guar.)
Preferred, series A (guar.)
$1.50 Ap15'31 Hold or roe API'. 1 1031a
Buff. Mag.& E.Pow.,$5 flrst of.(on.). "51.25 Nov. 1 *Holders of rec. Oct. 15
California-Oregon Pow.7% prof.(qu.).. 191 Oct. 15 Holders of ree. Sent. 30
6% Preferred (quar.)
P4 Oet, 15 Holders of rec. Sept. 30
Canada Northern Power common (W.). 150 Oct. 25 Holders of ree. Sept.30
134 Oct. 15 Holders of ree. Sept. 110
Preferred (guar.)
Central Ill. Pub. Service, Pref. 0111104- '134 Oct. 15 *Holders of rec. Sept. 30
2338
Name of ComDank.
Winn
Per
Cent. Payable.
Books Closed.
Days Includes.
Public Utilities (CO/Wooed).
Canadian Western Natural Gas L.Ht.&
'250 Deo. 1 *Holders of roe. Nov. 15
Pow.. preferred tram
•2533. Mr.2'31 *Hold,of reo. Feb.1431
Preferred (extra)
*25e Junl'31 *Hold. of rec. May 15'31
Preferred (extra)
•13i Oct. 15 *Holders of rec. Sept. 30
Central Power Co., 7% pref.(qUar.)Oct. 11 *Holders of rec. Sept. 30
•14
(quar.)
preferred
6%
Central & S. W. Utilities, corn.(guar.).- 114 Oct. 15 Holders of rec. Sept. 30
Chesapeake & Potomac Telep..Pref.(q11) 114 Oct. 15 Holders of rec. Sept. 30
Oct. 15'Holders of rec. Oct. 8
5$1
Chester & Philadelphia Ry
Oct. 15 *Holders of rec. Sept.80
Clno. Newp.dr Cow. L.& Tr., corn.(cm.) •1
*1 Oct. 15 *Holders of reo. Sept.30
Preferred (riar.)
1-3o
58
Oct. 15 *Holders of roe. Oct. 1
pref.(mthly.)•
Cities Serv.Pow.& Lt.$7
*50o. Oct. 15 *Holders of roe. Oct. 1
$6 preferred(monthly)
412-Sc Oct. 15 Holders of tee. Oct. 1
$5 preferred (monthly)
14 Dec. 1 Holders of ree.Nov.d14
Cleveland Elec. III.. pref.(guar.)
50c. Nov. 15 Holders of rec. Oct. 200
Columbla Gas & Electric. corn.(guar.) 1 4 Nov. 15 Holders of rec. Oct. 200
(guar.)
A
series
6% preferred,
14( Nov. 15 Holders of rec. Oct. 200
5% preferred (quar.)
Nov. 1 Holders of reo Oct. 15
Commonwealth-Edlson Co. (guar.)....- •2
-- "31.50 Oct. 15 Holders of rec. Sept. 30
Commonwealth Telep., Pref.
(qual.) $1.25 Nov. 1 Holders of rec. Sept. 30.1
(quar.)Consolidated Gas of N.Y.. pref.
Consumers Power CO.,$5 pref.(guar.)_ _ $1.25 Jan2'31 Holders of rec. Dee. 15
Jan2'31 Holders of rec. Dec. 15
1
6% preferred (guar.)
$1.65 Jan2'31 Holders of rec. Dec. 15
6.6% preferred (guar.)
Jan2'31 Holden Of IVO. Dec. 15
(guar.)
preferred
7%
50e. Nov. I Holders of rm. Oct. 15
6% preferred (monthly)
50o. Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
60c. Jan2'31 Holders of reo. Dec. 15
6% preferred (monthly)
550. Nov. 1 Holders of roe. Oct. 15
6.8% preferred (monthly)
550. Deo. 1 Holders of reo. Nov.15
6.6% preferred (monthly)
550. Jan2'31 Holders of reo. Dec. 15
6.6% preferred (monthly)
2
Oct. 15 Holders of rec. Sept. 200
Detroit Edison (quar.)
Diamond State Telep.. Pref.(quar.)___ _ '114 Oct. 15 Holders of rec. Sept. 20
$1.25 Oct. 15 Holders of rec. Sent. 225
Duquesne Light, tat pref. (quar.)
I14 Oct. 15 Holders of rec. Sept. 5
Electric Bond & Share. corn.
$1.50 Nov. 1 Holders of rec. Oct. 8
(quar.)_$6
preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 8
$5 preferred (guar.)
Electric Power & Light. corn.(quar.)--. 25e. Nov. 1 Holders of rec. Oct. lla
C. Nov. 1 Holders of rec. Oct. 11
Allot. etfs. 70% paid (corn. stk.)
124e. Nov. 1 Holders of rec. Oct. 11
Allot. ctfs.(full paid) teem. stk.)
Oct. 15 Holders of rec. Oct. 1
(guar.)
A
M.
Elec.
(Del.).
Co.
El Paso
'11-4 Oct. 15 *Holders of roe. Oct. 1
Preferred B (guar.)
Empire Gas dr Fuel.8% Pref.(mthly)--• 66 2-3e Nov. 1 *Holders of rec. Oct. 15
58 1-3e Nov. 1 *Holders of rec. Oct. 15
7% preferred (monthly)
•54 1-6c Nov. 1 *Holders of rec. Oct. 15
61(% preferred (monthly)
*50c. Nov. 1 *Holders of rec. Oct. 15
0% preferred (monthly)
75e. Oct. 15 Holders of rec. Sept. 30
English Elec. Co. of Can., class A (qu.)_
•1% Oct. 15 *Holders of rec. Sept. 30
Federal Public Service, pref.(quar.)
31 Oct. 15 'Holders of rec. Sept. 30
*1
(guar.)
pref.
Harrisburg Gas,
68,4 Nov. 1 Holders of rec. Oct. 15.5
Hartford Electric Light (guar.)
9,40. Nov. 1 Holders of rec. Oct. 15a
Extra
Nov. 15 Holders of rec. Oct. 18
Havana Elec. dr Utilities. lot pref. (qu.) 1
81.25 Nov. 15 Holders of rec. Oct. 18
Cumulative Preference (guar.)
Illinois Commercial Telep., pref.(guar.) *31.50 Oct. 15 *Holders of rec. Sent. 30
*184 Nov. 1 *Holders of rec. Oct. 15
Illinois North Utilities, pref. (quar.)
Illinois Power & Light, $6 cum. pf.(qu.) $1.50 Nov. 1 Holders of rec. Oct. 10
Internat. Hydro-Elec. System, el A (qu.) (cc) Oct. 15 Holders of rec. Sept. 25
8734c. Oct. 15 Holders of rec. Sept.25
$3.50 preferred (guar.)
50c. Oct. 15 Holders of rec. Sept. 190
Internat. Telep. & Told. (guar.)
(qu.)
A
8736e Oct. 15 Holders of rec. Sept. 26e
class
Corp.
Utilities
International
$1.75 Nov. 1 Holders of rec. Oct. 170
$7 preferred (guar.)
Interstate Pub. Serv., prior lien (quar.)_ 114 Oct. 15 Holders of rec. Sept.80
Jamestown Telephone, eon,. (quar.)--- 412.50 Nov. 1 *Holders or rec. Oct. 15
.1.1 14 Oct. 15 *Holders of rec. Oct. 1
Joplin water Works. pret. (guar.)
Oct. 15 Holders of rec. Sept.200
Kentucky Securities Co.. Pref. (quar.).. $1.50
‘..; Oct. 15 *Holders of rec. Sept. 25
Kentucky Utilities, pref. (guar.)
'750. Nov. 1 "Holders of rec. Oct. 24
Keystone Telephone, pref. (guar.)
•65e. Nov. 1 *Holders of rec. Oct. 15
Lawrence Gas & Elec. Co.(guar.)
Lexington Telephone, prior Pt. (qu.).-* 31.625 Oct. 16 *Holders of rec. Sept. 30
Hold.of roe. Feb.2 1931
(y)
Lone Star Gas,corn (in corn stk .)
150, Nov. 1 Holders of tea. Oa. 15
Long Island Lighting corn. (guar.)
*650. Nov. 1 *Holders of tea. Oct. 15
Lowell Electric Light (guar.)
*50e. Oct. 15'Holders of rec. Oct. 1
Maine Gas Co.. common (Qual.)
*SIM Oct. 15 *Holders of roe. Oct. 1
Preferred (gum./
Oct. 15 *Holders of rec. Sept. 25
8% Pref. (au.) *2
Massachusetts Ltg.
'l>-> Oct. 15'Holders of rec. Sept. 25
5% Preferred (guar.)
62140 Oct. 15 Holders of tee. Sept.30
Mass. Utilities Assoc.. pref. (guar.)
Middle Western Telco.. eon]. A ((ma-'4834c Dec. 15 "Holders of roe. Dee. 6
Nov. 15 Holders of rec. Oct. 15
Middle West Utilities, corn. (quar.)___. 12
$6 pref. (cash or 3-80th share com.) 31.50 Nov. 15 Holders of rec. Oct. 15
Ltd
Supply,
Elec.
Counties
Midland
*a 14 Oct. 21 *Holders of roe. Sept. 30
American dep. rots. ord. reg
Milwaukee Elec. Ky.& Light, pref.(qu.) • 134 Oct. 31 Holders of rec. Oct. 200
(qu.)
pfd.
*$1.75
Oct. 15 'Holders of roe. Sept. 30
pr.
Serv.,
Missouri Gas dr Elec.
$1.75 Oct. 15 Holders of roe. Sept.30
Mo. Riv. Sioux City Bdge., pref.(qu.)
Mohawk dr Hudson Pow..$7 pref.(qu.). $1.75 Nov. I Holders of rec. Oct. 15
ft Oct. 15 *Holders of rec. Oct. 1
Monongahela val. Water, prof.(qual.)
'1% Nov. 1 *Holders of rec. Oct. 11
Montana Power, pref. (guar.)
(quar.)
Oct. 31 Holders of rec. Sept. 30
37e.
Power
dr
Heat
Light,
Montreal
80e. Oct. 15 Holders of roc. Sept. 30
Montreal Telegraph (guar.)
24 Oct. 15 Holders of rec. Oct. 6
Montreal Tramway (guar.)
20 Holders of rec. Sept. 30
Oct.134
Mountain States Power. Pref. (guar.)Oct. 15 *Holders of rec. Sept. 30
•2
Mountain States Tel.& Tel.(quar.)
National Gas & Elec.. pref.(guar.)---• $1.625 Jan 1'31 *Holders of rec. Dec. 20
Nat. Power & Light, $6 pref. (guar.)- $1.50 Nov. 1 Holders of rec. Oct. 11
) 154 Nov. 1 Holders of rec. Sept. 30
Nevada-Calif. Elec. Corp. pref. (qual.
*81 Doe. 10 *Holders of MO. Nov. BO
ewark Telephone (guitr.i.
Oct. 15 *Holders of reo. Sept. 25
New Bedford Gas it Edison Lt.(quar.)-. .$1
500. Oct. 15 Holders of rec. Sept.80a
New England Power Assn.corn.(qu.)
pf.(qu)
Oct. 15 Holders of roe. Sept. 30
$1.75
$7
Co..
New England Pub. Serv.
51.50 Oct. 16 Holders of rec. Sept. 30
$6 preferred (guar.)
Oct. 15 Holders of rec. Sept. 30
$1.75
(guar.)
preferred
Adjustment
51.50 Oct. 15 Holders of rec. Sent. 30
$6 cony. preferred (guar.)
144 Oct. 15 Holders of rec. Sept. 20
New York Telephone pref.(quar.)
North American Edison Co...pref.(qu.)- $1.50 Dec. 1 Holders of rec. Nov. 15a
North Amer. Gas & Electric, class A (qu) .40e. Nov. 1 *Holders of rec. Oct. 10
Nov. 15 Holders of rec. Oct. 20
North Amer. Light & Power. corn. (qu.) 12
30
Nor. Indiana Pub. Sere., 7% pf. (qu.). 134 Oct. 14 Holders of roe. Sept.30
184 Oct. 14 Holders of rec. Sept.
6% preferred (guar.)
30
Sept.
ree.
of
Oct.
14
'
Holders
154
(guar.)
54% preferred
Northern N. Y. Telco., corn.(quar.)_. •32.50 Oct. 15 Holders of roe. Sept. 30
• $1.625 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
60o. Oct. 25 Holders of roe. Sept.80
Northern Ontario Power, corn.
134 Oat. 25 Holders of res. Sept.30
Preferred (guar.)
Nov. I Holders of rec. Sept. 30
2
(qu.)
com.A
Pow.(Del.).
Northern States
"20e. Nov. 1 Holders of rec. Sept. 30 ,
Common B(guar.)
20 Holders of rec. Sept. 30
Oct.
131
(guar.)
preferred
7%
1 34 Oct. 20 Holders of rec. Sept. 30
6% preferred (guar.)
Northwestern Bell Telep., pref. (guar.). 14 Oct. 1.5 Holders of rec. Sept. 20a
*134 Dec. 31 Holders of rec. Dec. 24
Ohio Telep. Service, prof.(guar.)
600. Oct. 15 Holders of tea. Sept. 30a
Pacific Gas & Elec., corn.(guar.)
*Ili Oct. 15 Holders of rec. Sept. 30
Pacific Lighting, pref. (guar.)
Nov. 1 Holders of rec. Oct. 10
324e.
_in
(guar.).
A
Pacific Public Service, corn.
Pacific Telen.& Teleg., Pref.(guar.)---- 14 Oct. 15 Holders of rec. Sept.30a
1'31 *Hold, of rec. Dec. 15 '30
Jan
•35o.
(guar.)
corn.
Peninsular Telepone,
55e. Nov. 1 Holders of rec. Oct. 20
Pennsylvania Power.$6.60 pref.(mthly.)
55e. Dee. 1 Holders of rec. Nov.20
$6.60 preferred (monthly)
$1.50 Dec. 1 Holders of rec. Nov. 20
$6 preferred (guar.)
Oct. 17 Holders of rec. Oct. 3.1
2
Peoples Gas 6.1. & Coke (guar.)
Philadelphia Co., new corn.(au.)(No. I) 20e. Oct. 31 Holders of rec. Oct. 1
Oct. 31 Holders of rec. Oct. 1
150.
New common (extra)
31.60 Nov. 1 Holders of rec. Oct. la
6% preferred
31 Holders of roe. Oct. 15a
Oct.
_
El
(guar.)...
Trail.
common
Phila. Rapid
$1.71 Nov. 1 Holders Of roe. Oct. la
Preferred
Phila. Suburban Water CO.. pref. (qu.) 114 Dec. 1 Holders of rec. Nov. 12
Oct. 1 *Holders of roe. Oct. 1
531
Plainfield-Union Water (qual.)
Power Corp. of Canada, 1st Pref.(quar.) 134 Oct. lb Holders of roe. Sept. 80
16 Holders of rec. Sept.30
Ms.Oct.
(guar.)
Second preferred
503. Oct. 31 Holders of rec. Oct. la
Pub. Fiery Corp N.J..6% pf.(mt8133.)'Holders of rec. Sept. 19
Fugal Sound Power & Light. $5 pt.(qu.) •$1.25 Oct. 15
"31.50 Oct. 15 *Holders of reo. Sept. 19
86 preferred (guar.)
[Vol.. 11'11.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Public Service Co. of Nor. Illinois"32
Nov. 1 *Holders of roc. Oct. 14
Common (no par) (guar.)
Nov. 1 'Holders of rec. Oct. 14
"2
Common (par $100) (guar.)
*14 Nov. 1 *Holders of roe. Oct. 14
6% preferred (guar.)
7% preferred (guar.)
•134 Nov. 1 "Holders of rec. OM, 14
62340001. 15 Holders of rec. Sept.25
Quebec Power,com.(guar.)
$1
Nov. 1 Holders of rec. Oct. )5
Rhode Island Public Bow., Cl. A (qu.)
50c. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
San Diego Consol. G.& E., pref.(qu.)-- 111 Oct. 15 Holders of rec. Sept. 30
*50c. Nov. 1 *Holders of req. Oct. 150
Sierra Pacific, Elec. Co., corn. (qual.)
184 Nov. 1 Holders of rec. Oct. 155
Preferred (quarterly)
South Pittsburgh Water,7%, pref.(q11.)- 151 Oct. 15 Holders of rec. Oct. 1
114 Oct. 15 Holders of rec. Oct. 1
6% preferred (guar.)
50e. Nov. 15 Holders of rec. Oct. 209
Southern Calif. Edison, corn. (guar.).60o Oct. 15 Holders of reo. Sept. 20
Orig. preferred (guar.)
8434o. Oct 15 Holders of reo. Bent. 20
54% preferred, aeries C (quar.)
*3714c Oct. 15 *Holders of roe. Sept. 30
Southern Calif. Gas, pref.(mar.)
4,3734c Oct. 15 *Holders of rec. Sept.30
Preferred A (guar.)
25e. Nov. 15 Holders of rec. Oct. 31
Southern Canada Power. corn.(quar.)_
134 Oat. 15 Holders of ree. Sept. 20
Preferred (guar.)
Southern Counties Gas, pref. (quar.).. '134 Oct. 15 "Holders of rm. Sept. 30
*2
Oct. 15'Holders of rec. Sept. 30
Southern N. E. Telephone (guar.)
8784c Oct. 25 Holders Of roe. Sept. 300
Standard Gas & Elec., corn.(quar.).
$1.60 Oct. 25 Holders of rec. Sept. 300
36 prior preferred (quar.)
31.75 Oct. 25 Holders of rec. Sept. 300
$7 prior preferred (guar.)
Standard Pow. dr Lt.,com.& com.B(gu.) 60c. Dec. 1 Holders of rec. Nov. 12
31.75 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
Tacony-Palmyra Bridge. pref. (guar.).* 31.875 Nov. 1 *Holders of reo. Oct. 10
Tennessee Elec. Power, 5% 1st pf.(qu.) 181 an2'31 Holders of roe. Dee. 15
184 an2'31 Holders of ree. Dee. 15
6% first preferred (guar.)
1,4 an2'31 Holders of rec. Dec. 15
7% first preferred (quar.)
$1.80 an2'31 Holders of reo. Dee. 15
7.2% first preferred (guar.)
50o. Nov. 1 Holders of reo. Oct. 15
6% first preferred (monthly)
500. Dee. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50c. an2'31 Holders of reo. Doe. 16
6% first preferred (monthly)
60e. Nov. 1 Holders of tee. Oct. 15
7.2% first preferred (monthly)
60c. Doe. 1 Holders of rec. Nov 15
7.2% first preferred (monthly)
60c. an2'31 Holders of rec. Dee. 15
7.2% first preferred (monthly)
*15c. Deo. 1 *Holders of rec. Nov.15
Tr-State Telep.& Teleg., pref.(quar.)
54284C Oct. 15 *Holders of rec. Sept. 39
Union Telephone, pref. (guar.)
United Light & Power25e Nov. 1 Holders of rec. Oct. ifia
Common A & 13 new (quar.)
$1.25 Nov. 1 Holders of rec. Oct. 16a
Common A dr B old (guar.)
Oct. 15 *Holders of rec. Sept. 33
•$2
United Tel. (Kansas) corn. (guar.)
Jan15'31 *Holders of rec. Dec. 31
Common (guar.)
.$1.75 Oct. 15 *Holders of rec. Sept.30
Preferred (guar.)
"$1.75 Jn15'31 *Holders of rec. Dee. 31
Preferred (guar.)
134 Oct. 16 Holders of rec. Sept. 80
Western Power Corp.. pref.(guar.)
2
Oct. 15 Holders of rec. Sept. 250
Western Union Telegraph (guar.)
131 Nov. 15 Holders of roe. Oct. 254?
pref.
(quar.)7%
Co.,
West Penn Elec.
184 Nov. 15 Holders of rec. Oct. 2111?
6% Preferred (guar.)
151 Nov. 1 Holders of rec. Oct. Sa
West Penn Power Co.,7% pref.(qual.)
114 Nov. 1 Holders of rec. Oct. 3a
6% Preferred (quar.)
•11I Oct. 15 *Holders of rec. Sept. 33
Wisconsin Gas & Elec., pref. A (quar.)
•14 Oct. 15 *Holders of rec. Sept. 36
Preferred B (guar.)
Trust Companies.
Corn Exchange Bank Trust Co. (guar.) El
*20
Kings County (Brooklyn) (guar.)
Nov. 1 Holders of rec. Oct. 2$
Nov. 1 *Holders of rec. Oct. 23
Fire Insurance.
"40e. Oct. 15'Holders of rec. Sept. 3J1
American Alliance (guar.)
American Equitable Assurance (guar.).- 0300. Nov. 1 *Holders of rec. Oct. 20
*550 Sublet to stkhold. meeting Oct. 18
City of New York Ins. Co..stock
*40e. Oct. 15 Holders of roc. Sept. 35
Great American Insurance (mar.)
"3714c Nov. 1 Holders of rec. Oct. 20
Knickerbocker, Corn. (guar.)
•111 Oct. 15 Holders of rec. Oct. 14
Preferred (quar.)
•300. Nov. 1 Holders of reo. Oct. 20
New York Fire, common (quar.)
*134 Oct. 15 Holders of roe. Oct. 14
Preferred (guar.)
60e. Nov. 1 Holders of rec. Oct. 22
United States Fire Ins. (guar.)
Miscellaneous
•154c Oct. 25 *Holders of rec. Sept. 30
A. B. C. Cigar Co., com. (guar.)
Abitibi Power & Paper.6% pref.(guar.) 14 Oct. 20 Holders of rec. Oct. 105
1,4 Nov. 1 Holders of reo. Oct. 150
Abraham & Straus. Inc.. prof.
*60c. Nov. 1 *Holders of rec. Oct. 15
Adams (J. D.) Mfg., com. (guar.)
50o. Nov. 1 Holders of rec. Oct. 18A
Adams-Millis Corp.. common (qual.)
.11134 Nov. 1'Holders of roe. Oat. 18
First and second pref. (guar.)
"37140 Oct. 15'Holders of rec. Oct. 3
Aero Supply Mfg., class A (guar.)
75e. Oct. 15 Holders of rec. Sept. 300
Air Reduction, coin.(guar.)
$1.50 Oct. IS Holders of rec. Sept. 300
Common (extra)
15e. Oct. 18 Holders of rec. Sept. 30a
Allegheny Steel(monthly)
250. Oct. 18 Holders of res. Sept. 30a
Extra
150. NOV. 18 Holders of reo. Oct. 310
Monthly
15o. Doe. 18 Holders of rec. Nov. 29a
Monthly
0134 Dee. 1 *Holders of rec. Nov. 15
Preferred (guar.)
75e. Oct. 21 Holders of rec. Oct. 8a
Alliance Realty. Corn.(guar.)
134 Dee. 1 Holders of roe. Nov.20
Preferred (quar.).
$1.50 Nov. 1 Holders of rec. Oct. 100
Allied Chemical & Dye. Corn. (quar.)500, Oct. 25 Holders of reO. Oct. la
Alpha Portland Cement, corn.(qu.)__-.
•75e. Nov. 1 *Holders of ree. Oct. 15,
Altorfer Bros., prof.(guar.)
*750. Nov. I *Holders of rec. Oct. 15
Convertible preferred (num.)
•500. Dec. 31 *Holders of rec. Dec. 15.
Aluminum Mfrs.,Inc.,corn.(guar.)-75o. Oct. 15 Holders of tee. Oct. 4
Amalgamated Him Corp., pref.(guar.).
50e. Oct. 31 Holders of rec. Oct. 153
Amerada Corporation (guar.)
*14 Oct. 15 *Holders of rec. Sept. 30
American Art Works. pref.(guar.)
'154 Oct. 15 *Holders of rec. Sept. 30
Amer. Asphalt Roof, Corn. (guar.)
*2
Oct. 15 *Holders of rec. Sept. 30
Preferred (quar.)
El
Nov. 15 Holders of rec. Oct. 311?
American Can, corn.(guar.)
31
Nov. 15 Holders of ree. Oct. 310
Common (extra)
75e. Oct. 20 Holders of rec. Oct. 100
American Chain corn. (qual.)
1
Nov. 1 Holders of roe. Oct. 110
American Coal (guar.)
•10e. Oct. 15 *Holders of rec. Oct. 4
Amer. Elec. securities, corn.(guar.).
Amer. Fork & Hoe.
134 Oct. 15 Holders of rec. Oct. b
Preferred (Period Aug. 1 to Oct. 15)._
(ee) Nov. 1 Holders of rec. Oct. 2
Amer. Founders Corp.. corn.(quar.).._
8734c. Nov. 1 Holders of rec. Oct. 2
7% first preferred,series A (guar.)
7% first preferred,series B (quar.)___ 8714e. Nov. 1 Holders of rec. Oct. 2
75e Nov. 1 Holders of rec. Oct. 2
6% first Preferred, series D (quar.)
3714c Nov. 1 Holders of rec. Oct. 2
6% second preferred (guar.)
Amer. Furniture Co.. pref. A (quar.)_ _ _ •31.75 Oct. 15
91 Jan 1'31 *Holders of rec. Dec. 18
American Hardware(guar.)
American Home Products (monthly)... 35o Nov. 1 Holders of rec. Oct. 140
75c Oct. 26 Holders of rec. Oct. 3a
American Ice Co., common (guar.)
Preferred (guar.)
134 Oct. 25 Holders of rec. Oct. 30
Amer. Investment Trust pref.(quar.)
184 Dee. 1 Holders of reo. Nov. 15
Amer. Laundry Mach.,corn.(guar.)
*31 Dec. 1 *Holders of rec. Nov. 20
Amer. Machine & Foundry, new corn.
35e. Nov. 1 Holders of rec. Oct. 170
(guar.) (No. 1)
Sc. Nov. 1 Holders of rec. Oct. 176
New common (extra)
New common (extra)
20e. Dee. 1 Holders of rec. Nov. 156
Dec. 31 Dec. 16 to Dec. 80
American Manufacturing, corn. (guar.). 1
184 Dec. 81 Dee. 16 to flea. 30
Preferred (gum.)
*75c. Oct. 31 *Holders of rec. Oct. 15
American Meter (guar.)
Amer. Rediscount Corp., 1st pref. (qu.) 131 Oct. 15 *Holders of rec. Sept. 30
Oct. 15 *Holders of rec. Sept. 30
*31
Second preferred (guar.)
50e. Oct. 15 Holders of rec. Sept, 300
Amer. Bolling Mill. corn. (guar.)
Amer. Shipbuilding common (guar.)..._ 31.25 Nov. 1 Holders of rec. Oct. I5a
11 Nov. I Holders of rec. Oct. 15
Preferred (guar.)
75e. Oct. 15 Holders of roe. Oct. la
American Steel Foundries. corn.(qual.).
Amer Thermos Bottle, class A (quar.)-. *30o. Nov. 1 'Holders-of roe. Oct.20
35c. Nov. 1 Holders of rec. Oct. 20
Amer. Transformer. corn. (guar.)
I r5, Holders of rec. Oct. 46
ct. 1
Ose
04 (
2
Amer. Type Founders, corn. (qual.)..
Holders of rec. Oct. 46
Preferred (guar.)
250. Oct. 15 Holders of rec. Oct. d3
Amer. Vitrified Products,corn.(quar.)
•154 Nov. 1 *Holders of rec. Oct. 20
Preferred (qnar.)
6214c Nov. 17 Holders of rec. Oct. 110
Anaconda Copper Mining (guar.)
25e. Nov. 10 Holders of rec. Oct.)110
Anaconda Wire & Cable(guar.)
25o. Nov. 10 Holders of roe. Oct. 110
Andes Copper Mining (guar.)
.200. Oct. 15 'Holders of rec. Oct. 5
Angle Steel Stool ((luar.)
50c. Oct. 15 Holden; of rem Oct. 4
Anglo National Corp., corn. A (guar.)-
OCT. 11 1930.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
2339
Books Closed.
Days Inclusive.
Per
When
Books Closed.
Name of Company.
Cent. Payabls
Dais lactustos.
Miscellaneous (Continued).
Miscellaneous
(Conlisered).
Associated Dry Goods, corn. (guar.)- 62c. Nov. 1 Holders of rec. Oct. lla Economy
Grocery Stores (guar.)
250. Oct. 15 Holders of roe. Oct. 1
First preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 80 Edison Bros Stores, Inc.(guar.)
18Mc. Oct. 20 Holders of rec. Sept. 30
Second preferred (guar.)
134 Dem 1 Holders of rec. Nov. fia Electric Household Utilities (guar.).Holders of rec. Oct. 10
Atlantic. Gull,t W.1.88.Lines, pf.(qu.)
Deo. 31 Holders of tee. Dee. 11
Elgin National Watch (guar.)
ovNov.1
*50
22 *Holders of rec. Oct. 16
Wo
c Nov.
Atlantic Steel. Prof. (guar.)
*34k Nov. 1 *Holders of tee. Oct. 21
Eureka Pipe Line (guar.)
v.
.. 16
1 Holders of reo. Oct. 15
o0
.600
81 N0
Atlas Plywood Corp.(guar.)
50c. Oct. 15 Holders of rec. Oct. 1
Ewa Plantation (Mier.)
'Holders of rec. Nov. 5
Atlas Powder, prof. (guar.)
134 Nov. 1 Holders of rec. Oct. 206 Faultless Rubber. corn. (guar.)
cJ
Na00
.
n.
8
62
1 0
Dec. 16
Atlas Stores Corp.
Federal Electrio Co., $8 prof.(guar.)
*Holders of rec. Oct. 15
Corn.(Payable in corn. stook)
Deo,
1 Holders of reo. Nov.17a
f1M
preferred
$7
(guar.)
Nov.
*21.75
1
of rec. Oct. 15
*Holders
Corn.(payable In corn. stock)
1134 Mar 2'3 I Hold. of reo. Feb.I8'31a Federal Surety (Davenport, Ia.)
.
130c. Oct. 15 'Holders of rec. Sept. 30
Austin. Nichols & Co., Inc., prior A(qu.)
750. Nov. 1 Holders of rec. Oct. 150 Fenton United Clean dr Dye., corn.(qu.) •
*Holders
Oct.
15
of
rec. Oct. 10
Automobile Finance, corn.(guar.)
25c. Oct. 15 Holders of rec. Sept. 30
Common (extra)
*1
Oct. 15 *Holders of rec. Oct. 10
Autostrop Safety Razor. class B (go.)
*75c. Nov. 1 *Holders of rec. Oct. 10
Preferred (guar.)
*144 Oct. 15 *Holders of reo. Oct. 10
Balaban & Katz Corp.. cons.(guard_
•76O. Dec. 27 *Holders of rec. Dec. 15
Fibreboard Products, prior pref. (guar.) "134 Nov. 1 *Holders of rec. Oct. 18
Preferred (guar.)
SIM Dec. 27 *Holders of rec. Dec. 15
.
7% Preferred (guar.)
134 Nov. 1 *Holders of reo. Oct. 18
Bancroft (Joseph) & Sons Co., p1.(qu.). 134 Oct. 31 Holders of reo. Oct. 1154
Finance Co. of Amer. Of Bait.
BankersSecurities Corp., common (qu.)
The. Oct. 15 Holders of rec. Sept. 30
Common
A
dt
B
(qua?.)
20c. Oct. 15 Holders of reo. Oct. ea
Participating preferred (guar.)
75c. Oct. 15 Holders of rec. Sept. 30
7% preferred (guar.)
4354e. Oct. 15 Holders of rec. Oct. ea
Bandini Petroleum (monthly)
*10c. Nov.20 *Holders of rec. Oct. 30
26o. Oct. 20 Holders of tee. Oat. 30
Hamadan Corp., class A & B (guar.)-.. 500. Nov. 8 Holders of rec. Oct. 20 Firestone Tire & Rubber, corn.(quar.)-Fishman (I.) & Sons, pref. A & B (guar.) $1.75 Oct. 15 Holders of rec. Oct. 1
Bayuk Cigars. Inc.. corn. (guard
750. Oct. 15 Holders of reo. Sept. 30a 551 Fifth Ave., Inc., prof
3
Oct. 15 Sept. 28 to Oct. 15
First preferred (guar.)
134 Oct. 15 Holders of reo. Sept. 30a First National Invest. Corp., el. A (qu.) *75e. Oct. 15
"Holders of rec. Oct. 1
Bethlehem Steel, common (quar.)
$1.50 Nov.16 Holders of reo. Oct. 170 Fokker Aircraft, pref. (guar.)
"43Mc Oct. 15 *Holders of rec. Oct. 3
Bigelow-Sanford Corp.& Rug. Ill. (qu.). •134 Nov. 1 *Holders of reo. Oct. 17
Food
Machinery
Corp.,
corn. (quar.)..._ *37Mc Oct. 15 *Holders of rec. Sept.30
Bloch Bros., common (guard
Nov.
*87Sic
15 *Holders of reo. Nov. 10
Common (payable in corn. stock).... fl
Nov. 15 Holders of red. Oct. 31
.131 Dec. 31 *Holders of res. Dee. 26
Preferred (guar.)
834% pfd. (monthly)
*50c. Oct. 15
Oct. 10
Bon Ami Co., class A (guar.)
$1
Oct. 30 Holders of rec. Oct. 150 Foreign Pow.Securities, pestle. pfd.(MI) 134 Nov. 15 'Holders of rec. Oct.
Holders of rec.
31
Borne Scrymser Co
$1
Oct. 15 Sept. 27 to Oct. 14
Formica Insulation,corn.(guar.)
*50c. Jan 1'31 *Holders of roe. Dec. 15
Brandrarn-Henderson. Ltd., corn.. (qu.)
Nov. 1 Holders of rec. Oct. 1
Foundation
Co.
of
(guar.)
Canada
25c. Nov.15 Holders of rec. Oct. 31
Brantford Cordage, let pref
*50o. Oct. lb "Holders of rec. Sept.20
Fox Film Corp. corn. A & B (guard ---- $I
Oct. 15 Holders of rec. Sept. 300
British Colombia Pulp & Paper p1. Mt/- *31.75 Nov. 1 *Holders of reo. Oct. 15
Freeport Texas Co.(qua?.)
Nov. 1 Holders of rec. Oct. 150
$I
Broadway Dept. Stores, 1st pref.(guar.) "1 H Nov. 1 "Holders of rec. Oct. 11
Fyr-Fyter. class A (guar.)
*500. Oct. 15
Second preferred (annual)
"$7
Nov. 1 *Holders of rec. Oct. 11
Gen. Amer.Tank Car, Mock div.(qu.)-- el
Jan
1'31 Holoers of reo. Dec. 13a
Broadway Market Corp., corn.(extra)- _
40c. Oct. 20 Holders of rec. Oct. 1
General Aviation Corp.of Amer., pf.(qu) '4334c Oct. II "Holders of rec. Sept.30
Brom pton Pulp & Paper. corn.(god---.
50c. Oct. 15 Holders of rec. Sept.30
General Electric (guar.)
Oct.
25 Holders of reo. Sept. 1911
40e.
Burden Holden, Ltd.(No.1)
•400. Nov. 1 *Holders of reo. Oct. 15
Special stock (quar.)
15e. Oct. 25 Holders of roe. Sept. 190
Bush Terminal Co.. oom.(guar.)
82Mc Nov. 1 Holders of reo. Sept. 280 General Foods, corn. (qua?.)
75c. Nov. I Holders of rec. Oct. 150
7% debenture (guar.)
Oct. 16 Holders of rec. Sept.260 General Mills. corn. (guar.)
750. Nov. 1 Holders of rec. Oct. 150
Byers(A. M.) Co., pref.(guar.)
*1H Nov. 1 *Holders of reo. Oct. 15
General Motors $5 pref.(guar.)
81.25 Nov. 1 Holders of roe. 000 8a
Calaveras Cement. pref.(guar.)
*11‘ Oct. 15 *Holders of rec. Sept. 30
General Public Service, $6 pref.(guar.) _ *$1.50 Nov. 1 *Holders of rec. Oct. 10
Canada Bud Breweries corn. (guar.).- - 25c. Oct. 15 Holders of rec. Sept. 30
$5.50 preferred (guar.)
$1.375 Nov. 1 *Holders of rec. Oct. 10
Canada Dry Ginger Ale (guar.)
$1.25 Oct. 15 Holders of rec. Oct. la General Realty & Utilities, pf.
(k) Oct. 15 Holders of MO. Sept.206
Canada Foundries & Forlt., 01. A (qu.).. 37340 Oct. 15 Holders of rec. Sept. 30
General Stook Yards, corn. (guar.)
500. Nov. I Holders of rec. Oct. 15
CanadaWire de Cable, class A (quar.).. $1
Dec. 15 Holders of rec. Nov. 30
Common (extra)
25o. Nov. 1 Holders of rec. Oct. 15
ClassB (No. 1)
43340. Dec. 15 Holders of rec. Nov. 30
Preferred
(guar.)
$1.50 Nov. 1 Holders of reo. Oct. 15
Canadian Brewing Corp., corn. (guar.).
250. Oct. 15 Holders of reo. Sept.25
Georgian. Inc., pref. A (guar.)
40c. Oct. 1 Holders of reo. Oct. 3
Canadian Bronze, corn. (guar.)
625s C. Nov. 1 Holders of rec. Oct. 20
Gibson Art, common (guar.)
*115o. Dee.
"Holders of rec. Nov. 20
Preferred (goat)
134 Nov. 1 Holders of rec. Oct. 20
Common (quar.)
*W.
*Hold, of rec. Mar. 20'81
Canadian Fairbanks-Morse, pref. (qu.)134 Oct. 15 Holders of rec. Sept. 30
Gilchrist Co.(guar.) (payable in stock). e2
Oct. 3 Holders of rect. Oct. 15
Canadian Industries, corn. (guar.)
*62Me Oct. 31 *Holders of rec. Sept. 30
Gimbel Bros., pref.(guar.)
144
Nov..
Holders of rec. Oct. 15
Common (extra)
"25c. Oct. 31 *Holders of rec. Sept. 30
Globe-WernIcke Co., pref.(guard
*1H Oct. I *Holders of no.Sept.30
•1,,4 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
Gold Dust. corn. (guar.)
62340 Nov.
Holders of rec. Oct.dlOa
Canadian Pow.& Paper Invest.. Pf.(qu) 62.kze. Nov. 15 Holders of rec. Oct. 20
Goodyear Tire & Rubber. corn. (guar.)_ $1.25 Nov.
Holders of rec. Oct. la
Canadian Wineries, Ltd. (qua?.)
12
Oct. 15 Holders of rec. Sept.30
Gorham Mfg., corn. (guar.)
50c. Dec.
Holders of rec. Nov. 15
Carman dr Co., class A and B (guar.)__ - .500. Nov. 29 *Holders of reo. Nov. 15
Gotham Silk hosiery, Prof. (guar.)
134 Nov.
Holders of rec. Oct. 110
Class B (50o. cash or 1-40th ah.B stk.) •500 Oct. 25 *Holders of reo. Oct. 15
Granby Cons. Min. Smelt. & Pow.(qu ) 50c. Nov.
Holders of rec. Oct. 170
Carnation Co.(extra In stook)
"el
Jan 231 'Holders of reo. Dec. 20
Grand (F. & W:) 5-10-25 Ct. Stores,
Carrier Engineer. Corp.,corn. A & B(qu)
25c. Nov. 1 Holders of rec. Oct. 20
Common (guar.)
*250. Oct. 2 "Holders of rec. Oct. 14
Centrifugal Pipe Corp.(guar.)
15o Nov 15 Holders of reo. Nov. 6
Preferred (guar.)
134 Nov.
Holders of rec. Oct.d1411
Chain Belt Co.. corn.(guar.)
*62Mo Nov.15 *Holders of rec. Nov. 1
Grand (F.& W .1-Silver Stores, corn.(go)
250. Oct. 2 Holders of rec. Oct. 140
Chapman Ice Cream (quay.)
*31 St Oct. 15 *Holders
rec. Sept. 25
Grand Rapids Stores Equip. Ill. (qBI.)
*1740 Nov. 'Holders of reo. Oct. 21
Cherry-Burrell Corp., com. (quar.)_.. '6234c Nov. 1 *Holders of
of rec. Oct. 15
Great Lakes Engineering (guard
*25e. Nov.
*Holders of rec. Oct. 25
4,1% Nov. 1 'Holders of
Preferred(guar.)
rec. Oct. 15
Omen Watch, common (guar.)
•50c. Dec.
/Holders of rec. Nov. 20
Chicago Towel,common (extra)
Oct. 15 *Holders of rec. Oct. 5
Common (quar.)
•50c. Marla *Hold,of reo. Feb.20'31
Chicago Yellow Cab (monthly)
25e. Nov. I Holders of rec. Oct. 20a
Preferred (guar.)
*1St Nov.
*Holders of roe. Oct. 20
Monthly
25c. Dec. 1 Holders of rec. Nov. 200
•ssi Feb 131 *Hold.of rec. Jan. 20 31
Preferred (guar.)
Cincinnati Milling Mach.. pref. (quar.) "$1.50 Oct. 15 'Holders of rec.
Sept. 30
Guarantee Co. of No. Amer (qu.)
"1E50 Oct. 1 *Holders of rec. Sept. 30
Cities Service common (monthly)
c. Nov. 1 Holders of rec. Oct. 150
Extra
.
$2.50 Oct. 1 "Holders of rev. Sept. 30
Common (payable in corn,stock)
1)5 Nov. 1 Holders of rec. Oct. 150 Guardian Bk. Sh. Inv. Tr., coin.
_ *1
Nov. *Holders of rec. Sop'.20
Preferenee and pref. BB (monthly)- - 50c. Nov. 1 Holders of rec. Oct. 150 Guardian Realty Co.of Canada,
pf.
(qu.)
"$1.75
Oct. 1
Holders of rec. Oct. 1
Preference B (monthly)
Sc. Nov. 1 Holders of rec. Oct. 1511 Gulf Oil
Corp.(guar.)
'37340 Jan l'3 *Horn,of rec.Dec.20'30
City Stores Co., corn.(guar.)
12hc. Oct. 15 Holders of rec. Sept.300 Gulf
States Steel, lot pref.(guard
134 Jan 2'3 Holders of rec. Dec. 15a
Class A (guar.)
87'.,c. Nov. 1 Holders of rec. Oct. 1511 Hamilton
Loan Society (Pa.) (quer.)
*20c. Oct. 1 *Holders of roe. Sept. 30
Claude Neon Elec.Prod., corn.(qua?.).. *35o. Jan1'31 *Holders of rec. Dec. 20
Extra
*7S4c Oct. 15 *Holders of rec. Sept.30
Common (payable In corn, stock). -. sirs
Jan 1'31 *Holders of rec. Dec. 20
Hamilton Watch. corn. (mthly.)
15e. Oct. 31 Holders of rec. Oct. 100
Preferred (guar.)
'35c. Jan 1'31 *Holders of rec. Dec. 20
Harbison-walk. Refract.. pref. (guar.). 134 Oct. 20 Holders of rec. Oet. 10a
Cleveland Tractor, common (guard_
40c. Oct. 15 Holders of rec. Sept. 30
Hartford Timor, Inc., pref. (guar.)
*75o. Nov. 15 *Holders of rec. Oct. 1
Coca Cola Bottling Sec.(guar.)
250. Oct. 16 Holders of rec. Oct. 5
Health Aircraft, common (quar.)
•12 Mc Nov. 15 "Holders of roe. Nov. 1
Cockshutt Plow, common (quar.)
37)c Nov. I Holders of rec. Oct. 15
Class A (qua?.)
"8 M c Nov. 15 *Holders of rec. Nov. 1
Colgate-Palmolive-Peet Co.,corn.(on.). 132Mo. Oct. 16 Holders of tee. Sept.20a
Hercules Powder. pref. (guar.)
1$d Nov.15 Holders of roe. Nov. 40
Commercial Bookbinding (guar.)
43340. Oct. 15 Holders of rec. Oct. 1
Hershey Chocolate, corn. (guar.)
"$1.25 Nov. 15 *Holders of rec. Oct. 25
Community State Corp., class A (qua?.). •12Mo Dec. 31 *Holders of rec. Dec. 28
Prior
preferred (guar.)
Nov. 15 *Holders of rec. Oct. 25
Class B (guar.)
"12 Mc 3 31 '31 "Hold. of rec. Mar. 26 '31
Convertible preferred (guar.)
"$1
Nov. 15 'Holders of rec. Oct. 25
Class B (guar.)
•12440 Dec. 31 "Holders of rec. Dec. 28
Hibbard. Spencer. Bartlett&Co..(mthly)
25c. Oct. 31 Holders of rec. Oct. 24
Connecticut Investment Trust, cl. A (qu) *14c. Oct. 15 "Holders of rec. Sept. 30
Monthly
250. Nov.28 Holders of rec. Nov.21
Consolidated Car Heat.(guar.)
•1% Oct. 15 *Holders of rec. Sept. 30
Monthly
25c. Dec. 28 Holders of rec. Dee. 19
Consolidated Cigar Corp., prior pf.(q11.)
134 Nov. 1 Holders of rec. Oct. 150 Higbee & Co., first preferred (gust.)....
144 Nov. 1 Oct. 18 to Nov. 1
Preferred (guar.)
134 Dec. 1 Holders of reo. Nov. 15a
Second preferred (guar.)
*2
Deo. 1 *Holders of reo Nov. 21
Consolidated Ice, Pittsb., pre
*$1.75 Oct. 20 *Holders of rec. Oct. 10
Efillcreet Collieries preferred (guar.)._
14( Oct. 15 Holders of reo. Sept.30
Preferred
41.75 Dec. 20 'Holders
rec. Dec. 10
Hires (Charles E.) Co., oom.A (qua?.)...
500. Dee. 1 Holders of roe. Nov. 15
Consolidated Laundries, prof. (guard...I. $1.875 Nov. I *Holders of
of rec. Oct. 15
Holly Oil Development (guar.)
nitic Oct. 15 *Holders of rec. Sept. 30
Consolidated Royalty Oil (guar.)
'1234c Oct. 25 *Holders of rec. Oct. 15
Home Service Co.. let pref. (guar.).- "50o. Oct. 20 *Holders of roe. Sept.30
Continental Securities, corn. (quar.).__. Si
Oct. 15 Holders of rec. Oct. 1
Second preferred (guar.)
*580. Oct. 20 *Holders of roe. Sept. 30
Corn Products Refit.. common (guar.)__
750. Oct. 20 Holders of rec. Oct. 36 Horn dr Hardart, corn.(guar.)
62340 Nov. 1 Holders of res. Oct.d10
Preferred (guar.)
144 Oct. 15 Holders of reo. Oct. 80 Horn' Signal Mfg.. pref.
(guar.)
Corporation securities, pref. (guard_
"25c. Oct. 15 *Holders of rec. Oct. 1
*1175c. Nov. 1 'Holders of rec. Oct. 10
Pattie. preferred (guar.)
25e. Oct. 15 Holders of rec. Oct. 1
Crown Cork le SealHousehold Finance, 001:10. A & B (guar.)
900. Oct. 15 Holders of reo. Oct. la
Common (payable In common stook). /10
Oct. 14 Holders of rec. Sept. 290
Participating Preferred(guar-)
31
Crown Zellerbach Corp.,corn.(qua?)....
Oct. 15 Holders of rec. Oct. la
250. Oct. 15 Holders of rect. Sept.300 Houston 011 (stock
dividend)
Crucible Steel of Amer., corn.(quar
*e10
Oct. 17
134 Oct. 31 Holders of rec. Oct. 15a Howe Sound Co.(guar.)
Crum & Forster, corn. A & B (guar.)._
$1
Oct. 15 Holders of reo Sept. 300
25c. Oct. 15 Holders of rec. Oct. 4
Illinois Brick (guar.)
Preferred (guar.)
•80o.
Oet.
15 *Holders of reo Oct. I
2
Dec.
Imperial Chemical IndustriesCrum & Forster InS. Shares. prof.(guar.) 134 Nov. 31 Holders of rec. Dec. 20
29 Holders of reo Nov. 19
Aro, dep. rcts. ord. reg. (Interim).... re3
Cudahy Packing, oom.(guard
Oct.
15 *Holders of roe. Aug. 26
$1
Oct.
15
Holders
of rec. Oct. 3
Impervious Varnish (guar.)
7% preferred
*50c. Dec. 81 *Holders of tea. Sept.20
334 Nov. 1 Holders of reo. Oct. 20 '
Incorporated investors (qua?.)
6% preferred
25e. Oct. 15 Holders of rec. Sept. 104
3
Nov. 1 Holders of reo. Oct. 20
Payable in stock
Cuneo Press, common (guar.)
e214 Oct. 15 Holders of rec. Sept.10a
•62'.c Nov. I 'Holders of rec. Oct. 15
Indiana Pipe Line (qua?.)
Preferred (quar.)
50c. Nov. 15 Holders of rec. Oct. 24
*62'se Dee. 15 'Holders of roe Dec. 1
Extra
Curtis Publishing. common (monthly)._
250. Nov. 15 Holders of rec. Oct. 24
SOc. Nov.d3 Holders of rec. Oct. 200
Collateral Assn. (quar.)
Preferred (guar.)
20c. Oct. 15 Holders of rec. Sept.30
$1.75 Jan1'31 Holders of reo. Dec. 206 Industrial
Industrial Finance CorpDarby Petroleum
•25c. Oct. lb "Holders of rec. Sept. 30
Common (payable In common stook) 1234 Nov. 1 Holders of roe. Apr. 18
Davenport Hosiery Mills. corn.(quar.)..
50c. Oct. 15 Holders of rec. Oct. 1
Common (payable in common stook).- /234 Febl'31 Hold,of roe. Apr. 13'30
Deep Rock Oil, $7 pref.(guar.)
81.75 Oct. 25 Holders of rec. Sept. 30
Insull
Utility Investments-Deere& CO.Common (payable in corn,stk.)(q11.). WIH Oct. 15 Holders of rec. Sept.30
New corn.(payable in corn.stook). _
f134 Oat. 15 Holders of reo. Sept. 15
Insuransiares
Corp.(N. Y.). Pf.(god
Be Meta. Inc.. pref. (guar.)
*31.375 Oct. 15 *Holders of rec. Sept.30
*55c. Nov. i *Holders of rec. Oct. 19
Insurance Securities (guar.)
Denver Union Stock Yards, corn.(god
1730 Oct. 15 Oct. I
to Oct. 7
*II Jan 1'31 *Hold, of rec.Dec.20 '30
Common (Qum.)
'Si
Spa 81 •Hold, of rec. Mar. 20'31 Internat. Cigar Mach., new (qu.)(No.1) 6234c. Nov. 1 Holders of rec. Oct. 17
•1% Dec. I 'Holders
New (extra)
Preferred (Guard
50e. Dec. 1 Holders of rec. Nov. 15
of
rec.
Nov.
20
Internet'.
Harvester. corn.(quay.)
Devonshire Investing Corp., cont.(qu.).
8234* Oct. 15 Holders of rec. Sept. 200
500. Oct 15 Holders of rec. Oct. I
Internet'. Match Corp., con). (qua?.)
Diversified Investments, cl. A (qu.).....
31 Oct. 15 Holders of rec. Sept,254
Oct 15 Holders of rec. Sept. 25
Participating pref. (guar.)
First preferred (guar.)
Oct. 15 Holders of rec. Sept.25a
El
114 Oct 15 Holders of rec. Sept. 25
Intermit. Nickel of Canada, Prof.(guar ) 134 Nov. I Holders of rec. Oct. 20
Participating. preferred (guar.)
1
Oct 15 Holders of rec. Sept. 25
Internat. Paints (Can.) partic. of. (qu ) 134 Oct. 15 Holders of rec. Sept. 30
Participating pref.(extra)
$1 Oct 15 Holders of rec. Sept.25
Internat.
Paper Co.. 7“. prof. (guar.).
Class C (quar.)
$1 Oct 15 Holders of rec. Sept. 25
134 Oct. 15 Holders of rec. Sept. 250
6%, Preferred ((loar.)
Dolphin Paint & Varnish, el. A (go.)- 14 Oct. 15 Holders of rec. Sept.25
"50c Oct 15 'Holders of rec. Oct. 1
Internal Paper & Power. 7% pref.(qu.)
Dome Mines (guar.)
1/4 Oct. 15 Holders of rec. Sept. 250
25c. Oct 20 Holders of rec. Sept. 300
67,
pref. (guar.)
Dominion Engineering Works (quar.)
ti Oct. 15 Holders of rec. Sept.'25
Oct. 15 Holders of rec. Sept. 30
$1
Internat. Printing Ink, corn.((Mar.)Dominion Tar & Chemical, pref.(go.)
624c Nov. 1 Holders of rec. Oct. 130
1 ti Nov i Holders of rec. Oct. 8
Preferred (guard
Dominion Textile, prof.(guar.)
)t Nov. 1 Holders of rec. Oct. 130
1,4 Oct. 15 Holders of rec. Sept.30
International Shoe, pref.(monthly)
Douglas Aircraft
500. Nov. 1 Holders of rec. Oct. 15
•50c Oct 20 *Holders of reo. Sept. 10
Preferred (monthly)
Dunhlli Internat. (guar.)
•50c. Doe. 1 'Holders of rev. Nov. lb
250. Oct. 15 Holders of reo. Oct. la
Investment Fund Ltd., pref. (qua?.)... .7.50. Oct. 15 *Holders of rec. Sept. 30
Du Pont(E. 1.) de Hem.,k Co.Debenture stock (guar.)
134 Oct. 26 Holders of rec. Oct. 10a Investment Trust ASSOC.((Ph)(NO. 1).. 1234o Nov. 1 Holders of rec. Oct. 15
Investors Foundation. Ltd.. Prof. (qtr.)- •75c Oct. 15 *Holders of rec. Sept. 30
Eagle-Picher Lead. pref. (guar.)
"$1.50 Oct. 15 *Holders of res. Sept.30
Ivanhoe Food,Inc., Prof.(guar.)
Eastern Dairies, Ltd., Pref. (qua?.)
•87M0 Jan 2'31 *Holders of rec. Dec. 20
•US Oct. 15 *Holders of rec. Sept. 30
Jantzen Knitting Mach., coin.(guard-- *Me Nov. 1 "Holders of rec. Oct. 45
Eastern UtII. Ins esting, part of. (qu.)... $1.75 Nov. 1 Holders of
rec. Sept. 30
Common (payable in corn. stock)_ - *1100 Subject to stock'd's meet. Nov. 12
$7 preferred (quar.)
$1.75 Dec. I Holders of reo. Oct. 31
Jersey Mortgage Title dr Guarantee__ -- '51
$6 preferred (quar.)
Oct. 25 *Holders of rec. Oct. 22
$1.50 Dee. 1 Holders of rec. Oct. 31
Jewel Tea, Inc., corn. (guar.)
750. Oct. 15 Holders of rec. Oct. la
Prior preferred (quer.)
•$1.25 I'n.2'3I *Holders of rec. Nov. 28
tnhns Manville Corp.. corn.(guard-.
75e. Oct. 15 Holders of rec. Sept. 24s
Eaton Axle & Spring. corn.(quay.)
750. Nov. 1 Holders of rec. Oct. 155 Kalamazoo
Veg. Parchment (quar.).... *t5c. Dec. 31 •Holaers of rec. Des. 22
Name of Company.
31
0
2340
Name of Company.
Vor.. 131.
FINANCIAL CHRONICLE
Per
Whets
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Daps Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Nov. 15 Holders of rec. Nov. 5
$1
37c. Oct. 23 Holders of rec. Oct. 100 Penman's, Ltd., common (goat.)
Kaufmann Dent. Stores, corn. (guar.).115 Nov. 1 Holders of rec. Oct. 21
(guar.)
Preferred
30
Sept.
rec.
of
Holders
Oct.
15
6255e.
Kawneer Co. (quar.)
Oct.
15 "Holders of rec. Oct. 10
•750.
Industries,
pref.
1
(guar.)
Petroleum
Oct.
rec.
of
I5c. Oct. 15 Holders
Kaybee Stores, Inc.. corn.(guar.)
"250. Oct. 15 *Holders of rec. Sept.30
Petroleum Landowners Corp.(mthly.)
Kayser (Julius) lt Co.. corn.(guar.).- 13234o Nov. 1 Holders of roe. Oct. 156
134 Nov. 1 Holders of rec. Oct. 20a
(guar.)
pref.
Corp.,
21
Phillips-Jones
Oct.
rec.
of
Holders
1
144
Nov.
Kelsey-Hayes Wheel Corp., pref.
500. Oct. 12 Holders of rec. Sept. 16
Phillips Petroleum (guar.)
Keystone Steel & Wire Co.. corn.(guar.) "25c. Oct. 15 *Holders of rec. Sept. 30
"40c. Oct. 25'Holders of rec. Oct. 15
Pittsburgh Forging,(guar.)
•134 Oct. 15 *Holders of rec. Septa()
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 264
350.
(guar.)
Bolt
&
Screw
29
Pittsburgh
Nov.
rec.
of
.134 Dec. 10 *Holders
Kirby Lumber (guar.)
1M Dec. 1 Holders of rec. Nov. 18
Pittsburgh Steel, Preferred (guar.)
p40c. Oct. 15 Holders of rec. Oct. 3
Knott Corp.(guar.)
corn. (gust.).... •25o. Oct. 15 *Holders of tee. Oct. 8
Fdy.,
Steel
31
Pittsburgh
Oct.
rm.
of
*Holders
20
Nov.
•37
Me
(guar.)...
Knudsen Creamery, class A
•25o. Oct. 15 *Holders ol reo. Oat. 8
Common (extra)
Nov. 1 Holders of rec. Oct. 100
25
Kress(S. H.) dr Co., corn.(guar.)
53 1-3c Oct. 31
50C. Nov. I Holders of rec. Oct. 10a Planters Realty Co., pref.(monthly)...'
Corn. (payable in special pref. stock).
1 34 Oct. 20 *Holders of rec. Sept. 30
'
100 Plymouth Cordage, common (guar.).Oct.
rec.
of
1
Holders
Nov.
15c.
Special preferred (guar.)
*154 Oct. 20 *Holders of rec. Sept. 30
Oct. 20
Employees' special stock (guar.)
Kroger °roc.& Bak..2d pref.(guar.).-- •134 Nov. 1 *Holders of rec. Sept.
15e. Oct. 15 Holders of rec. Sept. 30
Trusteed Shares (guar.)...
20
Rail
A
Power
rec.
of
'Holders
15
Oct.
"e3
Laboratory Products (guar.)
*18Mo Oct. 15 *Holders of rm. Oct. 1
Premier Shame, Ina
Me.Nov.15'Holders of too. Nov. 8
Landis Machine. common (MM.)
2
Oct. 15 Holders of rec. Sept.25a
(gust.)
pref.
Procter & Gamble Co.,
Dec. 31 Holders of rec. Dec. 10
51
Land Title Bldg. Corp. (Phila.)
•100. Oct. 15 *Holders of rec. Sept. 20
Producers 011 Royaity, prei.(mtbly.)
1Q Nov. 1 Holders of rec. Oct. 16
Lane Bryant. Inc., pref. (guar.)
Nov. 1 Holders of roc. Oct. 10
354
Inc.,
pref
Co.,
30
Prudence
Sept.
'500. Oct. 15 'Holders of roe.
Langendorf United Bak.CIA & B(cu.)
Public Utility Holding Corp.
•40c. Nov. 15 "Holders of rec. Nov. 5
Lefeourt Realty, cont. (guar.)
1254c Nov.30 Holders of rec. Nov. 10
1)
(No.
(guar.)
7
Common
Oct.
rec.
of
*Holders
15
Oct.
*75c.
Preferred (guar.)
1255c Nov. 30 Holders of rec. Nov. 10
Class A (guar.)(No. 1)
Holders of rec. Oct. 140
25c. Nov.
Lehigh Portland Cement, corn. (guar.).
Oct. 15 *Holders ot rec. Oct. 1
*81
Quaker Oats, corn. (guar.)
Liberty Dairy Prod., 1st & 2nd prof...2 2.2534 Nov. 10
Nov.29 *Holders of rec. Nov. 1
'134
I5a
Nov.
Preferred
(guar.)
rec.
of
1
Holders
65c. Dec.
Link-Belt Co.. con]. (guar.)
Oct. 15 Holders of rec. Oct. 1
'134
(qual.).
pref.
Prod.,
Petrol.
Queen City
50c. Oct. 27 Holders of rec. Sept. 29
Lion Oil Refining (guar.)
50e. Nov. 1 Holders of rec. Oct.d21
20a Reed (C. A.) Co., class A (guar.)
Oct.
rec.
of
Holders
1
Nov.
81
Liquid Carbonic Corp.(guar.)
•75e. Oct. 15 *Holders of reo. Oct. 1
Republic Supply (guar.)
*150. Oct. 15 *Holders of rec. Sept. 30
Lloyds Casualty (guar.)
Revere Copper de Brass, pref.(guar.).- $1.76 Nov. 1 Holders of rec. Oct. 10a
Nov. 1 Holders of rec. Oct. 17
2
Lord de Taylor, 2d pref.(guar.)
3754e. Nov. 1 Holders of rec. Oct. 15
corn.(guar.)
Goods,
Dry
Rice-Stlx
30
Sept.
rec.
of
"Holders
15
Oct.
82
Los Angeles Biltmore Co.(qual.)
.600. Nov. 1 Holders of rec. Oct. 13
Mob Ice Cream Co.. corn. (guar.)
134 Nov.15 Holders of roe. Nov. la
Louisiana 011 Ref.. mei. (quer.)
Richfield 011 of Calif.. pref. (guar.).-'43 Me Nov. 1 Holders of rec. Oct. 4
ol% Jan 1'31
Lunkenheimer Co.. pref.(guar.)
900. Nov. 1 Holders of rec. Oct. 15
(guar.)
A
5
Mfg.,
Paper
class
Rogers
Nov.
rec.
of
•50c. Nov. 15 *Holders
Lynch Corporation (guar.)
'$1.73- Nov. 1 Holders of reo. Oct. 21
Russ Mfg.. class A (guar.)
Nov. 15 *Holders of rec. Nov. 5
oe l
Stock dividend
'$1.75 Nov. 1
A
Class
0
30
Sept.
rec.
of
If,
Holders
Oct.
650.
MacAndrews & Forbes. corn. (guar.).*(1543. Nov. 1 Holders of roe. Oct. 15
155 Oct. 15 Holders of rm. Sept. 30a Ruud Mfg. common (guar.)
Preferred (guar.)
*2
Oct. 15 Holders of rec. Oct. 4
50c. Nov. 15 Holders of rec. Oct. 240 St. Croix Paper,common (guar.)
Macy (R. H.) dz Co., corn.(guar.)
500. Dec. 20 Dee. 10 to Dec. 21
(guar.)
Co.
Lead
Joseph
25
St.
Sept.
rec.
of
15
*Holders
.2
Oct.
Madison Mtge. Corp..8% 1st pref.(qu.)
Doe. 20 Dee. 10 to Dec. 21
250.
Extra
4
25c. Oct. 14 Holders of rec. Oct.
Madison Square Garden Corp
50c. Oct. 15 Holders of rec. Sept. 30
750. Oct. 15 Holders of rec. Sept. 30a St. Lawrence Corp., class A (qual.)
Magma Copper Co.(guar.)
Oct. 15 Holders of rec. Sept.30
134
pf.
(qu.)
Mills,
Paper
St.
Lawrence
'30
Sept.
rec.
of
'3754c Oct. 15 "Holders
Magnin (1.) & Co., corn.(guar.)
50c. Nov. 1 Holders of rec. Oct. 15a
Salt Creek Producers' Assn. (Qua:J-*134 Nov. 15 'Holders of roe. Nov. 6
•
Preferred (guar.)
'1)4 Nov. 15 Holders of rec. Nov. 1
savage Arms, second pref. (qual.)
"55c. Oct. 15 'Holders of rec. Oct. I
•11 2-30 Oct. 15 Holders of tee. Sept.30
Mahon(R.C.) Co., pref.(guar.)
(monthly)
A
pref.
Schettler
Drug.
Sept.
30
•1% Jan 1'31 Holders of rec. Dec. 15
Maryland Commercial, Rankers pref.- •35c. Oct. 15 *Holders of rec.
30
Schlesinger(B.F.) de Sons.Pref.(guar.).
1
Masback Hardware. 1st & 2nd pf.(qu.). •134 Oct. 15 *Holders of rec. Sept.
Schnebhe into Protection, corn. (guar.) *1255e Oct. 15 Holders of rec. Oct.
'134 Nov. 15
Matson Navigation (guar.)
"600. Oct. 15 *Holders of rec. Oct. 1
A
(guar.)
Class
110c. Oct. 15 Holders of rec. Oct. 1
1
Oct.
rec.
of
Maxweld Corp. (guar.)
'Holders
15
•750.
Oct.
Preferred (guar.)
5c. Oct. 15 Holders of rec. Oct. I
6% preferred (guar.)
1M Nov. 1 Irolders of roe. Oct. 18
50c. Dec. 1 Holders of rec. Nov.15a Scott Paper, pref. A (guar.)
18
Oct.
rec.
of
Holders
1
Nov.
May Department Storm, corn. (guar.)
1(4
Preferred B (guar.)
Nov. 160
Common (payable In common stock). nit Dee. 1 Holders of reo.
750. Oct. 15 Holders of rec. Sept. 30
Scullin Steel, pref. (guar.)
*15c. Oct. 15'Holders of rec. Oct. 1
Mayer Oil (guar.)
300. Oct. 15 Holders of rec. Sept. 300
6255c Nov. 1 Holders of roe. Oct. 20a Beef:rave Corp., COM. (guar.)
McCall Corp.(guar.)
Nov. 1 Holders of tee. Oct. 150
62;0
Sears Roebuck & CO.(guar.)
5, Oct. 15 Holders of rec. Sept. 30
McColl-Frontenac Oil. pref. (guar.).Nov. 1 Holders of roe. Oct. 1541
el
(guar.)
20a
dividend
Stock
Oct.
rec.
1
of
Nov.
Holders
81.50
McCrory Stores, cony. pref.(g.)
Nov. 1 Holders of rec. Oct. 15
75e.
Bros.
corn.
(guar.)
Seeman
McWilliams Dredging, Prof. (quar.)- --* 33 1-3c Nov. 1
Oct.
15 "Holders of rec. Sept. 30
-"87Mc
Segal Lock & Hardware, pref. (guar.).
,
.
'Holders of rec. Nov. 20
.$1.50 De
Mead Corp., $6 pref. (guar.)
Ltd.
Provincial
Storm.
I
Selfridge
Oct.
roe.
of
Merchants & Mfrs. Scour.. pr. pfd.(qu.)- *81.75 Oct. 15 *Holders
5 *Holders of rec. Nov. 14
Dec.
"w35.5
receipts
American deposit
*2 Oct. 18 *Holders of rec. Sept. 30
Merch. Trans.& Storage8% pref.(qu.)8734 c Nov. 1 Holders of rec. Oct. 17
Sharp & Doh me, Inc., pref. A (guar.)
2
Jan 2'31 Holders of rec. Dee. 17
Merck Corp..Pref.(guar.)
1 Holders of rec. Oct. 4
Nov.
gig)
(guar.)
pref.
Corp.,
20
Shenandoah
Metal Textile Corp.. partlo. pref.(qu.) _• 81 M c. Dee. 1 'Holders of rec. Nov.
*12;40 Oct. 15 'Holders of roe. Sept.30
*25e. Nov. 15 *Holders of rec. Nov. I. Signode Steel Strap, corn.(gum-)
Metropolitan Advertiser
*62140 Oct. 16 *Holders of reo. Sept.20
30a
Sept.
rec.
Preferred
of
(guar-)
Oct.
20
Holders
3
Mexican Petroleum. corn.(guar.)
"25c. Oct. 21 'Holders of rec. Oct. 14
2 Oct. 20 Holders of rec. Sept. 30a Silver (Isaac) Bros., Co., corn.(gust.)
Preferred (guar.)
135 Nov. 1 Holders of rec. Oct. 14
Preferred (guar.)
6215c Oct. 20 Holders of rec. Sept. 300
Michigan Steel Corp.(guar.)
Nov. 1 'Holders of rec. Oct. 15
Co.,
pref
(Robt.)
30a
Simpson
Sept.
roe.
el
Oct. 20 Holders of
Stock dividend
50e. Oct. 15 Holders of roe. Sept. 150
(guar.)
50c Nov. 15 Holders of rec. Oct. I50 Sinclair Consol. 011. Coro.
Mid-Continent Petroleum (qual.)
1 55 Nov. 1 Holders of rec. Oct. la
pref.
(guar.)
Co.,
i
011
Oct.
Skelly
rec.
of
1
$1.50
Nov.
Holders
(qu.)
lba
Mississippi Val. UHL Invest., pref.
Solvay Amer. Investment, pfd.(qual.).. $1.375 Nov. 15 Holders of rec. Oct.
25c Oct. 15 *Holders of rec. Sept. 30
Mitchell (Robert) Co., Ltd., corn. (Ott.)
50c. Oct. 15 Holdere of tea. Sept.30
Spalding (A. G.) & Bros.. rum.(guar.).
075e Nov. 1 *Holders of rec. Oct. 20
Modlne Mfg., common (guar.)
Oct. 15 Holders of rec. Oct.
75c.
(guar.)
1
Spicer
Oct.
Mfg.,
pref.
tee.
of
15
*Holders
'600. Oct.
Oct. 15
Mohawk Investment (guar.)
Spiegel-May-Stern, Inc.fili% pf. (qu.). 134 Nov. 1 Holders of rec. Sept.
Oct. 15 Holders of rec. Sept. 30
El
30
Moloney Electric, class A (guar.)
lc. Oct. 15 'Holders of rec.
Stand. Royalties Wetumka, pf.(mthly.)
Oct. 15 'Holders of rec. Sept. 30
Monarch Mtge.& Investments. pf. Coo.) 02
lc. Oct. 15 "Holders of rec. Sept. 30
pref.
(mthly.)
Wewoka,
Stand.
Royalties
30
Moody's Investors' ServiceSept.
rec.
of
*Holders
15
lc.
Oct.
pref.
(mthly.)
Stand. Royalties Wichita,
75e Nov. 15 Holders of rec. Nov. 1
Participating preference(guar.)
2.50. Oct. 15 Holders of rec. Oct. 2a Standard Wholesale Phosph. & Acid
30
.Sept.
rec
of
Morris (Philip) & Co., Ltd.. (quar.)
*Holders
15
Oct.
4.30c.
30
(guar.)
Sept.
Works
.2c. Oct. 15 *Holders of rec.
Mountain & Gulf 011 (guar.)
"37He Nov.15 *Holders of ref). Nov. 1
Oct. 18
Stanley Works. pref.(guar.)
Municipal Tel. & Utilities, Isom. A (qu.) •250. Nov. 15 *Holders of ree.
*750. Oct. 15 *Holders of rec. Oct. 1
I)
Oct.
Investment
(guar.)
Street
rec.
State
of
"255
*Holders
Oct.
15
Nash (A.) Co., Inc. (guar.)
Holders of rec. Oct. 7
Steel Co. of Canada, COM. & pref. (go.) 43340 Nov. 1
37.55c Nov. 1 Holders of rec. Oct. 15
National Acme Co., common (quar.)
1 *Holders of roe. Nov.16
700 Oct 15 Holders of tea Sept. 19a Stlx, Baer & Fuller, common (guar.)-'37340000.
National Biscuit. common (guar.)
Oct. 15 Holders of rec. Sept. 17
El
(guar.)
20a
Inc.
Webster.
Stone&
Oct.
rec.
of
500. Noy. 15 Holders
Extra
*50c. Nov. 1 *Holders of rec. Oct. 20
75c. Oct. 15 tiolders of rec. Sept. 30a Storkline Furniture, Prof. (guar.)
Nat. Cash Register, class A (guar.)
Oct. 15 "Holders of rec. Sept. 27
Sturtevant (B. F.) CO.. COM.& pf. WO
Nov. 15 Holder, of rec. Oct. 31
*32
National Casket, common (guar.)
50e. Oct. 15 Oct. 1 to Oct. 7
30
Sullivan Machinery (guar.)
*$2.50 Oct. 15 "Holders of rec. Sept.
National Club Hotels, preferred
Oct. 15 'Holders of rec. Sept. 24
•100.
reo. Oct. 150 Sunray 011 Corp.(guar.)
Nat. Distillers Products Corp..com.(gu.) 500. Nov. 1 Holders of
*250 Oct. 15 *Holders of rec. Sept.30
1
Sunstrand Mach. Tool (guar.)
7M Nov. 1 Holders of tee. Oct
15 Holden of rm. Oct. 40
62.14c(rt.
National Fireproofing common (gOar.)
Superheater Co.(near.)
The. Nov, 1 Holders of tee. Oct. 1
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 23
Superior Portland Cement,Cl. A(mthly.) •27550 Oct.
250. Oct. 15 Holders of rec. Sept. 30
31 Holders of roe. Oct. 20
National Fuel Gas (guar.)
2215c.
(guar.)
corn.
Paper,
17a
Oct.
Sutherland
134 Nov. 1 Holders of rec.
National Lead, pref. B (guar.)
wedish Match Co., class A & BOct. 1
Oct. 15 Holders of coup. No. 19
National Rubber Mach'y, corn. (guar.). "25c. Oct. 1.5 *Holders of rec.
5 kroner per share
•250. Oct. 15 "Holders of rec. Oct. 1
Common (guar.)
25e. Nov. 1 Holders or roe. Oct. 156
Oct.
2
Sweets Co. of America (guar.)
National Short Term.Secur., corn. A(qu)"1234c Oct. 20 *Holders of rec. Nov.30
Nov. 1 Holders of too. Oct. 1541
300.
Telautograph Corp.. corn (guar.)
Dec. 16 Holders of roe.
Common A (Payable In stock)
50. Nov. 1 Holders of roe. Oct 15a
Common (extra)
"1.715c Oct. 20 "Holders of rec. Oct. 2
Preferred (guar.)
1 *Holders of roe. Oct. 20
*20e.
Nov.
(monthly)
Corporation
$1.25 Nov. 15 Holders of rec. Nov. 50 Telephone
National Supply, common (guar.)
'20o. Dee. 1 'Holders of rec. Nov. 20
Monthly
131jc Nov. 1 Holders of rec. Oct. 14
10'31
National Tea, pref.(guar.)
1
Ja
*Holders of roe. Dee. 31
.25o.
corn.
(UMW.)
Corp..
Products
150
Tennessee
Dec.
rec.
40e. Jan 1'31 Holders of
Nelsner Bros., Inc.. common.(QLU'.)
•25o. 4-10-31 *Holders of rec. Mar.31
Common (guar.)
"1,4 Nov. 1 'Holders of rec. Oct. 16
Newberry (.i, J.) Realty. pref. A (qu.)
A (guar.).- •20o. Nov.15'Holders of rec. Oct. 24
01.
Corp..
Products
Tobacco
16
Oct.
rec.
of
1
*Holders
Nov.
'134
6% preferred B (guar.)
135 Oct. 15 Holders of rec. Sept. 30
Tooke Bros., Ltd., pref. (guar.)
"1254c Oct. 15 *Holders of rec. Sept. 30
New Bradford Oil (guar.)
•155' Oct. 15 "Holders of rec. Oct. 1
'Poronto Elev., Ltd., 7% pref. (go.)
•$1.75 Oct. 15 *Holders of rec. Oct. I
Newhall Bldg.Trust. pref.(guar.)
250. Oct. 25 Holders of rec. Oct. 44
corn.
(guar.)
Corp.,
Transamerica
30
Sept.
rm.
of
Oct. 15 Holders
81
Newmont Mining Corp.(guar.)
25c. Oct. 15 Holders of rec. Sept. 300
Transue & Wins. Steel Forging (guar.)._
*50c. Nov. 10'Holders of rec. Oct. 20
New Jersey Zinc (guar.)
& Lithograph. el. A (qu.). *3734o Dec. 13 *Holders of roe Dee. 1
Label
15
Oct.
Traung
rec.
of
'Holders
Oct.
31
'134
Newton Steel. pref. (guar.)
"35c.
Oct. 15 'Holders of rec. Oct. 8
(guar.)
Pref.
Ltd.,
70
Traymore.
Oct.
90c. Nov. 1 Holders of rm.
New York Air Brake, corn. (guar.).Trlstate Royalty Corp., corn. (monthly) 8 1-3c Nov. 1 *Holders of rec. Oct. 15
$1.25 Oct. 15 Holders of rm. Oct. 1
New York Hamburg Corp
10c. Nov. I "Holders of rec. Oct. 15
(monthly)
A
Preferred
3
Oct.
rec.
of
Holders
Oct.
15
New York de Hanseatic Corp., common_ $3
300. Oct. 15 Holders of roe. Sept. 2334
600. Oct. 15 Holders of me. Oct. 64 Truscon Steel, COM.(guar.)
New York Investors, common
Oct. 15 Holders of rec. Sept. 30
'Puckett Tobacco. Ltd., common (guar.) 1
Oct. 15 Holders of rec. Oct. 6
3
Second preferred
Oct. 15 Holders of roe. Sept. 30
(gust.)
l's
Preferred
19
Sept.
tee.
400. Oct. 15 Holders of
New York Transit (guar.)
Oct. 15 *Holders of roe. Sept.30
(go.)
o$1.50
pref.
Drive
Bldg.,
Twenty Wacker
Nov. 1 Holders of rec. Oct. 10
New York Utilities, Inc.. pref. (guar.)._ $1.75
400. Oct. 15 Holders of rec. Oct. la
corn. (guar.)
Co..
&
25
Hien
Sept.
rec.
of
10c.
15
Holders
Oct.
(guar.)._
Niagara Share Corp., common
Nov. 15 *Holders of too. Nov. 1
(guar.)
Co.
*62140
Storage
28
Dee.
Union
•500. Dec. 31 *Holders of rec.
Niles-Bement-Pond.corn.(guar.)
40c. Dec. 1 Holders of roe. Nov. 150
United Biscuit, common (guar.)
734c. Oct. '20 Holders of rec. Sept. 22
NipIssing Nlines Co.(guar.)
Nov. 1 Holders of rec. Oct. 166
(guar.)
Preferred
15
Oct.
rec.
of
1
Holders
20c. Nov.
Noma Electric Corp.(guar.)
United Linen Supply.class B(gust,).... $1.50 Oct. 20 *Holders of reo. Oct. 1
*IQ Oct. 20'Holders of rec. Sept. 30
North Amer. Invest.,6% pref.(qual.)
600. Nov. 1 Holders of re0. Oct. 1511
30
United Piece Dye Works, Corn.(guar,)_.
Sept.
rec.
of
It
Oct.
20'Holders
*1
534% preferred (guar.)
1,4 Jan3131 Holders of reo. Dec. 30.
Preferred (guar.)
*Holders of recs. Oct. 15
Northern Discount. pref. A(mthly.).- 66 2-3c Nov. 1
500. Oct. 31 Holders of rec. Sept. 301
United Profit Sharing, Prof.
•66 2-3e Dee. 1 *Holders of me. Nov. 15
Preferred A (monthly)
Retail Chemists, pref.(guar.)... "87 Mc Oct. 15 *Holders of rec. Oct. 6
15
United
Oct.
rec.
of
1
*Holders
•500.
Nov.
Northwest Engineering Co.(guar.)
50c. Nov. I Holders of rec. Oct. 20
Verde
Extension
(guar.).
Mining
United
*20c. Nov. 1 "Holders of rec. Oct. 15
Novia Electric Co. (guar.)
U.S.& British Internat. Co.. Ltd.
•10c. Oct. 15 Holders of rec. Oct. 6
Nov. 1 Holders of rm. Oct. 15
Oahu Sugar Co., Ltd.(monthly,
1254o.
1)
(No.
(guar.)
A
Common
20
Oca.
rec.
of
'$1.60 Nov. 1 °Holders
750. Nov. 1 Holders of roe. Oct. 15
Ogglesby Paper. preferred (guar.)
$3 preferred (guar.)
$1.25 Oct. 15 Holders of roe. Sept. 30
Ohio Brass, class A & B (guar.)
U. H. & Foreini Securities, lot pref.(qu.) 21.50 Nov. 1 Holders of rec. Oct. Ila
Sept. 30
rec.
of
Holders
Oct.
15
81
Class A & P. (extra)
51.50 Nov. 1 Holders of roe. Oct. 154
U. S. Industrial Alcohol (guar.)
1)4 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
*6)5 c Nov. 30 "Holders of rec. Nov. 10
U. S. & Overseas Corp
Oct. 25'Holder, of rec. Oct. 20
Ohio Mid Cities Corp., pref. A (No. 1). •10e. Nov. 15
214 Oct. 20 Holders of reo. Sept. 300
&
corn.
(oust.)....
Pipe
Foundry.
B.
Nov
10
U
tee.
of
"Holders
*12140
Olimer Fare Register, corn. (guar.)
234 Ja 20'31 Holder, of tee Dec. 310
Common (guar.)
*10c. Oct. 15 'Holders of rec. Sept. 30
Oilroyalty Inv., Inc.(monthly)
300 Oct. 20 Holders of rec. Sept. 1100
First preferred (guar.)
of rec. Oct. 4,
15
Holders
Oct.
75c.
300 Js20'31 Holders of rec. Deo. 310
Oil Shares, Inc., pref.(guar.)
Frau preferred (guar.)
Nov.15 *Holders of roe. Oct. 31
*50o. Oct. 15 "Holders of rec. Oct. 1
011stocks. Ltd.. class A & B (quar.)...._ *1234c Nov. 1 Holders or rm. Oct. 110 U. S. Radiator, corn.(guar.)
134
*1Q Oct. 15 *Holders of rec. Oct. 1
011 Well Supply Co.. prof.(guar.)
Preferred (gnu )
30a
rec.
Sept.
of
Holders
15
Oct.
6255c.
25e. Oct. 15 Holders of rec. Oct. 26
Otis Elevator, corn. (qual.)..U.S. Smelt., Refg. & Mining, corn.(qu.)
114 Oct. 15 Holders of rec. Sept. 30
8755c Oct. 15 Holders of rec. Oct. 20
Preferred (guar.)
Preferred (guar.)
1;4.1 an15'31 Hold, of rect. Dee.111'30a
750. Nov. I Holders of rec. Oct. 2015
Leaf
Tobacco,
Preferred (guar.)
corn.
Universal
(guar.)
20a
Oct.
rec.
of
Nov. 1 Holders
•1yi Dec. 10 *Holders of roe. Dee. 1
$1
Heating pref.(gust.)
Outlet Company. corn. (guar.)
1,1 Nov. 1 Holders of rec Oct. 20a Vapor Car
Oct. 20 Holders of rec. Oot. 64
1
DetinnIng, Common (oust.)
First preferred (guar.)
Vulcan
20a
Oct.
rm.
of
1
Holders
Nov.
134
134 Oct. 20 Holders of tee. Oct. 40
Second preferred (guar.)
Preferred (oust.)
Oct. 15 Holders of rec. Oct. 6
40c.
(guar.)
corn.
Oct. 15 *Holden of rec. Sept.30
Co.
*11.50
Packard Electric
Wallace Sandstone Quarries. Ltd
*50c. Oct. 15 *Holders of rec. Oct. 1
500. Oct. 15 Holders of rec. Sept. 300
Park Austin & Lipscomb. corn.(guar.)._ *50c. Oct. 15 *Holders of reo. Oct. 1
Warner Company.common (qual.)
Oct. 15 Holders of rec. Sept.30
25c.
(extra)
Preferred ((war.)
Common
$1.25 Oct. 15 Holders of roe. Sept. 30a
Pennsylvania Salt Mfg.(guar.)
OCT. 11 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
Cent
When
Payable.
Books Closed.
Days Industee.
Miscellaneous (Concluded).
Waterloo Mfg., class A (quar.)
*25c. Nov. 1 *Holders of rec. Oct. 15
West Va.Pulp &PaPer.Prof.(qu.)
•154 Nov.15 *Holders of roe. Nov. 5
Western Grocer, corn. (guar.)
•37Sse Nov. 1 *Holders of rec. Oct. 20
Preferred
*3
Jan 1'31 *Holders of rec. Dec. 20
Western Grocers. Ltd., pre/. (quar.)-It' Oct. 15 Holders of rec. Sept. 20
Western Newspaper Union, pref.(quar.) *51.75 Nov. 1
Westinghouse Air Brake(quar.)
50c. Oct. 31 Holders of rec. Sept. 300
Westinghouse Elec. & Mfg., corn.(qu.)_ $1.25 Oct. 31 Holders of rec.
Sept. 300
Participating prof (Oiler.)
$1.25 Oct. 31 Holders of roe. Sept. 300
Wilcox-Rich Corp.class A (guar.)
52340 Dec. 31 Holders of roe. Dec. 200
Will & Deemer Candle. corn.(guar.)._
10c. Nov. 15 Holders of rec. Nov. 1
Common (extra)
10c Nov.15 Holders of rec. Nov. 1
Winsted Hosiery (quar.)
'24 Nov. I *Holders of rec. Oct. 15
Extra
*50c. Nov. 1 *Holders of rec. Oct. 15
Worthington Ball, class A & B (quar.)
*50c. Oct. 15 *Holders of rec. Sept. 30
Wrigley(Wm.)Jr. Co.(monthly)
25e. Nov. 1 Holders of roe. Oct. 20
Monthly
50c. Dec.
Holders of rec. Nov.20
Wurlitzer (Rudolph) oom.(monthly)__. 050c Oct. 1 *Raiders
25
of MO.(tee. 24
Common(monthly)
•50e. Nov.15 *Holders of rec. Nov.24
Common (monthly)
•50e. Dee. 2$ *Holders Of rse. Dec. 24
Preferred (guar.)
•15( Jan 1'31 *Holders of reo. Dec.
20
Preferred (guar.)
*15( ADrl'31 *Hold,of reo. Mar. 20
31
Preferred (guar.)
egg( Jul 1'31 *Hold,of rec.Inns20'31
Yale Leasing Corp
431 Oct. 15 *Holders of reo. Oct. 1
2341
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 Oct. 2:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, OCT. 2 1930.
NATIONAL AND STATE BANES—Average Figures
LOOM
Disc. and
!nest.
OtherCash Res. Dee., DeO. Othee
ineJtuffn0 N. Y. and Bands and
Gross
Gold. Bk.Notes. Elsewhere. Trust Co.. Deposes.
Manhattan—
$
Bank of U. S..--- 211,936,000
Bryant Park Bk. 2,764,300
Grace National-- 20,473,472
Port Morris
3,099,800
Public National- 154,343,000
Brooklyn—
Brooklyn Nat'l-- 9,937.300
Peoples Nat'l— 7,300,000
$
$
$
$
$
15,000 3,614,000 29,113,000 1,799,000 206,008.00C
99,900
78,500
333,200
2,241,50C
1,200
78,517 1,793.085 1,725,659 18,225,070
7,100
81,700
210,100
2,724,50(
29,000 1,753,000 9,025,000 41,416,000 176,967,000
22.100 113,400
613.700
937,600 7,828,00(
5,000 113,000
545,000
242,000 7.400,000
•Flom unofficial sources. r The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further
notice.
The New York Curb Exchange Association has ruled that stook will
not be quoted
ex-dividend OD this date and not until further notice.
TRUST COMPANIES—Average Figures.
a Transteg books not closed for this dividend.
Correction. e Payable In stock.
Loans,
ROL Delt.. DM- Mir
f Payable In oommon stook. 0 Payable In scrip. A
Disc. and
N. Y. and Banks and
On amount of accumulated
Gross
dividends. J Payable In premed stock.
Invest.
Cash.
Elsewhere. Trutt Co.. Deposes.
S General Realty & Utilities pref. dividend is payable in common
stock
at
Manhattan-rate
$
$
$
of 75-1000 share for each share pref., or at option of
$
$
holder $1.50 per share.
American
52,860,900 10,838,800
733,600
21,800 52,950,100
!Dividend on Amer. Cities Power & Light class A stock is payable 1-32d share In Bank of Europe & Tr 15,280,905
724,843
103,312
14,485,618
class B stock, unlees stockholder notifies the company
Bronx County
24,246,960
680,466 2,019,257
25,577,332
or before Oct. 14 of his Chelsea
desire to take oath. Class B dividend 4 payable in classon
19,748,000 1,233,000 2,738,000
19,165,000
B stook.
Empire
73,421,000 *4,087,900 10,773.000 3,403,800 76,087,600
m Pacific Public Service dividend will be applied to the purchase
Federation
of additional
16,573,047
121,068 1,217,107
193,256 16,416,301
common A stock at the price of $13 per share unless stockholder notifies
company Fulton
18,950,800 *2,520,100
876,700
17,451,400
on or before Oct. 10 of his desire to take cash.
Manufacturers
364,256,000 2,808,000 46,436,000 3,938,000 339.404,000
United States
n Corporation Securities pref. dividend payable in cash
74,885,788 3,950,000 8,399,259
59,749,712
or 140th share com,stock.
Brooklyn—
o Midland Natural Gag dividend payable in cash or class
124,819,000 2,200,300 28,846,600 1,292,500 133,905,20C
A stock at rate of one- Brooklyn
fortieth share.
Kings County
28.332,661 2,088,047 3,589,181
27,340,34(
Bayonne, N. J.—
p Knott Corp. dividend payable either 40e.
cash or 1-50th share stock.
Mechanics
8.497.770
252.137
989.421
322.426 8.816.961
g Union Natural God dividend payable In cash or stock
at rate of one-fiftieth
share.
•Includes amount with Federal Reserve Bank as follows: Empire, $2.693,900
r South Amer. Air Lines dividend is one share of
Fulton. $2.422.600.
each 1034 shares of South Amer. Air Lines stock. Aviation Co. of Amer.stock fa
$ Mid-West States Utilities dividend payable in 433i cents
cash or 2)4% in stock.
I Maxweld Corp. common dividend optional,
payable either in cash or 2% in
stock.
to Lem deduction for expenses of depositary.
it Lone Star Gas dividend is one share for each seven
held
aa American Commonwealths Power corn. A & B dividends
payable in Cif= A
stock at rate of 140th share.
bb Payment of Associated Gas dg Elec. class A div. will be made
in class A stock1-40th share—unless stockholder notifies company on or
before Oct. 15 of his
desire to take cash.
CC Internat. Hydro-Elec. class A dividend is payable
elms A stock at rate of
1-50th share for each share held. Shareholders havein option
of taking caah
50 cents per share.
ee American Founders oorn, stock dividend payable in com. Stock
at rate of 1-70th
share.
If Diversified Investment corn. A dividend is 50 cents cash or at
option of stockholder 1-50th share stock.
CO Shenandoah Corp. dividend will be paid 1-32d share common stock
unless
holders notify company on or before Oct. 14 of their desire to take
cash-75 eta.
per share.
Ids Instill Utility dividend on com, stock are two payments
of 1 X% each, both
payable in corn. stook. One la the final installment of
the dividend of 6% declared
out of earnings for year 1929, and the other Is declared out of
current earnings.
Weekly Return of New York City Clearing House.—
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW
YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED
SATURDAY, OCT.4.
(Nearing House
Members.
*caveat.
$
Bank of N.Y.& Tr. Co_
6,000,000
Bk.oliManhattanTr.Co_ _
22,250,000
Bank of Amer.Nat. Ass'n
36,775,300
National City Bank-- 110,000,000
Chem.13k. & Trust Co__ e21,000,000
Guaranty Trust Co
90,000,000
Chat.Ph.Natlik.&Tr.Co.
16.200,000
Cent. Han.Bk.& Tr.Co_
21,000,000
Corn Era. Bk. Tr. Co. f15,000,000
First National Bank....
10,000,000
Irving Treat Co
•
50,000,000
ContinentalBk.&Tr.Co.
6,000,000
Chase National Bank—. 148,000,000
Fifth Avenue Bank
500,000
Bankers Trot Co
25,000,000
Title Guar. & Tr. CO--.
10,000,000
Marine Midland Tr. Co_
10,000,000
Lawyers Trust Co
3,000,000
New York Trust Co._ _. 12,500,000
Com'l Nat.Bk.& Tr.Co..
7,000,000
Harriman Nat.Bk.& Tr_
2,000,000
clearing Non-Members—
City Bk.Farmers Tr.Co.
Mech. Tr. Co..Bayonne_
Totals
10,000,000
500,000
*Surplus and
Undivided
Profits.
Net Demand
Deposits
Acreage.
$
$
14,698,800
62,374,000
43,499,200
197,793,000
40,453,800
180.360,000
132,973,100 a1,059,062,000
e43,772,400
213.503,000
206,385,500 6957,189,000
19,703,300
166,372,000
84,136,100
371,869,000
(34,814.400
174,881,000
108,599,600
257,424.000
84,814,300
385.452,000
11,354,200
10,405,000
211,318,000 1,378,991,000
3,706,800
25,013.000
86,321,400 d418,276,000
24,599.200
34,966,000
11,400,600
48,486,000
4,766,900
17,943.0030
35,688,400
166,231,000
9,452,800
49,805,000
2,725,000
30,081,000
Time
Deposits
Average.
i
13,469,000
46,229,000
64,645,000
204,235,000
25,247,000
128,179,000
38,514,000
67,633,000
38,836,000
24,223,000
57,504,000
471,000
193,818,000
2,023,000
86,128,000
1,297,000
5,165,000
1,984,000
49,380,000
8,969,000
7,196,000
18,777,900
899,400
5,317,000
3,271,000
5,390,000
632.725.300 1.229.361.100 6.215.004 non 11170 015 non
As per official reports: National, June 30 1930 State, June
30 1930; Trust
Companies, June 30 1930. e As of July 10 1930. f As of
Sept, 13 1930.
Includes deposits in foreign branches as follows: (a
$321,231,000
:
(b) $174,013,
000; (c) $155,088,000; (d) $61,972,000.
Boston Clearing House Weekly Returns.—In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
Oct. 8
1930.
Chancesfrom
Precious Week.
Oct. 1
1930.
Sept. 24
1930
$
s
$
$
Capital
94,700,000 Unchanged
94,700,000
94,700.000
Surplus and Profits
98,645,000 —1,863,000 100,508,000 100,487,00(
Loans, cliee'ts & inveigle_ 1,081,724,000
+79,000 1.081.645,000 1,068,503,00C
Individual deposits
644,685.000 —1,366.000 646,051,000 627,585.000
Due to banks
165,388,000 +11,942,000 153,446,000 146.722.000
Time deposits
296,145,000 —2.384,000 298,529,000 298,913,00(
United States deposits__
15,101.000 —1,840,000
16.941.000
16,746,00(
Exchanges for Clg House
32,325,000 +5.243,000
27,082,000
17,121.00(
Due from other hanks__
94,234,000 —4,305,000
98,599,000
99.381,00€
Ree've in legal depositlee
84.162,000
+2,901,000
81,261,000
79.369,001
Cash In bank
6,675,000
+332.000
6,343,000
6.379,001
Ree've in excess In F.R.Bk
3,174,000
+2,174,000
1.000.000
1,076,000
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Oct. 4, 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 depositaries" 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.
Two Ciphers (00)
omitted.
Week Ended Oct.4 1930.
Members of
Trust
P.R.Byetem. Companies.
Capital
60,071,0
eurplue and profits
216,133,0
Loans. Meets. A Invest. 1,168,370.0
Exch. for Clear. House
43,327,0
Due from banks
144,723,0
Bank depoeits
223,810,0
Individual depoelta...... 646,201,0
Time demons
294,570,0
Total deposits
1,164.581,0
Res. with legal delve_ 78,678,
Res. With F. R Bank..
Caah in vault.
9,007,0
Total res. & cash held_
87.685,0
Reserve required
Excess reserve and cash
In vault
Seg. 27
1930.
ifepg. 20
1930.
Total.
$
$
68,871,0
8,800,0
68,871,0
68.871,0
21,007,0 237,140,0 237.004,0 237,004,0
92,469,0 1,260,839.0 1,257,677,0 1,258,334,0
434,0
43,761.0
29,304.0
29,241.0
24,0 144,747,0 132,167.0 124,127.0
2,551,0 226,361.0 218.571.0 217,650.0
35,929.0 682,130,0 859,608,0 663,345,0
32,686,0 327,256,0 320.914,0 316.491,0
71,166.0 1,235,747,0 1,199.093.0 1.197.486,0
78,678,0
76.977,0
78.643,0
7,234,0
7,234,0
6,308,0
6.738,0
2,229,0
11,236,0
11,303.0
11.218,0
9.463,0
97.148,0
94,688,0
96.597,0
•Cash in vault not counted as reserve for Federal Reserve members.
FINANCIAL CHRONICLE
2342
[Vat. 181
Weekly Return of the Federal Reserve Board.
the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.9 and showingfor
the System
the results
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present
ng week last year
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondi
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Comment upon
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board'sand
Discussions."
latest week appears on page 2305, being the first item in our department of "Current Events
AT THE CLOSE OF BUSINESS OCT. 8 1930.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESF,RVE BANKS
27 1930. Ant.201930. Oct. 9 1929.
Oct. 11930. Sept. 24 1930. Sept. 17 1930. Sets. 10 1930. 'en. 3 1930. Aug.
5
RESOURCES.
1,937.714.000 1,506,735,000
1,549,606,000 1.558,456,000 1.543.956,000 1.548,956,000 1.550,956.000 1.5114,956,000 1,575,256,000
Gold with Federal Reserve agents
61,994,000
35.919.000
35,819.000
35,391.000
35.375,000
35,875,000
35,811,000
34,904,000
34,868,000
Gold redemption fund with 17. IL Trysts_
1.611,175,000 1.573,533,000 1,568,729,000
1,600,347.000
1,586,331,000
1,584,831,000
1,579.767.000
1,593,360,000
1,584,474,000
Gold held exclusively eget F. R. notes 544,854,000 545,660.000 570,102,000 580,999.000 576,970,000 570.584,000 568,304.000 558,821,000 811,642,000
Gold settlement fund with F. R.Board
839.062,000 809,810,000 796,299,000 763,657.000 776.453.000 806.643,000 631,856,000
Gold and gold certificates held by banks_ 847,200,000 837,749,000
2,955,932,000 2.938,997,000 3,012,227,000
2,976,528,000 2,976,769,000 2,988,931,000 2.975,640,000 2,959,600,000 2,934.588.000
Total gold reserves
151.650,000 163,721.000 168.060.000 149,4.18,000
149,625,000 151,619,000 151,857.000 151.828.000 152,890,000
Reeerves other than gold
3,119.653 000 3.107.057,000 3,161,675,000
3,126,153.000 3.128,388,000 3,140.788,000 3,127,468.000 3.112.490,000 3,086.238,000
Total reserves
66,856,000
67.042.000
70.310.000
81,683,000
66.471.000
72.412.000
66,469,000, 69,277.000
65,757,000
Non-reeerve each
Bills discounted:
63.871,000 383.341,000
62.197,000
76.510,000
57.368,000
45,582,000
48,146,000
,
63,555,00111
55,011,000
obligations_
Govt.
Secured by Cf. S.
131,078.000 132,303 000 473,965,000
118,155,000 122,361,000 119,016,000 117,567,000 125,827.000 154,750,000
Other bills discounted
163.149,000 183,195,000 231.200,000 193.275,000 196,179.000 857,306,000
167.162,000
185.916,000
173,166,000
Total bills discounted
163,274,000 158.922.000 333,151,000
211,023,000 193,108,000 197.743.000 208,861,000 193,120,000 170,395,000
Me bought In open market
37,650,000
U. S. Government eecurities:
75.682.000
75,827,000
64.056,000
58,074,000
38.085,000
38,235,000
38,306,000
38,253,000
75,538,00C
Bonds
315,868,000 302,045.000 304,678.000
289.756,000 291,429.000 292,029.000 295.261.000 317,380,000 222,120,000
Treasury notes
27,570,001.
221,580.000
224.041.000
272,430,000 271,442,000 271,542,000 277.037.000 226,579,000
Certificates and bills
601,913.000 601.940,000 140 758 000
600,439,000 601,177,0001 101,806,000 610,383,000 602.033.000 602,044,000
14,755,000
Total U.S. Government securitlen
7.922,000
8,572,000
8,572.000
6,772.000
7,022.000
6,772.000
6,772,0001
6,272,000
Other securities (see note)
Foreign loans on gold
989.415,000 985,120,000 1,012.271,000 967.034.000 964.963,000 1,345,970,000
Total bills and securities (see sold)---. 990,900,000 986,973,000: 973,483,000
808,000
702.000
Goldheld abroad
702.000
704.000
704,000
701,000
701.000
701.000,
702,000
Due iron, foreign banks (see mots)
566.693,000 505,962,000 548,404.000 708,397,000
559,402,000 806,052.0001 549,479.000 722.305.000 538,643,000
25,243,000
Uncollected items
18.527.000
19,240.000
18,330,000
20.409,000
23,939.000
21,871,000
18,704,000
18,040,000
58,935,000
Federal Reserve notes of other banks
59,606,000
69,609,000
59,609,000
59.042.000
69.642.000
59,644.000
59.644,000
59,674.000
9,865,000
Bank pren teem
16.548.000
16,733.000
16.752,000
16.957,000
11,442.000
12,046,000, 12,062.000
12,475,000
All other resources
4,822.280,01)0 4,759,243,000 4,782 949,000 5,377,749,000
4.806,377,000
5,001,383,000
4,827.305,000
4,878,077,000
4,833,103,000
Total resources
LIABILITIES.
1,367,619.000 1.337.248,000 1.323,708.000 1,860,300,000
1.365,398,000 1,376,351,0001 1.347,720,000 1,349.329,000 1.351,250,000
B. E. notes in actual circulation
Deposits:
2,418,875,000 2.413.559,000 2,338,979,000
2,393,357,000
2,428.290,000
2,407,758,000 2,394,316,000 2.416,153,000 2,456,282.000
Member banks-reserve account
22,711,000
30.093.000
25.988.000
34,059.000
21,176,000
3,706.000
42,594,000
37,372,000
33,233,000
Government
7,775,000
5.563,000
5,549,000
6,498,000
6.528,0(10
5,774.000
5,213.000
6,251,000'
6,696,000
Foreign banks (see note)
17,943.000
852,006
19
19.657,000
30.082,000
20,639.000
19,534,000
19,784.000
18,746,000
18,425,000
Other deposits
2,470.069,000 2,469.067,000 2,387 408 000
2,166,112,000 2.456,685,0002,483,544.060 2,485.546.000 2.476.633.000 2.453,996.000
Total depoelte
538.919,000 489.781.000 528,326,000 670,376,000
538,588,000 583,251,000 533.029,000 704,476.000 516,391,000 169,786,000 169,765.000 169,783,000 166,934,000
Deferred availability Items
169,830,000
169,872,000
170,563,000
170,647,000
170,555,000
Capital paid In
278.936,000 254,398,000
276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276.936,000 276.936,000
Surplus
38,333,000
15,029.000
15.444,000
15.024.000
15,337,000
15,513.000
15,224.000
15,107,000
15,514,000
All other II:01110es
5,377,749,000
4,782,849.000
4,759,243,000
4,822,280,000
4,833,103,000 4,878,977,000 4,827,305,000 5.001,383,000 4,806,377,000
Total Itabilltiet
70.9%
Ratio of gold reserves to deposits and
77.1%
77.6%
76.9%
79.9%
77.3%
77,5%
77.6%
77.6%
F R note liabilities combined
74.4%
Ratio of total reserves to dement! and
81.9%
81.9%
80.8%
82.0%
81,6%
81.3%
81.6%
81.6%
F. It. note liabilities combined
Clontingent liability on bills purchased
458,450 000 459,830,000 471,522,000 478.315,000 456,505,000
433,843,000
432,624,000
431,411,000
435.194,000
correspondents
for foreign
$
5
$
$
$
$
$
$
$
Dinribution by Alatertftes85,707,000
41.413,000
53,960.000
62,775,000
54,173,000
83,508,000
125,273,000 106,442,000 105,051,000
1-16 day bills bought In open market
108,088,000 639,414,000
107,399.000
144.447,000
93.117.000
99,775,000
0.003.000
101,788,000 113,830.000
5,5 >0,000
45,000
1-15 days bills dime. tad
34,201.000
34.769.000
45,000,000
1-15 daye O. S. certif. of Indebtedness.
41,777,000
1-15 days municipal warrants
33,015,000
33,575.000
53,417,000
74,508.000
73,576.000
48.705,000
29,878,000
39,384,000
67,629,000
17.726,000
16-30 days bills bought in open mstrket
16.853.000
23,612,000
24.204,000
20.545.000
20,581,000
18,172,000
22,880,000
54,172,000
16-30 days bills discounted
41,167.000
566,000
5.000
16-30 days U. S. certif. of indebtedness.
84.964,000
76,634,000
16-30 days municipal warrants
71.621,000
60,948.000
51,666.000
41,058,000
39,930,000
42,989,000
46,679,000
84,792,000
37.689.000
ID 60 days bills bought In oven market_
39.215,000
33,511,000
311,421.000
29,955.000
30,206,000
32.611,000
27,566 000
31-60 elsve bills discounted
25.214.000
25.214,000
25.214,000
31-60 days U. S. Certif. of Indebtedness_
7.425,000 118,464,000
31-60 days municipal warrants
4.097.000
3.135.000
12,750,000
10,546,000
4,047,000
4,172,000
9,084,000
bought In oPes market
58,901,000
61-e0 days bills discounted
24,259.000
23,271,000
24,633.000
17.942,000
15,380.000
14.496,000
17,484.000
16,730,000
6,214.000
6,594,000
61-00 days bills
17.214.000
17.214.000
17.214,000
96,539.000
83,379.000
83,320,000
83,320,000
certif. of Indebtedness_
125,000
61-94) days U.
435.000
2,140,000
61-00 days municipal warrants
21,000
120,000
23,000
173,000
10.000
121,000
109,000
market
open
in
7,517.000
6,570,000
Over 90 days bills bought
6,537.000
5,052.000
4,763,000
4,088,000
3.876.000
3,819.000
4,202,000
161,149.000
Over 90 days bills discounted
15,446,000
162,908,000 162.949,000 135,498,000 174.591.000 170,139,000 165,660.000
22,000
22.000
Over 90 days certif. of Indebtedness._.. 163,896,000
22.000
22,000
22,000
22,000
22,000
22,000
Over 90 days municipal warrants
3,648,718,000
La.notes received from Comptroller_
1,335.495,000
J
F.R.notes held by F.R. Agent
1,736,973,000 1,736,582,000 1,736,772,000 1.716,691,000 2,313,223,000
1.764,965,000
1,768.803,000
1,775,640,000
1,796,482,000
Dante
Issued to Federal Reserve
-=
One Secured449,950.000 449.950.000 449,950,000 402.908.000 410,799,000
449,950,000
449,950.000
449,950,000
449,550,000
By gold and gold certificates
Gold redemption fund
1,101,006,000 1,115.008,000 1,125.306.000 1.134.806,000 1,095,036,000
1,100.056,000 1.108,506,000 1.094.006,000 1.099,006,000
Gold fund-Federal Reserve Boart1
338,948.000 1,116,534,000
352,417,000 359,515,000 352.730,000 351.695,000 366,095,000 381,935.000 335,241,000
By eligible Dana
non 1 P46891 nnn 1 win ,107 nnn 1 R70 RR., ruln,1,2 lkn nnn
1 one 1191 nnn 1 017 071 ono 1 800 flOrl mull onn A51 0001 017051
.........,
to show separately the amount of balances held abroad and amounts due
two new toms were added In order
to
NOTE.-Beginning with the statement of Oct. 7 1925.other
earn nil souls," previously made up of Foreign Intermediate Credit Bank debentures. was changed
addition, the caption, "All
to foreign correspondents. In
letter item was adopted as a Mor0 accurate description of the Iota !,,f
The
securities."
and
bills
"Total
to
assets"
earning
Inolunsel
-other securities," and the caption. "Total
are
Items
the
stated,
only
Act.
Reserve
was
Federal
which,
It
the
of
13
14
Sections
of
and
the provision
the discounts, acceptances and ilscuritks ae0ulfed under
Mersin.
OCT. 8 MI
OF EACH OF THE 12 FEDERAL RESERVE BANKs AT CLOSE OP BUSINESS
AND
LIABILITIES
RESOURCES
OF
STATF.64ENT
WEEKLY
mined.
Sae Prom
(00)
Dallas
Kan.CIto.
Globes
Tur,
Boston. New York. Ma. Cleveland Richmond ohnths. CAtatoo. St. Louts, Allaneap
Total
reeteral Enter'. Baal of----ft
S
S
$
S
.
S
$
3
$
3
3
$
3
RISSOURCES.
70,000,0 26,050,0 205,763,0
1,549,606,0 154,917,0 305,636,0 140,000,0 190,550,0 63.000,0 116,000,0 174,000,0 56,145,0 48,545,0
6,109,0
1,128,0
1,494,0
837.0
2.098,0
Gold with Federal Reserve Agents
1,661,0
1,229,0
1,475,0
1.655,0
14,415,0 2,026,0
741,0
34,868,0
Gold redo fund wlth U.S.Treas.
210,872,0
155,658,0 320,051,0 142,026,0 192,205,0 64,475,0 118,098,0 175,229,0 57,806,0 49,382,0 71,494,0 27,178,0
Gold held exetteget.F.R. altos 1,534,474,0 24,344,0 148,473,0 45,657,0 63,637,0 18,899,0 10,056,0 95,630,0 25,185,0 16,002,0 29,639,0 14,102,0 53,140,0
Gold mantel fund wttst F.R.Board 544,854,0 31,034,0 517,489,0 29.555.0 58.753,0 9,513,0 7,155,0 37,204,0 8,198,0 5.161,0 7,173,0 10,392,0 25,568.0
847.200,0
Gold and cold ctis.held by banks70,635,0 108,306,0 51,672,0 289,580,0
2,976,528,0 211,036,0 986,013,0 217,238,0 314,595,0 92,892,0 135,309,0 408,063,0 91,189,0 4.290,0 5.888,0 6,887,0 11,520,0
Total gold reserve*
37,205,0 8.509,0 7,057,0 7,328,0 12,655,0 22,193,0 9,621,0
149,625,0 15,972,0
Reserve other than gold
147,964,0 430,256,0 100,810,0 74,925,0 114,191,0 58.595,0 301,100,0
3,126,153,0 227,008,0 1,023,218,0 225,747,0 321,652,0 100,720.0
Total reserves
17,772,0 4,476,0 4,604,0 3,503,0 4,653,0 9,669,0 4,010,0 1,414,0 1,874.0 2,814,0 4,501.0
65,757,0 6,407,0
Ron-reserve cash
544,0 2,173,0 1,177,0 1,541,0
Bills discounted:
806,0 7,581,0 2,633,0
10,017,0 7,979,0 12,207,0 3,248,0
55,011,0 5,105,0
Sec. by U. S. Govt. obligations
15,632,0 7,302,0 8,879,0 14,499,0 23,397,0 7,515,0 13,201,0 3,397,0 7,041,0 9,139,0 3,739,0
118,155,0 4,414.0
Other Limn discounted
25,849,0 15,281,0 21,086,0 17,747,0 24,203,0 15,091,0 15,83-1,0 3,941,0 9,214,0 10,316,0 5,280,0
173,166,0 9,519,0
Total bine discounted
101,0 17,313,0 9,058,0 10,215,0 17,765,0 7,547,0 6,263,0 8,729,0 7,646,0 19,699,0
83.841,0
211,023,0 22,843,0
Bills bought in open IniLtklit
43,0
42,0 7,842,0
V. 6. GOVIIIL,07014t securities*
523,0 4,747,0
43,0 20,017,0
237,0 1,176,0
640,0
2,187,0
756.0
38,253.0
24,642,0
Bonds
78.882,0 26,424,0 34,358,0 8,086,0 7,708,0 31,400,0 15,926.0 12.410,0 14,679,0 12,002,0 14,324.0
289,756.0 23,239,0
Treasury notes
8,000,0 14,015.0 9,385,0
7,450,0
29,861,0
4,975,0
7,721,0
23,260,0
25,188,0
105,171,0
272,430,0 22,180,0
Certificates and bpi,
23.899.0 26.057.0 28.736.0 29.229.0 39.009.0
11004300 46.175.0 186.210.0 52.252.0 57.855.0 16.983.0 12.726.0 81.278.0
Total U. B. Gov't seewitles_
Oct. 8 1930.
SON
B.
OCT. 11 1930.]
AA URCES (Coitcluded)Two ciphers (00) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
$
6,272,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
F. R. notes of other banks
Bank premises
All other resources
New York.
$
1,000,0
5
4.250,0
Phila.
2343
Cleveland. Richmond Attarua, Chicago
5
1,000,0
$
5
5
St. Louts. Mtnecap. Ean.Cfei. Dallas. San 1,,an.
s
5
s
$
s
22,0
$
990,900,0 79,537.0
702,0
52,0
559,402,0 57,102,0
18,040,0
268,0
59.674,0 3,580,0
12,475,0
150,0
299,980,0 68,637,0 96,254,0 43,788.0 47,144,0 114,139,0 47,280,0 36,283,0 46,679.0 47,191,0 63.088,0
231,0
68,0
70,0
30,0
25,0
25,0
94,0
16,0
21.0
21.0
49,0
145,446,0 52,418,0 53.557,0 42.635,0 16.568,0 65,549,0 27,030.0 12,418.0 32,258,0 20,454,0 33.967,0
4,036,0
275,0 1,177,0 1,237,0 1,252,0 2,659,0 1,376,0 1,137.0 1,535.0
328,0 2.760,0
15,664,0 2,614,0 7,060,0 3,270,0 3,665,0 8,295,0 3,811.0 2,018,0 3,972,0 1,876.0 4,849.0
4.736,0
217,0 1,130,0
509,0 2,924.0
744,0
487,0
297,0
329,0
592,0
360,0
Total resource.
4,833.103,0 374,104,0 1,511,083,0 354,452,0 485,504,0 195.752,0 223,195,0 631,405,0 184,639,0 128,698,0 200,862,0 131,835,0
411,574.0
LIABILITIES.
F. R. notes in 'totes! circulation_ 1,365,398.0 133,134,0 207,237,0
118,220,0 186,061,0 66,028,0 124,572,0 154,183,0 63,086.0 51,806,0 67,989,0 35,499,0 157,583,0
Deposits:
Member bank-reserve ace's 2,407,758,0 148,391,0 1,001,692,0
141,017,0 196,530,0 63,509.0 60,784,0 345,082,0 73,371,0 52,588,0 87,064,0 58,843.0 178.887,0
Government
33,233,0 2,534,0
3,676,0 2,135,0 3,167,0 5,930.0 2.690.0 5,729,0 1,260,0
874,0 1,396,0 2,640,0 1,202,0
Foreign bank
6,696,0
388,0
3,179,0
508,0
524,0
220,0
189,0
702,0
189,0
121,0
157,0
157.0
362,0
Other deposits
18,425,0
40.0
6,762,0
324,0 1,463,0
125,0
120,0
490,0
201,0
166,0
45,0 8,293,0
396,0
deposits
2,466,112,0 151,353,0 1,015,309,0 143,984,0 201.684,0 69,784,0 63,783,0 352,003,0 75,021,0 53,749,0 89,013.0 61,685,0
Deferred availability items
188,744,0
538,588,0 55.962,0 136,784,0 48031,0 51,445,040,879,0 16,467,0 62,798,0 29.044,0 12,051.0
Capital paid In
30,190,0 20,628,0 34,309,0
170,555,0 11,881,0
66.256,0 16.796,0 15.950,0 5.804,0 5,365,0 20,164,0 5,244,0 3,053,0 4,327,0 4,356,0 11,359,0
Surplus
276,936,0 21,751,0
26,965,0
80,001,0
29,141,0
12.406,0
10,857,0
40,094,0
10,877,0
7,143.0 9,162,0 8,935,0 19,514,0
All other liabilities
15,514,0
23,0
5,496,0
456,0 1,223.0
761,0 2,151,0 2,163,0 1,367,0
896.0
732,0
181,0
65,0
Total liabilities
4,833,103,0 374,104,0 1,511,083,0 354,452,0 485,504,0 195,752,0 223,195,0 631.405,0 184,639,0 128,698,0
200,862,0 131,835,0 411,574,0
Memoranda.
Reserve ratio (per cent)
81.6
83.7
79.8
86.1
83.0
74.2
78.6
85.0
73.0
71.0
Contingent liability on bills pur72.7
60.3
86.9
chased for foreign
corresPend.nt AAC IAA A Al 1,11 n 1,1 .1,2 n at 008 11 42 100 n 1 a 190 n 1 r. s05 n 07 895 n in 095 0 5 597 n 12 545 n to 545 0 20.783.0
riTotal
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Total.
Boston. New York. nue. Clereland.
Two Ciphers (00) omitted5
S
S
$
$
Federal Reserve notes:
Issued to FR,bk. by F.R.Agt, 1,796,482,0 176,456,0 360,909,0 139,894.0 222,743,0
Held by Federal Reserve bank_ 431,084,0 43,322,0 153,672,0
21,674,0 36.682,0
In actual circulation
1,365,398,0 133,134,0 207,237,0 118,220,0 186,061,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold eertificaten.„.. 449,550,0 35,300,0
277,010,0 39,900,0 15,550,0
Gold fund-F.R.Board
1,100,056,0 119,617,0
28,626,0 100,100,0 175,000,0
Eligible paper
352,417,0 32,283,0
81.188,0 14,732,0 37,234,0
Total collateral
1.502 023 0 187 200 0 38E1.824.0 154.732.0 227.784.0
Richmond Atlanta. Chicago. St, Louis, MissneaD. Kan.City. Dallas. San Pram.
$
$
5
$
$
s
5
3
85,823,0 150,127,0 181,138,0 78,008,0 57,258,0 79,477,0 41,985,0 222,664,0
19,795,0 25.555,0 26,955,0 14,022,0 5,452,0 11,488,0 6.486,0 65,081,0
66,028,0 124,572.0 154,183,0 63,086,0 51,806,0 67,989,0 35,499,0 157,583,0
5,000,0 7,100,0
8,545,0 11,845,0
14,300,0 35.000,0
58,000.0 108,900,0 174,000.0 47,600.0 36,700,0 70,000,0 11,750,0 169,763,0
26,751,0 34,277.0 32,696,0 23,260.0 9,618,0 17,828,0 17,674,0 24,876,0
89.751.0 150.277.0 206.696,0 79,405,0 58,163,0 87.828,0 43,724,0 229,639,0
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 re.ources
and liabilities of the reporting member banks
which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves.from
Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle"
29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our departmentofofDec.
ceding which we also give the figures of New York and "Current Events and Discussions," on page 2305, immediately preChicago reporting member banks for a week later.
Beginning with the etatemeut of
Jan. 9 1929, the loan figures exclude "Acceptances of other banks
gorsement, and Include all real estate mortgages
and bills of exchange or drafts sold with en
and mortgage loans held by the bank. Previously acceptances
endorsement were included with loans, and some of
the banks included mortgages In investments. Loans secured of other banks and bills sold with
no longer shown separately, only the total of loans on securities
by U.
Government obligations are
being given. Furthermore, borrowing at the Federal S.
divided to show the amount secured by
Reserve Is not any More subS. obligations and those secured
by commercial paper,
a lump total being given. The number of reporting banks is now omitted; in Its place theU.
number of cities Included (then 101) was for a time given,only
but beginning
The figures have also been revised to exclude a
bank in the San Francisco district with loans and investments Oct. 9 1929 even this has been omitted.
merged with a non-member bank. The figures are now
of $135.000,000 on Jan. 2 which recently
glen in round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT AS AT CLOSE OF
BUSINESS OCT. 1 1930 (In millions of dollars).
Federal Reserve DistrictLoans and investmente-total____
Loans-total
is)
On securities
All other
Investments-eotal
U. S. Government securities
Other securities
Reserve with F. It, Bank
Cash In vault
Po
Net demand deposits
Time deposits
Government doped=
Due from banks
Due to banks
Borrowings from F. R. Bank
Total.
$
23,467
17,013
Boston, New York
$
1,546
_
1,171
Phila.
Cleveland. Richmond Atlanta. Chicago, Si. Louie, Minneap Kan.City. Dallas. San/eras.
s
s
9,557
$
1,301
2,301
7,090
908
1,498
s
659
s
$
$
s
603
3,382
468
453
2,588
498
242
657
371
$
658
s
s
456
1,972
419
340
1,339
8,483
8,530
509
662
4,197
2,893
460
448
736
762
173
293
145
308
1,276
1,312
223
275
79
163
124
295
95
215
463
876
6,454
375
2,468
393
806
191
150
794
160
130
239
116
633
2,916
3,508
150
225
1,165
1,303
117
277,
400
406
85
106
75
75
339
455
33
126
72
57
101
138
69
48
341
292
1,782
201
99
14
863
56
85
11
133
26
42
11
33
8
255
32
44
5
25
5
56
10
33
7
108
17
13,812
7.531
181
917
526
16
6,366
2,016
52
759
353
13
1,133
1,031
22
352
257
17
313
241
20
1,873
1,346
10
360
236
2
227
141
1
489
207
3
280
148
18
743
1,029
10
1,657
3,664
74
147
207
1,313
103
250
137
370
91
119
87
108
284
508
70
121
76
87
194
224
112
120
22C
294
44
2
3
1
7
4
10
7
7
1
1
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 Oct.8 IMO
In comparison with the previous week and the corresponding
date last year:
IttiOSSMIS-
Gold with Federal Reserve Agent
Gold redemp. fund with (I. S. Treasury_
celd held exclusively asst. F. R. notes
Gold settlement fund with Y. It. Board_
Gold and gold certifloatee held by pant_
Total gold reserves
Reserves other than gold
Oct. 8 1930. Oct. 1 1930. Oct. 9 1929.
3
$
305,636,000 305.636,000 324,330,000
14,415,000
14.448,000
14,124,000
320,051,000
148,473,000
517,490,000
3200331,000
211.372.000
511,997,000
338,454,000
302,384,000
390,579,000
986,014,000 1,043,453,000 1,031,417,000
37,204,000
36,025,000
62,920,000
Total reserves
1,023,218,000 1.080.378,000 1,094,337,000
Ron-reserve dab
17.772,000
18,980,000
21,401,000
Bills discountedSecured by U. ff. Govt. obligatIons__.
10,017,000
12.156,000
66,833,000
Other bele discounted
15,632,000
14,236,000
64,365,000
Total bills discounted
25,649,000
26,392,000 131,198,000
Bills bought in otea market
83,841,000
48,653.000 102,412,000
U. B. Oovernsieut securitiesBonds
2,188,000
2,188,000
155,000
Treasury notes
78,881,000
79,065,000
11,965,000
Certificates and bills
105,171,000 104,987,000
11,584,000
Total U.B. CIOTIX1103(111T securttleS-- 186,240,000 186,240.000
23,701,000
Other securities OH sore)
4,250,000
4,750,000
10,850,000
Foreign leans ea gold
Resource.* (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reeerve notes of other banks
Bank premises
Al, other resources
Total resources
Oct. 8 1930.
$
231,000
145,446,000
4,036,000
15,664,000
4,737,000
Oct. 1 10311
231,000
166,977.000
6,467,000
15,661,000
4.377,000
Oct. 91929.
262,000
188,067,000
10.165,000
16,087,000
797,000
1,511,084.000 1,559,109,000 1,599,280,000
V.41 Reserve notes in actual circulation_ 207,237.000 217,536.000
Deposits-Member bank. reserve scot_ 1,001,692.000 1.008,715,000
Government
3,676,000
11,401,000
Foreign bank (See Nate)
3,179,000
2,734,000
Other deposits
6,762,000
7.257,000
332,891.000
937,456,000
2,550,000
3,858,000
6,645,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
950,509,000
169,565,000
64,375,000
71,282,000
10,658,000
1,015,309,000 1,030,107,000
136,784.000 159,747,000
66,256,000
66,346,000
80.001,000
80,001,000
5,497,000
5,372,000
Total liabilities
1,511,084,000 1.559,109,000 1,599,280,000
Ratio of total reserves to deposit and
Fen Reel ye note liablilties combined83.7%
86.6%
85.3%
Contingent !lability on hills purchased
Total bills and securities)(See Note)-__ 299,980,000
_
266.035,000 268,164,000
for foreign eorreerondence
145,568,000 141,784,000 142,449,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new items
were added in order to show separately the amount of balances held abroad
foreign correspondents. In addition, the caption "All other earning
and amounts due to
assets," previously made up of Federal Intermediate Credit Bank
securities," and the caption, "Total earning assets" to "Total bills and
debentures, was changed to "Other
securities." The latter term was adopted as a more accurate description
acceptances and securities acquired under the provisions of Sections 13 and
of the total of the discount
14 of the Federal Reserve Act, which, it was stated, are the only items
included therein.
gankers'
New York City Banks and Trust Companies.
(41: pItC.48 dollars per sham)
azette.
Wall Street Friday Night, Oct. 10 1930.
ous Stocks.-See page 2330.
and
Miscellane
Railroad
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
STOCKS
Week Ended(Hf. 10.
Sales
for
1Week.
Range Since Jan. I.
Range for Week.
Highest.
Highest.
Lowest.
per share. $ per share $ per share.
Par. Shares. S per share.
RailroadsSept 5231 May
Canadian Pacific new25 70,500 4134 Oct 1 45 Oct 81 40
Carolina Clinchf & 0
Oct
Jan 105
Oct 71 96
30 10431 Oct 6 105
Certificates stpd_100
Feb
600210 Oct 821031 Oct 6 20035 Sept 315
Central RR of N J_100
Feb
100 131 Oct 4 1% Oct 431 Aug 3
Duluth B S & AU of 100
Jan
4( Oct 3
Oct 8
31 Oct 8 1
200
100
Common
Jan
Oct 72
70 44 Oct 10 45 Oct 9 4
Havana Elec Ry pf 100
11034 Oct 136% Apr
loolimi Oct 911031 Oct 9
Illinois Central pref 100
35%
Sept
Oct
4!27
Oct
10
Oct
3331
lot Rap Tran ctfs 100 5,000 27
55% Oct 73% May
lei 5535 Oct 4 5534 Oct
lot Rys of C A pf 100
Feb 83 Juno
75
Oct
Oct 7 80
00 80
Hudson & Mush pf _100
Sept
46% Sept 75
63 Oct
160 5031 Oct
Manhat Kiev guar_ _100
Apr
June 129
Oct 10 122 Oct 7 116
120 121
N 0 Tex & Mexico _100
Oct
91
Jan
85%
10
Oct
91
1
Oct
100,
__50
Central_
8931
Northern
Apr
3634
Sept
29%
8
201 30 Oct 8 30 Oct
Philp, Rap Trait pf__50
July
July 160
10115831 Oct 9 158 35 Oct 9 150
Pitts Ft W & Chic 0100
10C 3631 Oct 10 3034 Oct 10 3635 Oct 6731 Mar
Rutland ItR pref _ _ _100
Jan 10134 June
5C 10131 Oct 8 101% Oct 8 95
Vicks Shr & Pac_ _100
1 tatIU N. tat Miscell.-
Alliance Realty
•
Allegheny Steel
Amalgamated Leather.*
Amer Chain pref....100
American News
Am had & St San pf.100
Anchor Cap Corp pref."
Arch Daniels Mid p1100
Artloom Corp pref _ _100
Assoc Dr Gds 1st pf-100
100
2d preferred
Austin Nichols pr A..."
Barnet Leather
Brown Shoe pref___100
Budd (E G) pref._ A00
Celotex Co cots
100
Preferred
Rights
Certain-Teed Products_
1st preferred _ _--100
100
City Investing
City Storm class A ____•
Coca-Cola Internet_ _ _•
Columb G & E pf B.100
Commercial Credit
1st pref ex-warr 100
Com Inv Tr (635)_ _100
Warrants stamped_ •
Con Cigar pref (7)-100
Crown Cork & Seal pref
Cuban Dom Sugar__ -•
De Beers Cons Mines__
111111
Duplan Silk pref
Elk Horn Coal pref_ _50
_100
Smelt_
&
Min
'
Fed.
Federal Screw Works_*
Franklin Sunon pref 100
•
Fuller Co 2d pref
General Cigar pref. _100
Gen Gas & El pf A (7).."
Gen Ry Signal pref _100
•
Gold Dust pref
Guantanamo Bug p1.100
•
Hamilton Watch
•
Hercules Powder
Indian Motocycle p1100
100
jot Nickel pref
Kansas City Pow & Lt
let pref series B____*
Kresge Dept Stores_*
.150
Preferred
Kresge (S S) Co pf_100
Lane Bryant
Lorillard Co pref ___1
Mallinson & Co prof 100
Mengel Co pref____100
Metro Goldwyn Plc 0127
Mexican Petroleum_ 100
Milwaukee Elec Ry &
100
Light pref
Nay Bolas Hess pref 100
Nat Dept Sts 1st p1100
Nat Supply pref._ 100
Nelsner Bros
Newport Co class A_50
Omnibus Corp pref_100
Oppenhelm.Collins&Co•
Outlet Co
100
Preferred
Penn Coal & Coke_50
,
Peoples Drug Store:L..
Phila. Co p1 (e) new__•
Pierce-Arrow Co pf_100
Pitts Term Coal pf_100
25
Pitts United
Procter & Gamble p1100
Cor
Refiners
Prod &
50
Preferred
Punta Alegre Sug 0018 50
Revere Copper & Brass100
Preferred
Rhine Westph El Power
100
Skelly 011 pref
Sloes-Sheff St- Iron 100
100
Preferred
Spear & Co
100
Preferred
So Porto Rico Bug p1100,
Stand Gas & Elm id(7)•
United Dyewood.__100
100
Preferred
United Piece Dye Wits100
Preferred_
U S Tobacco pref 100
100
Vadsoo Sales pref
•
Van Raalte
Walgreen Co pref_ _100
No par value.
41 8531 Oct 10 8531
30( 4834 Oct 10 4954
104. 2 Oct 7 2
104.. 95 Oct 9 95
140 50
Oct
8 5034
90143 Oct 8 146
10010531 Oct 410531
Oct 8 106
10 106
180 8631 Oct 6 8831
Oct 10 91
100 91
200 89 Oct 10 90
360 1931 Oct 10 22
300 2 Oct10 231
Oct 10 120
40 117
Oct 458
10 58
800 9% Oct 7 1031
Oct 7 28
130 27
34
1s( Oct 7
500
200 2031
60 150
70 20
10 348
100 9934
Oct
Oct
Oct
Oct
Oct
10 2035
8 150
4 30
9348
71 9934
10 8531
4 48%
7 2
9 75%
Oct 10 4831
Oct 9 126%
Oct 4 102
Oct 8 100%
Oct 6 86%
Oct 10 85
Oct 10 85
Oct 4 19
oct 10 2
Oct 9 11334
Oct 4 54
Oct 7 9%
Oct 8 27
44
1
/
Oct 9
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
29
8 150
4 20
9 348
7 91
10
Oct 104
Oct 72
Oct 334
Jan 101
July 80%
Jan 48
July 11534
Sept 10
Oct 100
Feb 9531
Jan 00%
July 30
Oct 734
Jan 120
Sept 68
Oct 12
Oct 84%
35
Oct
Apr
Apr
Mar
Mar
Mar
Oct
Apr
Apr
Feb
Apr
Apr
May
Apr
Oct
Apr
Sept
Apr
Oct
Banks.
Ask
Par Bid
New York25 82 84
America
110
100
100
Union*
American
Broadway Nat BE & Tr_100
20 15iBryant Park.
20 119 122
Chase
94
Chat Phenix Nut Be & Tr 20 91
Commercial Nat Bk &Tr 101.1 325 340
000
luu 2700
Flith Avenue"
100 4375 475
First
100 6110
Grace
600
Harriman Nat Bk & '17_100 1,500
70
100 150
Industrial
80
Liberty Nat Bk & Tr_ _ _100 70
24
20 122
National City
11)0 90 00
Penn Exchange•
25
10 20
Pon Morris*
25 90 92
Public Nat Bk & Tr
Seward Nat Bank & Tr 100 85 90
45
Sterling Nat Ilk & Tr.__ .26 40
60
Strauss Nat Bk & Tr_ _ _100 235
25
31
United State,.
100 125 140
Yorkville
140
100
Yorktown*
Brooklyn34) 80 90
Brooklyn
100 400 500
POODiall
Trust Companies.
New York (Cocci.)- Par
Bank of NY & Trust___100
10
Bankers
20
Bronx Co Trust
Cent Hanover Bk & Tr_ _ _20
Chelsea Bank & Trust_ _ _25
Chemical Bank & Trust_ _10
Continental Bk & Tr_ _ _10
Corn Each Bk & Trust__ .20
100
County
20
Emigre
100
Fulton
.100
Guaranty
100
Hibernia
20
International
Internal Mad Bk &'Fr _25
10
Irving
100
Lawyers
20
Manhattan
Trust Companies.
Par
Nets York100
American
200 240
Amer Express
Banca Commerciale Ital_100 285 300
Brooklyn100 650 670
Brooklyn
Hobe Bank & Trues_ _ .100 i45 170
._100 2750 2950
Kings Co
100 140 160
Midwood
Jun( 4535 Mar
Apr
July 165
May
Oct 42
Oct
Oct 348
Jan 9935 Oct
1st.
Rate
Old
820
130
58
287
25
58
20
151
210
65
520
560
Ass
640
132
65
291
28
5912
22
155
226
68
560
505
24
44
60
35
30
46
99
7012 7213
250 425
' 210 215
lis, 85
95
17
100 14
20 138 ,43
100 3700 3900
100 900 1003
25
Manufacturers_ • ._ ._
._100
Mutual (Wmtcheater)
N Y Trust.
Plasa
Timex Square
Title Guar & Trust
United States
Westchester
•State banks. I New stock. s Ex-dtmcaa. o Ex-stock div. s F.x-richts
New York City Realty and Surety Companies.
(All vices dollars per slhoe.)
Par Bid
Bond & Mtge(luar ._20 96
Home Title Insurance___25 51
20 44
Lawyers Mortgage
Par
Ask
99 ,Lawyers Title dr Guar_ _1001
56 Lawyers Wench...it MA1'100
46 (Westchester Title & Tr____
Bid !Ask
265 275
200 250
120 140
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.
4. Oct. 6 Oct. 7. Oct. 8. Oct. 9. Oct. 10
Sept Daily Record of U. S. Bond Prices. Oct.
Oct 4 7731 Jan 95
Jan 102% Sept
Oct 4 89
101'n 101212 101232 101 232 101223
101',,
High
Oct First Liberty Loan
Oct 6
6
Oct 6
6. 8
101.aa
331% bends of 1923-47_ Low- 101',, 101',, 101',, 101,sa 10122, 101232
Oct 8 7631 Jan 93% May
Oct 81 77
20 77
1014n 101.T., 101.., 101232
101.8
Close
(Mit 334)
Oct
Oct 35
56
Oct 9 34
34
500 34 Oct 10 36
105
71
26
9
Total sales in S1.000 mfrs.__
35 Jun( 234 Jan
35 Oct 6
35 Oct 61
-100
Converted 4% bonds of High
Aug
400 834 Oct 71 831 Oct 7 831 Oct 14
1933-47 (First 4s)
Sept
Yet 106
3010531 Oct 1010531 Oct 10 97
Jan
Oct 14
70 3 Oct 9; 431 Oct 7 3
------- ---Total sales Is $1.000 omits__
Mar
Oct 10 9734 Oct 145
- I 1021.0
102i
1,300 9731 Oct 9 101
Converted 4it % lionds(111gb 1072"32 1021,3, 102"31 102"s
Oct 2534 Sept
Oct 10 1631 Oct 7 15
1,900 15
102",, 10290 102".,
0
102",, 102.232 102.
(LowHQ
1533-47
4
01
(First
Mar
102"at
80 8534 Oct 81 8531 Oct 6 8531 Aug 99
I Close 1020(y 102". 102",, 10211a, 102.aa
Feb
Oct 86
20
30
160 73 Oct 8, 75 Oct 6) 73
85
11
12
2
Total sales in $1.000 units.-July
4011331 Oct 911331 Oct 9U1234 Jan 120
434
%
(High
converted
Second
--------------Apr
July 111
Oct 81100
13010431 Oct 7 105
------------_______
1..fair(First
bonds 011932-47
Sept
20011231 Oct 10 11235 Oct 10110031 Jan 115
Second 41(8)
Jan 11134 Aug
-_- ----20011031 Oct 10 110% oct 10 100
------------Total sales in $1.000 veils_Mar
Sept 27
Oct 8 13
Oct 8, 13
10 13
{High 1031,(( 103150 1031!1, 1031.1d 103u(2 1031.0
L0111:1
Aug 4735 July Fount. Liberty
200 4335 Oct 91 44 Oct 8 42
103",, 103.32 1031,0 103"sa 103"aa 103.33
Low1933-38
of
bonds
434%
Jan
300 6431 Oct 9, 6531 Oct 6 60 June 85
Close 103..,, 1031.32 1031.32 103"al 103"ss 103"sa
(Fourth 43(s)
181
Sept 87% Mar
118
Oct 10 20
75
Oct 9i 26
490 21
98
106
99
Total sales tn 11.000 units-Apr
Feb 127
1123°aa 1121!as
Oct 9,216
Oct 9 122
100 122
High 113.n 113.n 1132.1 113
Treasury
112"at 112"sa
112"as
113
113',,
aa
,
113
Low_
1
11
Ayts, 1947-52
Mar
Jan 115
1122232 1122222 1122232
10 11431 Oct 10.11431 Oct 10 108
1136« 113
C10114 113232
36
26
54
6
300 7% Oct 101 831 Oct 6 731 Oct 931 July
15
19
Total sales In 51.000 unitsJan
May 62
Oct 91 45 Oct 9 45
200 45
____ 108"aa 108"aa 108"at 108"aa 108"sa
rich
June
108"aa
108"aa
June
115
10846'
9
108"aa
113
Oct
8
110
Oct
108"aa
70
____ 108"aa
Low_
411. 1944-1956
Oct 2331 Oct
Oct 10 2331 Oct 91 21
800 21
... 108..., 1081.., 108,2.1 1081.11
____ 108,
Close
1
25
July 99 May
85
40
11
100 93 Oct 7 93 Oct 7 92
---Is 111.000 unitssales
Total
Jan
80
Oct
60
10
40 60 Oct 101 62 Oct
--- 106'',, 106lisa 106"s: 106":2 108"at
{MO
Oct 9231 Feb
1061.31 106'231 1931181
Oct 7 80
106"33
us,
106
50 80 Oct 71 80
-___
Low
Pik 1946-195e
700 2531 Oct 101 2631 Oct 7 2331 Jan 2631 May
---- 106"al 106"aa 106"at 108"aa 106"al
Close
Sept
3
26
Oct 182
5
25
Oct 4 150
1
30 160 Oct 4 171
---Total sales in 10.000 imlls----... 102.82
....-___ 102163,
{High
Jan
Jan
110
102222
103
Oct
4
____
41
Oct
_-_.
2010531
____ 102",,
,10531
Low.
1943-1947
She.
Jan
------ 1022.1
100 3631 Oct 4 3631 Oct 4 36% Oct 82
------- 102..1.
Mee
Jan
____
220 8131 Oct 10. 83 Oct 10 81% Oct 90
Total sales le $1.000 units_
July
Oct 7 10631 Aug 116
43010831 Oct 101110
Apr
800 2631 Oct 101 3231 Oct 7 2631 Oct 54
SM. 1940-1943
Mar
____ 101.... 102,n
Oct 10 52 Oct 7 4934 Aug 85
900 50
-.. _.
Oct 8 7334 Mar 85 June
200 7631 Oct 9 78
Apr
1,0001 2931 Oct 101 20 Oct 9 2931 Oct 56
Jan 72
May
Oct 101 60 Oct 6 53
210 58
Note.-The above table includes only sales of coupon
Apr
Mar,110
6010731 Oct 8,107% Oct 8 102
Aug 1231 Mar bonds. Transactions in registered bonds were:
300 631 Oct 10' 634 Oct 7 6
Apr
Oct
6
6035
Oct
3134
10211.1 to 1020st
1,100 3135 Oct 101 36
5 1st 431s
Oct
Oct 104
Oct 9,10331 Oct 6 102
1035d 10 103",'
400 102
Apr 1172 4th 431s
10810(1 to 1081oss
1,000 6531 Oct 101 72 Oct 4 6531 Oct 82
45
Trees
2
Jan
130 28 3.5 oct 10 34 Oct 6 2835 Oct 45
100 1931 Oct 61 1931 Oct 6 1931 Oct 1931 Oct
Aug 10711 July
100 10531 Oct 610531 Oct 6 105
100k 94
11
Oct 41 94
4 102
60010034 Oct
Oct
100 6
si
Foreign Exchange.
exchange were 4.8534©
To-day's (Friday's) actual rates for sterling
15-16 for cables. Commercial on
4.8534 for checks and 4.853404.85
4.83% ©4.83%; ninety
days,
sixty
11-16;
4.8531©4.85
sight,
Mar banks,4.82 WA ©4.82%; and documents for payment, 4.82% ©4.83%•
Aug 104
Oct 4546 Jan days,
payment, 4.85 3-16, and grain for payment. 4.85 3-16.
for
Cotton
francs were 3.92 3-16
Oct 9954 June
To-day's (Friday's) actual rates for Paris bankers' were
Oct 5634 Mar
40.3234 ©40.33
guilders
©2.92 5-16 for short. Amsterdam bankers'
Mar
June 82
short.
for
francs high
123.85
range,
week's
000 1031 Feb
123.85;
on
London,
Paris
Exchange for
Sept
Sept 86
francs low.
Jan and 123.83
Aug 121
follows:
rates
for
exchange
range
week's
The
Checks.
Cables.
Oct 11434 Sept
Sterling, ActualFeb
4.86
Oct 11
4.85 27-32
for the week
Juno Highfor
Sept 58
4.8531
4.8534
week
the
Low
Paris Bankers' Francs-.
Mar
Jan 114
3.9231
3.9231
the week
Sept High forthe week
Mar 140
3.92 9-32
3.92 3-16
Low for
Oct 69% Apr
Germany Bankers' MarksJan
23.80
Oct 22
23.8031
week
the
Mar High forthe week
Jan 103
23.7834
23.7634
Low for
Amsterdam Bankers' Guilders40.33%
40.3434
High for the week
40.32
40.30
Low for the week
290 2531 Oct 6 2631 Oct 4 2534 Oct
31 Aug
10 131 Oct 10
200
Oct31
20 90
500 3334
800 7834
1,300 20
100 45
120 4
70 77
110 105
600 10831
110 335
10 52
160 105
80 13954
700 20
200 7
100 9831
oat 41
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
90
9, 3434
101 8131
71 2035
10 52
61 4
101 7
8110531
911131
6' 431
13 52
Oct 4 88
Oct 9 3334
Oct 7 78.56
vet 8 20
Oct 7 45
Oct 6 4
Oct 10 78
Oct 8 103
Oct 4 10831
Oct 9 134
Oct 6 38
Oct
Oct
Oct
Oct
Oct
10 105
101140
8' 20
61 7
10 9831
Oct
Oct
Oct
Oct
Oct
10 97
7.12231
8 20
6 7
10 97
Mar
40
134 June
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
_
Maturity
[vol.. 131.
FINANCIAL CHRONICLE
2344
Mil
Cfasarr.g.
lat.
&no.
BM
100,332
15 1970 __ 344%100.0 100.0 Sept. 15 1931-32 334% 1002222
334%
June 15 1931. .. 214% 100«sr 1001.0 Mar. 15 1930-32
100'482
32
34%
1030
15
Dec.
100'n
1t
Sept. 15 1931___ 231% 100,
Dec.
Asked
1002222
1002232
101
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 2333.
A complete record of Curb Exchange transactions for the
week will be found on page 2363.
1
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages--Page One
For sales during the week of stocks not recorded here, see
preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 4.
Monday
Oct. 6.
Tuesday
Oct. 7.
Sales
for
Wednesday
Oct. 8.
Thursday
Oct. 9.
Friday
Oct. M.
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
ruts bPI AIL..
Range Since Jan. 1
On basis of 100-share lots.
.
1- It JII el K.
Range for Previous
Year 1929.
Lowest.
Highest.
Lowcsi.
Highest.
3 per share 3 per share $ per share S per share $ per share $
per share Shares
Railroads
Par S per share
20812 21178 20358 206
200% 2043* 25,500 Atch Topeka & Santa Fe__100 194 June 25 * per share $ Per share -3 Per Shari
20612 20434 20718 20114 206
*10814 10834 10712 10814 204
24212 Mar 29 1951B Mar 298% Aug
10712 10712 10734 10734 10738 107% 10614 10614 2,400 Preferred
100 1023* Jan 3 10834scpt 29
*13014 13112 127 13114 12514 12614 12512
99 May 10478 Dec
12414 1251
/
4 12312 125
126
2,500 Atlantic Coast Line RR
92
100 12312 0c1 10 175127,iar 18 161 Nov 20912 July
94
89
917
88% 91
8912 86
8912
884
28412
88
31,700
Baltimor
e
&
Ohio
100 8412 Oct 10 12232Mar 31 10514 Nov
.817o 8214 8134 8134 8118 8112 813* 8112 8112
145% Sept
8112
x793
8
7934 1,400 Preferred
100 7814 Feb 10 8158J111y 25
.6814 72
68
68
75 June 81 Dec
6614 6614 *65
6658 64
65
6214 6314 4,000 Bangor & Aroostook
•11212 113 *11212 113 *11212 113
50 6214 Oct 10 8412 Mar 29
55 Oct 9038 Sept
*11212 113
11212 11212 *11212 113
10
Preferred
100 109 Feb 28 11614Ju1,o 4 y10314 Oct
*65
80
*64
70
*5512 75
75 .61
115 Sent
*61
75
61
61
200 Boston & Statue
100 61 Oct 10 112 Feb 8
1234 1234 *12
13
*1212 13
85 Apr 145 July
*1212 13
*1212 13
1212 1212
400 Brooklyn & Queens Tr_No par
10 Jan 11 1578May 22
*59
6114 .59
618 *59
7 Nov 15 Dec
60/
6472 59
1
4 *59
59
*583
4
63
100
Preferred
No par 53 May 3 6612May 29
72% 7278 69% 7114 688 7114 675a
44 Nov 65 Sept
6712 6818 6634 69% 18.600 Bklyn-Munh Trun v t c No par 5838.1une 18
69
9314 9314 93 93
7838Mar 18
40 Oct 8178 Feb
9312 9312 92
93
92
92
0034 9112 1,600 Preferred v t c
No par 848 Jan 6 98345ept 25
*814 9
77
814 814
7612 Nov 9258 Feb
512
714
712
712
2,200
612
63*
718
Brunswick Term & Ry Sec_100
512 Oct 10 3358 Apr 23
1795 1797 172 175
17434 176
412 Oct 4418 Jan
174 178
16912 174
16312 171
12,100 Canadian Pacific
100
165
Aug
4614 4634 4434 4618 44
3
4
14
22634 Feb 10 185 Dec 26978 Feb
4434 43% 4514 4314 4419 41
49,400 Chesapeake & Ohio new
44
_25 41 Oct 10 513sSept 9
238 212
214 238
2
218
1% 1% .2
2/
1
4 *2
2/
1
4 2,000 Chicago dr. Alton
100
152
*2
Oct
8
214
10
158 2
Apr
2
4 Nov 1934 Feb
112 178
178 17
112 17
112 11
/
4 4,200 Preferred
100
112 Oct 7 1052 Apr 11
*--_ 18 *____ 18 *____ 18 *- IS .____ 18 *____
3/
1
4 Nov 2534 Vet
18
Chic & East Illinois RR
100 1414 Jan 7 28 Mar 26
*20
35 .20
35
*20
15 Dec 43 For
35
*20
35
*20
35
*20
35
Preferred
100
29
Sept
25
83
834
5278Mar 26
7% 818
75
712 734
73 12,900 Chicago Great Western_
3634 Dec 667* Fee
8
7%
7
/
1
4
Ca
100
2934 32
678 Oct 10 17345tar 31
275 3014 272 29
2718 2812 271s 2812 2618 2914 12,500 Preferred
7 Nov
237 Feb
100 26 Sept 30 523sMay 16
11
1114 1013 1034
95 101
1712 Nov 63% Jar
1018 1014
934 1012
8% 93 39,300 Chicago Milw St Paul de Pac_
1712 181, 1618 181
858 Oct 10 263* Feb 7
/
4 1514 1614 16
16 Now 447 Alli
1814 148 1634 137 1538 26,600 Preferred new
1378 Oct
52
53 , SI's 5134 5014 5112 4934 507
2812 Nov 685s Sepi
47
4934 4614 4912 14,000 Chicago & North Western_100 4614 Oct 10 4614 Feb 10
•120 138 *117 138 *125 138
10 8978 Feb 8
75 Nov 10812 Atli
125 125 *126 138 *126 138
100 Preferred_
100 125 Oct 8 14034June 3 134 Apr 145
Fet
8914 90
8412 87
85
8634 8418 85/
1
4 77
83
7612 7012 10,000 Chicago Rock lel & Pacific_100 7612 Oct 10 12518
•106 10634 *106 10634 10614 10612 *106 10634
Feb
14
101
Nov 14312 Sep
106 106 *106 10614
500 7% preferred
100
105
*101 102
June
16
11038Ma
101 101
r
20
101 101
100 Nov 109
IJI 101
Oc
101 101
100 10014 1,600 6% preferred
100 293 June 6 108 Feb 7
*6518 70% 6515 6512 64
947 Nov 10314 Noi
65
6312 65
63
62
6112 6134 6,000 Colorado & Southern
100 6112 Oct 10 95 Feb 13
*78
79
*78
79
*78
8814 1)ec 135 Jul]
79
78
78
78
73
79
*78
30 First preferred
100
6834
.67
69
Jan
*67
3
SO
June
69
67
19
67
*67
6512 Oct80 Jut
683 *67
6834 .67
20 Second preferred
6334
100 60 July 11 75 Apr 23
*40
44
*40
44
40
4312 *40
64 Apr 7212 Ma
42
40
4312 40
43
1,100 Consol RR of Cuba pref
100 40 Sept 25 62 Apr 10
157 157
15512 1551 15314 15314 815034 153
45 Nov 705s Jul
150 151
148 151
3,300 Delaware & Hudson
*111 113
100
146
June
111 111
25 181 Feb 8 14112 Oct226 Jul]
110 11034 109 10912 10812 109
105
/
1
4
108
7.200
Delaware
Lack
de
Western.100 105/
*4812 51
48
1
4
Oct
48
10
153
46
Feb
47
8
12014
45
4514
June 19934 Set,
42
45
39
40
2,100 Deny & Rio Gr West pref_100 39
3712 36
3614 3712 36
Oct 10 80 Mar 28
363* 3614 3612 3512 3612 343* 3534 37,200 Erie
49 Oct7734 Fel
52
100 343* Oct 10 6334 Feb 14
52
5112 5112 51
5214 *52
4112
54
Nov9312 Sep
52
52
52
52
2,100
First
preferred
*50
100 51 Oct 7 673* Feb 19
52
4912 4912 4912 50
50
60
50
5512 Nov64114 Jul:
50
50
50
800 Second preferred
70
100 4912 Oct 3 6212 Feb 19
70
673* 7012 67/
1
4 6818 66
68
Nov0378 Jul;
52
6412 66% 6412 68
17,500
Great
Northern
preferred
*2234 24
. 100
2118 2234 2014 20% 1918 2018 18
8514 Nov128/
19
1
4 Jul:
1818 1814 3,100 Gulf Mobile & Northern_ _100 64% Oct 10 102 Mar 29
8718 8734 86
18 Oct 9 4612 Feb 17
8612 8514 8514 *S5
85% 85
18 Nov59 Fel
85
85
85
1,100 Preferred
447 447
100 85 Oct 9 9814 Mar 10
4414 447g 4334 448 *4312 4412 *4314 4412
Nov103
70
44
Jul
433*
2,300
Hudson
&
Manhatt
108 111
an
10312 106
100 41 June 25 5331 Mar 25
10212 107
106 1068 104 10734 102 10478 14,500 Illinois Central
3412
588* Jul
*7114 72 .71
100 102 Oct 10 13634 Apr 22 116 Ma
72
*71
72
*71
74
*70
NOv 15312 Jul:
72
71
71
10
33% 333* 31
RR
Sec
stock
certificat
es__
321s 308 313* 313 3138 2914 30
_
70
70 Nov8018 Fel
/
1
4 28
'29
8.600 Interboro Rapid 'I'ran v t 0.100 201* Jan .1 77 May 13
60
60
*55
60
58
58
Jan 3 391265ar 18
*55
60
*51
65
15 Oct5834 Fel
50
53
1,600 Kansas City Southern
*65
67
*65
100 50 Oct 10 8538Mar 29
67
*65
67
65
65
*66
60 Oct108% Jul;
6612
*66
6612
100
Preferred
57
57
100 6434Sept 30 70 Apr 16
56
56
5414 55
56
56
*55
63
65
Nov 7012 Jai
54
547
3,400 Lehigh Valley
50 54 Oct 2 847254ar 31
*11514 11612 1061
65 Nov 1021.1 Fe'
/
4 11134 1093* 1095 111 11114 112 115
11212 114
3,700 Louisville& Nashville
3812 3912 3612 3712 35/
100
10614
Oct
1
4 37
6
35
13812
Apr 4 110 Oct1 15434 Sep
3758 35
3738 3212 37
*1714 20
*1714 20
1714 1714 *104 1734 .104 1734 104 1614 21,500 Manbat Elm, modified gu.sr100 24 June 28 42128cpt 27
24
Oct 5712 Ja
1.100 Market St Ry prior pref 100 1634 Oct
34
%
%
/
1
4
10 2512 Feb 13
34
34
12
1412 NovI 3912 Ja
/
1
4
*12
34
"2
34
600 Minneapolis de St Louis_ _100
*10
16
*10
15
*10
5
8
Aug
15
19
*10
218 Apr 5
15
*10
15
*10
114
Nov
15
334 Ja
Minn
St
Paul
•50
&
S
21 Nlarie_100 1412 Oct 1 35 Feb 7
5012 50
50
*4912 5012 *4012 5012 50
30
35 May 6112 Sep
50
50
190
31
31% 30
100 50 July 31 5912 Feb 21
3012 291
/
4 31
2934 3212 2918 3012 2734 '291 16,800 Leased lines
51 Dec 66
Ja
Mo-Kan-Texas RR----No par 27/
*9114 9234 9114 9234 923* 9238 92
1
4 Oct 10 6058 Apr 14
92
9014 005
2712 Nov 6534 Jul
87% 89
2,200 Preferred
51
51
49
100 877 Oct 10 10832Mar 27
5012 4512 4812 4518 47
44
4512 42
9372 Nov 10712 AT
44
6,900 Missouri Pacific
112 112
110 11012 10912 10912 109 109
100
42
Oct
10
9812Mar 6
101 108
46
100 10414 4,000 Preferred
*86
100 100 Oct 10 14512Mar 6 105 Nov 1013a Jul
.86
___ *86
_ __ *86
__ .86
_ _ *86
Nov 149
-- ___
Oc
Morris & Essex
*93 -951, *03 -9512 93 -93
50 8134 Jan 29 87 Oct 2
93 -93
93 -93753 Oct861 Ja
93 -93
210
Nash
Chatt
&
St
Louis_
"
58
__MO
34
34
93 Sept 24 132 Mar 25 173 Nov 240 Au
34
34
3
4
3
4
3
4
3
4
/
1
1
4
1,100
*12
Nat
Rye
of
Mexico
149 15118 14658 14938 14114 14812 14612 14812 141
2d pref_100
34 Feb 25
11
/
4July 29
14612 139 14512 69,300 New York Central
1
Oct31* Ja
*9212 95
100 139 Oct 10 192/
9112 0214 *91
95
90
1
4 Feb 14 160 Nov 25612 Au
9112 89/
1
4 90
8812 8914 3.300 NY Chic & St Louis Co
*10212 104
10312 10312 103 10312 104 104
I00 8812 Oct 10 144 Feb 10 110 Nov
104
10414
104
104
Au
800
Preferred
202 207
188 19114 *190 195 .180 205
100 103 Oct 7 11034.May 14 100 Slay 1923s
186 188
110 Dc
180 185
260 NY & Harlem
99/
1
4 10114 9734 99
50 17434 Aug 13 324 Feb 3 155
97
99
9712 0814 9412 97
Oct
9312
379
Ja
96
22,600
NY
*118 11912 117/
N
H
de
Hartford
1
4 118
100 9312 Oct 10 128121/
118 118
117 11734 117 117
807g Jan
141er 29
116 118
Ot
2,400 Preferred
6/
1
4 6,
63* 6%
4
116 June 18 13512Mar 21 1143* Jan 13212
6
614
6
658
6
13434 Au
61
6
6
2.700
NY
Ontario
*112 134
&
Western
112 112
___100
6 Oct 7 1714 Mar 31
1%
158 *13* 112 *1
8 Nov 32 Fe
1'2
134
134 1,200 N Y Railways pref____No par
*14 1
*14
114
*1
/
4
Ps
114
*14
Oct
7
114
418
Jan
*14
97
16
114
112 Dec
*518 93* *712 9
*14 114
Fe
N Y State Rye
*712 9
100
*51g 9
18 Aug 27
71
212 Feb 6
71
1
Oct 1414 Mt
612 612 1,300 Norfolk Southern
100
612 Oct 10 3312 Feb 14
223 22314 221 22414 220 2221
14/
1
4 Dec 4812 Fe
/
4 221 222
22014 21212 215
216
3,300
Norfolk
*90__ _ *00
&
Western
100 21212 Oct 10 265 Feb 18 191
___ *90
_ 90
90
90
Jan 290 Sei
90
6078 -63
:..30 Preferred
5918 -69
100 83 Feb
5918 6018 60
90 Oct 8
6014 5712 603* .9082 Nov 8714 Ms
5614 60
*714 77
17,800 Northern Pacific
7
7
100 5614 Oct tO 97 Feb 21
*612 7
612 612
57
7
7518
Nov
11872 Jul
707 71'2 693 7034 685
578
700
4
Pacific
5
Coast
100
8 6934 69
48 Oct 10 197 Apr 9
47 Dec 43 Fc
6934 66
69
647 6812 56.500 Pennsylvania
*7
15
*7
10
50 6478 Oct 10 8658Star 31
*7
15
*7
10
7212 Marl 110 Al.
126 126
714
714
100
Peoria
*7
122 125
&
Eastern
8
100
123
7 Sept 30 2412atar 31
12214 124 *124 128
17
*9634 981 *9634 9812 *963 123
1
4 125
390 Pere Marquette
100 122 Oct 6 16412 Apr 10 140 Dec 35 Jul
4 9812 0812 9812 9812 9512 123/
NovI 260 At
*9134 95
9812 9812
900 Prior preferred
.9112 95
*9112 95
100 943 Jan 31 101 May 17
*9112 95
94
Howl 101 St:
9112
9112
*75
9112
90
40
9112
75
Preferred
75
*70
100 9112
00
*70
95 .71
90 Howl 97 Jo
.05 100
75 .70
80
100 Pittsburgh & West Virginia 100 75 Oct 9 99 Apr 15
9614 98
96
97
Oct
*9514
6 12134 Feb iii 90 Nov
98
*9514 9712 04
*47
1
4 Ja
50
9834 3,300 Reading
*47
50 .47
50 94 Oct 10 14112 Feb 61 101's May! 148/
5
50
, *48
*47
50
.47
50
49
4818 4818 471 480 *47
Set
First preferred
50 4418 Mar 11 53 Feb 211 4112 Apr 147%
*48
4878 .4712 4734 4758 473* 1,300 Second
72
50 Set
72'2 68
71's 6812 6912 67
preferred
50
4714
69
Aug 12 57 Feb 6
6518 68
4358 May 6034 Set
6412 67
*85
90
*85
13,500
Louis-Sa
St
90 .85
Francisc
n
o____10
88
6412 Oct 10 11878Mar 27 101 Nov 13334 At
8712 8712 .85
.50
88
.85
56
88
100 First preferred
*47
52 .48
100 8712 Oct 8 101 Apr 2
58
51
51 .50
87 NovI 9612 Ft
56
*80
*46
5014
87
100 St Louis Southwestern_
8312 831 *80
87
10
5014Sept 30 763465541 16
*80
50 Nov 15% FE
87
*80
3
87
*80
31
87
27s 3
100
Preferred
234 27
100 8312 Oct 6 9434July 24
258 278
84
212 2/
OctI 94 Al
*3
1
4
8
/
4 212 17,200 Seaboard Air Line
11
*3
8
*5
7
1(10
5
512
1
/
1
4
Oct 10 1212 Feb 15
5
512 *3
9% Dccl 213* NC
109 III
5
10612 10514 107 109
1,400 Preferred
10814 10912 105 109
100
5 Oct 8 28 Feb 7
16
/
1
4
Jun
70/
10712
413
1
4 74
10518
6934 71
16,900
Southern Pacific Co
70
72
100 105 Oct 9 127 Feb 10 105 Nov 157 8 0
7012 7334 7012 7134
*8878 8912 8334 8878 88
/
1
4 Be
6912 7014 43,800 Southern Railway
89
*87
100 6912 Oct 10 13634 Jan 13 109 Nov 16212
883 *___ 89
'111 118 *111 118
Se
8614
8614
1.000
Preferred
111 111
111 111
100 8614 Oct 10 101 Star 20
110 111
93 June 100 D
107 109
2.200 Texas & Pacific
*9
10
100
*9
107
10
Oct
10 145 Apr 24 115 Nov1 181 Mt
812 9
8
9
*8
*978 1014 *214 10
10
738 712 1.100 Third Avenue
.
91
/
4 958
100
912
612June 18 1512Mar 20
912 *914 10
6,3 Nov 39 F,
*51
55 .51
9
914
55
200 Twin City Rapid Transit..100
.51
54
55
55
9 Oct 10 3112 Jan 29
51
20712 208
2014 Dec 58l4 J:
51
.51
204 20518 203 205
54
SO
Preferred
204
100
51 Oct 9 79 Feb 3
204
12
75 Dec 100 J:
*8712 8812 *8712 88
/
4 20214 19814 206
10,600 Union Pacific
8738 8712 8738 873* 1981
100 19814 Oct 10 242/
1
4Mar 29 200 Nov 2973* Al
25
87
26
87
86
*24
87
28
1,500 Preferred
*20
28
*23
100 82/
28 .._
1
4 Jan 17 8833Sept 30
1 __ 26
80 Nov 8512 Se
68
*16
68
6434 644 60
26
500 Wabash
64
*62 69
100 25 Sept 30 673* Apr 1
*56
18
40 Nov 8134 J:
1912 17
70
60
60
1714
500 Preferred A
1512 1778 16
100 60 Oct 7 8914 Apr 8
1712
1518
82
*17
1614
Nov 10472 .11
22
1412
*16
163
4
29,900 Western Maryland
21
.16
19
•16
100 1412 Oct 10 36 Mar 29
18
*1512 IS
*15
10 Oct 54 Fl
17
*1514 167
14% 1512
400 Second preferred
15
100 147 Oct 10 38 Mar 28
1512 1318 15
*3212 3912 3312 3312 3112 151 *15
143*
Nov
5312 F,
1112
12%
1,300
Western
Pacific
321
31
100 1112 Oct 10 301265ar 29
32
2714 301
15
Oct 4178 M
2634 28
3,700 Preferred
100 26/
1
4 Oct 10 5312 Mar 19
37/
1
4 Nov 67/
1
4 Ju
*15/
1
4 1512 1414 15
13
Industrial & Miscellaneous
14
13
13
11
*65
13
69
11
60
12
3.300 Abitibi Power & Paper_No par 11 Oct 9
60
59
59'z
57
4218
583
Apr 9
4 *-- __ 5o x50/
3414 Dec 571s Ai
•38
52
1
4 5014
*38
1,100 Preferred
62
*3518 52
.30
100 5014 Oct 10 8612 Apr 8
50 .30
69 Nov 883* .1.1
*108
52
_ *108
*35
45
Abraham de Strauss____No Par 4014 Sept 29 66 Apr 21
_ *108 ----'108 -- '108
2412 _-*108
43 Dec 15912 .11
2458 22% -2-0% 2214 2314
108 108
70
Preferred
2212
104
Jan
100
11
11012
23
- -18 2078 223Aug 25 10012 Nov 11212 0
*92/
1
4 0314 9314 9314 93
8 19/
1
4 22
44,300 Adams Express
9314
No par 1934 Oct 10 37% Mar 31
20 Nov 34 Ni
*25
251
/
4 *2312 2512 *2312 2512 9212 93
9212 861
/
4 8610
530 Preferred
190 85/
.2312 2412 8618
1
4 Feb 4 04 Sept 10
84 Nov 96
2312 2312 2172 23
*30
3012 3012 33
.11
800
Adams
Millis
32
32
/
1
4
32
No par 21 8 Oct 10 32 Mar 31
3218 32
19 Nov 3572 .T:
*7
32
733 .68 7
30
32
2.600
6/
AddressograPh Int Corp No par 29$4.1u8e 27 3434June 13
1
4 6%
612 612
6%
6
19
534 6
19
1812 19
2,200 Advance Rumely
18
1812 18
Oct
10
100
4
53
2314
19
Jan
24
IS
7 Oc 11812 151.2 171, 3,900 Preferred
0472 ii
100 1512 Oct 10 4114 Jan 29
•Bid and asked prices; no
15
Oct 119 M
sales On this day. c 60% stock
dividend paid x Ex-dividend. y Ex-rights. a Ex-dividend
and ex-rights.
2346
New York Stock Record-Continued-Page Z
page preceding.
For sales during the week of stocks not recorded here, see second
PER CENT
HIGH AND LOW SALE PRICES-PER SHARE, NOT
Friday
Thursday
Wednesday
Tuesday
Honday
Saturday
Oct. 10.
Oct. 9.
Oct. 8.
Oct. 7.
Oct. 6.
Oct. 4.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
share Shares Indus. gc Miseell.(Con.) Par
share S per share $ per share S per
1
$ per share $ per share S per
12 1,200 Ahumada Lead
12
%
58
1
*12
12
bs
*12
12
12
No par
97 105% 76,000 Air Reduction Inc
105
98
10878
103
109
1
1054
110
3
111 11212 1.0753
ApplianceNo par
Rice
Air
6,100
11
Way
1018
11
1112
1012
2 10,4 114 *11
1334 11.12 11,
12
No par
1
•34
% 1,600 Max Rubber Inc
34
78
1
78
1
7e,
78
78
32,500 Alaska Juneau Gold Min_ _10
514 6
5% 618
5,2 6
5,4 6,8
614
6
578 6,4
par
No
Co
W
P
A
Paper
700
812
8
9
9
*812
.812
0812 9
'
94 *812 9
9
No par
08,000 Alleghany Corp
17% 1618 1718 1514 17
17
18% 1914 17% 18% 1714 18
$30 warr____100
with
A
Pref
300
90%
*86
*86
90%
8953
8938
8934 89
4
,
9112 9112 *89% 97
300 Pre( A with $40 warr___100
88
*82
87
8918 85
9112 8712 87,2 *87
91 12 *87
*87
300 Fret A without warr__ _ _100
88
*78
88
84% 8478 8512 8512 *80
*8478 8712 *8478 86
Allied Chemical & Dye_No Par
42,100
21212
2200
211
20214
222
21112
213 225
23534 24212 21734 232
100
200
Preferred
12334 12334 *122 12312 122 122
*12334 12514 •12334 124 *12334 124
22,900 Allis-Chalmers Mfg_ _ _ No par
42
40
8
433
3912
3
44
4
4312
8
455
4414
4 4518 4634
par
No
Cement
Alpha
Portland
1,000
22
2118
22
22
22
22
22
2214 2214 2214 2214 22
No par
19,400 Amerada Corp
23
2418 25% 2413 2514 2412 25,2 2313 2118 2212 23% 224
Chem __100
Amer
Agricultural
3,800
212
4
,
2
23
8
23
4
23
4
23
4
234 3
3
318 3,4
3
100
Preferred
24
2514 2214 24,3 8,800
27
26
29
2934 2678 2818 2638 28
10
3,700 American Bank Note
6514 66
67
69,4 6612 68
6812 69
70
69
73
73
50
Preferred
150
621
6214
643
4
*6218
6478 64% 64% 64%
65
*62
*6312 85
409!Arnerican Beet Sugar_No par
5
*414
5
*4
4
4
4
4
4
4
5
*4
3.400 Amer Bosch Magneto__No par
2412 '27
2612 27
28
28
28
28
28
28
28
28
Am Brake Shoe & Fdy_No par
5,0.10
33
374
40
37
4012
40
44
41
41
41
42
*41
100
103 Preferred
•12312 12338
*12313 12438 *12312 12138 *12312 12418 .1234 121% 12312 12312 11
13% 25,200 Amer Brown Boveri El_No par
12
1312
8
1
1318
131
4
1414
123
4
14%
1313
1413 15
100
Preferred
575
71
*5912
6912
6913
704 7218
75
7414 7414 72
76
*75
25
11214 11812 445,603 American Can
11814 12014 11678 12012 11314 118
12258 125% 117% 121
100
149% 149% 2,400 Preferred,
15012 15012 150% 150% 15018 15014 1504 15018 149% 149%
Par
&
Car
Fdy_No
American
5,700
40
38
4218
4218 4218 4218 41
4238 4314 42
*4318 45
100
Preferred__
894 8212 1,200
85
85
89
89
89
89% 89% 89
90
90
No par
4312 3,500 American Chain
233
4312 46
48
46
4634 46
48
50% 48
50
par
No
Chicle
American
9.500
40
384 4012 3612
41
41
4038 41
4(158 41
4118 42
1418 1212 134 7,103 Am Comm', Alcohol__ _No par
1412 14
1414 14
1518 144 14% 14
15
TIling_No par
Amer
Encaustic
200
16
16
*11,2
*1113
1178 1178
*1112 16
12
12
*1178 13
3.500 Amer European See's No par
31
25
3314 33% 3118 33
32% 34
35
3512 3338 35
No par
41
4614 3758 4312 229.400 Amer & Porn Power
5513 5778 49,4 5114 4.112 5114 4518 48
No par
1,700 Preferred
102
*100
10213 103,4 101 10134
10112 105
105 105
106 106
par
No
preferred
2,1
2,703
85
86
87
87
89
89
90
88
*9012 91
92
92
No par
$6 preferred
3.390
95
92
93
9512
9812
98
99
98
99
, 93
9818 98
10
Co
S
S
Hawaiian
Am
3,803
9,4 9%
9% 1014
10
10
10
10
1014 10
*10,4 12
603 American Hide & Leather.100
3%
53
3
3
3%
*3
4,8
31, *8
3
3
312
100
Preferred
1912
*17
21
*17
21
*17
21
*17
21
•17
21
*17
8,103 Amer Rome Products __No par
5512 5318 5412 52,3 5313 5012 5234 4912 5012
5512 55
50
No pa
2818 29% 3,300 American Ice
3014
4
293
304
3012
304
3014
3012
3012
31
31
2818 68,500 Amer Internet Corp_ _.No pa
2914 3078 2818 3018 2834 3014 2738 2914 2514
30% 321
Foamite_10
&
France
La
Amer
600
114
114
132 *14 1% *1 14 1%
112 *114
*114
11
138
100
100 Preferred
2212 •10 2212 10 10 •10 22
2212 *10
221 •10
*10
7,900 American Locomotive_No par
3434 3512 31 14 34% 304 31
3512 36
36
37
36
*36
100
700
Preferred
88
87
*80
89% 8918 8918 8814 8814 8814 8818 *80
*89
10,800 Amer Mach & Fdy new _No par
38
4 36%
37
38,
3878 3938 3634 3812 3634 3814 3734 39
338
par
.No
Metals.
&
Mach
Amer
4,500
412
313 5
34 512
6
6
5,2 5,2
03u
*6
19
2013 9,000 Amer Metal Co Ltd___No par
22
2112 20
2014 2213 21
22
2218 2218 22
100
Preferred
(6%)
4
1033
•____
103%
•____
4
1033
____
10334
•____ 104 •____ 10334
70 Amer Nat Gas pref____No par
•6314 69
*6314 69
7058 •6314 70
6912 6912 70
68
68
62
6734 12,600 Am Power & Light_ _No par
664 67
71
7212 6734 7134 68
76% 76% 71
No par
Preferred
1,900
10512
105
10512
10512
10578 10634 10534 10653 *10513 106
*105$4 107
Na par
100 Preferred A
86
•82
87
*8612 88
*85
*8612 87%
88
*87
No par
Pre( A stamped
1.500
87%
8714
4
8818
88,
*884
88%
8
887
*8878 8914 88% 88% 88%
par
San'y_No
Stand
&
Am
Rad
76,300
2214
4
203
2253 23% 2134 22,2 20% 2178 2114 2212 2038 2214 1214 12,2 3,400 American Republics...No par
1234
1314 11
13
1413 13% 14
14
15
14
25
Mill
Rolling
36,700
American
40%
3312
4112
413
4
42
393
8
42
4112 4318 4038
4313 44
2,900 American Safety Razor_No par
6012 5712 60
61
60
61
63
*61
62
62
64
*63
No par
712 1,100 Amer Seating v t o
7
712 712
7,2 7,2
*712 834 *712 8% -712 753
1,500 Amer Ship & Comm_ _No Par
1,4
114
138
138
134 •138 134
133 *1%
1%
*138 134
480 Amer Shipbuilding new _No par
*4012 45
41
40,4 41
4014 4314 40
*4314 48
*43% 48
Amer Smeltlog & Refg..No par
25,600
8
553
52%
5318
5512
56
55
5714
4
55,
564 554 56
56
100
500 Preferred
13512 13512 136 136
*13512 13714 •I3513 13714 13512 1354 13512 13512
100
1,500
6% cum 2d pref
10112
10112 101 12 10112 10118
101 10118 1014 10114 10112 10112 10112
25
800 Anerican Snuff
3912
8
385
39%
3978
42
*38
40
40
*39% 41
100
190 Preferred
110 110
*110 120 *104 120 *10412 114
*9912 - - - - *100
318 4% 4,100 Amer Solvents & Chem _No par
5
412
8
45
4
,
513
3
4
,
5
54
54
4
*515 5,
No par
100 Preferred
14
14
17 •
•____ 16
•
•____ 17
3212 2,800 Amer Steel Foundries_ _No par
3212 3418 31
3434 347 *3413 343
3812 *3434 37
*35
100
20 Preferred
11118 11118
1121
11212
•111
11212
*111
•111
2
11212
11212
*111 11212
No par
5,400 American Stone
41
40
4012 42
*4134 44
41% 42
4178 42
44
*42
100
6,200 Amer Sugar Refining
46
43
4312 4134 4212 4312 4312 4318 4418 43
43
43
100
300 Preferred
*9813 9978 9312 9812 9812 99
.9912 100
*9812 100
*100 101
par
_No
Tobacco_
Arn
8
Sumatra
2,800
74
9
10
8
10
834 9,4 *9
9% 9% 10
150 Amer Teleg & Cable CO..,100
•181z 21
21
2012 2012 18
*1918 1934 1918 1918 1934 20
100
Teleg
&
Amer
Telep
290.200
4
4
1923
200,
200
19618
202
8
20234
1985
20278 20712 20012 20234 198
American Tobacco com____60
_25
11.100 New w 1
10812 113
(F 11212 118 1.1.34 11-4-4 -1110T2
118 11934 115 1-150
Common class B
25
Class[(newWl
112 115% 10934 11478 80.400
11914 12153 116% 11918 11512 11835 ll47s 117
100
Preferred
1,200
127
12618
4
4
1273
1273
4
1273
4
1273
4
1273
4
1273
129 129
*12734 130
300 American Type Founders 100
110 110
•115 12312 *115 1231z *115 12312 *115 12312 115 115 *1054 110
100
250 Preferred
108 10834 10818 10818 1084 10818 109 109
*10834 114
8113
Am Water Wks & Elec_No par
184,600
7418
8512
4
753
964 8618 9334 8318 8878 8412 88
94
let
preferred
300
____ 106 107 *105 107% 105 105
10818 10818 *108
*10714 108
100
1,800 American Woolen
714 8
8
8
9
918 *8
9% •8
9% .8
100
*8
4,300 Preferred
19% 20
2018 21
2214 2118 22
2458
22
*2218 2458 *2218
ette_No par
Paper
Writing
Am
1,000
318
34
4%
4
4,8 418
4
4
434
*4
5
0
*4
certificates....J0
400 Preferred
30
3012 3012 30
31
3712 31
3612 *31
*31
*3612 37
614 5,100 Amer Zinc Lead & Smelt_ __25
618 6%
6
*612 ____
858 7
4,7% 8
718
7
25
Preferred
500
45
*35
49
4912 •____ 45
50
5112 50
54% 50
_50
*52
23434 364 102,700 Anaconda Copper Mining_
37
37,4 35
38,4 3538 3718 36
37
39
38
1,900 Anaconda Wire& Cable No par
21% 22
22
24
22
2334 2334 2212 2212 24
par
No
*23% 25
800 Anchor Cap
30
*28
*32
3434
35
3434 35% 35
3653 37
2.300 Andes Copper Mining_ _No par
15% 16
15% 16
1618 164 •1513 16
1614 1614 *1618 18
9.700 Archer Daniels aildi'd_No par
1912 1834 19% 1918 194 18% 1912 1712 19
19
1814 20
1,800 Armour & Co (Del) Prof..100
74
7512 7512 72
7512 76
7512 76
75
75
76
75
312 4
11.400 Armour of Illinois class A__ _25
378 4
4,8
4
413
4
44 432
25
4% 414
214 212 12.800 Class B
212 2%
258 234
212 234
2% 2%
100
258 2,
4
700 Preferred
5412 5278 5278
53
*51
56
5418 *5412 56
Corp_No par
5413 5412 54
Constable
Arnold
3,500
4
,
8
6
613
6
634 7
64 718
No par
•74 8
8
8
100 rtioom Corp
*534 878
4 8% *534 7
712 712 *5,
*712 8% *713 878
3,600 ssociated Apparel Ind_No par
27
8 25
27
2712 2512 27,
28
27
29
par
No
Goods
*29
3012 27
Dry
Assoc
9,300
3012 3018 30,2 2918 3078 2913 3934
25
3014 3078 29
33
32
Associated 011
*30% 40
*3078 40
*30% 40
40 .30% 40
*37
Line___No par
SS
*3734 44
I
W
AGO&
1,100
47%
48
48
51
48
*48
48
4812 481z 48
100
*4812 63
Preferred
600
56
*54
54
5453 54
25
*5414 5413 5414 5114 5412 5412 *54
25
26,4 2258 25% 80,000 Atlantic Refining
25% 2714 2618 27
28
2812 2918 27
No par
Powder
1,600
Atlas
6218
6218
84
63
6714
65
64
64
65
100
6912 .63
' *65
50 Preferred
10134 10212 •10I3 10212 10134 10212
No par
*10114 102,4 101,4 10153 51004 10212
9.400 Atlas Stores Corp
15
17
2253 •10
2234 23
No par
2653 244 2512 2234 24
Tack
*26
Atlas
1,200
212
8
1
27
3
3
314 3 4
*314 4
par
4
*3
4
*3
8034 43,200 Auburn Automoblle...No par
8934 944 80,4 894 78
97
No
964 89
96 10012 94
214 1;300 Austin Nichols
2
2
2
3,2 *218 312
par
No
Corp
Autosales
500
*2,8 312 •213 312 *218 21_ *2
218
218
212
212 *2
50
258 2% *2
234
Preferred
*2
*613 10
3.612 8
*612 10
*612 10
Razor A.No par
Sat
*612 10
*612 10
Autostrap
15,800
67
66
70,2
704 7234 67
72
par
66
No
68
66
Corp
70
Aviation
3784%
69
29,600
37
4,1
37
418
334 414
418 453
412 434
52.800 Baldwin Loco Works. Na par
2912 2533 28
2834 29741 28
100
30,4 31% 2938 3012 28% 30
370 Preferred
10612 108
107 107
107
107
108
108
109
*108
108 108
120 Bamberger (L)& Co pret 100
108 10938 •10312 10912
109 109
No par
Brothers
Barker
*10812 10912 10812 109,2 *10812 10912 •13
200
1312
1314
1312
1312
14
1312 1312
100
14
*13
14
120 Preferred
•13
70
70
70
70
70
25
*___ 70 •_ ___ 70 •--- 70 *____ 19
44,400 Barnsdall Corp class A
1612 1878 1558 18
No par
Inc
1934 1812 193* 1812
Cigars
19
Bayuk
20
20
4814
*____
•____ 4814
4814
•.._4814
•____
100
preferred
4
,
48
_
30 First
*-- 4814 •.. _
9512 9512 9512
50
*9512 9614 *9512 9614 9512
*9512 98
*9513 98
4 4,100 Beatrice Creamery
7414 7734 7218 73,
7578 78
79
100
*77
8012 8012 7658 78
10612 10712 1,600 Preferred
*10712 108
108
4
1073
109
4
1083
10834 10834 108 10334
4,434 52,2 1,200 Beach-Nut Packing Co____20
51,2
*5012
524
5278 *51
51
*52
5412 5112 52 .
2,400 Belding Hem•way Co__No par
3
3
312
314
3,4 3,4 *313 3%
3% 3%
403 Belgian Nat Itys part pref_
312 313
7714
77
773 7738 *7718 79
*77% 78 •7714 78
*7712 78
El-rightS.
y
-dividend.
• Bid and aaked prices: no sales on this day. z Ex
PER SHARE
Range Since Jan. I
On basis of 100-share lots.
Highest.
Lowest.
$ per share
12 Jan 4
97 Oct 10
1053 Oct 10
34 Oct 2
412June 18
612 Aug 13
1514 Oct 10
87 June 23
85 Oct 5
84% Oct 7
200 Oct 10
121 Jan 2
3912 Oct 9
2113 Oct 10
18 Jan 16
2 Sept 27
2214 Oct 10
6514 Oct 10
81 Feb 3
4 Sept 28
2218 Oct 1
37 Oct 9
118 July 17
8% Jan 16
6012 Jan 3
10814June 25
141)14 Jan 27
38 Oct 10
8012 Oct 10
38 Oct 10
36,2 Oct 10
914June 30
1113Sept 29
26 Oct 10
3753 On 10
101 Oct 9
80 Oct 10
92 Oct 10
84 Sept 27
212 Aug 29
17 Sept 4
4912 Oct 10
28,8 Oct 1
2514 Oct 1
04 Oct 1
10 Oct
3018 Oct 10
88,4 Oct
354 Aug 8
312 Oct 8
19 Oct 10
101 Oct 2
65 Jan 23
82 Oct 10
99 June 25
75 Jan 8
80 Jan 6
20 Sept 30
11 Oct 9
3812 Oct 10
5212June IR
7 Oct 10
118 Feb 25
40 Oct 8
51 SePt26
13312 Feb 6
100 Aug 18
38 June 18
10018 Jan 3
34 Oct 10
14 Oct 10
31 011 10
11012 Jan 7
40 Oct 10
40 Oct 1
98,2 Oct 9
712 Oct 10
16 June 14
19234 Oct 10
197 Jan 8
10812 Oct 10
197 Jan 8
1094 Oct 10
120 Feb 3
110 Oct 10
106 Feb 5
744 Oct 10
:Jan 4
991
7189ept 30
1938 Oct 10
318 Oct 10
2912 Jan 17
6 Oct 10
49 Oct 8
34125e;,t 30
20 Sept 27
3434 Oct 6
8 Oct 10
15,
17,2 Oct 10
711zSept 30
34 Oct 10
214 Oct 10
52 Oct 1
5 Aug 18
6% Oct 2
25 Sept 30
28 Jan 4
3212 Feb 27
4738 Oct 10
50 June 27
22% Oct 10
62 June 17
10012Sept 29
17 Oct 9
212 Oct 10
78 Oct 10
2 Oct 3
153Sept 28
6 Aug 18
37 Jan 2
3% Oct 7
1933June 17
10412June 25
10673 Aug 15
12 Sept 25
70 Oct 9
1558 Oct 10
48 Oct 2
9512 Oct 3
671: Jan 18
10114 Mar 20
4834 Oct 10
212 Aug 5
77 Oct 10
$ per share
1% Mar 28
15638June 2
36 Mar 24
213 Jan 9
94 Jan 7
1512 Feb 17
3514 Mar 31
10712 Feb 11
99% Apr 11
9614 Feb 24
343 Apr 17
12614 Apr 1
68 Mar 11
4214 Mar 27
3112June 3
1038 Mar 31
3958 Aug 16
9738 Mar27
6634 Jar 31
12 Jar 16
54% Feb 14
5458 Mar 20
128 Feb 13
2134 Apr 25
84 Seta 18
15012 Apr 16
15078 Oct 2
8212 Feb 6
116 Jan 4
13973 Apr 10
3114 Apr 3
33 Jan 16
30% Mar 31
5912 Mar 31
10184 Apr 18
ill', Apr 29
10034June 11
101 May 17
3338 Mar 19
7 Apr 10
3478 Apr 11
69% Mar 20
4174 Mar 27
5538 Apr 2
4 Apr 2
35 Feb 14
105 Jan 8
11812 Mar I
45 Sept 6
1412July
5112 Feb 7
116 Feb 18
95 Mar 27
119% Apr 1
107 afar 24
8778 Sept 19
894Sept 27
39% Apr 7
37 Mar 25
100% Feb 17
67% Apr 26
2612 Feb 18
338May 6
5412June 5
7912 Apr 2
141 Apr 8
10338 Aug 14
4378 Jan 27
112 Sept 18
2212 al or 7
3314 Mar 6
5214 Mar 20
116 Feb 25
5512 Apr 16
6978 Mar 26
110 Apr 24
2634 Feb 10
2712 Feb 8
27414 Apr 17
26414May 23
127 Sect 10
26912May 23
130s Sept 10
129 Sept 25
14134 Apr I
11434July 24
12473 Apr 23
10818 Oct 6
2014 Feb 17
4412 Feb 18
9 May 29
4434 Feb 27
17% Feb 3
79% Jan 20
8112 Apr 2
5314 Feb 6
5134 Apr 21
3714 Apr 2
2914 Apr 5
8278June 5
818 Mar 26
438 Mar 26
65 June 4
1334 Apr 21
2018 Apr 28
464 Mar 10
5012 Apr 15
51 June 2
80% Jan 30
6514 Feb 26
51% Apr 7
1044alar 21
100 afar 22
37 May 15
8',Slar 5
263% Apr 1
7 May 14
1038 Mar 3
25 Mar 4
814July 31
9% Apr 15
38 Feb 18
116 Jan 21
1104 Feb 4
2034 Mar 5
91 Mar 31
34 Mar 28
68 Feb 4
101 July 24
92 Apr 14
10914Sept 22
7018 Jan 28
633 Jan 17
8512 Star 19
PER SHARE
Range for Prerfous
Year 1029.
Lowest.
Hit/,est.
S per share $ per share
4% Feb
38 Dec
77 Nov 22338 Oet
1818 Dec 487 May
1 Dec 1114 Jan
1014 Jan
44 Nov
5 Oct 25 Jan
17 Nov 5812 Sent
90 Nov 118114 July
ioi-
Nov
11812 Nov
3513 Nov
23 Nov
1712 Oct
4
Oct
18 Nov
65 Nov
67 July
54 Dec
27 Nov
1012 Nov
113 Nov
418 Oct
49% Jan
80 Nov
13318 Nov
75 Nov
11012 Oct
36434Atig
125 Apr
7512 Sept
23 Nov
42% Jan
235,4 Jan
7334 Jan
157 Oct
85% June
2012 Jan
7612 Sept
62 Feb
12812 Mar
34344June
104 June
18412 Aug
145 Dec
10612 Jan
120
Jan
27 Nov
20 Oct
184 Nov
23 Nov
50 Oct
10112 Nov
8814 Oct
Dec
94
1712 Dec
312 Dec
2314 Nov
40 Nov
29 Oct
2912 No
212 Oct
271: Nov
90 Nov
11114 Nov
Sept
55 May
47% Feb
9812 Sept
1994 Sept
1084 Feb
103 Feb
100 Feb
42 Apr
10
Jan
5214 Aug
8 Jan
85,
5312 Aug
9634 Sept
8% Jan
75 Feb
138 July
120 Dec
-5l' Nov
106 Nov
58 Nov
6414 Nov
9214 Oct
70 Slay
72% Nov
28 Oct
12,2 Nov
60 Nov
44 Nov
17 Dec
33 Oct
81's Feb
135 Feb
9814 Jan
17534 Sept
105 Feb
80 Feb
8418 Feb
55% Sept
64% Jan
14458 Sept
74% Jan
4178 Mar
7 Feb
62 Nov 13014 Sept
Jab
12318 Nov 138
38
98
Oct 49
Nov 112
351k Oct
110 June
40 Oct
56 Nov
99 Nov
18 Nov
17 Jan
19314 Jan
160 Mar
July
Jan
-797; Feb
114 afar
85 Apr
9434 Jan
111 Feb
60 Jan
3278 Feb
31014 Sept
23212 Oct
i66- Oct 555 Wei
iii; Nov 12114 Jan
115
1(13
50
97
5%
1512
4
28
7
49%
6714
46
25
30
1812
75
518
2%
57
64
1058
34
25
3112
3218
45%
30
67
90
Nov
Nov
Nov
Jan
Oct
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Oct
Oct
Nov
Oct
Oct
Nov
Nov
Dec
Nov
Nov
Nov
Dee
Feb
Feb
Oct
Nov
Nov
Nov
Oct
_
4 Dec
13 Dec
34 Nov
541: Dee
16 (Oct
10912 Nov
9312 Nov
16 De,
70 Nov
20 Oct
55 Nov
95
Oct
69 De(
100 De(
45 Nov
412 Dee
76 Nov
5
120
131 Sept
112 Apr
199 Sept
Jan
104
27% Jan
5833 Jan
1618 July
46 Mar
4914 Mar
11114 Mar
140 Mar
8954 Sept
Oct
80
6838 Mar
494 Mar
Jan
95
1818 Jan
1014 Jan
Jan
86
40% Jan
30 Feb
5834 June
70% Jan
4714 Apr
8612 Oct
6278 Sept
7774 July
140 Sept
1064 Jan
l77 July
614 Sept
-3513
45% Aug
Jan
60
20 Aug
8653 Aug
125 Apr
11012 Feb
3334 Jan
97
Jan
4913 May
113% Jan
106% Jan
131
Oct
: Aug
1061
Jan
101
1734 Apr
84% Jan
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here,
see third page preceding.
2347
HIGH AND LOW SALE PRICES-PER SHARE
, NOT PER CENT
PER SHARE
1 Sales
PER SHARE
STOCKS
Ran ge Since Jan. 1
for
NEW YORK STOCK
Range for Pretiour
Monday
on h„/..
,of ,00_3mr, 7013.
Tuesday
Wednesday
Thursday
FrWay
the
EXCH
Year 1929.
ANGE
.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9.
Oct. 10.
Week
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ ner share S Per share
2234 2334 2134 2334 2034 2214 $ Per share $ per share $ per share Shares Indus.& NlisceII.(Con.) Par $ Per share
$ per share $ per sluice $ per share
2118 2218 2018 2112 1814 2014 39,600 Bend's Aviatio
48
48
n
4414 4534 43
No
par
18
,
4
Oct
10
4534 43/
57
/
1
4 Apr 7
1
4 45
4212 45
1112 4434 15.200
25 Nov 10434 July
8118 8312 7812 80/
No par 31 18 Jan 8 5614 Aor 25
1
4 7712 7978 7514 7878 7012 7514 6914 76 162,600 Best & Co
25 Nov 12312 Sept
Bethlehem
"129 12914 12878 129
129 129
129 129
12812 12878 12514 12614 2,200 Preferred steel Corp____100 6914 Oct 10 11014 Apr 1
7814 Nov 104/
1
4 Aug
*29
2914 29
100
(7%)
29
12214
Jan
29
13 134 Mar 22
29
2712 2712 24
25
24
24
1
4 May 128 Sept
1,500 Blow-Knox Co
25
25
*25
No par 24 Oct 9 4112 Apr 24 116/
26
*25
26
*25
26
25
25
22
22
770 Bloomingdale Brothers_No par
*10112 103 *10112 103
1712June 23 2978 Apr 24
103 103 *10034 10412 *10134 10412 104 104
2234 Dec 611
/
4 Apr
210 Preferred
*8212 90
*8212 90
100 99 May
*8212 90
*3212 90
08212 8712 8214 8214
Oct III
Jan
60 Blumenthal & Co pref.__ ,,100 74 Feb 12 104 Oct 10 100
*24
25
23
23'z 22
7 90 Apr 7
2238 2018 22
2014 20/
1
4 20
701s Dec 118 Jan
2018 4,500 Bohn Aluminum & Br,_No par 20
'65
6878 *65
6734 *65
Oct
10
69 Ayr 7
6734 65
65
*6012 67
*6012 67
37 Nov 13634 Mat
100 Bon Anil class A
21
/
4 218 *218 21
No
par
65 Oct 8 78 Apr 5
*218 214 *218 212
2,8 218 *218 2,2
70
Oct 8912 Jan
400 Booth FIsheries
'15
21
No par
*15
21
2 June 21
*15
21
5 Mar 26
'15
21
3 Dec 111
15
15 '10
/
4 Jan
1712
100 1st preferred
72/
1
4 73/
1
4 71
100 15 Oct 9 3314 Jan 3
7234 7010 711
/
4 70
7114 6712 7014 6738 71
18
Dec
38,600 Borden Co
6334 Jan
2014 2034 1934 2018
25 6018 Jan 8 9038May 29
1914 1934 1978 2012 1714 191
/
4 1612 18
53 Oct 10012 July
12,100 Borg-Warner Corp
212 212 *214 238 *214
10
1612
Oct
10
2
/
1
4
5012
*214
Mar
2/
1
4 5214
27
26 Nov 14333 May
21
214 214
203 Botany Cons Mills class A 50
16
161
/
4 15
1512 1434 1518 1412 1538 1312 143
178Sept 3
5 Mar 27
1218 14
212 Dec 1512 Fell
67,700 Briggs Manufacturing _No par 1218
*18
21
19
19
Oct 10 253* July 23
19
19
*1912 21
1912 1913 18
400 )3riggs & Stratton
812 Nov 8318 Jar
19
1018 1034 1034 111
No
par
19
Oct
4
6
3512
10/
Apr 4
1
4 11
10/
412 51
17/
1
4 10/
101
1
4 Dec 4312 July
4
/
1
4 24,200 Brockway Mot Truck No par
4
*45
55
55
4 Oct 9 2214Nlay
55
545
55
*45
55
40
45
14 Nov 73/
40
1
4 Jar
40
70 Preferred 7%
100 40 Sept 30 85 Apr 15
120 123
24
116 11912 11312 116
711
/
4 Dec 145 Jar
11512
116
11112
1
116
11314
110
7,800
Brooklyn Union Otts___No par 110 Oct
*37
39
*37
3712 *37
1781
10
3713
*37
Mar
3712. 3612 37
4
3
37
37
99 Nov 21812 AO
400 Brown Shoe Co
14
14
1312 14
No par
13
1312 1318 14
1218 13/
1
4 12/
1
4 1234 6,200 Bruns-Balke-Colleudar_No par 3612 Oct 9 42 Feb 18
30
Oct 5112 Beni
20
2018 1834 1934 17
121
/
4 Oct 9 3038 Mar 31
18
17
1778 1612 1714 13
1718 17,300 Bucyrus-Erie Co
161
/
4 Nov 5514 Jar
32
32
10
31
13
3112 3038 3114 3112 3112 3014 31
Oct
10
311
/
4 Mar 24
14
Oct 4234 Jar
Preferred
11534 11534 11312 115 11312912 3018 3,200
10
291z
Sept 30 43 Mar 25
11358 '11338 115 *11358 115
/
11312
11312 4
714 8
26,s Oct 50 Fet
140 1
4,7/
Preferred 0
1
4 734
010734 Jan 3 117 Sept
(7)
7
714
6/
1
4 714
638 634
II 10734 Dec 117 Api
6
618 5,700 Budd (E CB Mfg
No par
91
/
4 912
638Sept 30 15/
9
912
8/
1
4 9
1
4 Apr 15
81
/
4 9
81
/
4 8/
818 Dec 2272 Ocl
1
4
818 8/
1
4 7,100 Budd Wheel
2734 2878 2778 28
No
par
818 Jan 2 1438 Feb 6
27/
1
4 28
2712 2734 2718 2712 27
7/
1
4 Dee
2712 6,200 Bulova Watch
1212 Dec
2534 2678 2434 2512 233
No par 2618 Jun 17 43 Mar 31
4 2438 2212 24
2012 2214 1912 21
2114 Nov 34 Dec
12,700 Bullard Co
*95
98
No
par
*96
1912
Oct
98
95
95
9012 921
9212 94
*90
25 Nov 5453 July
97
900 Burns Bros new cl A corn No par 90 June 10 74 Apr 2
'20
211 *20
22
18 1101
*20
22
/
4 Apr 2
20
20
1934 20
19/
88 Nov 127
1
4 20
Jar
800
New class B corn ___ _No par
*95
971 *95
1514June 18 35 Apr
97
*9512 97
*95
97
95
97
95
22/
95
1
4June 39 Jar
10 Preferred
*31
32
100 8914June 17 100 Feb 2
30/
1
4 3012 30/
1
4 31
2818 3Q14 25
19
29s 2518 271
88
Nov 10514 Jar
18,800
/
4
Burrou
"3218 33
ghs Add Mach...No par 25 Oct 9 511
3218 3218 29/
1
4
/
4
311
Mar
3018
30's
1
29
2914 30,8 28
29
Oct 329/
3,400 Bush Terminal
1
4 Jar
10812 1081 *10534 10834 1057
No par 28 Oct 10 4812Mar 6
8 10812 107 107
105 10534 102 10418
3114 Nov 8918 Fri
520
Debenture
'11434 117 *11434 117
100 99 June 30 110 Mar 15
11434 11434 *114/
1
4 1154 115/
9118 Nov 11012 Ma)
1
4 115/
1
4 111/
1
4 11612
140 Bush Term Bldgs pref
•11
/
4 113
04 112 *114
100
10918
Feb
10
118
Apr
112
114
11
/
4
7 105/
118
1
4 Nov 11812 Fet
118
Ds
800 Butte & Superior Mining___10
118
2
2
2
11
/
4 Oct 9
2
2
514 Jan 6
2
1/
1
4 2
4/
1
4 Dec 1238 Jut
134
178
134 134 1,100 Butte Copper & Zino
14
14
5
14
134 Oct 1
14
414 Feb 20
1312 14
*13
14
1212 13
2 Oct
13
12
2,200 Butterlck Co
911 Jul
60
623
100
12
Oct
5618 62/
10
29
/
1
4
1
4 54
Feb
24
58/
1713 Dec 41
1
4 5638 60
51
5634 4914 5134 63,900 Byers & Co(AM)
Joi
*110 ____ *110 ____ .110
No par 4914 Oct 10 112/
1
4 Apr 28
____ *110
____ *110
50 Nov 192/
____ 112 112
1
4 Jar
10 Preferred
67
58
100 10812 Aug 4 114 Jan 25 105
53
53
56
57
56,8 5638 5538 56
Apr
l2114 Jac
5212 5512 2,100 California Packing
No par 5212 Oct 10 7712Mar 5
63/
1
4 Oct 841
/
4 Aui
/
1
4
/
1
4
713
7
78
78
78
78
/
1
4 2,800 Callahan Zinc-Lead
78
78
78
4234 4234 4238 43
10
/
1
4 Aug
218 Feb 8
42
1
43
42
Oct
42
42
38
40
41
4
4,400 Calumet & Arizona Mlnlng_20 38 Oct 23
Jar
1014 1012 1014 10/
897
8
1
4 1018 1034 10/
101
Jan
9
7312
1
4
103
Nov
4
1363
1012
10
4 Am
9
/
1
4 10
13,900 Calumet & Hecht
*14/
1
4 15/
1
4 1434 15
25
9/
1
4 Oct 10 3338 Jun 7
141
/
4 14/
1
4 *1438 15
25 Oct 611
/
4 Ma
1,800 Campbell W & C Fdry_No par 13 Sept 29
1412 141
1311
/
4
1412
57
57
55
56
5518 56
19 Dec 4911 Au)
5238 5634 51
5414 50
14,700 Canada IIry Ginger Ale No par 50 Oct 10 3() Mar 25
52
20
20
1978 19/
75/
1
4 Mar 10
1
4 1938 20
45 Oct 98/
20
20
20
20
19/
1
4 20
1
4 Jul
2,200 Cannon Mills
*1514 104 *1514 1614 1518
No par
1958 Oct 7 3414 Mar 18
1518 1412 1518 14
27 Dec 4834 Sep
14
12
/
1
4
14
Capital
1.700
Admini
s
*30
Cl
A
par
40
No
12/
*30
1
4 Oct 10 2834 Apr 4
40
33
33
17 Nov 651
*33
35
*33
35
33
/
4 On
33
200 Preferred A
13112 138/
31
50
1
4 12634 13114 1251
Jan
2
42
Mar
19
/
4
29 Nov
131
12614 13134 122
39/
1
4 Or
/
4 118/
1
4 11838 128,400 Case Thresh Machine ctfs_100 11838 Oct
'122 1241 2 *122/
1
4 12312 *122 1231 *122 12312'0123 1291
10 362/
1
4 Apr 23 130 Nov 467 Sep
1231
*123
1231t
Preferr
46
certific
ed
4834 45
ates_ _ _ _10() 115 Jan
4534 4418 4538 4412 44/
1
4 42/
*41/4
1
4 44'2 41
42'l 17,100 Caterpillar Tractor__ _No par 41 Oct 16 132 Mar 25 113 Nov 12312 De
10 7934 Ant 28
*4
5
3/4
312
5014 Dec 61 De
2 *314 5
314
200 Cavannagh-Dobbs Inc_No pa
4712 *__ __ 4712 *____ 471
314 Oct 10 1378 Jan 11
____ 45 *____ 45 *____ 45
614 Dec 43/
1
4 Fel
'12
Preferr
ed
14
100 4712 Oct 2 75 Jan 18
*12
13
1112 12
*11
58 Dec 10512 Ma
13
.1012 13
11
11
500 Celanese Corp of Am_ No par
*10
1014 1/912 10
11
Oct
9 20 July 3
912 i0'o
10
10
912
10
918
3,600
912
Celotcx
*2112 23
Corp
No par
2112 2112 21
9 July 3 60 Mar 10
2184 20/
1
4 21
81
21
Oct7938 Fel
22
2218 2218 3.100 Central Aguirre Asso No par 20
*4
412 *4
412
38 Oct 1 3012May 31
4
4
*334 4
Oct48/
21
1
4 Jr
334 334
300 Century Ribbon Mills_No par
3/
1
4
1
4 3/
*6034 69/
1
4 *6034 69/
334 Feb 4
1
4 *6034
814 Mar 27
*6034 691
Oct2
/
4 "63
3
697 *63
0/
1
4 Ja:
6978
37
Preferr
371.4 3612 3712 3812 697
ed
100 51 Feb
40
6978July 16
38
4034 3614 3838 34
5014 Dec 82 Ja
*514 6
36
8.900 Cerro de Pasco Copper_No par 27 Oct 27
*514 6
514
2
514
653
8 Jan 6
514 51
5214 Nov 120 Ma
/
4
514 514
5
5
1,400
Certain-Te
3818 3818 38
Produc
ed
ts_No
par
5
Sept 30 15% Feb 6
38
38
38'2 38
38
1078 Dec 32 Jul
38
3912 3818 3818 1,500 City Ice & Fuel
83
83 '8314 85
No par 38 July 3 49 Feb 4
83
83
8212 83 '8212 83
3912 Dec 6234 Ja
82
8212
310 Preferred
2312 2312 22
100 81 Sept 11 9834 Feb 11
2234 2078 221
/
4 2214 2312 2112 2278 20/
96 Sept10514 Ja
1
4 2212 9,100 Checker Cab
No par l83sSept3O 67/
5612 5612 '54
1
4 Mar 27
18 Oct 8034 Sep
5638 54
5534 5312 55
54
50
49
5114 6,300 Chesapeake Corp
*1334 14
13
No par 49 Oct 10 8212 Mar 29
13
1234 131
/
4 1212 1238 11
4218 Nov 112 Jul
1212 1014 1138 3,200 Chicago Pneumat Tool_No pa
3934 537
"38
91sSept
3912 .3712 3912 *37/
30
37
Mar
31
1
4 3912 3712 3712 *30
2178 Oct 4712 Set
35
200 Preferred
"25
253 *25
No par 3712 Oct 9 6574 Mar 14
2534 *25
2534 25
25
47
25
25
Nov 81 Set
25
2512
*1514 17
600
Chicag
o Yellow Cab__ No par
*1514 1614
1834 Feb I 32 Mar 2(
1614 *1514 1614 *16
2178 Oct 38 Ja
1612 16
16
4334 4434 4312 4312 *1514
100 Chickasha Cotton 011
10 1512 Oct 3 3212 Apr 10
42
4312 42
4312 40
25
42
Dec 60 Ja
3712 4014
5.600 Childs Co
2118 2112 2018 2118 20
par
No
3712 Oct 10 13758June 6
2038 1918 2012 1714 1918 1612 18 107.000 Chrysle
4412 Nov 7574 Set
513
51
r Corn
No par 1612 Oct 10 43 Apr 11
5
5
438 4/
1
4
412 41
14 13,500 City Stores
/
4
26 Nov 135 Ja
41
/
4 4/
1
4
'27
33
4
4
3578 *27
new
No
Da
334 Oct 10 1314 Apr 25
3578 '27
3538 "27
3578 25
25
23
7/
1
4 Oct 27 Fe
23
200 Clark Equipment
*3112 34
No par 23
*311 2 35
2914 3112 *27
30
28
25 Nov 8174 0(
28
25
2512 2,100 Cluett Peabody & Co No par 25 Oct 10 4412 Apr 21
*9814 103
*9814 103
Oct 10 60 Apr 5
*9714 103
*98 103 '98 103
34,
•98
3 Dec 7334 Ja
103
178 179
Preferr
ed
100
17518,177
9114 Jan 2 105 Apr
17318 17618 17312 175/
1
4 170 17414 1651
9012 Dec 119
/
12,000 Coca C'ola Co
4 169
Ja
*5184 52
No par 13314 Jan 8 .19138June 8
5134 5134 52
52
*5112 52
4
*511
/
4 52
5178 517s ,700 Class A
1
4 Au
5538 55/
1
4 5412 54'2 54
No par 4812 Jan 8 53 Mar 21 101 Nov 154/
502 5112 53
44/
50
1
4 Oct 50 Fe
51
50
5012 3,000 Colgate-Palmolive-Peet No par 50 June
'102/
1
4 10314 '10234 103 *1023
23 6478May 2
4 103 *10234 103 *1021
/
4 103
10234 10234
100 6% preferred
*1512 17
15
100 97 Mar 13 1031sseil 30
15'2 1478 15
1438 1412 1312 151
/
4 1218 1314 6,600 Collins & Alkman
*9114 89
*811
No par
/
4 89
1218 Oct 10 35/
*8114 89
1
4 Feb 13
84
10 Nov 721,ME
84
83/
1
4
84
8312
/
1
4
83
600
1214 1214
Preferr
ed non-voting__ _ 100 73 Jan 3 02 May
1214 1214 1134 1211 11
1112 11
24
11
65 Dec 10312 Fe
1012 11
9,300 Colonial Beacon Oil Co_No par
3812 4114 36
1012 Oct 10 2038 Apr 28
39
35/
1
4 377
35
38
3418 3638 3312 3614 14.400 Colorado Fuel & Iron
117 11918 11414 1161 105 115 8 10514
100 32/
1
4Sept 30 77 Apr 8
111
9812 107
271
/
4 Nov 7812 ?3r
98 104
31.400 Columbian Carbon v to NO par 98
5412 5534 5012 5314 49
5112 4934 511
/
4 4478 49/
1
4 4318 471
10912 10912 *109 110
/
4 158,600 Columbia Gas & Men... No par 43,8 Oct 10 199 Mar 11 105 Nov 344
Oi
1093
Oct 10 87 Apr 10
1334 1412 1318 1334 13 8 1091 2 10038 10912 10918 10938 109 109
2,300 Preferred
100 10414 Jan 31 110 Apr 11
13/
1
4 13
1334 1134 13
9912 Nov 109 Jul
10/
1
4 111
/
4 105,000 Columbia Graphopbone
103
8
24
Oct
10
25
37
/
1
4 Apr 28
2314 24
24
161
/
4 Nov 8834 Jo
25
2438 25
2312 2438 22
2312 19.200 CommercIal Creclit____No par 21
38
38
37
38
37
Sent 30 40/
37
38
1
4 Apr 1
38
35
18 Nov 621
38
ns 2512 25
371
/
4 Jo
36
/
4 5,100 Class A
25 '25
50 3178 Jan 2 4438 Apr 1
2512 25
25
28
*25
2412
2412
Nov 611
2512
*94
/
4 Pei
200
95
Preferred B
94
94
94
25 22
91
94
94
2032 Nov 28 Jur
94
29
92
92
260 Ist preferred (6 I4 %)_ ___100 7614 Jan 6 28 Apr 29
3218 2938 3038 29,8 3018 94
Jan 18 95128ept 11
29
30
2812 29/
70 Oct 10534 Ja
84
1
4 27
15,900 Corn Invest Trust
29
86
83
84
No par 27 Oct 10 55 Mar 6
8212 8318 83
8318 82'2 82/
2828 Nov 79 0,
1
4 83
84
7,700 Cony preferred
Na par 80 June 18 87 Mar 28
*67
5/
5
5
5
*51
/
4 7
5
2218 2234 20
,
4
514
5
514
,
4
400
1
4 217
Warran
8 20
ts
2134 20
100
4 June 18 2314 Mar 5
2138 101
/
4 203
9 Dec 6912 Sel
12
/
4 1934 160.100 Comm Solvents
1238 111
/
4 1218 111
No par 1758 Oct 10 38 Apr 11
/
4 Ills 11 13 1134 1038 11144 171
/
4 Oct 63 0,
201
1021
1034 250.200 Commonw'Ith & Sou'rn No par 10
10
/
4 10214 102 10218 10134 10214
102 10218 1011
Oct 10 20/
1
4 Apr 7
/
4
10
10214
Oct 2134 0,
*3512 36
10012
10112
10.600
36
$6
36
preferr
*36
ed series
3912 no
No par 99
3912 36
36
36
1014 1014
36
700 Conde Nast PublIca_ No par 36 Feb 20 10434June 8
1014 1012
9/
1
4 1012
9
/
1
4
Oct
10
1
57
918 978
Mar 27
35 Nov 03 Jo
"22
818 918 50.000 Congoleum-Nairn Ins...No par
2312 22
22 '22
2312 *22
818 Oct 10 19/
231 "20
1
4 Star 24
2112 20
11
Oct 3534 Jo
*33
2012 3.000 Congress Cigar
35
*34
3412 32
3114 32
No par 1814 Sept 29 56/
32
32
1
4 Mar 11
32
43 Nov 9258 Fe
2912 31
'68
2.300 Consolidated Clgar
69
67/
1
4 68
68
68 *__ _ - 69
No par 2912 Oct 10 5938 Mar 17
67
671
40 Oct 9614 Jo
6514 67
16
210
16
1518 1618 1478 1518 15
Prior
preferr
ed
100 6514 Oct 10 80 Mar 25
15
83 Nov 96
1234 14/
*1812 19
Jo
1
4 7,700 Congo] Film Indus
1734 1878 1734 1818 1818 1838 1418 l47o
No par
1234 Oct 10 27/
17/
1
4 l8'o 1614 171
1
4 Mar 11
10 Oct 25/
10112 10412 99/
/
4 6.000 Preferred
1
4 Sel
1
4 10178 9838 10134 98/
No par
1
4 10112 95
181
/
4 Oct 10 2814 Jan 10
0011 94
15
/
1
4
Oct
*1041
244,500
9912
/
4 10434 10414 10438 10414 104/
303
4
Al
Consol
Gas (N Y)
1
4 1041 2 1041
No par 94 Oct 10 13678 Apr 26
/
4 104 10414 103/
8013 Nov 18314 Sel
1
4 104
7.3(30 Preferred
34
54
58
5
kl
58
58
No par 9912 Jan 28 10512Sept 26
12
12
1
12
12 4.700 Consolidated
9212 Nov 10012 I),
1638 16/
1
4 16
1638 1512 1614 1(314 1614 1512
Textile_ No par
12 Oct 8
161
2
Jan
1418
27
16
/
1
4 Dec
*412 484
4.100
638 Jf
412 412
Container Corp
412 412
414 412
4
111
/
4June 19 2212 Feb 24
41
/
4
4
414 4,400 Clam B votingA vot_ _No par
12 May 2312 Jr
2612 2738 2412 26
2312 2512 2458 2534 23/
No par
1
4 2514 21
334June IS
812 Feb 20
2412 16,600 Continental
318
Nov
1112
Jr
Bak'g cil A_N0 par
334 3/
1
4
1812June 18 5212 Feb 17
312 338
312 338
2514 Oct 90 Jo
3'2 3'2
31
/
4 31
/
4
80
318 338 19.400 Clam 11
80
*78
81
*78
81
"78
80
No
par
75
/
1
4
3
Sept
7812
30
Feb
7
17
75
4
/
1
4
753
Oct
151
531
Jo:
4
/
4
2.203 Preferred
/
4 54/
1
4 5214 5318 51
5212 51
52
491
100 6614June 25 9478 Feb 17
/
4 511
/
4 47
50
79.2 Nov 100 Jt
1314 1314 1214 1318 1258 14
45,700 Continental Can Inc___
1338 13/
1
4 12/
1
4 13/
1
4 12/
1
4 13
/
4 Mar 31
40,2 Oct 92 eel
9,600 Cost') Diamond Fibre. No par 47 Oct 10 711
6218 5212 508 5218 51,2 52
*51
52
par
No
50
111
/
4 Oct 1 373.8 Apr 21
51
46
3312 0,
2034 Nov
4938 10,500 Continental Ins
3
3
21
/
4 3
3
23
4
2
/
1
4
10
46 Oct 10 771
3
/
4 Mar 31
258 278 6,500 Continental
4618 Nov 110,4 eel
1414 15
1418 1438 13/
1
4 1438 13/
1
4 1414 1314 137g
2/
1
4 Oct 1
13
814 Feb 19
13/
1
4 63,200 Continental Motors____No par
618 Dee 281
1512 1534 1412 1512 1438 141
/
4 Jr
/
4 1412 14/
011
1
4 1414 141
No par 13 Oct 10 30/
/
4 13
14
1
4 Apr 24
18 Nov 371
33,400 Contine
/
4 Al
8112 8238 79/
1
4 811
/
4 79/
1
4 81 12 787a 8178 78/
1
4 7912 77/
/
4 Apr 1
1
4 7934 21.000 Corn ntal Shares.,,,No par 13 Oct 10 401
26,
2
Dec
45
/
1
4
119/
0
1
4 14934 14918 1491 2 15014 15014 14978 150
Products Refining._ _25 77/
514934 150/
1
4 Oct 10 11138 Apr 23
1
4 14978 1491
70 Nov 12638 0
/
4
1412 15
820 Preferr
13
14/
1
4 1214 1334 1214 127
111
100 140 Feb 10 151 Sept 16 137 Nov 1
/
4 1238 10
1178 24,100 Coty Inc ed
"2912 3012 *2912 301
445
4
/
4 2912 2912 30
30
No par
2912 2912 2912 30
10 Oct 10 33 Feb 3
18 Dec 8214 Jt
81538 19/
500 Cream of Vs/teat
1
4 515/
1
4 191
/
4 *1538 1958 *15/
No par 2512 Jan 6 3538 Mar 20
1
4 10/
1
4 *15/
24 Nov 31 Ne
1
4 1938 •15/
1
4 19/
13
1
4
13 '12
Crex Carpet
14
"11
13 .12
13
100
*111
9 Jan 22 2918 Mar 5
2 13
15 Dec 67 Al
1012 11
*41
500 Croeley
4212 *40
41
53912 41
38
39
3534 3514 341
/
4 3738 2,800 Crown Ftadlo Corp...No par 1014 Jan 17 22 Jan 2
15 Dec 125 F.
*812 8/
1
4
77g 818
8
Cork & Seal____No par 3414 Oct 10 5938 Apr 7
812
8
8
738 8
7/
1
4 7/
3712 Nov 79 Al
1
4 1,800 Crown Zellerb
*6812 72
681
/
4 6812 6758 68
ach
No pa
64
718 Oct 10 1812 Feb 19
6712 6318 65
17
6314 65
Oct 2534 Jr
7,400 Crucible steel or Americ
11112 11112 *10914 112
10912 110 *10914 110
a_100 631
/
4 Oct 9 9358Mar 25
10914 10912 109 10912
71 Nov 1211
160 Preferred
7
/
4 Al
7
*61
/
4 8
618 7
*6
100 104 June 26 117 Mar 13 103 Nov 1163
7
6
6
4 Fq
512
*118
1,800
6
1,4
Cuba
1
Co
113
1
1
1
1
512 Oct 10 1912May 29
1
1
5 Nov 2412 Jt
1
1 18 7,800 Cuba Cane Products,. No par
*3/
1
4 312
314 358
312 3/
No
1
4
par
3
/
1
4
1
Oct
4
37
8
37
8
334
*3012 31 12 *3012 31 12 *30 12 3112 3012 3012
3/
1
4 3.300 Cuban-American Sugar___ _10
30
*3012 3112 3012 3012
318Sept
9 Feb 4
6/
1
4 Dec 17
Ji
411
40 Preferred
/
4 4138 401 2 41
4014 41
4118 4112 391 2 41
100 30 Sept 30 6558 Feb 11
381
68 Dec 95
/
4 40
J1
1.900 Cudahy Packing
50 38'oJune25 48 Jan 2
35 Nov 6778 il
•Bld and asked prices; no sales on this day.
z Ex-dividend. y Es-dividend and
ex-rights.
Saturday
Oct. 4.
2348
New York Stock Record-continued-Page 4
here, see fourth page preceding.
For sales during the week of stocks not recorded
PER SI]ARE
PER SHARE
Range for Previous
STOCKS
Sales
Range Since Jan. 1
NOT PER CENT
Year 1929.
HIGH AND LOW SALE PRICES-PER SHARE,
NEW YORK STOCK
for
On basis of 100-share lots.
EXCIIANGE.
the
Friday
Wednesday Thursday
Highest.
Tuesday
Lowest.
Highest.
Lowest.
Monday
Saturday
Week
Oct. 10.
Oct. 9.
Oct. 8.
Oct. 7.
Oct. 6.
Oa. 4.
3 per share 3 per share
$ per share 3 oer share
Par
(Con.)
Miseell.
&
Indus.
Shares
share
per
Oct
Per share $ per share 8
3 per share 8 Per share S Per share $10712
1,400 Curtis Publishing Co-No par 10514June 23 12818May 29 100 Nov 132
10712 10512 10512 106 107
10712 108
10712. 109
No par 11478 Jan 29 12118Mar 19 11213 Nov 12134May
10934 110
118 11813 11838 11838 118 11812 1.700 Preferred
Dec 3018 Aug
43 Oct 1 1473 Apr 7
6%
119 119
par
No
*11812 119 '11812 119
52.600
Curtiss-Wright
412 434
412 478
434 5
53,
478 518
1314 Dec 377g Aug
6 Oct 10 1934 Apr 2
514 534
5
100
Class A
6% 14,500
6
618 67
612 6%
65
718
63, 67
734
73
55
1,500 Cutler-Harnmer Mfg._ _No par 52 Oct 1 9012Mar315512 54
-Oct - 6918 -Jan
31
5512 5538 5612 55
2114
30
4358Mar
4Sept
183
5512 5512 55
par
No
60
60
Chemical
208 11,000 Davison
2212 20
2112 2112 2138 21
21
20 Dec 467 Jan
53 1514 Oct 6 30 Apr 14
Securities
2212 2314 2118 22
Debenharn
100
19
*12
19
.12
19
*12
19
20 20 June 18 2412May24-1512 1514 1514 .12
*12
3,600 Deere & Co pref new
23
23
23
23
23
23
221 23
23
23
100 187 Sept 30 25534 Apr23 151 Nov 385- -Aug
*2258 23
800 Detroit Edison
19112
194 194 '190 200 '185 19712 187
24 Nov 6478 Feb
18 Oct 2 4234Mar 4
No par
A.
Reynolds
200 200 *190 198
&
Devoe
1,100
3
183
8
183
8
187
2233 188
2212 "19
22% *19
100 139 Jan 13 25412Sept 8 117 Nov 16412 Jan
*1812 2258 *19
1,300 Diamond Match
215 *206 210
"200
20912
8
2093
210
205
1114 Aug
3
20912
8 Nov
103
Jan
3Sept
10
20912
63
par
No
"210 220
814 1,900 Dome Mines Ltd
8
838 8%
814 814 *838 812
12 Oct 5414 July
814 814
No par 1412 Oct 7 3038 Apr 5
*814 8%
1514 1514 1614 5,800 DominIon Stores
157 16
15
Feb
12618
1412 16
Nov
8
25
10
873
69
June
alar
67
par
No
Inc
16% 1712 1534 167
21,400 Drug
7478 7114 73
72
713
7512 7612 75
10 Oct 10 4312 Apr 7
25 Oct 92 Jan
7734 7818 7553 77
7,100 Denhill International_ _No par
10
1114 1012 1012 10
1112 11
10 Nov 28% Jan
13 Oct 9 19 Sept 9
1138 1138 11
.1112 12
par
No
Silk
Duplan
100
18
*12
13
13
14
15 '11
4912 Jan 10078 mar
*11
18
"11
100 Jan 7 106 Sept 29
18
*11
*10512 10612 1.300 Duquesne Eight 18t pref--100
19 (Set 3912 Sept
8 Sept 27 2512 Jan 31
.10512 10612 10512 10512 *10518 10612 10512 10512 105 10512
2,600 Eastern Rolling Mill. No par
10
9
1112
10
10
9
, Oct
*9% 11
150 Nov 2641
9
11
25
25514
Jan
Apr
4
1753
11
par
No
12%
Co
Kodak
Eastman
•11
50,500
187 19112 18318 195
195
190
189
1964
20014
19314
200 20712
100 1207 Feb 14 132 Oct 7 117 Nov 128 Mar
120 6% cum pref
129 129
130
130
13112
*130
132
132
3714
4 Feb
Feb
763
10
20
18
Oct
Nov
131
17
Par
.130- - '130
1834 7.500 Eaton Axle dz Spring.-.No
17
1912 192 1812 1914 973,
80 Oct 231 Sept
5Ø ,3534July 8 14514 Apr 10
20'2 1934 20
20
2012 -21104 130,000 E I du Pont de Nem
9714 10113
101
10013
4
4 Aug
Nov
4
1193
123
1013
10712
Feb
:re:X
9912
25
105
11412
10112
100
deb
700 6% non-vot
10612 109
12212 123 x122 122
12278 123
4 Dec 3933 Jan
123
2% Oct 2 1078 Feb 6
No par
Eltingon Schild
123 123 *12214 12278 *12212 4
*314 4
4
*3
4
*3
Jan
113
5
62
39
Feb
Dec
25
*3
June
38
4
100
*3
634%
Preferred
4
700
*3
4018 4018 *408 5912
50 Oct 174 July
No par 33 Oct 10 11418 alai. 29
4018 "4018 5912 "4013 5912 "1018 5912 40
40
42,000 Electric Autollte
40
33
43
4414 4512
47
4812 42
100 10614 Jan 6 11034 Jan 7 10234 Nov 115 Apr
4978 45
Preferred
70
49
108
10614
314 Oct 1638 Mar
934Mar 31
'108 110 "108 110 "108 110
214Sept 30
No par
*108 110 *108 110
338 378 7,700 Electric Boat
358 414
353 4
10 103
23
2918 Nov 8653 Sept
33, 4
314 37
*318 314
5312 269.700 Electric Power dz Lt__ _No par 48 Oct 18 112 Apr
8 48
98 Nov 109% Feb
Apr 25
5914 5412 5814 4953 553
105 June
par
No
Preferred
63 6514 577 6212 54
1,500
3
10914
109
10934 *109 109
No par 9734 Aug 14 101 Sept 23
2,700 Preferred (6)
10912 10912 10912 10912 10912 10912 '109 1003, 10012 10012 99 100
64- Nov 10413 -Oct
10012
par 5658 Oct 10 7914 Feb 10
'10014 10034 10058 10034 1003, 10053
563, 5712 3,700 Eleo Storage Battery No par
78 60
60
57
313June 1012 Oct
512Mar 24
61
214July 1
58'2
59
No
Corp_
Coal
6038
4
583
Horn
Elk
104
200
61%
6113
*112
4
*Ds
4
24
314 Oct 2212 Feb
*112
Jan
758
214
9
214
Oct
4
l's
*214
par
4
_No
.214
800 Emerson-Brant cl A__
138
114
138
118
o Nov 1
112 13,
7 15358
..3ent 10
38 2 0
"153 272
,..50
Corp__
-Johnson
Endicott
1,800
39
13, 13, "153 27
38
11 Sept 8
9:
48
10
Apr
4%14 Feb
23
4212 4018 4018 3978 41
T
435 "40
100 1071 23
200 Preferred
4338 43% '42
"111 113
11314
*111
113
31
Oct 703, Aug
7
113
Apr
6712
113
2
Jan
3914
"111
111 111
300 Engineers Public Serv_.No par
*111 116
4.518 4518 4414 43
80 Nov 12314 Aug
9453 Jan 8 10718May 26
par
No
55
55 .1518 55 '4518 55 '4518 5012 *93 100
Preferred
*45
100
*93
844 Oct 109 Oct
*93 100
*94 100
No par 9412 Jan 2 1047 Apr 21
.94 100
500 Preferred (554)
*94 100
07
97
3114 Jan 41 May
10012 10012 '97 100
5034June 4
7,000 Equitable Office Bldg..No par 3813 Oct 10 435
*10012 10114 *10012 101 *10012 101
3818 39
40
39
3612 Dec 64 Feb
4012 41
8Mar 5
42
9
4112
Oct
43
par
638
Clean_No
4212
Vacuum
8
437
Eureka
3,300
43
7% 7%
818
8
15 Nov 7334 Mar
63
18
818
Feb
4
3
30
9
Oct
7
4
5
8%
8
11
1,800 Evans Auto Loading
4
*812 8% *8
4
418
4
412 4%
5
5
53
534
Jan 2712 July
*5
2214
12Sept
17
27
2
Jan
22
'5
par
Buffet Corp_No
Exchange
2,690
2412
*24
2418
24
97
1334 Dee
2434
334 Nov
24
Jan 6
24
134July 31
24
25
24
24
Fairbanks Co
2338 24
*134 3
*134 3
11
3
Apr
35 Jan
20
Jan
3934
*114
18
June
7
3
100
4
"13
*134 3
10 Preferred
1012
*134 3
*9
9
0
1112
Oct
5474
4
17
Sept
293
50125lay
*8%
10
11
No par 28 Oct
29'z 2,400 Fairbanks Morse
*812 1112 '8% 1112 '812 33 •32% 33
2912 32% 28
*3214
100 102 Jan 7 11112May 16 10113 Dec 11078 Jan
33
10 Preferred
3312 3312 33
110 *109 110
'109
Dec
723,
27
22
10914
Mar
Feb
2714
10914
30
718Sept
1101
pa
*10914
__No
_
700 Fashion Park Assoc_
"10914 11012 *10914 11012
7,8 718
6012 Nov 109 June
7,8 718
714 714
712 712
15 59% Feb 6 90% afar 18
712 8%
.712 812
6314 6138 6118 2.500 Federal Light & Trac No pa
22
90 Nov 104 Feb
Apr
6312 62
98%
6314
13
64'&
Jan
91
4
3
63
70
"6414
921
Preferred
50
*6414 70
5 Oct 2238 Feb
9212 93 *____ 9212
6 Oct 7 1214 Feb 26
*9212 941
No par
*9212 95
*9212 95
6,3 814 2,700 Federal Motor Truck No Par 26 Oct 10 43 Mar 19
28 Nov 56% Sept
612 612 *___618 6'3
6
6
7
7
7,2
8,800 Fed'I Water Serv A _
*7
30
301s 26
Dec 33 Dec
2914
16
2512
3018
Apr
38
10
30
Oct
1912
31
par
30
Stores_No
31
317 3178 3014
2134 2234 1912 19'h 1.600 Federated Dept
47,2 Nov 123 Sept
4 Oct 10 8034 Mar 31
2233 2258 2212 221 "2234 243
25
*23
523 5514 4,500 Fidel Phen Fire Ins N Y....1O 523
57
56
58
6 Oct 131 Mar
1012 Apr 4
57
11
Feb
583,
7
par
58
No
583,
Bus
5814
Ave
Fifth
4
3
60
10
60
812 "778 812
77
778 '778
*77
30 Dec 9812 Feb
8'z
31 June 10 4012 Jan 22
No pa
*778 812 •778 812
Filene's Sons
33
84 Dec 107 Jan
33 *____ 33 •__ 33 **95i4
itbO 92 Mar 15 10014Sept 6
33 *_ 33
90 Preferred
*
9712
2412 Dec 37 Dec
7
*9514 9713 .9514 9712
Jan
951
3318
4
8
951
Oct
153,
9712
Rubt.,er...iO
&
Tiro
'9512
9512
Firestone
1533 16'n 1,800
9512
3
173
1534
24
16
Dec 8958 Dee
8Mar
3
153
877
9
8338
Oct
1512
s
56
lG7
18
100
18 '17
*16
5934 5618 5934 7,000 Preferred
56
60
4112 Nov 90 Sept
6312 57
60
*6334 643
National Storm_.No par 4512 Oct 10 6138 Jan 30
66
65
7 501 4 503 5012 4938 5012 4512 48'n 5,500 FirstRubber
2% Dec 208 Jan
2
Apr
512
10
3
Oct
49
1
5012
par
No
49
53
138 29,000 Flsk
1
52
112
114
8 Dec 7212 Jan
138 133
412 Oct 10 21 Apr 2
112 112
100
112 1,2
550 let preferred
412 4't
112 1%
.412 5
8 Dec 8212 Jan
412 5
434 47
5 Oct 10 21% Apr 11
100
*412 5
50 1st pref convertible
5
538
5
3
5
6
*5
21
38
518
Nov 54 Jan
8Mar
5%
527
25
6
June
8
*53
40
6
par
*538
600 Florsheim Shoe class A_No
39
*412 5
4014 *38
901 Oct 102% Jan
*41
44'2 40
*4012 41
9512 Apr 12 10012 Oct 3
*4012 41
100
6%
41
Preferred
41
103
*100
'10012 102 *10014 102
103
*10012
103
*10014
3213 Nov 8234 Aug
'100 103
No par 15 Oct 10 508 Star 25
1514 1,400 Follansbee Bros
1514 15
33 Nov 95 Sept
No par 6012 Jan 3 10412June 4
1512 1512 1533 1538 1518 1518 1518 7238 6112 67
31,600 Foster-Wheeler
'1578 16
6412
74
12% Nov 6958 Apr
71
7 Oct 1 2834 Apr 14
7018 73
No par
703 75
Co
Foundation
300
7
7
7513 78
7
7
12
*734 812
Apr
8
50
9
- - - _-__
Oct
8
2314
8
93
POT
w_No
*8
w
Invest
Nat
10
Fourth
7,300
*8
2358 26
29
234
573
pa
Na
30
3
25
16%
1913
Jan
Apr
Nov 10538 Sept
2912
2912
*2975
31
3814 414,800 Fox Film claw A
303, 31% 2934
4218 3818 41% 29
2334 Nov 5478 Jan
4138 40
par 33 Oct 10 5512 Apr 11
No
Co...
Texas
Freeport
30,500
4
373
4114 4314 4014 4134 3918
33
8212 Nov 10711 May
3934 3713 39
6
39
4018
9512Mar
14
3812
Feb
85
4018
Par
_No
.._
39
pref
prior
Fuller Co
4112
41
*894 91
*89% 91
5 Oct 337 Feb
"8934 91
4 Oct 4 1134 Apr 9
par
91 '8912 91 '894 91
*89
414 412 1.400 Gabriel Co (The) Cl A_No par
412 412
412 413
65% Nov 8312 July
412 412
547 Oct 10 80 Mar 28
No
412 412
414
200 Gamewell Co
4
547 547
57
*35
73
63
18
3
'57
Dec 25 Jan
Feb
61
10
Oct
'56
13,
5
59
59
63
134 1,100 Gardner Motor
*59
12
"175 2
53 Oct 10 1612 Feb 18
134 17
134 134
118 17s
534 6
10
3,200 Gen Amer investors. __No par
*104
6
__
6
Apr 25
614 612 '614 7
105
25
012 6 3
7
8812June
7
100
Preferred
800
9014 88% 9014
75 Nov 1-2-312 Oct
par 684 Oct 10 11178 Apr 4 ___'9014 9314 *9014 9012 *903, 9013 9014
91
91
7534 6834 7238 22,300 Gen Amer Tank Car___No 100 30 Oct 10 71!2 .' pr 7
42% Nov 9434 Aug
71% 7613 7434 7614 70
Asphalt
7734 7812 7578 777
General
16,500
33
30
3058 3438
24 Nov 698 Jure
3614 3418 347
35
No par 12 Oct 10 3812 Feb 15
3612 3534 36
1514 4,700 General Bronze
12
1513 16
23 Nov 61 Feb
1612 1612 *1613 17
No par 1078 Oct 10 3412Mar 7
1714 18
Cable
19
18
113, 1314 1078 1113 1.600 General
83% Dec 12012 Feb
13% '1314 133
Oct 10 7434 Feb 5
*1314
3012
15
par
No
*1414
1
A
Class
1414
14
3012 3114 3,900
32
3114
3213
32
Nov 10711 Jan
7
3318
10934
102
Apr
10
Oct
33%
6612
100
34
3413 3412 34
180 7% cum pref
6813 6613 68
6934 67
68
42 Oct 74 Feb
70
70
No par 39 Oct 10 61 Mar 7
73
73
73
4018 3,100 General Cigar [no
72
39
41% 4113 4014 41
8 Apr 10 16818 Nov 403 Aug
953
10
4112
Oct
4
4112
523
par
4118
No
4118
Electric
4
General
413
4134
543 5738 524 5812 834,600
5712 597
11
Jan
1134 Feb
10 112 Jan 2 12 Aug 27
6112 5718 61
1,900 Special
6178 6138 60
1134 117
12
12
35 Oct 77is July
1178 1178 114 117
4613 Jan 17 6114alay 1
No par
Foods
1178 1178 *1178 12
5014 5312 4914 5134 80,500 General
8
537
5214
10
5312
Apr
8
10
5
1853
Oct
par
513
No
5318
A_
Elea
5412 5218
933 59,000 Gen'l Gas &
54
5
618 733
718 77
8
7
712 77
No par 65 Oct 9 10612 Apr 113
734 813
6314 6514 1,000 Cony pre( ser A
67
65
70
.-__- ---: --67% 677 *67
3312 Oct 9 441 Feb 10
73
*68
4
333
3
72
3
600 Gen Ital Edison Elea Corp.__
33
70
33
3312
*3414 35
3414
-50" -oct --8-913 -.17f;11
par 4018June 25 5932 Apr 12
3414
No
344
Mills
3414
General
*3412 35%
4412 4614 4418 4514 3,900
46
46
878
4678
Oct
477
30
0
4618
89
9612
June
100 Jan
100
7
Dec
2,100 Preferred
98
4714 4818 47
9612 9612 95
97
96 '96
10 3513 Oct 10 54% Apr 10
3312 Oct 9134 Mar
9612 96
9412 95 .95
3512 373 481,600 General Motors Corp No par 9258June 23 1007sSept 18
3 3853 3614 373
37
4
383
7
__
_...
3714
___
39
397 40% 37%
9812 9612 9712 6,700 55 preferredAdv A
98% 98
9812 9834 98
30- -Oct - 61 -Jan
No par 23 Oct 9 4113 Apr 14
700 Gen Outdoor
2318 2312
100 10014 3984 9912 *2478 26
24
2478 2478 23
No
par
5
24
3
21%
Sell
Apr
26
8
*247
Common
2,200
*2478 2612
618 718
718 8
75
9
18 Oct 9 527 Apr 7
20- NOV - 9-8- Aug
*8
No par
8
77
77
734 8
193, 2212 13.700 Gen Public Service
23
18
26
2712 25
No par 64,2 Oct 10 10678Mar 28
70 Oct 12612 Aug
2714 2834 26
30
*29
6812 6412 6512 4,500 Gen Ry SignalUtillties_No par
6914 67
57
6814
70
6913
Oct
10
10
Apr
71
&
1935
Realty
63
70
10.200 Gen
27112
612 718
711
7%
58
7
7l2
7
73,
7
778
734
No par 75 Oct 8 100 Apr 14 _ .- -_--__- ------- --- --7514 2,300 86 preferred
7534 75
75
75
75
7512 76
-54- -Oct -8813 Aug
Refractories_ No par 5834 Oct 15 90 Mar 28
76
76
7610 77
6573 583 628 7.300 General Cast $6 pref_No par 98 June 14 101 Mar 12
63
67
66
66%
66
68
664
500 Gen Steel
69
2
,
98
69
98'2
99
99
100
*99
100
*99
No par 144 Oct 10 5114 Apr 10 ___- -__--_-- --_-_- --_-_-_
Equip
Theatres
99 100
Gen
1
*99 100
120.700
4
0
2
1414
2538 2118 25
2612 25
25
81 Nov 141 -Oct
Safety Razor No par 3558 Oct 10 10618 Jan 16
2712 2834 2512 27
45,4 3558 4118 148,500 Gillette Bros
5218 5434 4434 5314 39
1013 Nov 4818 Jan
818 Oct 10 2078 Apr 14
No par
55
813 8% 10,900 Gimbel
5538 5734 53
813 9
858 9,2
56 Dec 94 Oct
84 9
25
Apr
10
100
864
8212
Oct
9%
Preferred
812
800
2
67%
6818 661
68
913 91
.6838 687
69
Oct 6418 July
69
28
20
38
Mar
8
10
par
15
1
No
Oct
6918
Co
1118 127 11,000 Glidden
14
13
*6913_ 691g 1.112 14
144 14 14
95 Nov 10618 Aor
100 8918 Oct 10 1051a Mar 27
80 Prior preferred
8912 90
1438 -1-4-33 14
9% Nov 66 Feb
9212 *8912 9212 3'8912 94
7
19
Oct
Feb
9
par
5
*8912
No
(Adolf)
90
Cobol
90
53
5
9,400
538
3881" 90
5
534 618
3112 Oct 82 Jan
558 6
53
Corp v t u No par 32% Oct 10 477 Apr 28
614
614
6
3712 3412 3614 x3253 3514 55.200 Gold DustCo
3
36
38% Dec 10534 Jan
No par 153, Oct 10 5812Mar 25
(B F)
Goodrich
3712 3814 357 3718 3534 36
1855 184 177 1855 1514 1712 14,700
1912
1814
1912
1838
1912 1912
9512 Dec 11518 Feb
100 72 Oct 8 1041-51ar 28
1,000 Preferred
75
*70
75
7613 75
72
77
60 Oct 15412 Mar
10 9678Mar 31
77
77
77
80
3912 431 4 27,600 Goodyear Tire & Rub__No par 3912 Oct
46
40
*77
47
87 Nov 10478 Feb
4412 4634 46
No par 80 Oct 9 10214 Apr 30
preferred
46
1st
4
1,200
443
83
48
8014
80
47
88% 80
*85
89
14 Nov 60 Apr
85
7 Oct 10 2873 Mar 8
No par
88
*85
3,500 Gotham Silk Ilos
9
88
7
10
93
918
*82
10
Dec 10114 Jan
68
4
10
Apr
8212
10
934
100 6734 Oct
93
938
130 Preferred
*912 10
6734 673
6912 6918 *6912 70
70
4 Oct 14 May
10 1538 Apr 23
Oct
5
*6912
A
par
No
Coupler
70
Gould
3,000
70
4
53
5
70
6
64
612
70
6
612 64
Oct 54 Jan
1
734
Apr
133
4633 7
7
Oct
4
par
04 7
Paige
Motors_No
12,300 Graham4% 5
412 5
433 5
7 Nov 4912 Jan
5
4
412 Oct 8 1084 Apr 1
No par
434 5
5
4,2 53, 3,400 Certificates
5
413 512
42 538
7 Apr 2
434
46% Nov 1027s Mar
59
10
*413
Oct
1353
M
&
Sm
3
Pr_100
Cons
5
Granby
*4
512
1355 1418 7,300
*5
1514 1418 15
1512 *15
3212 Dec 4475 Dec
No par 30 June 25 52 Apr 2
154 154 15
3.600 Grand Silver Stores
32
1534 153
30
3214 3312 3012 33
918 Nov 327 Jan
35
ICI June 17 2058 Feb 13
35
No par
Union Co
3512 36
37
37
1258 1218 1213 1234 10% 1218 3,600 Grand
8
30 Oct 5438 Jan
4
127
44
Aug
18
8
4June
125
343
par
No
3
Preferred
127
1.600
*1278 1312 1278
4118 3712 40
384
40
40
Nov 6338 Sept
3
32
Apr
8
3
50
4112
10
Oct
No par 26
900 Granite City Steel
26
26
*40% 4112 *3958 41% *4014 28
28
2912 27
427
3212 Dee 14434 Feb
No par 2834 Oct 10 43 Jan 9
2912 28
28
9,700 Grant(W 1')
285 3134 284 32
*2811 31
31
19
Oct 3914 Feb
25
Mar
3
253
3014
23
3113
June
18
par
30
Prop_No
Ore
Iron
3013
1812 1912 9,100 Gt Nor
1912 20
3013 3134 30
20
28 Nov 44 Jar
2014 20
Oct 10 3412 Jan 16
1513 1534 4,800 Great Western Sugar_ No par 15% Sept 26 120 Mar 14 105 Nov 11912 Feb
2034 2034 2018 20% 20
1534 16
1512 16
16
108
100
1512
Preferred
1614
300
*1614 1612 1514
108
108 108 •10812 109
1414 Nov 70 Sept
5 Oct 10 28 June 2
No par
10812 10812 108
618 50,800 Grigsby-Grunow
5
61s 634
•10812 11078 .10812 110
5% Jan
I Nov
655 7
4 Feb 4
%Mar 7
612 678
73,
400 Guantanamo Sugar__ _No par
6% 7
78
78
7
34
4
3
Nov 79 Mar
19
42
Feb
4
80
3
10
*13
Oct
2313
4
par
3
No
Steel
12
States
34 .
1,400 Gulf
12
2812 29
30
34 .
30
3
12
.
35
Feb
109
"30
Dec
09
30
109
Apr
1
100 95 Oct
Preferred
3114 3134 301s 3012
*9414 95
314 32
*9414 95 "9414 95
*9414 95
*944 95
*9414 95
. ..
each,snare.
S Ex-dividend. ex-rights. y Three addItional shares cor
sales on this day. z Ex-dtvidend.
•Bid and asked prices; no
3612
*4
New York Stock Record-Continued-Page 5
2349
For sales during the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 4.
Monday
Oct. 6.
Tuesday
Oct. 7.
Wednesday
Oct. 8.
Thursday
Oct. 9.
Friday
Oct. 10.
Sates
for
I8
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
1$ per share S per share
per share 5 Per share $ per share $ per share Moss Indus. & Mlscell.(Con.) Par
per share $ Per share
32/
1
4 3112 32
*32
31
31
*3012 32
940 Hackensack Water
3018 3012 3018 3014
25 28 Jan 4 38 July 29
2934 29/
1
4 .28
30
29
29
29
29 .29
30
29
70 Preferred A
29
25 26 Jan
30 Aug 27
1212 138 111
/
4 1238 12
1258 1178 1238
7/
1
4 12
8,4 934 132,100 Hahn Dept Stores
No par
7/
1
4 Oct 9 23/
1
4-Apr 17
. 8012 8012 7978 8014 80
8012 8012 8012 70
*80
80
8014 6,000 Preferred
100 70 Oct 9 861
/
4 Apr 17
*1834 20 .19
20
19
19
1812 20
*19
1978 1812 20
900 Hall Printing
10
1812 Oct 8 3184 Mar 25
*105
- 105 105 .105 ____ .105 _ _
10518 1051
.105
20 Hamilton Watch pref
/
4
__ -100 99 Jan 7 10518 Oct 9
*92
93
92
92
92
92
•92
93 .92
9212 92
120 Fianna pref new
92
No par 85 Jan 16 98 Apr 14
*4912 51
4812 4912 .47
4812 *4612 4812 .47
700 Harbison-Walk Refrac_No par 46 Oct 10 7214 Apr 21
40
47/
1
4 46
*7/
1
4 712
714 7/
1
4
6/
1
4 718
614 612
5/
1
4 6/
1
4 3,800 Hartman Corp class 13,No par
6/
1
4 6/
1
4
5/
1
4 Oct 10 20 Feb 5
*1512 18
*1512 18
1512 1512 15/
1
4 1538 1518 1518 14
1412
700 Class A
Na par
14 Oct 10 2314May 24
478 5
5
5
5
1
4
5
412 4/
5
5
4
412 1,800 Hayes Body Corp
No par
4 Oct 10 1734 Apr 4
7978 79/
1
4 *7812 83
*7812 84
80
80 .80
81
84
500 Helme(0 W1
811
/
4
25 7712Ju0e 19 9238 Feb 19
2112 2112 .21
22
*21
2112 *21
2112 2012 20/
1
4 1912 19/
1
4 2,200 Hercules Motors
No par
1915 Oct 10 31 Apr 11
*11912 12114 .1191
/
4 12114 11912 119,2 *120 12114 •120 12114 11912 120
120 Hercules Powder 17 cum pf 100 117 Jan 28 12334June 4
891s 891
/
4 8812 89
8712 88/
87
1
4 87
5.200 Hershey Chocolate__ __No par 70 Jan 2 109 May 28
8814 85
8134 84
9512 9512 94
9412 91
93/
1
4 9112 9112 90
2,900 Preferred
90
9012 88
No par 8312 Ian 2 10834June 3
.108 110 .108 111 .108 111 .108 111
108 108 •10734 110
100 Prior preferred
100 1J414 Feb 21 10812July 21
.8
10
*7
10
*7
9
7
7
7
700 Hoe (R) & Co
/
4
712
•
514
81
par
No
7 Oct 8 3614 Feb 27
34
341
/
4 33
3312 3278 33
*3212 32/
1
4 32/
3218 3234 1,800 Holland Furnace
1
4 33
No par 2814 Jan 14 4114 Mar 28
*614 7
.614 678 •614 612 .6/
/
1
4
61
/
4
6
5
6
1
4 6/
500 Hollander & Sons(A) No par
1
4
5 June 1
1232 Jan 29
*80
82 .80
82
8014 8014 .80
82
82 .79
82
79
800 Home-stake Mining
100 72 July 12 83 Sept 26
1 6
618
534 6
538 534
5
558
5
5/
1
4 538
514 8.300 Houdaille-Rershey el B No par
5 Sept 3
29
Feb 5
.66
68 .67
68
67
6718 68
67
6814 67
6712 68/
900 Household Finance part p1_50 49 Mar
1
4
68/
1
4 Oct 10
I 6115 6412 56/
1
4 6038 5434 601s 5512 58/
5712 51
5658 47.800 Houston 01101 Tex tern etfr 100 51 Oct 1
1
4 54
11678 Apr 25
*25
26
2578 26
2412 25's 2414 2412 2312 2412 2114 2314 4,400 Howe Sound
par 2114 Oct 1
411
/
4 Feb 7
25
2512 24/
1
4 25
2312 2414 23
/
4 23
2412 2214 23
211
19,400 Hudson Motor Car
No
No p(tr 2178 Oct 1
62/
1
4 Jan 6
E 1014 1034
978 101
934 978
934 10
734 9
9
10
19.200 Hupp Motor Car Corp
10
7/
1
4 Oct 1
26/
1
4 Apr 11
. 2018 2018 1914 19/
1
4 1858 1914 1858 19
1658 18/
155
8 1712 21.700 Independent OH & Gas No par 1558 Oct 1
1
4
32 Apr 7
*312 4
328 312
328 312
314 31
314 31
31
/
4 312 3.300 Indian Motocycle
No par
318Sept 3
17 Mar 4
834 914
778 8/
758 81
1
4
734 8
612 7/
1
4 50.800 Indian Refining
7,4 8
10
634 Sept 3
2838 Mar 22
1.70/
1
4 73
70
70
6912 6913 69
65
70
31
65
61
1.500 Industrial Rayon
No
31
par
Oct
1
124
Jan 10
, 1921
/
4 193
192 192
19014 192
186 1901s 178 185
1,900 Ingersol, Rand
175 1751
_o
2 1541
No par
/
4 Jan
239 Apr 24
73/
1
4 7314 711
/
4 7212 7014 7038 *7014 74
70
70
7014 69
2.200 Inland Steel
No par 68 June 26 98 Mar 11
1014 1034 1018 101
10
10's 10
10/
9/
1
4
1
4 97
7,900 Inspiration Cons Copper__
1
4 101
9/
9/
1
4 Oct 10 3078 Feb 7
*1018 11
.10
11
10
10
*10
978 10
1014
912 91
900 Insuranshares Ctfri Inc_No par
915June 26
1312July 31
*1012 11
1014 1012 10
1018 10
10
10
9
93
10
2,300 Inmtransbares Corp
No
9
pa
Oct 10 1738Mar 10
*2
3
.2/
1
4 3
.214 3
*2
3
.218 3
.218 3
Intercont'l Thibber____No pa
2111Sept 30
712 Apr 1
•1131
/
4 1714 1638 17
1614 17
161
1614 1614 1618 16/
7.000
15
Interlake
1
4
Iron
No pa
15 Oct 10 28/
1
4 Apr 2
4
418
41
/
4 414
4
4
*4
418
4
4
4.200 Internal Agrlcul
358 4
No pa
358 Oct 10
812 Apr 7
*53
56
53
54
*5058 53
501
5014 5034 49
4214 46
3,600
Prior
preferred
10
4214
Oct 10 6714 Apr
163/
1
4 1661z 158 16334 15718 15834 14914 157
1411
/
4 149
14014 1453 12,700 It Business Machines_No pa 14014 Oct 10 197121May 9
28
•1012 1034 10
1012 10
10/
1
4 10
10
10
10
101 15,100 Intermit Carriers Ltd_.No pa
10
10 Sept 30 1934 Mar 29
*57
59
5614 57
5534 5612 5514 57/
5,4001InternatIonal Cement __No par 55 Oct 9 7538 Apr 2
1
4 55
5534 551
56
/
4
453 434
414 458
418 4/
1
4
4
418
312 41
/
4
3/
1
4 31
3/
1
4 Oct 9 1412Mer 26
/
4 15.100 Inter Comb Eng Corp_No par
63
64
55
60
55
55
55
55
5518 551
/
4 •50
2,000 Preferred
53
.100 80 Jan 2 78 Apr 1
6418 66/
1
4 6315 641
63
65
6258 6478 6112 6338 6018 62/
1
4 46.800 Internet Harvester_ __No par 6018 Oct 10 11534 Apr 16
14614 14614 146 146
14614 14614 146 146 .146 14614 .146 14614
400 Preferred
100 14012 Feb 10 1461zSept 25
3358 3458 3234 331
3112 33
3214 3212 3012 32
2918 32
17.300 lot Hydro-El Sys Cl A _No par
2918 Oct 10 54 Apr 11
75
75
*73
74
70
73
6912 7012 66
69/
1
4 65
67/
1
4 6.000 International Match a
35 65 Oct 10 92 Apr 24
:1_00
p r:L
15/
1
4 iv
1918 18/
1
4 19
18
18
18
18
1712 171
4,300 Int Mercantile 111 %rinectfs_ 100 17/
1
4 Oct 10 33 Apr 17
1: 21
22
19/
1
4 21
1938 201
19/
1
4 20/
1
4 18
1058 1634 1878 019,600 lot Nickel of Canada_ No par
16/
1
4 Oct 10 441
/
4 Apr 4
52
52
50
50
4512 451 *4018 4578 45
48
45
990 Internal Paper 1
48
45 On 9 86 Apr 29
14
14
1318 1312 13
13
1114 13
10/
1
4 1114
10
11
5,800 Inter Pap & Pow cl A..No par
10 Oct 10 3118 Mar 22
10
I.'8
*6
8
6
6
5/
1
4 6
5/
1
4 714
53
8
61
5.100
Class
13
No
514
Par
Oct 8 2234 Apr 14
538 534
5
514
5
5
5
5
*4
51
/
4 54
7.000 Class C
pat
5 Sent 30 18 Apr 14
r46
4912 47
50
46
481
45
451
491
/
4 491
45
477
5,900 Preferred
45 Oct 8 86 Mar 26
L*25
28
*25
27
25
25
*25
27
25
25
•22
/
1
4
23
400
lot
Printing Ink Corp..No
24 Sept 6 58/
N
1
4 Apr 5
.8314 85
82
8314 82
82
79
82
79
801 579
80
350 Preferred
100 75 Sept 29 101 Apr 12
1.38
381
3718 38
3612 371
3614 37
3514 37'u 31
3535 9,900 international Salt new__ _100 31 Oct 10 45/
1
4June 20
5334 5334 .5312 54
5312 54
5312 F1's 5312 531
1
5314
1,700
53 4
International Shoe_ _.
.No pa
6314 Aug 21
62 Jan 15
71
71
71
.55
67
5512 551 .5614 57
100 International Silver
100 5512 Oct 9 119 Feb I
3058 323
2938 3012 2818 30/
1
4 27
291
2512 28
2518 27/
1
4 155.300 Inter Teter, & Teleg.....No pa
2518 Oct 10 77118 Apr 24
lp 22
2334 21
2114 2012 211
2014 207
1812 201
17
/
1
4
19
11.600 Interstate Dept Stores_No Pa
1758 Oct 10 40 Feb 4
*72
741 .72
76 .72
75 .72
75 .67
75
70
72
40 Preferred ex-warrants__ _100 60 Aug 18 80 Aug
*20
2778 *20
29
27/
1
4 *20
277 *20
25
*1812 25
.1812 25
Intertype Corp
No pa
22 Sept 25 32 Apr 9
1212 12's 12
1258 1114 1212 1114 1114
814 1112
8
934 9.500 Investors Equity
No pa
8 Oct 10 29 Feb 19
30
301 *2912 31
2912 2912 2912 291
28
2912 27
28
2,100 Island Creek coal
27 Oct 10 43 Mar 19
49
49 .4712 48
4514 461
/
4 4538 47
4334 4512 4134 43
5.900 Jewel Tea Inc
No par 4134 Oct 10 6612 Apr 30
7534 771
7212 74
711
/
4 7412 7134 74
6512 7212 6412 70
53,400 Johns-Manville
No Par 641
/
4 Oct 10 14838 Feb 5
1812011 ___ *12012 ____ 121 121 .12012___ .121 125 •121 125
10 Preferred
100 1181
/
4 Feb 24 123 Naar 21
12084 121
12034 122
121 121
12034 12034 11912 120
120 120
520 Jones & Laugh Steel pref. _100 11812 Jan 6 12312
k .11
/
4 1'2
Apr 11
114
78
114
1
1
1
1
1 14
34 1
7.700 Jordan Motor Car
34 Oct 10 512 Apr 9
No Par
, .812 9
.832 834 *8/
1
4 8/
1
4 .814 834
814 8/
1
4
7/
1
4 758
300 Karstadt (Rudolph)
732 Oct 10 1312 Jan 16
18
18
.1714 1812 18
18 .1714 1812 18
18
x1618 18
1,900 Kaufmann Dept Stores_ 812 50 161
/
4 Oct 10 2012 Mar 7
20
2018 2018 2018 1912 20
1914 1914 1814 19
1718 18,4 4.100 Kayser (,I1 Co v t c_ __No par 1718 Oct 10
41 12 Jan 2
48 •___. 48 *--- 48
48 •__ 48
48
Keith -Albee-Or pheum.No par 21 Jan 8 45 Apr 23
*100 110
595 110 .100 110
100 100
100 100 .8518 110
400 Preferred 7%
100
Jan 7 150 Apr 24
238 212
214 214
2/
1
4 21
21f. 214
2
14 7.900 Kelly-Spr1ngfteld Tire_.No par 85 Sept
218
2
2
I
I1
/
4
*20
618 Apr 10
21
2012 2012 17/
1
4 20
1738 1738 16
17
11
16
1,180 8% Preferred
100 11 Oct 10 42 Jan 24
*2518 40 .2518 38
*2518 38
*2518 38 .____ 30
30
6% preferred
100 29 Jan 2 55 Jan 25
*2514 2512 2338 24
2278 231
23
2314 2212 23
2112 23
11,100
Kelsey
Hayes
_No
par
Wheel.
2112 Oct 10 3912 Apr 11
' 1034 1138
934 1114
938 101
934 1014
758 9/
1
4
7/
1
4 91 81.500 Kelvinator Corp
No par
712 Jan
11 50
2658 Apr 25
50
55
55
•50
54
.50
54
50
50
50
00
60 Kendall Co wet
No par 50 Oct
2918 2978 2818 2978 28
89 Mar 21
2858 2978 27/
29
1
4 2834 27
283*
102.700
Kennecott Copper
No par 27 Oct 1
48
623
48 .47
4 Feb 7
49
47
4734 44
471
47/
1
4 47/
1
4 .43
1,000 Kim berley-Clark
No par 44 Oct 1
*2114 2514 *2114 2514 *2114 251 *2114 2514 .2114 2514 2084 461
59 Mar 31
211
200 Kinney Co
No Par 20 Jan 29 4012June 4
*72
80
•72
80
7218 721
75
75
*72
80
72
72
50
Preferred
100 72 Oct
233 238
97 Apr 17
218 2/
1
4
218 21
218 218
2
218
134 21 11.700 Kolster Radio Corp_ __No pa
134 Jan 1
812 Apr 14
291
/
4 291
28
2834 2718 291
2734 281
27
28
261
/
4 2712 12.000 Kresge(88) Co
10
2614June
5438 541 *5312 56
17 8634 Jan 2
5218 521 •52
50
5134 52
25138 5138 1,100 Kress Co
No pa
50
2634 271
June
2618 26/
24
70
1
4 2618 2658 2534 261
Jan 24
25
253
2438 25/
1
4 89.800 Kreuger & Toll
2334 Jan
283,2 29
2612 2778 2612 28
2634 28
2518 263
24
2612 40,900 Kruger Groc & Bak_ _.No par 21 June 2 3538 Apr 10
18 4815 Jan 23
Lego 011 & Transport_ No par 211
;8734
/
4 Jan 11 2912July 17
-ii" 88
8784 85's 86'4 "ioTe "f;
"ii" 16- - 14-.568 Lambert Co
No par 7612Juns 18 113 Apr 1
*4
5
4
4
4
4
4
4
4
4
4
4
70 Lee Rubber dc Tire_ _No par
4 Sept 30 11 Mar 25
19
19
1912 l9'z 19
19
.812 24
18
181 .17
18
800 Lehigh Portland Cement_ _ _50 18 Oct 9
10318 10318 .104 105 .104 105 •104 105
010312 105
42 Apr 1
104 104
40 Preferred 7%
.914 10
100 103 Sept 30 10812May 24
914 03
914 9/
1
4 .9
10
812 9
818 812 3.800 Lehigh Valley Coal....No Par
23
23
221
714June
/
4 22/
1
4 .2118 2634 *2218 2634 .21
18
17'!Slat 17
2634 241
/
4 2418
30
Preferred
68
1391s 66
50 2218June 26 3712Mar 19
0658 0514 6612 6553 6638 61
6512 60
6412 32.50 Lehman Corp (The)___No par 60
1
4 2411 2334 241
24/
2312 24
Oct 10 9714 Apr 15
23
23/
1
4 23
235
21
8
23
2,800 Lehn & Fink
*1712 18
171z 17
No Par 21 Oct 10 36 Apr 14
17
17
16
16
15
1514 141
/
4 15
3.70 Libby Owens Glass....No par
sews 91 .91
93
90
1418 Oct 10 3112Mar 29
90 .88
8912 88
881
/
4 88
9212
600 Liggett & 121yers Tobacco_ _25 8.5 June
9418 9112 0234 9012 92/
94
1
4 90
18 11334 Apr 1
91
88
0018 881
/
4 92/
1
4 31,10
Series B
24
21
21
23
25 85 J,,ne25 11431 Ayr 1
2012 21 14 2012 2012 20/
1
4 20/
1
4 20
3.000
2018
Lima
Locomot
Works.
No par
*3758 40 .3758 393
20 June 18 4914 Feb 15
37/
1
4 37/
1
4 .3755 391
/
4 .37/
1
4 391
/
4 .3738 3912
10
Link
Belt Co
No par 37 J,,ne25 4538 Feb 21
5812 60
62
62
56
59
5014 5712 46
51
4518 53,2 12,50 Liquid Carbonic
No par 4518 Oct 10 817* Slat 28
6814 7012 6558 681
63
67,2 6312 6612 60
64
51
61 177,70 Loew's Inc orporated
108 108
*108 109
108 108 *106 108
No Dar 4218 Jan 2 9534May 14
105 105
104 104
40
Preferred
No par 8524 Jan 17 11238June 3
9914 9914 9912 99's 99
9712 9758 9712 9712 4712 98
99
700 Pref ex warrants
No pa
3/
1
4 378
334 4
334 37
7853May 5 9934 Oct 3
31
/
4 3/
1
4
35s 3/
1
4
333 3/
1
4 4,000 Loft Incorporated
No pa
3 June 18
638 Feb 19
/
4 8
7/
•71
1
4 71
/
4 *71
/
4 8
57/
1
4 8
.715 8
300 Long
7/
1
4 7,8
56/
1
4 58/
1
4 5514 58's 5412 5712 5534 57
71
/
4 Aug 4 1534 Mar 22
53
5618 5138 5378 13.400 Loose Bell Lumber A No pa
-Wiles
Biscuit
165
1714
25
17
17s
8
1734 18/
1
4
16
15012 Jan 4 7014 Apr 2
1738 15
16
141
/
4 15/
1
4 87.000 Lorillard
2
73* 73*
141
734 8
/
4 Oct 10 2818 Mar 8
7/
1
4 73
738 712
7
74
6/
1
4 7
5.500 Louisiana 011
78 *-___ 78
No pa
78 31-- 78
6/
1
4 Oct 10 12 Apr 28
78
78
Preferred
3412 35
34
34
3312 34
100 7838 Oct 1 90 Sept 4
3312 34
311
/
4 3334 30/
1
4 3212 14,900 Louisville 0 &
El A__.No pa
1818 1818 1714 18
1734 1778 1714 1734 15
3058 Oct 10 511
1714
/
4 Apr 25
1412 18
8.100 Ludlum Steel
65
No par 1412 Oct 10 4473 Mar 12
65
*63 65 .64
65
65
65
58
60 .64
65
700 Preferred
3,25
30 .25
30
No pa
•25
30 .25
58 Oct 9 9934 Mar 18
30
25
25
24
243
400
MacAndrews & Forbee_No pa
5134 49/
1
4 5038 4834 50'i 50
51
23 Sept 30 38/
1
4 Apr 3
/
4 5012 46/
51/
1
4 471
1
4 471
8,900 Mack Trucks Inc,
No pa
1
4 116
1
4 11914 113/
117/
11112 1151 112 11212 11018 112
4614June 18 8812Mar 27
10912 1121
8,200 Macy Co
*712 81
No
pa
*8
7/
1
4 73* •7/
812
109
71z 8/
June
25
159,
1
4
7/
1
4 7/
4 Feb
1
4
1
4 914 1,000 Madison Sq Garden_ _.No
27
pa
2618 2618 25
26
26
618Sept 30 1538June 6
20
26
261
/
4 25
22
23
3,500 Magma Copper
No pa
22 Oct 10 52/
6
638
534 6
1
4 Jan 7
5
51
434 434
434 4/
1
4
41
/
4 41
2,200
Mattison (H R) & Co-No Pa
•134 3
*Ds 3
*Ps 3
41sSept 29 13 July 3
*Do 3
•1513 3
•158 3
Manatl Sugar
10
*514 145
1
4 1634 *514 143
*5/
*514 1434 *514 1434 .514 143
8 Jan 29
112July 8
Preferred
10
.10
*10
14
14
1134July 14 50 Jan 2g
*10
14
14 .10
•10
14
•10
14
Mandel Bros
No
pa
Jan 14
27
Aug
15
11
1034 103 *10
10
*912 111
11
11
10
10
9,4 10,
1.000 Manhattan Shirt
2
.31
4
*3
9 Oct 2 2458 Jan 10
4
*212 3
3
3
3
3
218 21
1,200 Maracaibo 011 Explor__No pa
28/
1
4 29
218 Oct 10 1032 Mar 18
2934 30
28
2834 28
29
2734 281
/
4 2612 271 24,000 Marine Midland
Corp
10 2812 Oct 10 3212 Aug 6
273* 2818 2718 271
28
28
2712 2712 27
2712 2612 27
2.501) Marlin-Rockwell
No par 2612 Oct 10 55 Feb 28
*714 8/
1
4
714 738
7/
1
4 71
714 71
7
714
61
/
4
Vs 2,700 Marmon Motor Car..NO pa
61
/
4 Oct 10 3078 Apr 9
-86-
•Bld and asked praise; no sales on this day. 1 Ex-dividends. el-rights.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share
Per share
2312 Nov 35 Aug
26 Jan 30 Aug
12 Oct 5634 Jan
7134 Dec 115 Jan
27 Dec 29/
1
4 Dee
99 Nov 10558 Jan
54
Jan
13 Oct
1678 Oct
5/
1
4 Nov
84 Nov
2112 Dec
11218 Dec
45 Nov
6058 Nov
104
Jan
1234 Dec
21 No
13's May
65 Nov
13 Nov
45 Aug
26
Oct
/
4 Nov
341
38 Nov
18 Nov
1734 Oct
312 Oct
1318 Oct
1
4 Nov
68/
Jan
120
71 Dec
22 Oct
12
2
Dec
Nov
8117, Oct
411
/
4 Aug
31 Sept
6838May
11812 Jan
3312 Oct
121
Oct
143/
1
4 Oct
14314 Oct
106/
1
4 Oct
33 Aug
51 Mar
2458 Aug
93 Aug
5234 May
5214 Sept
109 Apr
8212 Mar
9312 Mar
82 Jan
3938May
3212 Jan
53 Aug
135
Jan
22312 Oct
113 Aug
6612 Mar
16 Nov
1414 Jan
-17 Oct frig -JIG
40 Nov 8812 Jan
109 Nov 255 Oct
48 Nov
414 Dec
1812 Dec
65 Nov
137 Aug
23 Nov
47 Nov
/
4 Nov
181
25 Nov
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
9178 Nov
10234 Feb
10312 Feb
121 Feb
142 Aug
145 Jan
5912 Sept
10212 Jan
391
/
4 Oct
7234 Jan
9412 Jan
4414 Oct
83/
1
4 Oct
2(V2 Oct
95 Oct
5832 Oct
106 Mar
54 Oct 7712 Sent
95 Nov 15912 Aug
53 Nov 14914 Sept
25/
1
4 Oct 9312 Jan
74 Dec 97 May
17 Nov 8872 July
12/
1
4 Nov 7218 Aug
39
Oct 69 Mar
39 Nov 16214 Feb
90 Nov 24234 Feb
118 Nov 123 May
117 June 126
Oct
112 Oct 1612 Jan
10/
1
4 Nov
1372 Nov
1714 Dec 371
/
4 Feb
30 Nov
Wiz July
1512 Nov 46
Jan
70 Nov 138
Jan
3 Dec 2378 Jan
16 Dec 941
/
4 Jan
26 Dec 100 Feb
1858 Nov 5934 May
Oct 1914 Feb
5
75 Nov 96 Feb
4938 Nov loos Mar
4514 May 5732 Oct
2112 Nov 4412 July
80 Oct10934 Mar
312 Dec 7858 Jan
28 Nov5712 Mar
53/
1
4 Nov114 Jan
2218 Nov4632 Mar
3814 Nov1221 2 Jan
1612 Nov3838 June
8018 Nov15714 Mar
Ort 25 Jan
5
80 Nov 65 Feb
100 Nov 11084MaY
10
Oct 82
Oct
Si Dec 44114 July
_
28 Nov -1381
/
4 Feb
17 Oct 43 Aug
801.4 Nov 106
Oct
80 Nov 10614 Oct
5734 July
30 Nov
371
/
4 Nov 61 Feb
40
Oct11378 Jan
Oct8412 Feb
32
80 Ott 11034 Jan
8034 Nov 95 Mar
318 Dec 1111 Apr
12 De
32/
1
4 Jan
3918 Nov 8778 Sept
1414 Oct 3112 May
7 Oct
18 Jan
80 Nov 10014 Feb
28 Oct 7258 Sept
22 Nov 10878 July
76 Nov 18 June
3014 Oct 46 Jan
5518 Nov 11432 Feb
110 Nov 25512 Sent
1112 Nov 24 Feb
35 Nov 82'n May
6 Nov
3932 Jan
3 Dec 26
Jan
1978 Dec 5012 Jan
14
Oct 3838 Mar
1914 Dec 8532 Jaa
518 Dec 1812 Apr
31)
19
Oct
Nov 104
May
New York Stock Record-continued----Page 6
2350
For sales during the week of stocks not recorded here, see sixth page preceding.
HICIII AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 4.
Monday
Oct. 5.
Tuesday
Oct. 7.
Wednesday
Oct. 8.
Thursday
Oct. 9.
Friday
Oct. 10.
Sates
for
Ma
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On bast? of 100-share lots.
Lowest.
Highest,
PER SHARE
Range for Previous
Year 1929.
Lowest,
Highest.
&war Indus.& MilneII.(Con.) Par $ per share $ Per share 5 per share SPer share
___----_
4,500 Marshall Field & Co-.No par 354 Oct 10 4818 Apr 24
3 Jan 6
8 May 19 ___18 Jan
212 kov
17,400 Martin-Parry Corp _.....No par
29
Oct 218 Feb
14.200 Mathieson Alkali Workallo par 323sJune 25 5l38 Mar 28
100 115 Jan 24 136 Oct 7 120 Jan 125 Jan
10
Preferred
25 331s Oct 9 6138 Jan 31
9,900 May Dept Stores
4512 Doc 1084 Jan
7 Sect 28 23 Mar 28
No par
700 Maytag Co
1538 Oct 294 Aug
No par 20 Oct 2 404 Apr 7
90 Preferred
2814 Dec 4914 July
No par 71 Sept 8 8412 Mar 26
400 Prior preferred
751
:Nov 9018 Jan
No par 337$ Oct 1 50 Apr 1
400 McCall Corp
394 Dec 108 Oct
McCrory Stores class A No par 4911Sept 30 74 Jan 2
74 Dec 11334 Feb
No par 50 Oct 10 70 Jan 16
120 Class B
70 Dec 1151$ Feb
100 78 Oct 1 97 Mar 24
120 Preferred
864 Nov 120 Feb
200 McGraw-E1111 Publics'* No par 3012Juue 23 44 Apr 7
30 Oct 48 Feb
300 McIntyre Porcupine Mines_.5 14% Jan 2 1912 Apr 23
1212 Nov 2312 Jan
28,300 McKeesport Tin Plate_No par 61 Jan 2 8912.14ne 4
64 Nov 82 Jan
3,300 McKesson & Robbins_No par 1214 Oct 10 3738 Apr 12
214 Oct 59 Mar
50 334 Oct 10 4914 Apr 8
2,200 Preferred
40 Oct 63 July
No par 1014 Oct 10 2014 Jan 7
3,600 McLellan Stores
1812 Dec 5912 Aug
No
par
284
Feb
8 42 Apr 18
264 Dec 73 Jan
1.400 Melville Shoe
7 Oct 10 234 Mar 10
No par
9 Oct 3478 Jan
6.400 Mengel Co(The)
91 Oct 6938 Jan
93,0.10 Mexican Seaboard 011_No par 15 Oct 10 37 Apr 7
94 Oct 10 3374 Feb 6
5
20 Oct 5412 Mar
7,700 Miami Copper
No par 4314 Oct 10 77 May 13
3.100 Michigan steel
44 Dec 12278 July
No par 18 Oct :9 33 Apr 7
224 Nov 397 Jan
31,500 Mld-Cont Petrol
4Sept 22
214Mar 17
24 Nov
Middle-States 011 Corp ctts___
35± July
2234 4.000 Midland Steel Prod-_No par 214June 25 53 Feb 28
22
25
23
25
2578 2312 2478 25
257 265± 25
100 84 June 21 110 Feb 28 -- --- ---300 8% cum 1st pref
90
*83
90
*82
*85 •
92
8712 8712 8512 8512 *82
59 Nov 12314 Sept
200 Mina-Honeywell Regu_No par 41 Oct 1 7(134 Mar19
45
4114 4114 *41
*41
50
4934 4934 .341 .50
•45
50
812Sept 30 2878 Mar 17
10 Oct 4338 July
712 778 14,100 Minn-Moline Pow Impl No par
734 858
812 834 .1.858 95±
84 9
9
1012
65 Nov 102 July
No par 68 Sent 20 9214May 28
Preferred
100
73
*66
70
*66
.368
70
73
*66
*68
88
68 68
1514 Oct 10 40 Jan 27
35 Nov 8014 Mar
1514 1534 2,400 Mohawk Carpet Mills_No par
1534 16
*17
1741 17
16
18
164 16
17
47 Nov 804 Oct
2912 215± 2318 39.600 Mon anto Chem Wks_ _No par 2014Sept 29 635 Apr 21
394 25
27
31% 29
33
3412 345± 30
425± Dec 1567$ Jan
2212 2518 *2334 24 137.800 Mont Ward Co III Corp No par 2214 Oct 9 4978 Jay 2
2418 2534 244 26
2638 27% 2438 26
3 Oct 10 1611 Apr 2
5 Oct
112 Oct
400 Moon Motor Car new No par
3
3
44 412 *34 414 *312 414
5
514 *412 534
No par 4878 Oct 9 72 Feb 5
42 Oct 815± Oot
504 3,000 Morrell (J) & Co
50
48% 53
*53
54
5212 54
58
5478 547 *54
2 Jan 2
11
: Oct
%Sept 30
64 Mar
478 1
74
78 3.900 Mother Lode CoalitIon_No par
78
78
*78 1
78 1
%
78
112 Oct 1 11% Apr 10
314 Oct 314 Aug
238 212 6.500 MotoMeter Gauge&Eq No par
238 212
238 21
238 214
212 212
28 238
36 Nov 206 Mar
314 2.800 Motor Products Corp No par 29 Oct 10 81 Apr 7
3518 29
31
35
3514 3514 35
38
38
*39
40
21 Nov 554 Aug
No par 1638 Oct 10 34 Mar 19
4.500 Motor Wheel
1738 165± 17
1714 In 17
1818 1918 1712 '1814 *1714 18
8 Jure 18 2034 Feb 14
10 Oct 8174 Jan
No par
1,500 M iSins Mfg Co
814 9
9
912
912
*9
9
9
9
9
*9
10
65 Dec 10214 Jan
No par 40 July 3 64% Jan 31
Preferred
46 •_ _ 48 *_ . 46
• _ 48 • _ 46 • . 46 *
No par 34 Sept 30 531s Feb 10
38 Nov 6134May
200 Munsingwear Ino
;54 39 .;ii 39 =53 39 iii.1-4 39 *ii 39 ii 34
147 Nov 1007$ Jun
No par 111s Oct 10 2514 Apr 11
18,300 Murray Body
1138 1212 114 13
1234 135± 124 13
1318 14
*144 17
30 Oct 874 00
No par 8512 Oct 10 494 Mar 25
300 Myers F & E Bros
3512 354
*364 3914 *3512 3912 *354 38
42
I 37% 377 *37
No par 2914Sent 26 5811 Jan 6
40 Oct 11878 Jan
31
3014 3214 3012 317 26,900 Nash Motors Co
3114 327
131's 314 3038 3138 30
1458 Nov 417$ July
2814
Feb
14
74
Oct
10
National
Acme
stamped__
-10
5,400
98g
84
7%
84 94
9
912 *9% 912
912
1014 1018
10 Dec 4814 May
No par 11 Jan 13 3938 Apr 14
200 Nat Air Transport
15
*11
*11
15
1134 13
18
*11
18 .311
L 3.11
18
434Sept 30 20 Apr 7
918 Dec 71 Mar
No par
3,400 Nat Bella!, Hess
54 8
54 6
612 834
618 8%
6
6
7
7
10 71 Jan 2 93 May 29
8514 Dec 73 Dec
69,800 National B1.101114 new
79
7918 8212 7934 82
7612 80% 78
821g 843$ 804 811
100 14212 Jan 23 152 Oct 8 140 Aug 146 Oct
400 7% cum pref
15178 15178 15134 152 *1514 1524 *15112 15214
015112 155 •15134 154
59 Nov 14834 Mar
344 32.200 Nat Cash Register A w 1No par 32 Oct 10 834 Feb 3
364 373* 334 3812 32
8934 415± 3812 40
3714 393
:Aug
86 Oct 861
No par 4018 Oct 9 62 Jame 2
4212 229,300 Nat Dairy Prod
4718 4834 4018 4714 41
487
5012 475± 4834 47
49
20 Dec 374 Mar
11
800 Nat Department Stores No par 11 Sept 30 2412 Feb 27
11
11
11
.311
12
*11
12
12
1134 1134 *11
June
3912
2314
Oct
10
Feb
8
par
59
15
Oct
Distil
Prod
etts
No
Nat
12,500
29
2314
•28
284 2614 27
255± 2612 2512 2513 234 2518
2512 Dec 6214 Jan
600 Nat Enam dk StampIng____100 1714JUne 14 3312Mar 1
*224 2312 *224 264 214 22
•224 2638 .2212 263,1 *224 26
100 1164 Oct 10 18912 Feb 7 12914 Nov 210 Oct
4,000 National Lead
1201: 122
12112 122
11912 11912 11612 119
120 121
13312 126
100 13818 Jan 3 144 Sept 5 138 Nov 14115 Feb
390 Preferred A
1414 141 12 141 141
1411s 1414 141 14111 14112 14112 •14113 143
100 118 Jan 17 11978Sepi 19 115 Oct 12334 Apr
70 Preferred B
117 117
118 118 *118 120 *118 120
•118 120 *118 120
23 Nov 7134 Aug
No par 304 Oct 10 5834 Aar 24
4134 3714 3938 3514 3818 38
40
374 344 3834 304 347k 110,400 National Pr & Lt
112 Dec 17 Jan
412 Jan 15
112ceot 15
No par
100 NatIonal Radiator
*1
2
.1.1
2
2
113 113 01
1. *113 Vs *113 173
234Sept 30 11 Jan 15
112 Dec 41 Jan
Preferred
No par
.33
4
•278 3
*278 4
•274 4
*218 4
F *3
4
82
28---Oct
10
Corp
July
481
:
Nat
Steel
8,500
50
No
par
484
•504
504
50
5034
50
50
5034 50
05012 52
984 Nov 144 Jan
50 86 Oct 9 12434 Apr 7
8614 2,100 National Supply
9534 9534 904 9514 88
86
8912 86
90
9878 98
i•
50 310: Jan 7 9814 Mar 22
70,4 Dec 155 Feb
644 654 2.100 National Surety
683$ 69
70
: 439
68
684 8614 68
701
70
314 Nov 9134 Mar
No par 184 Oct 10 4178 Feb 4
2012 22
22
2234 22
205* 204 171s 2012 1612 184 12.200 National Tea Co
L'23
2314 Nov 6278 Mar
22,500 Nevada C011801 Copper_No par 10 Oct 10 3238 Jan 7
11
104 1114 1038 1112 10
1138 10% 11
11
1134 11
85 Deo 113 July
3014 3.500 Newton Steel
No par 26 Oct 8 58 Apr 14
29
33
27
26
27
27
27
2712 28
*294 30
354 Oct 4934 Mar
1,300 N Y Air Brake___.....No par 3534 Oct 10 47 Feb 19
39 /3738 373* 374 375± 374 3718 3534 37
4:3812 39
39
33 Nov 584 Feb
32
New York Dock
100 28 June 28 48 Apr 25
e29
35
•30
35
35
*30
*30
35
35 •30
•30
100 80 Feb 8 gall Apr 24
8214 July 90 Apr
Preferred
*814 84
*8111 8312 *814 8312 *8112 83
*8112 84
*8112 84
No par 154 Oct 10 82 Apr 24
: 1912 *1834 184 1834 1634 1512 1634 3.000 NY Investors Inc,
173s *181
184 *16
*17
9312 Nov 103 Jan
90 N Y Steam pref (6)____No par 100 Jan 2 1013148ept 3
•10312 1044 *1034 10412 10312 10312 10412 10412 1034 10312 •10312 10413
No par 110 Feb 5 117 Aug 28 107 Nov 115 Aug
120 1st preferred (7)
___
_ _ *115
*115
__ *115
115 115 '115__._'115
664 Nov 18634 Sept
No par 8114 Oct 10 13274 Apr 11
91-74 894 -9-2
as853* -91-12 814 -87 159.800 North American Co
9518 97,2 904 954 88 -48 Nov 6414 Jan
50 51 Jan 13 57 June 4
700 Preferred
5534 *55
5534 5519 5534
5534 *55
5534 5514 5534 *55
•55
57 Oct 10 1478 Apr 10
67a 7
638 678
634 87s
718 714
878 64 30.300 North Amer AvlatIon_No par
61* 7Ia
98 Nov 10234 Jan
10411 10434 10374 1044 1.500 No Amer Edison pref_No par 10034 Jan 23 10514 Oct 4
1054 10518 105 105 3'105 10514 105 105
414 Dec 6414 Jan
3718Sept 30 5534June 11
North German Lloyd
37
38
*38
*3434 3614 *34
37
*3758 384 *3658 3712 *38
4012 Der 50 Mar
110 Northwestern Telegraph-50 42 Jan 2 UN Mar 14
50
50
50
*45
47
4712 4712 47
49
45
45
49
4 Mar 24
614 Feb
84 Oct
54 Oct 9
10
478
1
1P
900 Norwalk Tire & Itubber
34
34
*34 1
34
78
%
*78
84
No par 22 Oct 10 83 Aug 21
2318 48.100 Ohio 011 Co
244 23
247
2214 238 22
2412 2558 24
235± 25
778 -Dec 32 Jan
914 Jan 3 24114Sept 9
25
18
: 1912 1812 19
2.800 011 Well Supply
194 1912 18
1812 17
1914 1914 191
884 Dec 1064 Jan
100 86 Mar 10 110 Sept 12
50 Preferred
10614 10714 .106 1071z
01(1814 10834 *1074 10812 107 107 *107 108
514 Oct 10 3478 Apr 17
8 Oct 8412 Apr
54 04 8.600 Oliver Farm Equip_ __No par
7
712
719 8
71s 8
812 814
838 874
17 Oct 6938 Apr
8 Oct 10 4814 Apr 17
1078 2,900 Cony particIpating_No par
8
12
1214 12
1114 1178
1214 12
•1238 1234 12
644 Dec 9912 May
No par 42 Oct 7 9034May 13
4278 427
42
4818 42
900 Preferred A
48
42
4218 *4014 67
50
*47
838Mar 31
274 Jan 3
24 (3,1 107 Feb
No par
700 Omnibus Corp
334 334
34 3,
334 334 *34 4
*334 4
*334 4
5018 Oct954 Jan
90 Orpheum Circuit Ino pref_100 63 Jan 6 997 Apr 24
70
70
75
83 *70
70
70
•70
75
•75
75
75
No par 55 June 18 8038Mar 13
561$ 5314 10.800 Otis Elevator new
5612 59
: 598 59
597
6214 6314 5919 814 581
100 1184 Jan 23 12834Sept 29 11878 Oct 126 Jan
240 Preferred
*12712 12834 •12714 12834 12714 1284 1261:12512 128 1274 *128 1275±
2214 Nov 55 Oct
No par 16% Oct 10 387 Mar 31
2012 1678 1814 9,800 Otis Steel
2012 201z 2018 2014 204 204 204 2014 17
100 89 July 2 99 Apr 29
894 Nov 108 Feb
Prlor preferred
____ 90 .1.____ 90
•__ _ .. 90 •_ --- 90 •____ 90 •____ 90
43 Nov 8912 Sept
*4012 4112 4012 405± 40
42
404 394 405± 38'4 384 4.200 Owens-Illinois Glass Co____25 3814 Oct 10 60% Feb 7
*41
25 484 Oct 10 7478 Mar 31
42 Nov 9834 Sept
5218 51
5314 54
504 5214 4314 514 14,30.) Pacific Gas & Elmtrio
544 5414 5312 55
0,1
10
1077
64
No
par
8
5818 Nov 1461
Mar
28
Corp
Ltg
:Sept
Pacific
4.403
64
67
6718
71
7118
711a
72
7212
:
731
7478 73
74
100 204Sept 30 30 Feb 8
171: Nov 37 Apr
230 Pacific Mills
204 2018
2014 2078 2012 2312 204 2014 .2018 23
23
*21
13212 1321: 13214 13318 131% 134
293 Pacific Telep & Teleg ' 100 129 Oct 10 178 Feb 19 131 Nov 220 July
129 1314
1354 13512 132 135
:Jan 4 145 Feb 21 1164 Jan 138 Oct
100 1181
Preferred
•12612 12912 *12012 12912 *12512 1291:*12812 1291: 129 12912 .129 1294
912 Oct 10 2338 Mar 18
13 Nov 324 Sept
912 1014 120,301 Packard Motor Car..._ No par
10,
8
1114 1034 1114 1012 1014 1012 1034 10
11
48
Oct 10 0414MAY 14
404 Feb 89 Aug
Petr
&
Trans-___50
Pan-Amer
30)
48
48
*51
53
51
*4914
50
51
53
57
*53
SO 4713 Oct 10 8712May 14
4012 Feb 6914 Aug
3.803 MIAS B
5112 511
5112 473 49
: 50
5034 51
52
52
53
52
10 Sept 29 3534 Ayr 7
24 Nov 871 Jan
1,300 Park & Tilford Inc_ _No par
1134 10
10
10
10
1234 104 1018 •10
.310
11
11
47 Ort 10 2814 Mar 10
41
154 Dec 21 De0
512 6.700 Parmelee Transporta'n.No par
515 512
55± 6
514 534
534 64
614 814
314 Oct 10 1234May 14
3 Nov 154 Jan
3171 34 2.200 Panhandle Prod & ref _No par
*3513 4
313 319 *3'2 4
*334 412
*334 47
Jut 14 80 May 14
47,
4
100
471:
Feb 76
Jan
•35
*_-_40
*__
__
4112
60
51
•35
60
•35
55
•28
No par 4814 Oct 10 7714 Mar 31
1 5234 494 514 47% 505± 464 4934 115.403 Paramount PubIlx
86 Oct 7512 Oct
5412 5114 5314 49
53
112Seid 30
I
438 Apr 7
8 Dec 1374 Feb
lls 14 3.503 Park Utah C M
114 14
15±
112
I's 112
134
134 •I12 '134
9 Apr 25
234 Jan 3
No par
24 Dec 147a Jan
318 8,600 Patna Exchange
3
35± 34
34 312
34 334
312 3,2
•312 35±
44 Dec 30 Jan
5 Jan 2 19% Apr 25
No par
Glass A
614 712 3.801
812 7
74
7
734 734 *74 712
*77
8
918114,tt 30 32% Feb 5
Mines & Enterpr_-_20
247
4 Oct 4724 Mar
Patina
1
7.39')
12
12
1212
10%
104
11
2
•
1218
1014
13%
1212
1334 1334
14 Feb 3
33sSept 29
50
51$ Oct 2212 Jan
800 Peerless Motor Car
418 *334 412
4
44 43s
•34 44 •34 412
3.338 41
,.1,t1 7 551* A31'10
22 Not 607$ SW
NO par 287
18,603 Penick & Ford
36
34
3534 334 36
3814 3812 3534 367$ 35
28
37
86 Nov 10514 Oct
No par 474 Oct 10 80 Jan 3
5,301 Penney (J C)
4812 4914 4812 4912 484 485± 475± 4812 4711 48
50
50
100 93 Jao 7 101114Sept 23
33 Oct 97 Del
703 Preferred
9914 9914 *99 100
*9914 100
10014 10012 100 100
9934 100
6 Sept 26 12 Mar 8
312 Not
27 Ja0
3.033 Penn-Dixie Cement__ No par
5
5
5
5
54 54
S's 54
512 54
*512 55±
2011 Nov 94 Jan
100 254 Ort 10 554 Mar 13
1.300 Preferred
3018 3114 2512 32
33
34
35
*33
36
*33
33
33
1 1 208,3
18 D
Jan 44
05
418 Aug
27.903 People's 0 L & C(Chlo)-100 116 Oct 10 325 May 27
218 225
22112 238 •233 238 225 228
•235 241 •223 238
171$July 17 224 Aug
No pa
Pet Milk
: 181: 181: 194
181
: 19
*181
•1812 19
3.184 19
*1812 19
1238 Oct 10 2714June 10 ___
141$ 1.41$ 1318 1414 1214 1312 28.803 Petroleum Corp of Am_No par
1514 1519 1458 1514 1458 15
3
25 27 Oct 7 44 Aia 7
31 Nov 7i-17.8 May
28
28
2812 2714 284 10.10) Phelps-Dadge Corp
2878 28
2814 27
2874 28
28
8,5se8
42
Ap4
r 2218
5
19
5 25
3 1592
412
50
0 15870,5
44 NN
A05p,,r 28
354
5
4 542:r
Oct
a
100 Philadelphia Co (Pittab)._5
170 170 *180 210
.3180 210 *180 210 •180 210 *180 210
Jan
800 611 preferred
8 5334
5534 554 5514 53,
5512 557 *5518 5514 *51
5.512 551
11% Jan 17 2574May
C &[-No pa
Read
&
Phila
14
38.033
1234
14
1
8
1318
1512
1412
:
151
141a
141: 1518
154 161
15': Mar II
84 Jan 8
534 Oct 234 Feb
10
9% 147.3 4.800 Phillip Morris & Co Ltd.__ 10
94 10
10
10'4
104 10,4 10
1310
11
1912 Nov 78 Mai
22
Phillips Jones CorP----No par 13 Sept 29 27% Feb 18
•12
*12
22
22
*11
22
*11
22
*11
22
*11
100 593* Ale 21 75 Feb 11
Jones
pref
85
1
311111107
Nov 98 May
60
.58
*58
60
60
*58
Si)
Si) *58
*58
60
•58
2414 Nov 47
Jan
70.300 Phillips Petroleum-___No par 21 Oct 13 441s Apr 30
23
354 224 2514 21
25's 25
MI 267e 2512 264 25
It) Sept 30 2018 Apr 30
hosiery
5
11/
Pnoenix
3
4
Oct 375* Jan
2.100
II
*9
*9
11
10
10
10
10
10
10
11
•10
19 June 25 33 Apr 3
18 Nov
377k Jail
3.500 PlereeArow class A..__No par
323
25
25
25
26
*25
25
2712 25
*25
25
25
Mar
30
2's
17
34Seot
25
1
Orr
33s May
7/1 4.803 Pierce 011 Corp
74
78
1
1
1
1
1
1
7s
•
74 1
100 174 Oct 9 52 May 1
20 Oct 5112 Mai
1718 174 1.500 Preferred
1812 1714 18
3018 187s 1878 18
20
21
•20
57s jag
13 Oct
74 Apr 24
214 Jan 3
No pa
12.200 Pleroe Petroleum
31$ 4
314 34
312 312
334 358
84 35±
334 334
$ per share $ ner share $ net share $ vet share $ per share $ per share
354 36
374 3712 3634 3714 368 367
3814 3814 37% 38
45
37
814
614 7
4
4
334 334
*334 4
345 3558
357
38
3838 35
3512 37
3614 3714 355 357
_ -_ *134
_ *134
_ 138 138 *134
•134 - __
3312 3-8
3312 -3-6361s ii
3514 38
3714 -3838
4014 *134712 712
712 712
714 734 *734 814
8,11 84
*734 8
,
20
20
20
2014
20
20
3.20
22
21
*2014 2112 *20
71
71
*71
72
81
*71
71
71
*71
81
71
71
*3474 3878 38% 38% 3718 3714
35
38
39
*37
3912 *37
63
*48
63
63 *48
*48 63 *____ 63 •_- 63 *48
50
50
54
54
54
54
54
54
58
*54
56 *_
*8212 94
8834 *834 94
*80 8834 *8312 8834 *85 8834 85
*3013 34 •3014 34
3012 3012 *3014 34
•3012 32
*3012 34
*18
1812 177 18
18
1819 18
18% *18
*1814 1878 *18
744
744 764 7134 7414 71
754 7774 7312 78
7814 79
1214 1334
13% 14
14
*1518 1514 1458 154 1412 1412 14
357 3812 3512 3512 3318 3612
37
374 *384 37
*37
38
13,
4 *1212 1314 1214 1212 *1112 1214 *1112 1212 1014 12
*13
2819 30
30
30
30
30
*29
30
30
'29
3334 *29
8
7
818
8
814 838
814 812
854 914
94 912
175±
15
185
8
18
1712
188
1718
1712
1814
18
1819
1819
912 w
1012
1014 10
1014 10
10% 1019 1018 1012 10
4314 48
*50
534 4912 50
504 52
52
52
•52
54
1834
18
20
18
20
2058 21
205± 197 20% 1974 20
_
•Bid and talked prices; no sales ou Luta day. 0 H4val1vIdeud 5514 al-rigure. S ha-tuvideutl.
Ia.
N
w York Stock Record—Continued---Page 7
2351
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT
Saida
STOCKS
NEW YORK STOCK
for
the
Pridag
EXCHANGE.
Wed!
Oct. 10.
—
$ per share $ net share 5 Per share $ Per share $ Per share 5 Per share Share: Indus.& Miscell.(Con.) Par
8
3214 32
31
32
30
30
31
29
10,100 Pillsbury Flour MIlls___No par
3014 3034 2812 31
*3918 40
39
39
38% 38h 3812 3834 3814 3814 38
3818 1,100 Pirelli Co of Italy
37
37
37
37
436
39
36
36
*3512 36
34
35
1.100 Pittsburgh Coal of Pa
100
*75
797 *75
79
75
75
75
75
1.3110 Preferred
75
75
754 75
100
1734 1734 1718 174 17
17
154 16
2.600 MUM Screw & Bolt_ __No par
16% 16% 1612 17
139512 98
*97
98
*96
10 Pitts Steel 7% cum pref__.100
98
97
98
97
98 .96
*96
*2014 2012 20
204 1914 1934 *19
800 Pittston Co
19 9838 19
1912 19
No par
238 23% 22
2314 2218 2214 22
2012 5,700 Poor & Co class B
19
224 204 22
No par
*174 19
*18
19
*1712 19
*174 19
174 1712 1512 1712 1,100 PortoRican-ArnTob clANo par
6
57
614
6'z 612
5
4
4,300 Claw,13
No par
518 512
578
5% 578
75
76
724 74
71
70
70
5.000 Postal Tel & Cable 7% pf_..100
72
70
70
70
71
27
27% 2634 274 24
26
14,200 Pralrie 011 & Gas
2634 2514 2534 22
2514 22
25
36
3634 34% 3618 394 343
27% 317
2918 3038 28% 29% 51,500 Prairie Pipe Line
25
57
57
53
534
4,300 Pressed Steel Car
514 515
418 6
5
5
52 54
No par
*4814 51
*48
51
*48
350 Preferred
51
484 484 4814 4814 4814 4814
100
70
7014 6918 70
66% 68
13.200 Procter Gamble
68
694 68,s 684 674 69
No par
534 534
4412 5
512 512
418 5
512
5
•5
5
700 Producers 64 Refiners Corp...50
884 90
861z 8812 851 874 8534 87
8318 8658 8112 857 88.100 Pub Set Corp of N J
No par
9934 100
973 9814 3,300 AS preferred
99
9934 99
9912 98% 99
No par
98,4 99
.117 117
117 117
2,200 8% preferred
11634 117
11618 11618 11512 116
1164 117
100
_134 13514 13514 1354''134 13514 134 1344 *132 136
500 7% preferred
132 132
100
'152 157 *152 157
15218 1521s'1523 153% 153 153 *152 154h
200 8% preferred
100
1104 1101 11014 11014 11018 11014 *110 1104 11014 1104 1104 11014 1.500 Pub Serv Elee & Gas pref 100
624 6213 61
621s 59
6034 557 5934 56
5538 5934 21,300 Pullman Inc
No par
58
14 lb
118
118
138 1.600 Punts Alegre Sugar
1
138 *118
13
138 •1
50
*118
184 185o 1758 18
171
19,100 Pure 011 (The)
17
1714 175, 17
1714 1618 17
25
11034 11034 11034 11034 10934 1104 10934 10934 10912 11038 .10912 110
290 8% preferred
100
61
61
57
60
7.800 Purity Bakeries
57
59
5812 5414 57
59
604 55
274 283
254 2714 2318 264 2334 2514 22
214 24% 675.200 Radio Corp of Amer_ _ _No par
24
*51
55
5412 541 452
400 Preferred
55
50
48% 4978 494 4912
54% *50
59
60
5834 61
6.500 Preferred B
5818 61
No par
5818 60
5711 5814 5512 59
254 2658 234 25'8 2258 2414 2318 2412 20
174 22 417.000 Radlo-Keith-Orp el A._No par
235
24
24
2312 24
23
23's 2214 2314 2012 2212 1934 2114 10.100 Raybestoe Manhattan_No par
44
4433 4112 431
401z 411
6.900 Real Silk Hosiery
10
407
414 417s 3814 4214 38
*88
93
1088
93
Preferred
10
*884 93
88
100
88
*88
93
31884 93
*112 2
*112 2
Reis (Robt) Ac Co
*112 2
*112 2
*Ilz 2
131.4 2
No par
*13
15
*13
First preferred
15 .13
100
15
*13
15
15
*13
*13
15
244 2478 2314 24
2258 233
215, 2318 1812 2134 18% 205, 50,700 RemIngton-Rand
No par
*9614 98
9614 961 *94
200 First preferred
100
98
94
*9211 95
94
*9212 94
*102 105 *100 104 *100 104 *100 10212 *100 101 *100 101
Second preferred
100
1212 1234 12
10
128 114 12
1132 13.600 Reo Motor Car
114 114 114 1134 11
26
26
23
257
2334 251
2134 20,300 Republic Steel corp..,_No par
24
24
2478 20
21
7434 7434 7314 7314 7278 731
704 71
7112 6834 68% 3,100 Preferred cony 8%___ _100
70
*1112 13
1278 135, 134 131
1312 131
900 Revere Copper & Brass No par
1312 1312 121s 1314
*40
601 *40
504 50
50
No par
500 Class A.
*40
49
493
4934 494 .40
131712 1734 17
17
9.000 Reynolds Metal Co__.No par
15
17
14
16
17'8 15
16i 15
1214 21
*24 24
214 1.600 Reynolds Spring
No par
2
212 21
214 214
2,2 2's
4714 48
4834 4734 46
47
4612 73,200 Reynolds (RJ)Tob class 13_10
4618 467
4534 4834 44
707 7212 7414 74'4 71
10
Class A
73,2 74
15
734
*71
72
74
74
84 878
838 88
8
834
8
733 838 36.500 Richfield 011 of CalifornIa..25
81
734 814
1014 1034 1018 1034
934 1012
No par
94 1032
84 97
8h 912 14,500 Rio Grande 011
35
35
*34
36
*34
No par
400 Ritter Dental Mfg
36
*3438 35
3334
34
33
34
*304 3112 2814 3034 2772 2834 274 2812 2678 274 21
10
2612 13.400 Russia Insurance Co
457 46
4514 458 45
454 441s 4472 434 44
434 4414 15.100 Royal Dutch Co (N Y shares)
*34
35
34
34
3278 334 3212 33
10
31
3112 3213 6,200 St. Joseph 1.ead
328
674 6814 6514 661
6012 6518 63
No par
6014 64
594 6314 11,000 Safeway Stores
65
*94
9414 •94
95
*94
100
95
50 Preferred (6)
94
94
94
94 .94
95
*9914 103
,1027 *100 103
1027
380 Preferred (7)
100
103 103
102% 103
9714 100
19
19
175, 1815 1758 18
j734 16
18
177a 3.800 Savage Arms Corp__No par
18
17
612 64
8% 7
64 658
658 634
6
614 9,300 Schulte Retail Storee__No par
614 834
*6018 70
*6314 64
60
62
100
61
80 Preferred
60
61
60
70
*60
*734 812 *734 914
75, 75
75, 7o
800 Seagrave Corp
No par
*7% 9
714 8
594 614 6514 59
553 573
5018 6712 5434 5718 5214 5778 71.700 Sears, Roebuck & Co No par
74 712
74 734
704
7
6
7
5
432 5
5
2,200 Second Nat Investors No par
*62
624 6134 6134 6134 6134 614 6112 6011 601
No par
700 Preferred
5812 584
*134 17
1% 134
I% 13
No par
1 8 134
1%
14 134 3.400 Seneca Copper
134
534 618
514 534
478 518
54 534
54 53
412 5
24,900 Servel Inc
par
No
33
3438 308 3213 3034 32
2912 31
3078 31
2978 31
22,700 Shattuck (F 0)
No par
*144 15
1412 1412 14
14
1218 1318 2,100 Sharon Steel Hoop- __,.No par
1418 1418 13
14
2038 2012 *1912 20
*19
20
1712 184
*1918 20
*1878 191
No par
800 Sharp & Dohme
58
58
*5812 60
058
80
*58
58
No par
60
60
58
*58
300 Preferred
*3914 4915 *3914 4238 •384 42
*384 42
414
40
38
*3812
Shell
3712
Ltd a
Transp&
Co
Trad
1218 123/4 1112 12
1118 1104 1114 12
104 1034 33,200 Shell Union 011
1011 113
No par
*87
88
87
8718 864 87
85
84
861
84
100
841z 2.000 Preferred
84
12
1214 114 114 1034 1114 11
11
1078 b's
94 103
2.600 Shubert Theatre Corp_No pa
1934 2038 183 1958 18
195s 18
17
154 18'4 15
35,600 Simmons Co
19
No par
15
15
1414 1434 14
14
14
14
134 1204 1318 7.200 Simms Petroleum
13
10
1718 17'8 1658 1718
1614 1714 164 17
16 121,900 Sinclair Cons 011 Corp_No par
154 1658 15
*10934 1101 *10934 11014 •10934 11011 10934 1Q9g 1094 10934 10914 10914
300
100
Preferred
235, 235, 23
2334 2214 23
2214 2238 20% 221z 205, 2034 17,600 Skelly Oil Co
25
*342 334 *312 34
*3,2 334 *34 334
314
3
600 Snider Packing
34 312
No par
*15
17 .15
17
15
15 .15
154 16
18
*1512 173
300
par
Preferred
No
*111 11118 11014 11012 109 10918 10614 10834 10414 106
104 104
2.300 Solvay Am Inv Trust pref _100
12
12
115, 115
114 12
12
1234 12
134 1'24 134 4,700 So Porto Rico Sug......No par
5414 544 534 54
52
534 524 527
494
52
51
504
18.200
25
Southern Calif Edison
*5
6
*414 6
5
5
5
5
5
5
*412 434
400 Southern Dairies el B__No pa
*384 3934 *3812 3934 3712 3814 .36
381
: 36
36
*3512 4434
600 Spalding Bros
No par
•1143 115 131143 115
11434 115 *11434 115
100 Spalding Bros 1st pref____100
11414 114h *11434 115
*31
3112 31
31
*3013 311z 304 3018 30
2912 294 1,500 Spang Chalfant&Colue No par
30
*93
95 .93
95 .93
95 .93
95
10 Preferred
934 9312
100
95
1614 164 154 1814
155, 1638 155, 1638 1418 15% *93
144 1514 19,300 Sparks WithIngton. __No par
131215 144 *13
141* •13
14
0134 14
200 Spencer Kellogg .4 Sons No par
13
134 *1314 14
1314 134 •1318 14
134 1314 1318 1318 1214 1318 1012 124
2,600 Spicer Mfg Co
No par
3714 371 4 *35
38
*30
38 •
_ 3712 *__ __ 374 *____ 3718
100 Preferred A
No pa
11h 1 lh
11
III
104 1015
2 1114 10
10
1,500 Splegel-May-Stern Co_No par
104 10
1814 1812 1714 184 1678 174 ''/.0,
16% 1712 1614 175, 15% 1678 102.500 Standard Brands
No par
*119 12014 *119'S 120
1194 11912
119
11814 119 *11714 119
400 Preferred
No par
*414 434 *414 454 5414 434 119
4
414 0418 412
418 412
700 Stand Comm Tobacco_No par
8912 9212 8512 883t 85
874 854 86% 7878 8512 7518 81
39.700 Standard Gas & El Co_No par
i
6678 6678 66% 67
67
67
8612 64.35, 6618 6612 6512 6618 3,600 Preferred
50
10112 10112 101 101
1003, 10058 10012 1004 *9914 10134 9818 99
1.000 $6 cum prior prof__ No par
*518 6
515 51
54 518
54 514
44 518
358 4
7.700 Stand investing Corp_ _No par
*106 10614 108 106
1058 1065, 108 10814 *1053
106 51054 106
800 Standard 011 Export pref. _100
5614 51314 5518 561
544 5512 5413 5518 5338 545
5218 5414 23.000 Standard 011 of Cal____No par
*2318 2414 23
23's 23
23
234 24
22
2312 •2012 27's 1.800 Stand 011 of Kansas
25
6014 6214 5878 601
584 614 5834 60
5534 5812 5512 574 261.300 Standard 01101 New Jersey_25
2918 293
2838 2914 2752 294 2772 284 27
28. 2612 2778 72,300 Standard 011 of New York_ _25
*2612 2712 265, 2638 24
2512 24
2512 23
24
21
244
1.900 Starrett Co(The) L S__No par
7
74
634 712
64 7
6'8 64
6
614
6
6's 10.500 Sterling Securities el A.No par
1034 1034 104 104 1012 Ws 1034 1034 10
104 *5
10
1,000 Preferred
'20
36
36
3578 36
357 357
3534 357
33
3512 314 311
1,900 Convertible preferred
50
2114 2112 2012 2114 2014 201, 2014 203
194 203
1912
18
15.000
Stewart
-Warn
Sp
Corp
10
71
72
6814 70
654 691
64% 871z 58
65
5712
33.800
6212
Stone
& Webster
No par
2712 28'oI 2634 2712 2614 277
2612 28
26
27
26
2612 14,100 Studeb'r Corp (The). No par
*122 1247 *122 12478 122 122 *122 1247s *122
124% 122 122
60 Preferred
100
.55
'
14 561 I 5*14
58
14
1
14
14
*14
04
.14
34
300 Subinurine Boat
No pa
5
55
5234 5413 53
53
52
5218 52
52
1,900 Sun 011
par
No
10614 1064 •106 10634 106 106
10634 107
1074 10714 107 107
430 Preferred
100
374 38
374 3715 35
38
*36
39
35
363s 3212 35
2.200 Superheater Co(The)__No par
•178 2
•14 2
Ps 17
.178 2
178 1%
112 104 2.700 Superior 011
*8
No pa
9
812 812 *8
81
8
84
8
fils
8
87
8
1,400
Superior Steel
100
*10,2 11
11
11
104 101 *1.011 12
1012 101
1012 1012
600 Sweets Cool America
.323
50
312 *25
314 *234 31
24 234 *211 333
212 211
8110 Symington
No pa
*64 74 *1312 712 *618 Vs
612 C'S
6
814 *814 8
500 Claw A
par
No
19
19
19
19
*1812 19
1812 181
174 1818 1638 18
2.200 Telautograph Corp
No par
912 94
933 10
91g 95,
94 91s
9
94
834 9
5.700 Tenn Copp .4 Ch ern_ _ _No par
4578 47
4478 4534 4434 46
4412 451
4355 45
4278 4433 65.100 Texas CorporatIon
25
554 564 544 563, 5455 555
545 553
525 55
503, 5412 49.600 Texas Gulf Sulphur._ _No pa
7,4 74
714 714
64 738
834 67
64 678
6
612 11.800'Texas Pacific Coal Jr-011_
18
10
184 1678 1734 16
1714 1638 17's 15
164 1414 16
63.500 Texas Pac Land Trust
1
1812 194 18
1814
1734 177s
17
173
164 18
17
1714 5.700 Thatcher Mfg
No par
*414 44
414 4118 .32
42
*32
411 *40
44
414 4118
200 Preferred
No par
Saturday
oct. 4.
Monday
Oct. 6.
Tuesday
Oct. 7.
Wednesday
Oct. 8.
Thursday
Oct. 9.
•Bid and asked prices; no sake on this day. I Ex
-dividend. V E8-3181133L
PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
Lowest.
Highest.
$ per share
27 June 25
38 Oct 10
84 Oct 10
75 Oct 7
1514 Oct 10
9312June 24
19 Oct 9
19 Oct 10
15121 Oct 10
4 Oct 10
70 Oct 8
22 Oct 9
277s Oct 8
418 Oct 10
4814 Oct 8
525, Jan 3
44 Oct 9
8112 Jan 2
9134June 18
1064 Jan 8
121 Jan 10
143 Jan 2
10714 Feb 5
555 Oct 10
1 Oct 7
1618 Oct 10
1091113eut 25
52 June 21
211z Oct 10
48% Oct 9
5414 Oct 1
171z Oct 10
1933 Oct 10
341
/
4Juns 19
8714 Sept 17
1 Aug 29
14 Aug 28
184 Oct 9
92 Jan 3
95 Jae 4
84June 17
20 Oct 10
6834 Oct 10
10 Sept 30
4934 Oct 9
14 Oct 10
2 Sept 23
44 Oct 10
70 Jure
732 Oct 10
858Sept 30
33 Oct 10
21 Oct 10
4314 Oct 9
31 Oct 9
5714 Aug 13
87 Aug 9
97 Oct 1
16 June 18
414 Jar 2
35 Jan 2
714 Oct 10
5214 Oct 10
43 Oct 10
5812 Jan 3
133Jure 28
412 Oct 10
2912 Oct 10
1218 Oct 10
1614 Aug 8
54 Jan 2
374 Oct 1
104 Oct 10
84 Oct 9
858 Jan 2
15 Oct 10
1234 Oct 10
15 Oct 10
108 June 10
20% Oct 10
3 Oct 10
15 June 25
9512 Jan 6
1118 Oct 7
4918 Oct 10
312 Jan 4
33 Jan 8
108 Jan 13
194 Jan 2
92 Jan 20
1318 Jan 18
12 Oct 3
1012 Oct 10
3714July 8
10 Oct 9
15% Oct 10
117 July 7
312June 17
75le Oct 10
614June 19
90IsJuly 10
35 Oct 10
98 Feb 8
5218 Oct 10
22 Sept 311
554 Oct 10
2012 Oct 10
21 Oct 10
6 Oct 9
10 Oct 9
314 Oct 10
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share
3734 Apr 11
5078 Feb 21
7812 Jan 1
110 Jan 1
2278 Feb I!
103 Jan 1
2278 Apr 1
34.
/
1
4 Mar II
3038July :3
2714 Mar 11
103 Jan 2
54 Apr
8012 Feb '
1658 Feb 1
7612 Feb 14
71378June 2
1178 Mar 17
12334 Apr 1 1
100 Oct 4
117 Sept 3
13514 Oct
158 June 7
112 May 21
89/
1
4 Jan 3
8,2 Jan!7
2714 Apr 7
11414 Apr
88% Feb 15
6938 Apr 2
57 Apr 21
85 Apr
60 Apr 24
587 Apr 1 7
6478 Mar 2
100 Mar 29
57 Feb 3
87 Jan 2
464 Apr I 4
10078 Mar 2
104 July 15
1478 Mar 24
7911 Apr 16
954May 5
30 Jan
72 Jan 24
34' Apr 1 4
712 Jan 29
585sMar 1 1
80 Jan 2
2814 Mar 1 4
2534 Apr 7
5934 Feb 5
4834 Mar 3
5612 Apr 7
674 Feb 6
12238 Jan:3
997s Feb 7
10978 Mar I
3134 Apr 2
134 Jan: 3
75 Jan! 1
1414 Mar 11
1005 Jon, 1
23 Feb 17
8234Mar 8
34 Jan 9
1312 Apr 5
52 Apr 1
3234 Feb 13
2734 Mar 10
8334Mar 10
4833 Apr 3
254 Apr 7
10814 Apr 1
35 Apr 5
947 Jan 2
37 Mar 4
32 Apr 7
11214 Apr 24
42 Apr
8 Jan
3834 Feb 24
12112 Apr 3
3034 Jan 16
72 Apr 14
9 Mar 3
45 Mar 17
115 Aug 27
8734June 14
96 Jan 2
304 Apr 10
25 Apr 16
384 Feb 4
454 Mar 31
52 Feb 3
2914 Feb 8
12112Sept 23
714 Feb 11
1294 Apr 15
67 May 26
104 Sept 12
151zMar 27
10838 Oct 7
75 Apr 25
49 Apr 21
8472 Apr 30
4032 Apr '28
4734 Apr 23
2012 Mar 31
1434 Mar 31
48 Mar 15
$ Per shay'f $p,rshare
30 Oct 6378 Jan
434 Oct 68 Aug
64 Nov 83h Jan
8311 June 110 Oct
17 Dec 271
: Aug
9214 Feb 110 Oct
18 Oct 10 47 Apr 5
5712 Oct 10 1134 Al'! 8
2514June 18 4714 Feb
116 Jan 21 125 Mar 18
14 Sept 30
11
/
4 mar 31
50 June 18 70 Apr 7
10212 Jan 13 imasept 30
3212 Oct 10 4514JulY 29
112sept 30 93sNlae 12
734 Oct 1 29% Mar 27
84 Jan 24 15% Mar 28
7 Apr 23
212Sept 29
1
4 Apr 23
6 Oct 9 17/
154 Jan 25 2614 Air 7
834Sept 30 17 Apr 10
4278 Oct 10 6012Mar 1
484June 25 67% Mar 24
IS Oct 10 1414Nlar 18
134 Jan 2 324 Mar 22
1638 Oct 9 38% Apr 4
40 June 18 48 Mar 81
30 Oct 77 May
64 Nov 2014 Aug
384 Nov 98
Jan
115 Nov 126 June
/
1
4 Ott
412 Mar
53 Dec 86318 Oct
100 Jan 1054 Jar
487k Aug
20
Nov
8
93
401s
45
618
50
43
4
64
Nov 504 Jan
Nov 105 Jan
Oct 855* Jan
Oct 65 Aug
Nov 2538 Mar
Dec 81 Mar
Nov 98 Aug
Oct 254 Jan
Nov 1375 Sept
98 Nov
105 Nov
13912 Nov
104.2 Nov
73 Nov
8 Dec
20 Nov
108 Nov
56 Oct
26 Oct
60 Nov
62 Nov
17
Oct
28 Nov
3614 Nov
864 Dec
34 Dec
40 Dec
2038 Nov
81 Nov
93 Mar
104 Oct
103/
1
4 Feb
1244 Jan
151 Sept
10958 Ma
9914 Sept
21 12 July
3034 Mar
116 Feb
148% Aug
1144 Sept
Jan
57
8212 Apr
4678 Jan
581:Sept
8438 Mar
10212 Feb
1614 Feb
10812 Feb
5734 Oct
9612 Oct
Apr
101
31% Jan
Dec
Dec
81'i Nov25
78 Nov
70
— 3E8 Nov -IF, Jan
39 Nov 66 Jan
70 Apr 8912 Oct
22% Dee 491
/
4 Jan
15 Oct4212 Mar
40 Nov 70 Julie
28 Nov96 May
4318 Oct64 Sept
384 Nov94 Jan
9018 Nov19514 Jan
85 Oct101 Sept
100 Oct10912 Dee
2011 Nov5178 Jan
312 Dec 411, Jail
30 Dec 1181s Jan
10 Dec 2214 Apr
Jan
80 Nov 181
9 Dec 1512 Nov
65 Nov 8314 Nor
2 Nov
1012 Mar
/
4 Aug
714 Nov 211
2518 Oct 194 Aug
23 Nov 5334 July
1678 Nov 22 Nov
50 Nov 65% Aug
43 Jan 5504 Jan
Oct31h Apr
19
8 Dec
59.s Nov
15. Nov
21 Nov
Oct
103
28 Oct
318 Nov
14 Nov
85 Nov
2258 Dec
4518 Nov
212 Nov
30 Nov
107 Nov
15 Oct
89 Mar
134 Nov
20 Nov
2018 Dec
38 Nov
34 Dec
20
Oct
11414 Nov
312 Dec
734 Nov
5812 Nov
4
48
6104
304
814
84
31
744 Jan
188 Sept
404 Aug
45 Jan
Jan
111
4612May
1614 Feb
544 Jail
111 Sept
45 May
9314 Sept
15/
1
4 Jan
63,s Mar
117 Feb
5314 Jan
98 Oct
73 Aug
45 Aug
6634 Mar
5572 Mar
11778 Peb
4434 Sept
11834 Sept
43% Jan
24334 Sept
57 Feb
Dec
Sept
Oct
Feb
81's May
Nov
Oct
Nov
Nov
Oct
Nov
lb Nov
We Nov
212 Dec
64 Nov
1474 Dec
912 Nov
504 Nov
421
:Nov
91s Nov
614 Oct
1612 Mar
35 Mar
83 Sept
4818 Sept
47% Oct
35 Sept
1578 July
5512 Sept
24 Aug
735 Apr
224 Apr
9 May
1933 May
2512 Mar
2078 Apr
5172 Sept
8514 Apr
2378 Mar
4412 Jan
35 Sept
49% Sept
New York Stock Record-concluded -Page 8
2352
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 4.
Monday
Oct. 6.
Tuesday
Oct. 7.
Wednesday
Oct. 8.
Thursday
Oct. 9.
Friday
Oct. 10.
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
S per share $ per share S per share Shares Indus & Miscell.(Con.) Par
No par
*2412 25
2418 2412 2412 2412 1,300 The Fair
100
90 Preferred 7%
105 105
10612 10612 *10612 107
No par
7,601) Mermaid Co
7
8
9
9
8
9
No par
1,900 Third Nat Investors
25
26
2212 25
2734 28
25
27
2912 1.200 Thompson (J R) Co
2712 30
*30
31
2.400 Thompson Products IncNo par
1612 1718 154 164 1518 16
2,200 Thompson-Starrett Co_No par
518 6
7
7
512 7
No par
1.700 43.50 cun) pref
33
36
36
35
3518 30
1013 104 1018 1034 10
104 30,000 Tidewater Assoc Oil__ No Par
100
1,000 Preferred
74
7712 78
74
7618 74
21
100
200 Tide Water Oil
*16
20
154 1518 *16
100
400 Preferred
87
*85
90
8518 8518 *85
7.800 Timken Detroit Axle
10
1018 1038
9
10
8
9
22.900 Tinken Roller Bearing_No par
5014 56
5412 56
5118 55
24 34 5.400 Tobacco Products Corp___ _20
34 314
34 318
20
*1112 1178 1058 114 1034 1034 3,400 Class A
25
1912 2012 1758 1934 1712 1834 126.300 Transamerica Corp
Transcont'l 011 Co_ _ _ _No par
;i6T2 ui -io" lo-ii -34 16" ";ii8 Ici- --irz - 9i7-8 - 878 WA 2,600 Tran.sue& Williams St'l No par
24,300 TM-Continental Corp_No par
918 10
1018
958 1038
1014 1014 10
978 104
94 1014
100
9434 944 4,000 6% preferred
*9478 95
9478 9478 9478 95
9478 944 9478 95
*3213 33
*3212 33
*3212 33
3212 3212 31
3212 31
314 3,000 Trico Products Corp..-No Par
700 Truax Traer Coal
12
No par
1312 *12
12
*12
1312 *12
1312 •12
1312 12
12
1,500 Truscon Steel
10
*2534 2614 2513 2512 2434 2512 2434 2434 2334 244 224 23
Ulen & Co
19
No par
*16
*15
224 *18
2278 •18
20
*15
22
*1418 20
10.500 Under Elliott Fisher Co No par
7114 79
88
82
84
82
82
83
*84
8234 83
79
1514 2.300 Union Bag & Paper Corp_.100
1718 174 *1612 17
16
16
1512 14
1512 16
15
65 197.800 Union Carbide & Carb_No par
6912 7114 6612 6834 65
6534 61
674 654 6778 62
25
20.500 Union Oil California
*3538 3512 34
3538 3312 3412 334 3334 321s 3338 284 32
No par
*2512 2612 2512 2512 2512 2512 2513 2512 2512 2512 2512 2534 3,000 Union Tank Car
4112 4312 374 404 3612 3938 38
4012 3558 4014 3514 384 371.900 United Aircraft dr Tran_No par
50
56
56,8 3.000 Preferred
60
60
5814 5834 5712 5734 5634 58
5634 60
No par
4213 4212 42
4213 42
4213 414 42
404 4134 374 394 4,500 United Biscuit
Preferred
100
*11434 13912 *11434 13912 *1144 13912 *11434 13912 *11434 13912 *11434 13912
No par
4112 43
40
404 38
404 394 4034 3558 3918 3218 37 103.500 United Carbon
Nos 7
6.200 United Cigar Stores...No par
512 6
618
6
a 658
6,8 64
618 64
3.300 Preferred
100
55
54
5112 52
58
52
52
5134 52
50
504 •49
No par
2734 29
26
2713 25
264 2538 2678 2314 254 2114 243* 441.500 United Corp
No par
4758 484 19,800 Preferred
5014 5014 5018 50,4 4978 5038 494 504 485s 50
No par
44 414 2.700 United Electric Coal
434 434
44 434
*472 5
434 44
414 458
No par
74
70
7214 23.900 United Fruit
77
78
724 7412 72
7518 774 7414 76
United
Gas
dr
Improve_No
par
135,000
293
4
325
8
317
8
3412 344 3234 3418 318
73
33 8 3214 33
31
312 1,500 Preferred
No par
34 105
104
10412 10412 10418 10418 10312 104
•104
*10418
*5
*5
100
500 United Paperboard
8
*5
8
8
*5
612 *5
2438 16.900 United Piece Dye Wks_No par
2434 23
2414 2512 2413 2478 24
25
24
23,3 25
9.800 United Stores el A
*814 878
73, 712
No Par
718 8
514 7
8
7,4 758
8,8
6.200 Preferred class A._ _.No par
3978 42
44
4314 44
*4334 46
43
4318 42
•4334 46
Universal Leaf Tobacco No par
25
2534 2412 25
27
254 26
2718 2612 27
2678 27
Universal Pictures 1st pfd.1(10
50
50
52
*45
*4318 52
52
48
48
50
52 .48
4.31, 334
4710
050
0 Universal Pipe at Rad_ _No par
238 3
3
3
3
318
34 318
314 3,4
20
2673 39.200 U.S Me Fdy
29
2713 2834 2512 2712 24
2812 3014 27
30,2 31
500 1s1 preferred
No par
18
184 1814 18
•1814 1912 •1814 194 *1814 19
*1814 20
*91, 10
*912 10
912 912
No par
9
912 1,800 U S DIstrib Corp
*912 10
912 94
200 U S Express
100
112 112 •114
•112 14 *1,2 178
178 •114 14 *114 14
No par
42
274 334 3.400 U S Freight
36
38
38
3714 3714 35
3914 39,4 •38
1012 8.400 U 8 & Foreign Secur_No Par
1218 13
9
124 1218 1114 12
1312 1212 13
*13
600 Preferred
z9112 9134
93
93
*93
94
9134 914 *92
93
'92
93
1,300 US Hoff Mach Corp_ _.No
par
No p
14
14
*1314 1412 1314 1314 1212 13,4 1212 13
15
•14
6112 584 6112 11,400 U S Industrial Alcohol_ _..100
6212 5913 62
6018 617s 59
6614 62
65
712 2,000 U.S. Leather
No par
7
818 8,8
713 734
1
84 87s *512 9
1,400 Class A
1212 10
Illz *11
1012
11 12 1112 11
12
12
94 10
Prior preferred
100
•7212 8212 *724 8212 •724 8212 7258 821 •7258 8212 *7253 823*
12.200 US Realty & Impt
No par
Nco
4078 34
3958 3414 38
4012 4134 4014 404 40
4012 42
28,500
15
United
States Rubber
14
II
10
151s
1418
14
16
1518
1218
1512
17
1672
let preferred
2112 24,2 9,500
251z 2812 244 25
100
30
30,4 30,4 28
31
31
19
2078 20
20
20
20
194 20
1912 5.600 US Smelting Re!.5 Min__ _50
*20
*20
21
*444 45
*444 45
*4418 45
4312 4412 4318 434 1,001) Preferred
44
44
15114 15512 15013 1544 146 15114 14412 1494 816.500 United States Steel Corp..J001
1564 16014 15312 156
11.000 Preferred
100
1493* 150
14853 14914 148 1484 1474 148
1504 15018 14934 150
300 U S Tobacco
*6014 60,2
61
*61
65
*6114 6214 6114 61,4 6112 6112 61
31
314 29
314 20
28,8 71,600 Utilities Pow & Lt A
N
Noo par
3112 3212 3058 32
3212 33
No par
178 178 *134 178
158 134
12 112
4 14 13.300 Vadsco Sales
134
178
par
5558 5912 5412 5834 554 5878 5014 5718 4712 524 443.800 Vanadium Corp
64
60
314 314
*314 312
278 314
No
278 278
No par
24 234 2,400 Virginia-Caro Chem
234 234
3,200 6% preferred
19
20
100
25
23
23
2134 2134 20
21
*22
*24
25
900 7% preferred
75
100
79
*76
78
77
74
*75
77
75
75
80
*79
460 Virginia El & Pow pf (6) No par
*10634 107 *10634,1074 •10612 10712 •10614 107 •10638 10612 10412 105,4
538 Virg Iron Coal dr Coke pf _ _100
70
70
70
70
*70
70
70
7213
70
70
7212
*70
100
5712 2,010 Vulcan Detinning
63
584 6134 5812 62
63
5534 5934 54
67
64
100 Preferred
100
*9312 97
*9312 97
9312 9312
4934 95
*9312 97
*9312 97
No par
254 253* 2514 2558 2514 2512 2518 2558 2458 254 2412 2514 5.600 Waldorf System
par
2158 20
2234 3.400 Walworth Co
2312 234 2112 2212 2218 2212 2212 2212 21
40 Ward Bak arias class A N
No par
2712 2712 28
28
*2412 27
*2212 25
23
23
*2712 30
ar
No ipoo
63* 3.700 Class B
7
7
612 7
5
74 74
•714 812 •714 84
600 Preferred
6012 61
62
61
61
61
*60
*80
6118 61
62
*60
2038 2134 1934 2114 1713 194 1638 1812 264.300 Warner Bros Pictures. No par
22
2212 21
22
400 Preferred
No par
38
*38
46
*39
45
*39
43
36
42
*39
43
•38
No par
812 812
74 812
74 8,8
778 813
778 77s
713 734 18.100 Warner Quinlan
No par
3638 40
3514 3834 14,200 Warren Bros. new
4258 3958 4058 3938 4078 3938 41
42
par
200 Cony pref
*5178 52
5178 5178 51
514 5012 51
*5178 5234 *5114 52
2,400 Warren Fdy & Pipe__ Noo
N
27
27
2658 264 2658 27
*2658 2712 264 2658 2658 27
1
1
1
400
25
Webster
Eisenlohr
4
414
*414
512
412
4
2
4
413 412 *414 512 *411 5 2
3,800 Wesson Oil St Snowdrift No par
24
22
2414 2438 2478 244 23
24
25
*25
2514 25
Preferred
563* *551 5612 *56
68
5512 5618 5412 554 2.600
5612 5612 56
Nho_lp0
a0
r
19.800 Western Union Telegrap
13314 140
147 15012 14613 15012 145 14714 135 144
151 156
8.600 Westingh'se Air Brake.No par
3512 36
3312 35
3414 36
364 3612 3558 36
*3612 37
Mfg__
_50
Westinghouse
El
&
503,600
121
1263
4
11912
12514
1093
4
112
11914
1164
12918
1233
8
130 13438
50
610 lot preferred
11712 122
12512 12612 125 12658 122 12114 11878 123
3.12514 134
2613 2534 2534 2414 2612 2318 2478 2,600 Weston Elec Instrutn't_No par
2618 2618 2818 2618 26
par
Class
A
36
53414
*34
36
*3414
36
*3414 36
*3334 36
*3334 36
No par
310 West Penn Eleo class A_N
10712 10712 10512 10712 106 106
108 108
108 108
*10612 108
100
510 Preferred
11178 112
11134 11134 110 11112
1114 11134 112 112
112 112
100
330 Preferred (6)
102 10214 10214 10214 10214 10214 102 102
102 102
•10114 102
140 West Penn Power pre/
100
____ 11714 11714 117 117
•11534 ___ 11618 11618 116,2 11612 *116
100
6%
preferred
10912
111
390
109
,
2
1094
109
,
2
110
110
*10912
110 110 *109,2 111
1,000 West Dairy Prod cl A_ _No par
264 28
29
2412 2618 *20
29
28
30
30
31
•30
No par
•712 8,2
74
6
7
6
612 4,000 Class B
712
7
7
712 712
400 Westvaco Chlorine ProdNo par
32
*31
34
32
*3012 40,4 30 . 3012
*3214 3412 *3212 34
100 Wounark Radio Stores.No par
5312 7
*313 5
5313 7
312 312
*313 5
5
*4
No par
29
*2834 29
2814 2834 2718 284 5.000 White Motor
29
29
29
297s 30
4412 434 444 414 4312 4218 4514 3,200 White Rock Min Spring etf_50
4413 4412 4438 4458 44
312 313
338 312 2.700 White Sewing Machine_ No par
334 4
338 312
*32, 412 *37, 4
No par
600 Preferred
*74 8
7
7
*g
8
8
8
8
1212
912 *8
No par
1,000 Wilcox Oil& Gas
11
*1114 1134 *1114 1134 •1138 1134 1134 1134 1112 1112 11
No par
600 Wilcox-Rich class A
22
•22
23
2218 224 22
22
22
22
24 •20
22
No par
Class B
263* •---- 2612
2612 •____ 2612 *-- 2612 *--- - 26,2
6
412 44
514
434 44
41s 4,2 14,800 Willys-Overland (The)
434 478
5
538
800
100
59
56
Preferred
58
57
57
5514
61
60
63
•
60
63
63
No par
314 0234 34
213 318 2,300 Wilson .5 Co Inc
24 338 *3
312
4. *3
3,4 53
No par
713 713 *7
712 *7
712 1,700 Class A
64 634
634 712
*712 734
4112 1,100 Preferred
41
42
100
4212 4213 41
43
4014 42
*42
43
43
10
6514 6738 6212 6538 6158 6578 6258 6478 6012 6318 594 64 131,600 Woolworth (F W) CO
M
P.5
85
100
49.800
Worthing
87
74
901z
78
834
8934
8512
8512
91
9112 9714
400 Preferred A
100
98
994 .98 10114 98
*98
98
*97
97
397 10134 97
100
87
8714 8714 87,4 1.800 Preferred B
90
*88
90
90
90
90
90
90
100 Wright Aeronautical__.No par
*22
40
27
•22
40
27
49
*27
49
*27
49
*27
5,000 Wrigley(Wm) Jr(Del)No par
6814 664 69
6812 6812 67
69
6934 6934 693* 694 69
1,500 Yale & Towne
25
36
3612 35
36
37
3912 3834 3834 374 3718 37
, *39
Truck & Coach ol B 10
15
1534 137s 1434 1312 1478 1338 1414 124 134 1012 1314 97.200 Yellow
100
Preferred
85
*75
85
*75
85
•75
*704 85
•801s 854 *8018 85
2212 78.600 Young Spring & Wire_.No par
3514 194 33,2 20
3512 3558 35
3618 384 3512 36
500 Youngstown Sheet & T_No par
95
90
90
95
99
99
99
*80
*80 105
*80 105
512
44
3
,
2
415 4 200 Zenith Radio Corp_ ..Nn par
55
5
54
3
4
5
*54
*5
3
4
614
614
6
$ Per share S per share S ner share
•2412 2512 *2412 2512 •2412 2512
•105 10612 *105 10612 *105 10612
*10
1012
9
912
938 1012
28
28
28
28
28
28
3212 *3018 3212 *30
•30
3112
*1712 18
1712 1712 17
17
738 712
*8
83s *734 818
39
37
38
39
•394 40
1078 11
1034 1078 1012 11
*78
8214 *78
8214 *78
8214
•16
21
•16
21
*16
21
*86
90
86
86
86
86
11
11
1012 1012 10
1038
60
60
5614 58
5413 57
*338 4
*333 312
314 314
12
1112 1112 *1112 12
12
2034 214 z1934 2058 1914 2014
•Bid and asked prices; no sales on this day. z Ex-dividend. I, Es-rights.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
$ Per share
2418 Oct 9
102 Jan 21
7 Oct 10
2212 Oct 10
27 Oct 10
15 Sept 29
54 Oct 10
30 Oct 10
10 Oct 10
74 Oct 9
151s Oct 9
83 July 15
8 Ort 10
504 Oct 10
214 Jan 3
73
. Jan 2
1713 Oct 10
1614 Mar 10
87a Oct 10
94 Oct 9
894 Apr 10
3012J une 20
1058 Aug 27
2278 Oct 10
21 Aug 14
714 Oct 10
94June 24
604June 23
2858 Oct 10
2618Srpt 5
3514 Oct 10
56 Jan 31
36 Jan 7
117 July 12
3218 Oct 10
54 Aug 8
26 Jan 2
2114 Oct 10
4658 Jan 6
4 Sept 29
70 Oct 10
294 Oct 10
97 Jan 13
4 Oct 10
22 June 18
418 Jan 2
154 Jan 2
1278 Aug 13
30 Jan 3
24 Jan 9
184 Jan 2
1632 Jan 7
9 Oct 10
112Sept 18
274 Oct 10
9 Oct 10
8513 Jan 8
1212 Oct 9
6858 Oct 10
7 Sept 30
9 sept 30
724Sept 30
34 Oct 9
11 Oct 10
211,Oct 10
1712July 10
42 July 17
14412 Oct 10
141 Jan 4
591:June 18
20 Oct 10
4 Oct 9
4712 Oct 10
21zsept 30
19 Oct 10
74 Oct 10
101 July 14
38 May 1
54 Oct 10
85 Jen 24
2414 Jan 6
20 Sept 30
2112 Jan 7
4,8 Jan 2
58 Jan 2
164 Oct 10
36 Oct 3
7,2 Oct 10
354 Oct 10
50 July 10
2314 Jan 2
414Seot 5
22 Oct 10
5012 Jan 15
133,4 Oct 10
3312 Oct 10
1094 Oct 10
11712 Oct 10
2318 Oct 10
33 June 23
98 Jan 3
10512June 25
9714 Jan 2
11312 Jan 3
1044 Jan 23
2412 Oct 9
6 Oct 9
30 June 24
312 Oct 10
2718June 25
3618 Jan 21
344ept 25
7 Oct 10
11 Sept 30
22 Oct 4
1918May 5
418 Oct 10
55,4 Oct 10
212Sept 30
658 Oct 7
4014 Oct 7
6158June 23
6714 Jan 17
88 Jan 17
78 Jan 3
27 Oct 8
66,2 Oct 10
35 Oct 10
1012 Oct 10
72 Jan 27
194 Oct 9
90 Oct 10
312 Oct 10
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
lily/test.
$ per share $ per share
per share
2512 Dec 517s Jan
32 Jan 18
110 Feb 13 102 Nov 1104 Oct
2678Nlay 15
4634 Apr 14
471251ar 12 -io- Oct -a- Jan
3938 Apr 10
1878 Mar 28
4958 Mar 25
10 Nov 23,June
1734 Apr 7
744 Nov 9074 Aug
893
,Mar 26
14 Nov 40 June
31 Apr 23
8518 Nov 9712 Jan
9478 Apr 16
11 12 Oct 3438 Sept
214 Apr II
8914 Apr 11
Jan
5812 Nov 150
1
64 Jan 23
Oct 2218 Mar
j31 July9
54 Nov 2258 Mar
2534Sent 8
24 Apr 24
ii-e; 535 Apr
2838 Jan 31
2014 Apr 10
9612Sent 13
4134 Mar I -io- 15;; 63 July
22 Mar 18
134 Dec 3178 Jan
3018 Nov 6158 Jan
3758 Mar 25
24 Sept 5
138 Mar 21 -a- Nov 18134 Oct
7 Nov 43 Jan
19',Sept 12
59 Nov 140 Sept
10638 Mar 31
424 Nov 57 Sent
50 Apr 7
_
3812 Apr 10
31 Nov
May
99 Apr 8
444 Nov 10912May
7734 Apr 7
3312 Dec 60 Oct
5834alay 28
Oct
142 May 28 11412 June 136
404 Nov 1114 Sept
84 Apr 24
_
812Jube 5
1978 Dec 104
Jan
68 Jure 5
75', May
19 Nov
52 Apr 28
424 Nov 494 July
534 Apr 23
6 Dec 8118 Feb
1978 Pel) 19
99 Oct 153,2 Jan
105 Jar. 13
22 0,1 695
,July
4938May 1
904 Oct 984 Dee
10412 Oct 7
Nov
263
8 Jan
7
14 Mar 14
. Aug
1614 Nov 487
324 Apr 7
318 Dec 14
Oct
147.June 7
1414 Dec 4073 Oct
5034July 18
254 Nov 8578 May
39 Mar 15
28 Dec 93 Jan
78 May 9
218 Dec 224 Jan
9 Apr 10
12
Oct 554 Mar
3814 Apr 10
15 0,1 19 Jan
21 May '27
9 Oct 23 Sent
2038 Jan 17
2
10 Apr
Jan
44 Apr 14
8614 Nov 13412 Sept
103 Apr 7
174 Nov 72 Aug
324) Mar 30
82 Nov 9272 Aug
101 Mar 21
174 Dec 4978 Jan
304 Mar 12
96 Nov 24.55, Oct
13932 Jan 2
5 Nov 354 Jan
1512 Apr 21
1414 Dec 6178 Jan
20 A vr 21
1,1114 Dec 107 Feb
94 June 23
5012 Nov 11912 Feb
7512 Mar 25
15
Oct 65 Mat
35 Apr 10
40 • Nov 1124 Jan
634 Apr 4
2978 Oct 724 Mar
3612 Jai 6
Jan
48 Nov 68
534 Jan 7
19834 Apr 7 150 Nov 26134 Sept
15114Sept 29 137 Nov 14414 Mar
6512 Nov 7134 Nov
66 Feb
241, Nov 68,2 Aug
4534 Apr 10
134 Jan
3 Nov
74 Mar 12
14314 Apr 26
87,2 Nov 11612 Feb
318 Oct 2434 Jan
878 Apr 1
15
Oct 664 Jan
344 Apr 1
69 Nov 9712 Feb
8238 Avr 9
107,2 Oct 2
39 Dec 48 Jan
7014Se1,t 25
38 Nov 14978 Aug
166 Mar 24
81 Nov 110 Apr
100 Mar 24
: Oct
20 Nov 381
3134 Apr 11
22 Nov 494 Oct
4234 Apr 2
20 Dec 844 Jan
54 Mar 24
14 Oct 2114 Jan
154 Apr 1
60 Nov 874 Jan
7718 Apr 3
30 N1IV 6412 Aug
8014 Mar 28
2514 Oct 6914 Jan
7014 ar '28
15 Oct 4278 Jan
27 Apr 12
iai-
6312 Apr 11
56 Sept 12
4312May 19
912 Mar 31
294 Mar 27
5912 Apr 7
21938 Feb 19
52 Feb 27
20112 Apr 15
19734 Apr 15
487861ar 31
38 Jan 28
110 Apr 16
11212Sept 18
104 July 31
11812June 17
11112Sept 12
50 Mar 10
2418 Am 11
594 Feb 17
21 Jan 7
43 Apr 4
5474 Mar 20
1378 Mar 4
3978 Apr 3
21 Apr 25
3414 Jan 29
2734Mar 31
1158 Feb 6
85 Apr 3
734 Mar 27
13 Mar 27
5412Mar 31
7238 Jan 2
169 Apr 29
107 Apr 25
93 Mar 29
5912 Mar 5
80 July 26
77 Mar I
3234 Apr 23
105 Apr 2
47 Mar 7
152 Apr 7
1634.0ine 2
1518 Mar
4 Oct
20
Oct
4918 No)
160 Not
3612 Oct
100 Oct
103 Nov
19 a Nov
3212 Aug
90 Nov
97 Nov
884 Nov
110 Nov
102 Sept
mos Nov
7 Nov
30 Oct
Oct
19
2714 Nov
2772 Nov
Oct
1
27 Dec
1278 Nov
Oct
19
124 Oct
54 Oct
65 Dec
3 Dec
658 Nov
354 Nov
5214 Nov
43 Mar
75 Nov
66 Apr
30 Nov
65 Nov
6134 Feb
74 Nov
81
) Mar
334 Oct
01 Nov
41 i)P,
1414 Jan
11338 Feb
48 Mar
7214 Mar
27214 Oct
8734 Aug
2924 Aug
284 Aug
6435 Sept
364 Apr
110 Feb
Jan
102 Jan
117 Mar
11012 Jan
60 Sept
40 Sept
9418 May
75 Sept
5312 Mar
154 Sett
48 Jan
574 Jan
2934 Feb
6114 May
62 May
35 Jan
103 Jan
1312 Jan
27 Jan
Jan
79
112 Sept
1374 Sept
10012 Sept
904 Sent
299 Feb
804 Jan
88 Aug
6114 Apr
9612 May
504 Aug
175 Sept
5284 July
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2353
Jan. 1 11109 lAs Exchange nsethod of gaoled bowls was changed and prices are sore "and tnterest"—except for income and defaulted
bonds
*,".1•xi
BONDS
N. Y. STOCK EXCHANGE.
'
Week Ended Oct. 10.
3
Price
Friday
Oct. 10.
heck's
Range or
L0.0 Sale.
.; •
,211"e
U. S Government.
Bid
Ask Lw
o
High No.
First Liberty 1,oan334% of 1932-47
J D 101,33 Sale 101133 101233 309
Cony 4% of 1932-47
J D
100144Aug30
Cony 411% of 1932-47
D 152T1-33 Sale 102,34 1021,31 160
2d cony 414% of 1932-47
D
992134Feli30
Fourth Liberty Lomit—
a%% of 1933-38
A 0 103,233 Sale 103,44 103". 601
Conversion 5- coupon
J J
100 Sept'30
Treasury 434s
1947-1952 A 0 1122,4, Sale 1121133 113,33 156
Treasury 46
1944 1954 J 0 1081234 Sale 1081.331082 n 162
Treasury 3348
1946-1956 M S 1061,43 Sale 1061'4,10616n 57
Treasury 3448
1943-1947 .1 D 102,33
102,4, 1021'n 77
Treasury 334e June 15 1940-1943 J 0 102233 Salo 101,"32 102'n
16
Panama Canal 3,,
1961 Q M
-- 98IiSopt.30
State and City Securities.
NY C 314% Corp et_ _Nov 1954 MN
9134 Sept'30
814% Corporate st_Mag 1954 MN
8514 Aug'29
as registered
1956 M N
94 leob'3
4% corporate stock
NI
N
1957
____ 102
9738 June'30
494 corporate stock
1957 M N
104 Mar'30
434% corporate stock
1957 NI N
105 Mar'30
4% corporate stock
1958 M N
10038 Oct'30
d% corporate stock
1959 M N
1004
10078
414% corporate stock_
1931 A 0
100 July'30
444% corporate stock
196e M 8 i(55T8
10012 Oct'31
414% corporate stock
1966 A 0
101 Mar'29
• % corporate stock
1972 A 0
---_ 9912 Oct'29
434% corporate stock
1971 J
1004 Sept'29
106 Sale 106
41.4% corporate stoek
1063 M
4
106
444% corporate stock
11038 106 June'30
1965 J D
Si% corporate etock July 1967 J .1
-_-- 10812 Oct'30
New York State Canal 48.....196(1
101 14 Nfar'29
de Canal
Mar 1958 M
10414 June'30
Canal limn 4s
1961 J .1
101 June'30
4148
19114 J J
109 June'30
Foreign Go.4. & Municipals
Agile Mtge Bank if 6a
574
1947 F A
01
42
Sinking fund 68 A _ _Apr 15 1948 A 0
62
63
3
Akerehus (Dept) ext 5s
1963 MN 9534 Sale 9534
0612 51
Antiootea (Dept) col 7s A..1945 J J 5473 Sale 53
70
37
External sf 78 eec 13
1945 J .1 55 Sale 52
65
38
External e f 78 eec C
55
5412
60
1945
65
12
J
External s I 78 ser D_1945 J J
54 Sale 54
70
29
External e t 7s let ser
1957 A 0 5014 Sale 4978
5012 19
External sec s f 7s 2d 8(31%1917 A 0 5014 Sale 5014
67
13
External eec, f 7s 34 ser_1957 A 0 5034 Sale 50
52
6
Antwerp (City) external 58_1958 3 0 9934 Sale 9934 10012 45
Argentine Govt Pub Wks 6,3.1960 A 0 87
8712 88
95
64
Argentine Nation (Govt of)—
Sink fund 6s of June 1925-1959 J D 87 Sale 87
9434 49
Esti s f 6e of Oct 1925..1959 A 0 88 Sale 87
95
61
Sink fund 6s eerie. A _ _ _1957 INI
87 Sale 87
95
66
External 68 serial 13_ _Dec 1958 J D 8712 Sale 87
95
46
Ext1 a f 66 of May 1920..1960
N 88 Sale 864
95
51
External if 6e (Steve Ityl_1960 lvi S 87 Sale 87
9514 76
Extl 66 Sanitary Works. _1961 F A 87 Sale 87
9414 84
Extles pub wks(May'27)_1961 MN 8712 Sale 8713
0478 41
Public Works esti 5146
1962 9' A
8834
8912
Argentine Treasury Si £_ _ _ _1945 lvi S 88 Sale 8758
90
37
Australia 30-yr. 6e_ _July 15 1955 J .1 80 Sale 80
8234 92
External be of 1927_ _Sept 1957 M 5 8012 Sale 8012
8234 54
External g 4148 of 1928. _1956 MN 73 Sale 7218
77
189
Austrian (Govt) s f711
1943 J D 1024 Sale 10214
105
180
International s 1 7e
1957 J J 8914 Sale 88
9212 441
Bal.aria
ray St:oe, 6 14, _ Pei F A 84 Sale 82
86
32
Belgium 20-yr s I 86
1941 F A 10814 Sale 10818 10812 132
26-year external 6%6_1949 M
107 Sale 107
10958 113
External a file
1955 J J 102 Sale 10118
104
103
External 31)-years f 7e
11358 135
1955 J D 112 Sale 112
Stabilization loan 76
1956 M N 108 Sale 10758 109,
8 320
Bergen (Norway) 6 t fis
1945 NI N 11018 Sale 11018 11018 17
25-year slaking fund 68_A949 A 0 10118 Sale 10118
10114 45
Esti s f rxs
97 Sale 9614
HOW M
9712 34
Berlin (Germany) s f 614EL _1950 A 0 80 Sale 79
8633 41
External sink fund 6s__ _ _1958 J D 784 Sale 7714
81
43
Bogota (City) esti s f 88_ _ _.1945 A 0
8873
93
52
Bolivia (Republic of) esti 88_1947 MN 60 Sale 64
81
217
External securItlea 78
61
1958 J .1 44 Sale 44
70
External s f 76
48 Sale 46
1969 M
5938 112
Bordeaux City of) 15-yr 6E4.1934 MN 10514 Sale 105
105,4 33
Brazil (II 8 of)external 88_1941 1 I) 6312 Sale 57 •
91
241
External if 61.48 If 1936..1957 A 0 50 Sale 4713
731 206
Esti if 6146 of 1927
1957 A 0 49 Sale 4713
721 205
7s (Central Railway)
1952 J I) 56 Sale 56
781
83
714e (coffee scud) E (flat) 1052 A 0 9718 Sale 96
991
64
Bremen (State of) extl 713_1935 M S 99 Sale 9718 100
90
Brisbane (City) sr 513
1957 M S
74
76
77
13
Sinking fund gold be
1958 F A
76
77
7
Budapest(City) esti s f 68_ _1962 J D 61 Sale 61
703
67
Buenos Aires (City) 61482 11 1055
9412 9434
9634 43
External if 68 Eter C-2_ _1960 A 0 88 Sale 88
92
5
External if
ser C-3_
1960 A 0
8973
94
12
Buenos Aires (Prov) esti 136_1961 M 8 72 Sale 7112
80
170
Esti s I 634s
1961 F A
74 Sale 72
7778 29
Bulgaria (Kingdom) if 76_1967,J .1 66 Sale 65
6978 11 1
Stabll'n S f 714s Nov 15
69 Sale 69
7912 32
Caldas Dept of(Colombla)7146'46'J J 56 Sale 56
7412 211
Canada (Dominion of) 58-1931 A 0 10078 Sale 10078
101
48
be
1052 M N 105 Sale 10412 106,4 105
414e
1936 F A 10112 Sale 10078 10112 126
Carlsbad (City) of 8s._
1954 J J 10412 Sale 104(3 10612
5
Cauca Val (Dept) Colom 7145'46 A 0
8113
83
8
Central Agrle flank (Germany)—
Farm Loan if 724 Sept. 15 1950 MS 82 Sale 81
86
68
Farm Loan e f de July 15 1960 J J 69 Sale 65
7414 104
Farm Loan 6 f 613 Oct 15 1960 A 0 69 Sale 6612
74
208
Farm Loan 6seer A Apr 15 1938 A 0 80 Sale 78
874 110
Chile (Reel—eat! s I 7i.... _1042 MN 92 Sale 92
09
39
External sinking fund 68_1960 AO 71 Sale 71
84
63
External s f tis
1961 F A
72 Sale 72
8312 61
By ref esti a f 68
)961 • J
72 Sale 72
84
54
Extl sinking fund 68
1061 M
71
8414 92
Exti sinking fund 6s
1962 61; S 72 Sale 69
82
5
Esti sinking fund Os
1963 M N 72 Sale 72
8334 50
Chile Mtge Ilk 61431June 30 1957 J D 8112 Sale 8112
9312 55
11332s of 1926_ _June 30 1961 .1 D
94
9638 31
Guar s f 68
Apr 30 1961 A 0 68 Sale 6912
87
72
Guar
613
1962 M N 70 Sale 6912
85
38
Chilean Cons Mimic Is
1960 MS 83 Sale 83
88
53
Chinese (Ilukuang I(y) be_ _1951 J I) 7713 Sale 27
29
36
Chrisania
(Oslo) 30-yr e I 68 '54 M S 101 Sale 10058 101
ti
8
Cologne(City)Germany 6148 1950 al
84 Sale 84
8512 20
Colombia (Republic) 68_ _1961 j j 62 Sale 62
6812 34
Externals Os of 1928._1961 A 0 58 Sale 52
67
84
Co/ombia Nftg Bank 6%s of 1947 A 0 59 Sale 66
11
7114
Sinking fund 78 of 1026_ _1946 M N 56 Sale 56
7712 35
Sinking fund 7s of 1927_1947 F A
60 Sale 57
7612 32
Copenhagen (CRY) as
1052 J D 'JO Sale 9834 100
37
25-year g 4345
.N1142 26
1953 M N 94 Sale N78
Cordoba (City) esti s f 76..1957 P A
4
External f 75. __Nov 15 1937 Ni 14 9014 Sale 89
91
36
Cordoba (Prow) Argentina 781942 J
90
Oct'30
Costa Rica (Repub) esti 76_1951 MN 65
75
82
75
11
Cuba (Republic) as of 19(14.1944
s 98 100
99
9912 61
External be of 1914 set. A.1949 F A 100 Sale 100
10114 65
External loan 4348 ser C_ _1949 F A 93 Sale 8614
94
34
sinking fund 5340 Jan 15 1953 J J 10018 Sale 100
10018 69
Fublie wks 514s Jung 30 19453 D 86 Bale 85
90
174
•C8Alk sale. 6 On the basis of 55 to the E sterling.
Range
Since
Jan. 1.
Low
BONDS
N. Y. STOCK EXCHANGE.
Week Elided Oct. 10.
4?.
Price
Friday
Oct. 10,
Week's
Range or
Last Sale,
High
Bid
Ask Low
High No.
Cundinamarca (DePt)Colom1b915
a9
.
9811":, 1017n
External s f 6348
64
MN 50 Sale 50
6
982,43 101
Czechoslovakia (Rep of) 85.195I At) 10018 Sale 10918
11013 59
1001,44c1031113
Sinking fund 88 ser B
1952 A0 10934 Sale 10912 110
25
982,3399111s Danish Cons Nluniclp 8(3 A_ 19
9416
0 F A 10858 Sale 10858 109
51
I es Serles B
FA 10838 Sale 10858 10878 14
100uu 103,131 Denmark 20-year extl 68_19
10514 Sale 10514
95
45
2J
10512 91
100 100
External g 514e
FA 10038 Sale 10058 1014 61
10124n 113144:
9412 181
External g 4148__Apr 15 1982 AO 9414 Bale 94
1051..4109'n Deutsche Bk Am part ctf 138_1932 M S 98 Sale 98
9914 233
103 106,
.,, Dominican Rep Cust Ad 514s '42 MS 9214 Sale 9218
944 16
99'10021.n
9014
lit ser 514s of 1926
1940 A0 9014 Sale 9014
2
98.'
1 n 10244,
24 series(sinking fund 514s 1940 A0
924 913,
9158 20
9812 9813 Dresden (City) external 78.1945 MN 91 Sale 90
96
26
10212 Sale 10214
Dutch East Indiee esti 66_1947 J
103
46
9134 9134
40-year external 6s
1962 MS 10214 Sale 10218 10338 45
30-year external 514e
1953 MS 10234 Sale 10218 10234 21
94
04
301
-year external 534a
1953 MN 10258 104 10212 10212 10
974 9758 El Salvador (Republic) 88 1948 J , 109 Sale 109
110
32
10214 104
Estonia (Republic of) 78_1967• J ---- 6812 704
73
5
103 105
Finland (Republic) extl (36_ _1015 M
92
8938 91
5
10038 10038
93 Sale 93
External sinking fund 73_1950 M
90,4 43
98 10078
9114 Sale 89
External sinking fund 03481956 M
95
40
100 100
External sinking fund 5;01958 FA
82
724 Sale 7212
51
96 10012 Finnish Mun 1.oan 61413 A-1954 A0 88 Sale 88
94
11
91
External 6146 series B
90
93
1954 AO 90
10
7738 Sale 7738
Frankfort (City of)sr %8_1953 MN
85,8 12
French Republic ext 714s-1
1942
1 3D 129 Sale 12512 126
366
972 16.184
Exterl
na 7s 01 1924
• D 12012 Sale 12014 12078 245
106 10))
German Government Interna10812 10812
tional-35 yr 5146 of 1030-1965 3D 7512 Sale 7312
8034 1031
German Republic esti 78_1949 AO 101.1.a Sale 100
103,4 308
Graz (Munldpality) 85
1954 MN 95l Sale
36
'oil fin Gt Brit
1051
;
Sale
10
93
518 A;
0
106
9 3,
44 204
& Ire!(UK of) 53.49.1937 F!,
109 109
FA
Registered
89
e4% fund loan opt 1960.1990 MN e8834 89 e8812
25
5734 86
e5% War Loan Lout 1929.1947 Jo e9938 Sale e'294
9933
1
62
8012 Greater Prague (City) 7445.1952 MN 105 Sale I04
105
10
87
9714 Greek Government et eec 76 1964 MN ---- 98
9824
9834
3
53
86
8734
Sinking fund sec tle
61
1968 F!, 80 Sale 80
52
87,2 Haiti (Republic) s 1 (is
A0 9512 Sale 9412
95,2 36
5412 8712 Hamburg (State) 68
8478 8318
8512 23
119
95
42
6 AO 83
54
88
93
Heidelberg0aermanYlext1 746'50 J J 9038 Sale 9014
11
494 8712 HelsIngtore(City) ext 6148_ _ 1960 V 0 86 Sale 86
90
28
72
7934 82
82
5014 89
Hungarian Munk. Loan 714s 1945 .1
6
__ 794 78
88
50
80
Externals f 76
19
Sept 11946 .1
9214c10118 Hungarian Land M Inst 7148 '61 MN 87 Sale 87
90
11
88 100
90
Sinking fund 7148 sec B__1961 MN 87 Sale 87
6
9912 Sale 9912 10012 85
Hungary (Kingd of) s1 714e 1944 P A
87 100
Irish Free State extls s 1 58.1960 • N 9978 Sale 997s 100
15
87
9978 Italy (Kingdom of) extl 75..1951 3D 94 Bale 9234
97
406
87 c100
Italian Creel Consortium 7s A1937 MS 9212 Sale 9212
9513 18
87 100
9012 Sale 9012
9334 4
External sec s f 7s ser 13.1947 M
8812 Sale 8712
RN 100's Italian Public Utility esti 713 1952
J
9134 58
87 clUO
Japanese Govt loan 48_1931
9718 76
'
3 9712 Sale 9712
87
9934
30-year e f 614s
1954 FA 104 Sale 1034 10514 257
8712 10038
9234 Sale 9238
934 471
EMI striking fund 5148_..1965
1957 MN
88 c97
Jugoslavia (State Nftge Bank)—
85
93
8214 82
Secured s f g 78
AO 7512 Sale 74
8012 9414 Leipzig (Germany) et 7s._.1947 F A
90 Sale 8912
95,8 35
9612 10
80
9414 Lower Austria (Prov) 7;0_1950 J o 9612 Sale 9612
724 8534 Lyons (City of) 15-yoar Si. _1934 Ni N 10518 Sale 10518 10538 43
10214 108
88
954 Marseilles (City of) 15-yr 136 1934 MN
10518 10514 30
82
96
512 861
9812 Medellin (Colombia) 61431_ _1954 JO 14
606 64
65
2
10734 11112 Mexican Irrigat Asatng 41413 1194
10
15
17
Oct'30
_
945
3
10534c11012 Mexico(US)cell be of 1899 E-'45 1.1 J
26 Apr'30
10118 106
-5" fi,;W 19
2114 17
Assenting Ss of 1899
10914 11558
24 Sept'30
AssentIng 58 large
107 11034
1234 Sale 1234
1234
Assenting 4s 01 1004
3
110 11212
17
17
Assenting 48 of 1910 large.-- - 7
99 10258
EitiW 1318 1718 47
Assenting 48 01 1910 small_ _ _ _
96
15
9712
23 Sept'30
22
Trois(Is of'13 assent(large)'33 i" -i
79 c9912
22 Sept'30
Small
7714 9434 Milan (City. Italy) extl 61413 '52 A 0 -gore Sale 79
85
164
8878 9912 Minas Geraes (State) Brazil—
64 100
02
4978
External s f 6045
66
21
1958 M
44
8534
EMI see 6148 series A_ _ _ _1959
67
26
S 50 Sale 50
46
84
Montevideo (City of) 711__A952
95
D 85 Sale 85
19'
10214 1064
87 Sale 87
External if Si series A _ 1959 NON
91 14 20,
57 10212 Net:s
er0
olctels58
(State)lan_de6s(fipr
).. 195
77
2 MS
F A 10412 Sale 10412 1044 27
4712 8818
79
8114 7834
Wales
82
29
4712 c8S12
83
7834 10
External a I 58
85
3
Apr 1958 A 0 75
3
40
2
56
9311 Norway 20-year extl 6a____1943 F A 10438 Sale 10438
8512 1051s
20-year external fie
54
1914 F A 10438 Sale 10438 105
9718 104
30-year external 66
193
1952 A 0 101 Sale 101
40
7414 90
102 Sale 102
40-year f 5548
10212 50
76
8834
External
1004 110
5s____Nfar 15 196
63
5i
M16
11
- 100 Sale 1 99
61
8512
unicipal Bank extl s f bs 1967 J D 99 Sale 1 99
9958 39
9434 10012
10114 Sale 101
Municipal Bank extl et be 1970 J
10114 15
88
9812 Nuremburg (City) ea' 6s 1952 F A
7478 75
7814 25
894 9834 Oslo (City) 30-year s f 66
103
24
1955 M N 102 Sale 102
761z 91
Sinking fund 5148
10012
1946 F A 10012 Sale 100
3
72
8634 Panama (Rep) estl 514e
1953J D 10212 123 10314 Oct'30
65
8534
9358 Sale 9358
Esti if bs ser A _ ..Nlay 151063 MN
9512 24
9014 Pernambuco (State of) esti 78'47 M S
69
54
55
6U
6
56
93,2 Peru (Rep of) external 7s 1959 lvi S 6
440
8
1 L
alee
aie 4
60
8
6
78
94 12
95
1
99,
4 1014
Nat Loan ext.' a fee lit sec 1960 ./
10238 106,4
Nat Loan extl of fle 24 eer 1961 A 0
41
594 49
974 10238 Poland (Rep of) golde (le
60 Sale 60
11240 A
6712 27
103 10978
Stabllizathan loan if 7E3_1947 A 0
76
75
83
221
814 95
84 .
External sink fund g 88.._1950 J J
8678 33
Porto Alegre (City of) 88....1961 J D
_ 754 8838 Sept'30 --_9812
81
Extl guar sink fund 7345_1966 J J 678 Sale 654
654
3
90,
8 Queensland (State) esti sf7s 11)41 A 0 10212 Sale 10214 103
65
79
6612 90
25-year external 68
9514
94 Sale 94
13
1947 F A
94
78
Rio Grande do Sul extl 8188 1946 A 0 70 Sale 5912
8278 19
92 10314
External sinking fund 6E3.1968 .1 D 35 Sale 3478
5912 92
50 sale 4712
9458
71
External e f 78 of 1926_ _ .1986 lvi N
71
74
72 c9412
External ea 1 78 munlc loan 1967 J 1)
94
72
Rio de Janeiro 25-year el 88_1946 A 0 577091 Sale88aa e 5
50
70
9,8
6
95
7
782
;
1 137
1
94
71
External s 1 6140
1953 F A
69
9414 Rome (City) extl 6141
Sale
1952 A 0
914 Rotterdam (City) ext.! 68_ _1964 M N 89
72
775914 Sale8 e 10
78
4
312 0c8
1'5
1310
4 _ 1_5
1_03
3
_
8112 99
Roumania (Monopolies) 78_ _1959 F A
94 10034 Saarbruecken (City) 68.-1953 J J 8612 9012 87,2
891
9934 79
6912 94
Sao Paulo (City) 8 I 8a_Mar 1952 M N 58
81
85
6912 01
External if 614e of 1927_1957 MN 5412 Sale 47
60
62
83 c98
San Paulo (State) ext.) if Re.1936 J J
73 Sale 73
894 15
30
21
External eec s f 88
1950 J 1 73
100 10314
86a4
External s f 78 Water L'n 1950 M 11
le78 6
8
50
8
4
79
3
9
5
28
4
84 c9834
External s f 68
19138 J .1
62 c83
49
1
Secured s f 78
8834 310
49
334 Sale 6
19
94
40
2N
At O
s 6
57
8178 Santa Fe (Prov Arg Rep) 78
8412 Sale 8438
90
37
6514 8214 Saxon State Nf tge lost 7E1_1945 J D 82 Sale 78
88
12
87
56
74
Sinking fund g 894s.Dec 10463 0 74
80
80
5
86
57
Seine. Dept of (France)ext1 7e '42 J J 108 Salo 108
10812 210
9534 10012 Serbs Croats A Slovenee 8e '62 M N 82 Sale 82
93
106
774
9412
8812
Sale 75
External sec 7e ser B__1962 MN
83
182
7614 93
Sliesia (Prow of) exit 7a.- 1958 1 D 4934 Sale 494
64
20
82
7213 24
98,
s Silesian Landowners Assn flts 1917 F
6814 Sale 6814
90 100
Solasons (City of) esti 68_1936 Nf N 10514 Sale 105
lOS'z 22
75
91
Styria (Prey) external 73_1946 F A 89 Sale
98 101
89
Sweden external loan 5)4s.,1954 MN
10
96
2114 86
90,3 103
10
96
Swiss Conted'n 20-yr s t 86_1940 J
96
64
412 106
Sa
Balle 10
063
4 9
74
9
8614 97
Switzerland Govt eat] 510_1948 A 0 10412 Sale
99 10212 Tokyo City 58 loan of 1912_1952 M S 8078 Sale I 8012
83
91581 163
32
9413
85
External a f 514e guar..1961 A 0 9112 Sale 9114
Range
Strre
Jan. 1.
Low
High
84
50
1094 11114
10814 111114
108 111
10712r112
10312c107
9912 1024
904 944
97 10218
0218 99
8,(34 9612
904 96
90 0.04
10138 103
10112 10312
10158 104
101,
8 104
10334 11018
7078 88
91
9734
93 10114
89
9812
7212 92
99
88
90
9812
7712 95
1174 126
11218 )207s
7312 9114
100 10978
93 102
10212 1064
104 104
e8258 90
e9714 101
10212 10712
97 10314
86
8814
9212 10014
831s (9812
9014 10412
9412
86
82 c9814
94
78
87 100
87
9812
9912 10438
96 10058
sn 101
92,2 984
904 984
8712 9878
934 c99711
10112 1054
8912 Ws
74
8912
9312
10212
86
10114
100
1065a
102,2
64
1033
28
15
1612
1014
1034
1012
18
124
79
10632
80
18
28
25
24
174
2134
2112
274
27
95
Ws 83
8
850
5
7 19
986
327
:
1
103 10734
78% 90
0
9
,
512
9
27
08
2
13 10
10
101 104
0000:3:
11
4
199900643
47.4
as31 10
199
9
78538 10
9 2
42::
tools 10312
ggis 96
55
90
6
40
8 ci8
04
14,
41
6
7
,
0
8414
88,134
84
8678
654
111314
94
5912
344
4712
98
100
944
110
10414
103
804
9314
59
5
70,4 10
8
59
5
5;141
941g
157
7
1)8
2
40,.
314
2 19
0
95
13
85
47
73
107
84
1024
6
7
49
3
1
,
194:4
69
964
8438 9614
78 100
74
97
10638c10912
82
98
75
88
4934 82
6814 847$
1014 107
93hz
86
103% 107,4
6
10
02.
;
34 10
06
912
4
,
74
7718
4 9
83
23
11
4
New York Bond Record—Continued—Page Z
2354
BONDS
14-A4
N. Y. STOCK EXCHANGE.
-'4Week Ended Oct. 10.
Price
Fridau
Oct. 10.
Bid
Foreign Govt. &Municipals.
Tolima (Dept of) exti 7s_ __1947 MN
Trondhjem (City) 1st 5148_1957 MN
__1945 ID
Upper Austria (Prov)
External f 840_June
78_-15 1957 J D
Uruguay (Republic) AU 88_1946 P A
External s I 138
1960 MN
EA] f 68
May 1 1964 MN
Venetian Prey Mtge Bank is '52 AO
Vienna (City of) esti f Os...1952 MN
Warsaw (City) external 7a__1958 FA
Yokohama (City) exti 08_1961 3D
. Railroad
Ala Gt Sou let cons A 5s__.1943 J o
1943 J o
let COLO 4s ser B
AMA Sus(' let guar 334s
1946 AO
1998 AO
Alias & West let g gu 4s
1912 M
Alleg Vol gen guar g 4e
Ann Arbor let g 48July 1995 Q J
Atch Top & S Fe—Gong 48_1995 AO
AO
Registered
Adjustment gold 45..July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 4s of 1900
1955 ▪ D
Cony es of 1905
1955 3D
Cony g 4e Issue of 1910...1960 3D
Cony deb 44e
1948 3D
Rocky Mtn Div let 4s_A965 ii
Trans-Con Short L let 40_1958 J
Cal-Aria lot & ref 43.48 A.1962 MS
All Knox• & Nor let g 58_1946 J o
AU& Churl A List 43.4, A I944.73
let 30-year 5e series B
1944 J J
Atlantic City let cons 4s__ _1951 • J
All Coast Lino 1st cone 4s July'52 M
MS
Registered
General unified 4440____1964 3D
L & N coil go1d 40___Oct 1952 MN
Atl & Dan let g 48
1948 ./
20 48
1948.73
All de "fad lot guar 40
1949 AO
Auetin & N W let gu g 58_1941 J J
Week's
Range or
Last Sate,
Ant Low
50 Sale
9812 Sale
9712 Sale
90 Sale
88 Sale
8318 Sale
84 Sale
94 Sale
82 Sale
52% Sale
96% Sale
50
9814
97
89
86
83
8334
94
82
51
9612
ea.')
High No. Low
6518
9914
9814
90,4
10114
9212
9112
9538
8614
6912
98,2
7
24
10
29
64
157
147
2
102
23
123
10458 104% 15
94% Aug'30
91
91
1
8812
1
8812
9314 Sept'30
8814 26
8934 8738
Sale 97
9812 246
Oct'30
97
9412 11
Sale 94
9531 18
9512 93%
9118 Sept'30
9412
2
9412
1
Sale 9618
9618
9214 Aug'30
202
126
Sale 122
2
9512 9434
9434
9614
96
9714 39
7
10412
Sale 103
10458 Oct'30
6
99%
9914
10458 Sept'30
92 Aug'30
Sale 96
9712 21
9212 May'30
1
10234 10212 10212
9414 13
9334 9312
7
5714
Sale 56
Oct'30
52
57
87 Sept'30
87
2
10112
10114
104% Sale
9458
8634 90%
8812 91
8818
9754
94
9312
961s
961g
91%
12312
9418
95
103
1.5196
30214
9212
56
52
Balt & Ohio ling 48_ — _July 1948 A 0
July 1948 Q .7
RegLetered
1933 M S
20-year cone 434s
M S
Registered.
Refund & gen ras series A-1995 J 0
J D
Registered
lst gold 5e
July 1948 A 0
Ref & gen 61 series C__.... 1995.7 0
PLEA W Va Sys ref 40...1941 MN
1950.7 J
Bouthw Div let lis
Tel & CM Div let ref 4sA_1959 J J
2000 M S
Ref & gen 56 series D
1960? A
Cony 434,
Barger de Aroostook 1st 5s 1943 J .1
1951 .7 J
Coy ref 48
Battle Crk 4 Stur let gu 30_1989 J D
1936 .1 J
Beech Creek lot gu g 4s
1936J J
2d guar g 58
Beech Crk ext 1st g 346-1951 A 0
Belvidere Del cone au 3140_1943 J J
1944 J D
Big Sandy lot els guar.
Boston & Maine lot 58 A C.1967 M S
1955 MN
lot m 58 aeries 2
Boston & N I' Air Line let 4811151 V A
Bruns & Weet lst gu g 48_ _1938 J J
Buff Rocb & Pli.te gen g Eis 1937 MS
1957 MN
Consol 4440
Burt C R & Nor IA & co11511_1934 A 0
9612
97%
96 Aug'30
101
101%
10014 Aug'30
10312 Sale 10312 10434
10234 Aug'30
10714 Sale 10714 10818
10912 Sale 10812 11012
9714
96
9618 97
10412 Sale 10412 10578
89%
8812 89,2 89%
10434 Sale 10412 10514
9812 Sale 9712 10018
105
10334 10412 10458
9212
9014 Sale 9014
641
_ _ 825 Sept'30
9812
97382 9912
- 9812
Jan'30
100
10012
84 July'30
8814
Oct'30
96
9378 98
10178 Sale 10158 10314
102 Sale 10034 10212
8738
8738
87
88
9738 Sept'30
97
102
102 Sale 102
95% Sale 05%
96,4
10112 Oct'30
10112
Canada Sou cone gu 5s A-1962 A 0
Canadian Not 4 Ne_Sept 15 1954 M S
1957 .7 3
30-year gold 434e
1968 .7 D
Gold 44e
Guaranteed g 58-_July 1969 .1 J
Guaranteed g 5s____Oet 1969 A 0
1970 F A
Guarauteed g 50
Canadian North deb if 7e_1940.7 0
1940 .1 J
25-yesr a f deb 6411
Registered
10-yr gold 434o. .Feb 15 1035 F A
J .1
Canadian Pac Ry 4% deb stork
1946 M S
Col tr 448
1944J J
lks outdo tr ells
Dec 1 1954 J D
Coll tr g 5e
1960.7 1
Collateral trust 4448
Carbeudale & Shaw 1st g 4'7_1932 M S
1949 J
Caro Cent lit eons g 4s_
Caro ClInch &01st 30-yr 5e_1938 J D
lst & con g lis ser A Dec 15'52 J D
1981.7 D
Cart & Ad 1st gu g 48
Cent Branch U P let g 40-1948 J D
F A
1945
be—Nov
1st
g
Central of Ga
1945 M t
Consol gold fis
MN
Registered
Ref & gen 54e series B___1959 A 0
1959 A 0
Ref & ger 5s series C
Chatt Div pur money g 48_1951 J D
Mac & Nor Div IA g 50.-1946 J
Mid Ga & All Div pur M 56'47 J
1946 J
Mobile Div let g bs
1961 J
Cent New Eng lot gu
1937 MN
50
coil
4s_Ga
of
Bkg
Cent RR &
Central of NJ gen gold 58-1987 J
1987 Q
Registered
1987 .7
General 48
1949 F A
Cent Pac lot ref gu g 40
F A
Registered
Through Short L lot gu 48 1954 A 0
1960 F A
Guaranteed g 5s
6
Sale 10834 10914
10034 26
Sale 10018
Sale 9912 10012 75
10114 63
Sale 100
Sale 10434 10618 90
42
104% 10512 106
10534 25
Sale 105
Sale 11134 11312 22
Sale 11734 11858 66
_
11314 Jan'30
_
10112 64
lol1-2 gale 101
97
90
8914 Sale 8918
9
10112
1011s
- 101
10314 Sale 10318 10538 27
34
106
10512 Sale 105
242
100
99 Sale 98
9812_ 98% Sept'30
8
80
80 gile 80
2
10234
10218 -- 102
9
10734 Sale 10734 103
9212 Sept'30
94
92
8612 Sept'30
105 June'30
3
10234 10438
100 Feb'30
4
104
105
10138 49
100 Sale 100
9014 --- 8818 July'30
103,
4 -- 104 Sept'30
10112 ---- 10212 Sept'30
104
____ 10334 Sept'30
8812 70
87 Sale 87
1
102
9934 102 102
115%
3
11414 11514 11514
9
11334
11318 Sale 11318
9714 9812 9712 Sept'30
97% 47
9658 Sale 961g
95 Sept'30
Oct'30
9512 -- 95
10514 46
10414 Sale 10418
9634 Sale
117
ioiTe gale
196
84
4
56
24
56
21
65
742
3
31
1
106
177
6
1
56
10834
10014
995e
1001e
105
10414
10518
11134
118
__
108 Dec'29
112
Charleston & Say'h let 70-1936 .1
104,2 16
1939 MN 10414 Sale 10414
Chea & Ohio 1st con g 58
___ 10312 10312
3
_1939 M N 1031
Registered
16
105 10514 106
810312
1992 M
General gold 44e
10112
Oct'30
M
S
Registered
98
102
1993 A 0 102 Sale 10034
Ref & Impt 4348
10138 Sale 101
102,4 99
1995 J
Ref & Inapt 44s rer B
1
101%
10130
J
10112
1940.7
Craig Valley let 5e.. May
Potts Creek Branch let 40_1948 J J 943 ____ 9312 Sept'30
9618
10
96
9712
9518
48_1989
J
J
eon
g
Div
1st
R& A
1
98
96
1989 J J 9014
2d consol gold 4s
_
Warm Spring V lot g 58.-1941 M S 101% ---- 10078 July'30
3
303
993
Sale
4
100
10014
M
N
Cheep Corp cony fis_May 15 '47
5
7112
7112
73
Chic & Alton RN ref g 38_1949 A 0 71
70 Sept'30
73
70
.
Ctf dep stpd Oat 1930 int
___-ii 7934 ____ 7934 7934 3
1950
Railway first lien 34s
7934 ---- 7934 Sept'30
Certificates of depoalt..___ _
6
91
91
--;
Chle Burl de Q.—Ill Div 34s-1949 j
91 Aug'30
J J
Registered
_ 9818
9814 10
1949 .1 J
Illinois Division 48
55
981
1958 M S 97 Sale 97
General 4.5
10334 10
1977 F A 10012 10278 103
let & ref 434s ser B
47
110
109
11012
1085
8
1971
F
A
5e
series
A
let & ref
Chicago & East Ill let 68_ _1934 A 0 10312 Sale 10312 103% 11
06
60
CA Fill Ry (new co) con 58 _ 1951 MX 5412 Sale 5412
c Cash isle
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Oct. 10.
Ilia.
87
50
9312 100
9234 98%
8114 9112
86 10914
33 c9912
8314 9814
88 c98
82 c95
8334
51
9914
95
Chic & Erie lot gold 518
1982 MN
Chicago Great West 1st 48_1951 MS
Chic Ind & Loulsv—Ref 613_1947 3.3
J
1947
Refunding gold fgi
Refunding 48 series C
1947.73
lot & gen 5e series A
1966 MN
1st & gen (Is ser BMay 1966 .7.7
Chic Ind et Sou 50-yr 4s__1956'.7
D
Chia L S & East 1st 43.481969
Ch M & St P gen 48 A_May 1989'.7
O J
Registered
Gen g 33.4s ear B___May 1989 J J
Gen 4 Nsseries C._ _ _May 1980 3
Gen 4 lie aeries E_May 1989 J
Gen 4348 series F_May 1989 ii
Chic Mflw St P & Pao 5s_ __1975 FA
Cony ad)5e
Jan 1 2000 * 0
Chic & No West gong 3440_1987 MN
Q F
Registered
General 4,
1987 MN
&lad 48 non-p Fed Inc tax '87 MN
Gen 4(s stpd Fed Inc tax_1987 MN
Gen 5e nod Fed Inc tax 1987 MN
MN
Registered
Sinking fund deb 6s
1933 MN
MN
Registered
15-year secured g 848_1936•S
let ref g 58
May 2017 3D
1st & ref 444s
May 2037• D
Cony 414s series A
1949 MN
Price
Friday
Oct. 10.
Week's
Ranpe or
Last Sale,
Range
Since
Jan. 1.
High
Bid
458 7,nw
17198 No Low
107 10914 10834 10834
3 102 109
64
7434
74
70% Sale 6914
315
112 11534
11212
114 Sept'30
101% 105
10334 Sept'30
927s
92
_ 927 Sept130
99 105
101
931410212
-- 10230 10234 18
10778 Sale 107%
17 c10412 10910
108
94%
_ 9534 Sept'30
89
95%
101 10312
_- 102
9334 10218
10
102
85 Sale 85
8418 87%
87
39
_
84
8134 85
Oct'30
7434 Sale 7434
7218 79
7
75
9634 Sale 9634
92% 9712
9712 24
9614 Sale 96%
923g 9812
97
18
99% Sale 9914 10034 55
9714 10112
83 Sale 7812
702 904
716
87
3812 Sale 3712
3712 7812
4778 1025
82
82
7112 82
7712 82%
1
80
77
77 June'30
75
93
971e 9312
87% 93%
9358 22
9314 94
8815 9338
2
93%
9338
103 107% 10812 Oct'30
100 108111
11112 Sale 11112 11414 30 107 11414
_ 10512 July'30
_ 105 10812
15254 1-65 102% 102% 22 100% 1027s
99
9912 10234 99 Feb'30
99
_
10812 Sale 10812 110% 59 107% 110%
10814 87 104% 109
106 10718 107
95 101
99% Sale 9914 10018 829
94 10514
9814 331
98 Sale 94
10034 10458
94%
92
83% 911,
8812
85
9212 98%
89,,,
78
91% 9914
90
97
87'3 9412
87% 9614
85% OF,,
9412
87
96%
88
8914 9214
12012 14112
88
0612
9012 9734
97 10412
10214 10458 Chlo R IA P Railway gen 451988 J J
'.7
95 100
Registered
10012 10434
Refunding gold 4.14
1934 *0
*0
92
87
Registered
97%
90
Secured 434, series A___1952 Sf S
9212 9212
Cony g 4148
1960 MN
9618 10312 Ch St L & N 0 58_Juno 15 1951 3D
3D
8812 9412
Registered
7312
Gold 344s
58
June 15 1951 3D
52
62,2
Memphis Div let g 4s____1951 J o
821s 8814 Ch St LAP let cons g 5s___1932 A0
A0
99 10112
Registered
Chic T If & So East let 5s....1960 J O
Inc gu 55
9112 98
Dec 1 1960 MS
96
Chic 1.1n Stain 1st gu 43.48 A_1963.73
90
gs% 10112
let 58 series B
1963 I,
98% 10014
Guaranteed g 58
1944 J
'
3
101 c10512
lot guar 634e series C
I963
102 102% Chic & West Ind gen 6s_Dee 1932 QM
10118 10934
Comm!50-year 4e
1952 3.7
10812c111
let ref 54e series A
1962 MS
N
91
97,4 Choc Okla & Gulf eons 54_1952
3
100,2 106% Cin HA D 2d gold 434s_ __ _1937
84
8934 C I St L & C 1st g 4a_Aug 2 1936 Q F
10114 10514
Registered
Aug 2 1936 Q F
9712 10434 Cin Leb & Nor let con gu 4,A942 MN
10158 105
CM Union Term let 4 ,f,s___2020 I J
93
84
Clearfield M Mah let gu 50__1943 J J
6258 Cleve CM Ch & St L gen 42_1993
D
02
9512 9812
20-year deb 44s
1931 J
100 100
ID
General 50 series B
1993
84
78
'
3
Ref & impt6s ser C
1941
Ref & impt5seer D
1963 J
-8930 -91-2
Ref & inapt 44seer E
1977 J J
91.1 104
Cairo Div 1st gold 48
1939 3.7
98% 19314
Cin W & M Div let g 4a 1991 • J
81
8712
St L Div let coil tr g 4s_1990 MN
927s 97%
8pr & Col Div 1st g 4e..
1940 MS
9918 103
W W Vol Div let g 4s
1940 J J
90
9814 CCC & I gen cons g 6s__1931
'
3
9912 10112 Cie, Lee & W con lets 58_1933 A0
Cleve de Mahon Val g 55-1938 J J
10212 110
N
CIA Mar 1st gu g 43.4e.._1035
9318 10034 Cleve & P gen gu 41.4eser B_1942 * 0
9214 10012
Series B 3348
1942 AO
9214 10114
Series A 44s
1942 • J
9914 10818
Series C 314e
1948 MN
10114 106
Series D 34e
1950 P A
10312 106
Cleve Shor Line Ist gu 440_1961 * 0
109% 11312 Cleve Union Term let 548_1972 *0
113 11834
let s f 5s series, B
1973 AO
11314 11314
let if guar 44e ger C
1977 A0
981s 10158 Coal River Ry let gu 40
1945 ID
8312 9012 Colo & South ref de ext 440_1035 MN
9658 10112
1980 MN
Gen! m 44e ear A
10034 107
Col & 11 v 1st ext g 4s
1948 A0
10112 106
1955 P A
Col & Toilet ext 45
98 100
Conn & Passum Rly let 40_1943 * 0
9873 987a Coiasol Ry non-cony gs
1954 3.7
851 2
74
1955
Non-cone deb te
9912 10234
1955 *0
Non-cony deb 48
106 11012
Non-cony debenture 4s 1956 JJ
85% 9212 Cuba Nor Ry let 5348
1942 3D
82
87
Cuba RR 1st 50-year 5811-1952
10158 105
1936 J O
1st ref 74s series A
100% 10438
1936 • D
let lien & ref 60 ear B
100 100
104 10534 Day & Mich lot cons 440-1931 J J
N
98% 103
Del & Hudson let & ref 48._1943
1935 * 0
84,2 SC)
30-year cony 58
100 104
1937 MN
15-year 548
98 10318 D RR & Bridge 1st gu g 4.1_1936 • A
100 103% Den & G 1st cons g 48
1938 J J
811s 89
1936 ▪ 3
Consol gold 434e
9512 102
Den & 110 West gen 5s_Aug 1955 MN
10734c11638
Ref & impt 5s tear B_Apr 1978 MN
107 11334 Des M & Ft D let fru 4a
1935
8414 97,2
Certificates of deposit
9114 9812 Des Plaines Val let gen 448_1947 M
1955 ID
90
95
Del & Mac lot lien g 48
1995 3D
90% 95
Gold 4s
N
10034 106% Detroit River Tunnel 4 40._1961
Dul Missabe & Nor gen 58 1941 J
Dul & Iron Range lot 58 .,1937 A0
161 1E4 Dui Sou Shore & All g 5s 1937 j
ani2 104 East Ily Mlun Nor Div 101 48'48 * 0
9714 106
East T Va & Oa Div let 50_1956 MN
96 10212 Elgin Joliet & East 1st g 50..1941 MN
94 10212 El Paso & S W let 50
1965 * 0
93% 102%
Erie let cons g 48 prior
9658 102
1998 33
Registered
1996 J
8612 9512
8614 9614
lot consol gen lien g 40._ 1996 J J
Registered
1996
8312 96
'
I
97 101 18
1951 FA
Penn coil trust gold 4s
98 102
60-year cony 4s series A 1953 *0
1953 *0
6514 7412
Series B
1953 AO
637e 74
Gen cony Ss series D
59
7934
Ref & impt 58
1967 MN
6112 79%
Ref de Inapt 5s of 1930
1975 * 0
8518 91
1955 ▪ .1
Erie & Jersey lit ii 6s
84,8 91
Geneses River lot s I 5s_ _1957 J
92% 1)814 Ede & Fitts gu g 34s eer 13_1940 ii
1940 .1
89
Series C 348
98,4
1954 MN
96 10334 Est RR ext1 s f 7s
10412 11018 Fla Cent & Pen let cons g 50 '43 J J
10058r105
Florida East Coast let 448_195 3D
197 MS
let & ref 58 series A
5412 84
94
88
98
96
21
8512 91
91 Aug'30
__
9512 9912
99
99% 301
95
95
Jan'30
95
92% 99
973 157
6-734 date 9512
9434 101%
9812 793
9512 Sale 943
10412 ---- 104 July'30 ____ 103% 1041$
102 102
---- 102 Mar'30
Si July'29 ____
----8830 92
90,2
- 9018 Sept'30
99% 10034
3
10012 Eitil-e 10012 10012
100% 100%
10030 Aug'30
93 100,4
94
Oct'30
8530
8012 14-3-4 83
82% 9414
85,4 12
97 10414
10114 24
98 103 103
106
1 103 100
10530
-- 106
2 10134 105
105
105
105 10514
-116
21 114 116%
116 Sale 1153
10230 July'30 ____ 10033 102%
10112 _
8011 9353
9314 46
9112 Sale 9112
105
33 103 1057s
10418 Sale 104
997e 10218
1
103 106 10218 10218
95% 9812
9734 100
97%
97%
1
9514 98.2
97%
1
97% Sale 97%
94%
94
95 Feb'30
8853 95,8
9518
1
95,8
- 9518
104
150 10258 10484
10314 Sale 1025
100 July'28
9534 -9730 9618
88'l 9714
9614
7
10018 Sale 10018
9914 10014
100,s
8
105
11214
11214
11214
6
11114
-103 10658
103% 1-65 10334 Sept'30 _ 10418 Sale 10418
104%
6 WO 10514
9312 10234
101% Sale 101
10212 214
9818
92
98
4
__ 08
8412 951s
9495%
9518
8
9418 95
8418 9218
92% Sale 9214
92%
7
93
94
9538 _- 93 Apr'30
90
95,8
95%
9518
1
9518 _
1 103 10438
10438 Sale 10438 10438
99% 10230
5
10138 Sale 10138 1023s
98
9912
10018 - - 9912 APr'30
100 MAW
100 100
100
_
10134 -- 1003 Mar'28
87 Mar'29
8914
10,
7'29
10134 ---- 9512 1,
8612 June'30
86's 88l
861s 861e
_ 8612 May'30
8814
24
9718 10414
101% 1-64: 10312 104
9 106% 111
109% Ill 11030 1103
6 10212 10814
10734 Sale 10734 108%
96 104
102% Sale 10212 10318 14
88
93
9258 Sept'30
92% _ _
97 10314
10034 Sale 10034 10112 21
9514 10012
99 Sale 9712 1001 4 292
91 July'30
881s 94
85
92% 97
85
1
85
91%
89% _--- 8612 Feb'30
86% 8612
74
20
73 Sale 73
70
76
7314
8
7314 Sale 73%
70
76
72
73
7112
7112
2
7112 7318
72
73
7234 Sept'30
_
68
76
40 Sale 40
4512 45
40
76
65% Sale 65%
68
6
50
84
67 Sale 67
70%
6
991s
67
58
61
60
60
5
92
60
94
91
09
Sale
94
Sale
1001s
-- 10018 Aug'30
0612 Sale 9612
97Ig 99
10112 104 10112 Oct'30
10534 Sale 10512 10534 10
9712
_ 9758 Sept'30
96% Sale 9634
9712 74
99 Sale 99
32
100
87 Sale 8412
9313 200
89
9012
9218 36
24% Sept'30
25
27
_ 24% 247 Sept'30
110
_ _ _ 97 May'30
45
45 dale 45
5
40
4
40
40
50
63
10358 101
103% Sept'30
10313
1023 Sept'30
102,
8
7518
1
751g
7012 73
9618 12
9618- 9618
10618 6;.le 10618 1093 11
103%
-- 104 Sept'30
104 -- 1034 Sept'30
87% 89
88%
90
16
8514 Sept'30
8414 116
Sept'30
Sept'30
87
8718
6
86%
8678
7
87 Sept'30
8912
9312 246
89
031 1 369
11212 11312 44
112%
113
20
93 Aug'30
8578 Oct'29
10518
10512 18
9818 Aug'30
88%
88%
6
38
4034 70
"8230 gaIe- 82
79
HA. 16112 101
8314 86
83
86%
87
90 Sale
90 Sale
11212 Sale
113 Sale
921s ---9218
-10518 Sale
_
97%
90
3912 Sale
9912 10014
9114 c98,8
96,8 107
10078 10534
97%100
92% 9712
95% 10012
8412 9918
8712 95
2314 50
24% 31
96
97
45
74%
40
61
95% 105
101 1041e
l0014 103
72
84%
9212 9614
106% 11012
102 104
10114 10334
84
82%
79
761s
101
8278
8278
8012
8912
8J
11034
109
8853
9014
8514
85
831a
101
8712
8910
87
98
95%
11414
114
93
454e11:76.;
3
97
9912
7912 90
61
38
New York Bond Record—Continued—Page 3
BONDS
N. Y. STO(11 EXCHANGE. 11.1
Week Ended Oct. 10.
Price
Fridat/
Oct. 10.
Week's
Range or
Last Sale.
*1 •
Range
Since
Jan. 1.
Rid
Ark Lim
High No. Low
High
nada Johns & Oloy let 4481952 M N 2934 Sale 2112
20
3514 75
36
Pon St LI D Ce 1st a 448-1941 J 3 ---_ 100
9618 Aug'30
9418 9712
Ft W & Deo C 1st g bAs...._11181
D 10714
- 107 Aug'30 ____ 10512 107
Fran Elk & Mo Val let 6s__1933 A 0 10434 ____ 105
105
3 1021s 105
GII&SAM&P let 56.___1931 M N 10014 Bale 10014 10034
99 10114
6
34 extens As guar
1931 J J 10038 10114 10012 Sept'30
9938 10034
Galv Haus & Bend 1st 5e1933 A 0 99 100 10912 10012
9434 l0034
1
Gs& Ala By lot cone 21 0,1 1945 J j ---- 725s 84 June'30 ____
811s 85
Oa Caro A Nor let au g be '29—
Extended at 6% to July 1_1934 J--- 9772 9812 Oct'30
9811 10214
Georgia Midland let 34
1940 A 0 -7412
651s 784
7418 Oct'30
Gouv & Oswego MU
1942 J D 10212 ....9814 Feb'24
Or K & I ext 151 gu g 4441_1941 3 .1 10012 Sale 10078 10078
5 -58-12 11;078
Grand Trunk of Can deb 75-1940 A 0 11114 Sale 11114 11214 33 10912 11258
15-year s f Si
1930 M S 107 Sale 107
10714
6 104 10712
Grays Point Term lit 56
1947 .1 0 9714 100
98 Aug'30
Great Nor gen 78 merles A_.._1936 3 j 11118 Sale 11034 112
993558
4 19
13
8
121 10
Registered
J D
11034 July'30 ____ 11012 11034
lst & ref 444e series A_ —1961
J 9714 100
9714 100
3
041s 101
General 5444 serial B___1952 J 3 11014 Sale 11014 1113
. 11214
37 1073
General 51 series C
1973 3 j 105 Sale 105
108
10 10314 10144
General 4348 cartel D
1976
95 1011s
j 100 Sale 100
101 1
54
General 4448 scribe E
1977 J 3 9812 Sale 9812 10058 158
95 1014
Green Bay & West deb et!6 A__ Feb 8014 ____ 8014 Sept'30
804
80
Debentures etle B
23
2478 24
251
3234
Feb 22
32
Greenbrier By let gu 48-1940 M N 9612 -_-_ 9458 Aug'30
9134 9454
Gulf Mob & Nor lot 5441_1950 A 0 10112 Sate 10112 103
98 10512
7
IM M 5.4 series C
1950 A 0 9834 Sale 9834
96 101
9934 40
Gulf & I lit ref & ter 54_6.1952
103 10613
J 105 ____ 10612 Oct'30
Hocking Val 1st eons g 446_1999 j
10214 Sale 10214
9614 10312
10312 38
Registered
1999 J J
9712 Apr'30 ____
934 97'2
Houeatonle Ry cons g 5e
1937 M N 1845i2
100 Sept'30
97 10014
H & T C late As int guar
1937
9934 102
j 101 10514 101 Aug'30
Houston Belt & Term tat 54_1937 J j 101
9534 101
____ 101 Sept'30
Houston E & W Tex let g 64_1933
9912 10113
N 10112 ____ 9912 June'30
let guar b. redeemable.,..1933 pg N 102 10212 102
9934 1024
4
102
Hud & Manhat 1515. car A.1957 F A 100 Sale 100
10214 81
93 10214
Adjustment Income 56 Feb 1957 A
81 Sale 7914
7614 8512
8334 220
Ilinols Central la gold 16..1951 3....j
let gold 3446
1951
Registered
3 i
Extended let gold $448-1951 A 0
let gold 39 sterling
11161
Collateral trust gold 4(3_1952 6
20
Registered
MN
lit refunding 40
1955 MN
Purchased Ilnee 344s
1952 j j
Collateral trust gold 4e-1953 M N
Registered
MN
Refunding fa
1955 MN
15-year secured 634. g —1930 j j
40-year 4444
Aug 1 1986 F A
Cairo Bridge gold 45
1960 J D
Litchfield Div let gold 38_1951 J J
Loulav DIv & Term g 334s 1953 J J
Omaha Div let gold 34._ _1951 F A
St Louis 1.11v & Term g 36_1961 J J
Gold 354s
1951 .1 .1
Springfield Div let a 3448 1051 J 3
Weetern Lines let a 4s..._1951 F A
Registered
F A
111 Cent and Chic St L & N 0—
Joint let ref 56 series A.1963 J D
lst & ref 4 As sena° C__1983 .1 D
Ind Bloom & West 1st ext 4s 1940 A 0
Ind III & Iowa let g 4s
1950 J 3
Ind & Louisville Ist gu 4s
1956 J J
Ind Union By gen baser A._1965 3 „i
Oct & ref 56 series B
1965 .1 3
Sot & Gil Nor let 68 ear A_ _1952 j _.1
Adjustment Os ear•July 1952
lot 54 series B
1956 3
.i
let s 54 serlee C
1956 J .1
Int Rye Cent Amer lot 54_1972 MN
let coil tr 8% notes
1941 M N
let Hen & ref 0341
1947 F A
Iowa Central 1s1 gold 5a
1938 3 D
Certificates of deposit
Refunding gold 45
1951 M l
lames Frank & Clear let 44_1959
Kale A & R let gu g fis— _1938 j D
j
Kan & M lst gu g 4s
1990 A 0
K C Ft Ei & M Ry ref g 4s
1930 A 0
Kan city Sou let gold 3s
1950 A 0
Ref & impt 58
Apr 1950 J J
Kansas City Term let 96___1160 3 J
Kentucky Central gold 94_1987 j j
Kentucky & Ind Term 446_1961 J j
Stamped
1961 .1 j
Plain
1961 3 3
Lake Erie& West
gs....1937 j 3
2d gold bs
1941 j 3
Lake Sh & Mich Bog 3548-1997 J D
Registered
1997 J D
25-year gold 49
1931 M
NN
Registered
Lab Val Harbor Term gu 58_1954 F A
Leh Val N Y 1.6
g 448._1949 J 3
Lehigh Val (Pe) con.g 46-3003 M N
Registered
M N
General cons 4345
2003 PA N
Lehigh Val RR gm le eerleo_2003 MN
Leb V Term By let gu g 68 1941 A 0
Leb & N Y 1st guar gold 48..1945 M S
Lex & East lot 50-yr be fru _ _1965 A 0
Little :Miami gen 46 serial A _1962 M N
Long Dock coned g 8s
1935 A 0
Long laid Int con g Si July 1931 Q J
let consol gold 91---July 1931 Q J
General gold 48
1938 J D
1932 J D
Unified gold 4a
1949 M 8
Debenture gold 5.
1934 J D
20-year p m deb Si
1937 MN
Guar ref gold 48......
1949 61 B
Nor 1312 It let con gu 54 Oct '32 Q
Louisiana & Ark 181 5. ear A 1969 J 3
Louts & Jeff Bdge
gd g 46 1945 NI
Louisville & NatikvIlle 56-1937 N N
Unitled gold 4s
1940 j j
Registered
3 3
Collateral trust gold 58___1931 MN
lst rebind 53.4e series A__2003 A 0
let & ref 55 series B
2003 A 0
lot & ref 4 4s series C
3003 A 0
When issued
A0
Padurah & Men Div 0_1948 F A
St Louts Div 2d gold 38..1980 M S
Mob & Monte 1st g 4 4.4 —1943 M 5
South By joint Monon 48_1952 3 .1
Atl Knoxv &(In Dor 46..1955 IVI N
Loulev Cln & Lax Div g 4348'31 MN
Mahon Coal RR let Se___ 1934 3 3
Manila RR (South Lines) 441_1939 N N
latest 46
1919 NI N
Menne be SW Caleniss'n Se 1934 J 0
Man 0 B & N W 1st 346_1941 3 J
Coati sale b Due *robed.,
98 Sale
8514
98
9814
5
8534
8614 10
8234 June'30 _
8514 --- 8612 Sept'30 ____
_ 73 Mar'30.,...
-ail Sale 9312
9414 18
8712 Mar'30 __.
9312 74
9238 924
90
85
8812 87 Sept'30 _
90 Bale 90
9114 58
90 Aug'30 _
104 10633 107
107
11
11012 Sale 10914 11012 17
984 Sale 984 101
103
9314
9134
94
15
7838 ____ 77 July'30 ____
---- --__ 8634 Sept'30 ___
---- 8314 79
79
3
783, 8012 7712 June'30 ____
8512 8712 8558
8034 11
8514 - -- - 8538
8538
1
9314 9012 94
94
1
9212 Apr'30 _
1054 Sale 10333 10634
---- 9814 98
09
9112 -___ 8914 June'30
8534 ---- 97
Oct'30
8714 9912 9958
8958
104 Sale 104
10414
10914 ____ 10358 10414
98 Sale 98
10214
75 Sale 7434
78
9218 Sale 9218
96
97 Sale 9612
9714
68
67
66
7112
8434 85 Sept'30
70
---- 824 8912 Sept'30
2014 2134 22
22
2013
1712 Sale 1712
512 Sale
512
512
36
53
_
____
5
7
6
62
89
16
27
11
____
____
5
7
1
96
114 °
10
93 _9_6_78
Ap
er
_ 10
t:3
3 -_--:-9212 9018 Sept'30.
84
974 Sale 9758
98
40
794 Sale 7958
8112 39
103 Sale 101
10534 36
95$
95 Sale 9412
50
9012 Sale 9012
904 11
85
92
92 Sept'30 ____
9574 94
94
94
3
8914
_ 87 Apr'30
10238 10312 10238 10238
7
10314 105 10314 Sept'30
8413 8514 86,4
2
8614
8414 Sept'30 ___
iija
.i.2 gait; 10038
10012 48
10014 June'30
ioar4 Iiiii, 105 Sept'30 ---____
10118 103 10314 Sept'30 __-_
93 Sale 9218
9334 138
--_
8918 Sept'30 ____
_
194112 1017
- -;1014 104
32
1104 Sale 10614 11034 10
10434 106 10434 106
2
9434 Aug'30 ____
110 11334 11112 11112 12
9214 ____ 90 Sept'30 ____
10458 109 1094 10613
1
1004 ____ wog Sept'30 ____
100 ____ 9858 Sept'30 ____
9658
9834
6
---- ____ 99 Sept'30..
9134 ---- 94 Senn° ___
10034 102 10034 10034
4
10112 Sale 10112 10112
5
9434 95
9434
9434
6
10014 10211 10034 Sept'30 __
77 Sale 77
82
23
9412 97
9434 Sept'30 __
10378 ____ 10334 Sept'30 ____
98 Sale 9812
4 ma,
98
330
4 65
101
10578
10612
10138
____
Sale
Sale
Sale
101 Aug'30 ___
10578 10678
8
10612 10612 22
10138 103
6
96 Mar'30
95)8 ___ 944 Sept'30 ____
68
8912 6814
6814
1
99
@FedFRASER